Regulation FD Disclosure Form 8 K

Item 2.02Results of Operations and Financial Condition.

Announcement of Receipt of Quarterly Royalty Report and Royalty Payment

On October 30, 2024, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2024 (the "Royalty Report") from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore"). As further explained under Item 7.01 below, the Royalty Report indicated that the Mesabi Trust received total royalty payments of $7,355,929 on or before October 30, 2024.