Mesabi Trust
Collecting iron-ore royalties tied to the Peter Mitchell mine.
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Collects base, bonus and fee royalties from mineral interests tied to the Peter Mitchell taconite mine, which Northshore Mining Company operates for Cleveland-Cliffs. As a single-asset pass-through trust, income depends on the operator's production, shipments, pricing and mining activity.
Owns lease, assignment and beneficial interests tied to the Peter Mitchell taconite mine in northeastern Minnesota. Northshore Mining Company, a Cleveland-Cliffs subsidiary, operates the mine while the Trust receives base overriding royalties, royalty bonuses and fee royalties from the mineral estate. The operator mines and processes ore into pellets near Babbitt and Silver Bay for the North American steelmaking chain.
Functions as a pass-through royalty trust rather than an operating miner. Trustees collect income, pay expenses, distribute net income and preserve the estate, but cannot direct production, mine plans, marketing or customer allocation. Royalty income therefore depends on Northshore and Cleveland-Cliffs, pellet prices, shipments, scarce third-party pricing references, permits and the mine's operating status. All revenue, operating profit and assets derive from the single northern Minnesota estate.
Company facts
Key statistics
Year to date −39.1% · Average volume (30d) 37.1K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 12, 2026Q1 FY27 | — | $0.08 | — | — | $2.2M | — | −2.90% |
| Apr 22, 2026Q4 FY26 | — | $0.21 | — | — | $3.6M | — | −3.77% |
| Dec 12, 2025Q3 FY26 | — | $0.21 | — | — | $3.6M | — | −0.78% |
| Sep 15, 2025Q2 FY26 | — | $0.36 | — | — | $5.6M | — | −2.17% |
Financial highlights
| 8 quarters | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.8M | $4.7M | $5.6M | $3.6M | $3.6M | $2.2M | |
| Gross profit | $5.1M | $3.6M | $4.7M | $2.8M | $5.9M | $1.1M | |
| Operating income | $5.0M | $3.6M | $4.7M | $3.4M | −$58.9K | $1.1M | |
| Net income | $6.1M | $3.6M | $4.7M | $2.8M | $2.7M | $1.1M | |
| Diluted EPS | $0.46 | $0.28 | $0.36 | $0.21 | $0.21 | $0.08 | |
| Gross margin | 86.5% | 76.7% | 84.6% | 77.1% | 162.9% | 48.4% | |
| Operating margin | 86.3% | 76.7% | 84.6% | 94.4% | -1.6% | 48.4% |
Fiscal years (4-quarter sums)FY26 $17.5M
Revenue by product · FY26
Balance sheet, Apr 30, 2026Cash & short-term investments $20.3M · Total debt $0 · Total assets $21.9M · Shareholders' equity $18.3M
Dividends
Last cut to $0.05 from $0.24 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 30, 2026 | Jul 30 | Aug 20 | $0.05 | cut from $0.24 |
| Apr 30, 2026 | Apr 30 | May 20 | $0.24 | cut from $0.26 |
| Jan 30, 2026 | Jan 30 | Feb 20 | $0.26 | cut from $0.34 |
| Oct 30, 2025 | Oct 30 | Nov 20 | $0.34 | raised from $0.12 |
| Jul 30, 2025 | Jul 30 | Aug 20 | $0.12 | cut from $0.56 |
| Apr 30, 2025 | Apr 30 | May 20 | $0.56 | cut from $5.95 |
| Jan 30, 2025 | Jan 30 | Feb 20 | $5.95 | raised from $0.39 |
| Oct 30, 2024 | Oct 30 | Nov 20 | $0.39 | raised from $0.30 |
Ownership
Shares outstanding 13.12M · Float 13.11M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Horizon Kinetics Asset Management LLC | 3.22M | 24.54% | 13F | Aug 11, 2026 |
| Valueworks LLC | 669.7K | 5.10% | 13F | Aug 17, 2026 |
| Cwa Asset Management Group, LLC | 519.0K | 3.96% | 13F | Jul 14, 2026 |
| First Manhattan Co. LLC. | 396.4K | 3.02% | 13F | Aug 14, 2026 |
| Mad River Investors | 323.7K | 2.47% | 13F | Aug 3, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Cleveland-Cliffs
Internal mine-allocation alternative for Northshore pellets.
- Vale (ADR)
Seaborne pellets and iron ore supply for steelmakers.
- Citizens
High-purity DR feed competing for low-carbon steel demand.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Mesabi Trust | $23.97 | −0.50% | $314.5M | 27.8 | — | 20.9 | −52.6% |
| Cleveland-Cliffs | $11.61 | −0.04% | $6.63B | — | 18.2 | 0.3 | +5.9% |
| Vale (ADR) | $15.10 | +0.40% | $64.10B | 31.3 | 8.3 | 1.6 | +19.2% |
| Citizens | $3.91 | +1.30% | $194.1M | 16.5 | 18.0 | 0.8 | — |
| Median | 23.9 | 18.0 | 0.8 | +12.6% |