Mesabi Trust declares $0.26/unit distribution, down 96% YoY from $5.95

MESABI TRUST

Distribution of $0.26 per unit payable Feb 20, 2026 to holders of record Jan 30, 2026.
Prior year's $5.95 included $71.2M arbitration award (non-recurring) from Cliffs for underpaid royalties.
October 2025 royalty receipts totaled $4.0M, down from $7.4M in October 2024.
Trustees maintaining reserves; no update from Cliffs on 2026 Northshore production plans.
Cites uncertainties in iron ore markets, trade policies, tariffs, and global unrest.

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