Dorchester Minerals (DMLP) Status Update summary

Asset and management highlights

• Maintains a long-life resource base with exposure to multiple basins and a history of upward reserve revisions.

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

• Operates with a formulaic distribution, unlevered and unhedged structure, and sustainable cost structure.

• Pursues accretive acquisition opportunities and active portfolio management to enhance value.

• Aligns management incentives with unitholders through non-dilutive equity compensation.

Acquisition activity in 2024

• Expanded Permian inventory with 14,225 net royalty acres across 14 Texas and New Mexico counties in Q3 2024.

• Issued 6,721,144 units for Permian acquisition, with 65% in Delaware and 35% in Midland basins.

• DJ Basin acquisitions included 1,485 net royalty acres in Q1 and 1,204 in Q3, with over 1 million units issued.

• Average monthly cash receipts from Permian acquisition reached $2.5 million for July and August 2024.

Production performance

• Oil production increased 38%, gas production rose 34%, and NGL production surged 207% from 2019 to 2024.

• Oil volumes sustained by Bakken and Midland Basin development; gas volumes supported by associated gas in Bakken and Permian.

• Topline NPI production driven by high-impact Bakken participation, with baseline supported by Midland Basin after-payout working interest.