美莎比信托 2024年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes◻No⌧ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes◻No⌧ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange 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◻ Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuantto Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, 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. Large accelerated filer☐Non-accelerated filer⌧ Accelerated filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).◻ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ As of July 31, 2024, the aggregate market value of the Units of Beneficial Interest in the registrant held by non-affiliates of the registrantwas $230,474,323 based on the closing sale price as reported on the New York Stock Exchange. As of April21, 2025, there were 13,120,010Units of Beneficial Interest in Mesabi Trust outstanding. MESABI TRUSTANNUAL REPORT ON FORM 10-KTable of Contents Page PART I ITEM 1.Business3ITEM 1A.Risk Factors3ITEM 1B.Unresolved Staff Comments3ITEM 1C.Cybersecurity3ITEM 2.Properties4ITEM 3Legal Proceedings4ITEM 4.Mine Safety Disclosures5PART IIITEM 5.Market for Registrant’s Common Equity, Related Unitholder Matters and IssuerPurchases of Equity Securities5ITEM 6.Reserved5ITEM 7.Trustees’ Discussion and Analysis of Financial Condition and Results of Operations5ITEM 7AQuantitative and Qualitative Disclosures about Market Risk5ITEM 8.Financial Statements and Supplementary Data6ITEM 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure6ITEM 9A.Controls and Procedures6ITEM 9B.Other Information7ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections7PART IIIITEM 10.Directors, Executive Officers and Corporate Governance8ITEM 11.Executive Compensation10ITEM 12.Security Ownership of Certain Beneficial Owners and Trustees and RelatedUnitholder Matters12ITEM 13.Certain Relationships and Related Transactions, and Director Independence13ITEM 14.Principal Accountant Fees and Services14PART IVITEM 15.Exhibit and Financial Statement Schedules15ITEM 16.Form 10-K Summary18Signatures19 PARTI ITEM 1.BUSINESS. (a)General Development of Business. The information under the headings “Trustees’ Discussion and Analysis of FinancialCondition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trustand Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year endedJanuary31,2025, filed as Exhibit 13 to this Form 10-K (the “Annual Report”) is incorporated hereinby 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. The information under the headings “Overview,” “Overview of the Trust’s RoyaltyStructure,” “Trustees’ Discussion and Analysis of Financial Co