Quarterly ResultMay 4, 2026, 04:33 PM
Mesabi Trust Receives $1.63M Royalty Payment; No Bonus Royalty for Q1
AI Summary
Mesabi Trust received total royalty payments of $1,625,300 from Cleveland-Cliffs Inc. on April 30, 2026, for the quarter ended March 31, 2026. The payment included a base royalty of $1,201,501 and positive adjustments of $243,986 from prior quarters. Notably, the Trust received no bonus royalty for the quarter, marking the first time in many years (excluding a prior idling period) that shipments were below the bonus royalty threshold of $71.70 per ton. Despite this, iron ore shipments significantly increased to 938,572 tons in Q1 2026 from 457,728 tons in Q1 2025.
Key Highlights
- Received total royalty payments of $1,625,300 for the quarter ended March 31, 2026.
- Base royalty credited was $1,201,501 for the quarter.
- Bonus royalty for Q1 2026 was $0, as shipments were below the $71.70/ton threshold.
- Payment included $243,986 in positive adjustments related to prior quarters.
- Iron ore shipments totaled 938,572 tons in Q1 2026, up from 457,728 tons in Q1 2025.
- This marks the first time in many years a bonus royalty was not paid (excluding May 2022-April 2023 idling).