Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The Mineral Rights segment reported a decrease in net income, operating cash flow, and free cash flow by $13 million in Q4 and $41 million in net income for the full year compared to the previous year [11] - The Corporate and Financing segment saw improvements in net income, operating cash flow, and free cash flow by $3 million in Q4 and $9 million for the full year compared to the prior year [13] Business Line Data and Key Metrics Changes - The Mineral Rights segment accounted for approximately 70% of coal royalty revenues and 45% of coal royalty sales volumes in Q4 2025, with a decline in performance attributed to weaker metallurgical coal markets [11] - The Soda Ash segment experienced a decrease in net income by $3 million in Q4 and $15 million for the full year compared to the prior year, primarily due to lower international sales prices and weak demand [12] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices are at cyclically low levels, while soda ash prices are at generational lows, with no immediate catalysts expected to improve this outlook [4][5] - The company noted that the global soda ash market is facing significant challenges, with expectations that 2026 will be worse than 2025 due to excess capacity and low demand [5][6] Company Strategy and Development Direction - The company is focused on managing its operations under the assumption that demand for North American thermal coal is in long-term decline, while also working on carbon-neutral initiatives and exploring geothermal, solar, and lithium opportunities [5][8] - The company aims to retire all outstanding debt and increase unitholder distributions, although the recent $39 million investment in Sisecam Wyoming may delay this timeline [9] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market and the potential for further pressure on financial performance, indicating that rebalancing global supply and demand could take several years [6][8] - The management remains cautious about the thermal coal market, despite some positive sentiment due to projected electricity demand from data centers [5] Other Important Information - The company paid a distribution of $0.75 per common unit for Q4 2025 and announced a special distribution of $0.12 per common unit to cover unitholder tax liabilities [14] Q&A Session Summary Question: Clarification on capital contribution to Soda Ash JV and outstanding bank debt - The JV has over $50 million of debt remaining after the contribution [17] Question: Plans for further contributions to pay down remaining debt - There are no current plans for additional contributions, but management acknowledged the possibility if market conditions worsen [18][19] Question: Anticipation of substantial distribution increases in May quarter - Management indicated that substantial increases are not expected in May, with a more likely timeline in November [28][30] Question: Reason for not participating in mineral rights auction - The company prefers to acquire passive interests in natural resource assets at attractive prices and does not find auctions to be favorable opportunities [33]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The company generated $46 million of free cash flow in Q4 and $169 million for the full year 2025, with a total of $109 million of debt retired during the year, finishing with $33 million of debt [4][9] Business Line Data and Key Metrics Changes - The Mineral Rights segment generated $40 million of net income in Q4 2025, down $13 million from the prior year, and $166 million for the full year, a decline of $41 million [11] - The Soda Ash segment saw a decrease in net income of $3 million in Q4 and $15 million for the full year compared to the previous year, primarily due to lower international sales prices [12] - The Corporate and Financing segment improved net income by $3 million in Q4 and $9 million for the full year, attributed to lower interest costs from reduced debt [13] Market Data and Key Metrics Changes - Metallurgical coal and thermal coal prices are at cyclically low levels, with soda ash prices at generational lows, reflecting a challenging market environment [4][5] - The company noted that the demand for North American thermal coal is in long-term secular decline, and the soda ash market is expected to worsen in 2026 [5][6] Company Strategy and Development Direction - The company is focused on managing its operations under the assumption of continued low demand for its key commodities and is prioritizing debt reduction and unitholder distributions [5][9] - The company is exploring geothermal, solar, and lithium opportunities, although progress has been slow and no material updates were provided [8] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market and the potential for further pressure on financial performance, indicating that rebalancing supply and demand could take several years [6][8] - The management remains cautious about the timing of future distribution increases, suggesting that the current bear market could delay plans [9][30] Other Important Information - The company announced a special distribution of $0.12 per common unit to cover unitholder tax liabilities for 2025 [15] - The joint venture with Sisecam Wyoming has not provided distributions for the last two quarters, and no resumption is expected until market conditions improve [12][13] Q&A Session Summary Question: Clarification on capital contribution to the Soda Ash JV and its debt status - The JV has over $50 million of debt remaining after the recent contribution [17] Question: Plans for further contributions to pay down remaining debt - There are currently no plans for additional contributions, but management acknowledged the possibility if market conditions worsen [18][19] Question: Anticipation of substantial distribution increases in May - Management indicated that substantial increases are not expected in May, with a more likely timeline in November due to ongoing market conditions [28][30] Question: Reason for not bidding on mineral rights at auction - The company prefers to acquire passive interests in natural resource assets at attractive prices and does not typically participate in auctions [33]