- Mesabi Trust declared a distribution of **$0.34** per Unit of Beneficial Interest, payable on **November 20, 2025**, to unitholders of record on **October 30, 2025**.  **[65172_1ee81d7709e2422db630b02358b99b09_0]** 
- This distribution is lower than the **$0.39** per Unit declared for the same period last year.  **[65172_1ee81d7709e2422db630b02358b99b09_0]** 
- The distribution decision reflects total royalty payments of **$5,300,287** received on **July 30, 2025**, from Cleveland-Cliffs Inc..  **[65172_1ee81d7709e2422db630b02358b99b09_0]** 
- Trustees also considered maintaining appropriate reserves and various uncertainties, including volatility in the iron ore and steel industries, global economic uncertainties, and potential changes in trade laws.  **[65172_1ee81d7709e2422db630b02358b99b09_0]** 
- Quarterly royalty payments for the third calendar quarter are due on **October 30, 2025**, after which Mesabi Trust plans to file a summary with the SEC.  **[65172_1ee81d7709e2422db630b02358b99b09_0]**

MESABI TRUST (MSB)