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- **Resilient Cash Flow**: $42 million Q3 free cash flow despite challenging markets; $190 million over 12 months.
- **Debt Reduction Progress**: Retired $130 million debt, $70 million remaining; targeting no permanent debt by Q3 2026.
- **Distribution Outlook**: $0.75 per unit for Q3; potential increase in Q3 2026 if market conditions improve.
- **Lithium Opportunity**: Active in Smackover region, though revenue timing uncertain.
- **Thermal Coal Risk**: Long-term secular decline expected, despite data center demand hopes.

**【CEO/COO Summary Section】**
- Generated $42 million free cash flow in Q3 2025, with $190 million over 12 months despite challenges in metallurgical coal, thermal coal, and soda ash markets.
- Coal lessees operating near cost of production; soda ash prices at decade lows due to oversupply and weak demand.
- Retired $130 million debt over 12 months, leaving $70 million outstanding; targeting fortress balance sheet with no permanent debt and $30 million cash.
- Expect to increase distributions in Q3 2026, contingent on market conditions.

**【CFO Financial Commentary】**
- Q3 2025: $31 million net income, $41 million operating cash flow, $42 million free cash flow.
- Mineral Rights segment net income flat YoY, with declines in operating cash flow due to weaker metallurgical coal prices.
- Soda Ash segment net income down $11 million YoY, driven by lower international sales prices and new Chinese supply.
- No distributions from soda ash joint venture (Sisecam Wyoming) in Q3; third quarter unit distribution of $0.75 per unit announced.

**【Q&A Key Highlights】**
- **Lithium Mining Leasing**: Active in Smackover formation (Southern Arkansas/Northeast Texas), though terms not disclosed.
- **Operating Expenses**: Cost management through zero-based budgeting; property taxes and royalties significant components.
- **Fortress Balance Sheet**: Targeting no permanent debt and $30 million cash; may repurchase units at material discounts to intrinsic value.
- **Thermal Coal Infrastructure**: Potential need for capital investment to meet data center demand, but specifics unclear.


Natural Resource Partners L.P. Common Units (NRP) Q3 2025 Earnings Call Transcript

Coal Royalty and Other

Transportation and Processing Services

Equity in Earnings of Ciner Wyoming

Gain on Asset

NRP

NRP fundamentals

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