Dorchester Minerals (DMLP) Investor Presentation summary

Investment highlights and strategy

• Holds a long-life resource base with exposure to multiple basins and a history of reserve replacement.

• Asset base includes undeveloped, perpetual minerals and optionality with unleased mineral positions.

• Maintains an unlevered and unhedged capital structure, with formulaic distributions and sustainable costs.

• Focuses on accretive acquisitions and active portfolio management to enhance value.

• Management is aligned with unitholders, with non-dilutive equity compensation and assertive revenue recovery.

Industry trends and market environment

• Industry consolidation has improved capital efficiency but created uncertainty in development plans.

• Operators prioritize returning capital to investors over production growth; optimism exists for natural gas demand.

• Mineral ownership remains fragmented, offering aggregation opportunities amid a competitive acquisition environment.

• Remaining unhedged provides direct exposure to commodity prices; unlevered structure supports resilience in low-price environments.

2024 acquisition activity

• Expanded Permian inventory with Q3 2024 acquisition: 14,225 net royalty acres in TX & NM, 65% Delaware, 35% Midland.

• Issued 6,721,144 units for Permian contributors; exposure to top operators with long-term development profiles.

• DJ Basin acquisitions in Q1 and Q3 2024 added 2,689 net royalty acres and over 1 million units issued.

• Acquisitions expand inventory with minimal incremental G&A.