Resource News

Merida Minerals Inc. (TSXV: ESPN) ("Merida" or the "Company"), a base metals exploration company focused on mining opportunities in Spain, is pleased to announce that its common shares will commence trading on the TSX Venture Exchange on Monday, April 4, 2022, under the stock ticker symbol "ESPN".


"The listing of Merida's common shares for trading on the TSX Venture Exchange is a great milestone for our Company. We believe we are well positioned to explore high quality base metal opportunities in Spain, a country our team and board has a rich history in," commented Norm Brewster, Chief Executive Officer of Merida. "On behalf of the Board of Directors and the Company, we would like to thank our shareholders and stakeholders in Canada and Spain for their support, as we take this exciting next step in the Merida story," noted Mr. Brewster.

About Merida Minerals Inc.

Merida Minerals Inc is a mineral exploration company focused on mining opportunities in Spain. Merida is currently focused on developing the long-term mining potential of its core asset, the Zinc, Copper, Lead enriched Puebla de la Reina ("PBR") property in the low-risk and historic mining district of Extremadura in Southwest Spain. The PBR property covers an area of 90 km2. Merida, through its subsidiary, La Joya, has entered into a purchase agreement with Auplata S.A. to acquire a 100% interest in the PBR property. The management of Merida contains industry veterans who have more than 80 years of mineral exploration and production experience in multiple jurisdictions and have successfully managed multiple international mining companies. This includes in Spain, where some of the team was responsible for the founding and building of Iberian Minerals, with the continued support of the local and regional governments, including the well developed and sophisticated transportation and mining infrastructure.

For more information on Merida Minerals Inc., visit: http://meridaminerals.com/.

Contact:
Rahim Allani
rahim@meridaminerals.com

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will" and similar references to future periods. Examples of forward-looking information include, among others, the future plans of Merida, the expected trading date of the Common Shares on the TSXV, as well as information relating to Merida. Although Merida believes that, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Merida can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks (i) that the future plans of Merida may differ from those that currently are contemplated; and (ii) that the expected trading date of the Common Shares may change. Additional risks include those disclosed in the Filing Statement, which are incorporate herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

This news release is not an offer of the securities for sale in the United States. The securities described in this news release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent registration or an exemption from registration. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state in which where such offer, solicitation or sale would be unlawful.

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

Source

ESPN:CA
Merida Minerals

Merida Minerals


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Merida Minerals Inc

Merida Minerals Holdings Inc. Announces Re-Assay Results from Its Puebla de la Reina Property in Spain

Merida Minerals Holdings Inc. (TSXV: ESPN) ("Merida" or "the Company") is pleased to announce the results of initial core samples that have been re assayed from its Las Herrerais property, located near the village of Puebla de la Reina in Extremadura, Spain. The samples were procured from the secured facility that is controlled by the Geological and Mining Institute of Spain (Instituto Geologico y Minero de Espana or "IGME") located in Pennaroya, Extremadura. The core represents drilling carried out by IGME and Outukumpu on the Las Herreiras property previously.

The historical drilling was first carried out by IGME, which drilled 1,732.90 metres between 1984 and 1987.
IGME calculated a resource of 300,000 tonnes with grades of 1.6% Cu., 11% Zn., 1.2% Pb and 32 g/t Agi.

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Anson Confirms Resource Expansion Potential of Western Expansion Claims at Paradox Lithium Project

New Western Claims exhibit Similar Geology and Pressures as Eastern area of Project

Anson Resources Limited (Anson or the Company) is pleased to announce that an assessment of recently pegged new claims on the western extent of the Project has confirmed the continuation of favourable geological structures and confirmed the Resource expansion potential in the Western area at the Paradox Lithium Project in Utah, USA (the Project).

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Acquisition of Majority Stake in Buffalo Coal Complete

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The Company further advises that engagements with Investec Bank Limited, as previously announced in the press release of the Company dated as of July 5, 2022 are ongoing.

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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.

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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.

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Further Increases in Lithium Grades at Paradox Project

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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.

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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

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