{"url_path":"/sec/msb/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-12","source_url":"https://www.sec.gov/Archives/edgar/data/65172/0001104659-26-073470-index.html","accession_number":"0001104659-26-073470","cik":"0000065172","ticker":"MSB","issuer_name":"MESABI TRUST","edgar_url":"https://www.sec.gov/Archives/edgar/data/65172/0001104659-26-073470-index.html","primary_entity_key":"0000065172","primary_entity_name":"MESABI TRUST"},"word_count":1249,"has_tables":true,"body_markdown":"MESABI TRUST_April 30, 2026\n\n0000065172false--01-312027Q10.0050000065172msb:UnallocatedReserveMember2026-04-300000065172msb:TrustCorpusMember2026-04-300000065172msb:UnallocatedReserveMember2026-01-310000065172msb:TrustCorpusMember2026-01-310000065172msb:UnallocatedReserveMember2025-04-300000065172msb:TrustCorpusMember2025-04-300000065172msb:UnallocatedReserveMember2025-01-310000065172msb:TrustCorpusMember2025-01-3100000651722025-04-3000000651722025-01-310000065172msb:ThirdMillionTonsShippedOrDeemedShippedMember2026-02-012026-04-300000065172msb:SecondMillionTonsShippedOrDeemedShippedMember2026-02-012026-04-300000065172msb:FourthMillionTonsShippedOrDeemedShippedMember2026-02-012026-04-300000065172msb:FirstMillionTonsShippedOrDeemedShippedMember2026-02-012026-04-300000065172msb:BeyondFourMillionTonsShippedOrDeemedShippedMember2026-02-012026-04-300000065172srt:MaximumMember2026-02-012026-04-300000065172msb:RoyaltiesBasedOnRawMaterialsMinedMember2026-02-012026-04-300000065172msb:RoyaltiesBasedOnProductShippedBaseAmountMember2026-02-012026-04-300000065172msb:RoyaltiesBasedOnRawMaterialsMinedMember2025-02-012025-04-300000065172msb:RoyaltiesBasedOnProductShippedBonusAmountMember2025-02-012025-04-300000065172msb:RoyaltiesBasedOnProductShippedBaseAmountMember2025-02-012025-04-300000065172msb:UnallocatedReserveMember2026-02-012026-04-300000065172msb:UnallocatedReserveMember2025-02-012025-04-3000000651722026-04-142026-04-1400000651722025-02-012025-04-3000000651722025-02-012026-01-3100000651722024-02-012025-01-310000065172srt:MinimumMember2026-02-012026-04-3000000651722026-04-3000000651722026-01-3100000651722026-06-1200000651722026-02-012026-04-30xbrli:sharesiso4217:USDxbrli:pureiso4217:USDutr:Tiso4217:USDxbrli:sharesutr:MTmsb:contract\n\n[Table of Contents](#TOC)\n\nhh\n\n​\n\n**UNITED STATES********SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n​\n\n**FORM ****10-Q**\n\n​\n\n**(Mark One)**\n\n​\n\n​\n\n​\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****April 30, 2026**\n\n​\n\n**or**\n\n​\n\n​\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from                   to                 **\n\n​\n\n**Commission File Number:****1-4488**\n\n​\n\n**MESABI TRUST**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**New York**\n\n​\n\n**13-6022277**\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n​\n\n(I.R.S. Employer Identification No.)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**c/o Deutsche Bank Trust Company Americas**\n\n**Trust & Agency Services**\n\n**1 Columbus Circle, 17th Floor**\n\n**Mail Stop: NYC01-1710**\n\n**New York****,****New York**\n\n​\n\n**10019**\n\n(Address of principal executive offices)\n\n​\n\n(Zip Code)\n\n​\n\n**(****904****)****271-2520**\n\n(Registrant’s telephone number, including area code)\n\n**Not applicable**\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act**:**\n\n**Title of each class**\n\n** **\n\n**Trading Symbol**\n\n**Name of each exchange on which registered**\n\n**Units of Beneficial Interest, no par value**\n\n** **\n\n**MSB**\n\n**New York Stock Exchange**\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer    ☐\n\n​\n\nAccelerated filer                       ☐\n\nNon-accelerated filer      ☒\n\n​\n\nSmaller reporting company     ☒\n\n​\n\n​\n\nEmerging growth company ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒\n\n​\n\nAs of June 12, 2026, there were 13,120,010 Units of Beneficial Interest in Mesabi Trust outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n**Page**\n\n​\n\n​\n\n[PART I – FINANCIAL INFORMATION](#Part_I_Financial_Information)\n\n3\n\n[Item 1. Financial Statements. (Note 1)](#Item_1_Fin_Stmt)\n\n3\n\n[Condensed Statements of Income Three Months Ended April 30, 2026 and 2025](#Cond_Stmt_Operations)\n\n3\n\n[Condensed Balance Sheets April 30, 2026 and January 31, 202](#Cond_Balance_Sheets)6\n\n4\n\n[Condensed Statements of Cash Flows Three Months Ended April 30, 2026 and 202](#Cond_Cash_Flows)5\n\n5\n\n[Notes to Condensed Financial Statements](#Notes_to_Financial_Statements)\n\n6\n\n[Item 2. Trustees’ Discussion and Analysis of Financial Condition and Results of Operations.](#Item_2_Trustee_Discussion)\n\n8\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk.](#Item_3_Quatitative_and_Qualitative)\n\n17\n\n[Item 4. Controls and Procedures.](#Item_4_Controls_and_Procedures)\n\n17\n\n​\n\n​\n\n[PART II - OTHER INFORMATION](#Part_II_Other_Information)\n\n18\n\n[Item 1. Legal Proceedings](#Item_1_Legal_Proceedings)\n\n18\n\n[Item 1A. Risk Factors](#Item_1A_Risk_Factors)\n\n18\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Item_2_Unregistered_Sales)\n\n18\n\n[Item 3. Defaults upon Senior Securities](#Item_3_Defaults_upon_Senior_Securities)\n\n18\n\n[Item 4. Mine Safety Disclosures](#Item_4_Mine_Safety_Info)\n\n18\n\n[Item 5. Other Information](#Item_5_Other_Information)\n\n19\n\n[Item 6. Exhibits.](#Item_6_Exhibits)\n\n19\n\n​\n\n​\n\n[SIGNATURES](#Signatures)\n\n20\n\n​\n\n​\n\n**Forward-Looking Statements**\n\n​\n\nCertain information included in this Quarterly Report on Form 10-Q contains, or incorporates by reference, not only historical information, but also “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements, including those statements regarding estimation of iron ore pellet production, shipments, pricing, royalties and other matters, are based on information from the lessee/operator (and its parent corporation) of the mine located on the lands owned and held in trust for the benefit of the holders of units of beneficial interest of Mesabi Trust (“Mesabi Trust” or the “Trust”). These statements may be identified by the use of forward-looking words, such as “may,” “will,” “could,” “project,” “predict,” “intend,” “believe,” “anticipate,” “expect,” “estimate,” “continue,” “potential,” “plan,” “should,” “assume,” “forecast” and other similar words. Such forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results and future developments could differ materially from the results or developments expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, volatility of iron ore and steel prices, market supply and demand, competition, environmental hazards, health and safety conditions, regulation or government action, litigation, uncertainties about estimates of reserves, general adverse business and industry economic trends, uncertainties arising from war, terrorist events and other global events, higher or lower customer demand for steel and iron ore, decisions by mine operators regarding curtailments or idling production lines or entire plants, environmental compliance uncertainties, difficulties in obtaining and renewing necessary operating permits, higher imports of steel and iron ore substitutes, processing difficulties, consolidation and restructuring in the domestic steel market, market inputs tied to indexed price adjustment factors found in some Cliffs’ customer contracts resulting in future adjustments to royalties payable to Mesabi Trust, and other factors. Further, substantial portions of royalties earned by Mesabi Trust are based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and are dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust is not a party and that are not known until after the end of a contract year. It is possible that future negative price adjustments could partially or even completely offset royalties or royalty income that would otherwise be payable to the Trust in any particular quarter, or at year-end, thereby potentially reducing cash available for distribution to the Trust’s Unitholders (as defined below) in future quarters.\n\nFor a discussion of the factors, including without limitation, those that could materially and adversely affect Mesabi Trust’s actual results and performance, see “Risk Factors” set forth on pages 4 through 18 of Mesabi Trust’s Annual Report for the fiscal year ended January 31, 2026, as updated by the “Risk Factors” on page 18 of this quarterly report. These risks and uncertainties are not exclusive and further information concerning the Trust, including factors that potentially could materially affect our operating results, financial condition or the market price of the Units, may emerge from time to time. Mesabi Trust undertakes no obligation, other than that imposed by law, to make any revisions to the forward-looking statements contained in this filing or to update them to reflect circumstances occurring after the date of this filing. We advise you, however, to consult any further disclosures we make on related subjects in our future Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K that we file with or furnish to the Securities and Exchange Commission.\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**PART I – FINANCIAL INFORMATION**"}