What Mesabi Trust does.

The information under the headings “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trust and Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2026, filed as Exhibit 13 to this Form 10-K (the “Annual Report”) is incorporated herein by reference.

Substantially all of the revenue, operating profits and assets of Mesabi Trust (“Mesabi Trust” or the “Trust”) relate to one business segment—iron ore mining.

The information under the headings “Overview,” “Overview of the Trust’s Royalty Structure,” “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties” and “Description of the Mineral Properties” in the Annual Report is incorporated herein by reference.

Revenue and profit, by fiscal year.

More on MSB.

• Mesabi Trust summary
• Mesabi Trust financial statements
• Mesabi Trust key metrics
• Mesabi Trust health scores and style box
• Mesabi Trust earnings
• Mesabi Trust dividends
• Mesabi Trust valuation
• Mesabi Trust ownership and insiders
• Mesabi Trust peers

Figures from Mesabi Trust's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.