Natural Resource Partners (NRP) Investor presentation summary

Management philosophy and strengths

• Executive team and board own 25% of outstanding units, aligning interests with unitholders.

• Focus on long-term value creation, not short-term earnings guidance.

• Intrinsic value, defined as present value of future cash flows per unit, guides all decisions.

• Specialized in managing passive interests in natural resource assets, facing limited competition.

• Organizational culture emphasizes patience, discipline, and independent thinking.

Asset portfolio and business model

• Owns 13 million acres of mineral interests and property rights across the U.S., including 3.5 million acres for CO2 sequestration.

• Holds a 49% stake in Sisecam Wyoming, a major natural soda ash producer.

• Assets provide inputs for steel, electricity, building materials, renewable energy, and batteries.

• Operates a leasing model, collecting royalties and fees from operators; does not conduct direct operations.

Financial performance and capital allocation

• Free cash flow (FCF) is the primary performance metric, with significant volatility due to commodity price swings.

• Over $1.4 billion in debt, preferred equity, and warrants retired since 2015, reducing annual interest and preferred equity costs by over $110 million.

• After debt retirement, capital priorities are unitholder distributions, unit repurchases at discounts to intrinsic value, and opportunistic acquisitions.

• As of 3/31/26, total capital is $1.47 billion (market value), with $60 million in debt.