Mesabi Trust Q2 2023 royalty payment totals $5.32M; shipped tons surge to 886K vs 198K YoY

MESABI TRUST

Base royalty of $3.36M and bonus royalty of $4.03M; net royalty after estimates change reduction of $2.30M was $5.09M to Trust.
Volume of iron ore pellets shipped/produced at 886,301 tons in Q2 2023, up from 198,495 tons in Q2 2022 after Northshore restart.
Additional $233,596 paid to Mesabi Land Trust, bringing total Q2 2023 royalty payments from Cliffs to $5.32M.
Cliffs partially restarted Northshore in April 2023 at less than full capacity; Trust warns of potential future price adjustments.

item 2.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MESABI TRUST reported financial results for the quarter ended June 30, 2023.

Period: the quarter ended June 30, 2023
Result: reported results

Exact text from the filing

On July 28, 2023, Mesabi Trust received the quarterly royalty report of iron ore production and shipments out of Silver Bay, Minnesota during the quarter ended June 30, 2023

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Source: SEC EDGAR

accession 0001558370-23-012745

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