MESABI TRUST 8-K

What Happened
Mesabi Trust (MSB) announced on February 3, 2026 (filed Form 8‑K) that it received the quarterly royalty report and royalty payment from Cleveland‑Cliffs Inc. (the parent of Northshore Mining) for the quarter ended December 31, 2025. On January 30, 2026, Cliffs credited the Trust with a base royalty of $3,622,142 and a bonus royalty of $1,041,580, plus $66,572 in prior‑period adjustments, for total royalty receipts to Mesabi Trust of $4,943,488. Cliffs reported 956,512 tons of iron ore shipped from Northshore for Q4 2025 (vs. 1,110,800 tons in Q4 2024). A separate payment of $213,194 was paid to the Mesabi Land Trust.

Key Details

• Date of royalty report/payment: January 30, 2026 (quarter ended December 31, 2025).
• Royalty amounts: Base $3,622,142; Bonus $1,041,580; Prior adjustments +$66,572; Total to Mesabi Trust $4,943,488.
• Volume reported: 956,512 tons shipped in Q4 2025 (1,110,800 tons in Q4 2024).
• Royalties are based on shipment volumes, iron ore pricing, and production share from Mesabi lands and are subject to pricing changes, adjustments, and verification by Cliffs.

Why It Matters
Royalty receipts are the primary source of cash for Mesabi Trust and determine funds available for any distributions to unitholders. The filing highlights that quarterly royalties can vary materially due to shipment volumes, pricing adjustments, operational decisions (including past idling of Northshore), and other market factors, so a single quarter’s payment is not a reliable predictor of future distributions. Investors should note the reported decline in shipments year‑over‑year and that all amounts are subject to further review and adjustment by Cliffs.