Dorchester Minerals (DMLP) Investor presentation summary

Investment highlights

• Formulaic, unlevered, and unhedged distribution structure with a sustainable cost base and no double taxation.

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

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

• Active portfolio management and assertive revenue recovery strategies enhance value.

• Management is aligned with unitholders, with significant LP ownership and no incentive for dilutive transactions.

Industry observations and trends

• Industry consolidation is driven by capital efficiency and resource inventory expansion.

• Operators prioritize returning capital to investors over production growth.

• Premium drilling inventory is finite, making organic reserve replacement challenging.

• Mineral ownership remains fragmented, presenting aggregation opportunities.

• Unhedged position provides direct exposure to oil price increases, but Permian gas faces takeaway constraints and discounts.

Mineral portfolio overview

• Major positions in the Permian (96,500 nma), Bakken/Three Forks (10,200 nma), and other basins.

• Permian assets include Midland and Delaware Basins with large, contiguous acreage and ongoing development.

• Bakken/Three Forks remains a core area with significant unleased minerals and NPI revenue contribution.

• Additional exposure in Appalachia, Rockies, Southeast, and Mid-Continent regions.