MESABI TRUST

# Mesabi Trust

Established in 1961 and incorporated in New York, Mesabi Trust operates as a royalty trust focused on iron ore mining operations in the United States. Rather than directly conducting mining activities, the trust receives royalty payments from iron ore extraction, positioning it as a passive investment vehicle in the basic materials sector. The company's primary revenue derives from iron ore royalties generated through its mineral interests.

The trust's business model centers on collecting royalty income tied to iron ore production volumes and pricing in its operating regions. This structure allows the company to maintain a minimal operational footprint while capturing returns from underlying mineral extraction. The company maintains its headquarters in New York, New York and operates with a small organizational structure typical of royalty trusts in the mining sector.

Mesabi Trust's scale reflects its royalty-based business model rather than direct mining operations. The company generates revenue through mineral royalties tied to U.S. iron ore production, with its market capitalization at approximately $0.4 billion. Geographic exposure remains concentrated in U.S. iron ore mining regions where the trust holds mineral interests.