Mesabi Trust receives Q4 2021 royalty payment of $20.9M; shipments down slightly YoY

MESABI TRUST

Royalty payment of $20,933,315 received Jan 28, 2022 from Cleveland-Cliffs (base $13.7M + bonus $7.1M, net of -$151K adjustment).
Q4 shipments: 1,085,427 tons vs 1,111,387 tons in Q4 2020, a 2.3% decline.
Cliffs plans to shift DR grade pellet production away from Northshore, stop third-party pellet sales, and idle the plant periodically, which could reduce future shipments.
Pricing adjustments under Cliffs Pellet Agreements remain uncertain and could materially affect future royalties.
No guidance provided for 2022 shipments or percentage from Mesabi Trust lands.

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