Natural Resource Partners L.P. Reports Second Quarter 2026 Results and Declares Second Quarter 2026 Distribution of $0.75 per Common Unit

About this update from Natural Resource Partners Lp Limited Partnership

HOUSTON, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2026 results as follows:   For the Three Months Ended     Last Twelve Months Ended   (In thousands) (Unaudited) June 30, 2026   Net income $ 25,176     $ 106,698   Operating cash flow   40,950       159,824                   Free cash flow before investment in soda ash business $ 41,723     $ 162,826   Investment in soda ash business   —       (39,200 ) Free cash flow (1) $ 41,723     $ 123,626   _______________________________ (1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Highlights: Generated $41.7 million of free cash flow in the second quarter of 2026 Paid first quarter 2026 distribution of $0.75 per common unit Declares second quarter 2026 common unit distribution of $0.75 per unit "NRP generated $42 million of free cash flow in the second quarter of 2026 and $163 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business in the first quarter of 2026," said Craig Nunez, NRP's president and chief operating officer. "We are on track to pay off all debt and significantly raise distributions before year-end.” NRP announced today that the board of directors of its general partner declared a second quarter 2026 cash distribution of $0.75 per common unit to be paid on August 25, 2026, to unitholders of record on August 18, 2026. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs. Mineral Rights Segment Mineral Rights revenues for the second quarter of 2026 increased $6.1 million as compared to the prior year quarter, driven primarily by higher metallurgical and thermal coal sales volumes and higher prices at certain properties. Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2026. Operating cash flow and free cash flow decreased $1.0 million and $0.9 million, respectively, as compared to the prior year period primarily due to higher recoupments during the second quarter of 2026, partially offset by increased cash received from minimum payments.  Net income for the second quarter of 2026 decreased $3.5 million as compared to the prior year period primarily due to revised engineering and increased depletion rate at a thermal property. This property continues to hold significant economic tons and long-term mine life, and there has been no material change to NRP's estimate of the segment's long-term earning power. Mineral Rights segment results continue to be impacted by low natural gas prices, ample coal stockpiles at power plants, and soft global steel demand. NRP has no meaningful developments to report on its carbon neutral initiatives but continues to explore opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets.  Soda Ash Segment Soda Ash net income in the second quarter of 2026 decreased $7.5 million as compared to the prior year period primarily due to lower sales prices in 2026. Operating and free cash flow each decreased $5.0 million in the second quarter of 2026 as compared to the prior year period due to the $4.9 million distribution received in the second quarter of 2025 and no distribution in the second quarter of 2026.  The global soda ash market remains weak with international soda ash prices below the cost of production for many producers due to the increased natural soda ash supply from China, along with sluggish demand for flat glass due to slowing commercial and residential construction globally. NRP does not expect to receive distributions from Sisecam Wyoming for several years until the soda ash market returns to equilibrium through increased demand and/or capacity rationalization.  Corporate and Financing Corporate and Financing net income increased $1.9 million, while operating cash flow and free cash flow each increased $1.3 million in the second quarter of 2026 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the second quarter of 2026 as compared to the prior year period due to less debt outstanding.  In May 2026, NRP paid a first quarter 2026 cash distribution of $0.75 per common unit and today, NRP declared a second quarter 2026 cash distribution of $0.75 per common unit. NRP had $217.0 million of available liquidity at June 30, 2026, consisting of $30.1 million of cash and cash equivalents and $186.9 million of borrowing capacity available under its revolving credit facility.  NRP's consolidated leverage ratio was 0.2 x at June 30, 2026.  Conference Call A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://events.q4inc.com/analyst/548891416?pwd=t0aSXC6s . After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com . To access the replay, please visit the Investor Relations section of NRP’s website. Withholding Information for Foreign Investors Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%). Company Profile Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash. For additional information, please contact Tiffany Sammis at 713-751-7515 or [email protected]. Further information about NRP is available on the partnership’s website at http://www.nrplp.com . Forward-Looking Statements This press release includes “ forward-looking statements ” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership ’ s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC ’ s trona mining and soda ash refinery operations; distributions from the soda ash business; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners ’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures "Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis. “Free cash flow ” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others   to assess our ability to make cash distributions and repay debt. "Leverage ratio"   represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above.   NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP ’ s overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.   -Financial Tables and Reconciliation of Non-GAAP Measures Follow- Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Comprehensive Income                For the Three Months Ended     For the Six Months Ended     June 30,     March 31,     June 30,   (In thousands, except per unit data) 2026     2025     2026     2026     2025   Revenues and other income                                       Royalty and other mineral rights $ 49,119     $ 44,295     $ 43,297     $ 92,416     $ 95,555   Transportation and processing services   3,851       2,551       3,885       7,736       6,972   Equity in earnings (loss) of Sisecam Wyoming   (4,905 )     2,526       (7,828 )     (12,733 )     7,136   Gain (loss) on asset sales and disposals   45       729       (1 )     44       976   Total revenues and other income $ 48,110     $ 50,101     $ 39,353     $ 87,463     $ 110,639                                           Operating expenses                                       Operating and maintenance expenses $ 5,731     $ 4,159     $ 6,113     $ 11,844     $ 10,935   Depreciation, depletion and amortization   11,131       3,754       7,614       18,745       7,743   General and administrative expenses   5,020       5,597       5,034       10,054       12,429   Asset impairments   —       —       —       —       20   Total operating expenses $ 21,882     $ 13,510     $ 18,761     $ 40,643     $ 31,127                                           Income from operations $ 26,228     $ 36,591     $ 20,592     $ 46,820     $ 79,512                                           Interest expense, net $ (1,052 )   $ (2,380 )   $ (973 )   $ (2,025 )   $ (5,048 )                                         Net income $ 25,176     $ 34,211     $ 19,619     $ 44,795     $ 74,464                                           Net income attributable to common unitholders $ 24,672     $ 33,527     $ 19,227     $ 43,899     $ 72,975   Net income attributable to the general partner   504       684       392       896       1,489                                           Net income per common unit                                       Basic $ 1.86     $ 2.55     $ 1.46     $ 3.32     $ 5.56   Diluted   1.85       2.52       1.44       3.29       5.49                                           Net income $ 25,176     $ 34,211     $ 19,619     $ 44,795     $ 74,464   Comprehensive income (loss) from unconsolidated investment and other   904       (414 )     (140 )     764       1,846   Comprehensive income $ 26,080     $ 33,797     $ 19,479     $ 45,559     $ 76,310   Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Cash Flows               For the Three Months Ended     For the Six Months Ended     June 30,     March 31,     June 30,   (In thousands) 2026     2025     2026     2026     2025   Cash flows from operating activities                                       Net income $ 25,176     $ 34,211     $ 19,619     $ 44,795     $ 74,464   Adjustments to reconcile net income to net cash provided by operating activities:                                       Depreciation, depletion and amortization   11,131       3,754       7,614       18,745       7,743   Distributions from unconsolidated investment   —       4,900       —       —       7,840   Equity in (earnings) loss from unconsolidated investment   4,905       (2,526 )     7,828       12,733       (7,136 ) Loss (gain) on asset sales and disposals   (45 )     (729 )     1       (44 )     (976 ) Asset impairments   —       —       —       —       20   Bad debt expense   33       (1,320 )     (776 )     (743 )     (869 ) Unit-based compensation expense   1,671       2,662       1,164       2,835       5,379   Amortization of debt issuance costs and other   442       (281 )     447       889       (449 ) Change in operating assets and liabilities:   —                                   Accounts receivable   (3,826 )     3,610       615       (3,211 )     3,461   Accounts payable   (1,460 )     (526 )     1,290       (170 )     20   Accrued liabilities   2,361       2,296       (7,156 )     (4,795 )     (5,694 ) Accrued interest   (216 )     (388 )     210       (6 )     (134 ) Deferred revenue   285       (986 )     1,434       1,719       (4,213 ) Other items, net   493       902       724       1,217       547   Net cash provided by operating activities $ 40,950     $ 45,579     $ 33,014     $ 73,964     $ 80,003                                           Cash flows from investing activities                                       Proceeds from asset sales and disposals $ 46     $ 730     $ —     $ 46     $ 977   Capital to unconsolidated investment   —       —       (39,200 )     (39,200 )     —   Return of long-term contract receivable   773       714       758       1,531       1,414   Net cash provided by (used in) investing activities $ 819     $ 1,444     $ (38,442 )   $ (37,623 )   $ 2,391                                           Cash flows from financing activities                                       Debt borrowings $ 6,000     $ —     $ 61,200     $ 67,200     $ 33,700   Debt repayments   (39,000 )     (37,500 )     (34,000 )     (73,000 )     (74,500 ) Distributions to common unitholders and the general partner   (10,141 )     (10,055 )     (11,763 )     (21,904 )     (36,331 ) Other items, net   —       —       (8,646 )     (8,646 )     (5,363 ) Net cash provided by (used in) financing activities $ (43,141 )   $ (47,555 )   $ 6,791     $ (36,350 )   $ (82,494 )                                         Net increase (decrease) in cash and cash equivalents $ (1,372 )   $ (532 )   $ 1,363     $ (9 )   $ (100 ) Cash and cash equivalents at beginning of period   31,504       30,876       30,141       30,141       30,444   Cash and cash equivalents at end of period $ 30,132     $ 30,344     $ 31,504     $ 30,132     $ 30,344                                           Supplemental cash flow information:                                       Cash paid for interest $ 1,204     $ 2,725     $ 684     $ 1,888     $ 5,096   Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Balance Sheets               June 30,     December 31,     2026     2025   (In thousands, except unit data) (Unaudited)         ASSETS               Current assets               Cash and cash equivalents $ 30,132     $ 30,141   Accounts receivable, net   30,640       28,666   Other current assets, net   934       2,105   Total current assets $ 61,706     $ 60,912   Land   24,007       24,008   Mineral rights, net   351,503       366,987   Intangible assets, net   8,655       11,908   Equity in unconsolidated investment   277,475       250,244   Long-term contract receivable, net   18,775       20,406   Other long-term assets, net   15,414       13,900   Total assets $ 757,535     $ 748,365   LIABILITIES AND CAPITAL               Current liabilities               Accounts payable $ 989     $ 1,159   Accrued liabilities   7,127       10,897   Accrued interest   63       69   Current portion of deferred revenue   6,705       6,663   Current portion of long-term debt, net   14,271       14,198   Total current liabilities $ 29,155     $ 32,986   Deferred revenue   59,744       58,067   Long-term debt, net   13,084       18,884   Other non-current liabilities   5,496       5,909   Total liabilities $ 107,479     $ 115,846   Commitments and contingencies               Partners’ capital               Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively) $ 641,221     $ 625,188   General partner’s interest   12,072       11,332   Accumulated other comprehensive loss   (3,237 )     (4,001 ) Total partners’ capital $ 650,056     $ 632,519   Total liabilities and partners' capital $ 757,535     $ 748,365   Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Partners' Capital                                                                 Accumulated                                     Other     Total     Common Unitholders     General     Comprehensive     Partners'   (In thousands) Units     Amounts     Partner     Loss     Capital   Balance at December 31, 2025   13,138     $ 625,188     $ 11,332     $ (4,001 )   $ 632,519   Net income   —       19,227       392       —       19,619   Distributions to common unitholders and the general partner   —       (11,528 )     (235 )     —       (11,763 ) Issuance of unit-based awards   112       —       —       —       —   Unit-based awards amortization and vesting, net   —       (7,985 )     —       —       (7,985 ) Capital contribution   —       —       282       —       282   Comprehensive loss from unconsolidated investment and other   —       —       —       (140 )     (140 ) Balance at March 31, 2026   13,250     $ 624,902     $ 11,771     $ (4,141 )   $ 632,532   Net income   —       24,672       504       —       25,176   Distributions to common unitholders and the general partner   —       (9,938 )     (203 )     —       (10,141 ) Unit-based awards amortization   —       1,585       —       —       1,585   Comprehensive income from unconsolidated investment and other   —       —       —       904       904   Balance at June 30, 2026   13,250     $ 641,221     $ 12,072     $ (3,237 )   $ 650,056                             Accumulated                                     Other     Total     Common Unitholders     General     Comprehensive     Partners'   (In thousands) Units     Amounts     Partner     Income (Loss)     Capital   Balance at December 31, 2024   13,049     $ 543,231     $ 9,547     $ (1,670 )   $ 551,108   Net income   —       39,448       805       —       40,253   Distributions to common unitholders and the general partner   —       (25,750 )     (526 )     —       (26,276 ) Issuance of unit-based awards   89       —       —       —       —   Unit-based awards amortization and vesting, net   —       (3,175 )     —       —       (3,175 ) Capital contribution   —       —       187       —       187   Comprehensive income from unconsolidated investment and other   —       —       —       2,260       2,260   Balance at March 31, 2025   13,138     $ 553,754     $ 10,013     $ 590     $ 564,357   Net income   —       33,527       684       —       34,211   Distributions to common unitholders and the general partner   —       (9,854 )     (201 )     —       (10,055 ) Unit-based awards amortization   —       2,346       —       —       2,346   Comprehensive loss from unconsolidated investment and other   —       —       —       (414 )     (414 ) Balance at June 30, 2025   13,138     $ 579,773     $ 10,496     $ 176     $ 590,445   Natural Resource Partners L.P. Financial Tables (Unaudited) The following table presents NRP's unaudited business results for the three months ended June 30, 2026 and 2025 and March 31, 2026:   Reportable Segments                   (In thousands) Mineral Rights     Soda Ash     Corporate and Financing     Total   For the Three Months Ended June 30, 2026                               Revenues $ 52,970     $ —     $ —     $ 52,970   Equity in loss of Sisecam Wyoming   —       (4,905 )     —       (4,905 ) Gain on asset sales and disposals   45       —       —       45   Total revenues and other income $ 53,015     $ (4,905 )   $ —     $ 48,110   Asset impairments $ —     $ —     $ —     $ —   Net income (loss) $ 36,237     $ (4,984 )   $ (6,077 )   $ 25,176   Adjusted EBITDA (1) $ 47,363     $ (79 )   $ (5,020 )   $ 42,264   Cash flow provided by (used in) continuing operations:                               Operating activities $ 44,579     $ (79 )   $ (3,550 )   $ 40,950   Investing activities $ 819     $ —     $ —     $ 819   Financing activities $ —     $ —     $ (43,141 )   $ (43,141 ) Free cash flow (1) $ 45,352     $ (79 )   $ (3,550 )   $ 41,723                                   For the Three Months Ended June 30, 2025                               Revenues $ 46,846     $ —     $ —     $ 46,846   Equity in earnings of Sisecam Wyoming   —       2,526       —       2,526   Gain on asset sales and disposals   729       —       —       729   Total revenues and other income $ 47,575     $ 2,526     $ —     $ 50,101   Asset impairments $ —     $ —     $ —     $ —   Net income (loss) $ 39,691     $ 2,502     $ (7,982 )   $ 34,211   Adjusted EBITDA (1) $ 43,439     $ 4,876     $ (5,596 )   $ 42,719   Cash flow provided by (used in) continuing operations:                               Operating activities $ 45,576     $ 4,875     $ (4,872 )   $ 45,579   Investing activities $ 1,444     $ —     $ —     $ 1,444   Financing activities $ —     $ —     $ (47,555 )   $ (47,555 ) Free cash flow (1) $ 46,290     $ 4,875     $ (4,872 )   $ 46,293                                   For the Three Months Ended March 31, 2026                               Revenues $ 47,182     $ —     $ —     $ 47,182   Equity in loss of Sisecam Wyoming   —       (7,828 )     —       (7,828 ) Loss on asset sales and disposals   (1 )     —       —       (1 ) Total revenues and other income $ 47,181     $ (7,828 )   $ —     $ 39,353   Asset impairments $ —     $ —     $ —     $ —   Net income (loss) $ 33,530     $ (7,900 )   $ (6,011 )   $ 19,619   Adjusted EBITDA (1) $ 41,140     $ (72 )   $ (5,034 )   $ 36,034   Cash flow provided by (used in) continuing operations:                               Operating activities $ 41,827     $ (72 )   $ (8,741 )   $ 33,014   Investing activities $ 758     $ (39,200 )   $ —     $ (38,442 ) Financing activities $ (1,256 )   $ —     $ 8,047     $ 6,791   Free cash flow (1) $ 42,585     $ (39,272 )   $ (8,741 )   $ (5,428 ) _______________________________ (1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Natural Resource Partners L.P. Financial Tables (Unaudited) The following table presents NRP's unaudited business results for the six months ended June 30, 2026 and 2025:   Reportable Segments                   (In thousands) Mineral Rights     Soda Ash     Corporate and Financing     Total   For the Six Months Ended June 30, 2026                               Revenues $ 100,152     $ —     $ —     $ 100,152   Equity in loss of Sisecam Wyoming   —       (12,733 )     —       (12,733 ) Gain on asset sales and disposals   44       —       —       44   Total revenues and other income $ 100,196     $ (12,733 )   $ —     $ 87,463   Asset impairments $ —     $ —     $ —     $ —   Net income (loss) $ 69,767     $ (12,884 )   $ (12,088 )   $ 44,795   Adjusted EBITDA (1) $ 88,503     $ (151 )   $ (10,054 )   $ 78,298   Cash flow provided by (used in) continuing operations:                               Operating activities $ 86,406     $ (151 )   $ (12,291 )   $ 73,964   Investing activities $ 1,577     $ (39,200 )   $ —     $ (37,623 ) Financing activities $ (1,256 )   $ —     $ (35,094 )   $ (36,350 ) Free cash flow (1) $ 87,937     $ (39,351 )   $ (12,291 )   $ 36,295                                   For the Six Months Ended June 30, 2025                               Revenues $ 102,527     $ —     $ —     $ 102,527   Equity in earnings of Sisecam Wyoming   —       7,136       —       7,136   Gain on asset sales and disposals   976       —       —       976   Total revenues and other income $ 103,503     $ 7,136     $ —     $ 110,639   Asset impairments $ 20     $ —     $ —     $ 20   Net income (loss) $ 84,899     $ 7,052     $ (17,487 )   $ 74,464   Adjusted EBITDA (1) $ 92,652     $ 7,756     $ (12,429 )   $ 87,979   Cash flow provided by (used in) continuing operations:                               Operating activities $ 88,799     $ 7,755     $ (16,551 )   $ 80,003   Investing activities $ 2,391     $ —     $ —     $ 2,391   Financing activities $ (841 )   $ —     $ (81,653 )   $ (82,494 ) Free cash flow (1) $ 90,213     $ 7,755     $ (16,551 )   $ 81,417   _______________________________ (1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Natural Resource Partners L.P. Financial Tables (Unaudited) Operating Statistics - Mineral Rights               For the Three Months Ended     For the Six Months Ended     June 30,     March 31,     June 30,   (In thousands, except per ton data) 2026     2025     2026     2026     2025   Coal sales volumes (tons)                                       Appalachia                                       Northern   1,492       132       472       1,964       256   Central   3,371       3,195       2,967       6,338       6,501   Southern   453       548       329       782       844   Total Appalachia   5,316       3,875       3,768       9,084       7,601   Illinois Basin   2,416       1,637       2,420       4,836       4,979   Northern Powder River Basin   309       426       175       484       1,342   Gulf Coast   198       176       162       360       413   Total coal sales volumes   8,239       6,114       6,525       14,764       14,335                                           Coal royalty revenue per ton                                       Appalachia                                       Northern $ 1.18     $ 1.91     $ 1.42     $ 1.24     $ 1.70   Central   6.06       6.41       6.18       6.11       6.29   Southern   11.52       8.53       11.40       11.47       8.76   Illinois Basin   2.45       2.21       2.32       2.38       2.36   Northern Powder River Basin   4.86       5.73       6.19       5.35       4.93   Gulf Coast   0.82       0.80       0.83       0.83       0.78   Combined average coal royalty revenue per ton   4.25       5.17       4.53       4.37       4.70                                           Coal royalty revenues                                       Appalachia                                       Northern $ 1,759     $ 252     $ 671     $ 2,430     $ 435   Central   20,414       20,494       18,328       38,742       40,920   Southern   5,218       4,676       3,750       8,968       7,394   Total Appalachia   27,391       25,422       22,749       50,140       48,749   Illinois Basin   5,925       3,610       5,606       11,531       11,751   Northern Powder River Basin   1,503       2,443       1,084       2,587       6,612   Gulf Coast   163       140       135       298       324   Unadjusted coal royalty revenues   34,982       31,615       29,574       64,556       67,436   Coal royalty adjustment for minimum leases   (189 )     (72 )     —       (189 )     (395 ) Total coal royalty revenues $ 34,793     $ 31,543     $ 29,574     $ 64,367     $ 67,041                                           Other revenues                                       Production lease minimum revenues $ 251     $ 123     $ 558     $ 809     $ 2,848   Minimum lease straight-line revenues   4,019       4,050       4,019       8,038       8,100   Oil and gas royalty revenues   2,447       1,981       1,386       3,833       4,425   Carbon neutral revenues   94       290       185       279       885   Property tax revenues   1,710       1,519       1,711       3,421       3,156   Wheelage revenues   1,959       2,543       1,990       3,949       4,281   Coal overriding royalty revenues   1,040       456       1,386       2,426       1,336   Lease amendment revenues   1,242       656       1,200       2,442       1,311   Aggregates royalty revenues   1,246       906       1,118       2,364       1,759   Other revenues   318       228       170       488       413   Total other revenues $ 14,326     $ 12,752     $ 13,723     $ 28,049     $ 28,514   Royalty and other mineral rights $ 49,119     $ 44,295     $ 43,297     $ 92,416     $ 95,555   Transportation and processing services revenues   3,851       2,551       3,885       7,736       6,972   Gain (loss) on asset sales and disposals   45       729       (1 )     44       976   Total Mineral Rights segment revenues and other income $ 53,015     $ 47,575     $ 47,181     $ 100,196     $ 103,503   Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Adjusted EBITDA                       Reportable Segments                 (In thousands) Mineral Rights     Soda Ash     Corporate and Financing     Total   For the Three Months Ended June 30, 2026                               Net income (loss) $ 36,237     $ (4,984 )   $ (6,077 )   $ 25,176   Add (Less): equity in (earnings) loss from unconsolidated investment   —       4,905       —       4,905   Add: total distributions from unconsolidated investment   —       —       —       —   Add: interest expense, net   —       —       1,052       1,052   Add: depreciation, depletion and amortization   11,126       —       5       11,131   Add: asset impairments   —       —       —       —   Adjusted EBITDA $ 47,363     $ (79 )   $ (5,020 )   $ 42,264                                   For the Three Months Ended June 30, 2025                               Net income (loss) $ 39,691     $ 2,502     $ (7,982 )   $ 34,211   Add (Less): equity in (earnings) loss from unconsolidated investment   —       (2,526 )     —       (2,526 ) Add: total distributions from unconsolidated investment   —       4,900       —       4,900   Add: interest expense, net   —       —       2,380       2,380   Add: depreciation, depletion and amortization   3,748       —       6       3,754   Add: asset impairments   —       —       —       —   Adjusted EBITDA $ 43,439     $ 4,876     $ (5,596 )   $ 42,719                                   For the Three Months Ended March 31, 2026                               Net income (loss) $ 33,530     $ (7,900 )   $ (6,011 )   $ 19,619   Add (Less): equity in (earnings) loss from unconsolidated investment   —       7,828       —       7,828   Add: total distributions from unconsolidated investment   —       —       —       —   Add: interest expense, net   —       —       973       973   Add: depreciation, depletion and amortization   7,610       —       4       7,614   Add: asset impairments   —       —       —       —   Adjusted EBITDA $ 41,140     $ (72 )   $ (5,034 )   $ 36,034   Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Adjusted EBITDA                       Reportable Segments                 (In thousands) Mineral Rights     Soda Ash     Corporate and Financing     Total   For the Six Months Ended June 30, 2026                               Net income (loss) $ 69,767     $ (12,884 )   $ (12,088 )   $ 44,795   Add (Less): equity in (earnings) loss from unconsolidated investment   —       12,733       —       12,733   Add: total distributions from unconsolidated investment   —       —       —       —   Add: interest expense, net   —       —       2,025       2,025   Add: depreciation, depletion and amortization   18,736       —       9       18,745   Add: asset impairments   —       —       —       —   Adjusted EBITDA $ 88,503     $ (151 )   $ (10,054 )   $ 78,298                                   For the Six Months Ended June 30, 2025                               Net income (loss) $ 84,899     $ 7,052     $ (17,487 )   $ 74,464   Add (Less): equity in (earnings) loss from unconsolidated investment   —       (7,136 )     —       (7,136 ) Add: total distributions from unconsolidated investment   —       7,840       —       7,840   Add: interest expense, net   —       —       5,048       5,048   Add: depreciation, depletion and amortization   7,733       —       10       7,743   Add: asset impairments   20       —       —       20   Adjusted EBITDA $ 92,652     $ 7,756     $ (12,429 )   $ 87,979   Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Free Cash Flow                       Reportable Segments                 (In thousands) Mineral Rights     Soda Ash     Corporate and Financing     Total   For the Three Months Ended June 30, 2026                               Net cash provided by (used in) operating activities $ 44,579     $ (79 )   $ (3,550 )   $ 40,950   Add: return of long-term contract receivable   773       —       —       773   Free cash flow $ 45,352     $ (79 )   $ (3,550 )   $ 41,723                                   Net cash provided by investing activities $ 819     $ —     $ —     $ 819   Net cash used in financing activities $ —     $ —     $ (43,141 )   $ (43,141 )                                 For the Three Months Ended June 30, 2025                               Net cash provided by (used in) operating activities $ 45,576     $ 4,875     $ (4,872 )   $ 45,579   Add: return of long-term contract receivable   714       —       —       714   Free cash flow $ 46,290     $ 4,875     $ (4,872 )   $ 46,293                                   Net cash provided by investing activities $ 1,444     $ —     $ —     $ 1,444   Net cash used in financing activities $ —     $ —     $ (47,555 )   $ (47,555 )                                 For the Three Months Ended March 31, 2026                               Net cash provided by (used in) operating activities $ 41,827     $ (72 )   $ (8,741 )   $ 33,014   Add: return of long-term contract receivable   758       —       —       758   Less: capital to unconsolidated investment   —       (39,200 )     —       (39,200 ) Free cash flow $ 42,585     $ (39,272 )   $ (8,741 )   $ (5,428 )                                 Net cash provided by (used in) investing activities $ 758     $ (39,200 )   $ —     $ (38,442 ) Net cash provided by (used in) financing activities $ (1,256 )   $ —     $ 8,047     $ 6,791   Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Free Cash Flow                       Reportable Segments                 (In thousands) Mineral Rights     Soda Ash     Corporate and Financing     Total   For the Six Months Ended June 30, 2026                               Net cash provided by (used in) operating activities $ 86,406     $ (151 )   $ (12,291 )   $ 73,964   Add: return of long-term contract receivable   1,531       —       —       1,531   Less: capital to unconsolidated investment   —       (39,200 )     —       (39,200 ) Free cash flow $ 87,937     $ (39,351 )   $ (12,291 )   $ 36,295                                   Net cash provided by investing activities $ 1,577     $ (39,200 )   $ —     $ (37,623 ) Net cash prided by (used in) financing activities $ (1,256 )   $ —     $ (35,094 )   $ (36,350 )                                 For the Six Months Ended June 30, 2025                               Net cash provided by (used in) operating activities $ 88,799     $ 7,755     $ (16,551 )   $ 80,003   Add: return of long-term contract receivable   1,414       —       —       1,414   Free cash flow $ 90,213     $ 7,755     $ (16,551 )   $ 81,417                                   Net cash provided by investing activities $ 2,391     $ —     $ —     $ 2,391   Net cash used in financing activities $ (841 )   $ —     $ (81,653 )   $ (82,494 ) Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Last Twelve Months (LTM) Free Cash Flow                 For the Three Months Ended           (In thousands) September 30, 2025     December 31, 2025     March 31, 2026     June 30, 2026     Last 12 Months   Net cash provided by operating activities $ 41,095     $ 44,765     $ 33,014     $ 40,950     $ 159,824   Add: return of long-term contract receivable   728       743       758       773       3,002   Less: capital to unconsolidated investment   —       —       (39,200 )     —       (39,200 ) Free cash flow $ 41,823     $ 45,508     $ (5,428 )   $ 41,723     $ 123,626   Add: investment in soda ash business   —       —       39,200       —       39,200   Free cash flow before investment in soda ash business $ 41,823     $ 45,508     $ 33,772     $ 41,723     $ 162,826   Leverage Ratio                 For the Three Months Ended           (In thousands) September 30, 2025     December 31, 2025     March 31, 2026     June 30, 2026     Last 12 Months   Net income $ 30,905     $ 30,998     $ 19,619     $ 25,176     $ 106,698   Add (Less): equity in (earnings) loss from unconsolidated investment   2,390       1,686       7,828       4,905       16,809   Add: total distributions from unconsolidated investment   —       —       —       —       —   Add: interest expense, net   1,779       1,157       973       1,052       4,961   Add: depreciation, depletion and amortization   3,868       3,344       7,614       11,131       25,957   Add: asset impairments   —       —       —       —       —   Adjusted EBITDA $ 38,942     $ 37,185     $ 36,034     $ 42,264     $ 154,425                                           Debt—at June 30, 2026                                 $ 27,415                                           Leverage Ratio                                 0.2 x     For the Three Months Ended           (In thousands) September 30, 2024     December 31, 2024     March 31, 2025     June 30, 2025     Last 12 Months   Net income $ 38,595     $ 42,772     $ 40,253     $ 34,211     $ 155,831   Less: equity in earnings from unconsolidated investment   (8,109 )     (931 )     (4,610 )     (2,526 )     (16,176 ) Add: total distributions from unconsolidated investment   6,320       10,667       2,940       4,900       24,827   Add: interest expense, net   4,194       3,524       2,668       2,380       12,766   Add: depreciation, depletion and amortization   4,730       2,827       3,989       3,754       15,300   Add: asset impairments   87       —       20       —       107   Adjusted EBITDA $ 45,817     $ 58,859     $ 45,260     $ 42,719     $ 192,655                                           Debt—at June 30, 2025                                 $ 101,547                                           Leverage Ratio                                 0.5 x  

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