Mesabi Trust is a royalty trust that derives substantially all of its revenue from iron ore mining royalties on leased lands, primarily from Northshore Mining Company/Cleveland-Cliffs.

# Mesabi Trust

## Core business
Mesabi Trust is a royalty trust focused on iron ore mining. Substantially all revenue, operating profits, and assets relate to a single business segment: iron ore mining.

## Revenue model and assets
All revenues are derived from the Trust’s assets (the Trust Estate) and related mineral properties. The Trust receives royalties from mining operations on leased lands. The royalty structure and related details are described in the Annual Report and are incorporated by reference. The Trust’s revenue is tied to the operations of the lessee/operator and to intercompany shipments that affect royalty payments.

## Principal operator and relationships
The lessee/operator of the leased lands is Northshore Mining Company and its parent, Cleveland-Cliffs Inc. (collectively, the Operator). Northshore’s mining operations are a primary source of the Trust’s royalties.

## Corporate structure and staffing
The Trust does not have any directors, officers, or employees. The Corporate Trustee manages the trust and works with external cybersecurity firms to monitor and maintain the products and services it uses.

## Property and assets
Information about the Trust Estate, the duration and history of the Trust Estate, and descriptions of the mineral properties and Northshore’s mining operations are incorporated by reference from the Annual Report.

## Current legal matters
Mesabi Trust initiated AAA arbitration against Northshore Mining Company and Cleveland-Cliffs Inc. on September 26, 2025. The arbitration seeks damages and declaratory relief related to (a) idling of Northshore’s operations from May 2022 to April 2023, and (b) underpayment of royalties on intercompany shipments from 2023 to the present.

## Notes
Material sections of the Trust’s disclosure (including the Overview, the Trust’s royalty structure, the Trustees’ discussion and analysis of financial condition and results of operations, the Trust Estate, leasehold royalties, and the description of the mineral properties) are incorporated by reference from the Annual Report for the fiscal year ended January 31, 2026.

Mesabi Trust is a New York-based royalty trust focused on earning revenue through royalties from iron ore mining, primarily linked to its mineral properties and leasehold agreements.

# Mesabi Trust Overview

**Company Name:** Mesabi Trust  
**Location:** New York, New York  
**Established:** 1961

## Business Model

Mesabi Trust is a pass-through royalty trust primarily engaged in the business of iron ore mining. The Trust earns revenue through royalties from its mineral properties. Its operations are concentrated mainly on the collection of leasehold royalties stemming from its ownership of iron ore resources.

### Key Operations:

- **Royalty Structure:** 
  - The Trust receives royalties based on the sales of iron ore pellets produced by Northshore Mining Company, a subsidiary of Cleveland-Cliffs Inc.
  - The revenue is derived predominantly from calculating royalties based on the highest price from arms-length transactions for iron ore pellets.

- **Mining Operations:** 
  - It has significant interests in land and mineral rights, particularly centered on the Northshore mine located in Minnesota.

## Financial Information

### Revenue and Profitability
- **Revenue Model:** The Trust derives the majority of its income from leasing mineral rights and receiving royalties.
- **Recent Financial Performance:**
  - **Total Revenue:** Information from the fiscal year ended January 31, 2025, will provide details on the exact amount of revenue generated, but the Trust was involved in a significant arbitration process concerning underpaid royalties, resulting in a payment of approximately $71.2 million.
  - **Income:** Specific numbers for net income will need to reference detailed financial statements from the annual report.

### Customer Base
- **Number of Customers:** The Trust primarily deals with Cleveland-Cliffs Inc. for its iron ore pellets, with Northshore Mining being the direct operational entity.
- The customer base is largely concentrated in the iron ore sales market, as the Trust doesn’t directly engage consumers or individuals but rather acts as a facilitator of royalties due to the operators of the mines.

### Employment
- **Employees:** Mesabi Trust does not have any directors, officers, or employees. Operations and compliance are managed by the Corporate Trustee, Deutsche Bank Trust Company Americas, who oversees administrative and operational aspects.
  
## Market Position
- As a royalty trust, Mesabi Trust operates with minimal operational overhead normally associated with traditional companies, focusing primarily on legal structures to manage its revenues efficiently, including distributions to unitholders.

## Governance
- **Board of Trustees:** The Trust is governed by a board of Individual Trustees consisting of industry veterans with extensive backgrounds in mining and corporate trust practices.
  
## Summary
Mesabi Trust leverages its mineral rights to generate income through leasehold royalties primarily linked to iron ore mining activities. It has established a significant history and robust operational structure centered around its relationships with major mining entities. Due to its unique corporate structure as a trust, it has lower operationalfootprint and directly transfers revenues to its unitholders, with much of the financial processes overseen by external trustees and agencies.

Mesabi Trust is a pass-through royalty trust involved in the iron ore mining business, primarily generating revenue from leasehold royalties from Northshore Mining Company.

# Mesabi Trust

## Overview
Mesabi Trust is a pass-through royalty trust focused on the iron ore mining sector. The trust receives leasehold royalties from properties leased to Northshore Mining Company, a subsidiary of Cleveland-Cliffs Inc.

## Business segment
- Iron ore mining royalties: The trust’s business consists of holding mineral rights on certain properties and collecting royalties based on iron ore produced by Northshore Mining, which operates mining facilities in Minnesota.

## Financial highlights
- Revenue source: Leasehold royalties tied to iron ore production and sales pricing.
- Income dynamics: Royalty payments fluctuate with iron ore market prices and the amounts produced.
- Market value: As of July 31, 2023, the aggregate market value of units held by non-affiliates was approximately $257.7 million.

## Operations
- Customer: Northshore Mining Company is the trust’s primary counterparty; it produces and sells the iron ore that generates royalty revenue.
- Employees and management: Mesabi Trust has no employees. The Corporate Trustee, Deutsche Bank Trust Company Americas, manages asset administration and financial operations.

## Investor relevance
The trust provides investors exposure to mining-sector revenues through royalty interests rather than direct operational ownership. Returns depend on iron ore production and commodity price movements.

## Summary
- Nature of business: Iron ore royalties from leased mineral rights.  
- Primary customer: Northshore Mining Company.  
- Employees: None; managed by a Corporate Trustee.  
- Revenue and income: Generated from leasehold royalties and subject to iron ore market conditions.

MESABI TRUST

10-K / April 22, 2026

10-K / April 24, 2025

10-K / April 24, 2024

10-K / April 22, 2026

Mesabi Trust

Core business

Revenue model and assets

Principal operator and relationships

Corporate structure and staffing

Property and assets

Current legal matters

Notes