Mesabi Trust Announcement of No Distribution

Mesabi Trust's Trustees declared no distribution this quarter; no payment will be made in November 2026, versus $0.34 per Unit a year ago. The decision reflects July royalty payments from Cleveland-Cliffs of $1,807,779 -- down roughly 66% from $5,300,287 a year earlier -- with zero bonus royalties, as all deemed Silver Bay shipments were priced below the $71.70/ton bonus threshold. The Trustees are also preserving reserves for pending arbitration and for uncertainty around Cliffs' vertical supply chain plans, and have received no updates on Northshore's 2026 production or shipment outlook.

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