Mesabi Trust receives $16.2M Q3 royalty, plus $2.8M settlement for past underpaid DR grade royalties

MESABI TRUST

Q3 2021 royalty payment of $16,219,472 from Cliffs/Northshore, including base ($12.55M), bonus ($7.25M), negative pricing adjustments (-$6.08M), and deemed shipment adjustment ($2.31M).
Separate payment of $2,833,687 for past underpaid DR grade pellet royalties (2019-2020) plus interest per AAA arbitration award received Oct 1, 2021.
Shipments credited: 1,169,461 tons in Q3 2021 vs 916,364 tons in Q3 2020, up ~28% YoY.
Cliffs announced plans to shift DR grade pellet production away from Northshore, potentially reducing future shipments and royalties.
Negative pricing adjustments from prior quarters reduced current royalty by $6.08M; future adjustments could further impact distributions.

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