Mesabi Trust receives Q4 2025 royalty payment of $4.94M; iron ore shipments down 14% YoY

MESABI TRUST

Total royalty payment of $4,943,488 received on Jan 30, 2026 from Cleveland-Cliffs.
Q4 2025 shipments credited to Trust: 956,512 tons vs. 1,110,800 tons in Q4 2024 (-13.9%).
Base royalty $3,622,142; bonus royalty $1,041,580; prior-period adjustments $66,572.
Additional $213,194 royalty paid to Mesabi Land Trust.
Shipments remain subject to idling risk and other factors; quarterly fluctuations expected.

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