Mesabi Trust declares $0.34/unit distribution, down from $0.39 year ago

MESABI TRUST

Distribution of $0.34 per unit payable Nov 20, 2025 to holders of record Oct 30, 2025.
Decline from $0.39 per unit distribution declared same period last year.
Trust received $5,300,287 royalty payment from Cleveland-Cliffs on July 30, 2025.
Trustees maintain reserves for expenses and liabilities; no update on Cliffs' iron ore operations.
Uncertainties cited include volatility in iron ore/steel, trade policy, and global unrest.

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