<span item_type="fundamental" item_id="bd260501470e60dbad3cdd97ccc18a6f" counter_id="ST/US/MSB" env="prod"></span><span item_type="announcement" item_id="592950036623986049" env="prod"></span><p>Revenue: As of FY2026 Q3, the actual value is USD 3.59 M.</p><p>EPS: As of FY2026 Q3, the actual value is USD 0.2109.</p><p>EBIT: As of FY2026 Q3, the actual value is USD 2.568 M.</p><p></p><h3>Royalty Income</h3><ul><li><strong>Three Months Ended October 31, 2025</strong>: Total royalty income was $3,390,609, a decrease from $7,348,366 in the same period in 2024. Base overriding royalties decreased to $2,263,892 from $4,150,083, bonus royalties decreased to $902,047 from $3,027,705, and fee royalties increased to $224,670 from $170,578.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li><li><strong>Nine Months Ended October 31, 2025</strong>: Total royalty income was $13,156,985, down from $19,613,693 in 2024. Base overriding royalties decreased to $7,905,014 from $11,131,795, bonus royalties decreased to $4,704,321 from $8,024,502, and fee royalties increased to $547,650 from $457,396.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li></ul><h3>Net Income</h3><ul><li><strong>Three Months Ended October 31, 2025</strong>: Net income was $2,767,463, a significant decrease from $78,325,525 in the same period in 2024, primarily due to the absence of arbitration award revenue and decreased royalty income.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li><li><strong>Nine Months Ended October 31, 2025</strong>: Net income was $11,142,554, down from $87,207,203 in 2024, attributed to the absence of arbitration award revenue and decreased royalty income.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li></ul><h3>Expenses</h3><ul><li><strong>Three Months Ended October 31, 2025</strong>: Expenses were $822,987, an increase from $676,315 in 2024, mainly due to higher legal fees.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li><li><strong>Nine Months Ended October 31, 2025</strong>: Expenses were $2,789,193, a decrease from $4,535,119 in 2024, primarily due to reduced legal fees following the arbitration.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li></ul><h3>Cash Flow</h3><ul><li><strong>Nine Months Ended October 31, 2025</strong>: Net cash from operating activities was $9,973,060, compared to $84,524,911 in 2024. Distributions to unitholders were - $86,985,668, resulting in a net change in cash and cash equivalents of - $77,012,608.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li><strong>Core Business Focus</strong>: Mesabi Trust’s revenue is highly dependent on Northshore’s operations, with royalty income determined by the volume and selling price of iron ore products shipped. The Trust’s future distributions will depend on royalty income received and Trust expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li><li><strong>Non-Core Business</strong>: Mesabi Trust initiated arbitration against Northshore and Cliffs for damages related to idling operations and underpayment of royalties.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925120673/msb-20251031x10q.htm"></span></li></ul>

Mesabi Trust | 10-Q: FY2026 Q3 Revenue: USD 3.59 M