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Mesabi Trust (MSB) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in royalty income to $7,348,366 from $4,664,092 in the same quarter the previous year. This increase is attributed to higher pricing and shipments of iron ore.
A significant arbitration award of $71,185,029 was recorded, related to underpaid royalties in 2020, 2021, and early 2022.
Net income for the quarter was $78,325,525, up from $4,086,066 in the previous year, largely due to the arbitration award.
Cash and cash equivalents increased to $95,910,149 as of October 31, 2024, compared to $23,980,448 at the end of January 2024.
The Trust declared a distribution of $0.39 per unit, payable on November 20, 2024, compared to $0.35 per unit in the same period last year.
The filing details the Trust's ongoing reliance on Northshore Mining Company for royalty income, with production and shipments totaling 1,066,665 tons for the quarter.
The Trust's unallocated reserve increased significantly, attributed to the arbitration award and increased royalty income.
The filing also includes a discussion of potential risks, including market volatility and the Trust's dependence on Northshore's operations.
The Trust continues to monitor its financial position and the economic environment to determine future distributions and reserve levels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mesabi Trust quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.