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MESABI TRUST (MSB)

NYSE · Finance, Insurance & Real Estate · Mineral Royalty Traders

Core research established · 4/4 core data layers currently established

What MESABI TRUST does

(a) General Development of Business. The information under the headings “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trust and Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2026, filed as Exhibit 13 to this Form 10-K (the “Annual Report”) is incorporated herein by reference. (b) Financial Information About Segments. Substantially all of the revenue, operating profits and assets of Mesabi Trust (“Mesabi Trust” or the “Trust”) relate to one business segment—iron ore mining. (c) Narrative Description of Business.

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