Mesabi Trust declares $0.39/unit distribution; receives $71.2M arbitration award

MESABI TRUST

Distribution of $0.39 per unit payable Nov 20, 2024 to holders of record Oct 30, 2024, up from $0.35 last year.
Received $71,185,029 from Northshore/Cliffs as final AAA arbitration award for underpaid royalties (2020-2022).
July 2024 royalty payments from Cliffs were $5,325,522, slightly above $5,321,510 in July 2023.
Trustees holding arbitration funds in reserve pending procedural deadlines; invested in interest-bearing accounts.
No specific updates on Cliffs' plans for Northshore iron ore operations.

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