# EDGAR Filing Document

**Accession Number:** 0001171486
**File Stem:** 0001437749-25-024952
**Filing Date:** 2025-8
**Character Count:** 50724
**Document Hash:** f70aafca423f4693eff12ec40fbb14a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-024952.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001437749-25-024952

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATURAL RESOURCE PARTNERS LP
- **CENTRAL INDEX KEY:** 0001171486
- **STANDARD INDUSTRIAL CLASSIFICATION:** BITUMINOUS COAL & LIGNITE SURFACE MINING [1221]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 352164875
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31465
- **FILM NUMBER:** 251187478

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 LOUISIANA ST. STE 3325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-751-7507

**MAIL ADDRESS:**
- **STREET 1:** 1415 LOUISIANA ST. STE 3325
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

?xml version='1.0' encoding='ASCII'? nrp20250515_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM **8-K**

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**CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): **August 6, 2025**

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![nrp20230206_8kimg001.jpg](nrp20230206_8kimg001.jpg)

## NATURAL RESOURCE PARTNERS LP
(Exact Name of Registrant as Specified in Charter)

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---

| | | |
|:---|:---|:---|
| **Delaware** | **001-31465** | **35-2164875** |
| **(State or other jurisdiction**<br> **of incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |
|  | **1415 Louisiana Street, Suite 3325** |  |
|  | **Houston**, **Texas 77002** |  |
|  | **(Address of principal executive office) (Zip Code)** |  |
|  | **(**713**) **751-7507** |  |
|  | **(Registrant's telephone number, including area code)**  |  |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Units representing limited partner interests | NRP | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Growth Company | ☐ |

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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 ☐

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition** |

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In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibit referenced therein are being furnished pursuant to Item 2.02 of Form 8-K and are not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not subject to the liabilities of that section and are not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

On August 6, 2025, Natural Resource Partners L.P. announced via press release its earnings and operating results for the second quarter of 2025. A copy of NRP's press release is attached hereto as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

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| | |
|:---|:---|
| **(d)** | **Exhibits.** |
| 99.1 | [Natural Resource Partners L.P. press release dated as of August 6, 2025](ex_819138.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

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

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| | | |
|:---|:---|:---|
|  | **NATURAL RESOURCE PARTNERS L.P.** | **NATURAL RESOURCE PARTNERS L.P.** |
|  | (Registrant) | (Registrant) |
|  | By: | NRP (GP) LP |
|  |  | its General Partner |
|  | By: | GP Natural Resource Partners LLC |
|  |  | its General Partner |
| Date: August 6, 2025 |  | /s/ Philip T. Warman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  | Philip T. Warman |
|  |  | General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo.jpg](logo.jpg)

**Natural Resource Partners L.P.**

**1415 Louisiana St., Suite 3325, Houston, TX 77002**

**NEWS RELEASE**

**Natural Resource Partners L.P. Reports Second Quarter 2025 Results and Declares Second Quarter 2025 Distribution of $0.75 per Common Unit**

**HOUSTON, August 6, 2025** - **Natural Resource Partners L.P. (NYSE:NRP)** today reported second quarter 2025 results as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **Last Twelve Months Ended** |
| **<u>(In thousands) (Unaudited)</u>** | **June 30, 2025** | **June 30, 2025** |
| Net income | $34211 | $155831 |
| Operating cash flow | 45579 | 200368 |
| Free cash flow <sup>(1)</sup> | 46293 | 203141 |

---

<sup>(1)</sup> See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

**Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;**• Generated $46.3 million of free cash flow in the second quarter of 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**• Paid first quarter 2025 common unit distribution of $0.75 per unit**

&nbsp;&nbsp;&nbsp;&nbsp;**• Declares second quarter 2025 common unit distribution of $0.75 per unit**

"NRP generated $46 million of free cash flow in the second quarter of 2025 and $203 million of free cash flow over the last twelve months," said Craig Nunez, NRP's president and chief operating officer. "Although we experienced another quarter of weak prices for metallurgical coal, thermal coal, and soda ash, the partnership continues to generate significant free cash flow and make progress towards our goal to pay off all remaining debt, of which only $102 million remains."

NRP announced today that the board of directors of its general partner declared a second quarter 2025 cash distribution of $0.75 per common unit to be paid on August 26, 2025, to unitholders of record on August 19, 2025. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.

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**Segment Performance**

***Mineral Rights***

Mineral Rights net income for the second quarter of 2025 decreased $13.0 million as compared to the prior year period. Mineral Rights operating cash flow and free cash flow decreased $10.7 million and $10.6 million, respectively, as compared to the prior year period. These decreases were primarily due to lower metallurgical coal sales prices and volumes as compared to the prior year period. Approximately 70% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2025.

Metallurgical and thermal coal prices remained weak throughout the quarter and NRP expects muted pricing for both commodities for the remainder of 2025. Stagnant global steel demand and regulatory uncertainty continue to impact metallurgical coal markets and more than substantial thermal coal inventory levels at domestic power plants continue to stifle domestic thermal markets.

No meaningful developments have occurred over the past quarter regarding NRP's carbon neutral revenue activities across its mineral and surface assets. While the timing and likelihood of additional cash flows from carbon neutral activities such as the sequestration of carbon dioxide underground and in standing forests, lithium production, and electric generation via renewable energy sources is uncertain, NRP believes its vast ownership footprint throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by NRP.

***Soda Ash***

Soda Ash net income in the second quarter of 2025 decreased $1.1 million as compared to the prior year period primarily due to lower sales prices in 2025. Operating cash flow and free cash flow in the second quarter of 2025 each decreased $2.7 million as compared to the prior year period due to a lower cash distribution received from Sisecam Wyoming in the second quarter of 2025.

The soda ash market remains significantly oversupplied due to the substantial increase in global capacity in recent years, as well as weakening demand for flat glass due to sluggish global construction activity and decreased demand for new automobiles and solar panels. NRP believes international soda ash prices are at or below the cost of production for many operators and expects this weak pricing environment to continue for the foreseeable future until high-cost supply is forced out of the market or global soda ash demand growth catches up with supply. NRP expects distributions from Sisecam Wyoming to remain below historical norms for the foreseeable future.

***Corporate and Financing***

Corporate and Financing net income, operating cash flow, and free cash flow each increased $2.3 million in the second quarter of 2025 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the second quarter of 2025 as compared to the prior year period as a result of increased borrowings on the credit facility in 2024 used for warrant settlements and preferred unit redemptions.

In May 2025, NRP paid a first quarter 2025 cash distribution of $0.75 per common unit. Today, NRP declared a second quarter 2025 cash distribution of $0.75 per common unit.

NRP's available liquidity was $157.5 million at June 30, 2025, consisting of $30.3 million of cash and cash equivalents and $127.1 million of borrowing capacity available under its revolving credit facility.

NRP's consolidated leverage ratio was 0.5 x at June 30, 2025.

**Conference Call**

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I1544858. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP's website.

**Withholding Information for Foreign Investors**

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

**Company Profile** 

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership's website at http://www.nrplp.com.

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***Forward-Looking Statements***

*This press release includes* "*forward-looking statements*" *as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership*'*s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC*'*s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners*' *Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.*

***Non-GAAP Financial Measures***

***"Adjusted EBITDA"*** *is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.* 

***"Distributable cash flow***" ***or "DCF"*** *is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.* 

***"Free cash flow***" ***or "FCF"*** *is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.*

***"Leverage ratio"*** *represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP*'*s overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.*

***-Financial Tables and Reconciliation of Non-GAAP Measures Follow-***

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Natural Resource Partners L.P.

Financial Tables

(Unaudited)

**Consolidated Statements of Comprehensive Income** <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| **<u>(In thousands, except per unit data)</u>** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Revenues and other income |  |  |  |  |  |
| Royalty and other mineral rights | $44295 | $54591 | $51260 | $95555 | $121963 |
| Transportation and processing services | 2551 | 2661 | 4421 | 6972 | 6088 |
| Equity in earnings of Sisecam Wyoming | 2526 | 3645 | 4610 | 7136 | 9095 |
| Gain on asset sales and disposals | 729 | 4643 | 247 | 976 | 4808 |
| Total revenues and other income | $50101 | $65540 | $60538 | $110639 | $141954 |
| Operating expenses |  |  |  |  |  |
| Operating and maintenance expenses | $4159 | $5872 | $6776 | $10935 | $11605 |
| Depreciation, depletion and amortization | 3754 | 3324 | 3989 | 7743 | 7978 |
| General and administrative expenses | 5597 | 5931 | 6832 | 12429 | 12258 |
| Asset impairments |  |  | 20 | 20 |  |
| Total operating expenses | $13510 | $15127 | $17617 | $31127 | $31841 |
| Income from operations | $36591 | $50413 | $42921 | $79512 | $110113 |
| Interest expense, net | $(2380) | $(4349) | $(2668) | $(5048) | $(7836) |
| Net income | $34211 | $46064 | $40253 | $74464 | $102277 |
| Less: income attributable to preferred unitholders |  | (1443) |  |  | (3593) |
| Less: redemption of preferred units |  | (13666) |  |  | (13666) |
| Net income attributable to common unitholders and the general partner | $34211 | $30955 | $40253 | $74464 | $85018 |
| Net income attributable to common unitholders | $33527 | $30336 | $39448 | $72975 | $83318 |
| Net income attributable to the general partner | 684 | 619 | 805 | 1489 | 1700 |
| Net income per common unit |  |  |  |  |  |
| Basic | $2.55 | $2.33 | $3.01 | $5.56 | $6.44 |
| Diluted | 2.52 | 2.29 | 2.97 | 5.49 | 6.17 |
| Net income | $34211 | $46064 | $40253 | $74464 | $102277 |
| Comprehensive income (loss) from unconsolidated investment and other | (414) | 1239 | 2260 | 1846 | 2084 |
| Comprehensive income | $33797 | $47303 | $42513 | $76310 | $104361 |

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Natural Resource Partners L.P.

Financial Tables

(Unaudited)

**Consolidated Statements of Cash Flows**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| **<u>(In thousands)</u>** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Cash flows from operating activities |  |  |  |  |  |
| Net income | $34211 | $46064 | $40253 | $74464 | $102277 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
| Depreciation, depletion and amortization | 3754 | 3324 | 3989 | 7743 | 7978 |
| Distributions from unconsolidated investment | 4900 | 7584 | 2940 | 7840 | 21794 |
| Equity earnings from unconsolidated investment | (2526) | (3645) | (4610) | (7136) | (9095) |
| Gain on asset sales and disposals | (729) | (4643) | (247) | (976) | (4808) |
| Asset impairments |  |  | 20 | 20 |  |
| Bad debt expense | (1320) | 293 | 451 | (869) | (520) |
| Unit-based compensation expense | 2662 | 2912 | 2717 | 5379 | 5876 |
| Amortization of debt issuance costs and other | (281) | (199) | (168) | (449) | (948) |
| Change in operating assets and liabilities: |  |  |  |  |  |
| Accounts receivable | 3610 | 2918 | (149) | 3461 | 12351 |
| Accounts payable | (526) | (580) | 546 | 20 | 49 |
| Accrued liabilities | 2296 | 1916 | (7990) | (5694) | (6309) |
| Accrued interest | (388) | (677) | 254 | (134) | (265) |
| Deferred revenue | (986) | 899 | (3227) | (4213) | 1927 |
| Other items, net | 902 | 463 | (355) | 547 | (2179) |
| Net cash provided by operating activities | $45579 | $56629 | $34424 | $80003 | $128128 |
| Cash flows from investing activities |  |  |  |  |  |
| Proceeds from asset sales and disposals | $730 | $4643 | $247 | $977 | $4808 |
| Return of long-term contract receivable | 714 | 659 | 700 | 1414 | 1306 |
| Net cash provided by investing activities | $1444 | $5302 | $947 | $2391 | $6114 |
| Cash flows from financing activities |  |  |  |  |  |
| Debt borrowings | $— | $40493 | $33700 | $33700 | $129850 |
| Debt repayments | (37500) | (19000) | (37000) | (74500) | (74696) |
| Distributions to common unitholders and the general partner | (10055) | (9987) | (26276) | (36331) | (52173) |
| Distributions to preferred unitholders |  | (2643) |  |  | (4793) |
| Redemption of preferred units |  | (40000) |  |  | (40000) |
| Warrant settlements |  | (10000) |  |  | (65689) |
| Other items, net |  | 556 | (5363) | (5363) | (6390) |
| Net cash used in financing activities | $(47555) | $(40581) | $(34939) | $(82494) | $(113891) |
| Net increase (decrease) in cash and cash equivalents | $(532) | $21350 | $432 | $(100) | $20351 |
| Cash and cash equivalents at beginning of period | 30876 | 10990 | 30444 | 30444 | 11989 |
| Cash and cash equivalents at end of period | $30344 | $32340 | $30876 | $30344 | $32340 |
| Supplemental cash flow information: |  |  |  |  |  |
| Cash paid for interest | $2725 | $4823 | $2371 | $5096 | $7666 |

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Natural Resource Partners L.P.

Financial Tables

(Unaudited)

**Consolidated Balance Sheets**<br>

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| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **<u>(In thousands, except unit data)</u>** | **(Unaudited)** |  |
| ASSETS |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $30344 | $30444 |
| Accounts receivable, net | 29048 | 31469 |
| Other current assets, net | 1329 | 1961 |
| Total current assets | $60721 | $63874 |
| Land | 24008 | 24008 |
| Mineral rights, net | 373717 | 379638 |
| Intangible assets, net | 12381 | 12924 |
| Equity in unconsolidated investment | 258498 | 257355 |
| Long-term contract receivable, net | 21973 | 23480 |
| Other long-term assets, net | 10668 | 11628 |
| Total assets | $761966 | $772907 |
| LIABILITIES AND CAPITAL |  |  |
| Current liabilities |  |  |
| Accounts payable | $930 | $909 |
| Accrued liabilities | 7649 | 12121 |
| Accrued interest | 169 | 302 |
| Current portion of deferred revenue | 4667 | 4341 |
| Current portion of long-term debt, net | 14228 | 14192 |
| Total current liabilities | $27643 | $31865 |
| Deferred revenue | 51275 | 55814 |
| Long-term debt, net | 87112 | 127876 |
| Other non-current liabilities | 5491 | 6244 |
| Total liabilities | $171521 | $221799 |
| Commitments and contingencies |  |  |
| Partners' capital |  |  |
| Common unitholders' interest (13,138,097 and 13,049,123 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | $579773 | $543231 |
| General partner's interest | 10496 | 9547 |
| Accumulated other comprehensive income (loss) | 176 | (1670) |
| Total partners' capital | $590445 | $551108 |
| Total liabilities and partners' capital | $761966 | $772907 |

---

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Natural Resource Partners L.P.

Financial Tables

(Unaudited)

**Consolidated Statements of Partners' Capital**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Accumulated** |  |
|  |  |  |  | **Other** | **Total** |
|  | **Common Unitholders** | **Common Unitholders** | **General** | **Comprehensive** | **Partners'** |
| **<u>(In thousands)</u>** | **Units** | **Amounts** | **Partner** | **Income (Loss)** | **Capital** |
| Balance at December 31, 2024 | 13049 | $543231 | $9547 | $(1670) | $551108 |
| Net income |  | 39448 | 805 |  | 40253 |
| Distributions to common unitholders and the general partner |  | (25750) | (526) |  | (26276) |
| Issuance of unit-based awards | 89 |  |  |  |  |
| Unit-based awards amortization and vesting, net |  | (3175) |  |  | (3175) |
| Capital contribution |  |  | 187 |  | 187 |
| Comprehensive income from unconsolidated investment and other |  |  |  | 2260 | 2260 |
| Balance at March 31, 2025 | 13138 | $553754 | $10013 | $590 | $564357 |
| &nbsp;&nbsp;&nbsp; Net income |  | 33527 | 684 |  | $34211 |
| &nbsp;&nbsp;&nbsp; Distributions to common unitholders and the general partner |  | (9854) | (201) |  | (10055) |
| &nbsp;&nbsp;&nbsp; Unit-based awards amortization and vesting |  | 2346 |  |  | 2346 |
| &nbsp;&nbsp;&nbsp; Comprehensive loss from unconsolidated investment and other |  |  |  | (414) | (414) |
| Balance at June 30, 2025 | 13138 | $579773 | $10496 | $176 | $590445 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Accumulated** |  |
|  |  |  |  |  | **Other** | **Total** |
|  | **Common Unitholders** | **Common Unitholders** | **General** | **Warrant** | **Comprehensive** | **Partners'** |
| **<u>(In thousands)</u>** | **Units** | **Amounts** | **Partner** | **Holders** | **Loss** | **Capital** |
| Balance at December 31, 2023 | 12635 | $503076 | $8005 | $23095 | $(3122) | $531054 |
| &nbsp;&nbsp;&nbsp; Net income <sup>(1)</sup> |  | 55089 | 1124 |  |  | 56213 |
| &nbsp;&nbsp;&nbsp; Distributions to common unitholders and the general partner |  | (41342) | (844) |  |  | (42186) |
| &nbsp;&nbsp;&nbsp; Distributions to preferred unitholders |  | (2107) | (43) |  |  | (2150) |
| &nbsp;&nbsp;&nbsp; Issuance of unit-based awards | 126 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unit-based awards amortization and vesting, net |  | (3971) |  |  |  | (3971) |
| &nbsp;&nbsp;&nbsp; Capital contribution |  |  | 227 |  |  | 227 |
| Warrant settlements | 199 | (36650) | (748) | (18291) |  | (55689) |
| &nbsp;&nbsp;&nbsp; Comprehensive income from unconsolidated investment and other |  |  |  |  | 845 | 845 |
| Balance at March 31, 2024 | 12960 | $474095 | $7721 | $4804 | $(2277) | $484343 |
| &nbsp;&nbsp;&nbsp; Net income <sup>(2)</sup> |  | 45142 | 922 |  |  | 46064 |
| &nbsp;&nbsp;&nbsp; Redemption of preferred units |  | (13393) | (273) |  |  | (13666) |
| &nbsp;&nbsp;&nbsp; Distributions to common unitholders and the general partner |  | (9787) | (200) |  |  | (9987) |
| &nbsp;&nbsp;&nbsp; Distributions to preferred unitholders |  | (2590) | (53) |  |  | (2643) |
| &nbsp;&nbsp;&nbsp; Unit-based awards amortization and vesting |  | 2502 |  |  |  | 2502 |
| &nbsp;&nbsp;&nbsp; Capital contribution |  |  | 555 |  |  | 555 |
| &nbsp;&nbsp;&nbsp; Warrant settlements | 89 | (5092) | (104) | (4804) |  | (10000) |
| &nbsp;&nbsp;&nbsp; Comprehensive income from unconsolidated investment and other |  |  |  |  | 1239 | 1239 |
| Balance at June 30, 2024 | 13049 | $490877 | $8568 | $— | $(1038) | $498407 |

---

<sup>(1)</sup> Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.

<sup>(2)</sup> Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.

------

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results by segment for the three months ended June 30, 2025 and 2024 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Operating Segments** | **Operating Segments** |  |  |
|  | **Mineral** |  | **Corporate and** |  |
| **<u>(In thousands)</u>** | **Rights** | **Soda Ash** | **Financing** | **Total** |
| **For the Three Months Ended June 30, 2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenues | $46846 | $— | $— | $46846 |
| &nbsp;&nbsp;&nbsp; Equity in earnings of Sisecam Wyoming |  | 2526 |  | 2526 |
| &nbsp;&nbsp;&nbsp; Gain on asset sales and disposals | 729 |  |  | 729 |
| Total revenues and other income | $47575 | $2526 | $— | $50101 |
| &nbsp;&nbsp;&nbsp; Asset impairments | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Net income (loss) | $39691 | $2502 | $(7982) | $34211 |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA <sup>(1)</sup> | $43439 | $4876 | $(5596) | $42719 |
| &nbsp;&nbsp;&nbsp; Cash flow provided by (used in) continuing operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $45576 | $4875 | $(4872) | $45579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | $1444 | $— | $— | $1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | $— | $— | $(47555) | $(47555) |
| &nbsp;&nbsp;&nbsp; Distributable cash flow <sup>(1)</sup> | $47020 | $4875 | $(4872) | $47023 |
| &nbsp;&nbsp;&nbsp; Free cash flow <sup>(1)</sup> | $46290 | $4875 | $(4872) | $46293 |
| **For the Three Months Ended June 30, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenues | $57252 | $— | $— | $57252 |
| &nbsp;&nbsp;&nbsp; Equity in earnings of Sisecam Wyoming |  | 3645 |  | 3645 |
| &nbsp;&nbsp;&nbsp; Gain on asset sales and disposals | 4643 |  |  | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues and other income | $61895 | $3645 | $— | $65540 |
| &nbsp;&nbsp;&nbsp; Asset impairments | $— | $— | $— | $— |
| Net income (loss) | $52729 | $3619 | $(10284) | $46064 |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA <sup>(1)</sup> | $56049 | $7558 | $(5931) | $57676 |
| &nbsp;&nbsp;&nbsp; Cash flow provided by (used in) continuing operations: |  |  |  |  |
| Operating activities | $56234 | $7557 | $(7162) | $56629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | $5302 | $— | $— | $5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | $— | $— | $(40581) | $(40581) |
| Distributable cash flow <sup>(1)</sup> | $61536 | $7557 | $(7162) | $61931 |
| &nbsp;&nbsp;&nbsp; Free cash flow <sup>(1)</sup> | $56893 | $7557 | $(7162) | $57288 |
| **For the Three Months Ended March 31, 2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenues | $55681 | $— | $— | $55681 |
| &nbsp;&nbsp;&nbsp; Equity in earnings of Sisecam Wyoming |  | 4610 |  | 4610 |
| &nbsp;&nbsp;&nbsp; Gain on asset sales and disposals | 247 |  |  | 247 |
| Total revenues and other income | $55928 | $4610 | $— | $60538 |
| &nbsp;&nbsp;&nbsp; Asset impairments | $20 | $— | $— | $20 |
| Net income (loss) | $45208 | $4550 | $(9505) | $40253 |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA <sup>(1)</sup> | $49213 | $2880 | $(6833) | $45260 |
| &nbsp;&nbsp;&nbsp; Cash flow provided by (used in) continuing operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $43223 | $2880 | $(11679) | $34424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | $947 | $— | $— | $947 |
| Financing activities | $(841) | $— | $(34098) | $(34939) |
| &nbsp;&nbsp;&nbsp; Distributable cash flow <sup>(1)</sup> | $44170 | $2880 | $(11679) | $35371 |
| Free cash flow <sup>(1)</sup> | $43923 | $2880 | $(11679) | $35124 |

---

<sup>(1)</sup> See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

------

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results by segment for the six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Operating Segments** | **Operating Segments** |  |  |
|  | **Mineral** |  | **Corporate and** |  |
| **<u>(In thousands)</u>** | **Rights** | **Soda Ash** | **Financing** | **Total** |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |
| Revenues | $102527 | $— | $— | $102527 |
| Equity in earnings of Sisecam Wyoming |  | 7136 |  | 7136 |
| Gain on asset sales and disposals | 976 |  |  | 976 |
| Total revenues and other income | $103503 | $7136 | $— | $110639 |
| Asset impairments | $20 | $— | $— | $20 |
| Net income (loss) | $84899 | $7052 | $(17487) | $74464 |
| Adjusted EBITDA <sup>(1)</sup> | $92652 | $7756 | $(12429) | $87979 |
| Cash flow provided by (used in) continuing operations: |  |  |  |  |
| Operating activities | $88799 | $7755 | $(16551) | $80003 |
| Investing activities | $2391 | $— | $— | $2391 |
| Financing activities | $(841) | $— | $(81653) | $(82494) |
| Distributable cash flow <sup>(1)</sup> | $91190 | $7755 | $(16551) | $82394 |
| Free cash flow <sup>(1)</sup> | $90213 | $7755 | $(16551) | $81417 |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |
| Revenues | $128051 | $— | $— | $128051 |
| Equity in earnings of Sisecam Wyoming |  | 9095 |  | 9095 |
| Gain on asset sales and disposals | 4808 |  |  | 4808 |
| Total revenues and other income | $132859 | $9095 | $— | $141954 |
| Asset impairments | $— | $— | $— | $— |
| Net income (loss) | $113373 | $9007 | $(20103) | $102277 |
| Adjusted EBITDA <sup>(1)</sup> | $121342 | $21706 | $(12258) | $130790 |
| Cash flow provided by (used in) continuing operations: |  |  |  |  |
| Operating activities | $125983 | $21705 | $(19560) | $128128 |
| Investing activities | $6114 | $— | $— | $6114 |
| Financing activities | $(1086) | $— | $(112805) | $(113891) |
| Distributable cash flow <sup>(1)</sup> | $132097 | $21705 | $(19560) | $134242 |
| Free cash flow <sup>(1)</sup> | $127289 | $21705 | $(19560) | $129434 |

---

<sup>(1)</sup> See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

------

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

**Operating Statistics - Mineral Rights**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,** | **June 30,** | **March 31,** | **June 30,** | **June 30,** |
| **<u>(In thousands, except per ton data)</u>** | **2025** | **2024** | **2025** | **2025** | **2024** |
| Coal sales volumes (tons) |  |  |  |  |  |
| Appalachia |  |  |  |  |  |
| Northern | 132 | 129 | 124 | 256 | 246 |
| Central | 3195 | 3456 | 3306 | 6501 | 7170 |
| Southern | 548 | 709 | 296 | 844 | 1279 |
| Total Appalachia | 3875 | 4294 | 3726 | 7601 | 8695 |
| Illinois Basin | 1637 | 1342 | 3342 | 4979 | 3375 |
| Northern Powder River Basin | 426 | 567 | 916 | 1342 | 1516 |
| Gulf Coast | 176 | 435 | 237 | 413 | 700 |
| Total coal sales volumes | 6114 | 6638 | 8221 | 14335 | 14286 |
| Coal royalty revenue per ton |  |  |  |  |  |
| Appalachia |  |  |  |  |  |
| Northern | $1.91 | $4.74 | $1.48 | $1.70 | $3.37 |
| Central | 6.41 | 7.34 | 6.18 | 6.29 | 7.72 |
| Southern | 8.53 | 10.19 | 9.18 | 8.76 | 10.81 |
| Illinois Basin | 2.21 | 2.47 | 2.44 | 2.36 | 2.53 |
| Northern Powder River Basin | 5.73 | 4.99 | 4.55 | 4.93 | 4.90 |
| Gulf Coast | 0.80 | 0.77 | 0.78 | 0.78 | 0.77 |
| Combined average coal royalty revenue per ton | 5.17 | 5.98 | 4.36 | 4.70 | 6.06 |
| Coal royalty revenues |  |  |  |  |  |
| Appalachia |  |  |  |  |  |
| Northern | $252 | $612 | $183 | $435 | $830 |
| Central | 20494 | 25378 | 20426 | 40920 | 55370 |
| Southern | 4676 | 7226 | 2718 | 7394 | 13828 |
| Total Appalachia | 25422 | 33216 | 23327 | 48749 | 70028 |
| Illinois Basin | 3610 | 3312 | 8141 | 11751 | 8523 |
| Northern Powder River Basin | 2443 | 2831 | 4169 | 6612 | 7430 |
| Gulf Coast | 140 | 336 | 184 | 324 | 536 |
| Unadjusted coal royalty revenues | 31615 | 39695 | 35821 | 67436 | 86517 |
| Coal royalty adjustment for minimum leases | (72) | (10) | (323) | (395) | (14) |
| Total coal royalty revenues | $31543 | $39685 | $35498 | $67041 | $86503 |
| Other revenues |  |  |  |  |  |
| Production lease minimum revenues | $123 | $412 | $2725 | $2848 | $1336 |
| Minimum lease straight-line revenues | 4050 | 4126 | 4050 | 8100 | 8297 |
| &nbsp;&nbsp;&nbsp; Oil and gas royalty revenues | 1981 | 1999 | 2444 | 4425 | 5639 |
| Carbon neutral revenues | 290 | 2200 | 595 | 885 | 4361 |
| &nbsp;&nbsp;&nbsp; Property tax revenues | 1519 | 1545 | 1637 | 3156 | 3437 |
| Wheelage revenues | 2543 | 2338 | 1738 | 4281 | 5010 |
| Coal overriding royalty revenues | 456 | 668 | 880 | 1336 | 1837 |
| Lease amendment revenues | 656 | 712 | 655 | 1311 | 1414 |
| Aggregates royalty revenues | 906 | 730 | 853 | 1759 | 1502 |
| Other revenues | 228 | 176 | 185 | 413 | 2627 |
| Total other revenues | $12752 | $14906 | $15762 | $28514 | $35460 |
| Royalty and other mineral rights | $44295 | $54591 | $51260 | $95555 | $121963 |
| Transportation and processing services revenues | 2551 | 2661 | 4421 | 6972 | 6088 |
| Gain on asset sales and disposals | 729 | 4643 | 247 | 976 | 4808 |
| Total Mineral Rights segment revenues and other income | $47575 | $61895 | $55928 | $103503 | $132859 |

---

------

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

**Adjusted EBITDA**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mineral** |  | **Corporate and** |  |
| **<u>(In thousands)</u>** | **Rights** | **Soda Ash** | **Financing** | **Total** |
| **For the Three Months Ended June 30, 2025** |  |  |  |  |
| Net income (loss) | $39691 | $2502 | $(7982) | $34211 |
| Less: equity earnings from unconsolidated investment |  | (2526) |  | (2526) |
| Add: total distributions from unconsolidated investment |  | 4900 |  | 4900 |
| Add: interest expense, net |  |  | 2380 | 2380 |
| Add: depreciation, depletion and amortization | 3748 |  | 6 | 3754 |
| Add: asset impairments |  |  |  |  |
| Adjusted EBITDA | $43439 | $4876 | $(5596) | $42719 |
| **For the Three Months Ended June 30, 2024** |  |  |  |  |
| Net income (loss) | $52729 | $3619 | $(10284) | $46064 |
| Less: equity earnings from unconsolidated investment |  | (3645) |  | (3645) |
| Add: total distributions from unconsolidated investment |  | 7584 |  | 7584 |
| Add: interest expense, net |  |  | 4349 | 4349 |
| Add: depreciation, depletion and amortization | 3320 |  | 4 | 3324 |
| Add: asset impairments |  |  |  |  |
| Adjusted EBITDA | $56049 | $7558 | $(5931) | $57676 |
| **For the Three Months Ended March 31, 2025** |  |  |  |  |
| Net income (loss) | $45208 | $4550 | $(9505) | $40253 |
| Less: equity earnings from unconsolidated investment |  | (4610) |  | (4610) |
| Add: total distributions from unconsolidated investment |  | 2940 |  | 2940 |
| Add: interest expense, net |  |  | 2668 | 2668 |
| Add: depreciation, depletion and amortization | 3985 |  | 4 | 3989 |
| Add: asset impairments | 20 |  |  | 20 |
| Adjusted EBITDA | $49213 | $2880 | $(6833) | $45260 |

---

------

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

**Adjusted EBITDA**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mineral** |  | **Corporate and** |  |
| **<u>(In thousands)</u>** | **Rights** | **Soda Ash** | **Financing** | **Total** |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |
| Net income (loss) | $84899 | $7052 | $(17487) | $74464 |
| Less: equity earnings from unconsolidated investment |  | (7136) |  | (7136) |
| Add: total distributions from unconsolidated investment |  | 7840 |  | 7840 |
| Add: interest expense, net |  |  | 5048 | 5048 |
| Add: depreciation, depletion and amortization | 7733 |  | 10 | 7743 |
| Add: asset impairments | 20 |  |  | 20 |
| Adjusted EBITDA | $92652 | $7756 | $(12429) | $87979 |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |
| Net income (loss) | $113373 | $9007 | $(20103) | $102277 |
| Less: equity earnings from unconsolidated investment |  | (9095) |  | (9095) |
| Add: total distributions from unconsolidated investment |  | 21794 |  | 21794 |
| Add: interest expense, net |  |  | 7836 | 7836 |
| Add: depreciation, depletion and amortization | 7969 |  | 9 | 7978 |
| Add: asset impairments |  |  |  |  |
| Adjusted EBITDA | $121342 | $21706 | $(12258) | $130790 |

---

------

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

**Distributable Cash Flow and Free Cash Flow**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mineral** |  | **Corporate and** |  |
| **<u>(In thousands)</u>** | **Rights** | **Soda Ash** | **Financing** | **Total** |
| **For the Three Months Ended June 30, 2025** |  |  |  |  |
| Net cash provided by (used in) operating activities | $45576 | $4875 | $(4872) | $45579 |
| Add: proceeds from asset sales and disposals | 730 |  |  | 730 |
| Add: return of long-term contract receivable | 714 |  |  | 714 |
| Distributable cash flow | $47020 | $4875 | $(4872) | $47023 |
| Less: proceeds from asset sales and disposals | (730) |  |  | (730) |
| Free cash flow | $46290 | $4875 | $(4872) | $46293 |
| Net cash provided by investing activities | $1444 | $— | $— | $1444 |
| Net cash used in financing activities | $— | $— | $(47555) | $(47555) |
| **For the Three Months Ended June 30, 2024** |  |  |  |  |
| Net cash provided by (used in) operating activities | $56234 | $7557 | $(7162) | $56629 |
| Add: proceeds from asset sales and disposals | 4643 |  |  | 4643 |
| Add: return of long-term contract receivable | 659 |  |  | 659 |
| Distributable cash flow | $61536 | $7557 | $(7162) | $61931 |
| Less: proceeds from asset sales and disposals | (4643) |  |  | (4643) |
| Free cash flow | $56893 | $7557 | $(7162) | $57288 |
| Net cash provided by investing activities | $5302 | $— | $— | $5302 |
| Net cash used in financing activities | $— | $— | $(40581) | $(40581) |
| **For the Three Months Ended March 31, 2025** |  |  |  |  |
| Net cash provided by (used in) operating activities | $43223 | $2880 | $(11679) | $34424 |
| Add: proceeds from asset sales and disposals | 247 |  |  | 247 |
| Add: return of long-term contract receivable | 700 |  |  | 700 |
| Distributable cash flow | $44170 | $2880 | $(11679) | $35371 |
| Less: proceeds from asset sales and disposals | (247) |  |  | (247) |
| Free cash flow | $43923 | $2880 | $(11679) | $35124 |
| Net cash provided by investing activities | $947 | $— | $— | $947 |
| Net cash used in financing activities | $(841) | $— | $(34098) | $(34939) |

---

------

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

**Distributable Cash Flow and Free Cash Flow**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mineral** |  | **Corporate and** |  |
| **<u>(In thousands)</u>** | **Rights** | **Soda Ash** | **Financing** | **Total** |
| **For the Six Months Ended June 30, 2025** |  |  |  |  |
| Net cash provided by (used in) operating activities | $88799 | $7755 | $(16551) | $80003 |
| Add: proceeds from asset sales and disposals | 977 |  |  | 977 |
| Add: return of long-term contract receivable | 1414 |  |  | 1414 |
| Distributable cash flow | $91190 | $7755 | $(16551) | $82394 |
| Less: proceeds from asset sales and disposals | (977) |  |  | (977) |
| Free cash flow | $90213 | $7755 | $(16551) | $81417 |
| Net cash provided by investing activities | $2391 | $— | $— | $2391 |
| Net cash used in financing activities | $(841) | $— | $(81653) | $(82494) |
| **For the Six Months Ended June 30, 2024** |  |  |  |  |
| Net cash provided by (used in) operating activities | $125983 | $21705 | $(19560) | $128128 |
| Add: proceeds from asset sales and disposals | 4808 |  |  | 4808 |
| Add: return of long-term contract receivable | 1306 |  |  | 1306 |
| Distributable cash flow | $132097 | $21705 | $(19560) | $134242 |
| Less: proceeds from asset sales and disposals | (4808) |  |  | (4808) |
| Free cash flow | $127289 | $21705 | $(19560) | $129434 |
| Net cash provided by investing activities | $6114 | $— | $— | $6114 |
| Net cash used in financing activities | $(1086) | $— | $(112805) | $(113891) |

---

------

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

**Last Twelve Months (LTM) Free Cash Flow**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |  |
| **<u>(In thousands)</u>** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **Last 12 Months** |
| Net cash provided by operating activities | $54145 | $66220 | $34424 | $45579 | $200368 |
| Add: proceeds from asset sales and disposals | 1 | 37 | 247 | 730 | 1015 |
| Add: return of long-term contract receivable | 673 | 686 | 700 | 714 | 2773 |
| Distributable cash flow | $54819 | $66943 | $35371 | $47023 | $204156 |
| Less: proceeds from asset sales and disposals | (1) | (37) | (247) | (730) | (1015) |
| Free cash flow | $54818 | $66906 | $35124 | $46293 | $203141 |

---

**Leverage Ratio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |  |
| **<u>(In thousands)</u>** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **Last 12 Months** |
| Net income | $38595 | $42772 | $40253 | $34211 | $155831 |
| Less: equity earnings from unconsolidated investment | (8109) | (931) | (4610) | (2526) | (16176) |
| Add: total distributions from unconsolidated investment | 6320 | 10667 | 2940 | 4900 | 24827 |
| Add: interest expense, net | 4194 | 3524 | 2668 | 2380 | 12766 |
| Add: depreciation, depletion and amortization | 4730 | 2827 | 3989 | 3754 | 15300 |
| Add: asset impairments | 87 |  | 20 |  | 107 |
| Adjusted EBITDA | $45817 | $58859 | $45260 | $42719 | $192655 |
| Debt—at June 30, 2025 |  |  |  |  | $101547 |
| Leverage Ratio |  |  |  |  | 0.5 x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |  |
| **<u>(In thousands)</u>** | **September 30, 2023** | **December 31, 2023** | **March 31, 2024** | **June 30, 2024** | **Last 12 Months** |
| Net income | $63846 | $64980 | $56213 | $46064 | $231103 |
| Less: equity earnings from unconsolidated investment | (12401) | (14764) | (5450) | (3645) | (36260) |
| Add: total distributions from unconsolidated investment | 23010 | 15338 | 14210 | 7584 | 60142 |
| Add: interest expense, net | 3837 | 3921 | 3487 | 4349 | 15594 |
| Add: depreciation, depletion and amortization | 4594 | 6020 | 4654 | 3324 | 18592 |
| Add: asset impairments | 63 | 424 |  |  | 487 |
| Adjusted EBITDA | $82949 | $75919 | $73114 | $57676 | $289658 |
| Debt—at June 30, 2024 |  |  |  |  | $210678 |
| Leverage Ratio |  |  |  |  | 0.7 x |

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*-end-*