Mesabi Trust Q3 2024 royalty $7.36M; shipped tons down 4.6% YoY

MESABI TRUST

Total royalty of $7,355,929: base $4,469,814, bonus $2,718,456, plus $167,659 to Land Trust.
Iron ore shipments credited to Trust: 972,154 tons vs 1,019,311 tons in Q3 2023 (-4.6%).
No adjustments reported by Cleveland-Cliffs for the quarter ended Sep 30, 2024.
Northshore continues as swing operation; 2024 shipment forecast not provided to Trust.
Trust notes shipments and royalties vary significantly quarter to quarter.

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