Mesabi Trust gets Q1 royalty $13.5M; Northshore idling starts May 1 for ~4 months

MESABI TRUST

Total royalty payments received from Cliffs on April 29 were $13,542,442 for Q1 2022 (base $6,032,086 + bonus $7,055,223).
Iron ore shipments credited to Trust: 1,069,456 tons in Q1 2022 vs 919,457 tons in Q1 2021 (+16%).
Northshore Mining idling commenced May 1 at Babbitt and Silver Bay; expected to last ~4 months until at least fall 2022.
Royalty payments based on estimated prices subject to adjustments; negative pricing changes could reduce future distributions.

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