Mesabi Trust declares $1.04/unit distribution, up 17% YoY; increases reserves for Northshore idling

MESABI TRUST

Distribution of $1.04/unit vs $0.89/unit last year, payable May 20, 2022 to record holders April 30, 2022.
Jan 2022 royalties received from Cliffs: $20.9M, up from $12.3M in Jan 2021, driven by higher iron ore prices.
Trust increasing unallocated reserves due to Cliffs' plan to idle Northshore from Spring 2022 through at least Fall 2022.
Cliffs has not advised changes to plans for shifting DR pellet production to Minorca or limiting third-party sales.

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