The segment is transitioning from a construction phase to a production-focused story. Mesabi Metallics completed its first production blast on July 13, 2026, which is expected to lead to the company's first royalty revenue from the project. Commissioning of the Mesabi pellet plant is targeted for H2 2026.

This segment was spun out on December 18, 2025, into 1554997 B.C. Ltd. and is classified as discontinued operations. The company no longer holds any interest in the Oil and Gas business.