Mesabi Trust filings document the trust’s iron ore royalty structure, distribution announcements, and quarterly royalty reports received from Cleveland-Cliffs, the parent of Northshore Mining Company. Current reports on Form 8-K disclose base and bonus royalties, shipment volumes, product pricing references, prior-period adjustments, and payments related to Mesabi Trust lands.
The filing record also includes disclosures on Units of Beneficial Interest, trustee distribution decisions, audited financial statements in annual reports, corporate-trustee reporting, Regulation FD items, and arbitration or other royalty-related matters involving the operator of the leased lands.
Mesabi Trust reported a new cash distribution to its unitholders. The Trustees declared a distribution of $0.34 per Unit of Beneficial Interest, payable on November 20, 2025 to unitholders of record at the close of business on October 30, 2025. This compares with a distribution of $0.39 per Unit declared for the same period a year earlier, indicating a lower payout versus last year. The details were disclosed in a press release furnished as an exhibit.
Mesabi Trust filed a current report describing the start of an arbitration proceeding with the American Arbitration Association against Northshore Mining Company and its parent Cleveland-Cliffs Inc., together referred to as the Operator of its leased lands.
Mesabi Trust is seeking damages and declaratory relief related to the Operator’s idling of Northshore’s operations from May 2022 to April 2023 and its alleged underpayment of royalties on intercompany shipments from 2023 through the present. The filing also notes a related press release as an exhibit.
Mesabi Trust (MSB) reports royalty-based revenue driven by base overriding royalties, royalty bonuses, fee royalties and minimum advance royalties. Net income per unit is calculated on 13,120,010 units. The report records a final arbitration award of 71,185,029 (including interest) recognized as non-recurring "Arbitration Award" revenue in the quarter ended October 31, 2024.
Base overriding royalties are the largest revenue source and are calculated as a percentage of gross proceeds, ranging from 2.5% for the first one million tons to 6% for shipments above four million tons. Royalty bonuses apply when sales exceed an annual threshold price, set at $69.41/ton for 2025 (was $67.75/ton for 2024) with bonus percentages from 0.5% up to 3%. The minimum advance royalty is $1,157,261 for 2025 and was $1,129,615 for 2024, with quarterly payments up to 25% until earned royalties offset advances. A distribution of $0.12 per unit (total $1,574,401) is payable Aug 20, 2025 to holders of record July 30, 2025; prior quarter distribution payable was $0.30 per unit.
ValueWorks LLC and its managing member, Charles Lemonides, report shared voting and shared dispositive power over 685,846 Units of Beneficial Interest in Mesabi Trust, representing 5.23% of the class. The holdings are stated as directly owned by advisory clients of ValueWorks LLC, and none of those clients are identified as owning more than 5% individually. Both reporting persons record 0 sole voting or dispositive power and disclaim beneficial ownership except for pecuniary interest. Exhibits referenced include a joint filing agreement and control person identification.