Thu, Apr 24, 8:31 PM (18 days ago)
**Mesabi Trust (MSB) Annual Report Summary (Fiscal Year Ended January 31, 2025)** **Financial Performance:** - **Revenue:** Primarily derived from iron ore mining royalties. - **Net Income:** Not explicitly stated, but the trust received $71,185,029 from an arbitration award. - **Operating Expenses:** Includes trust expenses and administrative fees. - **Earnings per Share:** Not explicitly stated. **Strategic Overview:** - Mesabi Trust operates as a pass-through royalty trust, focusing on iron ore mining. - The trust's activities are limited to collecting income, paying expenses, and distributing net income to unitholders. **Future Outlook:** - The trust's future outlook is tied to the performance of the iron ore market and the operations of Northshore Mining Company. - The trust has a strong financial condition with a significant unallocated reserve. **Risk Factors:** - **Market Risks:** Fluctuations in iron ore prices and demand. - **Operational Risks:** Dependence on Northshore Mining Company's operations. - **Cybersecurity Risks:** Potential threats to financial record-keeping and investment management. **Financial Condition:** - As of July 31, 2024, the aggregate market value of units held by non-affiliates was $230,474,323. - As of April 21, 2025, there were 13,120,010 units of beneficial interest outstanding. **Market Position Changes:** - The trust's market position is influenced by its royalty structure and the performance of Northshore Mining Company. - The trust has a strong track record of distributing net income to unitholders. **Key Financial Data:** - **Trust Expenses:** $51,331 per individual trustee and $118,301 for the corporate trustee. - **Audit Fees:** $92,023 for fiscal 2025. - **Unallocated Reserve:** The trust maintains a significant unallocated reserve to cover future expenses and contingencies. **Corporate Governance:** - The trust is managed by a corporate trustee and four individual trustees. - The trustees have extensive experience in the mining industry and corporate trust services. **Conclusion:** Mesabi Trust continues to operate effectively as a pass-through royalty trust, with a strong financial condition and a focus on distributing net income to unitholders. The trust faces market and operational risks but has a robust risk management framework in place. The future outlook is positive, subject to the performance of the iron ore market and Northshore Mining Company's operations.