Announcement of Mesabi Trust Distribution (Form 8-K)

Announcement of Mesabi Trust Distribution

The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of thirty-four cents ($0.34) per Unit of Beneficial Interest payable on November 20, 2025 to Mesabi Trust Unitholders of record at the close of business on October 30, 2025. This compares to a thirty-nine cents ($0.39) per Unit distribution declared for the same period last year.

The Trustees' announcement today of a thirty-four cents ($0.34) per Unit distribution, as compared to the thirty-nine cents ($0.39) per Unit distribution announced by the Trust at the same time last year, reflects consideration of a number of factors. In particular, the Trustees' current distribution determination reflects that the Trust received total royalty payments of $5,300,287 on July 30, 2025, from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore").

The Trustees' distribution decision announced today also reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses, as well as present and future liabilities (whether fixed or contingent) that may arise in the future.

The Trustees have received no specific updates on Cliffs' plans for the current year concerning Northshore iron ore operations or Northshore's production, sale or shipment of iron ore products. The Trustees' distribution announcement today also takes into account several other factors, including uncertainties resulting from Cliffs' prior announcements regarding its vertical supply chain planning, the current volatility in the iron ore and steel industries generally, national and global economic uncertainties, potential changes in trade laws, the volume of unfairly traded imports, the imposition of new or termination of international duties or tariffs and ongoing disturbances from global unrest.

Quarterly royalty payments from Cliffs and Northshore for iron ore production and shipments during the third calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due October 30, 2025, together with the quarterly royalty report. After receiving the quarterly royalty report and payment, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.