Mesabi Trust receives $5.5M Q3 2023 royalty vs zero last year as Northshore restarts

MESABI TRUST

Royalty payment received Oct 30, 2023: $5,461,618 to Mesabi Trust plus $204,636 to Mesabi Land Trust, total $5,666,254.
Volume of 1,019,311 tons shipped/produced in Q3 2023 versus zero tons in Q3 2022 when operations were idled.
Base royalty of $2,892,169 plus bonus royalty of $2,560,609 and positive adjustments of $8,840.
Northshore partially restarted in 2023 after idling from May 2022 to March 2023; future production remains uncertain.

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 quarter ended September 30, 2023.

Period: quarter ended September 30, 2023
Result: reported results

Exact text from the filing

Item 2.02 Results of Operations and Financial Condition. Receipt of Quarterly Royalty Report and Royalty Payment from Cleveland-Cliffs Inc. On October 30, 2023, Mesabi Trust received the quarterly royalty report of iron ore production and shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2023 (the “Quarterly Royalty Report”) from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”).

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Source: SEC EDGAR

accession 0001558370-23-017250

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