Metals Royalty (TMCR)


Market Price (8/16/2026): $7.56 | Market Cap: $433.3 MilSector: Materials | Industry: Diversified Metals & Mining

Metals Royalty (TMCR)


Market Price (8/16/2026): $7.56
Market Cap: $433.3 Mil
Sector: Materials
Industry: Diversified Metals & Mining

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more.

Weak multi-year price returns
2Y Excs Rtn is -91%, 3Y Excs Rtn is -119%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -19 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%

Key risks
TMCR key risks include [1] uncertain regulatory permitting for its sole asset, Show more.

0 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -91%, 3Y Excs Rtn is -119%
2 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -19 Mil
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%
5 Key risks
TMCR key risks include [1] uncertain regulatory permitting for its sole asset, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/14/2026

Metals Royalty (TMCR) stock has lost about 50% since 4/30/2026 because of the following key factors:

1. Significant decline in precious metals prices during fiscal Q2 2026. The broader precious metals market experienced a sharp downturn, directly impacting the value of Metals Royalty's underlying assets. Gold, a primary royalty metal, fell 14.11% from $4,678.98 on March 31, 2026, to $4,018.74 by June 30, 2026. Silver also saw a substantial 21.47% decrease in price during the same fiscal quarter, from $74.870 to $58.795. Palladium and platinum similarly declined by 18.33% and 20.42% respectively in fiscal Q2 2026.

2. Weak financial performance and absence of royalty revenue in fiscal Q2 2026. Metals Royalty reported a net loss of USD 6.62 million for fiscal Q2 2026 (ended June 30, 2026), a significant increase from a net loss of USD 0.02916 million in the prior year's comparable quarter. The company also reported a net loss of USD 16.83 million for the six months ended June 30, 2026, compared to a net income of USD 0.064194 million a year ago. A core reason for these losses was the lack of royalty revenue for the first half of fiscal 2026, coupled with increased general and administrative costs and $9.6 million in share-based compensation.

Show more
Updated on 8/14/2026

Metals Royalty (TMCR) stock has lost about 50% since 4/30/2026 because of the following key factors:

1. Significant decline in precious metals prices during fiscal Q2 2026. The broader precious metals market experienced a sharp downturn, directly impacting the value of Metals Royalty's underlying assets. Gold, a primary royalty metal, fell 14.11% from $4,678.98 on March 31, 2026, to $4,018.74 by June 30, 2026. Silver also saw a substantial 21.47% decrease in price during the same fiscal quarter, from $74.870 to $58.795. Palladium and platinum similarly declined by 18.33% and 20.42% respectively in fiscal Q2 2026.

2. Weak financial performance and absence of royalty revenue in fiscal Q2 2026. Metals Royalty reported a net loss of USD 6.62 million for fiscal Q2 2026 (ended June 30, 2026), a significant increase from a net loss of USD 0.02916 million in the prior year's comparable quarter. The company also reported a net loss of USD 16.83 million for the six months ended June 30, 2026, compared to a net income of USD 0.064194 million a year ago. A core reason for these losses was the lack of royalty revenue for the first half of fiscal 2026, coupled with increased general and administrative costs and $9.6 million in share-based compensation.

3. Macroeconomic headwinds including persistent inflation and strengthening U.S. dollar. A new Federal Reserve leadership, alongside unexpectedly high inflation data, diminished expectations for interest rate cuts, leading to a stronger U.S. dollar and rising real yields. April's consumer price index (CPI) rose 3.8% year-over-year on May 12, 2026, and April's producer price index (PPI) increased 6.0% year-over-year on May 14, 2026. These factors collectively reduced the appeal of non-yielding assets like precious metals, which form the basis of Metals Royalty's business.

4. Delays and potential dilution risks related to the additional Mesabi royalty acquisition. While The Metals Royalty Company successfully closed the initial 1.0% royalty acquisition in the Mesabi Metallics iron ore project on June 1, 2026, it subsequently extended the deadline to close an additional 1.0% royalty interest to August 15, 2026, with an option to extend to August 21, 2026. This additional royalty acquisition remains unclosed, and the company indicated that any required financing could be dilutive if it involves issuing new shares. This uncertainty and the risk of dilution may have contributed to negative investor sentiment.

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Stock Movement Drivers

Fundamental Drivers

The -50.1% change in TMCR stock from 4/30/2026 to 8/15/2026 was primarily driven by a 28.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020268152026Change
Stock Price ($)15.427.69-50.1%
Change Contribution By: 
Total Revenues ($ Mil)00.0%
Net Income Margin (%)∞%0.0%
P/E Multiple459.80.0%
Shares Outstanding (Mil)554328.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/15/2026
ReturnCorrelation
TMCR-50.1% 
Market (SPY)8.0%20.5%
Sector (XLB)2.1%7.8%

Fundamental Drivers

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Market Drivers

1/31/2026 to 8/15/2026
ReturnCorrelation
TMCR  
Market (SPY)12.5%20.9%
Sector (XLB)7.1%7.7%

Fundamental Drivers

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Market Drivers

7/31/2025 to 8/15/2026
ReturnCorrelation
TMCR  
Market (SPY)23.9%20.9%
Sector (XLB)21.5%7.7%

Fundamental Drivers

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Market Drivers

7/31/2023 to 8/15/2026
ReturnCorrelation
TMCR  
Market (SPY)75.6%20.9%
Sector (XLB)29.4%7.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TMCR Return------56%-56%
Peers Return12%-5%-6%9%120%-4%131%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
TMCR Win Rate-----40% 
Peers Win Rate57%48%37%52%73%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TMCR Max Drawdown------ 
Peers Max Drawdown-25%-41%-36%-23%-20%-39% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FNV, RGLD, TFPM, OR, GROY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/14/2026 (YTD)

How Low Can It Go

TMCR has limited trading history. Below is the Materials sector ETF (XLB) in its place.

EventXLBS&P 500
2025 US Tariff Shock
  % Loss-17.0%-18.8%
  % Gain to Breakeven20.5%23.1%
  Time to Breakeven84 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.5%-9.5%
  % Gain to Breakeven14.3%10.5%
  Time to Breakeven52 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-23.5%-24.5%
  % Gain to Breakeven30.7%32.4%
  Time to Breakeven456 days427 days
2020 COVID-19 Crash
  % Loss-36.2%-33.7%
  % Gain to Breakeven56.8%50.9%
  Time to Breakeven114 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-18.3%-19.2%
  % Gain to Breakeven22.4%23.8%
  Time to Breakeven101 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-17.9%-12.2%
  % Gain to Breakeven21.7%13.9%
  Time to Breakeven52 days62 days

Compare to FNV, RGLD, TFPM, OR, GROY

In The Past

State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

TMCR has limited trading history. Below is the Materials sector ETF (XLB) in its place.

EventXLBS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-23.5%-24.5%
  % Gain to Breakeven30.7%32.4%
  Time to Breakeven456 days427 days
2020 COVID-19 Crash
  % Loss-36.2%-33.7%
  % Gain to Breakeven56.8%50.9%
  Time to Breakeven114 days140 days
2014-2016 Oil Price Collapse
  % Loss-23.8%-6.8%
  % Gain to Breakeven31.2%7.3%
  Time to Breakeven171 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-28.2%-17.9%
  % Gain to Breakeven39.3%21.8%
  Time to Breakeven459 days123 days
2008-2009 Global Financial Crisis
  % Loss-56.6%-53.4%
  % Gain to Breakeven130.3%114.4%
  Time to Breakeven701 days1085 days

Compare to FNV, RGLD, TFPM, OR, GROY

In The Past

State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Metals Royalty (TMCR)

Metals Royalty (TMCR) is a public company engaged in acquiring and managing royalties, streams, and other interests related to critical metals and minerals. The company operates on a royalty-based business model, which allows it to provide capital to developers of critical mineral projects. In return, Metals Royalty receives a percentage of future revenues, participating in the long-term cash flows and commodity upside of large-scale assets while reducing exposure to the operational, development, or environmental risks typically associated with resource production.

The company's main offering is its portfolio of royalty interests. Its core and currently only asset is a 2.0% gross overriding royalty on the NORI Property. This property, located in the north-east Pacific Ocean, is a polymetallic nodule project under development by The Metals Company. Although the NORI Property is in its development stage and not yet permitted for commercial production, Metals Royalty's interest positions it to benefit from the future economic success of this strategically significant critical metals asset once operations begin.

Metals Royalty primarily serves the critical metals and minerals value chain by offering alternative financing solutions to operators. Its strategic focus is on supporting mineral security and independence in North America. The company aims to accelerate domestic industry growth in sectors such as energy, defense, and re-industrialization by facilitating capital development opportunities. It is positioned to capitalize on the increasing global demand for critical metals and the corresponding need for funding among companies developing these essential resources.

AI Analysis | Feedback

Metals Royalty is like Franco-Nevada for deep-sea critical metals, but as a single-asset startup.

AI Analysis | Feedback

  • Critical Metals and Mineral Royalty Investment: The company acquires and manages royalty interests in critical metals and mineral projects, providing capital to operators in exchange for a percentage of future revenues.

AI Analysis | Feedback

Metals Royalty (TMCR) operates a royalty-based business model. In this model, the company acquires royalty interests in mineral projects and receives a percentage of future revenues or production from those projects. Therefore, its "customers" are the operating companies that hold the rights to the underlying assets and are responsible for paying the royalties.

Based on the provided description, Metals Royalty's core and only asset is the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property. This property is being developed by The Metals Company. Consequently, The Metals Company is the primary entity from which Metals Royalty expects to receive royalty revenue once the project reaches commercial production.

The Metals Company is a public company, trading under the symbol TMC.

AI Analysis | Feedback

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Brian Paes-Braga, Chief Executive Officer and Chairman

Mr. Paes-Braga is an entrepreneur and investor, serving as a Managing Partner at SAF Group, one of Canada's largest alternative asset managers. He was the Founder and CEO of Lithium X Energy, which raised over C$50 million and was acquired in an all-cash deal for C$265 million. Since 2015, he has led company-building transactions across various sectors, involving over C$5 billion in debt and equity financings into growth-oriented businesses.

Donald Sewell, President and Chief Financial Officer

Mr. Sewell is a former energy investment banker and public company finance executive. He has also served as President and Executive Director at NG Energy.

Gerard Barron, Director

Mr. Barron is the Co-Founder, Chairman, and CEO of The Metals Company (TMC). An experienced entrepreneur, he has built multiple global companies in battery manufacturing, media, technology, and future-focused resource development.

Brian T. O'Neill, Director

Mr. O'Neill is the Chief Operating Officer of SAF Growth & Merchant Banking at SAF Group, a structured credit and merchant banking firm focused on building, financing, and advising high-growth companies. Previously, he spent nearly a decade practicing law as a corporate and tax attorney at McCarthy Tétrault LLP.

Hamed Shahbazi, Director

Mr. Shahbazi is the Founder, CEO, and Chairman of WELL Health. He previously founded TIO Networks, which he later sold to PayPal.

AI Analysis | Feedback

The key risks to Metals Royalty's business are:

  1. Regulatory and Permitting Uncertainty for Commercial Production of the NORI Property: The NORI Property, which is Metals Royalty's core and only asset, is in the development stage and not currently permitted for commercial production. The legal regime applicable to such permitting is uncertain, and there is no assurance that the NORI Property will ever achieve commercial production or, if it does, that operations will achieve profitable and continued production levels.

  2. Dependence on The Metals Company: Metals Royalty's entire business model is dependent on The Metals Company successfully developing and operating the NORI Property. Any operational, financial, or regulatory setbacks faced by The Metals Company would directly impact Metals Royalty's ability to generate revenue.

  3. Lack of Revenue and Speculative Nature of Business: Metals Royalty has not received any royalty revenue from the NORI Royalty to date. The company's future prospects and ability to generate cash flow are entirely dependent on the successful, and uncertain, development and commercial production of the NORI Property.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable markets for Metals Royalty's main products or services encompass the global deep-sea mining market, particularly the polymetallic nodule segment, and the North American market for critical minerals such as nickel, copper, cobalt, and manganese. The global deep-sea mining market is projected to grow from an estimated USD 1.043 billion in 2025 to USD 40.79 billion by 2032, at a compound annual growth rate (CAGR) of 34.02% from 2026 to 2033. Within this, the deep-sea polymetallic nodule collection market expanded from USD 3.40 billion in 2025 to USD 3.60 billion in 2026 and is projected to reach USD 5.23 billion by 2032, reflecting a CAGR of 6.31%. Polymetallic nodules are the most targeted resource in deep-sea mining and held 50% of the deep-sea mining market by resource type in 2024. For North America, which is a strategic focus for Metals Royalty in terms of mineral security and independence: * The **Americas Mining & Critical Minerals Market** is projected to grow from USD 62.4 billion in 2025 to USD 108.7 billion by 2032, registering a CAGR of 8.2% during the forecast period. North America currently holds a significant share of the critical minerals market and is focused on diversifying its supply chain. * The **North America nickel market** was valued at USD 1.6 billion in 2025 and is expected to reach USD 1.7 billion in 2026. The U.S. nickel market is projected to reach USD 2.01 billion by 2032. * The **North America copper market** generated a revenue of approximately USD 19.82 billion in 2024 and is expected to reach approximately USD 27.23 billion by 2030, growing at a CAGR of 6.1% from 2025 to 2030. The U.S. copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030. * The **North America cobalt market** generated a revenue of approximately USD 1.01 billion in 2024 and is expected to reach approximately USD 1.27 billion by 2030, growing at a CAGR of 3.1% from 2025 to 2030. The Northern America cobalt ore market value is projected to hit USD 15.6 billion by 2035. * The **North America manganese market** holds 27.13% of the global market revenue, which was USD 26,908.9 million in 2025, making the North American market approximately USD 7.3 billion in 2025. The global manganese market size was valued at USD 24.51 billion in 2024 and is projected to reach USD 38.28 billion by 2033.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Metals Royalty (TMCR) over the next 2-3 years:

  1. Achievement of Commercial Production at the NORI Property: The primary driver of revenue growth for Metals Royalty is the NORI Property achieving commercial production. The company's core asset is a 2.0% gross overriding royalty on the NORI Property, and it has not yet received any royalty revenue to date as the property is in the development stage.
  2. Successful Permitting and Regulatory Approvals for NORI: Progress in obtaining the necessary permits and navigating the legal regime for commercial production is critical. The Metals Company, through its affiliates, has submitted exploration and commercial recovery permit applications to the United Nations International Seabed Authority (UNISA) and the United States National Oceanic and Atmospheric Administration (NOAA).
  3. Increased Production and Sales Volume of Polymetallic Nodules: Once commercial production commences, the volume of polymetallic nodules extracted and sold from the NORI Property will directly determine the royalty revenue generated for Metals Royalty.
  4. Favorable Commodity Price Movements for Critical Metals and Minerals: Metals Royalty's business model is designed to allow participation in the commodity upside of strategically significant critical metals and mineral assets. As such, an increase in the market prices of the critical metals contained within the polymetallic nodules would enhance royalty revenues.

AI Analysis | Feedback

Share Issuance

  • Issued approximately 13.9 million Common Shares to The Metals Company in 2023 as part of the acquisition of the NORI Royalty.

Outbound Investments

  • Acquired the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, in 2023.
  • The acquisition of the NORI Royalty involved a payment of $5,000,000 in cash to The Metals Company.

Peer Outperformance in Diversified Metals & Mining

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Share of Diversified Metals & Mining constituents that TMCR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
insufficient peer history
3Y
insufficient peer history
5Y
insufficient peer history
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Median price return by industry across the Materials sector, ranked by 5Y. Diversified Metals & Mining is TMCR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 6 98.5%76.7%228.4% TGB 388% · HBM 326% · SCCO 251%
Silver 6 151.5%300.5%166.4% HL 211% · SVM 197% · AYA 194%
Gold 32 46.2%198.9%138.3% IAG 656% · CNL 470% · OGC 433%
Steel 13 29.5%61.2%133.1% HCC 468% · AMR 382% · NWPX 337%
Aluminum 3 100.9%170.4%78.0% CENX 295% · KALU 78% · AA 21%
Construction Materials 7 -10.5%31.7%52.4% USLM 306% · CRH 98% · VMC 57%
Diversified Metals & Mining ← 24 16.3%-10.1%39.6% ATLX 229186% · USAR 67014% · FMST 1473%
Metal, Glass & Plastic Containers 11 6.3%13.0%6.2% KRT 157% · MYE 76% · GEF 63%
Paper & Plastic Packaging Products & Materials 7 15.9%19.0%-3.8% PKG 103% · CCK 17% · SON 9%
Specialty Chemicals 40 15.9%4.2%-8.8% LWLG 1083% · ODC 481% · NEU 214%
Commodity Chemicals 13 29.7%14.7%-21.9% HWKN 266% · MEOH 89% · KOP 58%
Precious Metals & Minerals 9 47.2%136.6%-25.0% ASM 602% · PPTA 380% · ELE 107%
Diversified Chemicals 4 13.0%-27.0%-25.5% CBT 78% · ASH -6% · CC -45%
Fertilizers & Agricultural Chemicals 10 -1.4%-7.3%-38.5% CF 183% · CTVA 79% · NTR 31%
Paper Products 3 -11.4%-50.9%-95.3% CLW -32% · MERC -95% · ITP -96%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TMCRFNVRGLDTFPMORGROYMedian
NameMetals R.Franco-N.Royal Go.Triple F.OR Royal.Gold Roy. 
Mkt Price7.69234.21230.6831.4733.363.1432.41
Mkt Cap0.445.219.66.56.30.76.4
Rev LTM02,3171,54748932523407
Op Inc LTM-191,7539743032445273
FCF LTM-14289151215141-9796
FCF 3Y Avg-14426517551-57144
CFO LTM-61,7771,04439527111333
CFO 3Y Avg-1,2826872751944275

Growth & Margins

TMCRFNVRGLDTFPMORGROYMedian
NameMetals R.Franco-N.Royal Go.Triple F.OR Royal.Gold Roy. 
Rev Chg LTM-73.6%93.5%50.7%61.8%82.3%73.6%
Rev Chg 3Y Avg-27.8%41.5%39.9%26.5%78.3%39.9%
Rev Chg Q-57.3%114.9%37.3%87.3%76.1%76.1%
QoQ Delta Rev Chg LTM-10.0%18.4%7.7%17.3%14.8%14.8%
Op Inc Chg LTM-93.4%88.3%79.7%78.3%399.4%88.3%
Op Inc Chg 3Y Avg-39.0%52.4%63.1%44.5%172.4%52.4%
Op Mgn LTM-75.7%63.0%62.0%75.0%22.9%63.0%
Op Mgn 3Y Avg-68.5%60.1%52.9%61.8%-21.9%60.1%
QoQ Delta Op Mgn LTM-1.3%-1.2%2.4%2.1%2.8%2.1%
CFO/Rev LTM-76.7%67.5%80.9%83.4%47.9%76.7%
CFO/Rev 3Y Avg-81.3%70.6%78.8%81.5%17.8%78.8%
FCF/Rev LTM-38.5%3.3%43.9%43.4%-429.1%38.5%
FCF/Rev 3Y Avg-3.5%37.1%54.2%15.3%-528.9%15.3%

Valuation

TMCRFNVRGLDTFPMORGROYMedian
NameMetals R.Franco-N.Royal Go.Triple F.OR Royal.Gold Roy. 
Mkt Cap0.445.219.66.56.30.76.4
P/S-19.512.613.319.232.119.2
P/Op Inc-23.725.820.121.425.7140.123.5
P/EBIT-23.124.020.414.420.995.620.7
P/E-29.330.626.515.824.6482.825.6
P/CFO-72.925.418.716.423.167.020.9
Total Yield-3.4%3.9%4.5%6.9%4.6%0.2%4.2%
Dividend Yield0.0%0.7%0.7%0.5%0.6%0.0%0.6%
FCF Yield 3Y Avg-0.4%2.7%3.9%0.5%-16.6%0.5%
D/E0.10.00.00.00.00.00.0
Net D/E0.1-0.00.00.0-0.0-0.0-0.0

Returns

TMCRFNVRGLDTFPMORGROYMedian
NameMetals R.Franco-N.Royal Go.Triple F.OR Royal.Gold Roy. 
1M Rtn45.1%18.2%20.7%15.9%18.9%24.6%19.8%
3M Rtn-44.8%4.1%1.3%-1.4%-8.2%-5.4%-3.4%
6M Rtn-45.1%-6.8%-19.0%-12.8%-21.6%-26.8%-20.3%
12M Rtn-45.1%33.0%35.7%21.4%9.9%3.6%15.6%
3Y Rtn-45.1%74.5%120.9%140.5%158.9%105.2%113.0%
1M Excs Rtn41.7%14.9%17.3%12.5%15.6%21.3%16.5%
3M Excs Rtn-49.1%-5.2%-7.7%-11.6%-16.7%-15.6%-13.6%
6M Excs Rtn-59.0%-15.8%-29.0%-22.7%-31.0%-39.2%-30.0%
12M Excs Rtn-65.5%11.3%14.7%1.5%-11.4%-17.8%-5.0%
3Y Excs Rtn-119.3%-1.5%35.8%69.8%70.6%14.9%25.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20242023
Metal and Minerals0 
Single Segment 0
Total00


Assets by Segment
$ Mil202520242023
Metal and Minerals3321 
Single Segment  21
Total332121


Price Behavior

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TMCR Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta2.541.731.55-0.41-0.67-0.16
Up Beta-0.62-0.37-0.23-1.24-1.03-0.18
Down Beta-0.240.741.05-0.67-0.580.38
Up Capture287%9%-28%-9%-4%-0%
Bmk +ve Days11223567138427
Stock +ve Days61420282828
Down Capture502%372%344%168%111%63%
Bmk -ve Days11212859114326
Stock -ve Days162943505050

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TMCR
TMCR-45.2%87.8%-1.56-
Sector ETF (XLB)17.2%17.7%0.747.7%
Equity (SPY)21.5%12.8%1.2520.9%
Gold (GLD)30.0%28.5%0.9129.5%
Commodities (DBC)38.1%20.1%1.491.0%
Real Estate (VNQ)14.4%13.9%0.73-8.0%
Bitcoin (BTCUSD)-49.1%42.8%-1.4520.0%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TMCR
TMCR-11.3%87.8%-1.56-
Sector ETF (XLB)6.6%19.1%0.237.7%
Equity (SPY)13.4%17.2%0.6020.9%
Gold (GLD)19.5%18.6%0.8529.5%
Commodities (DBC)9.6%19.6%0.381.0%
Real Estate (VNQ)2.3%18.9%0.02-8.0%
Bitcoin (BTCUSD)8.0%52.8%0.3420.0%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TMCR
TMCR-5.8%87.8%-1.56-
Sector ETF (XLB)10.2%20.7%0.437.7%
Equity (SPY)15.4%17.9%0.7320.9%
Gold (GLD)12.0%16.2%0.6029.5%
Commodities (DBC)7.7%18.0%0.341.0%
Real Estate (VNQ)5.0%20.7%0.20-8.0%
Bitcoin (BTCUSD)59.9%66.1%1.0020.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 71520261.2%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1.5 days
Basic Shares Quantity57.3 Mil
Short % of Basic Shares0.1%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

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Report DateFiling DateFiling
06/30/202608/10/20266-K
03/31/202605/12/20266-K
12/31/202504/27/202620-F
09/30/202502/27/2026F-1
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Report DateFiling DateFiling
06/30/202608/10/20266-K
03/31/202605/12/20266-K
12/31/202504/27/202620-F
09/30/202502/27/2026F-1
Core Cache Last Updated: 8/15/2026