Core Insights - The article revisits Cleveland-Cliffs (NYSE: CLF) after a gap since 2019, indicating ongoing interest in the company's performance and its relation to the broader economy [1] Company Analysis - Cleveland-Cliffs is monitored due to its significance in understanding economic trends and its connection to downstream companies like Mesabi Trust [1] Analyst Background - The analyst, Bram de Haas, has 15 years of investment experience and over 5 years managing a Euro hedge fund, bringing a unique perspective to investment analysis [1]

( 图片来源：《澳华财经在线》) 早盘拉升49倍后紧急停牌 ASF Group (ASX:AFA)宣布注册为数字货币交易所提供商 Asf Group Ltd (ASX股票代码:AFA)周三早盘股价暴涨4900%后紧急停牌，以待回复澳交所股价异动问询。 ASF Capital责任经理Michael Go称，AUSTRAC的注册标志着ASF Capital在将传统金融市场与受监管的数字资产服 务相融合的战略中达到重要里程碑。 ASF Capital未来计划为批发和机构客户开发安全、透明且合规的交易解决方案。 澳华财经在线数据库显示，AFA最新价0.35澳元，已发行股本7.92亿股，市值2.77亿澳元。 截止二季度末公司账面现金结余127万澳元。 （图片来源：AFA公告） （图片来源：ATR公告） 【异动股】传染病检测公司Genetic Signatures (ASX:GSS)季度销售额大幅增长 股价暴涨58% 【异动股】Astron (ASX:ATR)Donald稀土矿砂项目收到出口信贷机构8000万澳元有条件支持函 Astron Ltd (ASX股票代码:ATR) 宣布收到澳大利亚出口信贷机构Export Fi ...

Core Insights - Blaqclouds, Inc. has submitted its application to register as a Money Services Business (MSB) with FinCEN, marking a significant step towards regulatory compliance and financial transparency [1][5] - The company has initiated a comprehensive audit of common stock transactions and share issuances from April 2025 to October 7, 2025, following a management change [2][6] - The audit aims to ensure proper shareholder approval and legal board authorization for past actions, with potential litigation to protect shareholder interests [4][6] Regulatory Compliance - The registration with FinCEN is crucial for aligning Blaqclouds' Web3 payment technologies with U.S. compliance frameworks [2] - The company is committed to operating transparently and has engaged Dominion Stock Transfer to assist in reconciling share issuances during the disputed period [4][5] Management Changes - A new management team regained control of Blaqclouds on October 7, 2025, which is seen as a turning point for the company's integrity and strategic direction [2][6] - The previous CEO's actions during the disputed period included canceling 250 million shares and increasing the authorized share count to 1 billion, leading to concerns over the legality of these transactions [6] Audit Details - The audit will investigate whether share issuances were executed with valid legal authority, particularly focusing on two Notices of Conversion that may have been improperly authorized [6] - The findings of the audit will be publicly disclosed, and shareholder records will be updated accordingly [4][5] Company Overview - Blaqclouds aims to bridge legacy finance with decentralized networks, providing blockchain solutions for commerce and payments [6] - Key consumer applications include ShopWithCrypto.io, ZEUSxPay.io, DEX.ZEUSx.io, and ApolloWallet.io [7]

[Filing Information](index=1&type=section&id=Filing%20Information) This section details the administrative information of the Form 8-K filing, including registrant specifics and registered securities [Registrant and Filing Details](index=1&type=section&id=Registrant%20and%20Filing%20Details) This section provides the administrative details of the Form 8-K filing, including the registrant's name, jurisdiction, commission file number, and the date of the report - The registrant is MESABI TRUST, incorporated in New York[1](index=1&type=chunk) - The report date is October 10, 2025[1](index=1&type=chunk) | Detail | Value | | :--- | :--- | | Registrant Name | MESABI TRUST | | Jurisdiction | New York | | Commission File Number | 1-4488 | | Date of Report | October 10, 2025 | [Securities Registered](index=1&type=section&id=Securities%20Registered) This part specifies the class of securities registered by Mesabi Trust and the exchange on which they are traded | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Units of Beneficial Interest, no par value | MSB | New York Stock Exchange | [Corporate Events](index=2&type=section&id=Corporate%20Events) This section reports significant corporate actions, specifically detailing the latest distribution announcement and its financial implications [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Mesabi Trust declared a distribution of **$0.34 per Unit of Beneficial Interest**, payable November 20, 2025, which is lower than the **$0.39 per Unit** declared for the prior year's same period - Mesabi Trust declared a distribution of **$0.34 per Unit of Beneficial Interest**[4](index=4&type=chunk) - The distribution is payable on November 20, 2025, to unitholders of record as of October 30, 2025[4](index=4&type=chunk) Distribution Comparison | Period | Distribution per Unit | | :----- | :-------------------- | | Current (Oct 10, 2025) | $0.34 | | Prior Year (same period) | $0.39 | | **Change** | **-$0.05** | [Exhibits and Signatures](index=2&type=section&id=Exhibits%20and%20Signatures) This section outlines the supplementary documents filed with the report and details the official signing of the Form 8-K [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the documents furnished as exhibits to the Form 8-K, including the press release announcing the distribution and the interactive data file Exhibits Furnished | Exhibit No. | Description | | :---------- | :---------------------------------------------------------------- | | 99.1 | Press Release dated October 10, 2025 | | 104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) | [Signature](index=3&type=section&id=Signature) The report was formally signed on behalf of Mesabi Trust by Chris Niesz, Director of Deutsche Bank Trust Company Americas, acting as the Corporate Trustee, on October 10, 2025 - The report was signed by Chris Niesz, Director, on behalf of Mesabi Trust[8](index=8&type=chunk) - Chris Niesz represents Deutsche Bank Trust Company Americas, the Corporate Trustee of Mesabi Trust[8](index=8&type=chunk) - The signature date is October 10, 2025[8](index=8&type=chunk)

Core Points - Mesabi Trust has initiated arbitration against Northshore Mining Company and its parent, Cleveland Cliffs Inc. [1] - The arbitration was commenced through the American Arbitration Association on September 26, 2025 [1] - Mesabi Trust is seeking damages and declaratory relief due to the idling of Northshore by the Operator [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2025 For the transition period from to Commission File Number: 1-4488 MESABI TRUST (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) New York 13-6022277 (I.R.S. Employer Identification No.) c/o Deutsche ...

Group 1 - Mesabi Trust (MSB) owns mining rights at Peter Michell Mine in northeastern Minnesota, located within the Mesabi Iron Range [1] - According to the Trust's agreement rules, Mesabi is prohibited from conducting any business on its land and can only manage its mining rights [1] Group 2 - The article reflects on the impact of macroeconomic events on market behavior and investment strategies [1] - The investment strategy discussed involves a top-down approach to identify strong economies and sectors, followed by a bottom-up analysis of quality companies [1]

Financial Performance - Total revenues for the three months ended April 30, 2025, were $4,734,542, a decrease of 24.3% from $6,250,572 in the same period of 2024[15]. - Royalty income decreased to $4,349,472 in Q1 2025 from $6,010,608 in Q1 2024, representing a decline of 27.7%[26]. - Net income for the three months ended April 30, 2025, was $3,631,208, an increase of 4.3% compared to $3,483,785 in the same period of 2024[15]. - Net income per unit increased to $0.2768 in Q1 2025 from $0.2655 in Q1 2024, reflecting a growth of 4.9%[15]. - Net cash from operating activities for Q1 2025 was $2,080,661, a decrease of 16.9% from $2,503,929 in Q1 2024[19]. - The Trust's net income for the quarter ended April 30, 2025, was $3,631,208, compared to $3,483,785 for the same quarter in 2024[47]. - Net income for the three months ended April 30, 2025 was $3,631,208, an increase of $147,423 from $3,483,785 in the same period in 2024, primarily due to a decrease in expenses[70]. Cash and Liabilities - Cash and cash equivalents decreased significantly to $24,221,132 as of April 30, 2025, down from $100,204,531 at the beginning of the period[17]. - Total liabilities decreased to $7,816,850 as of April 30, 2025, compared to $78,400,735 as of January 31, 2025, indicating a reduction of 90%[17]. - The unallocated cash and cash equivalents decreased from $22,140,471 as of January 31, 2025, to $16,873,926 as of April 30, 2025[44]. - Unallocated Reserve decreased from $20,654,125 as of April 30, 2024 to $19,611,719 as of April 30, 2025, primarily due to a decrease in unallocated cash and cash equivalents[75]. Distributions - Distributions declared per unit increased to $0.5600 in Q1 2025 from $0.2900 in Q1 2024, marking a rise of 93.1%[15]. - The Trust declared a distribution of $0.56 per Unit of Beneficial Interest on April 15, 2025, totaling $7,347,206, compared to $0.29 per Unit for the same quarter in 2024[45]. - The Trust declared a distribution of $0.56 per unit payable on May 20, 2025, compared to a distribution of $0.29 per unit during the quarter ended April 30, 2024[73]. - Mesabi Trust declared a distribution of $0.56 per Unit for May 20, 2025, compared to $0.29 per Unit for the same period last year, reflecting an increase of 93.1%[85]. Royalty Income and Production - The Trust's royalty income is primarily derived from base overriding royalties, which are contingent on the volume and selling price of iron ore products shipped[54]. - For the three months ended April 30, 2025, total royalty income decreased by $1,661,136 to $4,349,472 compared to the same period in 2024, primarily due to a decrease in production and shipments of iron ore[67]. - Iron ore pellet production and shipments for the three months ended April 30, 2025 totaled 637,186 tons, down from 978,498 tons in the comparable period in 2024, attributed to an extended maintenance shutdown[65]. - Base overriding royalties decreased by $992,551 to $2,425,094, and bonus royalties decreased by $666,298 to $1,783,835 for the three months ended April 30, 2025 compared to the same period in 2024[69]. - The minimum advance royalty for calendar year 2025 is set at $1,157,261, an increase from $1,129,615 in 2024[55]. - The Adjusted Threshold Price for royalty bonuses in 2025 is $69.41 per ton, up from $67.75 per ton in 2024[55]. - The royalty bonus percentage ranges from 0.5% to 3% based on the selling price of iron ore products above the Adjusted Threshold Price[55]. Expenses - The Trust's expenses for the three months ended April 30, 2025 were $1,103,334, a decrease of $1,663,453 compared to the same period in 2024, mainly due to reduced legal fees[70]. Future Outlook - Future royalty income may be impacted by negative price adjustments, which could reduce cash available for distribution to Unitholders in future quarters[78]. - Future distributions to Unitholders may be negatively impacted by price adjustments that could offset royalties payable to the Trust[102]. Legal and Governance - The Trust is a publicly traded pass-through royalty trust, exempt from many corporate governance requirements applicable to other publicly traded corporations[107]. - There have been no material changes in the Trust's critical accounting policies or significant accounting estimates during the three months ended April 30, 2025[108]. - The Trust is not taxable as a corporation, with all net taxable income attributable directly to Unitholders for tax purposes[109]. - There have been no material changes in the Trust's risk factors as described in the Annual Report for the fiscal year ended January 31, 2025[119]. - No legal proceedings are currently pending against the Trust[118]. Internal Controls - The Trustees evaluated the Trust's disclosure controls and procedures and concluded that they are effective[114]. - There were no changes in the Trust's internal control over financial reporting that materially affected its internal control during the last fiscal quarter[115]. - The Trust relies on quarterly shipment and royalty calculations provided by Northshore and Cliffs for its evaluations[112]. - The Trust employs certified public accountants and geological consultants to ensure the accuracy and completeness of disclosed information[111]. Tax Considerations - Unitholders are encouraged to consult with tax advisors regarding the financial impact of retained funds on their personal tax situations[109].

Group 1 - Mesabi Trust (NYSE: MSB) experienced a significant decline in iron ore shipments attributed to Cleveland-Cliffs (CLF) for Q1 [2] - Comprehensive Q1 disclosure from Cleveland-Cliffs is still pending, indicating uncertainty in the current performance metrics [2] - The Value Lab focuses on long-only value investment strategies, targeting a portfolio yield of approximately 4% [1][2] Group 2 - The Valkyrie Trading Society consists of analysts sharing high conviction investment ideas that are expected to yield non-correlated and outsized returns [3] - The society emphasizes downside protection in the context of the current economic environment [3]

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) [Item 2.02 & 7.01: Results of Operations, Financial Condition, and Royalty Payments](index=2&type=section&id=Item%202.02%20%26%207.01%3A%20Results%20of%20Operations%2C%20Financial%20Condition%2C%20and%20Royalty%20Payments) Mesabi Trust received a **$2.42 million** royalty payment for Q1 2025, reflecting significantly lower iron ore shipments and inherent income volatility [Royalty Payment Details for Q1 2025](index=2&type=section&id=Royalty%20Payment%20Details) Mesabi Trust's Q1 2025 royalty payment totaled **$2,422,329**, comprising base and bonus royalties with no prior period adjustments Q1 2025 Royalty Payment Breakdown (as of April 30, 2025) | Category | Amount (USD) | | :--- | :--- | | Total Royalty Payment | $2,422,329 | | Base Royalty | $1,067,762 | | Bonus Royalty | $1,281,315 | | Payment to Mesabi Land Trust | $73,252 | - The royalty payment received by the Trust did not include any adjustments related to prior quarters[6](index=6&type=chunk) [Shipment Volume and Influencing Factors](index=2&type=section&id=Shipment%20Volume%20and%20Influencing%20Factors) Q1 2025 iron ore shipments significantly decreased to **457,728 tons** from **1,006,692 tons** year-over-year, underscoring royalty payment volatility due to operational and market factors Iron Ore Shipment Volume Comparison (Q1 YoY) | Period | Tons Shipped | | :--- | :--- | | Q1 2025 | 457,728 | | Q1 2024 | 1,006,692 | - No additional third-party arms'-length sale transactions of iron ore pellets have been reported since two low-volume shipments in December 2024[7](index=7&type=chunk) - Royalty variations are driven by multiple factors including Cliffs' operational decisions (like the idling from May 2022 to April 2023), customer delivery schedules, economic conditions, and weather. These variations can be significant and are unpredictable[8](index=8&type=chunk) [Item 8.01: Other Events](index=3&type=section&id=Item%208.01%3A%20Other%20Events) Mesabi Trust filed its Annual Report on Form 10-K for FY2025 with the SEC on April 24, 2025, providing unitholders access instructions - The Annual Report on Form 10-K for the fiscal year ended January 31, 2025, was filed with the SEC on April 24, 2025[9](index=9&type=chunk) - Unitholders can obtain a hard copy of the audited financial statements free of charge upon request or access them via the Mesabi Trust website[9](index=9&type=chunk) [Forward-looking Statements](index=3&type=section&id=Forward-looking%20Statements) This report includes forward-looking statements on production, pricing, and royalties, subject to various economic and operational risks, with no obligation for updates - The forward-looking statements are made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995[10](index=10&type=chunk) - Key risks that could cause actual results to differ include: adverse economic trends, war, tariffs, customer demand for steel, mine curtailments, and environmental compliance uncertainties[10](index=10&type=chunk) - Mesabi Trust undertakes no obligation to publicly update or revise any forward-looking statements[10](index=10&type=chunk)[11](index=11&type=chunk) [Item 9.01: Financial Statements and Exhibits](index=4&type=section&id=Item%209.01%3A%20Financial%20Statements%20and%20Exhibits) The report includes exhibits such as a press release dated May 2, 2025, and the Cover Page Interactive Data File Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated May 2, 2025 | | 104 | Cover Page Interactive Data File (Inline XBRL) |