Financial Performance - Royalty income for the three months ended October 31, 2025, was $3,390,609, a decrease of 53.8% compared to $7,348,366 in the same period of 2024[14] - Total revenues for the nine months ended October 31, 2025, were $13,931,747, down 84.8% from $91,742,322 in the same period of 2024[14] - Net income for the three months ended October 31, 2025, was $2,767,463, a decline of 96.4% compared to $78,325,525 in the same period of 2024[14] - Net income for the nine months ended October 31, 2025, was $11,142,554, down 87.3% from $87,207,203 in the prior year[75] - For the three months ended October 31, 2025, total royalty income decreased by $3,957,757 to $3,390,609 compared to the same period in 2024, primarily due to lower pricing and shipments of iron ore[67] - For the nine months ended October 31, 2025, total royalty income decreased by $6,456,708 to $13,156,985 compared to the same period in 2024, due to an extended maintenance shutdown and decreased pricing and shipments[69] Cash and Assets - Cash and cash equivalents decreased to $23,191,923 as of October 31, 2025, from $100,204,531 at the beginning of the period[16] - The unallocated cash and cash equivalents decreased from $100,204,531 on January 31, 2025, to $23,191,923 on October 31, 2025[43] - As of October 31, 2025, the net contract asset is $1,055,605, reflecting a significant increase from $240,642 recorded on January 31, 2025[37] - Total liabilities as of October 31, 2025, were $4,911,341, down from $78,400,735 as of January 31, 2025[16] - The Trust's unallocated reserve balance as of October 31, 2025, is $21,087,860, a decrease from $22,781,200 as of July 31, 2025[43] - Unallocated Reserve decreased by 77.9% to $21,087,860 as of October 31, 2025, compared to $95,324,736 as of October 31, 2024[79] - Accrued Income Receivable fell by 60.8% to $1,522,367 from $3,883,400 year-over-year[79] Distributions - Distributions declared per unit for the nine months ended October 31, 2025, were $1.0200, an increase from $0.9800 in the same period of 2024[14] - The Trust declared a distribution of $0.34 per Unit of Beneficial Interest, totaling $4,460,803, payable on November 20, 2025, compared to $0.39 per Unit for the same quarter in 2024[41] - The Trust declared a distribution of $0.34 per unit for the quarter ended October 31, 2025, down from $0.39 per unit in the same quarter of 2024[88] Royalty Income and Pricing - The Trust's royalty income for the nine months ended October 31, 2025, was $13,156,985, a decrease of 32.9% from $19,613,693 in the same period of 2024[14] - The Trust's royalty income is primarily derived from base overriding royalties, which are calculated as a percentage of gross proceeds from iron ore products shipped, ranging from 2.5% to 6% based on shipment volume[52] - The royalty bonus threshold price for 2025 is set at $69.41 per ton, up from $67.75 per ton in 2024[53] - The minimum advance royalty for calendar year 2025 is set at $1,157,261, an increase from $1,129,615 for 2024, adjusted for inflation[59] - Fee royalties increased by $54,092 to $224,670 for the three months ended October 31, 2025, attributed to a higher royalty rate[68] - The decrease in bonus royalties for the three months ended October 31, 2025 was due to lower prices of products shipped over the threshold price per ton[70] - Cliffs' acquisition of ArcelorMittal USA has led to a decrease in arms'-length sales, impacting the calculation of royalties owed to the Trust[62] - Variations in royalty payments to Mesabi Trust can occur due to interim and final pricing adjustments based on various price and inflation index factors[109] - The Trust's ability to project future sales prices remains uncertain, impacting potential royalty payments[126] - The Trust's bonus royalties could be reduced or eliminated in specific quarters or years due to market conditions[126] Operational Insights - Iron ore pellet production and shipments for the three months ended October 31, 2025 totaled 915,605 tons, down from 1,066,665 tons in the same period of 2024, attributed to lower customer demand[64] - Cliffs reported a total royalty payment of $4,005,142 to Mesabi Trust for the three months ended September 30, 2025[85] - Cliffs credited Mesabi Trust with 987,370 tons of iron ore shipped in Q3 2025, compared to 972,154 tons in Q3 2024, indicating a slight increase in shipments[86] - Cliffs has disclosed that marketing and selling iron ore pellets to third-party customers is no longer a core aspect of Northshore's business, affecting royalty calculations[108] Legal and Regulatory Matters - Mesabi Trust initiated arbitration against Northshore and Cliffs on September 26, 2025, seeking damages related to idling operations and underpayment of royalties[83] - Mesabi Trust initiated arbitration against Northshore and Cliffs seeking damages related to the idling of Northshore's operations from May 2022 to April 2023 and underpayment of royalties on intercompany shipments from 2023 to present[124] - The Minnesota Supreme Court denied petitions for review from Cliffs and the DNR, leaving the Court of Appeals' reversal decision in place[96] - WaterLegacy filed a civil complaint seeking to enjoin DNR and Northshore from proceeding with the Milepost 7 tailings basin project until an Environmental Impact Statement (EIS) is completed[98] - The court denied WaterLegacy's motion for a temporary injunction against DNR and Northshore on September 4, 2025, allowing the case to proceed with a trial set for September 2027[100] Governance and Compliance - The Trust's financial statements are prepared on an accrual basis, with distributions declared based on actual royalty payments received rather than recorded income[40] - The Trust is not taxable as a corporation and all net taxable income is attributed directly to Unitholders for tax purposes[115] - The Trustees concluded that the disclosure controls and procedures of Mesabi Trust are effective as of the end of the reporting period[120] - There were no changes in the Trust's internal control over financial reporting that materially affected its operations during the last fiscal quarter[121] - The Trust's financial reporting includes safety data as required by the Dodd-Frank Act[130] - No unregistered sales of equity securities or defaults upon senior securities were reported[127][128]

Market Performance - The Australian Stock Exchange closed positively with the S&P/ASX 200 gaining 26.30 points or 0.30% to 8,828.30, despite setting a new 20-day low [10] - The S&P/ASX 20 rose 0.3% to close at 4,900.00, while the S&P/ASX 50 also advanced 0.3% to finish at 8,507.10 [10] - The broader S&P/ASX 300 edged up 0.3% to 8,775.20, reflecting steady upward momentum across all major indices [10] Top Gainers - Light & Wonder Inc. (LNW) led the top gainers, rising 8.207% to close at $124.850, an increase of $9.470 [6][10] - Emerald Resources NL (EMR) followed with a 6.666% gain, finishing at $5.120, up $0.320 [6][10] - Other notable gainers included Ramelius Resources Limited (RMS) up 5.625% to $3.380, Westgold Resources Limited (WGX) climbing 5.313% to $5.550, and Amcor PLC (AMC) gaining 5.012% to close at $12.780 [6][10] Top Losers - James Hardie Industries PLC (JHX) led the decliners, falling 12.653% to $25.750, a drop of $3.730 [7][10] - DroneShield Limited (DRO) slipped 11.689% to $3.400, down $0.450, while Neuren Pharmaceuticals Limited (NEU) declined 10.431% to $18.120, losing $2.110 [7][10] - Additional decliners included IPH Limited (IPH) down 5.406% to $3.500 and Mesoblast Limited (MSB) with a 4.980% fall to $2.290 [7][10] Market Dynamics - The Australian share market experienced notable swings, with resource stocks showing strength while select industrial and biotech names faced pressure [8][11]

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]

Group 1 - ASF Group (ASX:AFA) experienced a dramatic stock price surge of 4900% before being suspended for inquiries by the Australian Stock Exchange due to unusual trading activity [3] - The registration with AUSTRAC marks a significant milestone for ASF Capital in integrating traditional financial markets with regulated digital asset services [3] - ASF Capital plans to develop secure, transparent, and compliant trading solutions for wholesale and institutional clients [3] Group 2 - Astron Ltd (ASX:ATR) received a conditional support letter from Export Finance Australia for up to AUD 80 million in financing for its Donald rare earths project [6][8] - The Donald project is set to produce rare earth elements for processing in the U.S. by Energy Fuels, with production expected to commence in the second half of 2027 [8] - ATR's stock price surged by 22.86%, nearly tripling since the end of June [8] Group 3 - Genetic Signatures Ltd (ASX:GSS) reported a 58.33% increase in stock price following a strong quarterly report, with sales revenue reaching AUD 5.4 million, a 20% quarter-on-quarter increase and a 15% year-on-year increase [10][12] - The company has successfully expanded its market presence in the U.S., including securing contracts with major healthcare institutions [12] Group 4 - Power Minerals Ltd (ASX:PNN) is gaining attention due to its Gamma rare earth project, which has seen a stock price increase of nearly 240% since June [16][18] - The company is pursuing a dual listing on the OTCQB market in the U.S. to attract North American investors [16][18] - PNN plans to accelerate exploration and permitting for the Gamma project after the acquisition is completed [18] Group 5 - Resolution Minerals Ltd (ASX:RML) saw a 34% increase in stock price after securing AUD 2 million in funding from Tribeca Investment Partners [19][21] - The funds will be used to advance the Horse Heaven antimony-silver project [21] Group 6 - Mesoblast Limited (ASX:MSB) reported a 69% quarter-on-quarter increase in net revenue for its Ryoncil® product, reaching USD 19.1 million [25][26] - The product's growth is attributed to increased clinical demand and support from U.S. insurance [26] Group 7 - Larvotto Resources Limited (ASX:LRV) received a non-binding acquisition proposal from United States Antimony Corporation, which currently holds about 10% of LRV's shares [27][29] - The proposal aims to create a vertically integrated antimony group across the U.S. and Australia [29] Group 8 - Great Northern Minerals Ltd (ASX:GNM) has seen its stock price increase over sixfold in two months following the acquisition of the Catalyst Ridge rare earth project [31][33] - The project is strategically located near the only large-scale rare earth producer in the U.S., MP Materials [33] - GNM plans to initiate drilling in 2026 and is in discussions with potential strategic partners [37]

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]

Financial Performance - Royalty income for the three months ended July 31, 2025, was $5,416,904, a decrease of 13.4% from $6,254,719 in the same period of 2024[14] - Total revenues for the six months ended July 31, 2025, were $10,341,297, down 18.8% from $12,740,480 in 2024[14] - Net income for the three months ended July 31, 2025, was $4,743,882, a decline of 12.1% compared to $5,397,894 in 2024[14] - Net income for the six months ended July 31, 2025, was $8,375,091, a decrease of $506,587 compared to the same period in 2024[75] - Total royalty income decreased to $9,766,376 for the six months ended July 31, 2025, down from $12,265,326 in 2024, representing a decline of 20.4%[77] - Total revenues for the six months ended July 31, 2025, were $10,341,297, a decrease of 18.9% from $12,740,480 in 2024[77] - The Trust's net income per unit decreased by $0.0498 to $0.3616 for the fiscal quarter ended July 31, 2025[77] Cash and Assets - Cash and cash equivalents decreased significantly to $21,249,191 as of July 31, 2025, from $100,204,531 at the beginning of the period[17] - The Trust's total assets decreased to $24,776,662 as of July 31, 2025, from $101,728,455 on January 31, 2025[17] - The unallocated cash and cash equivalents as of July 31, 2025, amounted to $19,674,790, down from $22,140,471 as of January 31, 2025[43] - Accrued Income Receivable decreased by 44.1% to $1,443,875 as of July 31, 2025, compared to $2,584,690 in 2024[80] Liabilities and Distributions - Total liabilities dropped to $1,995,459 as of July 31, 2025, from $78,400,735 on January 31, 2025[17] - Distributions declared per unit for the six months ended July 31, 2025, were $0.6800, an increase from $0.5900 in 2024[14] - The Trust declared a distribution of $0.12 per Unit of Beneficial Interest on July 11, 2025, totaling $1,574,401, compared to $0.30 per Unit for the same quarter in 2024[42] Royalty Income and Production - Royalties received for the six months ended July 31, 2025, were $7,727,463, down 25.5% from $10,385,169 in 2024[19] - For the three months ended July 31, 2025, Northshore's production and shipments of iron ore pellets totaled 943,955 tons, a decrease from 974,532 tons in the same period of 2024[64] - The decrease in total royalty income for the three months ended July 31, 2025 is attributed to lower pricing and shipments of iron ore[67] - Base overriding royalties decreased by $348,039 to $3,216,028, while bonus royalties decreased by $528,224 to $2,018,440 for the three months ended July 31, 2025[68] Legal and Regulatory Matters - The Minnesota Supreme Court denied petitions for review regarding the Milepost 7 tailings basin project, impacting future mining and royalties[91] - WaterLegacy filed a motion for a temporary injunction against DNR and Northshore, which was denied by the court on September 4, 2025[94] - The Trustees cannot predict the impact of the WaterLegacy lawsuit on Northshore's mining, production, and shipments of iron ore products[95] Accounting and Compliance - The Trust's financial statements are prepared on an accrual basis, with distributions declared based on actual royalty payments received rather than recorded income[40] - The Trust is not taxable as a corporation, with all net taxable income attributed directly to Unitholders for tax purposes[111] - There have been no material changes in the Trust's critical accounting policies during the three months ended July 31, 2025[110] - The report includes certifications pursuant to the Sarbanes-Oxley Act of 2002, ensuring compliance with financial reporting standards[129] - Boulay PLLP conducted a review of the unaudited interim financial statements of Mesabi Trust for the three and six months ended July 31, 2025[129]

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].