Natural Resource Partners (NRP) investor relations material

Executive summary

• Generated $42 million of free cash flow in Q2 2026 and $163 million over the last 12 months before a $39 million soda ash investment in Q1.

• Revenues and other income for the six months ended June 30, 2026, were $87.5 million, down 21% year-over-year, driven by declines in both Mineral Rights and Soda Ash segments.

• Net income for Q2 2026 was $25.2 million, with operating cash flow of $41.0 million and free cash flow of $41.7 million.

• Nearly debt-free after paying off the bank revolver, with only $14 million of debt outstanding.

• Plan to significantly raise distributions starting in November, barring unforeseen events.

Financial highlights

• Q2 2026 net income was $25.2 million, operating cash flow $41 million, and free cash flow $41.7 million.

• Mineral rights segment generated $36 million net income and $45 million operating/free cash flow in Q2.

• Mineral Rights segment revenues increased $6.1 million year-over-year, driven by higher coal sales volumes and prices.

• Soda Ash segment net income fell to $7 million, with operating/free cash flow each down $5 million year-over-year.

• Operating expenses increased 31% to $40.6 million, mainly from higher depreciation, depletion, and amortization.

Outlook and guidance

• Expect to significantly increase unitholder distributions for the next quarterly distribution in November.

• No distributions from Sisecam Wyoming are expected for several years until the soda ash market recovers.

• The Board will continue to determine future distributions quarterly, considering profitability, cash flow, debt service, and market conditions.

• Domestic soda ash prices expected to decline as contract negotiations close the gap with international prices.

• Weak global soda ash market and soft steel demand are expected to persist, impacting segment performance.