Mesabi Trust declares $1.42/unit distribution, up 294% YoY; wins $2.74M arbitration award

MESABI TRUST

$1.42/unit distribution declared (payable Nov 20, record Oct 30), vs $0.36 same period last year (+$1.06).
Royalty payments from Cliffs in July 2021 totaled $19.5M, up from $4.3M in July 2020 on higher iron ore prices and shipments.
Arbitration award: $2.31M damages + $0.43M interest for underpaid DR-grade pellet royalties (2019-2020); due Oct 30, 2021.
Tribunal ruled Northshore must use highest third-party pellet sale price for intercompany royalty calculations.

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