Mesabi Trust Q2 royalty plunges 86% YoY; Cliffs extends Northshore idling to at least April 2023

MESABI TRUST

Royalty payment of $2,314,994 on 198,495 tons shipped vs 1,393,902 tons in Q2 2021.
Cliffs CEO Lourenco Goncalves announced Northshore idle extended through at least April 2023; 'we will keep Northshore idle until we decide otherwise'.
Minimum advance royalty for 2022 is $1,034,237; Northshore must pay quarterly if overriding royalties fall short.
Existing 1989 royalty agreement unchanged; any amendment requires approval of 66 2/3% of unitholders.

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