HOUSTON, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE: NRP) plans to report its fourth quarter and full year 2025 financial results before the market opens on Friday, February 27, 2026. Management will host a conference call beginning at 9:00 a.m. ET to discuss the results.   To register for the conference call please use this link https://events.q4inc.com/analyst/470948487? pwd=dU%5E%7BZ5xg. After registering, a confirmation will be sent via email and include dial-in details and u ...

Core Thesis - United States Antimony Corporation (UAMY) is undergoing a strategic transition to become a fully vertically integrated domestic producer, which is expected to significantly enhance profit margins from 20% to approximately 60% [2][4] Financial Performance - UAMY's share price was $8.29 as of January 16th, with trailing and forward P/E ratios of 33.93 and 30.67 respectively [1] - The company's revenue guidance for 2026 has been raised to $125 million, driven by the expansion of the Thompson Falls smelter, which will increase output fivefold [2] Market Sentiment - Wall Street maintains a consensus "Strong Buy" rating for UAMY, with an average price target range of $9.86 to $17, indicating a potential upside of 30% to 120% from current levels [3] - The stock has a short interest of 17.86%, but institutional accumulation suggests that maintaining price levels in the $7–$8 range could lead to a gamma- or short-squeeze scenario, potentially pushing shares above $11 [3] Strategic Positioning - UAMY benefits from a constrained supply of Western Antimony, making it a strategically important domestic player, especially for defense applications where U.S. regulations require non-Chinese sourced antimony [4] - The company operates the only active smelter and refiner in the U.S., providing a significant competitive advantage and reinforcing long-term upside potential [4]

Core Viewpoint - Natural Resource Partners L.P. (NRP) reported a decline in net income and revenues for Q3 2025, reflecting challenges in the coal and soda ash markets, while maintaining a focus on deleveraging and free cash flow generation [2][12][14]. Financial Performance - NRP's net income for Q3 2025 was $30.9 million, down 20% from $38.6 million a year earlier [2] - Total revenues fell 17% to $49.9 million from $60.3 million in the prior-year quarter [2] - Basic earnings per common unit decreased to $2.31 from $2.55 [2] - Operating cash flow was $41.1 million compared to $54.1 million in Q3 2024 [2] - Free cash flow decreased 24% year over year to $41.8 million from $54.8 million [2] Segment Performance - **Mineral Rights Segment**: Net income rose slightly to $40.9 million from $40.6 million, but operating and free cash flows decreased due to lower metallurgical coal sales prices and volumes [3] - **Coal Royalty Revenues**: Dropped approximately 9% to $34.2 million, with average royalty revenue per ton declining to $4.51 from $5.24, attributed to weak global steel demand and low natural gas prices [4] - **Soda Ash Segment**: Net income fell by $10.5 million due to lower international sales prices, with no distributions received from the joint venture Sisecam Wyoming LLC in Q3 [5][6] Management Commentary - Management highlighted the ongoing depressed market conditions for coal, soda ash, and carbon-neutral ventures, yet emphasized the generation of substantial free cash flow [8] - The global soda ash market is described as oversupplied, with prices at or below production costs for many operators [6] - The company is focused on maintaining a conservative capital management approach and has made significant progress in deleveraging [11] Guidance & Outlook - NRP anticipates continued weakness in coal and soda ash markets through 2026 but expects to remain free cash flow positive [14] - The long-term goal is to achieve a "fortress balance sheet" with no permanent debt and at least $30 million in cash reserves [15] Other Developments - NRP maintained its quarterly cash distribution of 75 cents per common unit, payable on November 25, 2025 [16] - The company is diversifying by leasing acreage for lithium production in the Smackover formation, indicating a shift beyond its traditional coal and soda ash businesses [17]

Core Thesis - United States Antimony Corporation (UAMY) is positioned to benefit significantly from structural supply constraints in the antimony market due to China's export restrictions, making it a strategic asset for investors [2][5]. Company Positioning - UAMY operates the only primary antimony smelter in the U.S., located in Thompson Falls, Montana, which grants it a domestic-processing monopoly as the U.S. is approximately 80% import-dependent [3]. - The company is set to capture a disproportionate share of U.S. demand for antimony at attractive margins due to its unique market position [3]. Strategic Partnerships - UAMY is collaborating with Perpetua Resources on metallurgical testing to utilize antimony as a byproduct from gold mining, which could supply approximately 35% of U.S. demand in the early years [4]. - This partnership aligns UAMY with strategic national priorities, enhancing its long-term growth and pricing power [5]. Market Dynamics - The collapse of Western supply of antimony, driven by China's export restrictions, has led to increased demand for UAMY's products as buyers seek alternatives [2]. - UAMY is viewed as an underappreciated asset with significant upside potential due to the current market dynamics and its strategic positioning [5].

Core Insights - Natural Resource Partners L.P. (NRP) demonstrated resilience in Q2 2025 earnings despite challenging commodity market conditions, reporting $34 million in net income and $46 million in free cash flow [2][3] - The company maintained its quarterly dividend of $0.75 per common unit, emphasizing stability and a commitment to a deleveraging strategy aimed at paying off nearly all debt by mid-2026 [4] Financial Performance - NRP's earnings were supported by $40 million in mineral rights revenues, although the soda ash segment faced challenges with only $3 million in net income due to global oversupply and weak demand [3] - The partnership's royalty-based structure and cost control measures contributed to its ability to generate steady cash flow during cyclical lows in the coal and soda ash markets [4] Business Model - NRP generates royalties from the ownership and leasing of mineral resources, including coal, soda ash, trona, and aggregates, in the United States [5]

Group 1 - Natural Resource Partners L.P. (NRP) is a master limited partnership focused on mineral rights and infrastructure, primarily generating income from coal production, with 35% of revenues derived from infrastructure fees [2][4] - The company holds a non-controlling interest in the Sisecam soda ash operation, which has seen a decline in income from $73 million to $16 million, but still has recovery potential [3] - Current free cash flow is approximately $150 million, indicating a sustainable baseline compared to peak operating income exceeding $300 million [3] Group 2 - Management is implementing a disciplined deleveraging strategy aimed at achieving zero debt within 12 months, after which capital returns through dividends and buybacks are expected to accelerate [4] - NRP is projected to deliver a double-digit free cash flow yield, with dividends anticipated to increase post-debt repayment [4][5] - The investment opportunity is enhanced by the avoidance of MLPs by many investors due to tax complexities, leading to potential mispricing [5] Group 3 - Despite market challenges, NRP generated $100 million in operating cash flow during a severe downturn in 2020, reflecting a 7% yield at current valuations [4] - The company benefits from nominal royalty pricing, providing inflation protection and potential upside from carbon capture revenues [4] - The stock price has appreciated approximately 2.4% since previous bullish coverage, with ongoing expectations for dividend reinstatement and robust cash flow [6]

Core Viewpoint - Natural Resource Partners L.P. (NRP) has been upgraded to "Neutral" due to its improving balance sheet and consistent cash flow, which are mitigating the impacts of weak commodity pricing [1][8]. Financial Performance - NRP reported $34 million in net income and $46 million of free cash flow in Q2 2025, leading to a trailing 12-month free cash flow exceeding $200 million [1]. - The partnership's leverage has been reduced to 0.5X EBITDA, with plans to retire all debt by mid-2026, enhancing its financial position and reducing interest costs [2]. Market Conditions - Despite improvements in financial structure, NRP faces significant market headwinds, with coal revenues declining sharply due to falling pricing and volumes, particularly in metallurgical coal linked to weak global steel demand [3]. - The soda ash market is also under pressure from global oversupply and sluggish demand in construction and automotive sectors, leading to reduced income from Sisecam Wyoming [4]. Strategic Positioning - NRP's financial strengthening allows for a refocus on capital returns, with future cash directed towards increased unitholder distributions, opportunistic repurchases of common units, and selective acquisitions if market conditions are favorable [6]. - The partnership has maintained quarterly distributions at 75 cents per unit, reflecting management's confidence in cash flow despite current market challenges [7]. Rating Rationale - The upgrade to "Neutral" reflects a balance between ongoing commodity price challenges and a significantly improved financial position, with deleveraging enhancing liquidity and providing a clearer path for capital returns [8][9].

Core Viewpoint - Natural Resource Partners L.P. (NRP) reported a decline in net income and revenues for Q2 2025, primarily due to weaker coal and soda ash prices, but still managed to generate significant free cash flow [2][8][13] Financial Performance - NRP's net income for Q2 2025 was $34.2 million, a decrease of 25.7% from $46.1 million in the same quarter last year [2] - Total revenues fell 23.6% year over year to $50.1 million, influenced by lower metallurgical and thermal coal prices and reduced soda ash sales prices [2][8] - Diluted earnings per common unit increased to $2.52 from $2.29 in the prior-year quarter [2] - Operating cash flow decreased to $45.6 million from $56.6 million, while free cash flow dropped to $46.3 million from $57.3 million [2] Segment Performance - The Mineral Rights segment, the largest contributor, saw net income decline by $13 million to $39.7 million, with coal royalty revenues per ton averaging $5.17, down from $5.98 a year ago [3] - The Soda Ash segment recorded net income of $2.5 million, down $1.1 million due to lower sales prices amid global oversupply [4] - Corporate and Financing segment improved net income by $2.3 million, aided by lower interest expenses [5] Management Insights - Management emphasized the resilience of free cash flow generation, reporting $46 million for the quarter and $203 million over the last 12 months, attributed to a decade-long deleveraging strategy [6] - Expectations are set to pay off nearly all debt by mid-2026 and to begin increasing unitholder distributions by August 2026 [7][10] Market Conditions - Current market conditions for coal and soda ash remain challenging, with excess supply and low prices expected to persist [11] - Factors contributing to revenue and profit declines include stagnant steel demand, high thermal coal inventories, and reduced soda ash demand due to sluggish construction activity [8] Future Outlook - NRP is on track to eliminate nearly all debt by mid-2026, which would allow for significant increases in distributions starting August 2026 [10] - Management anticipates that metallurgical and thermal coal pricing will remain muted through year-end, with soda ash markets unlikely to recover until supply rationalization occurs [11] Other Developments - NRP declared a second-quarter 2025 cash distribution of 75 cents per common unit, consistent with the first quarter of 2025 [12] - There has been no significant progress in carbon-neutral initiatives during the period, although long-term opportunities are still recognized [12]