Mesabi Trust (MSB) 10-Q 13 Dec 24 2025 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2024	Dec. 11, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Securities Act File Number	1-4488
Entity Registrant Name	MESABI TRUST
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-6022277
Entity Address, Address Line One	1 Columbus Circle, 17th Floor
Entity Address, Address Line Two	Mail Stop: NYC01-1710
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	904
Local Phone Number	271-2520
Title of 12(b) Security	Units of Beneficial Interest, no par value
Trading Symbol	MSB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,120,010
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000065172
Amendment Flag	false

Condensed Statements of Income

Condensed Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenues
Royalty income	$ 7,348,366	$ 4,664,092	$ 19,613,693	$ 16,106,008
Arbitration award	71,185,029		71,185,029
Interest	468,445	231,974	943,600	528,152
Total revenues	79,001,840	4,896,066	91,742,322	16,634,160
Expenses
Expenses	676,315	810,000	4,535,119	2,341,615
Net income	$ 78,325,525	$ 4,086,066	$ 87,207,203	$ 14,292,545
Number of units outstanding	13,120,010	13,120,010	13,120,010	13,120,010
Net income per unit (Note 2) (in dollars per unit)	$ 5.9699	$ 0.3114	$ 6.6469	$ 1.0894
Distributions declared per unit (Note 4) (in dollars per share)	$ 0.39	$ 0.35	$ 0.98	$ 0.35

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Oct. 31, 2024	Jan. 31, 2024
Assets
Cash and cash equivalents	$ 95,910,149	$ 23,980,448
Accrued income receivable	3,883,400	1,960,358
Contract asset	669,276	451,896
Prepaid expenses	204,199	297,647
Current assets	100,667,024	26,690,349
Assignments of leased property
Amended assignment of Peters Lease	1	1
Assignment of Cloquet Leases	1	1
Certificate of beneficial interest for 13,120,010 units of Land Trust	1	1
Total fixed property	3	3
Total assets	100,667,027	26,690,352
Liabilities, Unallocated Reserve And Trust Corpus
Distribution payable	5,116,804	4,854,404
Accrued expenses	225,484	860,802
Total liabilities	5,342,288	5,715,206
Unallocated reserve	95,324,736	20,975,143
Trust corpus	3	3
Total liabilities, unallocated reserve and trust corpus	$ 100,667,027	$ 26,690,352

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - shares	Oct. 31, 2024	Jan. 31, 2024
Condensed Balance Sheets
Certificate of beneficial interest of Land Trust, units	13,120,010	13,120,010

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Operating activities
Royalties received	$ 17,741,099	$ 10,987,764
Arbitration award	71,185,029
Interest received	675,772	484,310
Expenses paid	(5,076,989)	(2,525,859)
Net cash from operating activities	84,524,911	8,946,215
Financing activity
Distributions to unitholders	(12,595,210)
Net change in cash and cash equivalents	71,929,701	8,946,215
Cash and cash equivalents, beginning of period	23,980,448	13,966,500
Cash and cash equivalents, end of period	95,910,149	22,912,715
Reconciliation of net income to net cash from operating activities
Net income	87,207,203	14,292,545
Increase in accrued income receivable	(1,923,042)	(1,861,870)
Increase in contract asset	(217,380)	(1,002,095)
Decrease (increase) in prepaid expense	93,448	(85,524)
Decrease in accrued expenses	(635,318)	(98,720)
Decrease in contract liability		(2,298,121)
Net cash from operating activities	84,524,911	8,946,215
Non cash financing activity
Distributions declared and payable	$ 5,116,804	$ 4,592,003

NATURE OF BUSINESS AND ORGANIZA

NATURE OF BUSINESS AND ORGANIZATION	9 Months Ended
	Oct. 31, 2024
NATURE OF BUSINESS AND ORGANIZATION
NATURE OF BUSINESS AND ORGANIZATION	​ Note 1. The condensed financial statements and notes to the condensed financial statements of Mesabi Trust (the “Trust”) included herein have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Trustees of Mesabi Trust (the “Trustees”), all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the results of operations for the three and nine months ended October 31, 2024 and 2023, (b) the financial position as of October 31, 2024 and (c) the cash flows for the nine months ended October 31, 2024 and 2023, have been made. For further information, refer to the financial statements and footnotes included in Mesabi Trust’s Annual Report on Form 10-K for the year ended January 31, 2024. ​ ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Oct. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 2. Net income per unit is based on 13,120,010 units outstanding during all periods presented. ​ The Trust accounts for revenue in accordance with ASC 606 - Revenue from Contracts with Customers. All revenue is recognized as the performance obligations are satisfied. Mesabi Trust holds all of the interests formerly owned by Mesabi Iron Company (“MIC”), including all right, title and interest in the Amendment of Assignment, Assumption and Further Assignment of Peters Lease dated August 17, 1989 among the trustees of Mesabi Trust, Bruce D. Sherling, as Trustee in Bankruptcy for the Estate of Reserve Mining Company, and Cypress Northshore Mining Corporation, predecessor to Northshore Mining Company (referred to as the “Amended Assignment of Peters Lease” or the “Royalty Agreement”). In accordance with the Royalty Agreement, the Trust recognizes revenue for providing access to the lands and minerals only after the consideration that it is entitled to receive is determinable. The Trust is entitled to payment upon production of pellets to be sold for internal use by facilities owned by Cleveland Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore” or “NMC”), or its subsidiaries. As a result, the Trust recognizes revenue for internal use pellets upon production of those pellets, which are deemed to be shipped under the Royalty Agreement, regardless of pellet grade. Pellets that are not designated for internal use by Cliffs, or its subsidiaries, are recognized as revenue upon shipment from Silver Bay, Minnesota. Shipped product and deemed shipped product are hereafter collectively referred to as “shipped.” ​ Disaggregation of Revenues ​ The following table represents a disaggregation of royalty revenue for the three and nine months ended October 31, 2024 and October 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ ​ 2024 ​ 2023 Base overriding royalties ​ $ 4,150,083 $ 2,214,651 Bonus royalties ​ 3,027,705 ​ 2,252,620 Fee royalties ​ 170,578 ​ 196,821 Total royalty income ​ $ 7,348,366 $ 4,664,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2024 ​ 2023 Base overriding royalties ​ $ 11,131,795 $ 8,550,118 Bonus royalties ​ 8,024,502 ​ 7,050,557 Fee royalties ​ 457,396 ​ 505,333 Total royalty income ​ $ 19,613,693 $ 16,106,008 ​ ​ Base overriding royalties ​ The performance obligation for the base overriding royalty consists of providing NMC access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped. The Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped, that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped, that were mined from any lands during the calendar year, such portion being The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, attributable to the Trust in any calendar year increases. The Trust earns a beyond four million tons. The base overriding royalties contain variable consideration, as the transaction price is based on a percentage that varies based on the total cumulative tons of iron ore shipped. Under the Royalty Agreement, measurement of the total cumulative volumes of iron ore shipped and the applicable royalty percentages is reset at the beginning of each calendar year. The Trust estimates the variable consideration it expects to be entitled to receive based on the estimated average royalty percentage over the calendar year periods that are included in the Trust’s fiscal year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained and includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based on historical, current, and forecasted shipments. At each quarter end, the Trust updates its estimate of total tons expected to be shipped for the calendar year and applies the estimated annual royalty rate to actual tons shipped in the quarter. The Trust recognizes revenue for base overriding royalties on a quarterly basis based on actual shipments, the estimated annual royalty rate and estimated prices for iron ore products sold under Cliffs’ customer contracts. ​ On May 1, 2022, Cliffs idled NMC, and the idle continued until April 2023. On April 25, 2023, Cliff's announced a partial restart of some operations at NMC and that Cliffs would continue to treat NMC as a swing operation. ​ Bonus royalties ​ The performance obligation for the bonus royalties consists of providing NMC access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped, by NMC. The Trust recognizes bonus royalties on a quarterly basis based on shipments for the fiscal quarter at the actual royalty percentage for those shipments and based on the anticipated prices for iron ore products sold under Cliffs’ customer contracts. The Trust is paid royalty bonuses when iron ore products shipped are sold at anticipated prices above a threshold price per ton. The royalty bonus is based on a percentage of the gross proceeds of product shipped. The royalty bonus percentage ranges from 1 or more above the threshold price). The threshold price is adjusted annually for inflation and is ​ AAA Arbitration Final Award ​ As previously reported, on October 14, 2022, Mesabi Trust initiated arbitration against Northshore, the lessee/operator of the leased lands, and its parent, Cliffs, with the American Arbitration Association (“AAA”). The Trust sought an award of damages relating to Cliffs’ and Northshore’s underpayment of royalties in 2020, 2021, and the first four months of 2022 by virtue of Cliffs’ and Northshore’s failure to use the highest priced arms’-length iron ore pellet sale from the preceding four quarters in pricing certain pellet shipments from 2020 through the first four months of 2022. The Trust also sought declaratory relief related to the Trust’s entitlement to certain documentation and to the time when Cliffs’ and Northshore’s royalty obligations accrue. The evidentiary hearing was completed before a panel of three arbitrators in March 2024 under the commercial rules of the AAA. Post-hearing briefs were exchanged in May 2024. Post-hearing oral arguments and final submissions were concluded in June 2024. The Trust received the final award on September 6, 2024, which unanimously awarded the Trust damages in the amount of $59,799,977 for underpaid royalties in 2020, 2021 and the first four months of 2022, plus pre-award interest in the amount of $11,385,052 , calculated at the rate of 10% simple interest per annum from the date of the initial demand through the date of the award. Pursuant to the award, Cliffs and Northshore were required to pay the Trust the amounts specified in the Award by no later than October 6, 2024. The Tribunal approved the parties’ stipulated Consent Award approving the Trust’s ongoing entitlement to certain documentation related to verifying royalty calculations. The Tribunal denied the Trust’s request for declaratory relief regarding the time at which Cliffs’ and Northshore’s royalty obligations accrue . Pursuant to the AAA tribunal’s unanimous final award dated September 6, 2024, Northshore and Cliffs paid Mesabi Trust $71,185,029 on October 4, 2024 as a final award, including interest. This non-recurring revenue is reflected as “Arbitration Award” under “Revenues” on the Trust’s Condensed Statement of Income. Fee royalties ​ Fee royalties are determined based on the volume of crude ore mined on a quarterly basis. The Trust recognizes fee royalties on a quarterly basis based on the actual crude ore mined during the fiscal quarter. Fee royalties are payable to the Mesabi Land Trust, a Minnesota land trust, which holds a interest as fee owner in the Amended Assignment of Peters Lease. The Trust holds the entire beneficial interest in the Mesabi Land Trust for which U.S. Bank N.A. acts as the corporate trustee. The Trust receives the net income of the Mesabi Land Trust, which is generated from royalties on the amount of crude ore mined after the payment of expenses to U.S. Bank N.A. for its services as the corporate trustee. The fee royalty on crude ore is based on an agreed price per ton, subject to certain indexing. ​ Accrued income receivable ​ Accrued income receivable represents royalty income earned but not yet received by the Trust. Accrued income receivable is comprised of (i) shipments during the last month of the Trust’s fiscal quarter, if any, and (ii) net positive price adjustments, if any, (which may include the sum of positive and negative price adjustments) resulting from price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Silver Bay, Minnesota. ​ Contract asset and contract liability ​ The contract asset and contract liability are presented net in the accompanying balance sheets as both the contract asset and contract liability are derived from one customer contract. A net contract asset in the amount of is reflected on the Balance Sheet as of October 31, 2024. The net contract asset is made up of a contract asset in the amount of contract liability. As of January 31, 2024, the Trust recorded a net contract asset in the amount of contract liability. The contract asset relates to variable consideration for base overriding royalties that occurs as a result of escalating base overriding royalty rates earned as thresholds for tons of ore shipped are reached, as described in the base overriding royalties section above. The recorded contract asset represents the additional revenue earned based on the estimated annual royalty rate compared to the effective contracted rate for tons shipped during the period. The contract asset is not available for distribution to the Unitholders until the applicable royalties are actually received by the Trust.

DIVIDEND AND DISTRIBUTION

DIVIDEND AND DISTRIBUTION	9 Months Ended
	Oct. 31, 2024
DIVIDEND AND DISTRIBUTION
DIVIDEND AND DISTRIBUTION	Note 3. The Trustees determine whether to declare a distribution each year in April, July, October and January. The Trust’s financial statements are prepared on an accrual basis and present the Trust’s results of operations based on each of the Trust’s fiscal quarters, which end after the close of each calendar quarter. Because (i) distributions, if any, are declared by the Trustees based on, among other considerations, the amount of royalties actually paid to the Trust through the end of each calendar quarter prior to April, July, October and January of each year, the Trustees’ evaluation of known and projected Trust expenses in the current and future quarters, the then-current level of Unallocated Reserve and general economic conditions, and (ii) the Trust’s Net income is calculated as of the end of each fiscal quarter, the distributions declared by the Trust are not equivalent to the Trust’s Net income during the periods reported in this Quarterly Report on Form 10-Q. ​ ​

ROYALTY AGREEMENT, UNALLOCATED

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS	9 Months Ended
	Oct. 31, 2024
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS	Note 4. On October 17, 2024, the Trustees declared a distribution of $0.39 per Unit of Beneficial Interest payable on November 20, 2024 to Mesabi Trust Unitholders of record at the close of business on October 30, 2024. The declared distribution of $5,116,804 is recorded as a distribution payable on the Consolidated Balance Sheet for the quarter ended October 31, 2024 (unaudited) as compared to a distribution payable of $0.35 per Unit of Beneficial Interest for the quarter ended October 31, 2023. ​ On October 30, 2024, the Trustees received the quarterly royalty report of iron ore production and shipment during the calendar quarter ended September 30, 2024 from Cliffs. See “Recent Developments—Quarterly Royalty Report and Royalty Payment Received” as set forth on page 16 of this Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024. ​ Each quarter, as authorized by the Agreement of Trust dated July 18, 1961, as amended (the “Agreement of Trust”), the Trustees evaluate all relevant factors, including all costs, expenses, obligations, and present and future liabilities of the Trust (whether fixed or contingent) in determining a prudent level of unallocated reserve in light of the unpredictable nature of the iron ore industry, current economic conditions and current communications from Cliffs as it relates to NMC. Pursuant to the Agreement of Trust, the Trustees make decisions about cash distributions to Unitholders based on the royalty payments it receives from Cliffs when received, rather than as royalty income is recorded in accordance with the Trust’s revenue recognition policy. Refer to Note 3 for further information. ​ As of October 31, 2024 and January 31, 2024, the unallocated cash and cash equivalents portion of the Trust’s Unallocated Reserve was comprised of the following components. Cash equivalents consists of U.S. government securities with maturities of 3 months or less as of the date of acquisition by the Trust. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2024 ​ January 31, 2024 ​ Cash and cash equivalents ​ $ 95,910,149 ​ $ 23,980,448 ​ Distribution payable ​ (5,116,804) ​ (4,854,404) ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated cash and cash equivalents ​ $ 90,793,345 ​ $ 19,126,044 ​ ​ A reconciliation of the Trust’s Unallocated Reserve and Trust Corpus for the three and nine months ended October 31, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total Balances as of July 31, 2024 $ 22,116,015 ​ $ 3 ​ $ 22,116,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 78,325,525 ​ — ​ 78,325,525 Distributions declared - $0.3900 per unit ​ (5,116,804) ​ — ​ (5,116,804) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2024 ​ $ 95,324,736 ​ $ 3 ​ $ 95,324,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total Balances as of July 31, 2023 $ 21,644,693 ​ $ 3 ​ $ 21,644,696 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 4,086,066 ​ — ​ 4,086,066 Distributions declared - $0.3500 per unit ​ (4,592,003) ​ — ​ (4,592,003) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2023 ​ $ 21,138,756 ​ $ 3 ​ $ 21,138,759 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total ​ Balances as of January 31, 2024 $ 20,975,143 ​ $ 3 ​ $ 20,975,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 87,207,203 ​ — ​ 87,207,203 ​ Distributions declared - $0.9800 per unit ​ (12,857,610) ​ — ​ (12,857,610) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2024 ​ $ 95,324,736 ​ $ 3 ​ $ 95,324,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total Balances as of January 31, 2023 $ 11,438,214 ​ $ 3 ​ $ 11,438,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 14,292,545 ​ — ​ 14,292,545 Distributions declared - $0.3500 per unit ​ (4,592,003) ​ — ​ (4,592,003) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2023 ​ $ 21,138,756 ​ $ 3 ​ $ 21,138,759 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Oct. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net Income Per Unit	Net income per unit is based on 13,120,010 units outstanding during all periods presented.
Revenue recognition	The Trust accounts for revenue in accordance with ASC 606 - Revenue from Contracts with Customers. All revenue is recognized as the performance obligations are satisfied. Mesabi Trust holds all of the interests formerly owned by Mesabi Iron Company (“MIC”), including all right, title and interest in the Amendment of Assignment, Assumption and Further Assignment of Peters Lease dated August 17, 1989 among the trustees of Mesabi Trust, Bruce D. Sherling, as Trustee in Bankruptcy for the Estate of Reserve Mining Company, and Cypress Northshore Mining Corporation, predecessor to Northshore Mining Company (referred to as the “Amended Assignment of Peters Lease” or the “Royalty Agreement”). In accordance with the Royalty Agreement, the Trust recognizes revenue for providing access to the lands and minerals only after the consideration that it is entitled to receive is determinable. The Trust is entitled to payment upon production of pellets to be sold for internal use by facilities owned by Cleveland Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore” or “NMC”), or its subsidiaries. As a result, the Trust recognizes revenue for internal use pellets upon production of those pellets, which are deemed to be shipped under the Royalty Agreement, regardless of pellet grade. Pellets that are not designated for internal use by Cliffs, or its subsidiaries, are recognized as revenue upon shipment from Silver Bay, Minnesota. Shipped product and deemed shipped product are hereafter collectively referred to as “shipped.” ​ Disaggregation of Revenues ​ The following table represents a disaggregation of royalty revenue for the three and nine months ended October 31, 2024 and October 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ ​ 2024 ​ 2023 Base overriding royalties ​ $ 4,150,083 $ 2,214,651 Bonus royalties ​ 3,027,705 ​ 2,252,620 Fee royalties ​ 170,578 ​ 196,821 Total royalty income ​ $ 7,348,366 $ 4,664,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2024 ​ 2023 Base overriding royalties ​ $ 11,131,795 $ 8,550,118 Bonus royalties ​ 8,024,502 ​ 7,050,557 Fee royalties ​ 457,396 ​ 505,333 Total royalty income ​ $ 19,613,693 $ 16,106,008 ​ ​ Base overriding royalties ​ The performance obligation for the base overriding royalty consists of providing NMC access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped. The Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped, that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped, that were mined from any lands during the calendar year, such portion being The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, attributable to the Trust in any calendar year increases. The Trust earns a beyond four million tons. The base overriding royalties contain variable consideration, as the transaction price is based on a percentage that varies based on the total cumulative tons of iron ore shipped. Under the Royalty Agreement, measurement of the total cumulative volumes of iron ore shipped and the applicable royalty percentages is reset at the beginning of each calendar year. The Trust estimates the variable consideration it expects to be entitled to receive based on the estimated average royalty percentage over the calendar year periods that are included in the Trust’s fiscal year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained and includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based on historical, current, and forecasted shipments. At each quarter end, the Trust updates its estimate of total tons expected to be shipped for the calendar year and applies the estimated annual royalty rate to actual tons shipped in the quarter. The Trust recognizes revenue for base overriding royalties on a quarterly basis based on actual shipments, the estimated annual royalty rate and estimated prices for iron ore products sold under Cliffs’ customer contracts. ​ On May 1, 2022, Cliffs idled NMC, and the idle continued until April 2023. On April 25, 2023, Cliff's announced a partial restart of some operations at NMC and that Cliffs would continue to treat NMC as a swing operation. ​ Bonus royalties ​ The performance obligation for the bonus royalties consists of providing NMC access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped, by NMC. The Trust recognizes bonus royalties on a quarterly basis based on shipments for the fiscal quarter at the actual royalty percentage for those shipments and based on the anticipated prices for iron ore products sold under Cliffs’ customer contracts. The Trust is paid royalty bonuses when iron ore products shipped are sold at anticipated prices above a threshold price per ton. The royalty bonus is based on a percentage of the gross proceeds of product shipped. The royalty bonus percentage ranges from 1 or more above the threshold price). The threshold price is adjusted annually for inflation and is ​ AAA Arbitration Final Award ​ As previously reported, on October 14, 2022, Mesabi Trust initiated arbitration against Northshore, the lessee/operator of the leased lands, and its parent, Cliffs, with the American Arbitration Association (“AAA”). The Trust sought an award of damages relating to Cliffs’ and Northshore’s underpayment of royalties in 2020, 2021, and the first four months of 2022 by virtue of Cliffs’ and Northshore’s failure to use the highest priced arms’-length iron ore pellet sale from the preceding four quarters in pricing certain pellet shipments from 2020 through the first four months of 2022. The Trust also sought declaratory relief related to the Trust’s entitlement to certain documentation and to the time when Cliffs’ and Northshore’s royalty obligations accrue. The evidentiary hearing was completed before a panel of three arbitrators in March 2024 under the commercial rules of the AAA. Post-hearing briefs were exchanged in May 2024. Post-hearing oral arguments and final submissions were concluded in June 2024. The Trust received the final award on September 6, 2024, which unanimously awarded the Trust damages in the amount of $59,799,977 for underpaid royalties in 2020, 2021 and the first four months of 2022, plus pre-award interest in the amount of $11,385,052 , calculated at the rate of 10% simple interest per annum from the date of the initial demand through the date of the award. Pursuant to the award, Cliffs and Northshore were required to pay the Trust the amounts specified in the Award by no later than October 6, 2024. The Tribunal approved the parties’ stipulated Consent Award approving the Trust’s ongoing entitlement to certain documentation related to verifying royalty calculations. The Tribunal denied the Trust’s request for declaratory relief regarding the time at which Cliffs’ and Northshore’s royalty obligations accrue . Pursuant to the AAA tribunal’s unanimous final award dated September 6, 2024, Northshore and Cliffs paid Mesabi Trust $71,185,029 on October 4, 2024 as a final award, including interest. This non-recurring revenue is reflected as “Arbitration Award” under “Revenues” on the Trust’s Condensed Statement of Income. Fee royalties ​ Fee royalties are determined based on the volume of crude ore mined on a quarterly basis. The Trust recognizes fee royalties on a quarterly basis based on the actual crude ore mined during the fiscal quarter. Fee royalties are payable to the Mesabi Land Trust, a Minnesota land trust, which holds a interest as fee owner in the Amended Assignment of Peters Lease. The Trust holds the entire beneficial interest in the Mesabi Land Trust for which U.S. Bank N.A. acts as the corporate trustee. The Trust receives the net income of the Mesabi Land Trust, which is generated from royalties on the amount of crude ore mined after the payment of expenses to U.S. Bank N.A. for its services as the corporate trustee. The fee royalty on crude ore is based on an agreed price per ton, subject to certain indexing. ​ Accrued income receivable ​ Accrued income receivable represents royalty income earned but not yet received by the Trust. Accrued income receivable is comprised of (i) shipments during the last month of the Trust’s fiscal quarter, if any, and (ii) net positive price adjustments, if any, (which may include the sum of positive and negative price adjustments) resulting from price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Silver Bay, Minnesota. ​ Contract asset and contract liability ​ The contract asset and contract liability are presented net in the accompanying balance sheets as both the contract asset and contract liability are derived from one customer contract. A net contract asset in the amount of is reflected on the Balance Sheet as of October 31, 2024. The net contract asset is made up of a contract asset in the amount of contract liability. As of January 31, 2024, the Trust recorded a net contract asset in the amount of contract liability. The contract asset relates to variable consideration for base overriding royalties that occurs as a result of escalating base overriding royalty rates earned as thresholds for tons of ore shipped are reached, as described in the base overriding royalties section above. The recorded contract asset represents the additional revenue earned based on the estimated annual royalty rate compared to the effective contracted rate for tons shipped during the period. The contract asset is not available for distribution to the Unitholders until the applicable royalties are actually received by the Trust.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Oct. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ ​ 2024 ​ 2023 Base overriding royalties ​ $ 4,150,083 $ 2,214,651 Bonus royalties ​ 3,027,705 ​ 2,252,620 Fee royalties ​ 170,578 ​ 196,821 Total royalty income ​ $ 7,348,366 $ 4,664,092 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2024 ​ 2023 Base overriding royalties ​ $ 11,131,795 $ 8,550,118 Bonus royalties ​ 8,024,502 ​ 7,050,557 Fee royalties ​ 457,396 ​ 505,333 Total royalty income ​ $ 19,613,693 $ 16,106,008 ​ ​

ROYALTY AGREEMENT, UNALLOCATE_2

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables)	9 Months Ended
	Oct. 31, 2024
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS
Schedule of unallocated cash and U.S. government securities portion of the Trust's Unallocated Reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2024 ​ January 31, 2024 ​ Cash and cash equivalents ​ $ 95,910,149 ​ $ 23,980,448 ​ Distribution payable ​ (5,116,804) ​ (4,854,404) ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated cash and cash equivalents ​ $ 90,793,345 ​ $ 19,126,044 ​
Schedule of reconciliation of Trust's Unallocated Reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total Balances as of July 31, 2024 $ 22,116,015 ​ $ 3 ​ $ 22,116,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 78,325,525 ​ — ​ 78,325,525 Distributions declared - $0.3900 per unit ​ (5,116,804) ​ — ​ (5,116,804) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2024 ​ $ 95,324,736 ​ $ 3 ​ $ 95,324,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total Balances as of July 31, 2023 $ 21,644,693 ​ $ 3 ​ $ 21,644,696 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 4,086,066 ​ — ​ 4,086,066 Distributions declared - $0.3500 per unit ​ (4,592,003) ​ — ​ (4,592,003) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2023 ​ $ 21,138,756 ​ $ 3 ​ $ 21,138,759 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total ​ Balances as of January 31, 2024 $ 20,975,143 ​ $ 3 ​ $ 20,975,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 87,207,203 ​ — ​ 87,207,203 ​ Distributions declared - $0.9800 per unit ​ (12,857,610) ​ — ​ (12,857,610) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2024 ​ $ 95,324,736 ​ $ 3 ​ $ 95,324,739 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ Trust ​ ​ ​ ​ ​ Reserve ​ Corpus ​ Total Balances as of January 31, 2023 $ 11,438,214 ​ $ 3 ​ $ 11,438,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 14,292,545 ​ — ​ 14,292,545 Distributions declared - $0.3500 per unit ​ (4,592,003) ​ — ​ (4,592,003) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of October 31, 2023 ​ $ 21,138,756 ​ $ 3 ​ $ 21,138,759 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 04, 2024 USD ($)	Sep. 06, 2024 USD ($)	Mar. 31, 2024 item	Oct. 31, 2024 USD ($) shares	Oct. 31, 2023 USD ($) shares	Oct. 31, 2024 USD ($) contract MT $ / T shares	Oct. 31, 2023 USD ($) shares	Jan. 31, 2024 USD ($) $ / T	Jan. 31, 2023 $ / T
Disaggregation of Revenue [Line Items]
Number of units outstanding | shares				13,120,010	13,120,010	13,120,010	13,120,010
Revenue from Contract with Customer [Abstract]
Royalty income (loss)				$ 7,348,366	$ 4,664,092	$ 19,613,693	$ 16,106,008
Base overriding royalties, first tier portion percentage						90%
Base overriding royalties, first tier shipment ceiling (in million tons) | MT						4
Base overriding royalties, second tier portion percentage						85%
Base overriding royalties, second tier shipment ceiling (in million tons) | MT						2
Base overriding royalties, third tier portion percentage						25%
Base overriding royalties, third tier shipment threshold (in million tons) | MT						6
Litigation settlement, damages	$ 71,185,029			71,185,029		$ 71,185,029
Bonus royalty percentage						0.50%
Bonus royalty, gross proceeds percentage						3%
Royalty bonuses, price above adjusted threshold price per ton | $ / T						2
Adjusted threshold price (in dollars per ton) | $ / T								67.75	66
Number of members on panel for arbitration | item			3
Litigation settlement, amount		$ 59,799,977
Litigation settlement, interest		$ 11,385,052
Litigation settlement, percentage		10%
Non recurring revenue						$ 71,185,029
Litigation Settlement, Gain	$ 71,185,029			71,185,029		$ 71,185,029
Percentage of fee interest owned by Mesabi Land Trust in the lands subject to the Peters Lease						20%
Number of customer contracts | contract						1
Net contract asset				669,276		$ 669,276		$ 451,896
Contract asset				669,276		669,276		451,896
Contract liability				0		$ 0		$ 0
Minimum
Revenue from Contract with Customer [Abstract]
Bonus royalty, gross proceeds percentage						1%
Royalty bonuses, adjusted threshold price | $ / T						10
First Million Tons Shipped or Deemed Shipped [Member]
Revenue from Contract with Customer [Abstract]
Royalty earned on tons shipped or deemed shipped, percentage						2.50%
Second Million Tons Shipped or Deemed Shipped [Member]
Revenue from Contract with Customer [Abstract]
Royalty earned on tons shipped or deemed shipped, percentage						3.50%
Third Million Tons Shipped or Deemed Shipped [Member]
Revenue from Contract with Customer [Abstract]
Royalty earned on tons shipped or deemed shipped, percentage						5%
Fourth Million Tons Shipped or Deemed Shipped [Member
Revenue from Contract with Customer [Abstract]
Royalty earned on tons shipped or deemed shipped, percentage						5.50%
Beyond Four Million Tons Shipped or Deemed Shipped [Member]
Revenue from Contract with Customer [Abstract]
Royalty earned on tons shipped or deemed shipped, percentage						6%
Base Overriding Royalties
Revenue from Contract with Customer [Abstract]
Royalty income (loss)				4,150,083	2,214,651	$ 11,131,795	8,550,118
Bonus Royalties
Revenue from Contract with Customer [Abstract]
Royalty income (loss)				3,027,705	2,252,620	8,024,502	7,050,557
Fee Royalties
Revenue from Contract with Customer [Abstract]
Royalty income (loss)				$ 170,578	$ 196,821	$ 457,396	$ 505,333

DIVIDEND AND DISTRIBUTION (Deta

DIVIDEND AND DISTRIBUTION (Details)	9 Months Ended
	Oct. 31, 2024
DIVIDEND AND DISTRIBUTION
Period after the close of each calendar quarter when the fiscal quarter ends	1 month

ROYALTY AGREEMENT, UNALLOCATE_3

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) - USD ($)		3 Months Ended		9 Months Ended
	Oct. 17, 2024	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Jan. 31, 2024
Unallocated Cash and Securities portion of Unallocated Reserve
Cash and cash equivalents		$ 95,910,149		$ 95,910,149		$ 23,980,448
Distribution payable		(5,116,804)		(5,116,804)		(4,854,404)
Unallocated cash and cash equivalents		90,793,345		90,793,345		$ 19,126,044
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		22,116,018	$ 21,644,696	20,975,146	$ 11,438,217
Net income		78,325,525	4,086,066	87,207,203	14,292,545
Distributions declared		(5,116,804)	(4,592,003)	(12,857,610)	(4,592,003)
Ending Balance		$ 95,324,739	$ 21,138,759	$ 95,324,739	$ 21,138,759
Distribution declared (in dollars per share)		$ 0.39	$ 0.35	$ 0.98	$ 0.35
Distributions declared per unit (in dollars per unit)	$ 0.39	$ 0.39	$ 0.35	$ 0.98	$ 0.35
Unallocated Reserve member
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		$ 22,116,015	$ 21,644,693	$ 20,975,143	$ 11,438,214
Net income		78,325,525	4,086,066	87,207,203	14,292,545
Distributions declared		(5,116,804)	(4,592,003)	(12,857,610)	(4,592,003)
Ending Balance		95,324,736	21,138,756	95,324,736	21,138,756
Trust Corpus
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		3	3	3	3
Ending Balance		$ 3	$ 3	$ 3	$ 3