Mesabi Trust Q1 2026: no bonus royalty paid; shipments up but pricing below threshold

MESABI TRUST

Total royalty payment of $1,625,300 received Apr 30, 2026; bonus royalty $0 – first time in years (excl. 2022-23 idling).
Base royalty $1,201,501; bonus royalty threshold $71.70/ton not met; prices based on Sept 2025 third-party sale.
Shipments credited: 938,572 tons in Q1 2026 vs 457,728 tons in Q1 2025 – volume up 105% YoY.
Positive adjustments of $243,986 from prior quarters included; $179,813 paid to Mesabi Land Trust.
Cliffs reported no additional third-party pellet sales since Sept 2025, limiting pricing data.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

MESABI TRUST reported financial results for the quarter ended March 31, 2026.

Period: the quarter ended March 31, 2026
Result: reported results

Exact text from the filing

On April 30, 2026, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended March 31, 2026 (the "Royalty Report") from Cleveland-Cliffs Inc.

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Source: SEC EDGAR

accession 0001104659-26-054941

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