Mesabi Trust receives Q4 2024 royalty of $8.99M on 1.11M tons shipped, up from 964k tons YoY

MESABI TRUST

Total royalty payment of $8,986,464 received from Cleveland-Cliffs for Q4 2024.
Base royalty of $5,724,454 plus bonus royalty of $3,093,243; no adjustments.
Shipments of 1,110,800 tons credited vs 964,129 tons in Q4 2023, a 15% increase.
Royalty of $168,767 also paid to Mesabi Land Trust out of total.
Northshore continues as swing operation; no specific 2025 guidance provided.

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