Based on my research, here's what I found:
NRP's Rare Earth Mention
Yes, NRP has been asked about rare earths. In their Q2 2025 earnings call (August 2025), an analyst specifically asked: "outside of the carbon neutral initiatives, is there any other are there any other opportunities across your land, whether it be rare earths or some other type of mineral or commodity that's not really there right now that, you know, might be a possibility in the future?"
Management's response was cautiously optimistic but non-committal: "I believe the answer to that question is yes, but I do not know that the answer to that question is yes. We like to think that we own through our vast footprint, literally thousands, if not hundreds of thousands of call options on greatness. Areas that may have value at some point in time a different economic environment or in a different, when a new mineral is found or a new deposit of, is found. But I cannot say right now that there is anything we're looking at specifically." [
source]
The Coal-Rare Earth Connection
The geological relationship between coal deposits and rare earth elements (REEs) is
very well established and highly relevant to NRP's 13 million acres:
Key Scientific Findings:
- Co-location is Common: Research from the University of Utah (2024) documented elevated REE concentrations in coal mines in Utah and Colorado, particularly in coal-adjacent strata - the mudstone and siltstone layers above and below coal seams.
- Appalachian Basin Enrichment: Coal ash from Appalachian Basin coal contains the highest amounts of REEs, averaging 431 mg/kg. This is particularly relevant since NRP has significant Appalachian holdings.
- Migration Theory: Scientists believe REEs were originally in the coal and migrated into adjacent formations through diagenesis (fluid movement after deposition).
- DOE Interest: The U.S. Department of Energy has funded extensive research on extracting REEs from coal, coal ash, and coal waste as an alternative domestic source to reduce dependence on Chinese imports.
- Economic Potential: About 70% of coal ash produced from 1985-2021 (1,873 million tons) is potentially recoverable for REE extraction.
NRP's Position
Given NRP's business model as a
royalty owner with 13 million acres overlaying coal deposits (particularly in Appalachian and Illinois basins), they are potentially sitting on significant rare earth optionality without having done any specific exploration. The analyst's question was astute - NRP essentially owns embedded options on any future REE development across their massive footprint.
Management's "hundreds of thousands of call options on greatness" comment suggests they recognize this potential but haven't yet committed resources to explore it specifically.