MSB

EX-99.1

2 msb-ex99d1.htm

EX-99.1

Exhibit 99.1

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MESABI TRUST PRESS RELEASE

October 15, 2026 @ 04:05 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)

Mesabi Trust Announcement of No Distribution

The Trustees of Mesabi Trust (NYSE: MSB) have determined that no distribution has been declared this quarter, and no distribution will be paid in November 2026, with respect to Units of Beneficial Interest. This compares to a thirty-four cents ($0.34) per Unit distribution declared for the same period last year.

The Trustees’ announcement today of declaring no distribution this quarter reflects consideration of several factors. The Trustees’ current distribution determination primarily reflects that the total royalty payments received by the Trust of $1,807,779 on July 30, 2026, from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), included no bonus royalty payment and were lower than the total royalty payments of $5,300,287 received by the Trust from Cliffs in July 2025.

As recently reported by the Trust in its two Current Reports on Form 8-K dated May 4, 2026 and July 31, 2026, based on Cliffs’ most recent quarterly royalty reports of shipments to an unaffiliated third party customer for the three months ended March 31, 2026 and June 30, 2026, during the current fiscal year, the Trust was credited with no bonus royalties (zero dollars) in each of Cliffs’ quarterly royalty reports. In its April 30, 2026 and July 30, 2026 quarterly royalty reports to the Trust, Cliffs reported that all deemed shipments out of Silver Bay for the relevant 2026 calendar quarter ends were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton.

The Trustees’ distribution announcement today also takes into account several other factors, including the desire to maintain adequate levels of the Trust’s unallocated reserve in order to meet current expenses for ongoing matters as well as those related to its pending arbitration and to maintain funds to address uncertainties resulting from Cliffs’ prior announcements regarding its vertical supply chain implementation. Other contributing factors included the current volatility of the iron ore and steel industries generally, national and global economic uncertainties, potential changes in trade laws, the volume of unfairly traded imports, the imposition or termination of international duties or tariffs and ongoing disturbances from global unrest.

The Trustees have received no specific updates on Cliffs’ plans for the current year concerning Northshore iron ore operations or Northshore’s production, sale or shipments of iron ore products.

Quarterly royalty payments from Cliffs and Northshore for iron ore production and shipments during the third calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due October 30, 2026, together with the quarterly royalty report. After receiving the quarterly royalty report and payment, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.

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Forward-Looking Statements

This press release contains certain forward-looking statements with respect to Northshore operations and Cliffs during 2026 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, sales 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, imposition or termination of duties or tariffs and retaliatory tariffs, 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 and other factors. Further, historically some of the royalties earned by Mesabi Trust have been based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and may be dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust was not a party and that were not known until after the end of a contract year. Although the Mesabi Trustees believe that any such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which could cause actual results to differ materially. Additional information concerning these and other risks and uncertainties is contained und

MESABI TRUST_July 30, 2026

0000065172false00000651722026-07-302026-07-30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2026

MESABI TRUST

(Exact name of registrant as specified in its charter)

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New York

1-4488

13-6022277

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

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c/o Deutsche Bank Trust Company Americas Trust & Agency Services 1 Columbus Circle, 17th Floor

Mail Stop: NYC01-1710 New York, New York

10019

(Address of principal executive offices)

(Zip Code)

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(904) 271-2520

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

Trading Symbol(s)

Name of each exchange on

which registered

Units of Beneficial Interest, no par value

MSB

New York Stock Exchange

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02Results of Operations and Financial Condition.

Announcement of Receipt of Quarterly Royalty Report and Royalty Payment

On July 30, 2026, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended June 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 $1,807,779 on July 30, 2026.

Item 7.01Regulation FD.

Quarterly Royalty Report and Royalty Payment

On July 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 June 30, 2026, Mesabi Trust was credited with a base royalty of $1,585,696. For the same period, Mesabi Trust was also credited with a bonus royalty in the amount of $0 (zero). The royalty payment received by Mesabi Trust did not include any adjustments related to prior quarters. In addition, a royalty payment of $222,083 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments received by Mesabi Trust on July 30, 2026 from Cliffs were $1,807,779.

As noted above, Cliffs’ Royalty Report indicated the bonus royalty is $0 (zero). Cliffs reported that all deemed shipments out of Silver Bay for the calendar quarter ended June 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 that occurred in September and December 2025. Cliffs’ Royalty Report also indicated that royalty calculations are based on estimated prices that are subject to change. All royalties are subject to continued due diligence review and verification by Mesabi Trust.

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 second calendar quarter of 2026, Cliffs credited Mesabi Trust with 902,331 tons of iron ore shipped, as compared to 924,442 tons shipped during the second calendar quarter of 2025. Cliffs’ Royalty Report reflected no additional third-party sale transactions of iron ore pellets since reporting three low volume shipments of iron ore pellets to a single Cliffs’ third-party customer in September 2025.

The volume of iro

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