MSB: Financial results · Company disclosure

Item 2.02 Results of Operations and Financial Condition. Announcement of Receipt of Quarterly Royalty Report and Royalty Payment On October 30, 2026, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2026 (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 $3,071,304 on October 30, 2026. Item 7.01 Regulation FD. Quarterly Royalty Report and Royalty Payment On October 30, 2026, 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 September 30, 2026, Mesabi Trust was credited with a base royalty of $2,802,377. For the same period, Mesabi Trust was also credited with no bonus royalties (zero dollars). The royalty payment received by Mesabi Trust did not include any adjustments related to prior quarters. In addition, a royalty payment of $268,927 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments received by Mesabi Trust on October 30, 2026 from Cliffs were $3,071,304. As noted above, Cliffs’ Royalty Report credited Mesabi Trust with no bonus royalties (zero dollars). Cliffs reported that all deemed shipments out of Silver Bay for the calendar quarter ended September 30, 2026 were based on prices that are below the 2026 adjusted bonus royalty threshold of $71.70 per ton. The prices Cliffs reported for deemed shipments in this quarter were based on third-party sales tha