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

HOUSTON, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2025 results as follows: For the Three MonthsEnded Last Twelve MonthsEnded(In thousands) (Unaudited)September 30, 2025Net income$30,905 $148,141 Operating cash flow 41,095 187,318 Free cash flow(1) 41,823 190,146 (1)See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Highlights: Generated $41.8 million of free cash flow in the third quarter of 2025Paid second quarter 2025 common unit distribution of $0.75 per unitDeclares third quarter 2025 common unit distribution of $0.75 per unit "NRP continues to generate substantial free cash flow despite ongoing depressed market conditions for all three of our key commodities," said Craig Nunez, NRP's president and chief operating officer. "NRP generated $42 million of free cash flow in the third quarter of 2025 and $190 million of free cash flow over the last twelve months. Consistent with our communications over the last year, we anticipate weak coal and soda ash prices but expect to continue generating sufficient free cash flow to achieve our deleveraging goals.” NRP announced today that the board of directors of its general partner declared a third quarter 2025 cash distribution of $0.75 per common unit to be paid on November 25, 2025, to unitholders of record on November 18, 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. Segment Performance Mineral Rights Mineral Rights net income for the third quarter of 2025 increased $0.2 million as compared to the prior year period. Mineral Rights operating cash flow and free cash flow decreased $9.2 million and $9.1 million, respectively, as compared to the prior year period. The decreases in operating and free cash flow 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 50% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2025. Although metallurgical and thermal coal prices saw a modest uptick at the end of the third quarter, NRP expects lower pricing levels for both commodities for the foreseeable future. Metallurgical coal markets remain weak due to soft global steel demand and thermal markets remain encumbered by low natural gas prices and ample coal stockpiles at power plants. The markets for NRP's carbon neutral revenue opportunities also remain weak. NRP was notified in the third quarter that Oxy was dropping its subsurface carbon sequestration lease on NRP acreage in Polk County, Texas. NRP believes the burdens on the industry, including high capital and operational costs, insufficient revenue streams, and an uncertain regulatory environment, continue to create formidable barriers that operators have yet to overcome. Soda Ash Soda Ash net income in the third quarter of 2025 decreased $10.5 million as compared to the prior year period primarily due to lower sales prices in 2025. Operating cash flow and free cash flow each decreased $6.4 million in the third quarter of 2025 as compared to the prior year period due to not receiving a cash distribution from Sisecam Wyoming in the third quarter of 2025, after receiving $7.8 million of distributions in the first half of the year. The significantly oversupplied soda ash market coupled with ongoing weak demand for flat glass due to lower global construction activity and sluggish demand for new automobiles and solar panels is degrading the outlook for soda ash prices in 2026. NRP continues to believe international soda ash prices are at or below the cost of production for many operators with no catalyst for market rebalancing in sight. NRP expects this weak pricing environment to continue for the foreseeable future and that distributions received from Sisecam Wyoming will not resume until high-cost supply is forced out of the market or global soda ash demand growth catches up with supply, which could take several years. Corporate and Financing Corporate and Financing net income increased $2.6 million, while operating cash flow and free cash flow each increased $2.5 million in the third 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 third quarter of 2025 as compared to the prior year period due to less debt outstanding. In August 2025, NRP paid a second quarter 2025 cash distribution of $0.75 per common unit. Today, NRP declared a third quarter 2025 cash distribution of $0.75 per common unit. NRP repaid $32 million of debt in the third quarter and had $190.1 million of available liquidity at September 30, 2025, consisting of $31.0 million of cash and cash equivalents and $159.1 million of borrowing capacity available under its revolving credit facility. NRP's consolidated leverage ratio was 0.4 x at September 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/Q4I154486. 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. 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- Natural Resource Partners L.P.Financial Tables(Unaudited) Consolidated Statements of Comprehensive Income For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30,(In thousands, except per unit data)2025 2024 2025 2025 2024Revenues and other income Royalty and other mineral rights$49,615 $50,405 $44,295 $145,170 $172,368 Transportation and processing services 1,800 1,812 2,551 8,772 7,900 Equity in earnings of Sisecam Wyoming (2,390) 8,109 2,526 4,746 17,204 Gain on asset sales and disposals 906 1 729 1,882 4,809 Total revenues and other income$49,931 $60,327 $50,101 $160,570 $202,281 Operating expenses Operating and maintenance expenses$7,654 $6,786 $4,159 $18,589 $18,391 Depreciation, depletion and amortization 3,868 4,730 3,754 11,611 12,708 General and administrative expenses 5,725 5,935 5,597 18,154 18,193 Asset impairments — 87 — 20 87 Total operating expenses$17,247 $17,538 $13,510 $48,374 $49,379 Income from operations$32,684 $42,789 $36,591 $112,196 $152,902 Interest expense, net$(1,779) $(4,194) $(2,380) $(6,827) $(12,030) Net income$30,905 $38,595 $34,211 $105,369 $140,872 Less: income attributable to preferred unitholders — (655) — — (4,248)Less: redemption of preferred units — (10,819) — — (24,485)Net income attributable to common unitholders and the general partner$30,905 $27,121 $34,211 $105,369 $112,139 Net income attributable to common unitholders$30,287 $26,578 $33,527 $103,262 $109,896 Net income attributable to the general partner 618 543 684 2,107 2,243 Net income per common unit Basic$2.31 $2.04 $2.55 $7.87 $8.47 Diluted 2.28 2.00 2.52 7.77 8.21 Net income$30,905 $38,595 $34,211 $105,369 $140,872 Comprehensive income (loss) from unconsolidated investment and other (2,391) 82 (414) (545) 2,166 Comprehensive income$28,514 $38,677 $33,797 $104,824 $143,038 Natural Resource Partners L.P.Financial Tables(Unaudited) Consolidated Statements of Cash Flows For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30,(In thousands)2025 2024 2025 2025 2024Cash flows from operating activities Net income$30,905 $38,595 $34,211 $105,369 $140,872 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 3,868 4,730 3,754 11,611 12,708 Distributions from unconsolidated investment — 6,320 4,900 7,840 28,114 Equity earnings from unconsolidated investment 2,390 (8,109) (2,526) (4,746) (17,204)Gain on asset sales and disposals (906) (1) (729) (1,882) (4,809)Asset impairments — 87 — 20 87 Bad debt expense 1,731 1,058 (1,320) 862 538 Unit-based compensation expense 2,724 3,002 2,662 8,103 8,878 Amortization of debt issuance costs and other 368 (1,655) (281) (81) (2,603)Change in operating assets and liabilities: Accounts receivable (3,115) (6,640) 3,610 346 5,711 Accounts payable (43) 49 (526) (23) 98 Accrued liabilities 358 392 2,296 (5,336) (5,917)Accrued interest 324 457 (388) 190 192 Deferred revenue 1,577 14,854 (986) (2,636) 16,781 Other items, net 914 1,006 902 1,461 (1,173)Net cash provided by operating activities$41,095 $54,145 $45,579 $121,098 $182,273 Cash flows from investing activities Proceeds from asset sales and disposals$906 $1 $730 $1,883 $4,809 Return of long-term contract receivable 728 673 714 2,142 1,979 Net cash provided by investing activities$1,634 $674 $1,444 $4,025 $6,788 Cash flows from financing activities Debt borrowings$— $23,000 $— $33,700 $152,850 Debt repayments (32,000) (36,000) (37,500) (106,500) (110,696)Distributions to common unitholders and the general partner (10,055) (9,986) (10,055) (46,386) (62,159)Distributions to preferred unitholders — (1,605) — — (6,398)Redemption of preferred units — (31,666) — — (71,666)Warrant settlements — — — — (65,689)Other items, net 1 (2) — (5,362) (6,392)Net cash used in financing activities$(42,054) $(56,259) $(47,555) $(124,548) $(170,150) Net increase (decrease) in cash and cash equivalents$675 $(1,440) $(532) $575 $18,911 Cash and cash equivalents at beginning of period 30,344 32,340 30,876 30,444 11,989 Cash and cash equivalents at end of period$31,019 $30,900 $30,344 $31,019 $30,900 Supplemental cash flow information: Cash paid for interest$1,413 $3,800 $2,725 $6,509 $11,466 Natural Resource Partners L.P.Financial Tables(Unaudited) Consolidated Balance Sheets September 30, December 31, 2025 2024(In thousands, except unit data)(Unaudited) ASSETS Current assets Cash and cash equivalents$31,019 $30,444 Accounts receivable, net 30,442 31,469 Other current assets, net 455 1,961 Total current assets$61,916 $63,874 Land 24,008 24,008 Mineral rights, net 369,902 379,638 Intangible assets, net 12,332 12,924 Equity in unconsolidated investment 253,717 257,355 Long-term contract receivable, net 21,197 23,480 Other long-term assets, net 10,482 11,628 Total assets$753,554 $772,907 LIABILITIES AND CAPITAL Current liabilities Accounts payable$886 $909 Accrued liabilities 8,313 12,121 Accrued interest 492 302 Current portion of deferred revenue 5,005 4,341 Current portion of long-term debt, net 14,246 14,192 Total current liabilities$28,942 $31,865 Deferred revenue 52,514 55,814 Long-term debt, net 55,131 127,876 Other non-current liabilities 5,717 6,244 Total liabilities$142,304 $221,799 Commitments and contingencies Partners’ capital Common unitholders’ interest (13,138,097 and 13,049,123 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively)$602,552 $543,231 General partner’s interest 10,913 9,547 Accumulated other comprehensive loss (2,215) (1,670)Total partners’ capital$611,250 $551,108 Total liabilities and partners' capital$753,554 $772,907 Natural Resource Partners L.P.Financial Tables(Unaudited) Consolidated Statements of Partners' Capital Accumulated Other Total Common Unitholders General Comprehensive Partners'(In thousands)Units Amounts Partner Income (Loss) CapitalBalance at December 31, 2024 13,049 $543,231 $9,547 $(1,670) $551,108 Net income — 39,448 805 — 40,253 Distributions to common unitholders and the general partner — (25,750) (526) — (26,276)Issuance of unit-based awards 89 — — — — Unit-based awards amortization and vesting, net — (3,175) — — (3,175)Capital contribution — — 187 — 187 Comprehensive income from unconsolidated investment and other — — — 2,260 2,260 Balance at March 31, 2025 13,138 $553,754 $10,013 $590 $564,357 Net income — 33,527 684 — 34,211 Distributions to common unitholders and the general partner — (9,854) (201) — (10,055)Unit-based awards amortization — 2,346 — — 2,346 Comprehensive loss from unconsolidated investment and other — — — (414) (414)Balance at June 30, 2025 13,138 $579,773 $10,496 $176 $590,445 Net income — 30,287 618 — 30,905 Distributions to common unitholders and the general partner — (9,854) (201) — (10,055)Unit-based awards amortization — 2,346 — — 2,346 Comprehensive loss from unconsolidated investment and other — — — (2,391) (2,391)Balance at September 30, 2025 13,138 $602,552 $10,913 $(2,215) $611,250 Natural Resource Partners L.P.Financial Tables(Unaudited) Consolidated Statements of Partners' Capital Accumulated Other Total Common Unitholders General Warrant Comprehensive Partners'(In thousands)Units Amounts Partner Holders Loss CapitalBalance at December 31, 2023 12,635 $503,076 $8,005 $23,095 $(3,122) $531,054 Net income(1) — 55,089 1,124 — — 56,213 Distributions to common unitholders and the general partner — (41,342) (844) — — (42,186)Distributions to preferred unitholders — (2,107) (43) — — (2,150)Issuance of unit-based awards 126 — — — — — Unit-based awards amortization and vesting, net — (3,971) — — — (3,971)Capital contribution — — 227 — — 227 Warrant settlements 199 (36,650) (748) (18,291) — (55,689)Comprehensive income from unconsolidated investment and other — — — — 845 845 Balance at March 31, 2024 12,960 $474,095 $7,721 $4,804 $(2,277) $484,343 Net income(2) — 45,142 922 — — 46,064 Redemption of preferred units — (13,393) (273) — — (13,666)Distributions to common unitholders and the general partner — (9,787) (200) — — (9,987)Distributions to preferred unitholders — (2,590) (53) — — (2,643)Unit-based awards amortization — 2,502 — — — 2,502 Capital contribution — — 555 — — 555 Warrant settlements 89 (5,092) (104) (4,804) — (10,000)Comprehensive income from unconsolidated investment and other — — — — 1,239 1,239 Balance at June 30, 2024 13,049 $490,877 $8,568 $— $(1,038) $498,407 Net income(3) — 37,824 771 — — 38,595 Redemption of preferred units — (10,602) (217) — — (10,819)Distributions to common unitholders and the general partner — (9,787) (199) — — (9,986)Distributions to preferred unitholders — (1,573) (32) — — (1,605)Unit-based awards amortization — 2,519 — — — 2,519 Comprehensive income from unconsolidated investment and other — — — — 82 82 Balance at September 30, 2024 13,049 $509,258 $8,891 $— $(956) $517,193 (1)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.(2)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.(3)Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 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 September 30, 2025 and 2024 and June 30, 2025: Operating Segments Mineral Corporate and (In thousands)Rights Soda Ash Financing TotalFor the Three Months Ended September 30, 2025 Revenues$51,415 $— $— $51,415 Equity in earnings of Sisecam Wyoming — (2,390) — (2,390)Gain on asset sales and disposals 906 — — 906 Total revenues and other income$52,321 $(2,390) $— $49,931 Asset impairments$— $— $— $— Net income (loss)$40,859 $(2,446) $(7,508) $30,905 Adjusted EBITDA(1)$44,723 $(56) $(5,725) $38,942 Cash flow provided by (used in) continuing operations: Operating activities$44,428 $(55) $(3,278) $41,095 Investing activities$1,634 $— $— $1,634 Financing activities$— $— $(42,054) $(42,054)Distributable cash flow(1)$46,062 $(55) $(3,278) $42,729 Free cash flow(1)$45,156 $(55) $(3,278) $41,823 For the Three Months Ended September 30, 2024 Revenues$52,217 $— $— $52,217 Equity in earnings of Sisecam Wyoming — 8,109 — 8,109 Gain on asset sales and disposals 1 — — 1 Total revenues and other income$52,218 $8,109 $— $60,327 Asset impairments$87 $— $— $87 Net income (loss)$40,644 $8,085 $(10,134) $38,595 Adjusted EBITDA(1)$45,456 $6,296 $(5,935) $45,817 Cash flow provided by (used in) continuing operations: Operating activities$53,610 $6,297 $(5,762) $54,145 Investing activities$674 $— $— $674 Financing activities$— $— $(56,259) $(56,259)Distributable cash flow(1)$54,284 $6,297 $(5,762) $54,819 Free cash flow(1)$54,283 $6,297 $(5,762) $54,818 For the Three Months Ended June 30, 2025 Revenues$46,846 $— $— $46,846 Equity in earnings of Sisecam Wyoming — 2,526 — 2,526 Gain on asset sales and disposals 729 — — 729 Total revenues and other income$47,575 $2,526 $— $50,101 Asset impairments$— $— $— $— Net income (loss)$39,691 $2,502 $(7,982) $34,211 Adjusted EBITDA(1)$43,439 $4,876 $(5,596) $42,719 Cash flow provided by (used in) continuing operations: Operating activities$45,576 $4,875 $(4,872) $45,579 Investing activities$1,444 $— $— $1,444 Financing activities$— $— $(47,555) $(47,555)Distributable cash flow(1)$47,020 $4,875 $(4,872) $47,023 Free cash flow(1)$46,290 $4,875 $(4,872) $46,293 (1)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 nine months ended September 30, 2025 and 2024: Operating Segments Mineral Corporate and (In thousands)Rights Soda Ash Financing TotalFor the Nine Months Ended September 30, 2025 Revenues$153,942 $— $— $153,942 Equity in earnings of Sisecam Wyoming — 4,746 — 4,746 Gain on asset sales and disposals 1,882 — — 1,882 Total revenues and other income$155,824 $4,746 $— $160,570 Asset impairments$20 $— $— $20 Net income (loss)$125,758 $4,606 $(24,995) $105,369 Adjusted EBITDA(1)$137,375 $7,700 $(18,154) $126,921 Cash flow provided by (used in) continuing operations: Operating activities$133,227 $7,700 $(19,829) $121,098 Investing activities$4,025 $— $— $4,025 Financing activities$(841) $— $(123,707) $(124,548)Distributable cash flow(1)$137,252 $7,700 $(19,829) $125,123 Free cash flow(1)$135,369 $7,700 $(19,829) $123,240 For the Nine Months Ended September 30, 2024 Revenues$180,268 $— $— $180,268 Equity in earnings of Sisecam Wyoming — 17,204 — 17,204 Gain on asset sales and disposals 4,809 — — 4,809 Total revenues and other income$185,077 $17,204 $— $202,281 Asset impairments$87 $— $— $87 Net income (loss)$154,017 $17,092 $(30,237) $140,872 Adjusted EBITDA(1)$166,798 $28,002 $(18,193) $176,607 Cash flow provided by (used in) continuing operations: Operating activities$179,593 $28,002 $(25,322) $182,273 Investing activities$6,788 $— $— $6,788 Financing activities$(1,086) $— $(169,064) $(170,150)Distributable cash flow(1)$186,381 $28,002 $(25,322) $189,061 Free cash flow(1)$181,572 $28,002 $(25,322) $184,252 (1)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 For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30,(In thousands, except per ton data)2025 2024 2025 2025 2024Coal sales volumes (tons) Appalachia Northern 1,508 470 132 1,764 716 Central 3,296 3,507 3,195 9,797 10,677 Southern 678 705 548 1,522 1,984 Total Appalachia 5,482 4,682 3,875 13,083 13,377 Illinois Basin 1,005 1,128 1,637 5,984 4,503 Northern Powder River Basin 841 944 426 2,183 2,460 Gulf Coast 201 436 176 614 1,136 Total coal sales volumes 7,529 7,190 6,114 21,864 21,476 Coal royalty revenue per ton Appalachia Northern$1.48 $2.34 $1.91 $1.51 $2.70 Central 6.08 6.55 6.41 6.22 7.34 Southern 8.36 9.56 8.53 8.58 10.37 Illinois Basin 1.93 1.76 2.21 2.29 2.33 Northern Powder River Basin 4.68 4.82 5.73 4.83 4.87 Gulf Coast 0.80 0.84 0.80 0.79 0.79 Combined average coal royalty revenue per ton 4.51 5.24 5.17 4.64 5.78 Coal royalty revenues Appalachia Northern$2,225 $1,100 $252 $2,660 $1,930 Central 20,051 22,958 20,494 60,971 78,328 Southern 5,666 6,743 4,676 13,060 20,571 Total Appalachia 27,942 30,801 25,422 76,691 100,829 Illinois Basin 1,943 1,987 3,610 13,694 10,510 Northern Powder River Basin 3,932 4,546 2,443 10,544 11,976 Gulf Coast 161 366 140 485 902 Unadjusted coal royalty revenues 33,978 37,700 31,615 101,414 124,217 Coal royalty adjustment for minimum leases 215 (95) (72) (180) (109)Total coal royalty revenues$34,193 $37,605 $31,543 $101,234 $124,108 Other revenues Production lease minimum revenues$1,365 $437 $123 $4,213 $1,773 Minimum lease straight-line revenues 4,176 4,117 4,050 12,276 12,414 Oil and gas royalty revenues 1,787 1,317 1,981 6,212 6,956 Carbon neutral revenues 316 (39) 290 1,201 4,322 Property tax revenues 2,105 1,809 1,519 5,261 5,246 Wheelage revenues 2,225 2,072 2,543 6,506 7,082 Coal overriding royalty revenues 297 227 456 1,633 2,064 Lease amendment revenues 1,699 1,071 656 3,010 2,485 Aggregates royalty revenues 1,011 662 906 2,770 2,164 Other revenues 441 1,127 228 854 3,754 Total other revenues$15,422 $12,800 $12,752 $43,936 $48,260 Royalty and other mineral rights$49,615 $50,405 $44,295 $145,170 $172,368 Transportation and processing services revenues 1,800 1,812 2,551 8,772 7,900 Gain on asset sales and disposals 906 1 729 1,882 4,809 Total Mineral Rights segment revenues and other income$52,321 $52,218 $47,575 $155,824 $185,077 Natural Resource Partners L.P.Reconciliation of Non-GAAP Measures(Unaudited) Adjusted EBITDA Mineral Corporate and (In thousands)Rights Soda Ash Financing TotalFor the Three Months Ended September 30, 2025 Net income (loss)$40,859 $(2,446) $(7,508) $30,905 Less: equity earnings from unconsolidated investment — 2,390 — 2,390 Add: total distributions from unconsolidated investment — — — — Add: interest expense, net — — 1,779 1,779 Add: depreciation, depletion and amortization 3,864 — 4 3,868 Add: asset impairments — — — — Adjusted EBITDA$44,723 $(56) $(5,725) $38,942 For the Three Months Ended September 30, 2024 Net income (loss)$40,644 $8,085 $(10,134) $38,595 Less: equity earnings from unconsolidated investment — (8,109) — (8,109)Add: total distributions from unconsolidated investment — 6,320 — 6,320 Add: interest expense, net — — 4,194 4,194 Add: depreciation, depletion and amortization 4,725 — 5 4,730 Add: asset impairments 87 — — 87 Adjusted EBITDA$45,456 $6,296 $(5,935) $45,817 For the Three Months Ended June 30, 2025 Net income (loss)$39,691 $2,502 $(7,982) $34,211 Less: equity earnings from unconsolidated investment — (2,526) — (2,526)Add: total distributions from unconsolidated investment — 4,900 — 4,900 Add: interest expense, net — — 2,380 2,380 Add: depreciation, depletion and amortization 3,748 — 6 3,754 Add: asset impairments — — — — Adjusted EBITDA$43,439 $4,876 $(5,596) $42,719 Natural Resource Partners L.P.Reconciliation of Non-GAAP Measures(Unaudited) Adjusted EBITDA Mineral Corporate and (In thousands)Rights Soda Ash Financing TotalFor the Nine Months Ended September 30, 2025 Net income (loss)$125,758 $4,606 $(24,995) $105,369 Less: equity earnings from unconsolidated investment — (4,746) — (4,746)Add: total distributions from unconsolidated investment — 7,840 — 7,840 Add: interest expense, net — — 6,827 6,827 Add: depreciation, depletion and amortization 11,597 — 14 11,611 Add: asset impairments 20 — — 20 Adjusted EBITDA$137,375 $7,700 $(18,154) $126,921 For the Nine Months Ended September 30, 2024 Net income (loss)$154,017 $17,092 $(30,237) $140,872 Less: equity earnings from unconsolidated investment — (17,204) — (17,204)Add: total distributions from unconsolidated investment — 28,114 — 28,114 Add: interest expense, net — — 12,030 12,030 Add: depreciation, depletion and amortization 12,694 — 14 12,708 Add: asset impairments 87 — — 87 Adjusted EBITDA$166,798 $28,002 $(18,193) $176,607 Natural Resource Partners L.P.Reconciliation of Non-GAAP Measures(Unaudited) Distributable Cash Flow and Free Cash Flow Mineral Corporateand (In thousands)Rights Soda Ash Financing TotalFor the Three Months Ended September 30, 2025 Net cash provided by (used in) operating activities$44,428 $(55) $(3,278) $41,095 Add: proceeds from asset sales and disposals 906 — — 906 Add: return of long-term contract receivable 728 — — 728 Distributable cash flow$46,062 $(55) $(3,278) $42,729 Less: proceeds from asset sales and disposals (906) — — (906)Free cash flow$45,156 $(55) $(3,278) $41,823 Net cash provided by investing activities$1,634 $— $— $1,634 Net cash used in financing activities$— $— $(42,054) $(42,054) For the Three Months Ended September 30, 2024 Net cash provided by (used in) operating activities$53,610 $6,297 $(5,762) $54,145 Add: proceeds from asset sales and disposals 1 — — 1 Add: return of long-term contract receivable 673 — — 673 Distributable cash flow$54,284 $6,297 $(5,762) $54,819 Less: proceeds from asset sales and disposals (1) — — (1)Free cash flow$54,283 $6,297 $(5,762) $54,818 Net cash provided by investing activities$674 $— $— $674 Net cash used in financing activities$— $— $(56,259) $(56,259) For the Three Months Ended June 30, 2025 Net cash provided by (used in) operating activities$45,576 $4,875 $(4,872) $45,579 Add: proceeds from asset sales and disposals 730 — — 730 Add: return of long-term contract receivable 714 — — 714 Distributable cash flow$47,020 $4,875 $(4,872) $47,023 Less: proceeds from asset sales and disposals (730) — — (730)Free cash flow$46,290 $4,875 $(4,872) $46,293 Net cash provided by investing activities$1,444 $— $— $1,444 Net cash used in financing activities$— $— $(47,555) $(47,555) Natural Resource Partners L.P.Reconciliation of Non-GAAP Measures(Unaudited) Distributable Cash Flow and Free Cash Flow Mineral Corporate and (In thousands)Rights Soda Ash Financing TotalFor the Nine Months Ended September 30, 2025 Net cash provided by (used in) operating activities$133,227 $7,700 $(19,829) $121,098 Add: proceeds from asset sales and disposals 1,883 — — 1,883 Add: return of long-term contract receivable 2,142 — — 2,142 Distributable cash flow$137,252 $7,700 $(19,829) $125,123 Less: proceeds from asset sales and disposals (1,883) — — (1,883)Free cash flow$135,369 $7,700 $(19,829) $123,240 Net cash provided by investing activities$4,025 $— $— $4,025 Net cash used in financing activities$(841) $— $(123,707) $(124,548) For the Nine Months Ended September 30, 2024 Net cash provided by (used in) operating activities$179,593 $28,002 $(25,322) $182,273 Add: proceeds from asset sales and disposals 4,809 — — 4,809 Add: return of long-term contract receivable 1,979 — — 1,979 Distributable cash flow$186,381 $28,002 $(25,322) $189,061 Less: proceeds from asset sales and disposals (4,809) — — (4,809)Free cash flow$181,572 $28,002 $(25,322) $184,252 Net cash provided by investing activities$6,788 $— $— $6,788 Net cash used in financing activities$(1,086) $— $(169,064) $(170,150) Natural Resource Partners L.P.Reconciliation of Non-GAAP Measures(Unaudited) Last Twelve Months (LTM) Free Cash Flow For the Three Months Ended (In thousands)December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Last 12 MonthsNet cash provided by operating activities$66,220 $34,424 $45,579 $41,095 $187,318 Add: proceeds from asset sales and disposals 37 247 730 906 1,920 Add: return of long-term contract receivable 686 700 714 728 2,828 Distributable cash flow$66,943 $35,371 $47,023 $42,729 $192,066 Less: proceeds from asset sales and disposals (37) (247) (730) (906) (1,920)Free cash flow$66,906 $35,124 $46,293 $41,823 $190,146 Leverage Ratio For the Three Months Ended (In thousands)December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Last 12 MonthsNet income$42,772 $40,253 $34,211 $30,905 $148,141 Less: equity earnings from unconsolidated investment (931) (4,610) (2,526) 2,390 (5,677)Add: total distributions from unconsolidated investment 10,667 2,940 4,900 — 18,507 Add: interest expense, net 3,524 2,668 2,380 1,779 10,351 Add: depreciation, depletion and amortization 2,827 3,989 3,754 3,868 14,438 Add: asset impairments — 20 — — 20 Adjusted EBITDA$58,859 $45,260 $42,719 $38,942 $185,780 Debt—at September 30, 2025 $69,547 Leverage Ratio 0.4 x For the Three Months Ended (In thousands)December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 Last 12 MonthsNet income$64,980 $56,213 $46,064 $38,595 $205,852 Less: equity earnings from unconsolidated investment (14,764) (5,450) (3,645) (8,109) (31,968)Add: total distributions from unconsolidated investment 15,338 14,210 7,584 6,320 43,452 Add: interest expense, net 3,921 3,487 4,349 4,194 15,951 Add: depreciation, depletion and amortization 6,020 4,654 3,324 4,730 18,728 Add: asset impairments 424 — — 87 511 Adjusted EBITDA$75,919 $73,114 $57,676 $45,817 $252,526 Debt—at September 30, 2024 $197,678 Leverage Ratio 0.8 x

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

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