MercurySteam, the developers of the wildly successful and critically acclaimed Metroid Dread, have announced they’re working on a new game, “Project Iron”, co-published and co-developed by 505 Games. 

According to a press release, the new game, currently codenamed “Project Iron,” is a “third person action RPG set in a dark fantasy world,” which is based on a new IP owned by MercurySteam and Digital Bros, the parent company of  505 Games

In the announcement, it was revealed that the pair of developers have an internal development budget of €27 million, which is roughly £23 million. 

“We are thrilled to work with the team at MercurySteam, a proven studio that over the years has created numerous phenomenal IPs – including the recent hit release Metroid Dread in partnership with Nintendo,” said Raffi and Rami Galante, co-CEOs of Digital Bros Group. 

“With MercurySteam’s creative vision and talent and 505 Games extensive experience, gamers can expect a high-quality, captivating and engaging videogame.”

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It’s currently unclear when “Project Iron” will launch, but when it does, it’ll be available worldwide for both PC and consoles.