Mesabi Trust receives $6.4M in Q4 2023 royalty payments from Cleveland-Cliffs

MESABI TRUST

Total royalties $6,432,434 received Jan 30, 2024; base $3,819,821 plus bonus $2,361,242.
Tons credited: 964,129 in Q4 2023 vs negative 54,026 in Q4 2022 (Northshore idled).
Northshore partially restarted April 2023 at less than full capacity; still swing operation.
Future royalty/distribution variability depends on Cleveland-Cliffs' production plans and pricing.

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