Mesabi Trust receives $4.0M Q3 royalty payment; shipments up 1.6% YoY

MESABI TRUST

Total royalty payment of $4,005,142 received Oct 30, 2025, comprising base royalty $2,817,500 and bonus $973,410.
Credited with 987,370 tons shipped in Q3 2025, up from 972,154 tons in Q3 2024 (+1.6%).
Three sale transactions to a single third-party in September 2025 subject to continued due diligence review.
Royalty payment excludes adjustments from prior quarters; prices remain subject to change.

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