Dorchester Minerals, L.p. · NASDAQ:DMLP
Dorchester Minerals, L.p — Investor Presentation (May 2026)
24 slides from Dorchester Minerals, L.p's investor presentation, May 12, 2026
Slide 1: Dorchester Minerals, L.P. Investor Presentation
DMLP Dorchester Minerals, L.P. Investor Presenta May13, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements | DMLP. Portions ofthis presentation may constitute, ond our officers and representatives trom time to time may make, “orward-Iooking statements” within the meaning ofthe safe harbor provisions of the US. Private Securities Ligation Reform Act of 1995. Forword-looking stat
Slide 3: Outline
DMLP OUTLINE — 0}. INVESTMENT HIGHLIGHTS 02 OBSERVATIONS & TRENDS 03. MINERAL PORTFOLIO 4 FINANCIAL RESULTS 05 PRODUCTION & RESERVES 06 PROPERTY HIGHLIGHTS 07 SUMMARY
Slide 4: Investment Highlights
DMLP Investment Highlights Long-life Resource Base Formulaic Distibution Sustainable Cost structure posure to Multiple Basins Unievered ond Unhedged ——— Alignment with Unithoiders History of Reserve Replacement Depletion Deduction mates Asset Base Includes Undeveloped, Pees ise some Perpetual Minera
Slide 5: Observations & Trends
Observations & Trends DMLP Consolidation hos been driven by improving capital efficiency and expanding resource inventory Operators remain focused on returning capital to investors, not growing production + Inventory of premium driling locations is finite > organic reserve replacements a challenge R
Slide 6: Mineral Portfolio Overview
Mineral Portfolio Overview 10,200 nme + Cote area with remaining development potenti + Significant uneased mineral postion + Significant contbutr to NPI revenue 96,500nma + Milan Basin Large acreage spread across basin vith mix of high net interests, blocks of contiguous ‘acreage and unleased minera
Slide 7: Mineral and Royalty Peer Comparison
Mineral and Royalty Peer Comparison DMLP |
Slide 8: 2025 Calendar Year Distributions
2025 Calendar Year Distributions DMLP | Cumulative? Distributions!” $400 $1.59 Billion $20 ——— = ililinistwitullll ‘Annualized Cath bistibution Vila) = PPPPELL OPES LOLS PPP 7f 3 To sfoyoties he) moIner Revenue Realized Commodity Price ‘Gos Price (s/met) ‘uPrice sf) si0 st00 mol moos mNot sRoyatios
Slide 9: Minerals NPI
Minerals NPI ‘railing 12 Months NPI Payments $80000000 $23.3 Million eae Das Tralnig 2 Monee Hr Payments s2n92no00 $0.48 /unit ee Outstanding Capital Commitments $11.7 Million - 8 ere ice rexenet) | (0am) | nana 11 PoymenttooM me | sian operating Margin [| ™ DMLP |
Slide 10: Total Production
Total Production @ “28%. 6) +42% sss +182%
Slide 11: Reserves (Boe) and Gas
1 (Boe) | cas (set) [veorenazoze | om | 386 2025 Proauction | (28) (82) ‘Acquistions 05 13 Revisions 05 79 Year-End 2028 2 366 YoY Change “8% a% DMLP_ CPELPEPEEEBS $
Slide 12: Permian Basin
Permian Basin Central Basin Platform mel e oy Delaware DMLP |
Slide 13: Midland Basin
Midland Basin Net haineral Acres, 2025 ExitRate ‘New Well Adds: (6) 3,400 Boed 243
Slide 14: Delaware Basin
Delaware Basin Noto er ee ee Orns © azseccd 62 ‘
Slide 15: Bakken/Three Forks
Bakken/Three Forks Net Mineral Acres 2025 ExitRate Now Well Adds * ee ak (6) 1 Ee 1,095 Boed 14 Lecter iain
Slide 16: Q&A
— QBA Dorchester Minerals, L.P. Investor Presentati May 13, 2026
Slide 17: Appendix
_DMLP. Appendix
Slide 18: Management Ownership
Management Ownership | DMLP + OP has no incentive distribution rights ~ fixed sharing ratio + Management's LP interest exceeds its GP interest + Not incentivized to make dilutive transactions MgmtGP mm $5.5MM | MgmtLP mam $10.3MM | Other LP cam) $121.7MM 2025 LP & GP Distributions 137.5 MM sare tr c
Slide 19: Historical Reserve Revisions
Historical Reserve Revisions + Production and divestitures have exceeded initial reserves by 35x Equivalent Reserves (MMB00) oy/s/2008 1/2025 wfay/2025 DMLP |
Slide 20: Royalty Oil Production
DMLP | Royalty Oil Production 19900 1000 rr 2026 wets (266%) —rre-2025 ws (243%) —rre-2024 ene (126%) —re-2028 wate (185%) —re-2022 Wats (1078) —re-20m wae (008) —re-2020 woes (89%) 0 W200 Waa Waa Wem Wee Waa 202s 2028 20
Slide 21: Non-Consent/Non-Participation
Non-Consent/Non-Participation DMLP Each State has unique laws governing the treatment of unleased mineral owners. Unieasedrmineral owner boksin or hi all erting toes fer opector recovers 10% cream a a - ‘cos comedy pear oe North Dakota Useotedminaal onnacrecobes 8%r0y0IY aay. | tnd backs nor working
Slide 22: Royalty Cash Receipts
Royalty Cash Receipts Dts Tim + Cosh receipts extend over multiple months due to adjustments, suspense releases, etc. + Prices can change dramatically between production and payment of distribution + Example of a typical cash receipt cycle: DMLP | Jon Feb Mar Apr May Jun Jul 2
Slide 23: Net Royalty Acres
Net Royalty Acres? ad Complex mineral ownership is not well represented by Net Royalty Acres + Royalty rotes and lease status vary by depth + Royalty rates vary by contract : + Single section example from Upton Co. Floating NPR Floating NPR: burdening /4th urdening i/sth lease tease 2
Slide 24: Dorchester Minerals, L.P.
DMLP Dorchester Minerals, L.P. NASDAQ | DMLP Investor Relations | (214) 559-0300 | ir@dmip.net
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