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Thursday, 11/02/2023 12:28:52 AM

Thursday, November 02, 2023 12:28:52 AM

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Receipt of Quarterly Royalty Report and Royalty Payment from Cleveland-Cliffs Inc. (10/30/23)

On October 30, 2023, Mesabi Trust received the quarterly royalty report of iron ore production and shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2023 (the “Quarterly Royalty Report”) from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”). As further explained under Item 7.01 below, the Quarterly Royalty Report indicated that the Mesabi Trust received a royalty payment on October 30, 2023, as summarized below.

https://www.sec.gov/ix?doc=/Archives/edgar/data/65172/000155837023017250/msb-20231030x8k.htm

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