Recent Updates — MSB

The Trustees of Mesabi Trust have determined that no distribution will be declared or paid for the third quarter ending October 2026. This follows a $0.34 per Unit distribution in the same period last year. The decision reflects lower royalty payments from Cleveland-Cliffs Inc., which totaled $1,807,779 compared to $5,300,287 in July 2025, as no bonus royalties were triggered due to shipment prices falling below the adjusted threshold of $71.70 per ton. The Trustees also cited the need to maintain adequate reserves for ongoing expenses, pending arbitration, and industry volatility. Mesabi Trust is a royalty trust that receives payments based on iron ore production and shipments from Northshore Mining Company.

Mesabi Trust declared a distribution of $0.05 per Unit of Beneficial Interest, payable on August 20, 2026, to unitholders of record as of July 30, 2026. This distribution amount is lower than the $0.12 per unit distribution declared for the same period in the previous year. Mesabi Trust operates in the iron ore mining industry.