Dorchester Minerals, L.p. · NASDAQ:DMLP
Dorchester Minerals, L.p — Investor Presentation (May 2026)
23 slides from Dorchester Minerals, L.p's investor presentation, May 13, 2026
Slide 1: Investor Presentation
Investor Presentation May 13, 2026 1
Slide 2: Forward-Looking Statements
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 1995. Forward- looking state
Slide 3: Outline
OUTLINE 01 INVESTMENT HIGHLIGHTS 02 OBSERVATIONS & TRENDS AGENDA 03 MINERAL PORTFOLIO SLIDE 04 FINANCIAL RESULTS 05 PRODUCTION & RESERVES 06 PROPERTY HIGHLIGHTS 07 SUMMARY 3
Slide 4: Investment Highlights
Investment Highlights Assets Structure Management Long-life Resource Base Formulaic Distribution Sustainable Cost Structure Exposure to Multiple Basins Unlevered and Unhedged Alignment with Unitholders Depletion Deduction History of Reserve Replacement Assertive Revenue Recovery Fixed LP/GP Split As
Slide 5: Observations & Trends
Observations & Trends • Consolidation has been driven by improving capital efficiency and expanding resource inventory • Operators remain focused on returning capital to investors, not growing production Oil and Gas • Inventory of premium drilling locations is finite organic reserve replacement is
Slide 6: Mineral Portfolio Overview
Mineral Portfolio Overview Bakken/Three Forks (ND) 10,200 nma • Core area with remaining development potential • Significant unleased mineral position • Significant contributor to NPI revenue Permian (TX & NM) 96,500 nma • Midland Basin – Large acreage spread across basin with mix of high net intere
Slide 7: Mineral and Royalty Peer Comparison
Mineral and Royalty Peer Comparison Total Shareholder Returns (Jan 2021 – Mar 2026) Index 700% 600% 500% 400% 300% 200% 100% 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 DMLP BSM VNOM KRP XOP WTI Spot Price Note: Comparison of DMLP total shareholder return to mineral and royalty
Slide 8: 2025 Calendar Year Distributions
2025 Calendar Year Distributions Cumulative LP Distributions(1) LP Distribution History ($/unit)(3) $1.59 Billion $4.00 $3.50 $3.00 $2.50 2025 LP Distributions $2.00 $2.78 /unit $1.50 $1.00 $0.50 $0.00 Annualized Cash Distribution Yield(2) 7.3% Royalties NPI Other Revenue Revenue by Product Revenue
Slide 9: Minerals NPI
Minerals NPI Trailing 12 Months NPI Payments Net Operating Income by Interest Type (Cash Basis by Calendar Year) $23.3 Million $50,000,000 $40,000,000 $30,000,000 Trailing 12 Months NPI Payments 83% 69% $0.48 /unit 64% $20,000,000 51% 56% $10,000,000 31% 36% 49% 44% 17% Outstanding Capital Commitmen
Slide 10: Total Production
Total Production Total Production by Product 2021 – 2025 Oil Production 100,000 +48% 10,000 2021 – 2025 Gas Production +42% 1,000 2021 – 2025 NGL Production 100 +182% 2021 2022 Gas Rate (Mcfd) 2023 2024 Oil Rate (Bopd) 2025 NGL Rate (Boed) 2026 Total 2025 Production by Operator Total Production by B
Slide 11: 2025 Reserves
2025 Reserves 2025 PDP Reserve Revisions (MMBoe) Historical PDP Reserves (MMBoe) 18 15.6 20 MMBoe 16 0.7 2025 Acquisitions 14 2025 Revisions 15 1.9 12 10 10 17.0 8 MMBoe 13.0 13.0 2025 Pro Forma 5 MMBoe MMBoe 6 4 0 2 2025 Production Replaced 65% of 4.0 MMBoe 2025 Production 0 12/31/2024 12/31/2025 1
Slide 12: Permian Basin
Permian Basin Central Basin Platform Midland Basin Delaware Basin 12
Slide 13: Midland Basin
Midland Basin Net Mineral Acres 2025 Exit Rate New Well Adds 24,300 3,400 Boed 243 (330,700 gross) Daily Production (Boed) 5,000 4,000 3,000 2,000 1,000 0 2021 2022 2023 2024 2025 2026 Royalty NPI New Well Activity 2025 Production Mix 400 10% 300 Oil 200 Gas 36% 54% 100 NGL 0 2021 2022 2023 2024 202
Slide 14: Delaware Basin
Delaware Basin Net Mineral Acres 2025 Exit Rate New Well Adds 11,100 1,448 Boed 62 (86,800 gross) Daily Production (Boed) 2,000 1,500 1,000 500 0 2021 2022 2023 2024 2025 2026 Royalty NPI New Well Activity 2025 Production Mix 100 7% 80 60 Oil 29% 40 Gas 20 64% NGL 0 2021 2022 2023 2024 2025 Royalty
Slide 15: Bakken/Three Forks
Bakken/Three Forks Net Mineral Acres 2025 Exit Rate New Well Adds 10,200 1,095 Boed 114 (83,300 gross) Daily Production (Boed) 2,500 2,000 1,500 1,000 500 0 2020 2021 2022 2023 2024 2025 Royalty NPI New Well Activity 2025 Production Mix 200 6% 150 26% Oil 100 Gas 50 NGL 68% 0 2021 2022 2023 2024 202
Slide 16: Appendix
-DMLP Dorchester Minerals, LP. Appendix 16
Slide 17: Management Ownership
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 4.0 % Mgmt GP $5.5 MM Mgmt LP is ~2X 7.5 % Mgmt LP $10.3 MM Mgmt GP 2025 LP & GP D
Slide 18: Historical Reserve Revisions
Historical Reserve Revisions Reserve Revision History • Production and divestitures have exceeded initial reserves by 3.5x Equivalent Reserves (MMBoe) 20 Initial Reserves Total Reserves 15.7 MMBoe 15.6 MMBoe 15 10 5 0 (5) 2003 – 2025 Production & Divestitures (10) (54.3 MMBoe) (15) 42.7 Total Revisi
Slide 19: Royalty Oil Production
Royalty Oil Production Projected Oil Decline Rates by Vintage (Boed) 10,000 1,000 Pre-2026 Wells (26.6%) Pre-2025 Wells (24.3%) Pre-2024 Wells (13.6%) Pre-2023 Wells (13.5%) Pre-2022 Wells (10.7%) Pre-2021 Wells (9.0%) Pre-2020 Wells (8.9%) 100 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1
Slide 20: Non-Consent/Non-Participation
Non-Consent/Non-Participation Each State has unique laws governing the treatment of unleased mineral owners. NRI 100% Texas 100% WI Unleased mineral owner backs in for full 50% working interest after operator recovers 100% 100% NRI of costs. to DMOLP 0% 0% 50% 100% 150% 200% 250% 300% % Costs Recove
Slide 21: Royalty Cash Receipts
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: Royalty 2nd Quarter Dist. Paid Oil and Gas P
Slide 22: 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. Floating NPRI Mineral Interest Spraberry burdening Leased @ 1/8th Lease 3/16th Floating NP
Slide 23: Dorchester Minerals, L.P.
Dorchester Minerals, L.P. June 21, 2023 NASDAQ | DMLP Investor Relations | (214) 559-0300 | ir@dmlp.net 23
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