MESABI TRUST

Listed Company

MSBCIK 0000065172NYSENon-AcceleratedSmaller ReportingMineral Royalty TradersNew YorkFY ends Jan 31

Period

FY 2026

Revenue

$17.52M

Net Income

$13.87M

Total Assets

$24.36M

Equity

—

Shares Out

13.12M

Op. Cash Flow

$14.40M

Business

MESABI TRUST is a statutory trust that holds and administers royalty interests in iron ore mining properties and derives income from those interests. The Trust’s primary offerings are leasehold and fee royalties tied to iron ore production from its mineral properties. The business operates in a single reporting segment focused on iron ore mining and related royalty administration. All of the Trust’s revenues are generated from the assets comprising the Trust estate, principally through royalty payments from mining operations on its mineral properties.

Summary from filing dated 2025-04-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Arbitration award	—	71	—	—	—
Interest	953,577	2	769,398	245,655	523,365
Total revenues	18	99	23	8	71
Compensation of Trustees	456,370	256,654	257,064	332,351	291,187
Corporate Trustee's administrative fees	62,500	62,500	62,500	62,500	62,500
Legal	2	4	3	1	2
Accounting and auditing	248,124	238,644	247,443	216,250	198,089
Mining consultant and field representatives	49,799	46,985	42,925	41,542	42,120
Insurance	270,845	276,652	280,855	275,072	241,491
Annual stock exchange fee	81,830	80,020	80,575	74,425	71,255
Transfer agent's and registrar's fees	9,500	4,471	4,693	5,901	5,561
Other Trust expenses	182,944	504,104	330,258	52,282	53,425
Total expenses	4	5	4	2	3
Net income	14	93	19	5	69
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	13	13	13	13	13
Net income per unit (Note 2) (in dollars per unit)	1.06	7.11	1.45	0.41	5.24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash and cash equivalents	23	100	24	14	48
Accrued income receivable	782,363	1	2	23,562	5
Contract asset	263,982	240,642	451,896	—	—
Prepaid expenses	147,371	122,518	297,647	127,233	122,545
Current assets	24	102	27	14	54
Amended assignment of Peters Lease	1	1	1	1	1
Assignment of Cloquet Leases	1	1	1	1	1
Certificate of beneficial interest for 13,120,010 units of Land Trust	1	1	1	1	1
Total fixed property	3	3	3	3	3
Total assets	24	102	27	14	54
Distribution payable	3	78	5	—	23
Accrued expenses	542,250	336,675	860,802	380,960	158,443
Total liabilities	4	78	6	3	23
Unallocated reserve	20	23	21	11	31
Trust corpus	3	3	3	3	3
Total liabilities, unallocated reserve and trust corpus	24	102	27	14	54

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-01-31
Royalties received	17	27	—	17	16
Arbitration award	—	71	—	—	—
Interest received	1	2	—	755,017	222,238
Expenses paid	−3	−6	—	−4	−2
Net cash from operating activities	14	94	—	15	14
Distributions to unitholders	−91	−18	−5	−5	−48
Net change in cash and cash equivalents	−77	76	—	10	−34
Net income	14	93	—	19	5
Decrease in accrued income receivable	378,398	799,597	—	−2	5
(Increase) decrease in contract asset	−23,340	211,254	—	−451,896	1
(Increase) decrease in prepaid expenses	−24,853	175,129	—	−170,414	−4,688
Increase (decrease) in accrued expenses	205,575	−524,127	—	479,842	222,517

Filings

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