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Mesabi Trust Press Release

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The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of
ninety-four cents ($0.94) per Unit of Beneficial Interest payable on
November 20, 2018 to Mesabi Trust Unitholders of record at the close of
business on October 30, 2018. This compares to a distribution of
sixty-four cents ($0.64) per Unit for the same period last year.

The thirty cents ($0.30) per Unit increase in the current distribution,
as compared to the distribution announced by the Trust at the same time
last year, is primarily attributable to higher average iron ore sales
prices during the six months period ended June 30, 2018 compared to the
same period of 2017, and to the Trust's receipt of total royalty
payments of $13,058,856 on July 27, 2018 from Cliffs Northshore Mining
Company, which was higher than the total royalty payments of $8,356,736
received by the Trust from Cliffs Northshore Mining Company in July
2017. 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 the iron
ore and steel industries generally.

Quarterly royalty payments from Cliffs Northshore Mining Company for
iron ore shipments during the third calendar quarter, which are payable
to Mesabi Trust under the royalty agreement, are due on October 30,
2018, 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.

This press release contains certain forward-looking statements with
respect to iron ore pellet production, iron ore pricing and adjustments
to pricing, shipments by Northshore in 2018, royalty (including bonus
royalty) amounts, and other matters, which statements are intended to be
made under the safe harbor protections of the Private Securities
Litigation Reform Act of 1995, as amended. Actual production, prices,
price adjustments, and shipments of iron ore pellets, as well as actual
royalty payments (including bonus royalties) could differ materially
from current expectations due to inherent risks and uncertainties such
as general adverse business and industry economic trends, uncertainties
arising from war, terrorist events and other global events, higher or
lower customer demand for steel and iron ore, decisions by mine
operators regarding curtailments or idling of production lines or entire
plants, announcements and implementation of trade tariffs, environmental
compliance uncertainties, difficulties in obtaining and renewing
necessary operating permits, higher imports of steel and iron ore
substitutes, processing difficulties, consolidation and restructuring in
the domestic steel market, indexing features in Cliffs Pellet Agreements
resulting in adjustments to royalties payable to Mesabi Trust and other
factors. Further, substantial portions of royalties earned by Mesabi
Trust are based on estimated prices that are subject to quarterly and
final adjustments, which can be positive or negative, and are dependent
in part on multiple price and inflation index factors under agreements
to which Mesabi Trust is not a party and that are not known until after
the end of a contract year. Although the Mesabi Trustees believe that
any such forward-looking statements are based on reasonable assumptions,
such statements are subject to risks and uncertainties, which could
cause actual results to differ materially. Additional information
concerning these and other risks and uncertainties is contained in the
Trust's filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K. Mesabi Trust undertakes no obligation to
publicly update or revise any of the forward-looking statements made
herein to reflect events or circumstances after the date hereof.

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