Natural Resource Partners Lp Limited Partnership · NYSE:NRP

Natural Resource Partners Lp Limited Partnership — Natural Resource Partners — Q2 2026 Earnings Presentation

23 slides from Natural Resource Partners Lp Limited Partnership's earnings presentation, Aug 5, 2026

  1. Slide 1: Investor Presentation

    May 2026 Investor Presentation Natural Resource Partners L.P.

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This presentation includes “forward looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Natural Resource Part

  3. Slide 3: Management Philosophy

    Management Philosophy  We believe that as your partner, management’s economic interests should be aligned with unitholders ⎯ Every member of the executive team has a meaningful portion of their net worth invested in NRP ⎯ NRP executives and board of directors own 25% of the Partnership’s outstandin

  4. Slide 4: Our Strengths

    Our Strengths  We are skilled managers of passive interests in natural resource assets ⎯ This is a specialized discipline that requires a different set of skills and experience than that required to run an operating business ⎯ Few large companies choose to participate in this space, which provides

  5. Slide 5: NRP’s Business – What We Own

    NRP’s Business – What We Own  NRP owns approximately 13 million acres of mineral interests and other property rights across the United States ⎯ If combined in a single tract, our ownership would cover roughly 20,000 square miles ⎯ Our assets provide critical inputs for the manufacturing of steel, e

  6. Slide 6: NRP’s Asset Ownership

    NRP’s Asset Ownership NRP headquarters in Houston, Texas and Huntington, West Virginia Sisecam Wyoming, LLC NRP Ownership ©2026 Natural Resource Partners, L.P. 6

  7. Slide 7: Performance and Volatility

    Performance and Volatility  The primary metric we use to measure our performance is Free Cash Flow, which we define as cash from operations minus capital expenditures  Practically all of our cash flows are tied to market prices of metallurgical coal, thermal coal and soda ash, commodities characte

  8. Slide 8: Business Segments

    Business Segments  We think of NRP has having three buckets ⎯ Mineral Rights, which holds our mineral and other property rights; ⎯ Soda Ash, which represents our equity investment in Sisecam Wyoming; and ⎯ Corporate and Financing, where administrative and financing costs reside  The table below il

  9. Slide 9: Strategy

    Strategy  Since 2015, we have pursued a strategy to reduce NRP’s financial risk profile, increase returns on capital, and free up cash for distributions to unitholders  This initiative led us to cut costs, sell off underperforming assets, eliminate capital expenditures, and permanently retire over

  10. Slide 10: Paydown of Financial Obligations

    Paydown of Financial Obligations ($ in millions) $1,600 LTM ended March 2026 interest expense was over $80 Chart Title million less than ten years ago, and redemption of all $1,400 Preferred Equity saved an additional $30 million annually $1,200 $1,000 $800 $600 Debt Warrants (1) $400 $200 $0 2014 2

  11. Slide 11: Long-term Capital Allocation

    Long-term Capital Allocation  After debt is retired, our priorities for capital deployment will shift to the following: 1) Unitholder distributions; 2) Unit repurchases; and 3) Opportunistic acquisitions and investments 1. Unitholder distributions - We plan to continue our long-standing practice of

  12. Slide 12: Segment Overview

    Segment Overview ©2026 Natural Resource Partners, L.P. 12

  13. Slide 13: Mineral Rights Segment Overview

    Mineral Rights Segment Overview  NRP owns, manages, and leases mineral properties in the United States including interests in coal, industrial minerals, and other natural resources, as well as rights to sequester carbon dioxide underground and in standing forests and opportunities for renewable ene

  14. Slide 14: Mineral Rights Segment Overview (continued)

    Mineral Rights Segment Overview (continued)  Mineral Rights segment generated $184 million of Free Cash Flow(1) in the last twelve months ended March 31, 2026 ⎯ Approximately 45% of segment revenues were derived from metallurgical royalty revenue Metallurgical coal is essential in the steel-making

  15. Slide 15: Mineral Rights Segment Outlook

    Mineral Rights Segment Outlook  Prices for metallurgical and thermal coal are down over 50% from the highs of ’22 and we do not expect a near term recovery in prices due to soft steel demand and low priced North American natural gas  We continue to believe that most of our coal lessees are in bett

  16. Slide 16: Coal Royalty Revenue Map

    Coal Royalty Revenue Map Northern Powder River Basin Northern Appalachia 2025 Tons 2.9 mm tons 2025 Tons 3.1 mm tons Sold Sold 2025 Royalty 3% 2025 Royalty 10% Revenues Revenues Coal Type Metallurgical / Coal Type Thermal Thermal Key Lessees ARLP Key Lessees Western Energy Illinois Basin Central App

  17. Slide 17: Carbon Neutral Initiatives (CNI)

    Carbon Neutral Initiatives (CNI)  In 2019, we began to identify alternative revenue sources across our large portfolio of land and mineral assets, which includes the legal rights to sequester carbon dioxide (CO2) in approximately 3.5 million acres of pore space  The types of opportunities include

  18. Slide 18: Soda Ash Segment Overview

    Soda Ash Segment Overview  NRP owns a 49% equity interest in Sisecam Wyoming, LLC, a trona mine and soda ash production facility in the Green River Basin, Wyoming ⎯ NRP receives distributions from Sisecam Wyoming which are reported as Free Cash Flow ⎯ 50 year estimated reserve life  Soda ash is us

  19. Slide 19: Soda Ash Segment Outlook

    Soda Ash Segment Outlook  Soda ash demand is strongly correlated with global GDP, but recent increases in global production capacity from China and slowing customer demand due to declining construction activity and lower demand for flat glass have created the most difficult market for soda ash prod

  20. Slide 20: Appendix

    Appendix ©2026 Natural Resource Partners, L.P. 20

  21. Slide 21: Capital Structure

    Capital Structure Book Value as of 3/31/26 Market Value* Debt $60 $60 Common Equity 625 1,410 Total Capital $685 $1,470 *Market Value debt as of 3/31/26, and common equity calculated using ending unit price x units outstanding as of 5/18/26 ©2026 Natural Resource Partners, L.P. 21

  22. Slide 22: Non-GAAP Reconciliations

    Non-GAAP Reconciliations ©2026 Natural Resource Partners, L.P. 22

  23. Slide 23: Non-GAAP Reconciliations

    Non-GAAP Reconciliations “Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receiv

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