Dorchester Minerals (DMLP) investor relations material

Executive summary

• Net income for Q2 2026 was $30,871,000, up from $12,347,000 in Q2 2025; six-month net income rose to $60,008,000 from $29,989,000 year-over-year.

• Operating revenues for Q2 2026 reached $56,075,000, a 73% increase from $32,395,000 in Q2 2025, driven by higher oil sales volumes and prices.

• Significant acquisitions included 3,100 net royalty acres in North Dakota for $23.1 million and 3,050 net royalty acres in Colorado for $23.0 million, both completed via common unit exchanges.

Financial highlights

• Q2 2026 royalties revenue was $43.9 million, up from $24.4 million in Q2 2025; six-month royalties revenue was $84.9 million, up from $62.3 million year-over-year.

• Net profits interest revenue for Q2 2026 was $9.6 million, up from $3.8 million in Q2 2025.

• Cash and cash equivalents increased to $72.5 million at June 30, 2026, from $41.9 million at December 31, 2025.

• Distributions to unitholders for Q2 2026 were $1.272943 per unit, payable August 13, 2026.

• Six-month revenues ended June 30, 2026 totaled $114,950,000, compared to $75,559,000 for the same period in 2025.

Outlook and guidance

• Management expects sufficient liquidity to fund distributions and operations, but notes that future distributions may be affected by oil and gas price volatility, global conflicts, inflation, and regulatory changes.

• Forward-looking statements highlight risks related to oil and natural gas prices, operational changes, economic and industry conditions, and regulatory requirements.