Natural Resource Partners L.P. (NRP): Business Model Canvas [Dec-2025 Updated]

You're looking at the structural blueprint for Natural Resource Partners L.P. (NRP), and honestly, what you see is a cash-flow machine executing a near-perfect deleveraging play, even with the current softness in coal markets. As someone who's spent two decades mapping these models, I can tell you their strategy is crystal clear: use that incredibly resilient, high-margin royalty income-which clocked an 87.5% LTM gross margin-to systematically eliminate the remaining $102 million in debt as of Q2 2025, especially after retiring $70 million in the first nine months of 2025 alone. This isn't about chasing risky growth; it's about disciplined balance sheet repair to finally unlock the distribution potential for unitholders, and you need to see the mechanics behind this focused approach below.

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

You're looking at the core relationships Natural Resource Partners L.P. (NRP) relies on to generate revenue from its asset base, which is mostly a passive royalty and leasing model. These partnerships are critical because NRP itself doesn't conduct the mining or extraction; the partners do the heavy lifting.

The partners who operate the mines and extract the resources are the lifeblood of the Mineral Rights segment. NRP leases its mineral and other rights to these companies in exchange for royalties, bonuses, and other fees. Operating expenses, capital costs, and liabilities from production are all borne by these lessees. For instance, in the nine months ending September 30, 2025, total coal sales volumes across all lessees were 21,864 tons, representing a 2% increase compared to the same period in 2024. The relationship with lessees is clearly defined by a focus on long-term value creation.

Here's a look at some of the key lessees/customers based on historical data, which gives you a sense of the concentration in this segment:

Partner/Customer Type	Specific Entity (Historical Example)	Revenue Contribution (2022)	Percentage of Total Revenue (2022)
Coal Lessee	Alpha Metallurgical Resources	$102.4 million	37%
Coal Lessee	Foresight Energy Resources	$65.6 million	24%

The partnership with Sisecam Wyoming LLC is a major component, as NRP holds a 49% equity investment in this entity, which is one of the world's lowest-cost producers of soda ash. To be fair, the soda ash market has been tough; the Soda Ash segment saw revenues and other income drop by 72% in the first nine months of 2025, primarily due to lower sales prices. Management has stated they expect distributions from Sisecam Wyoming to stay at lower levels for the foreseeable future.

For balance sheet management, relationships with financial institutions supporting the revolving credit facility are key for liquidity. As of March 31, 2025, NRP reported $89.6 million of borrowing capacity available under this facility, supporting its liquidity of $120.5 million (which also included $30.9 million in cash and cash equivalents). The company's consolidated leverage ratio stood at 0.7x at that same date. This facility helps manage the capital structure, especially as the company aggressively paid down debt, retiring nearly $130 million over the twelve months leading up to Q3 2025, leaving only $70 million outstanding.

NRP also partners with entities involved in its carbon-neutral and future resource opportunities. The company owns rights for carbon sequestration, holding approximately 3.5 million acres of underground pore space for this purpose. However, this area faces near-term risk; a lessee dropped a subsurface carbon sequestration lease in Texas during 2025. On the lithium extraction front, management confirmed they are actively leasing acreage in the Smackover formation for production, though specific partnership details remain private.

Finally, the strategy involves managing the asset base through royalty purchasers for non-core asset sales. NRP has been focused on selling off underperforming assets to retire financial obligations, which stood at approximately $270 million (debt, preferred equity, warrants) a year prior, with a goal to eliminate all permanent debt, preferred equity, and warrants. The strategy is to de-risk common equity and free up cash flow for distributions. That focus on deleveraging is definitely a core partnership driver.

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

You're looking at the core actions Natural Resource Partners L.P. (NRP) is driving right now, late in 2025. It's all about managing the existing assets while aggressively cleaning up the balance sheet and positioning for the next cycle.

Active management and leasing of mineral rights portfolio remains central. This involves overseeing royalty production across coal and industrial minerals, while also actively pursuing new revenue streams from the existing land base. The management of the coal royalty business shows a heavy reliance on the metallurgical segment, which is a key driver of revenue, even amid weak steel demand.

• Coal royalty revenues derived from metallurgical coal were approximately 55% in the first quarter of 2025.
• Coal royalty sales volumes derived from metallurgical coal were approximately 40% in the first quarter of 2025.
• In the third quarter of 2025, metallurgical coal accounted for approximately 70% of coal royalty revenues.
• In the third quarter of 2025, metallurgical coal accounted for approximately 50% of coal royalty sales volumes.

Strategic debt reduction is a major focus area, transforming the capital structure. The partnership is using its free cash flow to aggressively pay down obligations, which directly reduces interest expense and improves the overall financial footing. This activity is clearly visible in the year-to-date figures.

NRP retired over $70 million in debt through the first nine months of 2025. Specifically, the company repaid $32 million of debt during the third quarter of 2025. The leverage target is clear: the consolidated leverage ratio stood at 0.4x at September 30, 2025, with the goal to retire all debt by mid-2026.

Oversight of the Sisecam Wyoming joint venture operations is a passive but important activity, focused on managing the equity investment in the low-cost soda ash producer. The current activity centers on managing expectations given market headwinds. The soda ash segment saw a net income decrease of $11 million in the third quarter of 2025 compared to the prior year period. Management anticipates that distributions from Sisecam Wyoming will remain at lower levels for the foreseeable future due to oversupply and weak demand.

Exploration and leasing of carbon neutral opportunities (e.g., lithium) represents the forward-looking leasing activity. NRP is actively leasing acreage in the Smackover formation for lithium production to multiple lessees. However, the carbon sequestration leasing side saw a setback, as NRP was notified in the third quarter that Oxy was dropping its subsurface carbon sequestration lease on acreage in Polk County, Texas.

Corporate finance and unitholder distribution management involves balancing cash generation with required payouts and balance sheet health. The board determines distributions quarterly, prioritizing cash flow and debt service obligations. Quarterly distributions were maintained at $0.75 per common unit for Q1, Q2, and Q3 of 2025. Furthermore, a special cash distribution of $1.21 per common unit was paid in March 2025 to help cover unitholder tax liabilities from 2024.

Here's how the key financial metrics supported these activities through the third quarter of 2025:

Financial Metric (Consolidated)	Q3 2025 Amount (in thousands)	Last Twelve Months (LTM) Amount (in thousands)
Net Income	$31,000	N/A
Operating Cash Flow	$41,000	N/A
Free Cash Flow (FCF)	$41,800	$190,000
Available Liquidity	N/A	$190.1 million (as of September 30, 2025)

The Mineral Rights segment itself generated $44 million in operating cash flow in the third quarter of 2025.

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

You're looking at the core assets that make Natural Resource Partners L.P. tick. These aren't just line items on a balance sheet; they are the physical and financial foundations supporting their royalty model. Honestly, the sheer scale of the owned mineral rights is the first thing that stands out.

The resource base is deep, spanning critical inputs for traditional industry and future energy transition plays. Here's a quick look at the hard numbers underpinning the Mineral Rights segment.

Resource Category	Specific Asset/Right	Quantifiable Measure
U.S. Mineral Rights (Total)	Mineral Interests across the United States	Approximately 13 million acres
U.S. Mineral Rights (Area Equivalent)	Total mineral interests if combined	Roughly 20,000 square miles
Carbon Sequestration Rights	Underground pore space rights (Southern U.S.)	Approximately 3.5 million acres

The ownership structure for industrial minerals is also a key resource. Natural Resource Partners L.P. holds a significant, non-controlling stake in a major soda ash producer.

That stake in Sisecam Wyoming LLC is a direct link to a low-cost production asset in the Green River Basin.

• Ownership stake in Sisecam Wyoming LLC: 49% equity investment.

Financially, the ability to weather commodity cycles is tied directly to liquidity and balance sheet strength. You want to see the latest available figures here, so we'll use the September 30, 2025, data, which shows a much stronger position than the Q1 figure you mentioned.

Liquidity Metric	As of September 30, 2025
Total Available Liquidity	$190.1 million
Cash and Cash Equivalents	$31.0 million
Borrowing Capacity (Revolving Credit Facility)	$159.1 million
Consolidated Leverage Ratio	0.4 x

The management team itself is a resource, characterized by alignment rather than sheer size. The structure suggests a lean corporate overhead, but the commitment is quantified by ownership.

The alignment of the leadership team with unitholder interests is a tangible resource, showing skin in the game.

• Executives and Board of Directors collective ownership of common units: 29%.
• Chairman and CEO Corbin Robertson Jr. individual ownership stake: 19.8%.
• Chairman and CEO compensation structure: Takes no salary.

This lean structure, supported by significant insider ownership, is definitely a key differentiator in their operational model.

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.