MESABI TRUST
For the period ended Jul 31, 2026. Filed Sep 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2026 · Filed Sep 11, 2026
MSB$17.25+4.6%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-04-30; filed 2026-06-12.
0001104659-26-073470
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2026-07-31; filed 2026-09-11.
0001104659-26-107085
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 6 previous paragraphs and 6 current paragraphs.
2 unchanged; 4 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (4)
Previous wording
The following Risk Factor supplements the Trust’s Risk Factors as described in “Risk Factors” set forth on pages 4 through 18 of Mesabi Trust’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (filed April 22, 2026).
Current wording
The following Risk Factor supplements the Trust’s Risk Factors as described in “Risk Factors” set forth on pages 4 through 18 of Mesabi Trust’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (filed April 22, 2026) and the Trust’s Risk Factor described in “Risk Factors” set forth on page 18 of Mesabi Trust’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2026 (filed June 12, 2026).
Previous wording
The limited arms’-length third-party sales of iron ore products (processed at Northshore using Mesabi Trust iron ore) by Cliffs at prices below the annual adjusted bonus royalty threshold price eliminated a bonus royalty during the Trust’s fiscal quarter ended April 30, 2026, could continue toreduce or even eliminate bonus royalties historically paid to the Trust and could result in potential disputes regarding the amount of royalties owed to the Trust.
Current wording
The limited third party sales of iron ore products (processed at Northshore using Mesabi Trust iron ore) by Cliffs at prices below the annual adjusted bonus royalty threshold price eliminated a bonus royalty during the Trust’s fiscal quarters ended April 30, 2026 and July 31, 2026, could continue to eliminate or reduce bonus royalties historically paid to the Trust and could result in potential disputes regarding the amount of royalties owed to the Trust.
Previous wording
As recently reported by the Trust in its Current Report on Form 8-K dated May 4, 2026, based on Cliffs’ most recent quarterly royalty report of shipments to anunaffiliated third party customer for the three months ended March 31, 2026, the Trust was credited with a bonus royalty in the amount of $0 (zero dollars). In its April 30, 2026 quarterly royalty report to the Trust, Cliffs reported that all deemed shipments out of Silver Bay for the calendar quarter ended March 31, 2026 were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton. The prices Cliffs reported for deemed shipments in this quarter were based on a third-party sale that occurred in September 2025. Other than the time period related to Cliffs’ temporarily idling of Northshore operations from May 2022 to April 2023, this represents the first time in many years that Cliffs’ quarterly royalty report and royalty payment did not report and pay Mesabi Trust a bonus royalty for shipments of iron ore pellets made during the applicable quarter.
Current wording
As recently reported by the Trust in its two Current Reports on Form 8-K dated May 4, 2026 and July 31, 2026, based on Cliffs’ most recent quarterly royalty reports of shipments to an unaffiliated third party customer for the three months ended March 31, 2026 and June 30, 2026, the Trust was credited with a bonus royalty in the amount of $0 (zero dollars) in each of the Cliffs’ quarterly royalty reports. In its April 30, 2026 and July 30, 2026 quarterly royalty reports to the Trust, Cliffs reported that all deemed shipments out of Silver Bay for the relevant 2026 calendar quarter ends were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton. The prices Cliffs reported for deemed shipments in these quarters were based on a third-party sale that occurred in September 2025. Other than the time period related to Cliffs’ temporarily idling of Northshore operations from May 2022 to April 2023, these represent the first quarterly reports in many years that Cliffs’ quarterly royalty report issued to Mesabi Trust reported zero bonus royalties for shipments of iron ore pellets made during the applicable quarters.
Previous wording
The Trustees are unable to project whether Cliffs will continue to sell iron ore products at prices above, at or belowthe applicable adjusted bonus royalty threshold price, making it uncertain as to whetherthe Trust will be paidany future bonus royalty payments. Limited third-party customer sale transactions of iron ore products produced with iron ore mined from Mesabi Lands at prices below the adjusted threshold price could lead to uncertainty under the Royalty Agreement regarding the calculation of bonus royalties, which in turn could result in potential disputes regarding the amount of bonus royalties owed to the Trust. Furthermore, such developments could potentially continue toreduce or eliminate bonus royalties payable to the Trust during a particular quarter or year.
Current wording
The Trustees are unable to project whether Cliffs will continue to sell iron ore products at prices above, at or below the applicable adjusted bonus royalty threshold price, making it uncertain as to whether the Trust will be paid any future bonus royalty payments. Limited third- party customer sale transactions of iron ore products produced with iron ore mined from Mesabi Lands at prices below the adjusted threshold price could lead to uncertainty under the Royalty Agreement regarding the calculation of bonus royalties, which in turn could result in potential disputes regarding the amount of bonus royalties owed to the Trust. Furthermore, such developments could potentially continue to reduce or eliminate bonus royalties payable to the Trust during a particular quarter or year.