Revenue and Sales Performance - Operating revenues increased 92% from $12.5 million during Q3 2020 to $24.0 million during Q3 2021, driven by higher Royalty Properties oil sales volumes and prices [65]. - Oil sales volumes attributable to Royalty Properties remained consistent from Q3 2020 to Q3 2021, with oil sales volumes of 271 mbbls in Q3 2021, a 4% increase from 260 mbbls in Q3 2020 [61]. - Natural gas sales volumes attributable to Royalty Properties were 971 mmcf in Q3 2021, consistent with 973 mmcf in Q3 2020 [61]. - Average sales price for Royalty Properties oil increased 67% from $36.34 per bbl in Q3 2020 to $60.65 per bbl in Q3 2021 [61]. - Cash receipts from Royalty Properties in Q3 2021 totaled $17.3 million, with 77% from oil and natural gas sales during May to August 2021 [71]. - Average prices for oil and natural gas sales from Royalty Properties were $59.96/bbl and $3.03/mcf, respectively [71]. - Cash receipts from Net Profits Interests (NPI) in Q3 2021 amounted to $3.3 million, with average prices of $59.42/bbl for oil and $3.26/mcf for natural gas [72]. Expenses and Costs - General and administrative expenses decreased 59% from $2.2 million in Q3 2020 to $0.9 million in Q3 2021, primarily due to non-recurring costs related to the Hugoton NPI divestiture [68]. - Operating costs, including production taxes, increased 40% from $1.5 million in Q3 2020 to $2.1 million in Q3 2021, mainly due to higher production taxes [66]. - NPI natural gas sales decreased 42% from 528 mmcf in Q3 2020 to 304 mmcf in Q3 2021, reflecting lower production levels [61]. Cash Flow and Liquidity - Net cash provided by operating activities increased 48% from $32.0 million during the first nine months of 2020 to $47.5 million during the same period in 2021 [69]. - Cash and cash equivalents increased to $22.3 million as of September 30, 2021, up from $11.2 million at December 31, 2020 [79]. - The company expects sufficient liquidity to fund distributions to unitholders despite uncertainties from COVID-19 and market volatility [77]. - Approximately 23% of cash receipts were from prior sales periods, indicating ongoing revenue streams [71]. - The current economic environment remains volatile, impacting future cash flows and liquidity [77]. - The company anticipates that expenses will vary with oil and natural gas sales prices, affecting liquidity management [74]. Capital Commitments and Financial Stability - The company had outstanding capital commitments of $1.7 million as of September 30, 2021, primarily in the Bakken region [52]. - The partnership agreement restricts incurring indebtedness beyond $50,000, ensuring financial stability [76]. - The company does not have liabilities for exploration or production costs, minimizing financial risk [75].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) De ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) D ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition Period from ________to__________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) Delaware (State or o ...

Financial Performance - Operating revenues decreased 36% from $19.6 million during Q3 2019 to $12.5 million during Q3 2020, and decreased 41% from $59.2 million during the first nine months of 2019 to $34.8 million during the same period of 2020[55]. - Net cash provided by operating activities decreased 42% from $54.8 million during the first nine months of 2019 to $32.0 million during the same period of 2020[59]. - General and administrative expenses increased 29% from $1.7 million in Q3 2019 to $2.2 million in Q3 2020, primarily due to higher IT project costs and non-recurring divestiture transaction costs[58]. - The company experienced a 27% decrease in NPI natural gas sales volumes from 719 mmcf in Q3 2019 to 528 mmcf in Q3 2020[50]. - The COVID-19 pandemic and oil market volatility have significantly disrupted the oil and natural gas market, leading to decreased revenues due to lower commodity prices[46]. Sales and Pricing - Royalty properties natural gas sales averaged $1.33/mcf in Q3 2020, a 4% increase from $1.28/mcf in Q3 2019, while oil sales averaged $36.34/bbl, a 26% decrease from $48.85/bbl in Q3 2019[49]. - The weighted average indicated prices for oil and natural gas sales during Q3 2020 were $33.59/bbl and $1.16/mcf, respectively[61]. - Oil sales volumes attributable to Royalty properties remained consistent at 260 mbbls in both Q3 2019 and Q3 2020[50]. Cash and Liquidity - As of September 30, 2020, cash and cash equivalents totaled $14.9 million, a slight decrease from $15.3 million at December 31, 2019[68]. - The company expects to maintain sufficient liquidity to fund distributions to unitholders despite uncertainties from the COVID-19 pandemic and oil market volatility[67]. - Future distributions to unitholders may be impacted by economic conditions in the oil and natural gas market, which are beyond the company's control[67]. Strategic Actions - The company closed the divestiture of Hugoton net profits interests for gross proceeds of $5.7 million on September 30, 2020[49]. - The company is evaluating potential reductions in all discretionary spending due to the rapidly evolving economic environment[67]. Accounting Policies - There have been no significant changes to critical accounting policies as of September 30, 2020, compared to the previous year[69]. Capital Commitments - As of September 30, 2020, the Minerals NPI had outstanding capital commitments in the Bakken region equaling cash on hand of $2.5 million[43].

Revenue Performance - Operating revenues decreased 67% from $20.6 million in Q2 2019 to $6.8 million in Q2 2020, and 44% from $39.6 million to $22.3 million for the first six months of 2020 compared to the same period in 2019[53]. - Royalty properties natural gas sales volumes decreased by 31% in Q2 2020 compared to Q2 2019, while oil sales volumes decreased by 17% in the same period[50]. Cash Flow and Receipts - Cash receipts from Royalty Properties in Q2 2020 totaled $6.3 million, with weighted average indicated prices of $25.36/bbl for oil and $1.29/mcf for natural gas[60]. - Cash receipts from NPIs in Q2 2020 amounted to $4.0 million, with weighted average indicated prices of $37.49/bbl for oil and $1.74/mcf for natural gas[61]. - Net cash provided by operating activities decreased 25% to $26.4 million for the first six months of 2020 compared to $35.3 million in the same period of 2019[57]. Expenses and Costs - General and administrative expenses increased 33% to $3.2 million in the first six months of 2020 compared to $2.4 million in the same period of 2019[56]. - Operating costs decreased 22% from $1.8 million in Q2 2019 to $1.4 million in Q2 2020, and 18% from $3.4 million to $2.8 million for the first six months of 2020[54]. Financial Position and Liquidity - The Minerals NPI was in a deficit position as of June 30, 2020, with outstanding capital commitments of $2.6 million, exceeding cash on hand of $2.5 million[43]. - The company anticipates sufficient liquidity to fund distributions to unitholders despite uncertainties from the COVID-19 pandemic and oil market volatility[65]. - Cash and cash equivalents totaled $11.8 million as of June 30, 2020, down from $15.3 million at December 31, 2019[69]. Operational Outlook - The company continues to evaluate opportunities to increase production based on prevailing market conditions in Oklahoma[66]. - The Operating Partnership believes it has sufficient field compression and permits for vacuum operation for the foreseeable future[68]. Accounting Policies - No significant changes to critical accounting policies and related estimates were reported as of June 30, 2020[70].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) Delaware (Sta ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition Period from ________to__________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) Delaware (State or o ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for the period ended September 30, 2019, including balance sheets, income statements, cash flows, and notes on accounting policies and acquisitions [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets increased to **$124.0 million** from **$87.9 million** by September 30, 2019, driven by oil and natural gas properties, while total liabilities rose to **$6.0 million** due to new lease accounting standards Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total current assets** | $31,903 | $30,118 | | **Total assets** | $123,974 | $87,923 | | **Total current liabilities** | $3,770 | $486 | | **Total liabilities** | $6,031 | $1,276 | | **Total partnership capital** | $117,943 | $86,647 | [Condensed Consolidated Income Statements](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20INCOME%20STATEMENTS) Net income for Q3 2019 increased to **$12.9 million** from **$9.3 million**, and for the nine-month period, it rose to **$40.4 million** from **$36.6 million**, driven by higher net operating revenues Income Statement Summary (in thousands, except per unit data) | Metric | Q3 2019 | Q3 2018 | 9 Months 2019 | 9 Months 2018 | | :--- | :--- | :--- | :--- | :--- | | **Total net operating revenues** | $19,569 | $13,938 | $59,200 | $50,944 | | **Total costs and expenses** | $6,702 | $4,659 | $18,758 | $14,338 | | **Net income** | $12,867 | $9,279 | $40,442 | $36,606 | | **Net income per common unit** | $0.35 | $0.27 | $1.15 | $1.09 | [Condensed Consolidated Statements of Changes in Partnership Capital](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20PARTNERSHIP%20CAPITAL) Partnership capital increased to **$117.9 million** by September 30, 2019, from **$86.6 million**, primarily due to **$40.4 million** net income and a **$43.8 million** asset acquisition, offset by **$53.0 million** in distributions - In the first nine months of 2019, the Partnership issued **2,400,000** common units valued at **$43.8 million** to acquire assets[21](index=21&type=chunk) - Total distributions paid to the general partner and unitholders for the first nine months of 2019 amounted to **$52.97 million**[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash from operating activities increased to **$54.8 million** for the nine months ended September 30, 2019, with cash and cash equivalents rising by **$3.6 million** to **$21.9 million** Cash Flow Summary (in thousands) | Metric | 9 Months Ended Sep 30, 2019 | 9 Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $54,756 | $46,685 | | **Net cash provided by (used in) investing activities** | $1,845 | $(66) | | **Net cash used in financing activities** | $(52,970) | $(44,743) | | **Increase in cash and cash equivalents** | $3,631 | $1,876 | - A significant non-cash activity was the issuance of common units valued at **$43.8 million** for acquisitions[24](index=24&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail key accounting events, including the March 2019 acquisition of mineral and royalty interests for **$43.8 million** in common units, and the adoption of ASC 842, recognizing right-of-use assets and lease liabilities - On March 29, 2019, the Partnership acquired mineral and royalty interests in exchange for **2,400,000** common units valued at **$43.8 million**, accounted for as an asset acquisition[34](index=34&type=chunk) - The Partnership adopted the new lease accounting standard ASC 842 on January 1, 2019, using the modified retrospective transition method, resulting in recognizing a right-of-use asset of **$1.9 million** and a lease liability of **$2.7 million**[39](index=39&type=chunk)[47](index=47&type=chunk) Quarterly Distributions Per Common Unit | Quarter | 2019 | 2018 | | :--- | :--- | :--- | | First | $0.482315 | $0.418449 | | Second | $0.515016 | $0.537264 | | Third | $0.499055 | $0.394813 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=12&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses financial performance drivers, including the Huffman Acquisition, commodity price fluctuations, and production volumes, highlighting increased oil and gas sales offset by lower natural gas prices, and the company's strong liquidity [Results of Operations](index=13&type=section&id=Results%20of%20Operations) Net operating revenues increased **41%** to **$19.6 million** in Q3 2019, driven by higher volumes and lease bonus revenue, with Royalty property oil sales volumes up **31%**, despite declining average sales prices for oil and natural gas Sales Volumes and Price Changes (9 Months Ended Sep 30, 2019 vs 2018) | Metric | % Change | | :--- | :--- | | **Royalty properties natural gas sales (mmcf)** | +18% | | **Royalty properties oil sales (mbbls)** | +31% | | **NPI natural gas sales (mmcf)** | +5% | | **NPI oil sales (mbbls)** | +15% | | **Royalty properties natural gas price ($/mcf)** | -25% | | **Royalty properties oil price ($/bbl)** | -12% | | **NPI natural gas price ($/mcf)** | -18% | | **NPI oil price ($/bbl)** | -19% | - The increase in Royalty property oil sales volumes was primarily due to heightened production in the Permian Basin and Bakken regions[59](index=59&type=chunk) - Net income allocable to common units for Q3 2019 increased **39%** year-over-year to **$12.4 million**, and increased **11%** for the first nine months to **$39.1 million**[67](index=67&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) Primary capital sources are cash flows from NPIs and Royalty properties, with cash requirements for distributions and G&A expenses, while indebtedness is strictly limited to **$50,000**, and cash and cash equivalents totaled **$21.9 million** - The Partnership's primary capital sources are cash flows from its NPIs and Royalty properties, and it is not directly liable for exploration, development, or production costs[73](index=73&type=chunk)[74](index=74&type=chunk) - The partnership agreement prohibits incurring indebtedness in excess of **$50,000** in the aggregate at any given time[75](index=75&type=chunk) - Cash and cash equivalents increased from **$18.3 million** at year-end 2018 to **$21.9 million** at September 30, 2019[81](index=81&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=17&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The Partnership's primary market risk is exposure to volatile oil and natural gas prices, with no financial hedging used, and no material exposure to interest rate or foreign currency exchange risks - The Partnership is subject to market risk from fluctuations in oil and natural gas prices, which have been unpredictable[83](index=83&type=chunk) - The company does not anticipate entering into financial hedging activities to reduce its exposure to commodity price fluctuations[83](index=83&type=chunk) - There is no anticipated material risk from interest rates or foreign currency exchange rates, as the Partnership does not plan to incur debt (other than trade debt) or engage in foreign transactions[84](index=84&type=chunk) [Controls and Procedures](index=17&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal controls over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period[85](index=85&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[86](index=86&type=chunk) [PART II – OTHER INFORMATION](index=18&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=18&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Partnership is involved in ordinary course legal and administrative proceedings, none of which are expected to significantly affect its financial position, cash flows, or operating results - The Partnership and its Operating Partnership are involved in ordinary course legal proceedings, none of which are expected to have a significant effect on financial results[89](index=89&type=chunk) [Issuer Purchases of Equity Securities](index=18&type=section&id=ITEM%202.%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) An affiliate purchased **16,416** common units at an average price of **$18.18** per unit in Q3 2019 under a Rule 10b5-1 plan to fulfill equity award obligations Issuer Purchases of Equity Securities (Q3 2019) | Period | Total Units Purchased | Average Price Paid per Unit | Total Units Purchased as Part of Publicly Announced Plans | | :--- | :--- | :--- | :--- | | July 2019 | - | N/A | - | | August 2019 | 16,416 | $18.18 | 16,416 | | September 2019 | - | N/A | - | | **Total** | **16,416** | **$18.18** | **16,416** | [Exhibits](index=19&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including formation documents, agreements, CEO/CFO certifications, and interactive data files (XBRL) - The report includes a list of filed exhibits, such as the Certificate of Limited Partnership, various agreements, and CEO/CFO certifications (Rules 13a-14(a) and 18 U.S.C. Sec. 1350)[93](index=93&type=chunk)[94](index=94&type=chunk) - Interactive Data Files, including XBRL Instance Document and related taxonomy schemas, were also furnished with the report[94](index=94&type=chunk)

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Units Representing Limited Partnership Interest DMLP NASDAQ Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tran ...