<span item_type="fundamental" item_id="3d29dbcc179c1dc4cdd7a2ba73c9bcbe" counter_id="ST/US/MSB" env="prod"></span><span item_type="announcement" item_id="561045036318264705" env="prod"></span><p>Revenue: As of FY2026 Q2, the actual value is USD 5.607 M.</p><p>EPS: As of FY2026 Q2, the actual value is USD 0.3616.</p><p>EBIT: As of FY2026 Q2, the actual value is USD 4.554 M.</p><p></p><h3>Segment Revenue</h3><ul><li><strong>Royalty Income</strong>: For the three months ended July 31, 2025, royalty income was $5,416,904, a decrease from $6,254,719 in the same period in 2024. For the six months ended July 31, 2025, royalty income was $9,766,376, down from $12,265,326 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li><strong>Net Income</strong>: For the three months ended July 31, 2025, net income was $4,743,882, a decrease from $5,397,894 in the same period in 2024. For the six months ended July 31, 2025, net income was $8,375,091, down from $8,881,678 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li><li><strong>Expenses</strong>: For the three months ended July 31, 2025, expenses were $862,873, a decrease from $1,092,015 in the same period in 2024. For the six months ended July 31, 2025, expenses were $1,966,206, down from $3,858,802 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li></ul><h3>Cash Flow</h3><ul><li><strong>Net Cash from Operating Activities</strong>: For the six months ended July 31, 2025, net cash from operating activities was $6,455,927, compared to $6,309,888 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li><li><strong>Distributions to Unitholders</strong>: For the six months ended July 31, 2025, distributions to unitholders were - $85,411,267, compared to - $8,659,207 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li><strong>Iron Ore Pellet Production and Shipments</strong>: For the three months ended July 31, 2025, production and shipments were 943,955 tons, compared to 974,532 tons in 2024. For the six months ended July 31, 2025, production and shipments were 1,581,141 tons, compared to 1,953,030 tons in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li><strong>Core Business Focus</strong>: The Trust’s future distributions will be highly dependent on royalty income, which is a function of the volume of iron ore products produced or shipped and the sales price to third-party customers. The Trust anticipates that future distributions will be influenced by the level of Trust expenses and the unpredictable nature of the iron ore industry.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li><li><strong>Non-Core Business</strong>: The Trust is monitoring the ongoing litigation and environmental review processes related to Northshore’s proposed project at the Milepost 7 tailings basin, which could impact future mining, production, and shipments of iron ore products.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/65172/000110465925090029/msb-20250731x10q.htm"></span></li></ul>

Mesabi Trust | 10-Q: FY2026 Q2 Revenue: USD 5.607 M