Natural Resource Partners (NRP) Investor presentation summary

Management philosophy and strategy

• Executive team and board own 25% of outstanding units, aligning interests with unitholders.

• Focus is on maximizing long-term intrinsic value, not short-term earnings.

• Capital allocation prioritizes debt reduction, then distributions, repurchases, and opportunistic investments.

• Conservative approach incorporates margin of safety and regular stress testing.

Asset portfolio and business segments

• Owns 13 million acres of mineral interests and property rights across the U.S.

• Holds 49% equity in Sisecam Wyoming, a major natural soda ash producer.

• Business divided into Mineral Rights, Soda Ash, and Corporate & Financing segments.

• Most assets are leased to operators, generating royalties and fees.

Financial performance and capital structure

• Free cash flow is the primary performance metric, showing significant volatility due to commodity prices.

• Over $1.4 billion in debt, preferred equity, and warrants retired since 2015, reducing interest expense by $80 million annually.

• As of June 2026, book value of capital is $668 million, market value $1.4 billion.