Mesabi Trust Q1 2025 royalty payment $2.4M; shipments down 55% YoY to 457,728 tons

MESABI TRUST

Received total royalty payment of $2,422,329 for Q1 2025 (base $1,067,762, bonus $1,281,315).
Q1 2025 shipments credited: 457,728 tons, down from 1,006,692 tons in Q1 2024 (55% drop).
No third-party arm's-length pellet sales since two low-volume shipments in December 2024.
No adjustments related to prior quarters were included in the royalty payment.

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