Natural Resource Partners L.P. Common Units (NYSE:NRP) Q2 2024 Earnings Conference Call August 7, 2024 9:00 AM ET Company Participants Tiffany Sammis - Manager, Investor Relations Craig Nunez - President & Chief Operating Officer Chris Zolas - Chief Financial Officer Operator Good morning, and welcome to the Natural Resource Partners L.P. Second Quarter 2024 Earnings Conference Call. My name is Emma, and I will be your conference manager. All lines have been placed on mute to prevent any background noise. A ...

Exhibit 99.1 Natural Resource Partners L.P. 1415 Louisiana St., Suite 3325, Houston, TX 77002 NEWS RELEASE Natural Resource Partners L.P. Reports Second Quarter 2024 Results and Declares Second Quarter 2024 Distribution of $0.75 per Common Unit HOUSTON, August 7, 2024 - Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2024 results as follows: | --- | --- | --- | --- | --- | |--------------------------------|-------|--------------|------------|---------| | (In thousands) (Unaudited) | ...

Revenue Performance - For the three months ended March 31, 2024, total revenues decreased by $22.8 million, or 23%, to $76.4 million compared to $99.2 million in the prior year period[116] - Mineral Rights segment revenues decreased by $9.0 million, or 11%, primarily due to lower metallurgical coal sales prices[111] - Soda Ash segment revenues decreased by $13.8 million, or 72%, due to lower sales prices and volumes driven by new supply from China[114] - Revenues from the Soda Ash segment decreased by $13.8 million in Q1 2024 compared to the prior year quarter due to lower sales prices[119] - Coal royalty revenues decreased by 19% to $46.818 million in Q1 2024 from $58.023 million in Q1 2023, primarily due to lower metallurgical coal sales prices[118] - Coal royalty revenue per ton decreased by 26% to $6.12 in Q1 2024 from $8.26 in Q1 2023[117] Cash Flow and Distributions - Operating cash flow for the quarter was $71.5 million, while free cash flow was $72.1 million[107] - The company paid a cash distribution of $0.75 per common unit and a special cash distribution of $2.44 per common unit in March 2024[110] - The company received a higher distribution from Sisecam Wyoming in Q1 2024, contributing to an increase in cash flow despite lower revenues in the Soda Ash segment[114] - Distributable cash flow (DCF) decreased by $1.3 million to $72.311 million in Q1 2024 compared to $73.597 million in Q1 2023[125] - Free cash flow (FCF) decreased by $1.4 million to $72.146 million in Q1 2024 from $73.496 million in Q1 2023[125] - Operating cash flow decreased by $1.4 million from $72.9 million in Q1 2023 to $71.5 million in Q1 2024, primarily due to lower cash flow in the Mineral Rights segment[127] Financial Position and Debt - As of March 31, 2024, the company had a leverage ratio of 0.6x[107] - Total debt as of March 31, 2024, was $188.8 million, an increase from $155.1 million as of December 31, 2023[128] - The leverage ratio as of March 31, 2024, was 0.6x, indicating a stable financial position[126] - The company has been in compliance with the financial covenants in its debt agreements[128] - There were no off-balance sheet arrangements or risks to liquidity from unconsolidated entities[129] Operating Performance - Adjusted EBITDA decreased by $4.6 million to $73.114 million in Q1 2024 from $77.737 million in Q1 2023, driven by lower revenues in the Mineral Rights segment[123] - Operating expenses decreased by 2% to $16.714 million in Q1 2024 from $17.091 million in Q1 2023, mainly due to reduced operating and maintenance expenses[120] - Operating cash flow, DCF, and FCF in the Mineral Rights segment decreased by $4.1 million due to lower metallurgical coal sales prices[126] - Operating cash flow, DCF, and FCF in the Soda Ash segment increased by $3.5 million due to higher distributions from Sisecam Wyoming[126] Market Outlook - The company expects continued price volatility in metallurgical and thermal coal due to global demand fluctuations and production limitations[112] - The company continues to explore carbon neutral revenue opportunities, including carbon sequestration and renewable energy generation[113] - If interest rates increase by 1%, annual interest expense would rise by approximately $1.5 million based on $146.2 million in borrowings under the Opco Credit Facility[137] - The company does not expect the adoption of ASU 2023-07 to materially affect its consolidated financial statements[133] Liquidity - Total liquidity as of March 31, 2024, was $64.8 million, consisting of $11.0 million in cash and cash equivalents and $53.8 million in borrowing capacity[126]

Financial Data and Key Metrics Changes - In Q1 2024, the company generated $72 million of free cash flow and $312 million over the last 12 months, with total remaining obligations at approximately $240 million, a 45% decrease from the previous year [8][9] - Operating cash flow for Q1 2024 was $71 million, with net income of $56 million despite market weaknesses [20] - The diluted net income per common unit increased by 11% compared to the prior year quarter, while basic earnings per unit decreased by 6% [29] Business Line Data and Key Metrics Changes - The mineral rights segment generated $70 million of operating cash flow and $61 million of net income in Q1 2024, with net income and operating cash flow decreasing by $8 million and $4 million respectively compared to the prior year due to lower metallurgical coal prices [21] - The soda ash business saw a $14 million decrease in net income compared to the prior year due to increased supply from China, resulting in lower international and domestic sales prices [23] Market Data and Key Metrics Changes - Metallurgical coal prices declined in Q1 2024 but remained at or above historical norms, with metallurgical coal making up approximately 75% of coal royalty revenues [12][23] - Thermal coal prices experienced significant volatility due to high inventory levels and low natural gas prices, with expectations that prices will not rebound to previous record highs [13][14] - The soda ash market remains oversupplied, leading to downward pressure on prices, a trend that began in the second half of the previous year [16] Company Strategy and Development Direction - The company continues to focus on eliminating financial obligations, having settled 100% of outstanding warrants and paid off nearly 90% of its debt since 2015 [9] - The long-term outlook for the soda ash investment remains positive, driven by urbanization and renewable energy trends, despite current market challenges [17] - The company is exploring opportunities in carbon storage, lithium production, and renewable energy generation, with potential significant upside requiring no capital investment [18] Management's Comments on Operating Environment and Future Outlook - Management expects free cash flow to decline from record levels due to market pressures but believes the capital structure is solid and will continue to generate robust cash flow [11] - The company anticipates that the domestic thermal market will continue its long-term decline, while international demand should provide price support [14] Other Important Information - The company utilized the accordion feature on its credit facility to increase borrowing capacity by 54% from the previous year, reaching a total of $200 million [27] - In Q1 2024, the company settled 1.2 million warrants with $56 million in cash and issued common units, with no warrants remaining outstanding after April settlements [26][28] Q&A Session Summary Question: Any updates on carbon storage agreements? - Management stated that there are no updates available on the permitting process or existing agreements related to carbon storage [34][35]

Natural Resource Partners L.P. Reports First Quarter 2024 Results and Declares First Quarter 2024 Distribution of $0.75 per Common Unit HOUSTON, May 7, 2024 - Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2024 results as follows: Exhibit 99.1 Natural Resource Partners L.P. 1415 Louisiana St., Suite 3325, Houston, TX 77002 NEWS RELEASE | | For the Three Months | | Last Twelve Months | | | --- | --- | --- | --- | --- | | | Ended | | Ended | | | (In thousands) (Unaudited) | March 31, 2 ...

Table of Contents 1415 Louisiana Street, Suite 3325 Houston, Texas 77002 (Address of principal executive offices) (Zip Code) (713) 751-7507 (Registrant's telephone number, including area code) 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, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tran ...

Natural Resource Partners L.P. (NYSE:NRP) Q4 2023 Results Conference Call March 7, 2024 9:00 AM ET Company Participants Tiffany Sammis - Investor Relations Craig Nunez - President & COO of GP Natural Resource Partners LLC Chris Zolas - Chief Financial Officer of GP Natural Resource Partners LLC Conference Call Participants Victor Ho - Yarra Square Operator Good morning, and welcome to the Natural Resource Partners L.P. Fourth Quarter 2023 Earnings Conference Call. All participants are in a listen-only mode. ...

Exhibit 99.1 Natural Resource Partners L.P. 1415 Louisiana St., Suite 3325, Houston, TX 77002 NEWS RELEASE Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2023 Results and Announces Special Distribution of $2.44 per Common Unit HOUSTON, March 7, 2024 - Natural Resource Partners L.P. (NYSE:NRP) today reported fourth quarter and full year 2023 results as follows: | | For the Three | | For the Year | | | --- | --- | --- | --- | --- | | | Months Ended | | Ended | | | (In thousands) (Unaudite ...

Natural Resource Partners L.P. (NYSE:NRP) Q3 2023 Results Conference Call November 3, 2023 9:00 AM ET Company Participants Tiffany Sammis - Manager-Investor Relations Craig Nunez - President & Chief Operating Officer Chris Zolas - Chief Financial Officer Operator Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners LP Third Quarter 2023 Earnings Conference Call. [Operator Instructions] I woul ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Delaware 35-2164875 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1415 Louisiana Street, Suite 3325 Houston, Texas 77002 (Address of principal executive offices) (Zip Code) (713) 751-7507 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ☒ ...