Shares of Natural Resource Partners L.P. (NRP) have gained 4.1% since reporting results for the fourth quarter of 2024. This compares with the S&P 500 index’s 1.4% decline over the same time frame. Over the past month, the stock has inched up 1.3% against the S&P 500’s 4.7% decline.Earnings OverviewNatural Resource Partners reported fourth-quarter 2024 diluted earnings per share of $3.15, a 27% decrease from $4.31 in the prior-year quarter. Revenues for the quarter were $65.7 million, a 29.5% decrease from ...

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, 2024 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: 001-31465 NATURAL RESOURCE PARTNERS LP (Exact name of registrant as specified in its charter) Delaware 35-2164875 (State or other ...

Financial Data and Key Metrics Changes - In Q4 2024, the company generated $43 million of net income, $66 million of operating cash flow, and $67 million of free cash flow [16] - For the full year 2024, net income was $184 million, operating cash flow was $248 million, and free cash flow was $251 million [16] - Free cash flow generation in 2024 was lower compared to previous years due to lower commodity prices [14] Business Line Data and Key Metrics Changes - The Mineral Rights segment generated $52 million of net income in Q4 2024, a decrease of $11 million compared to the prior year [16][17] - For the full year, the Mineral Rights segment's net income decreased by $39 million, primarily due to weaker coal markets [18] - The Soda Ash segment's net income decreased by $14 million in Q4 and $55 million for the full year, driven by lower sales prices due to an oversupplied market [20] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices dropped by half from the highs seen in 2023, with expectations of continued low prices due to soft global steel demand and high coal inventory levels [8][9] - Global soda ash prices fell roughly 60% from record highs in 2023, attributed to new production capacity and weakened demand for flat glass [11] Company Strategy and Development Direction - The company is focused on deleveraging and derisking the partnership to maximize intrinsic value per unit, having paid off over $1.3 billion of financial obligations over the last decade [8] - The company is exploring opportunities in carbon-neutral initiatives, including leasing assets for carbon sequestration and renewable energy generation [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be a challenging year for key commodities, with lower prices leading to reduced free cash flow generation [14] - Despite the challenges, the company is in a more attractive financial position than in over a decade due to significant deleveraging efforts [14] Other Important Information - The company redeemed all remaining preferred units and warrants, leaving only $142 million of debt obligations at year-end [21] - A special distribution of $1.21 per common unit was announced to cover tax liabilities associated with owning NRP common units in 2024 [23] Q&A Session Summary - No specific questions or answers were recorded in the provided content, as the call concluded without a Q&A segment [24][25][26]

Financial Performance - NRP reported a net income of $42.772 million for Q4 2024 and $183.644 million for the full year 2024[2]. - Total revenues and other income for Q4 2024 were $65,726, a decrease of 29.5% from $93,163 in Q4 2023[26]. - Net income for Q4 2024 was $42,772, down 34.1% from $64,980 in Q4 2023[26]. - For the year ended December 31, 2024, total revenues and other income amounted to $268,007,000, a decrease of 27.8% compared to $370,009,000 in 2023[39]. - Net income for the year ended December 31, 2024, was $183,644,000, down from $278,435,000 in 2023, representing a decline of 34.1%[39]. - Basic net income per common unit for Q4 2024 was $3.21, a decrease from $4.87 in Q4 2023[26]. - The company reported a comprehensive income of $42,058 for Q4 2024, down from $59,613 in Q4 2023, a decline of 29.5%[26]. - Adjusted EBITDA for 2024 was $235,466,000, compared to $319,664,000 in 2023, reflecting a decrease of 26.4%[39]. Cash Flow and Liquidity - The company generated $251 million of free cash flow in 2024, with total distributions of $5.44 per common unit[5]. - NRP's liquidity was $116.7 million at the end of 2024, consisting of $30.4 million in cash and $86.3 million in borrowing capacity[4]. - Cash flows from operating activities for the year ended December 31, 2024, were $248,493, down 20.1% from $310,978 in 2023[28]. - The net cash provided by operating activities for the year ended December 31, 2024, was $248,493, a decrease from $310,978 in 2023, representing a decline of approximately 20%[50]. - The distributable cash flow for the year ended December 31, 2024, was $256,004, compared to $316,394 in 2023, indicating a decrease of about 19%[50]. - The free cash flow for the year ended December 31, 2024, was $251,158, down from $313,431 in 2023, reflecting a reduction of approximately 20%[50]. - The net cash provided by (used in) operating activities for the three months ended December 31, 2024, was $66,220, down from $77,786 in the same period of 2023, a decrease of approximately 15%[48]. Segment Performance - Mineral Rights segment net income decreased by $10.7 million in Q4 and $39.1 million for the full year compared to the prior year, primarily due to lower coal pricing[6]. - Soda Ash segment net income decreased by $13.9 million in Q4 and $55.2 million for the full year, driven by lower international sales prices[9]. - The company expects soda ash prices to remain low due to increased global capacity and weak demand[10]. - Total coal sales volumes for the three months ended December 31, 2024, were 6,244 thousand tons, a decrease of 30.6% compared to 8,980 thousand tons in the same period of 2023[42]. - Coal royalty revenue per ton in the Northern Appalachia region for the three months ended December 31, 2024, was $4.50, significantly up from $2.18 in the same period of 2023[42]. - Total coal royalty revenues for the year ended December 31, 2024, were $159,033 thousand, down from $218,011 thousand in 2023, reflecting a decrease of 27%[42]. Capital Management - NRP redeemed $72 million of preferred units and repurchased 1.54 million warrants for $65.7 million cash and 287,826 common units[5]. - The balance at December 31, 2024, showed total partners' capital of $551,108,000, an increase from $477,457,000 at December 31, 2022[33]. - The total distributions from unconsolidated investments for the year ended December 31, 2024, were $38,781 thousand, compared to $81,478 thousand in 2023, indicating a decline of 52.4%[46]. Debt and Leverage - The consolidated leverage ratio was 0.6x at December 31, 2024[13]. - The leverage ratio at December 31, 2024, was 0.6x, an increase from 0.5x in 2023, indicating a rise in debt relative to EBITDA[52]. Other Financial Metrics - Operating expenses for Q4 2024 totaled $19,430, a decrease of 19.1% compared to $24,262 in Q4 2023[26]. - Cash and cash equivalents at the end of Q4 2024 were $30,444, an increase from $11,989 at the end of Q4 2023[30]. - Total assets decreased to $772,907 in Q4 2024 from $797,876 in Q4 2023, reflecting a decline of 3.1%[30]. - Total current liabilities decreased to $31,865 in Q4 2024 from $49,840 in Q4 2023, a reduction of 36.0%[30]. - The company recognized a gain on asset sales and disposals of $4,845,000 for the year ended December 31, 2024, compared to $2,956,000 in 2023[39].

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Units representing limited partner interests NRP New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file nu ...

Core Viewpoint - Natural Resource Partners L.P. held its Q3 2024 earnings conference call, indicating ongoing engagement with investors and stakeholders regarding financial performance and future outlook [1][2]. Company Overview - The conference call featured key company executives including Tiffany Sammis (Manager, IR), Craig Nunez (President & COO), Chris Zolas (CFO), and Kevin Craig (Executive VP) [2]. Financial Reporting - The company mentioned that the call would include forward-looking statements, which are subject to risks and uncertainties that could lead to actual results differing from expectations [3]. - Non-GAAP financial measures were also discussed, with additional details and reconciliations available in the second quarter press release on the company's website [4].

Natural Resource Partners L.P. Common Units (NYSE:NRP) Q3 2024 Earnings Conference Call November 5, 2024 9:00 AM ET Company Participants Tiffany Sammis - Manager, IR Craig Nunez - President & COO Chris Zolas - CFO Conference Call Participants Mark Zand - Wexford John Mason - Aegis Company Neil Patel - Sawgrass Beach Operator Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners LP Third Quar ...

Exhibit 99.1 Natural Resource Partners L.P. 1415 Louisiana St., Suite 3325, Houston, TX 77002 NEWS RELEASE Natural Resource Partners L.P. Reports Third Quarter 2024 Results and Declares Third Quarter 2024 Distribution of $0.75 per Common Unit HOUSTON, November 5, 2024 - Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2024 results as follows: | --- | --- | --- | --- | --- | |-------------------------------------------------|-----------|-------|------------------------------------------ ...

Natural Resource Partners L.P. (NRP) has reported its second-quarter 2024 financial results, revealing mixed performances across its segments. While NRP faced considerable headwinds in the reported quarter due to declining coal and soda ash prices, the partnership's strategic focus on deleveraging and exploring revenue opportunities positions it to weather ongoing market volatility. Here is a detailed breakdown of the key metrics and management commentary that investors should consider. Q2 Results Natural R ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Units representing limited partner interests NRP New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: ...