Mesabi Trust receives zero Q1 royalty; tons shipped drop to 0 from 1.07M YoY; auditor exits

MESABI TRUST

Zero royalty paid for Q1 2023; 0 tons shipped vs 1,069,456 in Q1 2022.
Negative adjustments of $2,298,119 eliminated royalty; Cliffs invoiced Mesabi $2,022,996.
Cliffs did not pay $0 advance royalties for Q1 2023 and provided no justification.
Baker Tilly declines reappointment as independent auditor; no disagreements reported.
Cliffs partially restarted Northshore but expects not to operate fully in 2023.

item 2.02 item 7.01 item 4.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

MESABI TRUST reported financial results for quarter ended March 31, 2023.

Period: quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On April 28, 2023, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended March 31, 2023 (the “Quarterly Royalty Report”) from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”). As further explained under Item 7.01 below, the Quarterly Royalty Report indicated that the Mesabi Trust received no royalty payments on April 28, 2023.

View on SEC.gov

Browse all earnings releases →

MESABI TRUST filing history →

Source: SEC EDGAR

accession 0001558370-23-008112

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.