Mesabi Trust declares $0.84/unit distribution, up from $0.09 a year ago

MESABI TRUST

Distribution of $0.84 per unit payable Aug 20, 2022, record date July 30, 2022; prior year $0.09/unit.
Royalty payments from Cleveland-Cliffs in April 2022 totaled $13.5M, versus $6.3M in April 2021.
Increase driven by higher iron ore prices and volumes during Q1 2022 vs Q1 2021.
Northshore mine idled since May 1, 2022, expected through fall; Trust boosting reserves for uncertainties.
Quarterly royalty payment from Northshore due July 30, 2022, with report to follow.

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