secwatch.observer — SEC 8-K summary
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Issuer:     MESABI TRUST (MSB)
CIK:        0000065172
Form:       8-K
Filed at:   2026-05-04T23:59:59+00:00
Accession:  0001104659-26-054941
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/65172/000110465926054941/0001104659-26-054941-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/65172/000110465926054941/msb-20260430x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-054941

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer