---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-054941"
form_type: "8-K"
ticker: "MSB"
cik: "0000065172"
company_name: "MESABI TRUST"
filed_at: "2026-05-04T23:59:59+00:00"
generated_at: "2026-05-15T00:08:30.789574+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-054941
- form_type: 8-K
- ticker: MSB
- cik: 0000065172
- company_name: MESABI TRUST
- filed_at: 2026-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/65172/000110465926054941/0001104659-26-054941-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/65172/000110465926054941/msb-20260430x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-054941
- JSON: https://secwatch.observer/filing/0001104659-26-054941.json
- Plain text: https://secwatch.observer/filing/0001104659-26-054941.txt

## Key facts
- Earnings Releases
  MESABI TRUST reported financial results for the quarter ended March 31, 2026.
  - Period: the quarter ended March 31, 2026
  - Result: reported results
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/65172/000110465926054941/0001104659-26-054941-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.