Mesabi Trust receives $1.81M royalty for Q2 2026; shipments down 2.4% YoY, no bonus

MESABI TRUST

Total royalty payment of $1,807,779 received July 30, 2026: base royalty $1,585,696, bonus royalty $0.
Iron ore shipments credited: 902,331 tons in Q2 2026 vs 924,442 tons in Q2 2025 (down ~2.4%).
Bonus royalty threshold for 2026 is $71.70/ton; all deemed shipments priced below, resulting in no bonus.
No additional third-party pellet sales since September 2025; pricing based on Sep/Dec 2025 sales.
Royalties subject to continued due diligence; variations expected quarter to quarter.

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