Thu, Jun 13, 8:32 PM (130 days ago)
For the quarter ended April 30, 2024, Mesabi Trust reported a significant increase in financial performance compared to the same period in 2023. Total revenues rose to $6,250,572 from $1,848,849, driven primarily by a substantial increase in royalty income, which surged to $6,010,608 from $1,711,316. The increase is attributed to the resumption of operations at Northshore Mining Company, which was idled until late April 2023. Net income for the quarter was $3,483,785, up from $1,023,139, reflecting higher revenues despite a rise in expenses to $2,766,787, mainly due to increased legal fees related to pending arbitration. The Trust declared a distribution of $0.29 per unit, compared to no distribution in the prior year. Cash and cash equivalents decreased to $21,629,973 from $23,980,448, primarily due to increased expenses and distributions. The Trust's unallocated reserve stood at $20,654,125, up from $12,461,353 a year earlier. Future operations may be impacted by uncertainties in the iron ore market and Cliffs' operational decisions regarding Northshore.