[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents unaudited consolidated financial statements for Natural Resource Partners L.P., including balance sheets, income, capital, and cash flow statements, with detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$910.2 million** as of June 30, 2021, driven by lower mineral rights and debt balances Consolidated Balance Sheet Highlights (Unaudited, In thousands) | (In thousands) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$910,205** | **$921,877** | | Cash and cash equivalents | $97,908 | $99,790 | | Mineral rights, net | $447,155 | $460,373 | | Equity in unconsolidated investment | $266,433 | $262,514 | | **Total Liabilities** | **$528,526** | **$549,016** | | Current portion of long-term debt, net | $39,060 | $39,055 | | Long-term debt, net | $414,099 | $432,444 | | **Total partners' capital** | **$205,673** | **$204,524** | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The Partnership reported **net income of $15.4 million** for Q2 2021, a significant turnaround from a **$125.5 million net loss** in Q2 2020 Financial Performance Summary (Unaudited, In thousands, except per unit data) | (In thousands, except per unit data) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues and other income | $38,510 | $31,011 | $75,661 | $71,225 | | Income (loss) from operations | $25,065 | $(115,172) | $43,419 | $(86,085) | | Net income (loss) | $15,382 | $(125,501) | $23,763 | $(106,722) | | Net income (loss) attributable to common unitholders | $7,389 | $(130,452) | $8,030 | $(119,398) | | Diluted net income (loss) per common unit | $0.56 | $(10.64) | $0.65 | $(9.74) | [Consolidated Statements of Partners' Capital](index=6&type=section&id=Consolidated%20Statements%20of%20Partners'%20Capital) Total partners' capital increased to **$205.7 million** at June 30, 2021, driven by net income offset by distributions - For the six months ended June 30, 2021, total partners' capital was impacted by net income of **$8.4 million**, distributions to common and general partners of **$11.3 million**, and distributions to preferred unitholders of **$15.3 million** (split between cash and paid-in-kind)[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$36.6 million** for the first half of 2021, primarily due to lower distributions from Ciner Wyoming Cash Flow Summary (Unaudited, In thousands) | (In thousands) | For the Six Months Ended June 30, 2021 | For the Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $36,584 | $51,796 | | Net cash provided by investing activities | $1,257 | $571 | | Net cash used in financing activities | $(39,723) | $(39,804) | | Net (decrease) increase in cash | $(1,882) | $12,563 | | Cash and cash equivalents at end of period | $97,908 | $110,828 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, business segments, revenue breakdown, debt structure, and major customer concentrations - The Partnership's business consists of owning, managing, and leasing a diversified portfolio of mineral properties, including coal, and a **49% non-controlling interest** in Ciner Wyoming, a trona ore mining and soda ash production business[27](index=27&type=chunk) - Foresight Energy Resources LLC and Alpha Metallurgical Resources, Inc. are major customers, accounting for **22%** and **23%** of total revenues, respectively, for the three months ended June 30, 2021[77](index=77&type=chunk) - Subsequent to the quarter end, in August 2021, the Board declared a **$0.45 per common unit distribution** and a preferred unit distribution to be paid half in cash (**$3.92 million**) and half in-kind (**3,921 additional preferred units**)[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operational results, and liquidity, highlighting market rebound and the impact of the leverage ratio on distributions [Executive Overview](index=26&type=section&id=Executive%20Overview) The company operates Coal Royalty and Soda Ash segments, actively exploring alternative revenue sources like carbon sequestration and renewable energy - The company is exploring alternative revenue opportunities such as carbon sequestration (underground and in forests) and renewable energy generation (geothermal, solar, wind) to leverage its large land, mineral, and timber asset footprint[104](index=104&type=chunk) [Current Results/Market Commentary](index=27&type=section&id=Current%20Results%2FMarket%20Commentary) Coal and soda ash markets are rebounding, but the **4.6x leverage ratio** restricts cash distributions on preferred units and may impact common unit distributions - The company's consolidated leverage ratio was **4.6x** at June 30, 2021, exceeding the **3.75x** covenant threshold, which restricts cash payments for preferred unit distributions and may require a temporary suspension of common unit distributions if the ratio remains elevated[110](index=110&type=chunk) - Metallurgical coal markets have rebounded strongly, while thermal coal markets have improved but face long-term challenges, with a contract with Foresight Energy providing fixed thermal cash flows through 2021[112](index=112&type=chunk) - Ciner Wyoming's soda ash business is recovering, but market volatility persists due to the pandemic, leading Ciner Wyoming to suspend its regular quarterly distributions in Q3 2020 to preserve financial flexibility, which have not yet resumed[114](index=114&type=chunk)[116](index=116&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Detailed comparison of financial results for Q2 and H1 2021 vs 2020, analyzing segment performance and non-GAAP measures Adjusted EBITDA by Segment (Non-GAAP, In thousands) | For the Six Months Ended June 30 (In thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Coal Royalty and Other | $60,420 | $54,637 | | Soda Ash | $3,865 | $14,165 | | Corporate and Financing | $(7,498) | $(7,534) | | **Total Adjusted EBITDA** | **$56,787** | **$61,268** | Distributable Cash Flow (DCF) by Segment (Non-GAAP, In thousands) | For the Six Months Ended June 30 (In thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Coal Royalty and Other | $59,247 | $64,146 | | Soda Ash | $3,853 | $14,166 | | Corporate and Financing | $(25,259) | $(26,585) | | **Total DCF** | **$37,841** | **$51,661** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity was **$197.9 million** as of June 30, 2021, with operating cash flow decreasing due to lower Ciner Wyoming distributions - Total liquidity was **$197.9 million** as of June 30, 2021, consisting of **$97.9 million** in cash and **$100.0 million** in borrowing capacity[150](index=150&type=chunk) - Cash flow from operations decreased by **$15.2 million** year-over-year for the first six months, primarily due to a **$10.3 million** reduction in cash distributions from Ciner Wyoming[154](index=154&type=chunk) Debt Summary (In thousands) | (In thousands) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Current portion of long-term debt, net | $39,060 | $39,055 | | Long-term debt, net | $414,099 | $432,444 | | **Total debt, net** | **$453,159** | **$471,499** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, NRP is not required to provide market risk disclosures in its Form 10-Q - As a smaller reporting company, NRP is not required to include disclosures about market risk in its quarterly report[161](index=161&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures are effective in providing reasonable assurance for timely and accurate reporting[162](index=162&type=chunk) - No material changes were made to the Partnership's internal control over financial reporting during the first six months of 2021[163](index=163&type=chunk) [Part II. Other Information](index=44&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings in the ordinary course of business are not expected to materially impact financial position or operations - The company states that legal proceedings arising from the ordinary course of business are not expected to have a material impact[167](index=167&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the prior Annual Report on Form 10-K - No material changes to risk factors were reported during the period[168](index=168&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None[169](index=169&type=chunk) [Item 3. Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - None[170](index=170&type=chunk) [Item 4. Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported for the period - None[171](index=171&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No other information was reported for the period - None[172](index=172&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including partnership agreements and CEO/CFO certifications - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906 (18 U.S.C. § 1350), and Inline XBRL documents[175](index=175&type=chunk)

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].

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

Natural Resource Partners LP (NYSE:NRP) Q4 2020 Earnings Conference Call March 15, 2021 9:00 AM ET Company Participants Craig Nunez - President, Chief Operating Officer Chris Zolas - Chief Financial Officer Tiffany Sammis - Manager, Investor Relations Conference Call Participants Operator Ladies and gentlemen, thank you for standing by, and welcome to the Natural Resource Partners LP fourth quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers??? ...

NATURAL RESOURCE PARTNERS L.P. 2020 WELLS FARGO MIDSTREAM AND UTILITY CONFERENCE December 2020 FORWARD-LOOKING STATEMENTS This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are bas ...

Financial Data and Key Metrics Changes - The company generated $24 million of operating cash flow and $7 million of net income from continuing operations during the third quarter of 2020 [16] - Free cash flow over the last 12 months was $95 million, with $46 million of debt paid off [8] - The cash flow cushion was reported at $1.5 million, with total liquidity of $216 million, including $116 million in cash and $100 million in unused borrowing capacity [9] Business Line Data and Key Metrics Changes - The coal royalty and other segment generated $19 million of net income and $29 million of operating cash flow in Q3 2020, although results were lower compared to the prior year due to weakened metallurgical coal markets [16][17] - Metallurgical coal accounted for approximately 65% of total coal royalty sales volumes and about 70% of coal royalty revenue in Q3 2020 [18] - The soda ash segment saw revenues decrease by $12 million compared to the previous year due to lower demand and weakened pricing [20] Market Data and Key Metrics Changes - Demand for steel, electricity, and glass began to rebound in Q3 2020, improving the outlook for coal and soda ash businesses [7] - Ciner Wyoming's soda ash sales volumes increased by 27% compared to Q2 2020, indicating a recovery in demand [13] Company Strategy and Development Direction - The company continues to focus on generating free cash flow and maintaining strong liquidity to manage through challenging market conditions [15] - There is an emphasis on cost management within the coal segment, and the company is exploring initiatives unrelated to coal production, such as CO2 sequestration [52] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in coal markets but acknowledged ongoing volatility due to the COVID-19 pandemic [7] - The company does not foresee significant changes in production or pricing for the fourth quarter compared to the third quarter [39] Other Important Information - The company declared a cash distribution of $0.45 per common unit for Q3 2020, maintaining its distribution strategy despite market challenges [25] Q&A Session Summary Question: Free cash flow cushion outlook - Management acknowledged the risk of the free cash flow cushion turning negative but emphasized the liquidity available to manage potential downturns [29][30] Question: Balancing liquidity and debt paydown - Management indicated that current liquidity levels feel appropriate given market uncertainties, and they are cautious about early debt repayment due to market conditions [34][35] Question: Production outlook for coal reserves - Management expects a general improvement in production and pricing for coal assets in 2021 compared to 2020 [37] Question: Impact of third-party surety bond providers - Management noted that while they are sensitive to lessees' creditworthiness, current conditions do not present significant risks as seen in previous years [44][45] Question: Potential impact of a change in the White House - Management does not foresee significant direct impacts from a change in administration, focusing instead on economic factors affecting coal demand [49][50]

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, 2020 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 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on whic ...

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, 2020 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) (State or other jurisdiction of incorporation or organization) Delaware 35-2164875 ...

Natural Resource Partners L.P. (NYSE:NRP) Q2 2020 Results Earnings Conference Call August 7, 2020 9:00 AM ET Company Participants Tiffany Sammis - Manager of Investor Relations Craig Nunez - President, Chief Operating Officer Chris Zolas - Chief Financial Officer, Treasurer Conference Call Participants Mark Levin - Benchmark Operator Ladies and gentlemen, thank you for standing by and welcome to the Natural Resource Partners L.P. second quarter 2020 earnings. At this time, all participants are in a listen-o ...