MESABI TRUST (MSB) - Q3 2025 Royalty Update (Form 8-K)

Mesabi Trust reported receipt of its Q3 2025 royalty payment from Cleveland-Cliffs Inc. (Northshore Mining) on October 30, 2025.

• Total Royalty Received: $4,005,142
  • Base Royalty: $2,817,500
  • Bonus Royalty: $973,410
• Iron Ore Shipments (Q3 2025): 987,370 tons (up from 972,154 tons in Q3 2024).

Royalties are highly variable due to operational idling decisions by Cliffs, economic conditions, and pricing adjustments, which Trustees cannot predict.

Investor Risk: Future royalty income and distrib