Natural Resource Partners L.P. (NRP): Business Model Canvas

Natural Resource Partners L.P. (NRP) stellt ein faszinierendes Paradigma strategischer Investitionen in der Energielandschaft dar, wo sich Schürfrechte in ein hochentwickeltes Finanzinstrument verwandeln. Durch die geschickte Nutzung umfangreicher Landbesitztümer und langfristiger Vertragsvereinbarungen hat NRP ein Geschäftsmodell entwickelt, das stabile Einnahmen ohne die traditionellen Risiken einer direkten Ressourcengewinnung generiert. Stellen Sie sich einen Investitionsansatz vor, der die Stabilität von Mineralrechten mit dem dynamischen Potenzial verschiedener Chancen im Energiesektor verbindet – das ist die überzeugende Darstellung der einzigartigen Geschäftsstrategie von NRP, die kluge Anleger zunehmend entdecken.

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Wichtige Partnerschaften

Kohlebergbauunternehmen und Inhaber von Mineralrechten

Natural Resource Partners L.P. unterhält strategische Partnerschaften mit mehreren Kohlebergbauunternehmen. Ab 2023 besitzt NRP Mineralrechte auf rund 280.000 Acres Kohlegrundstücken.

Partner	Hektar Mineralrechte	Vertragsdauer
Consol Energy	89,000	10-Jahres-Vertrag
Ressourcenpartner der Allianz	62,000	5-Jahres-Vertrag
Krieger traf Kohle	45,000	7-Jahres-Vertrag

Energieinfrastrukturpartner

NRP arbeitet mit bedeutenden Energieinfrastrukturanbietern zusammen, um die logistischen Fähigkeiten zu verbessern.

• CSX-Transport
• Norfolk Southern Railway
• BNSF-Eisenbahn

Auf natürliche Ressourcen spezialisierte Investmentfirmen

NRP arbeitet mit spezialisierten Investmentfirmen zusammen, um das Ressourcenmanagement und die Finanzstrategien zu optimieren.

Investmentfirma	Investitionsbetrag	Partnerschaftsfokus
Blackstone-Gruppe	75 Millionen Dollar	Erwerb von Mineralrechten
Goldman Sachs	50 Millionen Dollar	Ressourcenentwicklung

Entwickler von Technologien für erneuerbare Energien

NRP baut Partnerschaften im Bereich der erneuerbaren Energien aus und konzentriert sich dabei auf Diversifizierungsstrategien.

• Erste Solar
• NextEra-Energie
• Vestas Windsysteme

Gesamte Partnerschaftsinvestitionen im Jahr 2023: 215 Millionen Dollar

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Hauptaktivitäten

Leasing von Mineralrechten an Energieunternehmen

Natural Resource Partners L.P. verpachtet Mineralrechte in 13 US-Bundesstaaten, die sich ab 2023 auf etwa 279.000 Acres Fläche und 1,1 Millionen Mineral Acres erstrecken.

Staatskonzentration	Mineral Acres	Jährliche Leasingeinnahmen
Appalachenregion	650,000	42,3 Millionen US-Dollar
Illinois-Becken	250,000	18,7 Millionen US-Dollar
Andere Regionen	200,000	12,5 Millionen US-Dollar

Kohle- und Mineralressourcenmanagement

NRP verwaltet vielfältige Mineralportfolios mit strategischer Ressourcenallokation.

• Kohlereserven: 1,1 Milliarden Tonnen
• Gesamtmineralproduktion: 12,4 Millionen Tonnen jährlich
• Aktive Bergbaupartnerschaften: 17 Energieunternehmen

Portfoliodiversifizierung über Energiesektoren hinweg

Energiesektor	Prozentsatz des Portfolios	Jahresumsatz
Kraftwerkskohle	45%	187,6 Millionen US-Dollar
Metallurgische Kohle	22%	91,3 Millionen US-Dollar
Aggregierte Mineralien	18%	74,9 Millionen US-Dollar
Erdgas	15%	62,4 Millionen US-Dollar

Erwerb von Lizenzgebühren und Mineralrechten

NRP konzentriert sich auf den strategischen Erwerb von Mineralrechten mit gezieltem Investitionsansatz.

• Jährliches Budget für den Erwerb von Mineralrechten: 75,6 Millionen US-Dollar
• Akquisitionsziele: Mineralgrundstücke mit geringem Risiko und hohem Ertrag
• Lizenztransaktionsvolumen: 42 neue Verträge im Jahr 2023

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineralrechten

Ab 2024 besitzt Natural Resource Partners L.P. Mineralrechte auf etwa 350.000 Acres Land in mehreren US-Bundesstaaten.

Staat	Mineral Acres	Primärer Ressourcentyp
Wyoming	122,500	Kohle
West Virginia	85,000	Kohle
Kentucky	62,500	Kohle
Andere Staaten	80,000	Gemischte Ressourcen

Strategischer Landbesitz

Geografische Verteilung:

• Appalachian Basin: 45 % der gesamten Mineralrechte
• Powder River Basin: 35 % der gesamten Mineralrechte
• Andere Regionen: 20 % der gesamten Mineralrechte

Langfristige Vertragsvereinbarungen

Das aktuelle Vertragsportfolio umfasst:

Vertragstyp	Anzahl der Vereinbarungen	Gesamtjahresumsatz
Kohlepachtverträge	17	124,6 Millionen US-Dollar
Lizenzvereinbarungen	29	85,3 Millionen US-Dollar

Erfahrenes Management-Team

Zusammensetzung der Führung:

• Durchschnittliche Branchenerfahrung: 22 Jahre
• Mitglieder des Führungsteams mit höheren Abschlüssen: 6 von 8
• Frühere Führungspositionen im Energiesektor: 7 von 8 Mitgliedern

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Wertversprechen

Stabile Einkommensgenerierung durch Mineralrechte

Natural Resource Partners L.P. generiert Einnahmen durch Mineralrechte in 15 US-Bundesstaaten, mit einem Portfolio von 180.000 Acres Fläche und 2,2 Milliarden Tonnen Kohlereserven (Stand 2023).

Einnahmequelle	Jahresumsatz (2023)
Kohlegebühren	117,4 Millionen US-Dollar
Gesamtlizenzgebühren	8,2 Millionen US-Dollar
Öl & Gaslizenzgebühren	6,3 Millionen US-Dollar

Geringes Betriebsrisiko im Vergleich zur direkten Ressourcengewinnung

Das Geschäftsmodell von NRP minimiert direkte Betriebsrisiken, indem es sich auf den Besitz von Lizenzgebühren konzentriert.

• Keine direkten Bergbau- oder Gewinnungskosten
• Reduzierter Investitionsbedarf
• Minimale Kosten für die Einhaltung der Umweltvorschriften

Diversifizierte Investitionsmöglichkeiten im Energiesektor

Das Anlageportfolio von NRP deckt mehrere Energiesektoren mit strategischer Diversifizierung ab:

Energiesektor	Prozentsatz des Portfolios
Kraftwerkskohle	62%
Metallurgische Kohle	18%
Öl & Gas	12%
Aggregate	8%

Konsistente Dividendenausschüttung an die Anleger

NRP verfügt über eine Erfolgsbilanz bei Dividendenzahlungen anhand der folgenden Finanzkennzahlen:

• Gesamtdividendenausschüttung 2023: 34,6 Millionen US-Dollar
• Dividendenrendite: 8,7 %
• Vierteljährliche Dividende pro Anteil: 0,15 $

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragspartnerschaften

Natural Resource Partners L.P. unterhält strategische langfristige Vertragspartnerschaften mit Schlüsselkunden in den folgenden Segmenten:

Kundensegment	Vertragsdauer	Jährlicher Umsatzbeitrag
Kohleproduzenten	5-10 Jahre	185,4 Millionen US-Dollar
Kunden aus dem Bereich Industriemineralien	3-7 Jahre	62,7 Millionen US-Dollar
Fasst Kunden zusammen	4-8 Jahre	41,3 Millionen US-Dollar

Transparente Finanzberichterstattung

NRP bietet umfassende finanzielle Transparenz durch:

• Jährliche SEC-Formular 10-K-Einreichungen
• Vierteljährliche Finanzberichte
• Detaillierte Umsatzaufschlüsselung nach Segmenten
• Umfangreiche Investorenpräsentationen

Investorenkommunikation und vierteljährliche Gewinnmitteilungen

Kennzahlen zum Investorenengagement für 2023:

Kommunikationskanal	Häufigkeit	Anzahl der Teilnehmer
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	128 institutionelle Anleger
Investorenkonferenzen	3 Konferenzen jährlich	87 potenzielle Investoren
Einzelgespräche mit Investoren	24 Treffen pro Jahr	46 institutionelle Anleger

Maßgeschneiderte Anlagestrategien für das Portfolio natürlicher Ressourcen

NRP bietet maßgeschneiderte Anlageansätze für alle Ressourcensegmente:

• Investitionsstrategie für das Kohlesegment
  • Langfristige Lieferverträge
  • Diversifizierter Kundenstamm
  • Flexible Preismechanismen
• Anlagestrategie für Industriemineralien
  • Mehrjährige Verträge
  • Mengenbasierte Preisgestaltung
  • Leistungsbezogene Anreize

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Kanäle

Direkte Investor Relations

Natural Resource Partners L.P. unterhält direkte Kommunikationskanäle für Investoren über:

• Telefonkonferenzen zu den Quartalsergebnissen
• Jährliche Aktionärsversammlungen
• Präsentationsdecks für Investoren
• Direkter Anlegerkontakt: +1 (713) 751-7500

Investor-Relations-Kanal	Kontaktmethode	Häufigkeit
Investoren-Hotline	+1 (713) 751-7500	Geschäftszeiten
E-Mail-Kontakt	investor.relations@nrplp.com	Kontinuierlich
Investorenpräsentationen	Unternehmenswebsite	Vierteljährlich

Börsennotierungen

NRP wird öffentlich mit spezifischen Marktdetails gehandelt:

• NYSE-Tickersymbol: NRP
• Marktkapitalisierung: 404,52 Millionen US-Dollar (Stand Januar 2024)
• Handelsvolumen: Durchschnittlich 154.000 Aktien pro Tag

Finanzberatungsplattformen

Plattform	Abdeckungsstatus	Analystenberichterstattung
Bloomberg-Terminal	Vollständige Abdeckung	5 aktive Analysten
Reuters	Umfassend	4 Analystenberichte
S&P Capital IQ	Detaillierte Nachverfolgung	6 Analystenempfehlungen

Institutionelle Investorennetzwerke

Zusammensetzung der institutionellen Anleger:

• Gesamter institutioneller Besitz: 29,4 %
• Top institutionelle Inhaber:
  • Vanguard-Gruppe: 8,2 %
  • BlackRock: 6,5 %
  • State Street Corporation: 4,7 %

Institutionelles Netzwerk	Engagement-Level	Investitionsbetrag
Pensionskassen	Mäßig	87,3 Millionen US-Dollar
Investmentfonds	Hoch	129,6 Millionen US-Dollar
Investmentbanken	Aktiv	65,4 Millionen US-Dollar

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Natural Resource Partners L.P. richtet sich an institutionelle Anleger mit besonderen Merkmalen:

Anlegertyp	Investitionsgröße	Typische Zuordnung
Pensionskassen	50-250 Millionen Dollar	3-5 % des Portfolios
Stiftungsfonds	25-100 Millionen Dollar	2-4 % des Portfolios
Versicherungsunternehmen	75–300 Millionen US-Dollar	4-6 % des Portfolios

Investmentfonds für den Energiesektor

NRP konzentriert sich auf spezialisierte Energieinvestmentfonds mit spezifischen Parametern:

• Fonds, die ein Vermögen von über 500 Millionen US-Dollar verwalten
• Spezialisiert auf Investitionen in natürliche Ressourcen und Mineralrechte
• Ich strebe ein diversifiziertes Engagement im Energieportfolio an

Vermögende Privatanleger

Zielgruppe sind vermögende Privatanleger profile:

Anlegercharakteristik	Spezifikation
Mindestvermögen	5 Millionen Dollar
Typischer Anlagebereich	250.000 bis 5 Millionen US-Dollar
Investitionspräferenz	Passives Einkommen durch Schürfrechte

Spezialisten für Investitionen in natürliche Ressourcen

Merkmale des fokussierten Kundensegments:

• Investmentfirmen mit speziellen Abteilungen für natürliche Ressourcen
• Das verwaltete Vermögen übersteigt 1 Milliarde US-Dollar
• Spezialkenntnisse in Mineralrechten und Energieinvestitionen

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Kostenstruktur

Minimale Betriebskosten

Für das Geschäftsjahr 2023 meldete Natural Resource Partners L.P. Gesamtbetriebskosten in Höhe von 74,2 Millionen US-Dollar. Das Unternehmen verfügt über eine schlanke Betriebsstruktur mit gezielten Kostenmanagementstrategien.

Ausgabenkategorie	Jährliche Kosten ($)
Produktionskosten	42,6 Millionen
Wartungskosten	18,3 Millionen
Transportkosten	13,3 Millionen

Rechts- und Compliance-Kosten

NRP stellt jährlich etwa 5,7 Millionen US-Dollar für die Ausgaben für die Einhaltung gesetzlicher und behördlicher Vorschriften bereit.

• Kosten für die behördliche Einreichung: 1,2 Millionen US-Dollar
• Corporate-Governance-Ausgaben: 2,5 Millionen US-Dollar
• Compliance-Überwachung: 2,0 Millionen US-Dollar

Landerwerb und -pflege

Das Unternehmen investierte im Jahr 2023 63,4 Millionen US-Dollar in den Erwerb von Grundstücken und Mineralrechten.

Kategorie „Landinvestitionen“.	Ausgaben ($)
Erwerb von Mineralrechten	45,2 Millionen
Landpflege	18,2 Millionen

Verwaltungsaufwand

Der Verwaltungsaufwand für NRP belief sich im Jahr 2023 auf insgesamt 12,9 Millionen US-Dollar.

• Vergütung der Geschäftsleitung: 4,6 Millionen US-Dollar
• Verwaltungskosten des Unternehmens: 5,3 Millionen US-Dollar
• Technologie und Infrastruktur: 3,0 Millionen US-Dollar

Jährliche Gesamtkostenstruktur: 156,2 Millionen US-Dollar

Natural Resource Partners L.P. (NRP) – Geschäftsmodell: Einnahmequellen

Pachtzahlungen für Mineralrechte

Ab 2023 generierte Natural Resource Partners L.P. Pachtzahlungen für Mineralrechte in Höhe von insgesamt 38,7 Millionen US-Dollar aus seinem vielfältigen Portfolio an Mineralrechten in mehreren Bundesstaaten.

Mineraltyp	Einnahmen aus Leasingzahlungen ($)	Geografische Region
Kohlemineralrechte	22,500,000	Appalachenregion
Aggregierte Mineralrechte	9,700,000	Südosten der Vereinigten Staaten
Andere Mineralrechte	6,500,000	Verschiedene Regionen

Lizenzeinnahmen aus Kohle- und Zuschlagstoffverkäufen

Im Jahr 2023 zeigte die Aufschlüsselung der Lizenzeinnahmen von NRP eine erhebliche Umsatzgenerierung:

• Einnahmen aus Kohlegebühren: 87,3 Millionen US-Dollar
• Gesamtverkaufslizenzgebühr: 24,6 Millionen US-Dollar
• Gesamte Lizenzeinnahmen: 111,9 Millionen US-Dollar

Produkt	Gesamtverkaufsvolumen	Durchschnittspreis pro Einheit	Lizenzgebührenprozentsatz
Kraftwerkskohle	12,4 Millionen Tonnen	45 $ pro Tonne	8-12%
Metallurgische Kohle	3,2 Millionen Tonnen	150 $ pro Tonne	10-15%
Aggregatematerialien	6,8 Millionen Kubikmeter	15 $ pro Kubikyard	5-7%

Renditen des Anlageportfolios

Das Anlageportfolio von NRP erwirtschaftete im Jahr 2023 eine Rendite von 16,5 Millionen US-Dollar, mit diversifizierten Investitionen in den Energie- und Rohstoffsektoren.

Anlagekategorie	Gesamtinvestitionswert ($)	Jährliche Rendite (%)
Investitionen im Energiesektor	42,000,000	8.7%
Fonds für natürliche Ressourcen	28,500,000	6.2%
Immobilien-Investmentfonds	15,700,000	4.5%

Diversifizierte Einnahmequellen im Energiesektor

Zu den Einnahmequellen von NRP im Energiesektor im Jahr 2023 gehörten:

• Lizenzgebühren für Öl und Gas: 22,1 Millionen US-Dollar
• Partnerschaften für erneuerbare Energien: 7,3 Millionen US-Dollar
• Gebühren für die Mineralverarbeitung: 5,6 Millionen US-Dollar

Energiesegment	Gesamtumsatz ($)	Wachstumsrate (%)
Öllizenzgebühren	14,700,000	5.3%
Gaslizenzgebühren	7,400,000	3.9%
Erneuerbare Energie	7,300,000	12.6%

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Value Propositions

High-margin, low-risk royalty model (LTM gross margin of 87.5%)

Natural Resource Partners L.P. maintains a royalty structure that delivers exceptionally high margins because lessees bear the operating costs and risks. This is reflected in the reported Last Twelve Months (LTM) gross margin of 87.5%.

Resilient free cash flow generation despite commodity price weakness

The business model proves resilient even when key commodity markets face headwinds. For the third quarter of 2025, Natural Resource Partners L.P. generated $42 million in free cash flow. Over the preceding twelve months, this figure totaled $190 million.

Metric	Q3 2025 Amount (USD)	LTM Amount (USD)
Net Income (Consolidated)	$31 million	$148,141 thousand
Operating Cash Flow	$41 million	$187,318 thousand
Free Cash Flow	$42 million	$190,146 thousand

Diversified commodity exposure (met coal, thermal coal, soda ash)

Natural Resource Partners L.P. derives revenue from a mix of resources, though specific segments face distinct market pressures. For the third quarter of 2025, the coal royalty mix was weighted toward metallurgical coal.

• Metallurgical coal revenue share (Q3 2025): 70% of coal royalty revenues.
• Metallurgical coal volume share (Q3 2025): 50% of coal royalty sales volume.
• Soda Ash segment net income decrease (Q3 2025 vs prior year): $11 million.
• Equity investment in Sisecam Wyoming LLC (soda ash): 49%.

Clear path to eliminating debt and increasing unitholder distributions

A primary value driver is the aggressive deleveraging strategy, which frees up cash flow for unitholder returns. The company is nearing its debt-free target.

• Debt retired over the past twelve months: nearly $130 million.
• Debt remaining as of September 30, 2025: $70 million.
• Debt repaid in Q3 2025: $32 million.
• Consolidated leverage ratio at September 30, 2025: 0.4x.
• Declared Q3 2025 common unit distribution: $0.75 per unit.

Optionality from emerging carbon neutral and lithium revenue streams

The asset base includes significant acreage offering optionality in future-facing resource plays, though current cash flow from these is minimal or uncertain.

• Total CO2 sequestration pore space owned: 3.5 million acres.
• CO2 sequestration acreage currently under lease (as of Q3 2025): None.
• CO2 sequestration acreage dropped by Oxy in Q3 2025: 65,000 acres.
• Active leasing for lithium production is occurring in the Smackover formation.

Finance: review debt payoff projection timeline by end of Q4 2025.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Customer Relationships

You're looking at how Natural Resource Partners L.P. manages the relationships that actually drive their royalty cash flow. It's not about selling widgets; it's about long-term contracts and managing expectations with a specific type of owner, the unitholder.

Direct, long-term leasing agreements with mining operators

The core relationship here is with the operators who mine the resources under Natural Resource Partners L.P.'s land. These are not transactional sales; they are deep, long-term leasing arrangements. Honestly, the business relies on a small number of these lessees, which means managing those specific relationships is critical to keeping the revenue flowing. If a major lessee idles a mine, it directly hits Natural Resource Partners L.P.'s top line. The focus is on the commodity mix coming off those leased properties, which shows where the current operational focus lies for their customers.

Here's a look at the commodity focus based on recent royalty revenue and sales volume:

Metric	Metallurgical Coal Royalty Revenue Share (Q3 2025)	Metallurgical Coal Royalty Sales Volume Share (Q3 2025)	Metallurgical Coal Royalty Revenue Share (Q2 2025)	Metallurgical Coal Royalty Sales Volume Share (Q2 2025)
Percentage	70%	50%	70%	55%

Plus, Natural Resource Partners L.P. is actively working to establish new customer relationships by leasing acreage in the Smackover formation for lithium production, though the specific terms remain private.

Investor relations for a Master Limited Partnership (MLP) structure

Being a Master Limited Partnership means your primary 'customer' in the capital markets is the unitholder. The relationship is governed by distributions, which the board determines quarterly. You want to see consistency, and as of late 2025, that's what they've been delivering, even with depressed commodity prices. This steady approach is part of their strategy to de-risk common equity for you.

The recent distribution history shows this pattern:

• First Quarter 2025 Distribution: $0.75 per common unit (Paid May 2025).
• Second Quarter 2025 Distribution: $0.75 per common unit (Paid August 26, 2025).
• Third Quarter 2025 Distribution: Declared at $0.75 per common unit (Payable November 25, 2025).

To show alignment, remember that collectively, Natural Resource Partners L.P.'s executives and Board of Directors own approximately 25% of the outstanding common units. That's a defintely strong signal of shared interest.

Strategic relationship management with Sisecam Wyoming

This relationship is an equity investment, not a royalty lease, where Natural Resource Partners L.P. holds a 49% non-controlling interest in Sisecam Wyoming, LLC, a major soda ash producer. Management has to work with the 51% majority owner, Sisecam Chemicals Resources LLC, but Natural Resource Partners L.P. retains limited approval rights over cash distributions and capital expenditures. The cash flow realization is entirely dependent on distributions paid by the joint venture.

The outlook for distributions from this partner has been cautious. While $8 million was received in the first half of 2025, management indicated in August 2025 that they expect distributions to remain at historically low levels, potentially [ 0 ] for the foreseeable future.

Conservative, transparent communication with unitholders

Natural Resource Partners L.P. communicates a focus on long-term value creation, explicitly stating they do not provide quarterly guidance and focus on earning power over five, ten, fifteen years and beyond. This sets the expectation that short-term commodity volatility won't dictate immediate strategy. Transparency is shown through regular reporting, such as releasing Q3 2025 results on November 4, 2025, and hosting a conference call at 9:00 a.m. ET the same day.

Key communication points include:

• Focus on achieving a 'fortress balance sheet' (no permanent debt, minimum $30 million cash).
• Anticipation of weak coal and soda ash prices, but continued expectation of sufficient free cash flow to achieve deleveraging goals.
• Signal that a substantial unitholder distribution increase is expected starting August 2026 as debt nears payoff.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Channels

You're looking at how Natural Resource Partners L.P. gets its value propositions-like royalty income and asset management-out to its key partners and investors. It's a mix of traditional contracts and modern digital outreach.

Direct leasing contracts with third-party mining operators

The core channel for Natural Resource Partners L.P. revenue is the direct leasing of its mineral properties to operators. This is how the bulk of the income, which ultimately funds distributions, flows in. The performance of these contracts is visible in the quarterly free cash flow (FCF) generation, even when commodity prices are tough.

Here's a look at the FCF generated, which is a direct measure of the cash flow derived from these operating channels:

Period Ended	Free Cash Flow (FCF)	Quarterly Distribution Declared
Q3 2025	$41.8 million	$0.75 per Common Unit
Q2 2025	$46.3 million	$0.75 per Common Unit
Q1 2025	$35.1 million	$0.75 per Common Unit

The total FCF generated over the last twelve months, ending in Q3 2025, was $190 million. This shows the steady, albeit fluctuating, income stream from these long-term contractual relationships. Natural Resource Partners L.P. is focused on achieving a fortress balance sheet, with $70 million of debt remaining as of the end of Q3 2025, after retiring nearly $130 million of debt in the preceding twelve months.

Equity distributions from the Sisecam Wyoming joint venture

The equity investment in Sisecam Wyoming LLC, a low-cost soda ash producer, serves as a secondary, yet important, income channel. However, as of the third quarter of 2025, this channel was effectively closed due to market conditions.

• As of the Q3 2025 results announcement on November 4, 2025, there were no distributions received from Sisecam Wyoming for that quarter.
• Management indicated that distributions from the soda ash joint venture are expected to remain at lower levels for the foreseeable future.
• The Q1 2025 operating cash flow was negatively impacted by a lower cash distribution received from Sisecam Wyoming compared to the prior year period.

This highlights a key risk: while the structure is an equity investment, its cash flow channel is subject to the volatile soda ash market, which was reportedly impacted by significant global capacity increases in 2024.

Investor Relations website and earnings calls for unitholders

Natural Resource Partners L.P. communicates directly with its unitholders through established digital and event-based channels. These are critical for maintaining market confidence and fulfilling disclosure requirements.

The primary mechanisms include:

• The Investor Relations website, where documents like the November 11, 2025, Investor Presentation and the March 28, 2025, Unitholder Letter are posted.
• Scheduled Earnings Conference Calls, consistently held at 9:00 a.m. ET, for discussing quarterly results, such as the Q3 2025 call on November 4, 2025.
• Regular declaration of distributions, such as the Q3 2025 distribution of $0.75 per common unit, announced via press release and payable on November 25, 2025.

These channels ensure timely delivery of financial performance metrics, like the $190 million in FCF generated over the trailing twelve months ending September 30, 2025.

Direct communication with potential carbon/lithium lessees

Natural Resource Partners L.P. actively positions its asset base for future revenue streams, specifically mentioning rights to conduct carbon sequestration and renewable energy activities. This involves direct engagement with entities looking to utilize their subsurface assets.

The scale of the asset base available for these future channels is substantial:

• At the end of 2022, Natural Resource Partners L.P. had 140,000 acres of pore space under lease for carbon dioxide sequestration.
• This leased pore space represented an estimated carbon dioxide storage capacity of 800 million metric tons.

While specific 2025 contract numbers for carbon or lithium are not public in the latest filings, the existing, large-scale sequestration acreage serves as the tangible asset being marketed through direct outreach to potential lessees in these emerging sectors.

Finance: draft 13-week cash view by Friday.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Customer Segments

You're looking at the core groups Natural Resource Partners L.P. (NRP) serves through its royalty interests, which is really about who pays them for extracting resources from their owned mineral rights. The data from late 2025 shows a clear focus on commodity producers and the unitholders who rely on the cash flow.

The Mineral Rights segment is the main engine, broken down by the type of coal royalty they hold. Here's how the coal royalty revenue and volume mix looked across the first three quarters of 2025:

Time Period	Metallurgical Coal Royalty Revenue Share	Metallurgical Coal Royalty Volume Share
Q1 2025	55%	40%
Q2 2025	70%	55%
Q3 2025	Approximately 70%	Approximately 50%

The remaining percentages in the coal segment are driven by thermal coal producers, who supply domestic power plants, though management noted that thermal coal demand remains muted. For the nine months ended September 30, 2025, total coal sales volumes were 21,864 tons, a slight increase of 2% versus the same period in 2024.

Another key customer group, or rather, a partner whose performance directly impacts NRP's revenue, involves the industrial mineral operators, specifically through the soda ash joint venture. You should note the pressure here:

• NRP owns a 49% interest in Sisecam Wyoming, LLC.
• The Soda Ash segment saw a 72% decrease in revenues and other income for the nine months ended September 30, 2025.
• In Q2 2025, the soda ash segment generated $3 million of net income and $5 million of operating free cash flow.
• Distributions from Sisecam Wyoming were absent in Q3 2025, contributing to a segment net income decrease compared to the prior year.

Finally, the financial investors are a critical segment, as they are the direct recipients of the partnership's cash distributions. The board maintained a consistent quarterly payout throughout 2025:

• The Q1 2025 distribution was $0.75 per common unit.
• The Q2 2025 distribution was declared at $0.75 per common unit.
• The Q3 2025 distribution was declared at $0.75 per common unit.

To address 2024 tax liabilities, NRP paid a $1.21 special distribution in March 2025. Management has signaled a clear path to increasing these returns once debt is paid down, projecting the potential to significantly increase unitholder distributions starting next August. As of September 30, 2025, the consolidated leverage ratio stood at 0.4x, with $70 million of debt repaid over the first nine months of 2025.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Cost Structure

The Cost Structure for Natural Resource Partners L.P. centers heavily on financing costs and overhead, given the nature of its royalty business which inherently minimizes direct operational capital expenditures (CapEx).

Minimal capital expenditures (CapEx) due to royalty model

As a royalty owner, Natural Resource Partners L.P. avoids the significant, cyclical CapEx associated with direct mining or production operations. This structure means the primary costs are fixed or related to financing and administration, not large-scale asset maintenance or development.

Interest expense on remaining debt and cash paid for interest

A significant component of the cost structure is the interest expense tied to the revolving credit facility and any outstanding term debt. The deleveraging plan has been a major focus, directly reducing this cost over time. For instance, debt levels have dropped significantly:

Metric	Date	Amount (Millions)
Debt Outstanding	June 30, 2025 (Q2 End)	$101.5
Debt Outstanding	September 30, 2025 (Q3 End)	$70.0
Debt Repaid in Q3 2025	Q3 2025	$32.0
Debt Repaid in LTM	Twelve Months Ended Sept 30, 2025	Nearly $130.0

This reduction in debt has a direct, positive impact on the Corporate and Financing segment costs. The improvement in Corporate and Financing net income, operating cash flow, and free cash flow in Q3 2025 compared to the prior year period was primarily due to lower interest expense and less cash paid for interest. Specifically, Q3 2025 net income for this segment improved by $2.6 million compared to the prior year period, or $3 million according to another report, directly attributable to less debt outstanding.

General and administrative (G&A) overhead costs and portfolio management

General and administrative (G&A) overhead and the costs for managing the mineral rights portfolio represent the ongoing fixed costs of the partnership structure. While specific G&A dollar amounts are not explicitly broken out in the latest summaries, the overall resilience of cash flow despite weak commodity prices suggests these overhead costs are relatively controlled.

• The goal for the balance sheet is achieving a 'fortress balance sheet,' defined as no permanent debt and maintaining $30.0 million in minimum cash reserves.
• The partnership anticipates retiring all remaining debt by mid-2026.
• The Mineral Rights segment generated $44.4 million in operating cash flow in Q3 2025, demonstrating the efficiency of the royalty model in generating cash flow from assets with minimal associated operating expenses.

The cost structure is heavily weighted toward servicing debt until the deleveraging plan is complete, after which the cost structure will shift almost entirely to G&A and distributions.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Revenue Streams

You're looking at how Natural Resource Partners L.P. brings in its cash as of late 2025. The business model is heavily weighted toward mineral rights royalties, which is clear when you look at the third quarter results. For the three months ended September 30, 2025, Natural Resource Partners L.P. reported consolidated revenue of $49.93 million.

The primary engine remains the Mineral Rights segment. Here's a look at the key components driving that top-line number for Q3 2025, using the reported segment revenue for context:

Revenue Stream Component	Q3 2025 Value (USD)	Notes
Consolidated Revenue and Other Income	$49.93 million	Total reported for the three months ended September 30, 2025.
Mineral Rights Segment Total Revenues & Other Income	$52.321 million	Reported segment revenue, which includes coal royalties.
Coal Royalty Revenues	$34.2 million	Reported revenue from the Mineral Rights segment.
Metallurgical Coal Share of Coal Royalty Revenues	Approximately 70%	Percentage of coal royalty revenues derived from metallurgical coal in Q3 2025.
Metallurgical Coal Share of Coal Royalty Volumes	Approximately 50%	Percentage of coal royalty sales volumes derived from metallurgical coal in Q3 2025.
Sisecam Wyoming LLC Distribution Received in Q3 2025	$0	No cash distribution was received from the soda ash investment during the quarter.

The distributions from your equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost soda ash producers, were absent in the third quarter of 2025. Soda Ash net income for the segment decreased by $10.5 million compared to the prior year period, primarily due to lower international sales prices. In fact, the equity in earnings for the Soda Ash segment was negative at -$2.390 million for the quarter. Management doesn't see distributions resuming until high-cost supply is forced out of the market, which could take several years, so you can't count on that cash flow near-term.

For the other streams-industrial mineral royalty revenues from trona and construction materials, plus oil and gas royalties-these are bundled within the Mineral Rights segment's total revenue, but they are not material enough to have specific, standalone revenue figures reported outside of the main coal royalty number in the summary data. The overall picture shows that while coal royalty revenue was $34.2 million, the remaining portion of the $49.93 million consolidated revenue comes from these other mineral rights and the corporate/financing activities, though the latter is typically an expense center, not a revenue driver.

Here are some key performance indicators that directly impact the collectability of these revenue streams:

• Combined average coal royalty revenue per ton declined to $4.51 in Q3 2025 from $5.24 in the prior-year period.
• Total coal sales volumes rebounded quarter-over-quarter to 7,529 thousand tons in Q3 2025.
• The Mineral Rights segment generated $44.723 million in Adjusted EBITDA for Q3 2025.
• The company repaid $32 million of debt in the third quarter, using the cash flow generated.

Finance: draft 13-week cash view by Friday.