Mesabi Trust Files 8-K: Operations & Financials Update

TL;DR

Mesabi Trust dropped its 8-K, check the financials and operations update from April 30.

AI Summary

Mesabi Trust filed an 8-K on April 30, 2024, reporting on its results of operations and financial condition. The filing also included Regulation FD disclosures, other events, and financial statements and exhibits. The report covers events up to April 30, 2024.

Why It Matters

This filing provides investors with crucial updates on Mesabi Trust's financial performance and operational status, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine 8-K filing providing standard financial and operational updates, not indicating any unusual risks.

Key Players & Entities

• MESABI TRUST (company) — Registrant
• Deutsche Bank Trust Company Americas (company) — Trustee/Agent
• April 30, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $5,059,648 — rust received total royalty payments of $5,059,648 on April 30, 2024. Item 7.01 Regulati
• $2,106,086 — ust was credited with a base royalty of $2,106,086. For the three months ended March 31, 2
• $2,520,601 — d with a bonus royalty in the amount of $2,520,601. The royalty payment received by the Tr
• $279,222 — the Trust also included an increase of $279,222 as a result of positive adjustments rel
• $153,738 — ters. In addition, a royalty payment of $153,738 was paid to the Mesabi Land Trust. Acco

Filing Documents

• msb-20240430x8k.htm (8-K) — 48KB
• msb-20240430xex99d1.htm (EX-99.1) — 14KB
• 0001558370-24-006557.txt ( ) — 190KB
• msb-20240430.xsd (EX-101.SCH) — 3KB
• msb-20240430_lab.xml (EX-101.LAB) — 16KB
• msb-20240430_pre.xml (EX-101.PRE) — 11KB
• msb-20240430x8k_htm.xml (XML) — 5KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. Announcement of Receipt of Quarterly Royalty Report and Royalty Payment On April 30, 2024, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended March 31, 2024 (the "Royalty Report") from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore"). As further explained under Item 7.01 below, the Royalty Report indicated that the Mesabi Trust received total royalty payments of $5,059,648 on April 30, 2024.

01 Regulation FD

Item 7.01 Regulation FD. Quarterly Royalty Report and Royalty Payment On April 30, 2024, the Trustees of Mesabi Trust received the Royalty Report from Cliffs, the parent company of Northshore. As reported to Mesabi Trust by Cliffs in the Royalty Report, based on shipments of iron ore products by Northshore during the three months ended March 31, 2024, Mesabi Trust was credited with a base royalty of $2,106,086. For the three months ended March 31, 2024, Mesabi Trust was also credited with a bonus royalty in the amount of $2,520,601. The royalty payment received by the Trust also included an increase of $279,222 as a result of positive adjustments related to prior quarters. In addition, a royalty payment of $153,738 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments received by Mesabi Trust on April 30, 2024 from Cliffs were $5,059,648. The royalties paid to Mesabi Trust are based on the volume of iron ore pellets and other products produced or shipped during the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet production and shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the first calendar quarter of 2024, Cliffs credited Mesabi Trust with 1,006,692 tons of iron ore shipped, as compared to zero (0) tons shipped during the first calendar quarter of 2023. Cliffs' Royalty Report reflected no additional third party arms-length sale transactions of iron ore pellets since reporting two low volume shipments of iron ore pellets to a single third-party customer in June 2023. The volume of iron ore pellets (and other iron ore products) produced or shipped by Northshore varies from quarter to quarter and year to year based on a number of factors, including, among others, Cliffs' decisions to idle Northshore operations (which occurred from May 2022 until April 2023), the requested delivery schedules of customers (including affiliates), general economic conditi

01 Other Events

Item 8.01 Other Events. Mesabi Trust's Annual Report on Form 10K for the fiscal year ended January 31, 2024, which includes the audited financial statements of Mesabi Trust, was filed with the Securities and Exchange Commission on April 24, 2024. Mesabi Trust Unitholders may obtain a hard copy of the complete audited financial statements, which is included as Exhibit 13 to Mesabi Trust's Annual Report, free of charge upon request to Mesabi Trust's Corporate Trustee, at: Mesabi Trust c/o Deutsche Bank Trust Company Americas, Corporate Trustee Trust and Agency Services — GDS 1 Columbus Circle, 17th Floor New York, NY 10019 (904) 271-2520 Unitholders can also directly access the audited financial statements of Mesabi Trust by navigating to Mesabi Trust's website at www.Mesabi-Trust.com and clicking on the Edgar Filings (SEC) link under the Menu to the right of the SEC Filings page by scrolling down to the desired Annual Report on Form 10K under Exhibit 13 thereof, beginning on page F1 of each such Report.

Forward-looking Statements

Forward-looking Statements This report contains certain forward-looking statements with respect to iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore during 2024, royalty (including bonus royalty) amounts, and other matters, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Actual production, prices, price adjustments, and shipments of iron ore pellets, as well as actual royalty payments (including bonus royalties) could differ materially from current expectations due to inherent risks and uncertainties such as general adverse business and industry economic trends, uncertainties arising from war, terrorist events, the impact of the coronavirus (COVID-19) pandemic and other global events, higher or lower customer demand for steel and iron ore, decisions by mine operators regarding curtailments or idling production lines or entire plants, environmental compliance uncertainties, difficulties in obtaining and renewing necessary operating permits, higher imports of steel and iron ore substitutes, processing difficulties, consolidation and restructuring in the domestic steel market, market inputs tied to indexed price adjustment factors found in some pellet supply agreements between Cliffs and some of its customers, resulting in future adjustments to royalties payable to Mesabi Trust and other factors. In addition, any future production curtailments or idling of Northshore operations, about which the Trust may have little or no prior notice, could materially adversely affect the royalty income of the Trust, as well as the resulting cash available for distribution by the Trust to Unitholders. Further, such developments could have a material adverse impact on the market price of the Trust's Units. Although the Mesabi Trustees believe that any such forward-looking statements are based on reasonable assumptions, such statements are 2

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 99.1 Press Release dated May 2, 2024 104 Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MESABI TRUST By: /s/ Chris Niesz Chris Niesz Vice President Deutsche Bank Trust Company Americas, Corporate Trustee of Mesabi Trust Dated: May 2, 2024 4

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View this 8-K filing on SEC EDGAR