Filing of Annual Report and Availability of Audited Financial Statements

Mesabi Trust’s (NYSE: MSB) Annual Report on Form 10‑K for the fiscal year ended January 31, 2023, which includes the audited financial statements of Mesabi Trust, was filed with the Securities and Exchange Commission on April 24, 2023. Mesabi Trust Unitholders may obtain a hard copy of the complete audited financial statements, which is included as Exhibit 13 to Mesabi Trust’s Annual Report, free of charge upon request to Mesabi Trust’s Corporate Trustee, at:

Mesabi Trust

c/o Deutsche Bank Trust Company Americas, Corporate Trustee

Trust and Agency Services — GDS

1 Columbus Circle, 17^th Floor

New York, NY 10019

(904) 271‑2520

Unitholders can also directly access the audited financial statements of Mesabi Trust by navigating to Mesabi Trust’s website at www.Mesabi-Trust.com and clicking on the EDGAR Filings (SEC) link under the Menu to the right of the SEC Filings page by scrolling down to the desired Annual Report on Form 10‑K under Exhibit 13 thereof, beginning on page F‑1 of each such Report.

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