Mesabi Trust receives $5.3M Q2 royalty payment; iron ore shipments down 2.7% YoY

MESABI TRUST

Total royalty payment of $5,300,287 received on July 30, 2025 for Q2 ended June 30, 2025.
Base royalty $2,514,060, bonus royalty $2,588,784; no prior quarter adjustments.
Iron ore shipments of 924,442 tons in Q2 2025 vs 949,718 tons in Q2 2024, down ~2.7%.
No new third-party arms-length sales of pellets since December 2024.
Additional $197,443 paid to Mesabi Land Trust.

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