MESABI TRUST

Mesabi Trust announced 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 is significantly lower than the $0.12 per Unit declared for the same period last year. The reduction is primarily attributed to the absence of a bonus royalty payment and lower total royalty payments of $1.625 million received from Cleveland-Cliffs Inc., compared to $2.422 million in the prior year. The Trustees also cited uncertainties in the iron ore and steel industries, global economic conditions, and potential trade law changes as contributing factors.

Mesabi Trust (MSB) reported its first-quarter 2026 financial results, showing a significant decrease in royalty income and net income compared to the prior year. Royalty income fell to $2.08 million from $4.35 million, primarily due to lower iron ore pellet prices and the absence of bonus royalty revenue in the current quarter. Net income dropped to $1.09 million, or $0.0829 per unit, from $3.63 million, or $0.2768 per unit, in the same period last year. Consequently, the declared distribution per unit was reduced to $0.2400 from $0.5600. The company noted an increase in pellet production and shipments due to a prior year maintenance shutdown.

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.

Mesabi Trust filed its annual report on Form 10-K for the fiscal year ended January 31, 2026. The filing indicates that as of July 31, 2025, the aggregate market value of its Units of Beneficial Interest held by non-affiliates was approximately $383.6 million. The trust confirmed its status as a non-accelerated filer and a smaller reporting company, and stated it has complied with all SEC filing requirements.

Mesabi Trust announced a distribution of $0.24 per Unit of Beneficial Interest. This distribution is scheduled to be paid on May 20, 2026, to unitholders of record as of the close of business on April 30, 2026. The current distribution represents a decrease compared to the $0.56 per unit distributed during the same period last year.