New York, New York

April 12, 2019

The Trustees of Mesabi Trust (NYSE: MSB) declared a distribution of eighty-nine cents ($0.89) per Unit of Beneficial Interest payable on May 20, 2019 to Mesabi Trust Unitholders of record at the close of business on April 30, 2019. This compares to a distribution of forty-five cents ($0.45) per Unit of Beneficial Interest for the same period last year.

The forty-four cents ($0.44) per Unit increase in the current distribution, as compared to the same quarter last year, is primarily attributable to a higher volume of shipments during the fourth calendar quarter 2018, at higher average iron ore sales prices, compared to the fourth quarter 2017, and to the Trust’s receipt of total royalty payments of $12,388,664 on January 30, 2019 from Northshore Mining Company (“Northshore”) which was higher than the total royalty payments of $6,198,950 received by the Trust from Northshore during January 2018. The Trust’s announcement today also reflects the Mesabi Trustees’ determination that Mesabi Trust presently has sufficient reserves available to make such a distribution while also maintaining an appropriate level of unallocated reserve in order for the Trust to be positioned to meet current and future expenses, and present and future liabilities (whether fixed or contingent) that may arise in connection with the current and ongoing challenges in the iron ore and steel industries generally.

Quarterly royalty payments earned for iron ore shipments made during the calendar quarter ended March 31, 2019, if any, payable by Northshore to Mesabi Trust under the royalty agreement, are due on April 30, 2019, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.

Other Available Information

Mesabi Trust’s Annual Report on Form 10‑K for the fiscal year ended January 31, 2019, which includes the audited financial statements of Mesabi Trust, was filed with the Securities and Exchange Commission on April 12, 2019. Mesabi Trust Unitholders may obtain a hard copy of the complete audited financial statements, which is included as Exhibit 13 to the Trust’s Annual Report, free of charge upon request to the Trust’s Corporate Trustee, at:

Mesabi Trust

c/o Deutsche Bank Trust Company Americas, Corporate Trustee

Trust & Securities Services — GDS

60 Wall Street, 16th Floor

New York, NY 10005

(904) 271‑2520

Unitholders can also directly access the audited financial statements of Mesabi Trust by navigating to the Mesabi Trust’s website at www.Mesabi-Trust.com and clicking on the Edgar Filings (SEC) link

The following information was filed by Mesabi Trust (MSB) on Friday, April 12, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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