Natural Resource Partners (NRP) investor relations material

Management philosophy and portfolio

• Long-term intrinsic value per unit guides decisions; executives and directors own 25% of outstanding units.

• Portfolio includes ~13 million acres of mineral interests and other rights, including ~3.5 million acres of underground CO₂ sequestration pore space.

• ~90% of mineral interests do not currently produce income; passive assets are leased to operators for royalties and fees.

• A 49% equity interest in Sisecam Wyoming provides exposure to natural soda ash used in glass, solar panels, batteries and other products.

Cash flow and capital allocation

• Free cash flow is the primary performance measure; LTM FCF was $166 million through September 30, 2026, excluding a $39 million soda ash investment.

• Since 2015, cost cuts, asset sales and use of internally generated cash flow retired nearly $1.5 billion of debt, preferred equity and warrants.

• LTM interest expense was more than $90 million below the level ten years earlier; preferred equity redemption saved an additional $30 million annually.

• Post-debt-retirement priorities are unitholder distributions, unit repurchases at material discounts to intrinsic value, then opportunistic acquisitions and investments.

Distribution and debt

• Repaid the remaining $13 million credit-facility balance in Q3 2026; $14 million of debt remained at September 30, scheduled for repayment at December maturity.

• Q3 2026 FCF of $44.779 million, less $13.084 million for debt repayment, left $31.700 million available for common unitholder and GP distributions, or $2.34 per unit.