Mesabi Trust receives $1.8 million royalty payment; no bonus royalty for quarter
Mesabi Trust received total royalty payments of $1,807,779 on July 30, 2026, based on iron ore shipments by Northshore Mining during the quarter ended June 30, 2026. The trust was credited with no bonus royalty, and Cliffs credited it with fewer tons shipped than in the same quarter of 2025, so royalty income for this quarter is lower on volume. The filing states that royalties vary from quarter to quarter and past results are not necessarily indicative of future payments.
Key points
- Total royalty payments of $1,807,779 received July 30, 2026, including a base royalty of $1,585,696 and a $0 bonus royalty
- Iron ore tons credited in Q2 2026 were 902,331, versus 924,442 tons in Q2 2025
- Cliffs said deemed-shipment prices were below the 2026 adjusted bonus royalty threshold of $71.70 per ton; royalty calculations are based on estimated prices subject to change
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 31, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.