Natural Resource Partners LP 10-K/A, filed Jan 30, 2025

About this 10-K/A

Natural Resource Partners LP (NRP)

10-K/A 2025-01-30 For: 2023-12-31

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Added on April 11, 2026

/s/ Christopher J. Zolas

Christopher J. Zolas

Chief Financial Officer

January 30, 2025

Natural Resource Partners LP filed this 10-K/A on January 30, 2025, covering the fiscal year ended December 31, 2023.

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Delaware	35-2164875
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Units representing limited partner interests		NRP		New York Stock Exchange

Large Accelerated Filer	☐	Accelerated Filer	☒
Non-accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

Risk Factors Summary		ii
PART I
Items 1. and 2.	Business and Properties	1
Item 1A.	Risk Factors	23

PART IV
Item 15.	Exhibits, Financial Statement Schedules	34
Signatures		38

•	Global pandemics, including the COVID-19 pandemic, have in the past and may continue to adversely affect our business.
•	Prices for both metallurgical and thermal coal are volatile and depend on a number of factors beyond our control. Declines in prices could have a material adverse effect on our business and results of operations.

NATURAL RESOURCE PARTNERS LP
						(Exact name of registrant as specified in its charter)

•	Increased attention to climate change, environmental, social and governance ("ESG") matters and conservation measures may adversely impact our business.
•	In addition to climate change and other Clean Air Act legislation, our businesses are subject to numerous other federal, state and local laws and regulations that may limit production from our properties and our profitability.

•	Sisecam Wyoming's deca stockpiles will substantially deplete by 2024, and its production rates will decline if Sisecam Wyoming does not make further investments or otherwise execute on one or more initiatives to prevent such decline.
•	Sisecam Wyoming's reserve and resource data are estimates based on assumptions that may be inaccurate and are based on existing economic and operating conditions that may change in the future, which could materially and adversely affect the quantities and value of Sisecam Wyoming's reserves and resources.
•	Fluctuations in transportation costs and the availability or reliability of transportation could reduce the production of coal, soda ash and other minerals from our properties.

(In thousands)	Amount		% of Total
Mineral Rights	$	296,612		80	%
Soda Ash		73,397		20	%
Total	$	370,009		100	%

For the Year Ended December 31, 2023
	Type of Coal
(Tons in thousands)	Thermal		Metallurgical		Total
Appalachia Basin
Northern		794		351		1,145
Central		1,418		12,509		13,927
Southern		—		2,670		2,670
Total Appalachia Basin		2,212		15,530		17,742
Illinois Basin		8,119		—		8,119
Northern Powder River Basin		4,589		—		4,589
Gulf Coast		1,477		—		1,477
Total		16,397		15,530		31,927

For the Year Ended December 31, 2022
	Type of Coal
(Tons in thousands)	Thermal		Metallurgical		Total
Appalachia Basin
Northern		1,166		530		1,696
Central		1,186		12,460		13,646
Southern		93		1,691		1,784
Total Appalachia Basin		2,445		14,681		17,126
Illinois Basin		11,135		—		11,135
Northern Powder River Basin		4,288		—		4,288
Gulf Coast		385		—		385
Total		18,253		14,681		32,934

For the Year Ended December 31, 2021
	Type of Coal
(Tons in thousands)	Thermal		Metallurgical		Total
Appalachia Basin
Northern		718		617		1,335
Central		1,140		11,139		12,279
Southern		119		1,452		1,571
Total Appalachia Basin		1,977		13,208		15,185
Illinois Basin		9,388		—		9,388
Northern Powder River Basin		3,151		—		3,151
Gulf Coast		55				55
Total		14,571		13,208		27,779

Region	Property/Lease Name	Operator(s)	Coal Type
Appalachia Basin
Central	Alpha-CAPP (VA)	Alpha Metallurgical Resources Inc.	Met
Central	Kepler	Alpha Metallurgical Resources Inc.	Met
Central	Elk Creek	Ramaco Royalty Company, LLC	Met
Central	Coal Mountain	ECP	Met
Southern	Oak Grove	Hatfield Metallurgical Coal Holdings, LLC	Met
Illinois Basin	Williamson	Foresight Energy Resources LLC	Thermal
Illinois Basin	Hillsboro	Foresight Energy Resources LLC	Thermal
Northern Powder River Basin	Western Energy	Rosebud Mining, LLC	Thermal

(in millions of short tons except percentage) ^{(1) (2)}
Reserve Category	Proven mineral reserves			Probable mineral reserves			Total mineral reserves
	Amount	Grade ⁽¹⁾		Amount	Grade ⁽¹⁾		Amount	Grade ⁽¹⁾
Lower Bed 24	62.2	86.0	%	83.2	85.8	%	145.4	85.9	%
Upper Bed 25	26.6	83.7	%	39.3	84.1	%	65.9	84.1	%
Total ^{(3) (4) (5)}	88.7	85.2	%	122.6	85.2	%	211.3	85.2	%

(in millions of short tons except percentage and thickness) ^{(1) (2)}
Reserve Category	Measured mineral resources			Indicated mineral resources			Measured + Indicated mineral resources				Inferred mineral resources
	Amount	Grade ⁽¹⁾		Amount	Grade ⁽¹⁾		Amount	Grade⁽¹⁾		Thickness (ft)	Amount	Grade⁽¹⁾
Lower Bed 24	44.8	88.7	%	54.1	86.9	%	98.9	87.7	%	8.5	0.05	90.0	%
Upper Bed 25	29.4	85.0	%	34.1	87.3	%	63.4	86.2	%	7.5	—	—	%
Total ^{(3) (4) (5)}	74.2	87.2	%	88.2	87.0	%	162.3	87.1	%	8.1	0.05	90.0	%

•	Proven mineral reserves - The economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
•	Probable mineral reserves - The economically mineable part of an indicated and, in some cases, a measured mineral resource.

•	Sisecam Wyoming’s 60-year long history and economics of mining the deposit and producing soda ash;
	◦ The 178.7 million short tons (“Mst”) of trona ore produced from these two beds;
•	The projected long life of the mine and resulting likely change in economics, mining, and processing methods over its projected 40 plus-year mine life (considering increased production over the current production rates) used in this technical summary. This 40 plus-year mine life consideration is based on the specific assumptions in this technical summary, including assumptions related to projected timing and estimated cost of two-seam mining, timing of related capital expenditures and sales price projections;
•	Sisecam Wyoming’s current processing facilities’ capabilities and projected future changes to these facilities;
•	The economics associated with Sisecam Wyoming’s current mining equipment and history of “high grading” the thickest portions of the deposit;
•	Sisecam Wyoming’s current mining equipment limitations and required future changes to these systems; and
•	HPG’s knowledge of operating and managing other trona and potash mines.

•	the cost of products sold per short ton will remain consistent with Sisecam Wyoming’s cost of products sold for the five years ended December 31, 2023;
•	the weighted average net sales per short ton of $226/ton will remain consistent with Sisecam Wyoming’s average net sales for the five years ended December 31, 2023;
•	Sisecam Wyoming’s mining costs will remain consistent with 2023 levels with two-seam mining costs 30% higher for the two-seam production (the Partnership estimates that this increase would not impact its overall production cost by more than 1% and thus would not have a material overall impact to the Partnership’s production costs);
•	Sisecam Wyoming’s processing costs will remain consistent with 2023 levels and rise in 10-years to account for lower grade material;
•	Sisecam Wyoming will achieve an annual mining rate of approximately 4.3 million short tons of trona in 2024 and beyond;
•	Sisecam Wyoming will process soda ash with a 90% rate of recovery, without accounting for the deca rehydration process;
•	the ore to ash ratio for the stated trona reserves is 1.835:1.0 (short tons of trona run-of-mine to short tons of soda ash);
•	The run-of-mine ore estimate contains dilution from the mining process;
•	Sisecam Wyoming will continue to conduct only conventional mining using the room and pillar method and a non-subsidence mine design;
•	Sisecam Wyoming will, in approximately 10 years, make necessary modifications to the processing facilities to allow localized mining of 75% ore grade in areas where the floor seam or insoluble disruptions have moved up into the mining horizon causing mining to be halted early due to processing facility limitations;
•	Sisecam Wyoming will continue to conduct “two-seam mining,” in production panels which means to perform continuous mining in Bed 24 beneath historically mined production panels of Bed 25 with interburden thickness of approximately 35-feet;
•	Sisecam Wyoming will, in approximately 20 years, make necessary equipment modifications to operate at a seam height of 7-feet, the current mining limit is 9-feet;
•	Sisecam Wyoming has and will continue to have valid leases and license in place with respect to the reserves, and that these leases and license can be renewed for the life of the mine based on their extensive history of renewing leases and license;
•	Sisecam Wyoming has and will continue to have the necessary permits to conduct mining operations with respect to the reserves; and
•	Sisecam Wyoming will maintain the necessary tailings storage capacity to maintain tailings disposal between the mine and surface placement for the life-of-mine.

Exhibit Number			Description
3.1			Fifth Amended and Restated Agreement of Limited Partnership of Natural Resource Partners L.P., dated as of March 2, 2017 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on March 6, 2017).
3.2			Fifth Amended and Restated Agreement of Limited Partnership of NRP (GP) LP, dated as of December 16, 2011 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on December 16, 2011).
3.3			Fifth Amended and Restated Limited Liability Company Agreement of GP Natural Resource Partners LLC, dated as of October 31, 2013 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on October 31, 2013).
3.4			Amended and Restated Limited Liability Company Agreement of NRP (Operating) LLC, dated as of October 17, 2002 (incorporated by reference to Exhibit 3.4 of Annual Report on Form 10-K for the year ended December 31, 2002).
3.5			Certificate of Limited Partnership of Natural Resource Partners L.P. (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 filed April 19, 2002, File No. 333-86582).
4.1			Note Purchase Agreement dated as of June 19, 2003 among NRP (Operating) LLC and the Purchasers signatory thereto (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed June 23, 2003).
4.2			First Amendment, dated as of July 19, 2005, to Note Purchase Agreement dated as of June 19, 2003 among NRP (Operating) LLC and the purchasers signatory thereto (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on July 20, 2005).
4.3			Second Amendment, dated as of March 28, 2007, to Note Purchase Agreement dated as of June 19, 2003 among NRP (Operating) LLC and the purchasers signatory thereto (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on March 29, 2007).
4.4			First Supplement to Note Purchase Agreement, dated as of July 19, 2005 among NRP (Operating) LLC and the purchasers signatory thereto (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on July 20, 2005).
4.5			Second Supplement to Note Purchase Agreement, dated as of March 28, 2007 among NRP (Operating) LLC and the purchasers signatory thereto (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on March 29, 2007).
4.6			Third Supplement to Note Purchase Agreement, dated as of March 25, 2009 among NRP (Operating) LLC and the purchasers signatory thereto (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on March 26, 2009).
4.7			Fourth Supplement to Note Purchase Agreement, dated as of April 20, 2011 among NRP (Operating) LLC and the purchasers signatory thereto (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on April 21, 2011).
4.8			Subsidiary Guarantee of Senior Notes of NRP (Operating) LLC, dated June 19, 2003 (incorporated by reference to Exhibit 4.5 to Current Report on Form 8-K filed June 23, 2003).
4.9			Form of Series A Note (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed June 23, 2003).
4.10			Form of Series D Note (incorporated by reference to Exhibit 4.12 to Annual Report on Form 10-K filed February 28, 2007).

Exhibit Number			Description
4.11			Form of Series E Note (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed March 29, 2007).
4.12			Form of Series F Note (incorporated by reference to Exhibit 4.2 to Quarterly Report on Form 10-Q filed May 7, 2009).
4.13			Form of Series G Note (incorporated by reference to Exhibit 4.3 to Quarterly Report on Form 10-Q filed May 7, 2009).
4.14			Form of Series H Note (incorporated by reference to Exhibit 4.2 to Quarterly Report on Form 10-Q filed May 5, 2011).
4.15			Form of Series I Note (incorporated by reference to Exhibit 4.3 to Quarterly Report on Form 10-Q filed May 5, 2011).
4.16			Form of Series J Note (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on June 15, 2011).
4.17			Form of Series K Note (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on October 3, 2011).
4.18			Registration Rights Agreement, dated as of January 23, 2013, by and among Natural Resource Partners L.P. and the Investors named therein (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on January 25, 2013).
4.19			Third Amendment, dated as of June 16, 2015, to Note Purchase Agreements, dated as of June 19, 2003, among NRP (Operating) LLC and the holders named therein (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on June 18, 2015).
4.20			Fourth Amendment, dated as of September 9, 2016, to Note Purchase Agreements, dated as of June 19, 2003, among NRP (Operating) LLC and the holders named therein (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on September 12, 2016).
4.21			Indenture, dated April 29, 2019, by and among Natural Resource Partners L.P. and NRP Finance Corporation, as issuers, and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on May 2, 2019).
4.22			Form of 9.125% Senior Notes due 2025 (contained in Exhibit 1 to Exhibit 4.21).
4.23			Registration Rights Agreement dated as of March 2, 2017, by and among Natural Resource Partners L.P. and the Purchasers named therein (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on March 6, 2017).
4.24			Form of Warrant to Purchase Common Units (incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed on March 6, 2017).
4.25			Description of Equity Securities of Natural Resource Partners L.P. (incorporated by reference to Exhibit 4.25 to Annual Report on Form 10-K filed on February 27, 2020).
10.1			Third Amended and Restated Credit Agreement, dated as of June 16, 2015, by and among NRP (Operating) LLC, the lenders party thereto, Citibank, N.A. as Administrative Agent and Collateral Agent, Citigroup Global Markets Inc. and Wells Fargo Securities LLC as Joint Lead Arrangers and Joint Bookrunners, and Citibank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on June 18, 2015).
10.2			First Amendment, dated as of June 3, 2016, to Third Amended and Restated Credit Agreement, dated as of June 16, 2015, by and among NRP (Operating) LLC, the lenders party thereto, Citibank, N.A. as Administrative Agent and Collateral Agent, Citigroup Global Markets Inc. and Wells Fargo Securities LLC as Joint Lead Arrangers and Joint Bookrunners, and Citibank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on June 7, 2016).
10.3			First Amended and Restated Omnibus Agreement, dated as of April 22, 2009, by and among Western Pocahontas Properties Limited Partnership, Great Northern Properties Limited Partnership, New Gauley Coal Corporation, Robertson Coal Management LLC, GP Natural Resource Partners LLC, NRP (GP) LP, Natural Resource Partners L.P. and NRP (Operating) LLC (incorporated by reference to Exhibit 10.1 to Quarterly Report on Form 10-Q filed May 7, 2009).
10.4			Limited Liability Company Agreement of Sisecam Wyoming LLC, dated June 30, 2014 (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed by Sisecam Resources LP on July 2, 2014).
10.5			Amendment No. 1 to the Limited Liability Company Agreement of Sisecam Wyoming LLC dated November 5, 2015 (incorporated by reference to Exhibit 10.22 to Annual Report on Form 10-K filed by Sisecam Resources LP on March 11, 2016).

Exhibit Number			Description
10.6			Second Amendment, dated as of March 2, 2017, to Third Amended and Restated Credit Agreement, dated as of June 16, 2015, by and among NRP (Operating) LLC, the lenders party thereto, Citibank, N.A. as Administrative Agent and Collateral Agent, Citigroup Global Markets Inc. and Wells Fargo Securities LLC as Joint Lead Arrangers and Joint Bookrunners, and Citibank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.3 to Current Report on Form 8-K filed on March 6, 2017).
10.7			Fourth Amendment, dated as of April 3, 2019, to Third Amended and Restated Credit Agreement, dated as of June 16, 2015, by and among NRP (Operating) LLC and the lenders party thereto (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on April 9, 2019).
10.8			Master Assignment Agreement and Fifth Amendment to Third Amended Credit Agreement, dated as of August 9, 2022 by and among NRP (Operating) LLC, the Lenders party thereto, the Exiting Lenders, and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent for the Lenders, as Swingline Lender, and as an Issuing Bank (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on August 11, 2022).
10.9			Sixth Amendment to the Third Amended and Restated Credit Agreement, dated as of May 11, 2023, by and among NRP (Operating) LLC, the lenders party thereto and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on May 15, 2023).
10.10			New Lender Agreement, dated as of May 11, 2023, by and among NRP (Operating) LLC, Zions Bancorporation, N.A. dba Amegy Bank, and Gulf Capital Bank (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on May 15, 2023).
10.11			New Lender Agreement, dated as of February 1, 2024, by and among NRP (Operating) LLC, Zions Bancorporation, N.A. dba Amegy Bank, and Summit Community Bank (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on February 6, 2024).
10.12			Commitment Increase Agreement dated as of February 14, 2024, by and among NRP (Operating) LLC, Zions Bancorporation, N.A. dba Amegy Bank, and Frost Bank (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on February 20, 2024).
10.13			New Lender Agreement, dated as of September 1, 2022 by and among NRP (Operating) LLC, the Borrower, Zions Bancorporation, N.A. dba Amegy Bank, in its capacity as administrative agent under the Fifth Amendment to Third Amended Credit Agreement and Prosperity Bank, the New Lender (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on September 8, 2022).
10.14			New Lender Agreement, dated as of April 8, 2019, by and among NRP (Operating) LLC and the lenders party thereto (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on April 9, 2019).
10.15			Board Representation and Observation Rights Agreement dated as of March 2, 2017, by and among Natural Resource Partners L.P., Robertson Coal Management LLC, GP Natural Resource Partners LLC, NRP (GP) LP, BTO Carbon Holdings L.P. and the GoldenTree Purchasers named therein (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on March 6, 2017)
10.16			Master Amendment and Supplement to Coal Mining and Transportation Lease Agreements and Parent Guaranty dated June 30, 2020 by and among NRP (Operating) LLC, WPP LLC, Hod LLC, Independence Land Company, LLC, Williamson Transport LLC, Foresight Energy LP, Foresight Energy GP LLC, Foresight Energy LLC, Macoupin Energy, LLC, Williamson Energy, LLC, Sugar Camp Energy, LLC, Hillsboro Energy LLC, Foresight Energy Resources LLC, and Foresight Energy Operating LLC (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on July 1, 2020).
10.17			Limited Waiver dated February 28, 2020 by Natural Resource Partners L.P., GP Natural Resource Partners LLC, NRP (GP) LP, and NRP (Operating) LLC (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on March 3, 2020).
10.18			Right of First Offer Agreement dated as of February 28, 2020 by and among Pocahontas Royalties LLC, Natural Resource Partners L.P., GP Natural Resource Partners LLC, NRP (GP) LP, and NRP (Operating) LLC. (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on March 3, 2020).
10.19+			Natural Resource Partners L.P. 2017 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on January 17, 2018).
10.20+			Form of Phantom Unit Award Agreement (Employees and Service Providers) (incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-8 filed on February 9, 2018).
10.21+			Form of Phantom Unit Award Agreement (Directors) (incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-8 filed on February 9, 2018).
10.22+			Form of Phantom Unit Award Agreement (Employees and Service Providers) (incorporated by reference to Exhibit 10.13 to Annual Report on Form 10-K filed on February 27, 2020).
10.23+			Form of Phantom Form of Phantom Unit Award Agreement (Directors) (incorporated by reference to Exhibit 10.14 to Annual Report on Form 10-K filed on February 27, 2020).
10.24+			Form of Phantom Unit Award Agreement (Directors with Deferral Election) (incorporated by reference to Exhibit 10.15 to Annual Report on Form 10-K filed on February 27, 2020).
21.1			List of Subsidiaries of Natural Resource Partners L.P (incorporated by reference to Exhibit 21.1 to Annual Report on Form 10-K filed on March 7, 2024).
23.1			Consent of Ernst & Young LLP (PCAOB ID 42) (Houston, Texas)(incorporated by reference to Exhibit 23.1 to Annual Report on Form 10-K filed on March 7, 2024).
23.2			Consent of BDO USA, P.C (PCAOB ID 243) (incorporated by reference to Exhibit 23.2 to Annual Report on Form 10-K filed on March 7, 2024).
23.3			Consent of Deloitte & Touche LLP (PCAOB ID 34) (incorporated by reference to Exhibit 23.3 to Annual Report on Form 10-K filed on March 7, 2024).
31.1*			Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley.
31.2*			Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley.
32.1**			Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350.
32.2**			Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350.
96.1*			S-K 1300 Technical Report Summary on the Big Island Mine, Sweetwater County, Wyoming, USA, dated March 13, 2022.
97.1			Natural Resource Partners L.P. Incentive-Based Compensation Recoupment Policy, dated August 2, 2023 (incorporated by reference to Exhibit 97.1 to Annual Report on Form 10-K filed on March 7, 2024).
99.1			Financial Statements of Sisecam Wyoming LLC as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 (incorporated by reference to Exhibit 99.1 to Annual Report on Form 10-K filed on March 7, 2024).

Exhibit Number			Description
101.INS*			Inline XBRL Instance Document
101.SCH*			Inline XBRL Taxonomy Extension Schema Document
101.CAL*			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*			Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*			Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibit 101)

*			Filed herewith
**			Furnished herewith
+			Management compensatory plan or arrangement

	NATURAL RESOURCE PARTNERS L.P.
	By:	NRP (GP) LP, its general partner
	By:	GP NATURAL RESOURCE
		PARTNERS LLC, its general partner

Date: January 30, 2025
	By:	/s/ CORBIN J. ROBERTSON, JR.
		Corbin J. Robertson, Jr.
		Chairman of the Board, Director and
		Chief Executive Officer
		(Principal Executive Officer)

SISECAM WYOMING - TRONA MINERAL RESERVE ESTIMATE
MARCH 2022	FINAL

1.0	EXECUTIVE SUMMARY			12
	1.1	BACKGROUND		12
	1.2	HISTORY		12
	1.3	MINERAL DEPOSIT AND MINERAL LEASES		12
	1.4	MINERAL RESOURCE AND RESERVE ESTIMATE		15
		1.4.1	Factors That May Affect the Mineral Resource Estimate	17
	1.5	MINERAL RESERVE ESTIMATE		17
		1.5.1	Factors That May Affect the Mineral Reserve Estimate	19
	1.6	MINING METHOD LIFE OF MINE PLAN		19
	1.7	MINERAL PROCESSING AND RECOVERY		20
	1.8	ECONOMIC ANALYSIS		21
	1.9	OBSERVATIONS AND CONCLUSIONS		23
	1.10	RECOMMENDATIONS		24
2.0	INTRODUCTION			25
	2.1	BACKGROUND		25
	2.2	SOURCES OF INFORMATION		26
3.0	PROPERTY DESCRIPTION			27
	3.1	BIG ISLAND MINE OPERATIONS		27
	3.2	OWNERSHIP		29
		3.2.1	Trona Lease Area	29
		3.2.2	Mineral Leases and License	30
4.0	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY			38

	4.1	ACCESS	38
	4.2	CLIMATE	38
	4.3	LOCAL RESOURCES	38
	4.4	INFRASTRUCTURE	39
	4.5	PHYSIOGRAPHY	39
5.0	HISTORY		40

	5.1	PRODUCTION HISTORY	41
6.0	GEOLOGICAL SETTINGS, MINERALIZATION, AND DEPOSIT		42

6.1	GEOLOGIC SETTING	42
6.2	TRONA DEPOSITION	42
6.3	TRONA BEDS OF THE GREEN RIVER BASIN	44
6.4	LOCAL GEOLOGY AND LITHOLOGY	46

6.4.1	Local Geology	46
6.4.2	Trona Bed Lithology	47
6.4.3	Sedimentary Structures	49

7.0	EXPLORATION		52
8.0	SAMPLE PREPARATION, ANALYSIS, AND SECURITY.		56
9.0	DATA VERIFICATION		57
	9.1	SITE VISITS	57

9.1.1	Mine Visit	57
9.1.2	Shafts and Hoisting Facilities	61
9.1.3	Surface Facilities Site Visit	61

	9.2	GEOLOGIC DATA VERIFICATION	63
10.0	MINERAL PROCESSING AND TRONA BED THICKNESS, TRONA GRADE, TESTING		65

	10.1	CONVERSION OF TRONA TO SODA ASH	65
	10.2	PROCESSING FACILITIES	65
	10.3	TESTING AND ANALYSIS	66
11.0	MINERAL RESOURCE ESTIMATES		67
	11.1	INTRODUCTION	67
	11.2	GEOLOGICAL AND MINERALIZATION MODELING	67
	11.3	MINERAL RESOURCE AND RESERVE CLASSIFICATION	70
	11.4	MINERAL RESOURCE ESTIMATE - PARAMETERS AND ASSUMPTIONS	71
	11.5	GRADE ESTIMATION	72
	11.6	IN-PLACE MINERAL RESOURCE ESTIMATE	73
	11.7	UNCERTAINTIES (FACTORS) THAT MAY AFFECT THE MINERAL RESOURCE ESTIMATE	74
12.0	MINERAL RESERVE ESTIMATE		77
	12.1	LIFE OF MINE PLAN	77
	12.2	MINERAL RESERVE ESTIMATION	79

12.2.1	Reserve Estimate Reconciliation	80
12.2.2	Reserve Estimate Comments	80
12.2.3	Recoverable Trona Table Description	80