WhiteHawk Minerals (WHK) Investor presentation summary

Portfolio and basin exposure

• Natural gas-focused minerals and royalties platform with ~3.6MM gross unit acres across Appalachia, Haynesville, Mid-Continent and other areas; figures as of 9/30/26 exclude the SJM II acquisition closed 11/12/26.

• Asset base includes 975,000 gross unit acres in Appalachia, 775,000 in Haynesville, 1.7MM in Mid-Continent and 150,000 in other areas; total net royalty acres 156,616.

• Q3 2026 production mix: Appalachia 59%, Haynesville 22%, Mid-Continent 11% and other 9%.

• Appalachia produced ~38% of U.S. natural gas in 2025; leading operators turned in line 47% of Appalachia wells in 2024 and 2025 across the acreage position.

Q3 2026 performance

• Net production 71.3 MMcfe/d; adjusted EBITDA $21.1 million for the three months ended 9/30/26.

• Cash Available for Distribution $18.0 million, or $0.65 per share, for the three months ended 9/30/26.

• Common equity cash dividend $0.50 per share for the quarter, equivalent to $2.00 annualized; future dividends remain subject to Board approval and other conditions.

• Capitalization at 9/30/26: $62.5 million total debt, $96.5 million preferred equity, $744.7 million common equity and $23.6 million cash.

Acquisition strategy

• Nine large acquisitions completed since 2022; strategy targets $3–$5 billion of private-equity-owned natural gas mineral and royalty interests nearing the end of investment cycles and fund lives.

• Q3 2026 acquisitions comprised 13 transactions for $45.5 million, adding ~600,000 gross unit acres and 5,102 net royalty acres.

• Acquired assets are projected to generate $5.6 million of 2027E cash flow and $7.5 million of 2028E cash flow.

• Management cites a ~33x current portfolio multiple remaining on existing acreage and emphasizes accretive consolidation through in-basin relationships and proprietary deal flow.