Mesabi Trust declares $1.75/unit distribution, up from $0.46 YoY

MESABI TRUST

Declared distribution of $1.75 per unit payable Feb 20, 2022 to holders of record Jan 30, 2022.
Distribution increased by $1.29 per unit vs. $0.46 distribution same period last year.
Increase driven by receipt of $19.05M in royalty payments from Cleveland-Cliffs, including $2.83M for past underpaid royalties from arbitration award.
Higher iron ore prices and shipment volumes in Q3 2021 also contributed to royalty increase.
Cliffs has not notified Trust of changes to plans to shift DR pellet production away from Northshore; next royalty payment due Jan 30, 2022.

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