Dorchester Minerals, L.p. · NASDAQ:DMLP
Dorchester Minerals, L.p — Investor Presentation (May 2025)
25 slides from Dorchester Minerals, L.p's investor presentation, May 14, 2025
Slide 1: Dorchester Minerals, LP Investor Presentation
/DMLP Dorchester Minerals, LP Investor Presentation May 14, 2025
Slide 2: Forward-Looking Statements
DMLP Dorchester Minerals, LF Forward-Looking Statements Portions of this presentation may constitute, and our officers and representatives from time to time may make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of
Slide 3: Simple Revenue Structure of Royalty Trusts / Outline
SIMPLE REVENUE STRUCTURE OF ROYALTY TRUSTS REVENUE FROM PRODUCTION DIVIDENDS *ALL FIGURES IN $MM, “Feb 1984 01 02 03 04 05 06 07 DMLP Dorchester Minerals, LF OUTLINE INVESTMENT HIGHLIGHTS OBSERVATIONS & TRENDS 2024 ACQUISITION ACTIVITY FINANCIAL RESULTS PRODUCTION & RESERVES PROPERTY HIGHLIGHTS SUMM
Slide 4: Investment Highlights
Investment Highlights —— Long-life Resource Base r— Exposure to Multiple Basins rm History of Reserve Replacement Asset Base Includes Undeveloped, Perpetual Minerals — Optionality with Unleased Mineral Position High-Quality Resources with Demonstrated History of Organic Growth r— Formulaic Distribut
Slide 5: Observations & Trends
DMLP Observations & Trends Letina Oil and Gas Industry Minerals & Royalties Dorchester Minerals Consolidation has improved capital efficiency and enhanced economies of scale Operators remain focused on returning capital to investors, not growing production Optimism on growing natural gas demand > po
Slide 6: 2024 Acquisition Activity
2024 Acquisition Activity Delaware and Midland Basins DMP Legacy ‘Acquisition Q3 2024 ion (Q3 2024. Expands Permian inventory with minimal incremental G&A 14,225 NRA — 14 Counties in TX & NM 65% in Delaware & 35% in Midland Concentration in Reeves, Glasscock, and Howard Counties 6,721,144 units issu
Slide 7: Mineral and Royalty Peer Comparison
DMLP Dorchester Minerals, LF Mineral and Royalty Peer Comparison 5 Year Total Shareholder Returns (2020 4 Index 350% 300% 250% 200% 150% 100% 50% 0% 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 —=DMLP ——BSM ——VNOM ——kRP ——STR ——PHX —— WIISpot Price Note: Comparison of DMLP total
Slide 8: 2024 Calendar Year Distributions
ge ae DMLP 2024 Calendar Year Distributions ea LP Distribution History ($/unit)@ Cumulative LP Distributions) onne $4.00 $1.46 Billion so $2.50 = 2024 LP Distributions AGH = e ey $3.49 /unit #80 $0.50 $0.00 Annualized Cash Distribution Yield@) iit 9 1 0 e 4 o Royalties mNPI m Other Revenue Revenue b
Slide 9: Minerals and NPI Results
DMLP Dorchester Minerals, LF Minerals NPI g 12 Months NPI Payments Net Operating Income by Interest Type (Cash Basis by Calendar Year $50,000,000 "$22. 7 Million $40,000,000 Trailing 12 Months NPI Payments EIST 69% 83% sO 2 ° $20,000,000 Cig ° 5 Ju n I t $10,000,000 49% = G Pera 31% mz 36% 5 rs rs $
Slide 10: Total Production
Total Production 2020 — 2024 Oil Production +6% 2020 - 2024 Gas Production +32% 2020 — 2024 NGL Production +119% ExxonMobil m Diamondback m ConocoPhillips lm Occidental l= Chord Energy m Other DMLP L_____.borchester Minerals, LP Total Production 100,000 10,000 SS = 1,000 ———— a 100 2020 2021 2022 20
Slide 11: Royalty and NPI Production
DMLP Royalty and NPI Production NPI Production * Oil volumes increasing due to Delaware and Midland Basin + Fewer participation opportunities in the Bakken and after-payout development working interests in the Midland Basin led to volume declines in 2024 * Gas volumes supported by associated gas fro
Slide 12: 2024 Reserves PDP Reserve Revisions
2024 Reserves 24 PDP Reserve Revisions (MMBoe) DMLP Dorchester Minerals, LF Historical PDP Reserves (MMBoe. mPro-Forma Base © Revisions & Acquisitions 16 2024 os Acquisitions 4 12 SS 2024 Revisions 10 8 6 10.0 MMBoe 4 2 2024 Production Replaced 179% of | 3.9 MMBoe 2024 Production 0 — — 12/31/2023 12
Slide 13: Mineral Portfolio Overview
DMLP Dorchester Minerals, LF Bakken/Three Forks (ND) 10,200 nma * Core area with remaining development potential Mineral Portfolio Overview * Significant unleased mineral position * Significant contributor to NPI revenue 96,500 nma + Midland Basin - Large acreage spread across basin with mix of high
Slide 14: Permian Basin
Permian Basin ROOSEVELT land Basin SCHLEICHER Delaware Basin 14
Slide 15: Midland Basin
Midland Basin Net Mineral Acres 2024 Exit Rate New Well Adds oO 23,100 6 3,938 Boed 357 (322,800 gross) Production (Boed DMLP Dorchester Minerals, LF 5,000 4,000 3,000 2,000 1,000 0) 2020 2021 2022 2023 2024 2025 mRoyalty mNPI New Well Activit 2024 Production Mix 400 300 mOil 200 mGas 100 | mNGL 0 2
Slide 16: Delaware Basin
Delaware Basin Net Mineral Acres 2024 Exit Rate New Well Adds oO 9,100 e) 1,446 Boed 86 (78,300 gross) Production (Boed 2,000 1,500 0 2020 2021 2022 2023 2024 2025 mRoyalty mNPI New Well Activit 024 Production Mix 100 80 60 moi 40 mGas 20 i | i | mNGL C) 2020 2021 2022 2023 2024 mRoyalty NPI DMLP Do
Slide 17: Bakken/Three Forks
Bakken/Three Forks Net Mineral Acres 10,200 (83,200 gross) New Well Adds 152 Production (Boed 2020 2021 2022 2023 2024 2025 j= Non-Consent mRoyalty | Participation New Well Activit 2024 Production Mix 200 150 mOil 100 mGas 50 a a mNGL o 2020 2021 2022 2023 ©2024 mRoyalty NPI Note: Production graph l
Slide 18: Appendix
Appendix
Slide 19: Management Ownership
DMLP Dorchester Minerals, LP Management Ownership Alignment of GP and LP Interests * GP has no incentive distribution rights — fixed sharing ratio + Management's LP interest exceeds its GP interest * Not incentivized to make dilutive transactions oO ey Mgmt GP mm $6.1MM 7.7% MgmtLP mam $11.7MM Other
Slide 20: Historical Reserve Revisions
Historical Reserve Revisions DMLP Dorchester Minerals, LP + Current reserves exceed initial reserves in 2003 Reserve Revision Histor + Production and divestitures have exceeded initial reserves by 34.6 MMBoe 20 15 10 Equivalent Reserves (MMBoe) 2003 ~ 2024 Production & Divestitures Initial Reserves
Slide 21: Royalty Oil Production
j : DMLP Royalty Oil Production hide ll, Pr Boed 10,000 ~ a ~s ~~! 1000 ————_—— _ a | —Pre-2025 Wells (34.2%) —Pre-2024 Wells (21.9%) ——Pre-2023 Wells (17.9%) ——Pre-2022 Wells (13.3%) —Pre-2021 Wells (10.0%) ——Pre-2020 Wells (9.0%) 100 1/1/2019 1/1/2020 qi/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 No
Slide 22: Non-Consent/Non-Participation
Non-Consent/Non-Participation Each State has unique laws governing the treatment of unleased mineral owners. Texas Unleased mineral owner backs in for full working interest after operator recovers 100% of costs. North Dakota Unleased mineral owner receives 16% royalty and backs in for full working i
Slide 23: Royalty Cash Receipts
DMLP Dorchester Minerals, LF Royalty Cash Receipts Cash Receipts Timeline * Cash 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: i Cash Ist Quar
Slide 24: Net Royalty Acres
Net Royalty Acres? Complex mineral ownership is not well represented by Net Royalty Acres + Royalty rates and lease status vary by depth * Royalty rates vary by contract + Single section example from Upton Co. Spraberry Floating NPRI A burdening = ea 1/8th Lease @ 3/16th Floating NPRI Floating NPRI
Slide 25: Dorchester Minerals, LP
DMLP Dorchester Minerals, LP NASDAQ | DMLP Investor Relations | (214) 559-0300 | ir@dmip.net
Dorchester Minerals — Investor Presentation (May 2025) on 6ix