ADDED
As of April 21, 2025, there were 13,120,010 Units of Beneficial Interest in Mesabi Trust outstanding.
The information under the headings Overview, Overview of the Trust s Royalty Structure, Trustees Discussion and Analysis of Financial Condition and Results of Operations, The Trust Estate, Leasehold Royalties and Description of the Mineral Properties in the Annual Report is incorporated herein by reference.
All of the Trust s revenues are derived from the assets of the Trust, information of which is set forth under the headings The Trust Estate and Description of the Mineral Properties of the Annual Report.
The Corporate Trustee s information technology team has significant experience selecting, deploying and operating cybersecurity technologies, initiatives and processes and relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged by the Corporate Trustee to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents .
The Corporate Trustee has experienced, and will continue to experience, cyber incidents in the normal course of its business .
However, prior cybersecurity incidents have not had a material adverse effect on Mesabi Trust s focus, financial condition , results of operations, or cash flows.
AAA Arbitration Final Award and Payment As previously reported, the arbitration initiated by the Trust in October 2022 concluded in June 2024.
The Trust sought an award of damages relating to Cleveland-Cliffs Inc.
s ( Cliffs ) and Northshore Mining Company s ( Northshore ) underpayment of royalties in 2020, 2021, and the first four months of 2022 by virtue of Cliffs and Northshore s failure to use the highest priced arms -length iron ore pellet sale from the preceding four quarters in pricing certain pellet shipments from 2020 through the first four months of 2022.
The Trust also sought declaratory relief related to the Trust s entitlement to certain documentation and to the time when Cliffs and Northshore s royalty obligations accrue.
REMOVED
As of April 19, 2024, there were 13,120,010 Units of Beneficial Interest in Mesabi Trust outstanding.
The information under the headings Overview, Trustees Discussion and Analysis of Financial Condition and Results of Operations, The Trust Estate, and Leasehold Royalties in the Annual Report is incorporated herein by reference.
All of the Trust s revenues are derived from the assets of the Trust, information of which is set forth under the heading The Trust Estate of the Annual Report.
The Corporate Trustee has dedicated personnel responsible for assessing and managing Mesabi Trust s cyber risk management efforts, informing senior management of the Corporate Trustee regarding the prevention, detection, mitigation and remediation of cybersecurity incidents and supervising such efforts.
The Corporate Trustee has experienced, and will continue to experience, cyber incidents in the normal course of its business.
However, prior cybersecurity incidents have not had a material adverse effect on Mesabi Trust s financial condition, results of operations, or cash flows.
Commencement of Arbitration in October 2022 As previously announced, on October 14, 2022, Mesabi Trust initiated arbitration against Northshore Mining Company ( Northshore ) and its parent company Cleveland-Cliffs Inc.
( Cliffs ), (jointly, the Operator ), the lessee/operator of the leased lands.
The arbitration proceeding was commenced with the American Arbitration Association ( AAA ).
The Trust seeks an award of damages relating to the Operator s underpayment of royalties in 2020, 2021 and 2022 by virtue of the Operator s failure to use the highest price arm s length iron ore pellet sale from the preceding four quarters in pricing internal production during the fourth quarter of 2020 through 2022.