MESABI TRUST

TRUST EXPENSES

Total Trust Expenses

Total Trust expenses for the fiscal year ended January 31,2024 were $3,878,693, representing an increase of $1,445,804, or 59.4%, from the $2,432,889 of total Trust expenses in fiscal 2023. The increase in Trust expenses from fiscal 2024 to fiscal 2023 was due primarily to an increase in legal fees and other expenses discussed further in the “Trust Legal Expenses” section below.

Total Trust expenses for the fiscal year ended January 31, 2023 were $2,432,889, representing a decrease of $261,156, or 9.7%, from the $2,694,045 of total Trust expenses in fiscal 2022. The decrease in Trust expenses from fiscal 2023 over fiscal 2022 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 $2,572,380 for legal services provided to the Trust during the fiscal year ended January 31,2024. Comparatively, Mesabi Trust paid Fox Rothschild LLP $1,372,566 and$1,728,417 for legal services provided to the Trust during fiscal years ended January 31, 2023 and January 31, 2022, respectively.

In each of the last three fiscal years, Fox Rothschild LLP represented the Trust and assisted the Trustees in two separate 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 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 2024 increased approximately $1,199,814, or 87.4% as compared to fiscal 2023. The increase in legal fees in fiscal 2024, as compared to fiscal 2023, resulted primarily from the increased legal services provided to the Trust and Trustees during fiscal 2024 during which Fox Rothschild was representing Mesabi Trust in the arbitration proceeding which commenced on October 14, 2022 and which is currently pending as of the date of filing this Mesabi Trust annual report on form 10-K for the fiscal year end of January 31, 2024. See “”Commencement of Arbitration in October 2022” under “Legal Proceedings” in Part I of this Mesabi Trust Annual Report on Form 10-K for the Fiscal Year Ended January 31, 2024.

The total amount of Fox Rothschild’s legal fees for services rendered during fiscal 2023 decreased approximately $355,851, or 20.6% as compared to fiscal 2022. The decrease in legal fees in fiscal 2023, as compared to fiscal 2022, resulted primarily from the decreased legal services provided to the Trust and Trustees during fiscal 2023 compared to 2022 during which Fox Rothschild was representing Mesabi Trust in the arbitration proceeding which commenced in December 2019 and ended in October 2021. This decrease in the Trust’s legal fees during fiscal 2023, due to the conclusion of the 2019 arbitration in October 2021, was offset by an increase in legal fees related to preparing and commencing the new arbitration proceeding that the Trust initiated on October 14, 2022 as described above.

Total Trust expenses by category for fiscal 2024, 2023 and 2022 are set forth in the table below.

(1)“Other Trust Expenses” for fiscal year ended January 31, 2024 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.