Mesabi Trust receives $5.3M Q2 royalty payment; iron ore shipments up 7% YoY

MESABI TRUST

Total royalty payment of $5,325,522 received July 30, 2024, comprising base $2,783,747 and bonus $2,386,069.
Iron ore shipments credited: 949,718 tons in Q2 2024 vs 886,301 tons in Q2 2023 (+7.1%).
Two low-volume third-party pellet sales reported in May and June 2024; Trust evaluating royalty agreement compliance.
No distribution announced; Trust cautions shipments and royalties vary significantly quarter to quarter.

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