Financial Data and Key Metrics Changes - The company generated $52 million of free cash flow in Q1 2022, marking one of the best quarterly performances in its history [7] - Operating cash flow for the first quarter was $52 million, with net income at $64 million [18] - The company announced a 67% increase in its quarterly distribution from $0.45 per unit to $0.75 [8][22] Business Line Data and Key Metrics Changes - The Mineral Rights segment generated $48 million of operating cash flow and $63 million of net income, an improvement from $22 million and $42 million in the prior year quarter, driven by stronger demand and pricing for metallurgical coal [18] - The Soda Ash business segment reported a net income of $15 million, an increase of $13 million compared to the previous year, primarily due to higher international pricing [19] - Corporate and Financing segment costs remained flat year-over-year, but segment free cash flow decreased by $2 million due to increased incentive compensation [20] Market Data and Key Metrics Changes - Global metallurgical coal prices have reached historically high levels due to strong demand and muted supply response [9] - Thermal coal markets are benefiting from increased electric power generation and restricted growth in thermal coal supplies, with prices expected to remain elevated [10][11] - Soda ash prices have increased by more than 50% in Q1 2022 compared to the previous year, with export prices more than doubling [12] Company Strategy and Development Direction - The company plans to leverage improved financial performance to accelerate deleveraging and return additional cash to common unitholders [8][15] - There is a focus on identifying opportunities in the transitional energy economy, including CO2 sequestration projects [14] - The company remains committed to solidifying its capital structure and paying down debt [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance in recent quarters continuing for the foreseeable future, despite risks from COVID-19 lockdowns in China and the war in Ukraine [15] - The supply-demand balance for metallurgical coal is expected to remain tight, supporting prices [9] - The company is continuously evaluating the best use of cash flow, including debt paydown and increasing distributions [32] Other Important Information - The company generated $152 million of free cash flow over the last 12 months, with a rising cash flow cushion after paying debt amortizations and distributions [15] - The company redeemed all outstanding paid-in-kind preferred units at par during Q1 2022 [21] Q&A Session Summary Question: Thoughts on outstanding 12% preferreds - Management is focused on reducing debt balances before addressing the preferreds, which have a redemption premium that makes immediate redemption economically disincentive [26][28] Question: Impact of thermal coal pricing on new arrangements - The fixed payment plan has transitioned to a conventional royalty arrangement, and while current contracts may not reflect recent price increases, management believes pricing will catch up over time [34][42]

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 March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-31465 NATURAL RESOURCE PARTNERS LP (Exact name of registrant as specified in its charter) Delaware 35-2164875 (State or other jurisdiction of incorporation or organization) ...

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, 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: 001-31465 NATURAL RESOURCE PARTNERS LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...

Natural Resource Partners L.P. (NYSE:NRP) Q4 2021 Earnings Conference Call March 15, 2022 9:00 AM ET Company Participants Tiffany Sammis - IR Craig Nunez - President and COO Christopher Zolas - CFO and Treasurer Conference Call Participants Operator Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the National Resource Partners LP Fourth Quarter 2021 Earnings Call. [Operator Instructions] As a reminder, this conference call is being re ...

Financial Performance - For the nine months ended September 30, 2021, total revenues and other income were $132.5 million, with coal royalty and other segment contributing $121.2 million and soda ash segment contributing $11.2 million[109]. - The net income for the same period was $53.3 million, with coal royalty and other segment generating $83.0 million and soda ash segment generating $11.1 million, while corporate and financing incurred a loss of $40.8 million[109]. - Adjusted EBITDA for the nine months ended September 30, 2021, was $94.5 million, with coal royalty and other segment contributing $102.3 million and soda ash segment contributing $3.8 million[109]. - Total revenues for the third quarter of 2021 reached $56.8 million, a 90% increase from $29.9 million in the same quarter of 2020[122]. - Adjusted EBITDA rose to $37.7 million, up $19.2 million from $18.5 million in the prior year quarter, primarily due to higher revenues in the Coal Royalty and Other segment[130]. - Total revenues for the first nine months of 2021 reached $132,456 thousand, a 31% increase from $101,155 thousand in the same period of 2020[134]. - Coal royalty revenues increased by $25.5 million, or 63%, to $66,095 thousand in the first nine months of 2021, attributed to increased demand for metallurgical and thermal coals[139]. Cash Flow and Liquidity - Free cash flow generated during the nine months ended September 30, 2021, was $67.3 million, with liquidity at $219.0 million, consisting of $119.0 million in cash and cash equivalents and $100.0 million in borrowing capacity[111]. - Net cash provided by operating activities for continuing operations was $30,059 thousand for Q3 2021, an increase from $24,323 thousand in Q3 2020, reflecting a year-over-year growth of 23.4%[133]. - Distributable cash flow (DCF) increased by $6.0 million to $30,673 thousand in Q3 2021, while free cash flow (FCF) rose by $5.9 million to $30,599 thousand, primarily driven by stronger metallurgical coal demand and pricing[133]. - For the nine months ended September 30, 2021, the total Distributable Cash Flow (DCF) was $68.514 million, a decrease of $7.8 million compared to the same period in 2020[146]. - Free Cash Flow (FCF) for the nine months ended September 30, 2021, was $67.265 million, down $7.6 million from the prior year[146]. - Cash flows provided by operating activities decreased by $9.5 million, from $76.1 million in 2020 to $66.6 million in 2021, primarily due to lower cash distributions from Ciner Wyoming[150]. - As of September 30, 2021, total liquidity was $219.0 million, consisting of $119.0 million in cash and cash equivalents and $100.0 million in borrowing capacity[149]. Coal Sales and Revenue - Lessees sold 21.1 million tons of coal from the company's properties in the first nine months of 2021, with approximately 60% of coal royalty revenues derived from metallurgical coal[115]. - Coal royalty revenues increased by $21.8 million year-over-year, driven by a 120% increase in coal sales volumes to 8,012 tons[127]. - Coal sales volumes surged by 75% to 21,120 tons in the first nine months of 2021, compared to 12,052 tons in the same period of 2020[137]. - The Illinois Basin saw a 255% increase in coal sales volumes, resulting in a $5.0 million increase in coal royalty revenues[128]. - Approximately 65% of coal royalty revenues were derived from metallurgical coal during the quarter, reflecting strong demand and pricing[127]. - The company reported a total of $32.4 million in coal royalty revenues after adjustments, a 206% increase from $10.6 million in the prior year[128]. - Coal royalty revenue per ton in the Northern Appalachia region increased by 135% to $7.18, contributing to a significant rise in overall coal royalty revenues[125]. - Coal royalty revenue per ton in the Northern Appalachia region increased by 151% to $5.57 in 2021, compared to $2.22 in 2020[137]. - The Illinois Basin saw a remarkable 334% increase in coal sales volumes, reaching 7,987 tons in the first nine months of 2021[137]. Operational Adjustments and Future Outlook - Ciner Wyoming has reprioritized capital expenditures due to the COVID-19 pandemic's impact, focusing on financial and liquidity flexibility until market conditions stabilize[121]. - Future outlook indicates continued demand for both metallurgical and thermal coals, supporting revenue growth in upcoming quarters[127]. - The company executed a project to sell 1.1 million forest carbon offset credits for $13.8 million, representing 1.1 million tonnes of carbon sequestered from approximately 39,000 acres of forest assets[107]. Debt and Financing - The consolidated leverage ratio decreased to 3.8x as of September 30, 2021, with expectations to drop below 3.75x by December 31, 2021, allowing for potential redemption of paid-in-kind preferred units[112]. - The company had total debt of $453.519 million as of September 30, 2021, down from $471.499 million at the end of 2020[152]. - Cash flows used in financing activities decreased by $10.4 million, from $59.7 million in 2020 to $49.3 million in 2021, primarily due to a decrease in cash distributions to preferred unitholders[151]. - The Corporate and Financing segment saw an increase in DCF and FCF by $1.6 million due to lower cash paid for interest as debt balances declined[147]. - The Coal Royalty and Other segment experienced an increase in DCF and FCF by $0.8 million and $1.0 million, respectively, due to rebounding coal demand[147]. - The company is in compliance with the terms of its financial covenants contained in its debt agreements[152].

Natural Resource Partners LP (NYSE:NRP) Q3 2021 Earnings Conference Call November 3, 2021 9:00 AM ET Company Participants Tiffany Sammis - IR Craig Nunez - President & COO Christopher Zolas - CFO & Treasurer Kevin Craig - EVP Conference Call Participants Operator Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners L.P. Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. Ms. Tiffany Sammi ...

Natural Resource Partners L.P. (NYSE:NRP) Q2 2021 Earnings Conference Call August 6, 2021 9:00 AM ET Company Participants Tiffany Sammis - Manager of Investor Relations Craig Nunez - President & Chief Operating Officer Chris Zolas - Chief Financial Officer Conference Call Participants Operator Good day and thank you for standing by. Welcome to the Natural Resource Partners Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there wil ...

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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-31465 NATURAL RESOURCE PARTNERS LP (Exact name of registrant as specified in its charter) Delaware 35-2164875 (State or other jurisdiction of incorporation or organization) ...

Natural Resource Partners L.P. (NYSE:NRP) Q1 2021 Earnings Conference Call May 6, 2021 9:00 AM ET Company Participants Tiffany Sammis - Investor Relations Craig Nunez - President and Chief Operating Officer Chris Zolas - Chief Financial Officer Kevin Craig - Executive Vice President Conference Call Participants Amer Tiwana - Imperial Capital Operator Good morning. My name is Charlie and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners ...

Revenue Performance - Total revenues and other income for Q1 2021 were $37.151 million, a decrease of 8% compared to $40.214 million in Q1 2020[112]. - Coal Royalty and Other segment revenues increased by 4% to $35.178 million from $33.942 million year-over-year, while Soda Ash segment revenues decreased by 69% to $1.973 million from $6.272 million[112]. - Revenues from the Soda Ash segment were primarily impacted by lower sales prices due to demand disruptions caused by the COVID-19 pandemic, resulting in a $4.3 million decrease compared to the prior year[107]. - Coal royalty revenues decreased by $3.7 million to $15.365 million, primarily due to reclassifications of certain revenues[117]. - Other revenues increased by $5.2 million to $17.562 million, driven by a $2.6 million increase in production lease minimum revenues[118]. Cash Flow and Liquidity - Free cash flow for the quarter ended March 31, 2021, was $23.7 million, with liquidity at $196.8 million, consisting of $96.8 million in cash and $100 million in borrowing capacity[102]. - As of March 31, 2021, total liquidity was $196.8 million, comprising $96.8 million in cash and cash equivalents and $100.0 million in borrowing capacity[125]. - Cash flows from operating activities decreased by $8.7 million, from $31.9 million in Q1 2020 to $23.2 million in Q1 2021, primarily due to lower operating cash flow and cash distributions from Ciner Wyoming[126]. - Cash flows used in financing activities decreased by $3.0 million, from $29.8 million in Q1 2020 to $26.8 million in Q1 2021, attributed to lower preferred unit cash distributions[127]. - Distributable cash flow (DCF) decreased by $6.6 million to $26.562 million, while free cash flow (FCF) decreased by $6.7 million to $26.503 million[124]. Debt and Financial Ratios - The consolidated leverage ratio increased to 4.5x as of March 31, 2021, exceeding the 3.75x threshold, which restricts cash distributions on preferred units[103]. - The company anticipates that its leverage ratio will continue to rise through Q2 2021 before beginning to decline as debt is paid down[103]. - Total debt, net as of March 31, 2021, was $455.2 million, down from $471.5 million as of December 31, 2020[131]. - The current portion of long-term debt, net was $39.0 million as of March 31, 2021, compared to $39.1 million as of December 31, 2020[131]. - Long-term debt, net decreased from $432.4 million as of December 31, 2020, to $416.1 million as of March 31, 2021[131]. - The company remains in compliance with the financial covenants in its debt agreements[131]. Operational Performance - Ciner Wyoming's distributions decreased to $3.9 million in Q1 2021 from $7.1 million in Q1 2020, with regular distributions suspended since Q3 2020 due to the pandemic[108]. - Lessees sold 6.6 million tons of coal from the company's properties in Q1 2021, with approximately 50% of coal royalty revenues derived from metallurgical coal[105]. - Total coal sales volumes increased by 46% to 6,587 tons compared to 4,514 tons in the prior year quarter[114]. - The combined average coal royalty revenue per ton decreased by 27% to $3.22 compared to $4.44 in the prior year[114]. - Total operating expenses rose by 69% to $18.797 million, largely due to a $4.0 million increase in asset impairments[119]. - Adjusted EBITDA decreased by $2.5 million to $29.436 million, primarily due to lower cash distributions from Ciner Wyoming[121]. - Asset impairments accounted for $4.043 million in total operating expenses, reflecting lease terminations[119]. Market Outlook - The company expects ongoing volatility in the soda ash market due to uncertainties related to the COVID-19 pandemic, despite Ciner Wyoming being one of the lowest-cost producers globally[106]. - Ciner Wyoming has reprioritized capital expenditures to enhance financial flexibility amid the pandemic's impact on its operations[111]. - There are no off-balance sheet arrangements or risks related to liquidity and capital resources from unconsolidated entities[132]. - There have been no significant changes to critical accounting estimates since the last annual report[134]. Net Income - The company reported a net income of $20.488 million for the three months ended March 31, 2021[121].