# EDGAR Filing Document

**Accession Number:** 0001172358
**File Stem:** 0001437749-25-025427
**Filing Date:** 2025-8
**Character Count:** 71531
**Document Hash:** cb0425fac8b0bb207b3527291bcd53e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-025427.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001437749-25-025427

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DORCHESTER MINERALS, L.P.
- **CENTRAL INDEX KEY:** 0001172358
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 810551518
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50175
- **FILM NUMBER:** 251194084

**BUSINESS ADDRESS:**
- **STREET 1:** 3838 OAK LAWN AVENUE
- **STREET 2:** SUITE 300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219-4541
- **BUSINESS PHONE:** 2145590300

**MAIL ADDRESS:**
- **STREET 1:** 3838 OAK LAWN AVENUE
- **STREET 2:** SUITE 300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219-4541

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DORCHESTER MINERALS LP
- **DATE OF NAME CHANGE:** 20020430

?xml version='1.0' encoding='ASCII'? dmlp20250630_10q.htm

[<u>**Table of Contents**</u>](#toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

 **Washington, DC. 20549**

**FORM 10-Q**

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended **June 30, 2025**

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: **000-50175**

**DORCHESTER MINERALS, L.P.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **81-0551518** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**3838 Oak Lawn Avenue, Suite 300, Dallas, Texas 75219**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(214) 559-0300**

**None**

(Former name, former address and former fiscal year, if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which** <br> **registered** |
| <br>Common Units Representing Limited<br> Partnership Interest<br>| DMLP | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | |
|:---|:---|:---|
| Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
| Smaller reporting company ☐ | Emerging growth company ☐ |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of common units representing limited partnership interests outstanding as of August 7, 2025: 47,339,756

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[**Table of Contents**](#toc)

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| [**<u>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</u>**](#disclosure) | [**<u>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</u>**](#disclosure) | [**<u>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</u>**](#disclosure) | [<u>1</u>](#disclosure) |
| [**<u>PART I</u>** <u>–</u> **<u>FINANCIAL INFORMATION</u>**](#part_1) | [**<u>PART I</u>** <u>–</u> **<u>FINANCIAL INFORMATION</u>**](#part_1) | [**<u>PART I</u>** <u>–</u> **<u>FINANCIAL INFORMATION</u>**](#part_1) | [<u>1</u>](#part_1) |
|  | **ITEM 1.** | [**<u>FINANCIAL STATEMENTS (UNAUDITED)</u>**](#financial_state) | [<u>1</u>](#financial_state) |
|  |  | [**<u>CONDENSED CONSOLIDATED BALANCE SHEETS</u>**](#balance_sheet) | [<u>2</u>](#balance_sheet) |
|  |  | [**<u>CONDENSED CONSOLIDATED INCOME STATEMENTS</u>**](#income_state) | [<u>3</u>](#income_state) |
|  |  | [**<u>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL</u>**](#capital) | [<u>4</u>](#capital) |
|  |  | [**<u>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</u>**](#cash_flow) | [<u>5</u>](#cash_flow) |
|  |  | [**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**](#notes) | [<u>6</u>](#notes) |
|  | **ITEM 2.**  | [**<u>MANAGEMENT</u>**<u>'</u>**<u>S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>**](#management) | [8](#management) |
|  | **ITEM 3.** | [**<u>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>**](#quantitative) | [12](#quantitative) |
|  | **ITEM 4.** | [**<u>CONTROLS AND PROCEDURES</u>**](#controls) | [12](#controls) |
| [**<u>PART II</u>** <u>–</u> **<u>OTHER INFORMATION</u>**](#part_2) | [**<u>PART II</u>** <u>–</u> **<u>OTHER INFORMATION</u>**](#part_2) | [**<u>PART II</u>** <u>–</u> **<u>OTHER INFORMATION</u>**](#part_2) | [12](#part_2) |
|  | **ITEM 1.** | [**<u>LEGAL PROCEEDINGS</u>**](#legal) | [12](#legal) |
|  | **ITEM 1A.** | [**<u>RISK FACTORS</u>**](#risk) | [12](#risk) |
|  | **ITEM 2.** | [**UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**](#Issuer_Purchases) | [12](#Issuer_Purchases) |
|  | **ITEM 5.** | **[OTHER INFORMATION](#Other_Information)** | [12](#Other_Information) |
|  | **ITEM 6.** | [**<u>EXHIBITS</u>**](#exhibits) | [13](#exhibits) |
| [**<u>SIGNATURES</u>**](#sigs) | [**<u>SIGNATURES</u>**](#sigs) | [**<u>SIGNATURES</u>**](#sigs) | [15](#sigs) |

---

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DORCHESTER MINERALS, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A Delaware Limited Partnership)

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

Statements included in this report (this "Quarterly Report") that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto), are forward-looking statements. These statements can be identified by the use of forward-looking terminology including "may," "believe," "will," "expect," "anticipate," "estimate," "continue," or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information. In this Quarterly Report, the terms "us," "our," "we," and "its" are sometimes used as abbreviated references to the Partnership.

These forward-looking statements are made based upon management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and, therefore, involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements for a number of important reasons, including those discussed under "Item 1A – Risk Factors" in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report") and in this Quarterly Report, in the Partnership's other filings with the SEC and elsewhere in this Quarterly Report. Examples of such reasons include, but are not limited to, changes in the price or demand for oil and natural gas, public health crises, the conflict in Ukraine, the conflict in the Middle East, changes in the operations on or development of our properties, changes in economic and industry conditions (including changes to tariff and import/export regulations by the United States or other countries) and changes in regulatory requirements (including changes in environmental requirements) and our financial position, business strategy and other plans and objectives for future operations.

You should read these statements carefully because they may discuss our expectations about our future performance, contain projections of our future operating results or our future financial condition, or state other forward-looking information. Before you invest, you should be aware that the occurrence of any of the events herein described in "Item 1A – Risk Factors" in the Partnership's Annual Report and its other filings with the SEC and elsewhere in this Quarterly Report could substantially harm our business, results of operations and financial condition and that upon the occurrence of any of these events, the trading price of our common units could decline, and you could lose all or part of your investment.

**PART I** – **FINANCIAL INFORMATION**

---

| | |
|:---|:---|
| **ITEM 1.** | **FINANCIAL STATEMENTS** |

---

See attached financial statements on the following pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DORCHESTER MINERALS, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A Delaware Limited Partnership)

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In Thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***June 30,*** | ***December 31,*** |
|  | ***2025*** | ***2024*** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $36514 | $42508 |
| Trade and other receivables | 16995 | 19780 |
| Net profits interest receivable - related party | 6208 | 5544 |
| Total current assets | 59717 | 67832 |
| Oil and natural gas properties (full cost method) | 725932 | 727446 |
| Accumulated full cost depletion | (460857) | (429435) |
| Total | 265075 | 298011 |
| Leasehold improvements | 989 | 989 |
| Accumulated amortization | (652) | (606) |
| Total | 337 | 383 |
| Operating lease right-of-use asset | 503 | 586 |
| Total assets | $325632 | $366812 |
| **LIABILITIES AND PARTNERSHIP CAPITAL** |  |  |
| Current liabilities: |  |  |
| Accounts payable and other current liabilities | $4886 | $3984 |
| Operating lease liability | 259 | 263 |
| Total current liabilities | 5145 | 4247 |
| Operating lease liability | 648 | 777 |
| Total liabilities | 5793 | 5024 |
| Commitments and contingencies (Note 4) |  |  |
| Partnership capital: |  |  |
| General Partner | (3497) | (1997) |
| Unitholders (47,340 common units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 323336 | 363785 |
| Total partnership capital | 319839 | 361788 |
| Total liabilities and partnership capital | $325632 | $366812 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DORCHESTER MINERALS, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A Delaware Limited Partnership)

**CONDENSED CONSOLIDATED INCOME STATEMENTS**

**(In Thousands, except per unit amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended*** | ***Three Months Ended*** | ***Six Months Ended*** | ***Six Months Ended*** |
|  | ***June 30,*** | ***June 30,*** | ***June 30,*** | ***June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Operating revenues |  |  |  |  |
| Royalties | $24432 | $31636 | $62262 | $56513 |
| Net profits interest | 3794 | 5244 | 8587 | 10842 |
| Lease bonus | 3696 | 97 | 3807 | 142 |
| &nbsp;&nbsp;&nbsp; Other | 473 | 383 | 903 | 842 |
| Total operating revenues | 32395 | 37360 | 75559 | 68339 |
| Costs and expenses |  |  |  |  |
| Operating, including production taxes | 2517 | 3515 | 6964 | 6138 |
| Depreciation, depletion and amortization | 14709 | 7666 | 31468 | 14586 |
| General and administrative | 2822 | 2551 | 7138 | 5820 |
| Total costs and expenses | 20048 | 13732 | 45570 | 26544 |
| Net income | $12347 | $23628 | $29989 | $41795 |
| Allocation of net income |  |  |  |  |
| General Partner | $442 | $826 | $1074 | $1431 |
| Unitholders | $11905 | $22802 | $28915 | $40364 |
| Net income per common unit (basic and diluted) | $0.25 | $0.57 | $0.61 | $1.01 |
| Weighted average basic and diluted common units outstanding | 47340 | 40088 | 47340 | 39847 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DORCHESTER MINERALS, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A Delaware Limited Partnership)

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL**

**(In Thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***General Partner*** | ***Unitholders*** | ***Total*** | ***Unitholder Units*** |
| **Three Months Ended June 30, 2024** |  |  |  |  |
| Balance at April 1, 2024 | $(799) | $180152 | $179353 | 40088 |
| Net income | 826 | 22802 | 23628 |  |
| Distributions ($0.781837 per common unit) | (1092) | (31343) | (32435) |  |
| Balance at June 30, 2024 | $(1065) | $171611 | $170546 | 40088 |
| **Three Months Ended June 30, 2025** |  |  |  |  |
| Balance at April 1, 2025 | $(2656) | $345791 | $343135 | 47340 |
| Net income | 442 | 11905 | 12347 |  |
| Distributions ($0.725835 per common unit) | (1283) | (34360) | (35643) |  |
| Balance at June 30, 2025 | $(3497) | $323336 | $319839 | 47340 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***General Partner*** | ***Unitholders*** | ***Total*** | ***Unitholder Units*** |
| **Six Months Ended June 30, 2024** |  |  |  |  |
| Balance at January 1, 2024 | $113 | $185444 | $185557 | 39583 |
| Net income | 1431 | 40364 | 41795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of oil and natural gas properties for common units |  | 17041 | 17041 | 505 |
| Distributions ($1.789711 per common unit) | (2609) | (71238) | (73847) |  |
| Balance at June 30, 2024 | $(1065) | $171611 | $170546 | 40088 |
| **Six Months Ended June 30, 2025** |  |  |  |  |
| Balance at January 1, 2025 | $(1997) | $363785 | $361788 | 47340 |
| Net income | 1074 | 28915 | 29989 |  |
| Distributions ($1.465247 per common unit) | (2574) | (69364) | (71938) |  |
| Balance at June 30, 2025 | $(3497) | $323336 | $319839 | 47340 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DORCHESTER MINERALS, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A Delaware Limited Partnership)

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In Thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***Six Months Ended*** | ***Six Months Ended*** |
|  | ***June 30,*** | ***June 30,*** |
|  | ***2025*** | ***2024*** |
| Net cash provided by operating activities | $63916 | $57388 |
| Cash flows provided by investing activities: |  |  |
| Net cash contributed in acquisitions of oil and natural gas properties | 2028 | 4595 |
| Cash flows used in financing activities: |  |  |
| Distributions paid to General Partner and unitholders | (71938) | (73847) |
| Decrease in cash and cash equivalents | (5994) | (11864) |
| Cash and cash equivalents at beginning of period | 42508 | 47025 |
| Cash and cash equivalents at end of period | $36514 | $35161 |
| Non-cash investing and financing activities: |  |  |
| Fair value of common units issued for acquisition of oil and natural gas properties | $- | $17041 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DORCHESTER MINERALS, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A Delaware Limited Partnership)

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

***1.*** **Business and Basis of Presentation**

**Description of the Business**

Dorchester Minerals, L.P. (the "Partnership") is a publicly traded Delaware limited partnership that commenced operations on *January 31, 2003.* Our business *may* be described as the acquisition, ownership and administration of Royalty Properties (which consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 594 counties and parishes in 28 states ("Royalty Properties")) and net profits overriding royalty interests (referred to as the "Net Profits Interest", or "NPI").

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The unaudited condensed consolidated financial statements do *not* include all of the disclosures required for complete annual financial statements prepared in conformity with U.S. GAAP. Therefore, the accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership's Annual Report. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring adjustments unless indicated otherwise) that are, in the opinion of management, necessary for the fair presentation of our financial position and operating results for the interim period. Interim period results are *not* necessarily indicative of the results for the calendar year. Per unit information is calculated by dividing the income or loss applicable to holders of the Partnership's common units by the weighted average number of units outstanding. The Partnership has no potentially dilutive securities and, consequently, basic and diluted income per unit do *not* differ.

The unaudited condensed consolidated financial statements include the accounts of the Partnership and its wholly-owned subsidiaries Dorchester Minerals Oklahoma LP, Dorchester Minerals Oklahoma GP, Inc., Maecenas Minerals LLP, Dorchester-Maecenas GP LLC, The Buffalo Co., A Limited Partnership, DMLPTBC GP LLC, and DMLP Terra Firma LLC. All significant intercompany balances and transactions have been eliminated in consolidation.

***2.*** **Summary of Significant Accounting Policies**

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each circumstance. Any effects on the Partnership's business, financial position, or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Although the Partnership believes these estimates are reasonable, actual results could differ from those estimates.

**Recent Accounting Pronouncements**

*Accounting Pronouncements *Not* Yet Adopted*

In *November 2024,* the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") *2024*-*03,* "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses" ("ASU *2024*-*03"*), which requires public entities to disclose additional information about certain costs and expenses included in relevant expense captions presented on the income statement. ASU *2024*-*03* is effective for annual periods beginning after *December 15, 2026,* and for interim periods within annual reporting periods beginning after *December 15, 2027,* with early adoption permitted. Management is currently evaluating ASU *2024*-*03* to determine its impact on the Partnership's disclosures.

The Partnership considers the applicability and impact of all ASUs. There are *no* other recent accounting pronouncements *not* yet adopted that are expected to have a material effect on the Partnership upon adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *6*

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***3.*** **Acquisitions for Common Units**

On *September 30, 2024,* pursuant to a non-taxable contribution and exchange agreement with West Texas Minerals LLC, a Delaware limited liability company, Carrollton Mineral Partners, LP, a Texas limited partnership, Carrollton Mineral Partners Fund II, LP, a Texas limited partnership, Carrollton Mineral Partners III, LP, a Texas limited partnership, Carrollton Mineral Partners III-B, LP, a Texas limited partnership, Carrollton Mineral Partners IV, LP, a Texas limited partnership, CMP Permian, LP, a Texas limited partnership, CMP Glasscock, LP, a Texas limited partnership, and Carrollton Royalty, LP, a Texas limited partnership (collectively, the "Contributors"), the Partnership acquired mineral, royalty, and overriding royalty interests in producing and non-producing oil and natural gas properties representing approximately 14,225 net mineral acres located in 14 counties across New Mexico and Texas in exchange for 6,721,144 common units representing limited partnership interests in the Partnership valued at $202.6 million and issued pursuant to the Partnership's registration statements on Form S-*4.* We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. The condensed consolidated balance sheet as of *December 31, 2024* includes $193.7 million of net proved oil and natural gas properties acquired in the transaction. Final settlement net cash received, net of capitalized transaction costs paid, of $2.0 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the *six* months ended *June 30, 2025.*

On *September 30, 2024,* pursuant to a non-taxable contribution and exchange agreement with an unrelated *third* party, the Partnership acquired royalty interests totaling approximately 1,204 net royalty acres located in Weld County, Colorado in exchange for 530,000 common units representing limited partnership interests in the Partnership valued at $16.0 million and issued pursuant to the Partnership's registration statement on Form S-*4.* We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. The condensed consolidated balance sheet as of *December 31, 2024* includes $14.6 million of net proved oil and natural gas properties acquired in the transaction.

On *March 28, 2024,* pursuant to a non-taxable contribution and exchange agreement with multiple unrelated *third* parties, the Partnership acquired mineral interests totaling approximately 1,485 net royalty acres located in two counties in Colorado in exchange for 505,369 common units representing limited partnership interests in the Partnership valued at $17.0 million and issued pursuant to the Partnership's registration statement on Form S-*4.* We believe that the acquisition is considered complementary to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the cost of the acquisition was allocated on a relative fair value basis and transaction costs were capitalized as a component of the cost of the assets acquired. Contributed cash delivered at closing and final settlement net cash received, net of capitalized transaction costs paid, of $4.4 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the six months ended *June 30,* 2024. The condensed consolidated balance sheet as of *December 31, 2024* includes $12.3 million of net proved oil and natural gas properties acquired in the transaction.

***4.*** **Commitments and Contingencies**

Our Partnership and Dorchester Minerals Operating LP, a Delaware limited partnership owned directly and indirectly by our General Partner, are involved in legal and/or administrative proceedings arising in the ordinary course of their businesses, *none* of which have predictable outcomes and *none* of which are believed to have any significant effect on consolidated financial position, cash flows, or operating results.

***5.*** **Distributions to Holders of Common Units**

On *July 24, 2025,* the Partnership announced its cash distribution for the *second* quarter of *2025* of $0.620216 per common unit, representing activity for the *three*-month period ended *June 30, 2025,* payable to common unitholders of record as of *August 4, 2025.* This distribution will be paid on *August 14, 2025.* The partnership agreement requires the next cash distribution to be paid by *November 14, 2025.*

***6.*** **Segment Reporting**

The Partnership operates in a single operating and reportable segment. The Partnership's Chief Executive Officer ("CEO") has been determined to be the chief operating decision maker of the Partnership. The CEO uses Net income to assess financial performance and allocate resources on a consolidated basis. The CEO manages and evaluates the results of the Partnership on a consolidated basis, and Net income is used to evaluate key operating decisions, such as making strategic acquisitions, determining transaction structures to capitalize on the development of the properties underlying our mineral interests, and allocating resources for general and administrative expenditures. Disaggregated operating revenues of the Partnership's single segment and all significant segment expenses are presented separately on the Partnership's Condensed Consolidated Income Statements. There are *no* other significant segment expenses or other segment items that would require disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *7*

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| | |
|:---|:---|
| **ITEM 2.** | **MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |

---

The following discussion contains forward-looking statements. For a description of limitations inherent in forward-looking statements, see page 1 of this Quarterly Report.

**Objective**

This discussion, which presents our results of operations for the three and six months ended June 30, 2025 and 2024, should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period, and the primary factors that accounted for those changes.

**Overview**

We own producing and nonproducing mineral, royalty, overriding royalty, net profits and leasehold interests. We refer to these interests as the Royalty Properties. We currently own Royalty Properties in 594 counties and parishes in 28 states.

As of June 30, 2025, we own a net profits overriding royalty interest (referred to as the "Net Profits Interest", or "NPI") in various properties owned by Dorchester Minerals Operating LP (the "Operating Partnership"), a Delaware limited partnership owned directly and indirectly by our General Partner. We receive a monthly payment from the NPI equaling 96.97% of the net profits actually realized by the Operating Partnership from these properties in the preceding month. In the event that costs, including budgeted capital expenditures, exceed revenues on a cash basis in a given month for properties subject to the Net Profits Interest, no payment is made, and any deficit is accumulated and reflected in the following month's calculation of net profit.

In the event the NPI has a deficit of cumulative revenue versus cumulative costs, the deficit will be borne solely by the Operating Partnership.

From a cash perspective, as of June 30, 2025, the NPI was in a surplus position and had outstanding capital commitments, primarily in the Bakken region, equaling cash on hand of $7.3 million.

**Commodity Price Risks**

The pricing of oil and natural gas sales is primarily determined by supply and demand in the global marketplace and can fluctuate considerably. As a royalty owner and non-operator, we have extremely limited access to timely information and no operational control over the volumes of oil and natural gas produced and sold or the terms and conditions on which such volumes are marketed and sold.

Our profitability is affected by oil and natural gas market prices. Oil and natural gas market prices have fluctuated significantly in recent years in response to factors outside of our control, including the war in Ukraine, conflicts in the Middle East, fluctuations in interest rates, global supply chain disruptions and actions taken by OPEC+. It is not possible for us to predict or determine how these factors might affect oil and natural gas market prices in the future. We continue to monitor factors impacting commodity supply and demand situations, including changes to tariff and import/export regulations by the United States or other countries, and assess their impact on our business.

**Tariffs and Trading Relationships**

In April 2025, the U.S. government announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits, including China. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the U.S. government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Current uncertainties about tariffs and their effects on trading relationships may affect costs for and availability of raw materials or contribute to inflation in the markets in which we own properties. Although we are continuing to monitor the economic effects of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.

Global oil markets are contending with tariff impacts, geopolitical tensions, and oil supply dynamics, including the evolving OPEC+ production strategy and potential constraints on Iranian, Russian, and Venezuelan oil exports. While recent volatility in commodity prices is not immediately driving changes in North American production activity, oil producers are evaluating a range of scenarios in anticipation of oil price pressure in light of the foregoing. Gas producers could prove to be beneficiaries of potentially lower associated gas production in oil-weighted basins if oil production is curtailed. Larger, well-capitalized producers, that comprise a greater portion of present North American shale production, are better able to withstand a broader range of commodity prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8

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**Results of Operations**

***Acquisitions for Common Units***

On September 30, 2024, pursuant to a non-taxable contribution and exchange agreement with West Texas Minerals LLC, a Delaware limited liability company, Carrollton Mineral Partners, LP, a Texas limited partnership, Carrollton Mineral Partners Fund II, LP, a Texas limited partnership, Carrollton Mineral Partners III, LP, a Texas limited partnership, Carrollton Mineral Partners III-B, LP, a Texas limited partnership, Carrollton Mineral Partners IV, LP, a Texas limited partnership, CMP Permian, LP, a Texas limited partnership, CMP Glasscock, LP, a Texas limited partnership, and Carrollton Royalty, LP, a Texas limited partnership (collectively, the "Contributors"), the Partnership acquired mineral, royalty, and overriding royalty interests in producing and non-producing oil and natural gas properties representing approximately 14,225 net mineral acres located in 14 counties across New Mexico and Texas in exchange for 6,721,144 common units representing limited partnership interests in the Partnership valued at $202.6 million and issued pursuant to the Partnership's registration statements on Form S-4. Final settlement net cash received, net of capitalized transaction costs paid, of $2.0 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the six months ended June 30, 2025.

On September 30, 2024, pursuant to a non-taxable contribution and exchange agreement with an unrelated third party, the Partnership acquired royalty interests totaling approximately 1,204 net royalty acres located in Weld County, Colorado in exchange for 530,000 common units representing limited partnership interests in the Partnership valued at $16.0 million and issued pursuant to the Partnership's registration statement on Form S-4.

On March 28, 2024, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral interests totaling approximately 1,485 net royalty acres located in two counties in Colorado in exchange for 505,369 common units representing limited partnership interests in the Partnership valued at $17.0 million and issued pursuant to the Partnership's registration statement on Form S-4. Contributed cash delivered at closing and final settlement net cash received, net of capitalized transaction costs paid, of $4.4 million is included in net cash contributed in acquisitions on the condensed consolidated statement of cash flows for the six months ended June 30, 2024.

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***Three and Six Months Ended June 30, 2025 as compared to Three and Six Months Ended June 30, 2024***

 ****

Our period-to-period changes in net income and cash flows from operating activities are principally determined by changes in oil and natural gas sales volumes and prices, and to a lesser extent, by capital expenditures deducted under the NPI calculation. Our portion of oil and natural gas sales volumes and average sales prices are shown in the following table. Oil sales volumes include volumes attributable to natural gas liquids and oil sales prices include natural gas liquids prices combined by volumetric proportions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  | **Six Months Ended** | **Six Months Ended** |  |
|  | **June 30,** | **June 30,** |  | **June 30,** | **June 30,** |  |
| Accrual basis sales volumes: | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Royalty Properties natural gas sales (mmcf) | 1341 | 1275 | 5% | 2824 | 2543 | 11% |
| Royalty Properties oil sales (mbbls) | 399 | 423 | (6)% | 917 | 766 | 20% |
| NPI natural gas sales (mmcf) | 493 | 493 | -% | 929 | 982 | (5)% |
| NPI oil sales (mbbls) | 163 | 131 | 24% | 298 | 307 | (3)% |
| Accrual basis average sales prices: |  |  |  |  |  |  |
| Royalty Properties natural gas sales ($/mcf) | $1.39 | $1.47 | (5)% | $2.50 | $1.54 | 62% |
| Royalty Properties oil sales ($/bbl) | $56.51 | $70.28 | (20)% | $60.18 | $68.63 | (12)% |
| NPI natural gas sales ($/mcf) | $2.20 | $2.34 | (6)% | $3.00 | $1.93 | 55% |
| NPI oil sales ($/bbl) | $61.86 | $69.26 | (11)% | $61.62 | $67.61 | (9)% |

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Both oil and natural gas sales price changes reflected in the table above resulted from changing market conditions.

The decrease in oil sales volumes attributable to our Royalty Properties from the second quarter of 2024 to the same period of 2025 is primarily a result of lower suspense releases on new wells on legacy acreage and decreased baseline production from legacy wells, partially offset by suspense releases on first time payments and increased baseline production from Permian Basin properties acquired in the third quarter of 2024. The increase in oil sales volumes attributable to our Royalty Properties from the first six months of 2024 to the same period of 2025 is primarily a result of suspense releases on first time payments and increased baseline production from Permian Basin properties acquired in the third quarter of 2024, increased baseline production from Rockies wells acquired in the first and third quarters of 2024, and increased second quarter of 2025 baseline production from Permian Basin legacy wells, partially offset by lower suspense releases on new wells on legacy acreage in the Permian Basin in the second quarter of 2025. The increases in natural gas sales volumes attributable to our Royalty Properties from the second quarter and first six months of 2024 to the same periods of 2025 are primarily a result of suspense releases on first time payments and increased baseline production from Permian Basin properties acquired in the third quarter of 2024 and increased baseline production from wells acquired in the first and third quarters of 2024 in the Rockies, partially offset by lower suspense releases on new wells on legacy acreage in the Permian Basin in the second quarter of 2025 and lower suspense releases on new wells on legacy acreage and decreased baseline production on legacy wells in the Mid-Continent and East Texas.

The increase in oil sales volumes attributable to our NPI properties from the second quarter of 2024 to the same period of 2025 is primarily a result of higher suspense releases on new wells in the Permian Basin, partially offset by lower suspense releases on new wells in the Bakken region. The decrease in oil sales volumes attributable to our NPI properties from the first six months of 2024 to the same period of 2025 is primarily a result of decreased baseline production in the Permian Basin and Bakken region and lower suspense releases on new wells in the Bakken region, partially offset by higher suspense releases on new wells in the Permian Basin in the second quarter of 2025. Natural gas sales volumes attributable to our NPI properties remained flat from the second quarter of 2024 to the same period of 2025. The lack of change is primarily a result of higher suspense release on new wells in the Permian Basin, offset by decreased baseline production and lower suspense releases on new wells in the Mid-Continent and Bakken region and decreased Fayetteville Shale production in 2025 and higher prior period adjustments in 2024. The decrease in natural gas sales volumes attributable to our NPI properties from the first six months of 2024 to the same period of 2025 is primarily a result of decreased baseline production and lower suspense releases on new wells in the Mid-Continent and Bakken region and decreased Fayetteville Shale production in 2025 and to higher prior period adjustments in 2024, partially offset by increased suspense releases on new wells in the Permian Basin.

Lease bonus revenue for the second quarter and first six months of 2025 is primarily attributable to the receipt of $3.6 million from the extension of a lease that was originally executed on November 6, 2023, in Reagan County, Texas for $15,000 per acre and retained a 25% royalty.

Operating costs, including production taxes, decreased 28% from the second quarter of 2024 to the same period of 2025. The decrease is primarily the result of lower proportionate production taxes and post-production costs, such as transportation, due to lower oil sales volumes and revenue. Operating costs, including production taxes, increased 13% from the first six months of 2024 to the same period of 2025. The increase is primarily a result of higher proportionate production taxes due to higher oil and natural gas sales revenue, higher proportionate post-production costs, such as compression, transportation, processing, and marketing, due to higher oil and natural gas sales volumes, and higher ad valorem taxes attributable to our Royalty Properties.

Depreciation, depletion and amortization increased 92% from the second quarter of 2024 to the same period of 2025 and 116% from the first six months of 2024 to the same period of 2025. Depletion is the amount of cost basis of oil and natural gas properties at the beginning of a period attributable to the volume of reserves extracted during such period, calculated on a units-of-production basis. Estimates of proved developed producing reserves are a major component in the calculation of depletion. We adjust our depletion rate each quarter for significant changes in our estimates of oil and natural gas reserves, including recent acquisitions and suspense releases on new wells.

General and administrative expenses increased 11% from the second quarter of 2024 to the same period of 2025. The increase is primarily a result of increased data services costs and higher compensation expenses, including an expanded Operating Partnership equity program designed for employee retention, partially offset by decreased legal fees. General and administrative expenses increased 23% from the first six months of 2024 to the same period of 2025. The increase is primarily a result of increased legal fees in the first quarter of 2025, higher regulatory filing fees due to the Partnership's S-4 registration statement filing in the first quarter of 2025, increased data service costs, and higher compensation expenses, including an expanded Operating Partnership equity program designed for employee retention.

Net cash provided by operating activities increased 11% from the first six months of 2024 to the same period of 2025 primarily due to higher revenue receipts attributable to our Royalty Properties, net of production taxes and operating expenses and higher lease bonus receipts, partially offset by lower NPI payment receipts and higher general and administrative expenses.

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In an effort to provide the reader with information concerning prices of oil and natural gas sales that correspond to our quarterly distributions, management calculates the average price by dividing gross revenues received by the net volumes of the corresponding product without regard to the timing of the production to which such sales may be attributable. This "realized price" does not necessarily reflect the contract terms for such sales and may be affected by transportation costs, location differentials, and quality and gravity adjustments. While the relationship between our cash receipts and the timing of the production of oil and natural gas may be described generally, actual cash receipts may be materially impacted by purchasers' release of suspended funds and by purchasers' prior period adjustments.

Cash receipts attributable to our Royalty Properties during the second quarter of 2025 totaled $26.6 million. Approximately 73% of these receipts reflect oil sales during March 2025 through May 2025 and natural gas sales during February 2025 through April 2025, and approximately 27% from prior sales periods. The average realized prices for oil and natural gas sales cash receipts attributable to the Royalty Properties during the second quarter of 2025 were $59.60/bbl and $2.46/mcf, respectively.

Cash receipts attributable to the Partnership's NPI during the second quarter of 2025 totaled $3.1 million. Approximately 66% of these receipts reflect oil and natural gas sales during February 2025 through April 2025, and approximately 34% from prior sales periods. The average realized prices for oil and natural gas sales cash receipts attributable to the NPI properties during the second quarter of 2025 were $60.73/bbl and $3.09/mcf, respectively.

**Liquidity and Capital Resources**

***Capital Resources***

Our primary sources of capital, on both a short-term and long-term basis, are our cash flows from the Royalty Properties and the NPI. Our partnership agreement requires that we distribute quarterly an amount equal to all funds that we receive from Royalty Properties and NPIs (other than cash proceeds received by the Partnership from a public or private offering of securities of the Partnership) less certain expenses and reasonable reserves. Additional cash requirements include the payment of oil and natural gas production and property taxes not otherwise deducted from gross production revenues and general and administrative expenses incurred on our behalf and allocated to the Partnership in accordance with the partnership agreement. Because the distributions to our unitholders are, by definition, determined after the payment of all expenses actually paid by us, the only cash requirements that may create liquidity concerns for us are the payment of expenses. Because many of these expenses vary directly with oil and natural gas sales prices and volumes, we anticipate that sufficient funds will be available at all times for payment of these expenses. See Note 5 to the unaudited condensed consolidated financial statements included in "Item 1 – Financial Statements" of this Quarterly Report for additional information regarding cash distributions to unitholders.

***Contractual Obligations***

The Partnership leases its office space at 3838 Oak Lawn Avenue, Suite 300, Dallas, Texas, through an operating lease (the "Office Lease"). The third amendment to our Office Lease was executed in April 2017 for a term of 129 months, beginning June 1, 2018 and expiring in 2029. Under the third amendment to the Office Lease, monthly rental payments range from $25,000 to $30,000. Future maturities of Office Lease liabilities representing monthly cash rental payment obligations as of June 30, 2025 are summarized as follows:

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| | |
|:---|:---|
|  | (In Thousands) |
| 2025 | $182 |
| 2026 | 368 |
| 2027 | 374 |
| 2028 | 380 |
| 2029 | 63 |
| Total lease payments | 1367 |
| Less amount representing interest | (460) |
| Total lease obligation | $907 |

---

We are not directly liable for the payment of any exploration, development or production costs. We do not have any transactions, arrangements or other relationships that could materially affect our liquidity or the availability of capital resources. We have not guaranteed the debt of any other party, nor do we have any other arrangements or relationships with other entities that could potentially result in unconsolidated debt.

To the extent necessary to avoid unrelated business taxable income, our partnership agreement prohibits us from incurring indebtedness, excluding trade payables, in excess of $50,000 in the aggregate at any given time or which would constitute "acquisition indebtedness" (as defined in Section 514 of the Internal Revenue Code of 1986, as amended).

***Liquidity and Working Capital***

Cash and cash equivalents totaled $36.5 million at June 30, 2025 and $42.5 million at December 31, 2024.

**Critical Accounting Policies and Estimates**

As of June 30, 2025, there have been no significant changes to our critical accounting policies and related estimates previously disclosed in our Annual Report.

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| | |
|:---|:---|
| **ITEM 3.**  | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** |

---

There have been no significant changes in our exposure to market risk during the three months ended June 30, 2025. For a discussion of our exposure to market risk, refer to Item 7A of Part II of the Partnership's Annual Report.

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| | |
|:---|:---|
| **ITEM 4.**  | **CONTROLS AND PROCEDURES** |

---

**Evaluation of Disclosure Controls and Procedures**

As of the end of the period covered by this Quarterly Report, our principal executive officer and principal financial officer carried out an evaluation of the effectiveness of our disclosure controls and procedures. Based on their evaluation, they have concluded that our disclosure controls and procedures were effective.

**Changes in Internal Control**

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II** – **OTHER INFORMATION**

---

| | |
|:---|:---|
| **ITEM 1.**  | **LEGAL PROCEEDINGS** |

---

The Partnership and the Operating Partnership are involved in legal and/or administrative proceedings arising in the ordinary course of their businesses, none of which have predictable outcomes, and none of which are believed to have any material effect on consolidated financial position, cash flows, or operating results.

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| | |
|:---|:---|
| **ITEM 1A.**  | **RISK FACTORS** |

---

There have been no material changes to the Partnership's risk factors as disclosed under "Item 1A – Risk Factors" in the Partnership's Annual Report.

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| | |
|:---|:---|
| **ITEM 2.** | **UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS** |

---

**Issuer Purchases of Equity Securities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **(c)** |  |  |
|  |  |  |  | **Total** | **(d)** |  |
|  |  |  |  | **Number of** | **Maximum** |  |
|  |  |  |  | **Units** | **Number** |  |
|  |  |  |  | **Purchased** | **of Units that** |  |
|  |  |  |  | **as** | **May** |  |
|  |  |  |  | **Part of** | **Yet Be** |  |
|  | **(a)** |  | **(b)** | **Publicly** | **Purchased** |  |
|  | **Total** |  | **Average** | **Announced** | **Under the** |  |
|  | **Number of** |  | **Price** | **Plans** | **Plans** |  |
|  | **Units** |  | **Paid** | **or** | **or** |  |
| **Period** | **Purchased** |  | **per Unit** | **Programs** | **Programs** |  |
| April 1, 2025 – April 30, 2025 | 10000 | (2) | $28.76 | 10000 | 133306 | (1) |
| May 1, 2025 – May 31, 2025 |  |  | N/A |  | 133306 | (1) |
| June 1, 2025 – June 30, 2025 |  |  | N/A |  | 133306 | (1) |
| **Total** | 10000 |  | $28.76 | 10000 | 133306 | (1) |

---

<sup>(1)</sup> The number of common units that our General Partner may grant under the Dorchester Minerals Management LP Equity Incentive Program, originally adopted on May 20, 2015 by Dorchester Minerals Operating LP, the Partnership's sole limited partner, as amended and restated and adopted by the Partnership on October 20, 2022 and, subsequently, as amended and restated as of October 4, 2023, which was approved by our common unitholders on October 4, 2023 (the "Equity Incentive Program"), each fiscal year may not exceed 0.333% of the number of common units outstanding at the beginning of the fiscal year. In 2025, the maximum number of common units that could be purchased under the Equity Incentive Program is 157,641 common units.

<sup>(2)</sup> Open-market purchases by the Operating Partnership, an affiliate of the Partnership, pursuant to a Rule 10b5-1 plan adopted on November 5, 2024 for the purpose of satisfying equity awards to be granted pursuant to the Equity Incentive Program.

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| | |
|:---|:---|
| **ITEM *5.*** | **OTHER INFORMATION** |

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**Rule *10b5*-*1* Trading Plans**

During the second quarter and *six* months ended *June 30, 2025*, none of our executive officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule *10b5*-*1*(c) under the Exchange Act (a "Rule *10b5*-*1* trading arrangement") or any "Non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

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| | |
|:---|:---|
| **ITEM 6.**  | **EXHIBITS** |

---

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| | |
|:---|:---|
| <u>Number</u> | <u>Description</u> |
| 3.1 | [<u>Certificate of Limited Partnership of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.1 to Dorchester Minerals'</u> <u>Registration Statement on Form S-4, Registration Number 333-88282)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066102001763/dex31.txt) |
| 3.2 | [<u>Amended and Restated Agreement of Limited Partnership of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.2 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K filed for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex32.htm) |
| 3.3 | [<u>Amendment No. 1 to Amended and Restated Partnership Agreement of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.1 to Dorchester Minerals'</u> <u>Current Report on Form 8-K filed with the SEC on December 22, 2017)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000143774917021084/ex_102411.htm) |
| 3.4 | [<u>Amendment No. 2 to Amended and Restated Partnership Agreement of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.4 to Dorchester Minerals'</u> <u>Quarterly Report on Form 10-Q filed with the SEC on August 6, 2018)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000143774918014602/ex_120115.htm) |
| 3.5 | [<u>Amendment No. 3 to Amended and Restated Partnership Agreement of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.1 to Dorchester Minerals' Current Report on Form 8-K filed with the SEC on October 6, 2023)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000143774923027864/ex_577250.htm) |
| 3.6 | [<u>Certificate of Limited Partnership of Dorchester Minerals Management LP (incorporated by reference to Exhibit 3.4 to Dorchester Minerals'</u> <u>Registration Statement on Form S-4, Registration Number 333-88282)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066102001763/dex34.txt) |
| 3.7 | [<u>Amended and Restated Limited Partnership Agreement of Dorchester Minerals Management LP (incorporated by reference to Exhibit 3.4 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex34.htm) |
| 3.8 | [<u>Certificate of Formation of Dorchester Minerals Management GP LLC (incorporated by reference to Exhibit 3.7 to Dorchester Minerals'</u> <u>Registration Statement on Form S-4, Registration Number 333-88282)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066102001763/dex37.txt) |
| 3.9 | [Second <u>Amended and Restated Limited Liability Company Agreement of Dorchester Minerals Management GP LLC dated October 15, 2024 (incorporated by reference to Exhibit 3.1 to Dorchester Minerals' Current Report on Form 8-K filed with the SEC on October 18, 2024)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000143774924031551/ex_734152.htm) |
| 3.10 | [<u>Certificate of Formation of Dorchester Minerals Operating GP LLC (incorporated by reference to Exhibit 3.10 to Dorchester Minerals'</u> <u>Registration Statement on Form S-4, Registration Number 333-88282)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066102001763/dex310.txt) |
| 3.11 | [<u>Limited Liability Company Agreement of Dorchester Minerals Operating GP LLC (incorporated by reference to Exhibit 3.11 to Dorchester Minerals'</u> <u>Registration Statement on Form S-4, Registration Number 333-88282)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066102001763/dex311.txt) |
| 3.12 | [<u>Certificate of Limited Partnership of Dorchester Minerals Operating LP (incorporated by reference to Exhibit 3.12 to Dorchester Minerals'</u> <u>Registration Statement on Form S-4, Registration Number 333-88282)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066102001763/dex312.txt) |
| 3.13 | [<u>Amended and Restated Agreement of Limited Partnership of Dorchester Minerals Operating LP (incorporated by reference to Exhibit 3.10 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex310.htm) |
| 3.14 | [<u>Certificate of Limited Partnership of Dorchester Minerals Oklahoma LP (incorporated by reference to Exhibit 3.11 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex311.htm) |
| 3.15 | [<u>Agreement of Limited Partnership of Dorchester Minerals Oklahoma LP (incorporated by reference to Exhibit 3.12 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex312.htm) |
| 3.16 | [<u>Certificate of Incorporation of Dorchester Minerals Oklahoma GP, Inc. (incorporated by reference to Exhibit 3.13 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex313.htm) |
| 3.17 | [<u>Bylaws of Dorchester Minerals Oklahoma GP, Inc. (incorporated by reference to Exhibit 3.14 to Dorchester Minerals'</u> <u>Annual Report on Form 10-K for the year ended December 31, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1172358/000093066103001226/dex314.htm) |
| 31.1\* | [Certification of Chief Executive Officer of the Partnership pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934](ex_826027.htm) |
| 31.2\* | [Certification of Chief Financial Officer of the Partnership pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934](ex_826028.htm) |
| 32.1\*\* | [Certification of Chief Executive Officer and Chief Financial Officer of the Partnership pursuant to 18 U.S.C. Sec. 1350](ex_826029.htm) |

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| | |
|:---|:---|
| 101.INS\* | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
|  | \* Filed herewith |
|  | \*\*Furnished herewith |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DORCHESTER MINERALS, L.P.<br>

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| | | |
|:---|:---|:---|
|  | By: | /s/ Bradley Ehrman |
|  |  | Bradley Ehrman |
| Date: August 7, 2025 |  | Chief Executive Officer |

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| | | |
|:---|:---|:---|
|  | By: | /s/ Leslie Moriyama |
|  |  | Leslie Moriyama |
| Date: August 7, 2025 |  | Chief Financial Officer |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATIONS**

I, Bradley Ehrman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Dorchester Minerals, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
|  | /s/  | Bradley Ehrman  |
|  |  | Bradley Ehrman |
| Date: August 7, 2025 |  | Chief Executive Officer of |
|  |  | Dorchester Minerals, L.P. |

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## Exhibit 31.2

Exhibit 31.2

**CERTIFICATIONS**

I, Leslie Moriyama, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Dorchester Minerals, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
|  | /s/  | Leslie Moriyama  |
|  |  | Leslie Moriyama |
| Date: August 7, 2025 |  | Chief Financial Officer of |
|  |  | Dorchester Minerals, L.P. |

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## Exhibit 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report of Dorchester Minerals, L.P., (the "Partnership") on Form 10-Q for the period ended June 30, 2025 (the "Report"), each of the undersigned officers of the Partnership, hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

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| | | |
|:---|:---|:---|
|  | /s/  | Bradley Ehrman  |
|  |  | Bradley Ehrman |
| Date: August 7, 2025 |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
|  | /s/  | Leslie Moriyama  |
|  |  | Leslie Moriyama |
| Date: August 7, 2025 |  | Chief Financial Officer |

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