Mesabi Trust declares no April 2023 distribution; prior year paid $1.04/unit

MESABI TRUST

No distribution for April 2023; previous April distribution was $1.04 per unit.
Decision driven by Cleveland-Cliffs' idling of Northshore Mining and no royalty payments for last two quarters.
Negative pricing adjustments expected to increase contract liability in unallocated reserve.
Trust has pending arbitration against Northshore and Cliffs; no update on restart of operations.
Quarterly royalty report due April 30, 2023; Trust will file summary with SEC.

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