Mesabi Trust declares $5.95/unit distribution, up from $0.37, driven by $71.2M arbitration award

MESABI TRUST

Distribution of $5.95 per Unit payable Feb 20, 2025 to holders of record Jan 30, 2025.
Prior-year distribution was $0.37 per Unit; increase primarily reflects $71.2M AAA award from Cliffs/Northshore for underpaid royalties.
Trust also received $7.36M in Oct 2024 royalty payments from Cliffs, up from $5.67M in Oct 2023.
Trust notes uncertainties from Cliffs' scrap iron plans, iron ore volatility, and global economic factors.
Quarterly royalty payment for Q4 2024 due Jan 30, 2025; Trust will file summary on Form 8-K.

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