Mesabi Trust filed a Form 8-K on November 2, 2026, disclosing receipt of its quarterly royalty report and a total royalty payment of $3,071,304 from Cleveland-Cliffs Inc. for iron ore shipments during the quarter ended September 30, 2026.

Key Highlights

  • Total royalty payment: Mesabi Trust received $3,071,304 from Cleveland-Cliffs Inc. on October 30, 2026.
  • Base royalty credited: $2,802,377 was credited to Mesabi Trust for the three months ended September 30, 2026.
  • Bonus royalties: No bonus royalties were credited; reported prices fell below the 2026 adjusted bonus royalty threshold of $71.70 per ton.
  • Mesabi Land Trust payment: An additional $268,927 was paid to the Mesabi Land Trust.
  • Tons credited: Cliffs credited Mesabi Trust with 1,142,290 tons of iron ore shipped in Q3 2026, compared to 987,370 tons in Q3 2025.
  • No prior-quarter adjustments: The royalty payment received did not include any adjustments related to prior quarters.

Mesabi Trust Receives Q3 2026 Iron Ore Royalty From Cleveland-Cliffs

According to the filing, Mesabi Trust (NYSE:MSB) received the quarterly royalty report from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore"), on October 30, 2026. The report covered iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2026. Cliffs credited Mesabi Trust with a base royalty of $2,802,377 and zero dollars in bonus royalties, bringing the total royalty payment to $3,071,304, which also includes a $268,927 payment to the Mesabi Land Trust.

The filing noted that no bonus royalties were earned because all deemed shipments in the quarter were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton. The filing further stated that "the prices Cliffs reported for deemed shipments in this quarter were based on third-party sales that occurred in September and December 2025." The royalty report also reflected no additional third-party sale transactions of iron ore pellets since three low-volume shipments to a single Cliffs third-party customer in September 2025.

On a year-over-year volume basis, the filing disclosed that Cliffs credited Mesabi Trust with 1,142,290 tons of iron ore shipped in Q3 2026, compared to 987,370 tons in Q3 2025. The filing cautioned that royalty calculations are based on estimated prices subject to change and that "all royalties are subject to continued due diligence review and verification by Mesabi Trust." The filing included forward-looking statements the company characterized as subject to risks and uncertainties, noting that actual results could differ materially from current expectations.

What Was Disclosed

Mesabi Trust disclosed receipt of a $3,071,304 quarterly royalty payment from Cleveland-Cliffs Inc. for Q3 2026 iron ore shipments, with a base royalty of $2,802,377, zero bonus royalties, and 1,142,290 tons credited for the quarter.