MESABI TRUST_July 30, 2026

Mesabi Trust received its quarterly royalty report and payment on July 30, 2026. The total royalty payment received was $1,807,779, which includes a base royalty of $1,585,696 and a bonus royalty of $0. An additional $222,083 was paid to the Mesabi Land Trust. The bonus royalty was zero because the iron ore prices reported by Cleveland-Cliffs Inc. were below the adjusted bonus royalty threshold for the quarter ended June 30, 2026. The report also noted that iron ore shipments for the second calendar quarter of 2026 were 902,331 tons, a slight decrease from the 924,442 tons shipped in the same quarter of 2025. The trust highlighted that royalty payments can vary significantly due to factors such as production levels, pricing, and operational decisions by Cliffs. Forward-looking statements are included, discussing potential risks and uncertainties that could impact future production, pricing, and royalty payments.