MESABI TRUST

TRUST EXPENSES

Total Trust Expenses

Total Trust expenses for the fiscal year ended January 31, 2026 were $3,655,013, representing a decrease of $1,666,395, or 31.3%, from the $5,321,408 of total Trust expenses in fiscal 2025. The decrease in Trust expenses from fiscal 2026 to fiscal 2025 was due primarily to a decrease in legal fees and other expenses discussed further in the “Trust Legal Expenses” section below.

Trust Legal Expenses

Mesabi Trust paid Fox Rothschild LLP $2,293,101 for legal services provided to the Trust during the fiscal year ended January 31, 2026. Comparatively, Mesabi Trust paid Fox Rothschild LLP $3,851,378 for legal services provided to the Trust during fiscal year ended January 31, 2025.

In the current year and prior year, Fox Rothschild LLP represented the Trust and assisted the Trustees in arbitration proceedings involving royalties, as well as the preparation and filing of the Trust’s current, periodic and annual reports with the SEC, a variety of governance and corporate trust law matters, iron ore royalty matters and securities law and NYSE compliance matters.

The total amount of Fox Rothschild’s legal fees for services rendered during fiscal 2026 decreased approximately $1,558,277, or 40.5% as compared to fiscal 2025. The decrease in legal fees in fiscal 2026, as compared to fiscal 2025, resulted primarily from the decreased legal services provided to the Trust in the current year compared to the prior year. In the prior year Fox Rothschild represented Mesabi Trust in the arbitration proceeding which commenced on October 14, 2022 and which resulted in a unanimous final award decision received by the Trust on September 6, 2024. The AAA final award included a payment of $71,185,029 by Cliffs and Northshore received by the Trust on October 4, 2024.

On September 26, 2025, Mesabi Trust initiated a new arbitration against Northshore, the lessee/operator of the Mesabi Trust leased lands, and its parent, Cliffs. Mesabi Trust commenced the arbitration proceeding through the AAA. See “AAA Arbitration” under “Legal Proceedings” in Part I, Item 3 of this Mesabi Trust Annual Report on Form 10-K for the Fiscal Year Ended January 31, 2026.

Total Trust expenses by category for fiscal 2026 and 2025 are set forth in the table below.

(1)“Other Trust Expenses” for the fiscal years ended January 31, 2026 and 2025 included additional consulting fees and costs incurred by the Trust in connection with study, review and analysis of iron ore royalties and markets, as well as ongoing arbitration costs.