Mesabi Trust receives Q2 2021 royalty payment of $19.5M; shipments up ~30% YoY

MESABI TRUST

Base royalty $10.4M, bonus royalty $8.2M, positive pricing adjustment $0.7M.
Total royalty payment of $19,495,040 received from Cleveland-Cliffs on July 30, 2021.
Iron ore shipments credited: 1,393,902 tons in Q2 2021 vs 1,073,446 tons in Q2 2020 (+29.8%).
Pricing subject to future adjustments; royalties and distributions may vary significantly.

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