Mesabi Trust declares $0.35/unit distribution; first payout since restart of Northshore operations

MESABI TRUST

Distribution of $0.35/unit declared, payable Nov 20, 2023 to holders of record Oct 30, 2023.
Compared to no distribution for same period last year; Northshore operations restarted in April 2023.
July 2023 royalties from Cliffs were $5.3M, up from $2.3M in July 2022.
Trustees note continuing uncertainties: Northshore at less than full capacity and treated as swing operation.
No royalties received in prior three fiscal quarters; reserves maintained for expenses and liabilities.

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