Mesabi Trust cuts distribution to $0.12/unit from $0.30, citing lower royalty receipts

MESABI TRUST

Distribution of $0.12/unit declared for Aug 20, 2025, vs $0.30/unit a year ago (60% decrease).
Royalty payment from Cleveland-Cliffs for April 2025 was $2.42M, down from $5.06M in April 2024.
Trust cites uncertainties from Cliffs' vertical supply chain plans, tariff threats, and iron ore volatility.
Next quarterly royalty payment (due July 30, 2025) will be summarized in a subsequent 8-K filing.

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