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, 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 organizat ...

Natural Resource Partners L.P. (NYSE:NRP) Q2 2022 Earnings Conference Call August 4, 2022 9:00 AM ET Company Participants Tiffany Sammis - Manager, IR Craig Nunez - President and COO Chris Zolas - CFO Kevin Craig - EVP Conference Call Participants Amer Tiwana - Imperial Capital Operator Thank you for joining the Natural Resource Partners L.P. Second Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question ...

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, 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) ...

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]

Part I. Financial Information [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2022, showing significant increases in net income and operating cash flow [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets slightly increased to $962.3 million, while total liabilities decreased to $490.3 million, leading to a rise in total partners' capital Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$962,288** | **$953,823** | | Total Current Assets | $171,829 | $162,781 | | Mineral rights, net | $433,965 | $437,697 | | **Total Liabilities** | **$490,305** | **$513,891** | | Total Current Liabilities | $68,213 | $64,385 | | Long-term debt, net | $378,163 | $394,443 | | **Total Partners' Capital** | **$307,396** | **$256,024** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) For Q1 2022, total revenues surged to $89.7 million, resulting in a net income of $63.9 million and diluted net income of $3.11 per common unit Q1 2022 vs Q1 2021 Income Statement Highlights (in thousands, except per unit data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Royalty and other mineral rights | $71,083 | $32,927 | | Total revenues and other income | $89,716 | $37,151 | | Income from operations | $73,286 | $18,354 | | **Net income** | **$63,899** | **$8,381** | | Net income attributable to common unitholders | $55,271 | $641 | | **Diluted net income per common unit** | **$3.11** | **$0.05** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities more than doubled to $52.3 million in Q1 2022, while financing activities increased due to preferred unit redemptions Q1 2022 vs Q1 2021 Cash Flow Summary (in thousands) | Cash Flow Category | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $52,331 | $23,200 | | Net cash provided by investing activities | $0 | $600 | | Net cash used in financing activities | ($52,261) | ($26,823) | | **Net increase (decrease) in cash** | **$70** | **($3,023)** | | Cash and cash equivalents at end of period | $135,590 | $96,767 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, and debt structure, highlighting significant increases in coal royalty revenues and soda ash equity earnings - The Partnership's business is organized into two operating segments: Mineral Rights (owning and managing mineral properties) and Soda Ash (a 49% non-controlling interest in Sisecam Wyoming)[24](index=24&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) Mineral Rights Segment Revenue by Source (in thousands) | Revenue Source | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Coal royalty revenues | $55,449 | $15,365 | | Transportation and processing services | $3,796 | $2,192 | | Oil and gas royalty revenues | $1,814 | $1,366 | | **Total Mineral Rights segment revenues** | **$74,879** | **$35,119** | - Total net debt decreased from **$433.5 million** at the end of 2021 to **$417.2 million** as of March 31, 2022, reflecting ongoing debt repayments[54](index=54&type=chunk) - In May 2022, the Board of Directors declared a Q1 2022 distribution of **$0.75 per common unit**, a significant increase from the previous quarter's **$0.45 per unit**[35](index=35&type=chunk)[86](index=86&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q1 2022 financial results driven by record coal prices and robust soda ash demand, leading to increased distributions [Executive Overview](index=24&type=section&id=Executive%20Overview) This section summarizes the company's Mineral Rights and Soda Ash segments, highlighting strategic efforts in transitional energy and strong Q1 2022 financial performance - The company's business is organized into two primary segments: Mineral Rights, which includes approximately **13 million acres** of mineral interests, and Soda Ash, which consists of a **49% equity interest** in Sisecam Wyoming[100](index=100&type=chunk)[101](index=101&type=chunk) - NRP is actively working to redefine its business as a key player in the transitional energy economy, exploring opportunities in carbon sequestration, geothermal, solar, and wind energy on its properties[100](index=100&type=chunk)[111](index=111&type=chunk) [Current Results/Market Commentary](index=25&type=section&id=Current%20Results%2FMarket%20Commentary) Strong market conditions, including record coal prices and improved soda ash pricing, drove Q1 2022 results, leading to increased distributions and a new CO2 sequestration transaction - Generated **$52.3 million** of free cash flow in Q1 2022 and ended the quarter with **$235.6 million** in liquidity (**$135.6 million** cash and **$100.0 million** credit facility)[107](index=107&type=chunk) - The cash distribution for Q1 2022 was increased to **$0.75 per common unit**, compared to **$0.45** in the previous quarter, reflecting strong financial performance and a positive outlook[108](index=108&type=chunk) - Market conditions were favorable, with record-level metallurgical coal prices and strong thermal coal demand due to tight supply-demand dynamics, amplified by higher natural gas prices and boycotts on Russian coal[109](index=109&type=chunk)[110](index=110&type=chunk) - The company executed its first subsurface CO2 sequestration transaction, granting Denbury rights to develop a project on **75,000 acres** in Alabama[111](index=111&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Total revenues increased by 141% in Q1 2022, driven by a 261% surge in coal royalty revenues and a 652% increase in soda ash revenue, leading to a sharp rise in Adjusted EBITDA Revenue by Operating Segment (in thousands) | Operating Segment | Q1 2022 | Q1 2021 | Increase | % Change | | :--- | :--- | :--- | :--- | :--- | | Mineral Rights | $74,879 | $35,178 | $39,701 | 113% | | Soda Ash | $14,837 | $1,973 | $12,864 | 652% | | **Total** | **$89,716** | **$37,151** | **$52,565** | **141%** | - Coal royalty revenues increased by **$40.1 million (261%)**, driven by a **$35.5 million** increase in the Appalachia region due to significantly higher sales prices and a **41% increase** in sales volumes[119](index=119&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk) - Total operating expenses decreased by **$2.4 million (13%)**, primarily due to a **$4.0 million** decrease in asset impairments compared to Q1 2021[123](index=123&type=chunk) Adjusted EBITDA by Segment (in thousands) | Segment | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Mineral Rights | $66,854 | $29,646 | | Soda Ash | $13,179 | $3,900 | | Corporate and Financing | ($4,467) | ($4,110) | | **Total Adjusted EBITDA** | **$75,566** | **$29,436** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, the Partnership maintained strong liquidity of $235.6 million, with operating cash flow increasing to $52.3 million and total net debt decreasing to $417.2 million - Total liquidity as of March 31, 2022, was **$235.6 million**, comprising **$135.6 million** in cash and cash equivalents and **$100.0 million** of borrowing capacity[133](index=133&type=chunk) - Cash flows from operating activities increased by **$29.1 million** year-over-year, reaching **$52.3 million** in Q1 2022[134](index=134&type=chunk) Debt Summary (in thousands) | Debt Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Current portion of long-term debt, net | $39,046 | $39,102 | | Long-term debt, net | $378,163 | $394,443 | | **Total debt, net** | **$417,209** | **$433,545** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Natural Resource Partners L.P. is not required to provide this disclosure in its quarterly report on Form 10-Q - The company is not required to include this disclosure as it qualifies as a smaller reporting company[144](index=144&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[145](index=145&type=chunk) - No material changes were made to the Partnership's internal control over financial reporting during the first three months of 2022[146](index=146&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, but management believes their outcomes will not materially affect financial position, liquidity, or operations - Management believes that ongoing legal proceedings from the ordinary course of business will not have a material effect on the company's financial position[149](index=149&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - No material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021, were reported[150](index=150&type=chunk) [Other Items (Items 2, 3, 4, 5)](index=37&type=section&id=Other%20Items%20(Items%202,%203,%2C%204,%205)) This section reports no unregistered sales of equity securities, no defaults on senior securities, no mine safety disclosures, and no other information - The company reported "None" for Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) Item 6. Exhibits & Signatures [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and certifications from the CEO and CFO - The exhibits filed with the report include certifications from the CEO and CFO pursuant to Section 302 of Sarbanes-Oxley and 18 U.S.C. § 1350, as well as Inline XBRL documents[157](index=157&type=chunk) [Signatures](index=39&type=section&id=Signatures) The report is duly signed and authorized by Corbin J. Robertson, Jr., Chairman and CEO, and Christopher J. Zolas, CFO and Treasurer, dated May 5, 2022 - The report was signed on May 5, 2022, by Corbin J. Robertson, Jr. (CEO) and Christopher J. Zolas (CFO)[162](index=162&type=chunk)

[PART I](index=8&type=section&id=PART%20I) [Business and Properties](index=8&type=section&id=Items%201%2E%20and%202%2E%20Business%20and%20Properties) Natural Resource Partners L.P. operates through Mineral Rights and Soda Ash segments, focusing on mineral property leasing for royalties and a non-controlling interest in soda ash production - The company's business is organized into two primary operating segments: **Mineral Rights** and **Soda Ash**[26](index=26&type=chunk)[27](index=27&type=chunk) 2021 Revenue by Segment (in thousands) | Segment | Amount (in thousands) | % of Total | | :--- | :--- | :--- | | Mineral Rights | $194,493 | 90% | | Soda Ash | $21,871 | 10% | | **Total** | **$216,364** | **100%** | [Mineral Rights Segment](index=9&type=section&id=Mineral%20Rights%20Segment) The Mineral Rights segment manages 13 million acres of mineral interests, generating royalties primarily from coal, and is strategically expanding into carbon sequestration and renewable energy initiatives - The company renamed its 'Coal Royalty and Other' segment to **'Mineral Rights'** to reflect a focus on leveraging assets for the transitional energy economy, including carbon sequestration[32](index=32&type=chunk)[33](index=33&type=chunk) Coal Sales Volumes (in thousands of tons) | Year | Thermal | Metallurgical | Total | | :--- | :--- | :--- | :--- | | **2021** | 14,571 | 13,208 | 27,779 | | **2020** | 6,686 | 10,080 | 16,766 | | **2019** | 11,605 | 12,139 | 23,744 | - NRP executed its first carbon neutral project in Q4 2021, selling **1.1 million carbon offset credits** for **$13.8 million** from West Virginia forestland[66](index=66&type=chunk) - In February 2022, NRP executed a CO2 Sequestration Agreement with Denbury Inc. for a potential sequestration site on approximately **75,000 acres** in Alabama, with an estimated storage potential of over **300 million metric tons**[68](index=68&type=chunk) [Soda Ash Segment](index=20&type=section&id=Soda%20Ash%20Segment) The Soda Ash segment holds a 49% non-controlling interest in Sisecam Wyoming, a major natural soda ash producer, facing challenges like deca stockpile depletion by 2024 and evaluating capacity expansion - NRP owns a **49% non-controlling equity interest** in Sisecam Wyoming, a trona ore mining and soda ash production business[70](index=70&type=chunk) - In December 2021, the operating partner, Ciner Resources LP, was renamed Sisecam Resources LP after **Sisecam Chemicals USA Inc.** acquired a majority interest[71](index=71&type=chunk) - Sisecam Wyoming anticipates its deca stockpiles will be exhausted by **2024**, potentially reducing annual production by approximately **200,000 short tons** if capacity is not replaced[75](index=75&type=chunk) [Regulation and Environmental Matters](index=23&type=section&id=Regulation%20and%20Environmental%20Matters) The company's property operations are subject to extensive environmental and mine safety regulations, impacting coal demand and increasing lessee costs, with regulatory changes and lawsuits posing ongoing risks - The company's lessees are responsible for compliance with all applicable laws and reclamation costs, while NRP does not bear ordinary operating costs or direct exposure to most environmental and labor risks[38](index=38&type=chunk)[91](index=91&type=chunk) - Clean Air Act regulations, including CSAPR and MATS, have increased costs for coal-fired power plants, reducing coal's share of power generation and negatively impacting NRP's coal revenues[94](index=94&type=chunk) - In January 2021, the D.C. Circuit Court vacated the Affordable Clean Energy (ACE) Rule, remanding it to the EPA for further consideration[96](index=96&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A%2E%20Risk%20Factors) The company faces significant business, structural, and taxation risks, including price volatility, lessee dependence, potential bankruptcies, and adverse impacts from tax law changes on unitholders - Cash distributions are not guaranteed and are restricted by debt agreements, requiring specific leverage tests to increase quarterly distributions on common units above **$0.45 per quarter**[114](index=114&type=chunk)[116](index=116&type=chunk) - The company has significant revenue concentration from a few coal lessees, with **Foresight** accounting for approximately **17%** and **Alpha** for approximately **23%** of total revenues in 2021[130](index=130&type=chunk) - Climate change regulations and unfavorable financial institution policies regarding fossil fuels pose significant risks, potentially reducing coal demand and affecting capital access or insurance[134](index=134&type=chunk)[136](index=136&type=chunk) - Unitholders face significant tax risks, including paying taxes on income without cash distributions and the potential for the partnership to be treated as a corporation, which would substantially reduce distributable cash[168](index=168&type=chunk)[176](index=176&type=chunk) [PART II](index=45&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205%2E%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Unitholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) NRP's common units trade on the NYSE under 'NRP', with approximately 9,740 holders as of March 2022, and the company maintains a 2017 Long-Term Incentive Plan for equity compensation - NRP's common units are listed on the NYSE under the trading symbol **'NRP'**[200](index=200&type=chunk) - As of December 31, 2021, **230,226 securities** remained available for future issuance under the company's equity compensation plans[202](index=202&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%207%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, NRP generated $121.8 million in operating cash flow and $235.5 million in liquidity, driven by improved metallurgical coal markets and carbon offset credit sales, leading to a 54% revenue increase and improved leverage 2021 Financial Highlights by Segment (in thousands) | Segment | Revenues & Other Income | Net Income (Loss) | Adjusted EBITDA | | :--- | :--- | :--- | :--- | | Mineral Rights | $194,493 | $143,412 | $167,613 | | Soda Ash | $21,871 | $21,702 | $11,101 | | Corporate & Financing | $0 | $(56,212) | $(17,360) | | **Total** | **$216,364** | **$108,902** | **$161,354** | - The company generated **$123.0 million** of free cash flow in 2021 and ended the year with **$235.5 million** of liquidity, including **$135.5 million** in cash and **$100 million** in borrowing capacity[216](index=216&type=chunk) - The consolidated leverage ratio fell to **2.7x** at December 31, 2021, enabling the company to redeem all paid-in-kind preferred units for **$19.6 million** in cash[217](index=217&type=chunk) [Financial Statements and Supplementary Data](index=62&type=section&id=Item%208%2E%20Financial%20Statements%20and%20Supplementary%20Data) Consolidated financial statements for 2021 show a significant turnaround with net income of $108.9 million, a 54% revenue increase to $216.4 million, and a strengthened balance sheet with increased assets and decreased liabilities Consolidated Statement of Comprehensive Income (Loss) Highlights (in thousands) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Total revenues and other income | $216,364 | $140,320 | | Income (loss) from operations | $147,778 | $(43,851) | | Net income (loss) | $108,902 | $(84,819) | | Basic Net income (loss) per common unit | $6.14 | $(9.20) | Consolidated Balance Sheet Highlights (in thousands) | Metric | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total current assets | $162,781 | $117,192 | | Total assets | $953,823 | $921,877 | | Total current liabilities | $64,385 | $61,372 | | Total liabilities | $513,891 | $549,016 | | Total partners' capital | $256,024 | $204,524 | [Controls and Procedures](index=97&type=section&id=Item%209A%2E%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2021, a conclusion affirmed by an unqualified opinion from Ernst & Young LLP - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of **December 31, 2021**[437](index=437&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of **December 31, 2021**, based on the COSO framework[438](index=438&type=chunk) [PART III](index=100&type=section&id=PART%20III) [Directors and Executive Officers of the Managing General Partner and Corporate Governance](index=100&type=section&id=Item%2010%2E%20Directors%20and%20Executive%20Officers%20of%20the%20Managing%20General%20Partner%20and%20Corporate%20Governance) The company is managed by the officers and directors of GP Natural Resource Partners LLC, with Corbin J. Robertson, Jr. as Chairman and CEO, and its Board of Directors includes independent committees and governance guidelines - As a master limited partnership, NRP does not directly employ management but reimburses affiliates of its managing general partner for services[454](index=454&type=chunk) - The Board of Directors has determined that Messrs. Claro, Navarre, Smith, and Vecellio are **independent directors**[471](index=471&type=chunk) [Executive Compensation](index=106&type=section&id=Item%2011%2E%20Executive%20Compensation) As a smaller reporting company, NRP's 2021 executive compensation included salaries, cash bonuses, and phantom unit awards vesting upon a change in control, with CEO Corbin J. Robertson, Jr. receiving $2.98 million 2021 Summary Compensation Table | Name and Principal Position | Salary ($) | Bonus ($) | Stock Awards ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | | Corbin J. Robertson, Jr. (CEO) | — | 2,037,340 | 946,909 | 2,984,249 | | Craig W. Nunez (President & COO) | 515,000 | 885,800 | 717,032 | 2,135,232 | | Christopher J. Zolas (CFO) | 365,000 | 502,240 | 412,549 | 1,297,189 | - None of the named executive officers have employment agreements; phantom unit awards vest upon a **change in control**, death, or disability[495](index=495&type=chunk) [Security Ownership of Certain Beneficial Owners and Management](index=111&type=section&id=Item%2012%2E%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management) As of March 1, 2022, key beneficial owners of common units include Corbin J. Robertson, Jr. (19.8%), while Blackstone Inc. (57%) and GoldenTree Asset Management, LP (43%) hold the Class A Convertible Preferred Units Beneficial Ownership of Common Units (as of March 1, 2022) | Name of Beneficial Owner | Common Units | Percentage | | :--- | :--- | :--- | | Corbin J. Robertson, Jr. | 2,478,742 | 19.8% | | Western Pocahontas Corporation | 1,739,007 | 13.9% | | Western Pocahontas Properties LP | 1,727,986 | 13.8% | | The Goldman Sachs Group, Inc. | 1,112,356 | 8.9% | | JPMorgan Chase & Co. | 1,028,351 | 8.2% | Beneficial Ownership of Preferred Units | Name of Beneficial Owner | Preferred Units | Percentage | | :--- | :--- | :--- | | Blackstone Inc. | 142,500 | 57% | | GoldenTree Asset Management, LP | 107,500 | 43% | [Certain Relationships and Related Transactions, and Director Independence](index=113&type=section&id=Item%2013%2E%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company engages in numerous related-party transactions, primarily with entities controlled by its CEO, governed by an omnibus agreement, and its partnership agreement addresses conflicts of interest, including those arising from preferred unitholder board representation - An omnibus agreement restricts general partner affiliates, including the WPP Group, from competing with NRP in 'restricted business' activities, subject to a **$75 million fair market value cap**[509](index=509&type=chunk)[511](index=511&type=chunk) - In February 2020, NRP waived the **$75 million cap** to allow Pocahontas Royalties, controlled by Mr. Robertson, Jr., to acquire mineral rights after NRP declined participation[519](index=519&type=chunk)[520](index=520&type=chunk) - The partnership agreement allows the general partner to resolve conflicts of interest, deeming resolutions 'fair and reasonable' if approved by the conflicts committee, on favorable terms, or fair to the partnership considering all relationships[536](index=536&type=chunk) [Principal Accountant Fees and Services](index=123&type=section&id=Item%2014%2E%20Principal%20Accountant%20Fees%20and%20Services) Ernst & Young LLP served as the independent auditor for 2021 and 2020, with the Audit Committee pre-approving all services, and total fees were approximately $1.17 million in 2021 and $1.29 million in 2020 Accountant Fees (in thousands) | Fee Type | 2021 | 2020 | | :--- | :--- | :--- | | Audit Fees | $757,450 | $785,750 | | Tax Fees | $412,500 | $505,915 | [PART IV](index=126&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=126&type=section&id=Item%2015%2E%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, including partnership and debt agreements, incentive plans, CEO/CFO certifications, and Sisecam Wyoming LLC's financial statements - The financial statements of Sisecam Wyoming LLC, required under Regulation S-X, are included as **Exhibit 99.1**[570](index=570&type=chunk) - Exhibits filed with the report include key governance documents, debt agreements, the Master Amendment with Foresight, and management compensation plans[571](index=571&type=chunk)[572](index=572&type=chunk)[574](index=574&type=chunk)

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 ...