Slide 1: Investor Presentation
Investor Presentation August 2026
Slide 2: Disclaimer
Disclaimer Disclosure This presentation is being provided by WhiteHawk Minerals Corp. (the “Company”) for informational purposes only. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. Forward-Looking Statements This presentati
Slide 3: Executive Summary
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Slide 4: WhiteHawk is the Premier Natural Gas Mineral Company
WhiteHawk is the Premier Natural Gas Mineral Company Current WhiteHawk Footprint WhiteHawk at a Glance ▪ Natural gas-focused minerals and royalties company founded by a management team with over 125 years of experience Marcellus ▪ ~3.6MM gross unit acres in the core of the Marcellus and Haynesville
Slide 5: Post-IPO Acquisitions Asset Overview & Key Metrics
Post-IPO Acquisitions Asset Overview & Key Metrics Category Overview Appalachia Map Appalachia Acquisitions Map Appalachia Map Haynesville Acquisitions Map Number of Acquisitions 9 Transactions Total Purchase Price $111.8 million Gross Unit Acres ~700,000 acres Net Royalty Acres (1) 11,810 Average N
Slide 6: Q2 2026 Highlights
Q2 2026 Highlights Key Metrics – Three Months Ended June 30, 2026 Production by Basin Mid-Con 10% Net Production 70.0 MMcfe/d Other 10% 70.0 Adjusted EBITDA (2) $20.7 million MMcfe/d Appalachia 55% Haynesville 25% Cash Available for Distribution (2) $17.4 million Capitalization Table ($ in Millions,
Slide 7: WhiteHawk is the Premier Natural Gas Consolidator
WhiteHawk is the Premier Natural Gas Consolidator Track Record of Strategic Acquisitions Multiple Paths to Proprietary Deal Flow 9 8 Multi-Prong Acquisition Approach 7 6 Strategic Ground Game Transaction Count 5 4 $3-$5 Billion ~33x of Appalachia and Haynesville 3 natural gas minerals and royalties
Slide 8: Executing the Strategy Outlined at IPO
Executing the Strategy Outlined at IPO ❑ Acquiring core assets in WhiteHawk’s focus basins – Appalachia & Haynesville ❑ Top-tier operators underpinning production and development ❑ Attractive valuation to accretively add scale ❑ Providing investors and partners with additional opportunities to deplo
Slide 9: Company Overview
Company Overview = °°
Slide 10: Key Investment Highlights
Key Investment Highlights 1 Premier mineral & royalty interests in America’s most productive gas basins 2 Assets underlying top-tier operators with visible development activity across WhiteHawk’s footprint 3 High-margin, capital-light business model ensures robust cash available for distribution 4 S
Slide 11: Core Acreage Anchored by Best-In Class Operators (Appalachia)
Core Acreage Anchored by Best-In Class Operators Appalachia Overview WhiteHawk Appalachia Assets Average 2025 Dry Gas Appalachia Production: ~33 Bcf/d The Appalachian Basin is the largest U.S. 11% 21% gas basin, producing ~38% of U.S. natural gas in 2025 (Marcellus ~30%, Utica ~8%) at 38% WhiteHawk
Slide 12: Core Acreage Anchored by Best-In Class Operators (Haynesville)
Core Acreage Anchored by Best-In Class Operators Haynesville Overview WhiteHawk Haynesville Assets Average 2025 Dry Gas Haynesville Production: ~13 Bcf/d The Haynesville Basin is a core U.S. gas 33% 40% play within ~150 miles of the Gulf Coast, supplying feed gas to most major LNG 15% WhiteHawk % of
Slide 13: High Margins Ensure Robust Cash Flow for Distribution
High Margins Ensure Robust Cash Flow for Distribution …drives consistent distributions to shareholders across Generating higher cash margin per molecule…(2) commodity cycles $10.00 royalties $0.50 op costs $0.59 Illustrative Cash Margin ($/mcfe) at $4.00/mcfe $9.00 F&D $0.71 Value $8.00 op costs Cap
Slide 14: Appalachia is at the Epicenter of AI-Driven Electricity Growth
Appalachia is at the Epicenter of AI-Driven Electricity Growth Commentary New In-Basin Natural Gas Demand ▪ WhiteHawk’s Appalachian acreage is at the PA epicenter of growing natural gas demand OH WV MD driven by new AI data centers and power KY VA plants Homer City Shippingport 650 mmcf/d ▪ The Comp
Slide 15: Positioned to Capitalize on LNG Export Growth
Positioned to Capitalize on LNG Export Growth Commentary New In-Basin Natural Gas Demand(1) ▪ WhiteHawk’s Haynesville acreage is expected to directly benefit from the growing LNG export demand ▪ United States LNG export capacity is growing from ~17 Bcf/d currently to ~45 Bcf/d by 2031 ▪ 17 Bcf/d of
Slide 16: AI + LNG = ~25% Increase in Natural Gas Demand Growth
AI + LNG = ~25% Increase in Natural Gas Demand Growth Commentary Under Construction Natural Gas Demand (Bcf/d) ▪ U.S. natural gas demand is expected to grow 160 ~25% Increase materially over the next decade 17.0 133.9 140 ▪ Key source of U.S. power – natural gas 10.0 generated ~41% of U.S. electrici
Slide 17: Asset Overview by Basin
Asset Overview by Basin Appalachia Haynesville Mid-Continent Other Total Gross Unit Acres 975,000 725,000 1,700,000 150,000 3,550,000 Net Royalty Acres(1) 32,696 14,328 88,408 7,640 143,072 Implied Avg. Net Revenue Interest 0.42% 0.25% 0.65% 0.64% 0.51% Across DSUs(2) 2Q26 Production 0% 10% 1% 10% 1
Slide 18: Executive Management Team
Executive Management Team Daniel Herz | Founder, President, Chairman & Chief Executive Officer ▪ Founded WhiteHawk Energy in 2021, an independent minerals and royalties company ▪ Director for Presidio Petroleum (2026+) ▪ Founder, President & Chief Executive Officer of Falcon Minerals (NASDAQ: FLMN):
Slide 19: Track Record of Creating Value for Shareholders
Track Record of Creating Value for Shareholders 2000 2005 2010 2015 2016 2020 2021 Today Atlas Energy & Atlas Pipeline Partners Falcon Minerals WhiteHawk Energy ▪ Formed in 2022 with a clear mission to build the premier natural gas ▪ Took public in 2000 for $40 ▪ Took public in 2004 for $200 ▪ Forme
Slide 20: Appendix
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Slide 21: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Three Months Ended ADJUSTED EBITDA RECONCILIATION CASH AVAILABLE FOR DISTRIBUTION June 30, 2026 June 30, 2026 Net income (loss) $ (39,205) Net cash provided by operating activities $ 3,861 Amortization of debt issuance costs (299) Interest expen