MESABI TRUST — Investor Relations & Filings

Mesabi Trust is a royalty trust established to derive income from the Peter Mitchell Mine, an iron ore mine located in the Mesabi Iron Range. The mine is operated by Northshore Mining Company, a subsidiary of Cleveland-Cliffs Inc., which extracts taconite and processes it into iron ore pellets. The Trust's revenue consists of royalties paid by the operator, primarily based on the selling price of shipped pellets and, to a lesser extent, on the tonnage of ore extracted. As a pass-through entity, the Trust's sole business is the collection of income, payment of expenses, and distribution of net income to its unitholders. It does not engage in any operational mining activities.