Mesabi Trust declares no quarterly distribution, vs $0.34/Unit a year ago

MESABI TRUST

No distribution declared and none payable in November 2026; prior-year period paid $0.34 per Unit of Beneficial Interest.
July 30, 2026 royalty payment from Cleveland-Cliffs totaled $1,807,779, down from $5,300,287 received in July 2025, with no bonus royalty included.
Cliffs reported all deemed Silver Bay shipments for Q1 and Q2 2026 priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton; zero bonus royalties credited.
Trustees cite preserving the unallocated reserve for pending arbitration and uncertainty over Cliffs' vertical supply chain implementation.
Q3 2026 royalty payment and report due October 30, 2026; Trust will file a summary 8-K after receipt.

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