Resource News

TSXV: HELI    OTCQB: FHELF    FRA: 2MC

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC), today announced the commencement of drilling its third exploration well, the "14-23" target, which is located on First Helium's 100% owned, 79,000 acre Worsley landholdings in Northern Alberta, Canada . Targeting multiple helium-bearing formations, successful drilling of the 14-23 well will potentially add incremental contingent resource 1 volumes to those of the successful 15-25 helium discovery well, which has been independently evaluated.

First Helium Inc. (TSXV: HELI) (CNW Group/First Helium Inc.) (CNW Group/First Helium Inc.)

"Drilling the 14-23 helium target provides us the opportunity to build on the identified helium contingent resource at 15-25," said Ed Bereznicki , President & CEO of First Helium. "We are currently in the process of securing helium gas off-take sales arrangements to help support the financing, fabrication, installation and commissioning of a single well helium gas processing facility for 15-25, planned to commence later this year", added Mr. Bereznicki.

As with the Company's 15-25 helium discovery well, which includes associated volumes of natural gas and natural gas liquids, First Helium intends to produce and market any potential associated surplus hydrocarbon volumes included in future discovery wells to capitalize on the current strong outlook for natural gas and liquids pricing, and maximize cash flow in support of further growth. First Helium's 79,000 acres along the Worsley Trend is highly prospective for both helium and natural gas. Historical exploration and development drilling on the trend has encountered rich helium concentrations ranging from 0.5% to 1.9% in a number of formations

The Company's last press release dated July 11, 2022 , incorrectly stated that the 15-25 well was most recently tested in "December 2022". It was most recently tested in November 2021 to further confirm helium content and verify raw gas composition for processing facility design considerations.

Note:







(1)

"Contingent resources" are not, and should not be confused with, oil and gas reserves.  Further information regarding Contingent Resources can be found in First Helium's Final Prospectus, dated June 28, 2021, filed on First Helium's SEDAR profile at www.sedar.com .

Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America .

Building on its successful 15-25 helium discovery well at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development of helium across its Worsley land base. Cash flow from its successful oil wells at Worsley will help support First Helium's ongoing helium exploration and development growth strategy.

First Helium holds over 79,000 acres along the highly prospective Worsley Trend in Northern Alberta , and 276,000 acres in the Southern Alberta Helium Fairway, near existing helium production. In addition to continuing its ongoing exploration and development drilling at Worsley , the Company has identified a number of high impact helium exploration targets on the prospective Southern Alberta Helium Fairway lands to set up a second core exploration growth area for the Company.

For more information about the Company, please visit www.firsthelium.com .

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznicki
President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This news release contains certain statements or disclosures relating to First Helium that are based on the expectations of its management as well as assumptions made by and information currently available to First Helium which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that First Helium anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "expect", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the timing and rate of production of the 4-29 and 1-30 discovery wells, respectively; anticipated cash flows; the entering into of off-take marketing arrangements; the use of funds and the Company's strategy. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of First Helium including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund First Helium's capital and operating requirements as needed; and certain cost assumptions.

Forward-looking statements are based on estimates and opinions of management at the date the statements are made and are subject to risks, uncertainties and assumptions, including those set out in the Final Prospectus dated June 28, 2021 and filed under the Company's profile on SEDAR at www.sedar.com .  Readers are cautioned that actual results may vary materially from the forward-looking statements made in this news release. Risks that could cause actual events or results to differ materially from those projected in forward-looking statements include, but are not limited to, risks associated with the oil and gas industry; the ability of First Helium to fund the capital and operating expenses necessary to achieve its business objectives; the impact of the COVID-19 pandemic on the business and operations of First Helium; the state of financial markets; increased costs and physical risks relating to climate change; loss of key employees and those risks described in the Final Prospectus dated June 28 , 2021.  First Helium does not undertake any obligation to update forward looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

SOURCE First Helium Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2022/18/c1583.html

News Provided by Canada Newswire via QuoteMedia

HELI:CA
first helium stock

First Helium


Keep reading...Show less
First Helium Adds Over 500,000 Barrels of Total Proved + Probable Light Oil Reserves at Worsley

First Helium Adds Over 500,000 Barrels of Total Proved + Probable Light Oil Reserves at Worsley

TSXV: HELI    OTCQB: FHELF    FRA: 2MC

Receives $1.2 Million for Oil Deliveries in June

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
First Helium Licenses Third Exploration Well at Worsley

First Helium Licenses Third Exploration Well at Worsley

TSXV: HELI    OTCQB: FHELF    FRA: 2MC

Drilling of the "14-23" Helium Target Well Planned for Mid-July

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
First Helium Receives $1.2 Million For April Oil Production Deliveries

First Helium Receives $1.2 Million For April Oil Production Deliveries

TSXV: HELI    OTCQB: FHELF    FRA: 2MC

Reports Average Daily Oil Production of 520 BBL/D Over Last Five Days

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
First Helium to Drill Two Helium Targets at Worsley in Late Q2

First Helium to Drill Two Helium Targets at Worsley in Late Q2

Plans to Capitalize on Attractive Outlook for Helium and Natural Gas Pricing

First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC), today announced that it plans to drill two prospective helium targets commencing late Q2 at its 100% owned, 79,000 acre Worsley Property in Alberta, Canada . The wells will target potential natural gas accumulations which are expected to contain commercial quantities of helium gas along with natural gas.  Based on associated historic oil & gas drilling and operating data, helium content ranges from 0.5% to 1.9% across the Company's Worsley Property.  The wells will be funded from cash on hand, accumulated from the Company's oil production operations.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
"4-29" Well Brought On-Stream In April

"4-29" Well Brought On-Stream In April

TSXV: HELI    OTCQB: FHELF    FRA: 2MC

Combined April Net Revenue of Approximately $1.4 Million Expected From 1-30 and 4-29 Wells

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Hamelin Gold Limited

High Grade Gold in Outcropping Veins at Camel

Hamelin Gold Limited (“Hamelin” or the “Company”) (ASX:HMG) is pleased to advise of the return of high grade gold assay results from an initial program of surface sampling of outcropping quartz veins and ironstones at the Camel prospect in the West Tanami Gold Project, Western Australia.

Keep reading...Show less
Appointment of Non-Executive Director

Appointment of Non-Executive Director

Buffalo Coal Corp. (TSXV: BUF) announces that, further to the transaction between Resource Capital Fund V L.P. ("RCF V") and Belvedere Resources DMCC ("Belvedere") for the transfer of ownership of RCF V's securities holdings in the Company previously announced in the press release of the Company dated as of June 15, 2022, the board of directors of the Company (the "Board") is pleased to confirm the appointment of Mr Alok Joshi as non-executive Board member with effect as of August 4, 2022.

Mr Joshi has more than two decades' global leadership experience, built over mining and manufacturing industry segments and geographically spread across Africa, South-East Asia, Western Europe, Australia and the Middle East. Mr Joshi specialises in cross-border mergers and acquisitions and will continue in his current role as Director Finance of Belvedere, based out of Dubai, UAE where he leads Belvedere's strategic growth and investment initiatives.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Anson Resources

Further Increases in Lithium Grades at Paradox Project

Li assays increase by up to 70% in drilling of Clastic Zones at Long Canyon No. 2 Well

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce further increases in lithium grades, of up to 70%, from drilling of the Clastic Zones at the Long Canyon No. 2 well, as part of the Company’s ongoing Resource expansion drilling campaign at the Paradox Lithium Project (the Project) in Utah, USA.

Highlights:

Keep reading...Show less
Natural Resource Partners L.P. Reports Second Quarter 2022 Results and Declares Second Quarter 2022 Distribution of $0.75 per Unit

Natural Resource Partners L.P. Reports Second Quarter 2022 Results and Declares Second Quarter 2022 Distribution of $0.75 per Unit

Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2022 results as follows:

_________________________
(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Highlights:

  • $64 million Free Cash Flow in the second quarter of 2022
  • Record Free Cash Flow for the first half of the year of $116 million
  • Paid down $120.5 million of debt in the second quarter of 2022
  • 1.2x Leverage Ratio at June 30, 2022, down from 4.6x at June 30, 2021

"The second quarter was another quarter of exceptional results for NRP with the generation of $64 million of free cash flow," said Craig Nunez, NRP's president and chief operating officer. "When combined with the $52 million of free cash flow generated in the first quarter, the first half of 2022 was the best annual start in the history of the Partnership. We took advantage of the strong financial results and positive outlook to retire $118 million of debt, driving our leverage ratio down to 1.2x at the end of the second quarter, which was a dramatic improvement from 4.6x just twelve months earlier. We believe current market conditions will allow us to continue de-risking the capital structure while continuing to provide distributions to our common unitholders."

NRP announced today that the Board of Directors of its general partner declared a cash distribution of $0.75 per common unit to be paid on August 23, 2022 to unitholders of record on August 16, 2022. This is a 67% increase as compared to the distribution paid for the prior year quarter and is consistent with the previous quarter. In addition, the board declared a $7.5 million cash distribution on the preferred units. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability and the level of cash reserves that the board determines is necessary for future operating and capital needs.

NRP's liquidity was $159.4 million at June 30, 2022, consisting of $59.4 million of cash and $100.0 million of borrowing capacity available under its revolving credit facility.

Segment Performance

Mineral Rights

Mineral Rights net income for the second quarter of 2022 increased $43.5 million as compared to the prior year period. Free cash flow for the second quarter increased $39.3 million as compared to the prior year period. These increases were primarily due to stronger metallurgical coal demand and pricing in 2022. Approximately 75% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2022.

Metallurgical coal prices have declined from their record highs during the first quarter of 2022 but remain supported by the ongoing tightness in the supply-demand balance for metallurgical coal. Metallurgical coal production continues to face ongoing labor shortages and global supply chain interruptions which limits the ability of operators to increase metallurgical coal production and should provide continued support for domestic and international prices in the near term despite slowing global economic growth and softening demand for steel.

Thermal coal demand and pricing remains strong due to increased demand for electricity, high natural gas prices and constrained growth in thermal coal production. Boycotts on Russian coal caused by the war in Ukraine are amplifying the tightness in thermal coal markets caused by labor shortages, global supply chain interruptions, and environmental and political pressures limiting the ability of operators to increase thermal coal production to meet domestic and international demand. NRP continues to believe the near-term outlook for thermal coal prices is positive.

NRP continues to identify alternative revenue opportunities across its large portfolio of land and mineral assets specifically within the transitional energy economy. NRP owns the rights to sequester carbon dioxide ("CO 2 ") on approximately 3.5 million mineral acres of pore space in the southern United States. As announced previously, in the first quarter of 2022 NRP executed on its first subsurface CO 2 sequestration transaction by granting Denbury the right to develop a world-class subsurface CO 2 sequestration project on 75,000 acres of underground pore space NRP owns in southwest Alabama with the potential to store over 300 million metric tons of CO 2 . While the timing and likelihood of additional cash flows being realized from further activities is uncertain, NRP believes its large ownership footprint throughout the United States will provide additional opportunities to create value in this regard and position NRP to benefit from the transitional energy economy with minimal capital investment.

Soda Ash

Soda Ash net income in the second quarter of 2022 increased $12.1 million as compared to the prior year period primarily as a result of increased international sales prices. Free cash flow in the second quarter of 2022 increased $10.5 million as compared to the prior year period due to Sisecam Wyoming reinstating its regular quarterly cash distributions beginning in the fourth quarter of 2021.

Strong demand growth for soda ash, driven by global secular trends including investments in renewable energy, the electrification of the global auto fleet and urbanization, coupled with constrained soda ash supply due in part to COVID-19 flash lockdowns in China and a partial closure of a Green River competitor due to a force majeure event allowed Sisecam Wyoming to deliver improved financial results in the second quarter of 2022.

Corporate and Financing

Corporate and Financing costs in the second quarter increased $4.1 million as compared to the prior year period primarily due to the loss on extinguishment of debt associated with the early retirement of debt, partially offset by lower interest expense as a result of less debt outstanding. Free cash flow in the second quarter of 2022 increased $1.0 million as compared to the prior year period primarily due to lower cash paid for interest as a result of less debt outstanding.

During the second quarter of 2022, NRP retired $118.1 million of its 9.125% Senior Notes due 2025, which will save approximately $10.8 million annually in interest costs. These notes were purchased on the open market at a weighted average price of 102.275%, a discount to the current redemption price of 104.563%. In July, NRP was able to retire an additional $38.8 million of its 2025 Senior Notes, which will save an additional $3.5 million annually in interest costs. The current outstanding amount of 9.125% Senior Notes due 2025 is $143.1 million.

In addition, in May of 2022 NRP paid a first quarter 2022 cash distribution of $0.75 per common unit of NRP and a $7.5 million cash distribution on the preferred units.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://conferencingportals.com/event/kfJdSHYP . After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com . To access the replay, please visit the Investor Relations section of NRP's website.

Withholding Information for Foreign Investors

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com . Further information about NRP is available on the Partnership's website at http://www.nrplp.com .

Forward-Looking Statements

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership's common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Sisecam Wyoming LLC's trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

" Adjusted EBITDA " is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

"Distributable cash flow" or " DCF " is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Free cash flow" or " FCF " is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

" Cash flow cushion " is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and redemption of PIK units, common unit distributions and warrant cash settlements. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

(In thousands, except per unit data)

2022

2021

2022

2022

2021

Revenues and other income

Royalty and other mineral rights

$

79,333

$

33,611

$

71,083

$

150,416

$

66,538

Transportation and processing services

5,612

2,182

3,796

9,408

4,374

Equity in earnings of Sisecam Wyoming

14,643

2,601

14,837

29,480

4,574

Gain on asset sales and disposals

345

116

345

175

Total revenues and other income

$

99,933

$

38,510

$

89,716

$

189,649

$

75,661

Operating expenses

Operating and maintenance expenses

$

10,015

$

5,170

$

8,076

$

18,091

$

10,722

Depreciation, depletion and amortization

5,847

4,871

3,868

9,715

9,963

General and administrative expenses

5,052

3,388

4,467

9,519

7,498

Asset impairments

43

16

19

62

4,059

Total operating expenses

$

20,957

$

13,445

$

16,430

$

37,387

$

32,242

Income from operations

$

78,976

$

25,065

$

73,286

$

152,262

$

43,419

Other expenses, net

Interest expense, net

$

(8,108

)

$

(9,683

)

$

(9,387

)

$

(17,495

)

$

(19,656

)

Loss on extinguishment of debt

(4,048

)

(4,048

)

Total other expenses, net

$

(12,156

)

$

(9,683

)

$

(9,387

)

$

(21,543

)

$

(19,656

)

Net income

$

66,820

$

15,382

$

63,899

$

130,719

$

23,763

Less: income attributable to preferred unitholders

(7,500

)

(7,842

)

(7,500

)

(15,000

)

(15,569

)

Net income attributable to common unitholders and the general partner

$

59,320

$

7,540

$

56,399

$

115,719

$

8,194

Net income attributable to common unitholders

$

58,134

$

7,389

$

55,271

$

113,405

$

8,030

Net income attributable to the general partner

1,186

151

1,128

2,314

164

Net income per common unit

Basic

$

4.65

$

0.60

$

4.45

$

9.10

$

0.65

Diluted

3.29

0.56

3.11

6.50

0.65

Net income

$

66,820

$

15,382

$

63,899

$

130,719

$

23,763

Comprehensive income (loss) from unconsolidated investment and other

(4,013

)

2,533

2,545

(1,468

)

3,265

Comprehensive income

$

62,807

$

17,915

$

66,444

$

129,251

$

27,028

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

(In thousands)

2022

2021

2022

2022

2021

Cash flows from operating activities

Net income

$

66,820

$

15,382

$

63,899

$

130,719

$

23,763

Adjustments to reconcile net income to net cash provided
by operating activities of continuing operations:

Depreciation, depletion and amortization

5,847

4,871

3,868

9,715

9,963

Distributions from unconsolidated investment

10,486

13,230

23,716

3,920

Equity earnings from unconsolidated investment

(14,643

)

(2,601

)

(14,837

)

(29,480

)

(4,574

)

Gain on asset sales and disposals

(345

)

(116

)

(345

)

(175

)

Loss on extinguishment of debt

4,048

4,048

Asset impairments

43

16

19

62

4,059

Bad debt expense

(388

)

(737

)

1,028

640

(354

)

Unit-based compensation expense

1,339

593

1,448

2,787

1,719

Amortization of debt issuance costs and other

1,297

977

375

1,672

1,246

Change in operating assets and liabilities:

Accounts receivable

(5,033

)

162

(7,579

)

(12,612

)

(3,169

)

Accounts payable

73

(83

)

(60

)

13

(93

)

Accrued liabilities

2,047

1,838

(7,156

)

(5,109

)

(1,196

)

Accrued interest

(7,413

)

(7,424

)

7,250

(163

)

(291

)

Deferred revenue

(2,259

)

677

(7,316

)

(9,575

)

531

Other items, net

1,204

(171

)

(1,838

)

(634

)

1,235

Net cash provided by operating activities

$

63,123

$

13,384

$

52,331

$

115,454

$

36,584

Cash flows from investing activities

Proceeds from asset sales and disposals

$

346

$

116

$

$

346

$

175

Return of long-term contract receivable

563

541

563

1,082

Net cash provided by investing activities

$

909

$

657

$

$

909

$

1,257

Cash flows from financing activities

Debt repayments

$

(120,474

)

$

(2,365

)

$

(16,697

)

$

(137,171

)

$

(19,061

)

Distributions to common unitholders and the general
partner

(9,570

)

(5,672

)

(5,672

)

(15,242

)

(11,302

)

Distributions to preferred unitholders

(7,500

)

(3,864

)

(7,500

)

(15,000

)

(7,670

)

Redemption of preferred units paid-in-kind

(19,579

)

(19,579

)

Acquisition of non-controlling interest in BRP

(1,000

)

(1,000

)

Other items, net

(2,722

)

1

(2,813

)

(5,535

)

(690

)

Net cash used in financing activities

$

(140,266

)

$

(12,900

)

$

(52,261

)

$

(192,527

)

$

(39,723

)

Net increase (decrease) in cash and cash equivalents

$

(76,234

)

$

1,141

$

70

$

(76,164

)

$

(1,882

)

Cash and cash equivalents at beginning of period

135,590

96,767

135,520

135,520

99,790

Cash and cash equivalents at end of period

$

59,356

$

97,908

$

135,590

$

59,356

$

97,908

Supplemental cash flow information:

Cash paid for interest

$

15,128

$

16,611

$

1,644

$

16,772

$

18,931

Non-cash investing and financing activities:

Preferred unit distributions paid-in-kind

$

$

3,863

$

$

$

7,669

Natural Resource Partners L.P.

Financial Tables

Consolidated Balance Sheets

June 30,

December 31,

(In thousands, except unit data)

2022

2021

ASSETS

(Unaudited)

Current assets

Cash and cash equivalents

$

59,356

$

135,520

Accounts receivable, net

37,288

24,538

Other current assets, net

3,204

2,723

Total current assets

$

99,848

$

162,781

Land

24,008

24,008

Mineral rights, net

428,505

437,697

Intangible assets, net

15,634

16,130

Equity in unconsolidated investment

280,300

276,004

Long-term contract receivable, net

30,182

31,371

Other long-term assets, net

4,664

5,832

Total assets

$

883,141

$

953,823

LIABILITIES AND CAPITAL

Current liabilities

Accounts payable

$

1,969

$

1,956

Accrued liabilities

5,507

10,297

Accrued interest

1,050

1,213

Current portion of deferred revenue

11,475

11,817

Current portion of long-term debt, net

39,070

39,102

Total current liabilities

$

59,071

$

64,385

Deferred revenue

40,811

50,045

Long-term debt, net

259,296

394,443

Other non-current liabilities

5,012

5,018

Total liabilities

$

364,190

$

513,891

Commitments and contingencies

Class A Convertible Preferred Units (250,000 and 269,321 units issued and outstanding at
June 30, 2022 and December 31, 2021, respectively, at $1,000 par value per unit;
liquidation preference of $1,850 per unit at June 30, 2022 and December 31, 2021)

$

164,587

$

183,908

Partners' capital:

Common unitholders' interest (12,505,996 and 12,351,306 units issued and outstanding
at June 30, 2022 and December 31, 2021, respectively),

$

300,753

$

203,062

General partner's interest

3,904

1,787

Warrant holders' interest

47,964

47,964

Accumulated other comprehensive income

1,743

3,211

Total partners' capital

$

354,364

$

256,024

Total liabilities and partners' capital

$

883,141

$

953,823

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

Common Unitholders

General
Partner

Warrant
Holders

Accumulated
Other
Comprehensive
Income

Total Partners'
Capital

(In thousands)

Units

Amounts

Balance at December 31, 2021

12,351

$

203,062

$

1,787

$

47,964

$

3,211

$

256,024

Net income (1)

62,621

1,278

63,899

Distributions to common unitholders and the general partner

(5,559

)

(113

)

(5,672

)

Distributions to preferred unitholders

(7,603

)

(155

)

(7,758

)

Issuance of unit-based awards

155

Unit-based awards amortization and vesting, net

(1,754

)

(1,754

)

Capital contribution

112

112

Comprehensive income from unconsolidated investment and other

2,545

2,545

Balance at March 31, 2022

12,506

$

250,767

$

2,909

$

47,964

$

5,756

$

307,396

Net income (1)

65,484

1,336

66,820

Distributions to common unitholders and the general partner

(9,379

)

(191

)

(9,570

)

Distributions to preferred unitholders

(7,350

)

(150

)

(7,500

)

Unit-based awards amortization and vesting

1,231

1,231

Comprehensive loss from unconsolidated investment and other

(4,013

)

(4,013

)

Balance at June 30, 2022

12,506

$

300,753

$

3,904

$

47,964

$

1,743

$

354,364

________________
(1)

Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Common Unitholders

General
Partner

Warrant
Holders

Accumulated
Other
Comprehensive
Income

Total Partners'
Capital

(In thousands)

Units

Amounts

Balance at December 31, 2020

12,261

$

136,927

$

459

$

66,816

$

322

$

204,524

Net income (1)

8,213

168

8,381

Distributions to common unitholders and the general partner

(5,517

)

(113

)

(5,630

)

Distributions to preferred unitholders

(7,461

)

(152

)

(7,613

)

Issuance of unit-based awards

90

Unit-based awards amortization and vesting, net

215

215

Capital contribution

32

32

Comprehensive income from unconsolidated investment and other

732

732

Balance at March 31, 2021

12,351

$

132,377

$

394

$

66,816

$

1,054

$

200,641

Net income (2)

15,074

308

15,382

Distributions to common unitholders and the general partner

(5,559

)

(113

)

(5,672

)

Distributions to preferred unitholders

(7,571

)

(155

)

(7,726

)

Unit-based awards amortization and vesting

515

515

Comprehensive income from unconsolidated investment and other

2,533

2,533

Balance at June 30, 2021

12,351

$

134,836

$

434

$

66,816

$

3,587

$

205,673

________________
(1)

Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

(2)

Net income includes $7.8 million of income attributable to preferred unitholders that accumulated during the period, of which $7.7 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following tables present NRP's unaudited business results by segment for the three months ended June 30, 2022 and 2021 and March 31, 2022:

Operating Segments

Mineral Rights

Corporate and
Financing

(In thousands)

Soda Ash

Total

For the Three Months Ended June 30, 2022

Revenues

$

84,945

$

14,643

$

$

99,588

Gain on asset sales and disposals

345

345

Total revenues and other income

$

85,290

$

14,643

$

$

99,933

Asset impairments

$

43

$

$

$

43

Net income (loss)

$

69,408

$

14,620

$

(17,208

)

$

66,820

Adjusted EBITDA (1)

$

75,298

$

10,463

$

(5,052

)

$

80,709

Cash flow provided by (used in) continuing operations:

Operating activities

$

70,351

$

10,430

$

(17,658

)

$

63,123

Investing activities

$

909

$

$

$

909

Financing activities

$

$

$

(140,266

)

$

(140,266

)

Distributable cash flow (1)

$

71,260

$

10,430

$

(17,658

)

$

64,032

Free cash flow (1)

$

70,914

$

10,430

$

(17,658

)

$

63,686

For the Three Months Ended June 30, 2021

Revenues

$

35,793

$

2,601

$

$

38,394

Gain on asset sales and disposals

116

116

Total revenues and other income

$

35,909

$

2,601

$

$

38,510

Asset impairments

$

16

$

$

$

16

Net income (loss)

$

25,886

$

2,566

$

(13,070

)

$

15,382

Adjusted EBITDA (1)

$

30,774

$

(35

)

$

(3,388

)

$

27,351

Cash flow provided by (used in) continuing operations:

Operating activities

$

32,028

$

(35

)

$

(18,609

)

$

13,384

Investing activities

$

657

$

$

$

657

Financing activities

$

(1,000

)

$

$

(11,900

)

$

(12,900

)

Distributable cash flow (1)

$

32,685

$

(35

)

$

(18,609

)

$

14,041

Free cash flow (1)

$

31,569

$

(35

)

$

(18,609

)

$

12,925

For the Three Months Ended March 31, 2022

Revenues

$

74,879

$

14,837

$

$

89,716

Gain on asset sales and disposals

Total revenues and other income

$

74,879

$

14,837

$

$

89,716

Asset impairments

$

19

$

$

$

19

Net income (loss)

$

62,967

$

14,786

$

(13,854

)

$

63,899

Adjusted EBITDA (1)

$

66,854

$

13,179

$

(4,467

)

$

75,566

Cash flow provided by (used in) continuing operations:

Operating activities

$

48,176

$

13,195

$

(9,040

)

$

52,331

Investing activities

$

$

$

$

Financing activities

$

(614

)

$

$

(51,647

)

$

(52,261

)

Distributable cash flow (1)

$

48,176

$

13,195

$

(9,040

)

$

52,331

Free cash flow (1)

$

48,176

$

13,195

$

(9,040

)

$

52,331

_____________________
(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results by segment for the six months ended June 30, 2022 and 2021:

Operating Segments

Mineral Rights

Corporate and
Financing

(In thousands)

Soda Ash

Total

For the Six Months Ended June 30, 2022

Revenues

$

159,824

$

29,480

$

$

189,304

Gain on asset sales and disposals

345

345

Total revenues and other income

$

160,169

$

29,480

$

$

189,649

Asset impairments

$

62

$

$

$

62

Net income (loss)

$

132,375

$

29,406

$

(31,062

)

$

130,719

Adjusted EBITDA (1)

$

142,152

$

23,642

$

(9,519

)

$

156,275

Cash flow provided by (used in) continuing operations:

Operating activities

$

118,527

$

23,625

$

(26,698

)

$

115,454

Investing activities

$

909

$

$

$

909

Financing activities

$

(614

)

$

$

(191,913

)

$

(192,527

)

Distributable cash flow (1)

$

119,436

$

23,625

$

(26,698

)

$

116,363

Free cash flow (1)

$

119,090

$

23,625

$

(26,698

)

$

116,017

For the Six Months Ended June 30, 2021

Revenues

$

70,912

$

4,574

$

$

75,486

Gain on asset sales and disposals

175

175

Total revenues and other income

$

71,087

$

4,574

$

$

75,661

Asset impairments

$

4,059

$

$

$

4,059

Net income (loss)

$

46,374

$

4,519

$

(27,130

)

$

23,763

Adjusted EBITDA (1)

$

60,420

$

3,865

$

(7,498

)

$

56,787

Cash flow provided by (used in) continuing operations:

Operating activities

$

57,990

$

3,853

$

(25,259

)

$

36,584

Investing activities

$

1,257

$

$

$

1,257

Financing activities

$

(1,132

)

$

$

(38,591

)

$

(39,723

)

Distributable cash flow (1)

$

59,247

$

3,853

$

(25,259

)

$

37,841

Free cash flow (1)

$

58,072

$

3,853

$

(25,259

)

$

36,666

___________________
(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Operating Statistics - Mineral Rights

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

(In thousands, except per ton data)

2022

2021

2022

2022

2021

Coal sales volumes (tons)

Appalachia

Northern

392

405

428

820

525

Central

3,484

2,975

3,251

6,735

5,625

Southern

312

316

361

673

416

Total Appalachia

4,188

3,696

4,040

8,228

6,566

Illinois Basin

3,403

2,640

1,502

4,905

5,298

Northern Powder River Basin

699

185

1,238

1,937

1,244

Gulf Coast

67

69

136

Total coal sales volumes

8,357

6,521

6,849

15,206

13,108

Coal royalty revenue per ton

Appalachia

Northern

$

11.84

$

4.45

$

10.14

$

10.95

$

4.27

Central

12.19

4.62

11.37

11.80

4.44

Southern

17.67

7.63

17.56

17.61

7.06

Illinois Basin

2.07

2.01

2.20

2.11

2.04

Northern Powder River Basin

4.74

4.15

3.74

4.10

3.49

Gulf Coast

0.57

0.55

0.56

Combined average coal royalty revenue per ton

7.54

3.69

8.12

7.80

3.45

Coal royalty revenues

Appalachia

Northern

$

4,640

$

1,804

$

4,341

$

8,981

$

2,241

Central

42,461

13,756

36,980

79,441

24,951

Southern

5,513

2,410

6,340

11,853

2,938

Total Appalachia

52,614

17,970

47,661

100,275

30,130

Illinois Basin

7,061

5,300

3,303

10,364

10,783

Northern Powder River Basin

3,314

768

4,632

7,946

4,341

Gulf Coast

38

38

76

Unadjusted coal royalty revenues

63,027

24,038

55,634

118,661

45,254

Coal royalty adjustment for minimum leases

(82

)

(5,740

)

(185

)

(267

)

(11,591

)

Total coal royalty revenues

$

62,945

$

18,298

$

55,449

$

118,394

$

33,663

Other revenues

Production lease minimum revenues

$

65

$

3,556

$

1,592

$

1,657

$

7,006

Minimum lease straight-line revenues

4,674

4,869

4,783

9,457

10,965

Wheelage revenues

4,379

1,844

3,717

8,096

3,625

Property tax revenues

1,695

1,587

1,472

3,167

3,056

Coal overriding royalty revenues

682

976

258

940

2,835

Lease amendment revenues

811

772

880

1,691

1,640

Aggregates royalty revenues

1,037

456

770

1,807

910

Oil and gas royalty revenues

2,906

900

1,814

4,720

2,266

Other revenues

139

353

348

487

572

Total other revenues

$

16,388

$

15,313

$

15,634

$

32,022

$

32,875

Royalty and other mineral rights

$

79,333

$

33,611

$

71,083

$

150,416

$

66,538

Transportation and processing services revenues

5,612

2,182

3,796

9,408

4,374

Gain on asset sales and disposals

345

116

345

175

Total Mineral Rights segment revenues and other income

$

85,290

$

35,909

$

74,879

$

160,169

$

71,087

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Mineral Rights

Corporate and
Financing

(In thousands)

Soda Ash

Total

For the Three Months Ended June 30, 2022

Net income (loss)

$

69,408

$

14,620

$

(17,208

)

$

66,820

Less: equity earnings from unconsolidated investment

(14,643

)

(14,643

)

Add: total distributions from unconsolidated investment

10,486

10,486

Add: interest expense, net

8,108

8,108

Add: loss on extinguishment of debt

4,048

4,048

Add: depreciation, depletion and amortization

5,847

5,847

Add: asset impairments

43

43

Adjusted EBITDA

$

75,298

$

10,463

$

(5,052

)

$

80,709

For the Three Months Ended June 30, 2021

Net income (loss)

$

25,886

$

2,566

$

(13,070

)

$

15,382

Less: equity earnings from unconsolidated investment

(2,601

)

(2,601

)

Add: total distributions from unconsolidated investment

Add: interest expense, net

1

9,682

9,683

Add: loss on extinguishment of debt

Add: depreciation, depletion and amortization

4,871

4,871

Add: asset impairments

16

16

Adjusted EBITDA

$

30,774

$

(35

)

$

(3,388

)

$

27,351

For the Three Months Ended March 31, 2022

Net income (loss)

$

62,967

$

14,786

(13,854

)

$

63,899

Less: equity earnings from unconsolidated investment

(14,837

)

(14,837

)

Add: total distributions from unconsolidated investment

13,230

13,230

Add: interest expense, net

9,387

9,387

Add: loss on extinguishment of debt

Add: depreciation, depletion and amortization

3,868

3,868

Add: asset impairments

19

19

Adjusted EBITDA

$

66,854

$

13,179

$

(4,467

)

$

75,566

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Mineral Rights

Corporate and
Financing

(In thousands)

Soda Ash

Total

For the Six Months Ended June 30, 2022

Net income (loss)

$

132,375

$

29,406

$

(31,062

)

$

130,719

Less: equity earnings from unconsolidated investment

(29,480

)

(29,480

)

Add: total distributions from unconsolidated investment

23,716

23,716

Add: interest expense, net

17,495

17,495

Add: loss on extinguishment of debt

4,048

4,048

Add: depreciation, depletion and amortization

9,715

9,715

Add: asset impairments

62

62

Adjusted EBITDA

$

142,152

$

23,642

$

(9,519

)

$

156,275

For the Six Months Ended June 30, 2021

Net income (loss)

$

46,374

$

4,519

$

(27,130

)

$

23,763

Less: equity earnings from unconsolidated investment

(4,574

)

(4,574

)

Add: total distributions from unconsolidated investment

3,920

3,920

Add: interest expense, net

24

19,632

19,656

Add: loss on extinguishment of debt

Add: depreciation, depletion and amortization

9,963

9,963

Add: asset impairments

4,059

4,059

Adjusted EBITDA

$

60,420

$

3,865

$

(7,498

)

$

56,787

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow

Mineral Rights

Corporate and
Financing

(In thousands)

Soda Ash

Total

For the Three Months Ended June 30, 2022

Net cash provided by (used in) operating activities of continuing operations

$

70,351

$

10,430

$

(17,658

)

$

63,123

Add: proceeds from asset sales and disposals

346

346

Add: return of long-term contract receivable

563

563

Distributable cash flow

$

71,260

$

10,430

$

(17,658

)

$

64,032

Less: proceeds from asset sales and disposals

(346

)

(346

)

Less: acquisition costs

Free cash flow

$

70,914

$

10,430

$

(17,658

)

$

63,686

Net cash provided by investing activities

$

909

$

$

$

909

Net cash used in financing activities

(140,266

)

(140,266

)

For the Three Months Ended June 30, 2021

Net cash provided by (used in) operating activities of continuing operations

$

32,028

$

(35

)

$

(18,609

)

$

13,384

Add: proceeds from asset sales and disposals

116

116

Add: return of long-term contract receivable

541

541

Distributable cash flow

$

32,685

$

(35

)

$

(18,609

)

$

14,041

Less: proceeds from asset sales and disposals

(116

)

(116

)

Less: acquisition costs

(1,000

)

(1,000

)

Free cash flow

$

31,569

$

(35

)

$

(18,609

)

$

12,925

Net cash provided by investing activities

$

657

$

$

$

657

Net cash used in financing activities

(1,000

)

(11,900

)

(12,900

)

For the Three Months Ended March 31, 2022

Net cash provided by (used in) operating activities of continuing operations

$

48,176

$

13,195

$

(9,040

)

$

52,331

Add: proceeds from asset sales and disposals

Add: return of long-term contract receivable

Distributable cash flow

$

48,176

$

13,195

$

(9,040

)

$

52,331

Less: proceeds from asset sales and disposals

Less: acquisition costs

Free cash flow

$

48,176

$

13,195

$

(9,040

)

$

52,331

Net cash provided by investing activities

$

$

$

$

Net cash used in financing activities

(614

)

(51,647

)

(52,261

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow

Mineral Rights

Corporate and
Financing

(In thousands)

Soda Ash

Total

For the Six Months Ended June 30, 2022

Net cash provided by (used in) operating activities of continuing operations

$

118,527

$

23,625

$

(26,698

)

$

115,454

Add: proceeds from asset sales and disposals

346

346

Add: return of long-term contract receivable

563

563

Distributable cash flow

$

119,436

$

23,625

$

(26,698

)

$

116,363

Less: proceeds from asset sales and disposals

(346

)

(346

)

Less: acquisition costs

Free cash flow

$

119,090

$

23,625

$

(26,698

)

$

116,017

Net cash provided by investing activities

$

909

$

$

$

909

Net cash used in financing activities

(614

)

(191,913

)

(192,527

)

For the Six Months Ended June 30, 2021

Net cash provided by (used in) operating activities of continuing operations

$

57,990

$

3,853

(25,259

)

$

36,584

Add: proceeds from asset sales and disposals

175

175

Add: return of long-term contract receivable

1,082

1,082

Distributable cash flow

$

59,247

$

3,853

$

(25,259

)

$

37,841

Less: proceeds from asset sales and disposals

(175

)

(175

)

Less: acquisition costs

(1,000

)

(1,000

)

Free cash flow

$

58,072

$

3,853

$

(25,259

)

$

36,666

Net cash provided by investing activities

$

1,257

$

$

$

1,257

Net cash used in financing activities

(1,132

)

(38,591

)

(39,723

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Cash Flow Cushion

For the Three Months Ended

(In thousands)

September 30,
2021

December 31,
2021

March 31,
2022

June 30,
2022

Last 12
Months

Net cash provided by operating activities of continuing operations

$

30,059

$

55,161

$

52,331

$

63,123

$

200,674

Add: proceeds from asset sales and disposals

74

346

420

Add: return of long-term contract receivable

540

541

563

1,644

Distributable cash flow

$

30,673

$

55,702

$

52,331

$

64,032

$

202,738

Less: proceeds from asset sales and disposals

(74

)

(346

)

(420

)

Free cash flow

$

30,599

$

55,702

$

52,331

$

63,686

$

202,318

Less: mandatory Opco debt repayments

(20,335

)

(16,697

)

(2,365

)

(39,397

)

Less: preferred unit distributions and redemption of PIK units

(3,921

)

(3,980

)

(27,079

)

(7,500

)

(42,480

)

Less: common unit distributions

(5,671

)

(5,672

)

(5,672

)

(9,570

)

(26,585

)

Less: warrant cash settlement

(9,183

)

(9,183

)

Cash flow cushion

$

21,007

$

16,532

$

2,883

$

44,251

$

84,673

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Leverage Ratio

For the Three Months Ended

(In thousands)

September 30,
2021

December 31,
2021

March 31,
2022

June 30,
2022

Last Twelve
Months

Net income

$

29,498

$

55,641

$

63,899

$

66,820

$

215,858

Less: equity earnings from unconsolidated investment

(6,672

)

(10,625

)

(14,837

)

(14,643

)

(46,777

)

Add: total distributions from unconsolidated investment

7,350

13,230

10,486

31,066

Add: interest expense, net

9,652

9,568

9,387

8,108

36,715

Add: loss on extinguishment of debt

4,048

4,048

Add: depreciation, depletion and amortization

5,182

3,930

3,868

5,847

18,827

Add: asset impairments

57

986

19

43

1,105

Adjusted EBITDA

$

37,717

$

66,850

$

75,566

$

80,709

$

260,842

Debt—at June 30, 2022

$

301,313

Leverage Ratio (1)

1.2 x

___________________
(1)

Leverage Ratio is calculated as the outstanding principal of NRP's debt as of June 30, 2022 divided by the last twelve months' Adjusted EBITDA. Note that Adjusted EBITDA under the indenture governing NRP's 2025 parent company notes may be different than the amount shown above. However, NRP's last twelve months Leverage ratio as of June 30, 2022, was 1.2x as calculated under the indenture governing NRP's 2025 parent company notes.

For the Three Months Ended

(In thousands)

September 30,
2020

December 31,
2020

March 31,
2021

June 30,
2021

Last Twelve
Months

Net income

$

7,216

$

14,687

$

8,381

$

15,382

$

45,666

Less: equity earnings from unconsolidated investment

(1,986

)

(5,528

)

(1,973

)

(2,601

)

(12,088

)

Add: total distributions from unconsolidated investment

3,920

3,920

Add: interest expense, net

10,254

10,077

9,973

9,683

39,987

Add: depreciation, depletion and amortization

2,111

3,013

5,092

4,871

15,087

Add: asset impairments

934

2,668

4,043

16

7,661

Adjusted EBITDA

$

18,529

$

24,917

$

29,436

$

27,351

$

100,233

Debt—at June 30, 2021

$

458,819

Leverage Ratio (1)

4.6 x

___________________
(1)

Leverage Ratio is calculated as the outstanding principal of NRP's debt as of June 30, 2021 divided by the last twelve months' Adjusted EBITDA

Tiffany Sammis
713-751-7515
tsammis@nrplp.com

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Corsa Coal Announces Financial Results for Second Quarter 2022

Corsa Coal Announces Financial Results for Second Quarter 2022

Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality metallurgical coal producer, today reported financial results for the three and six months ended June 30 2022.  Corsa has filed its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2022 and 2021 and related management's discussion and analysis under its profile on www.sedar.com .

Unless otherwise noted, all dollar amounts in this news release are expressed in United States dollars and all ton amounts are short tons (2,000 pounds per ton).  Pricing and cost per ton information is expressed on a free-on-board ("FOB"), mine site basis, unless otherwise noted.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Gran Tierra Energy Inc. Provides Release Date for its 2022 Second Quarter Results and Details of Conference Call and Webcast

Gran Tierra Energy Inc. Provides Release Date for its 2022 Second Quarter Results and Details of Conference Call and Webcast

Gran Tierra Energy Inc . ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2022 second quarter financial and operating results on Monday August 8, 2022, after market close. Gran Tierra will host its second quarter 2022 results conference call on Tuesday, August 9, 2022, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time.

Interested parties may register for the conference call by clicking on this link . Please note that there is no longer a general dial-in number to participate and each individual party much register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a new feature that allows parties to elect to be called back through the "Call Me" function on the platform.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×