Natural Resource Partners LP (NRP)

Right. And to put it in perspective numerically: If thermal royalties are ~$47M/year and even a significant price recovery drove, say, a 20-30% uplift in per-ton royalties, that's only ~$9-14M of incremental revenue — on a company generating $169M of free cash flow with a $1.66B market cap. Barely moves the needle. The more interesting question for NRP's...

Period: Three Months Ended September 30, 2025 Key Highlights: - Debt: $69.5M (down from $101.5M at Q2 2025) - Leverage ratio: 0.4x (improved from 0.5x) - Available liquidity: $190.1M - Distribution declared: $0.75/unit (payable Nov 25, 2025) - Notable: No distribution received from Sisecam Wyoming in Q3 2025 Management noted continued weak coal and soda ash...

Period: Three Months Ended June 30, 2025 Key Highlights: - Debt: $101.5M (down from $142.1M at year-end 2024) - Leverage ratio: 0.5x - Available liquidity: $157.5M - Distribution declared: $0.75/unit (payable Aug 26, 2025) Management noted weak prices for metallurgical coal, thermal coal, and soda ash continue, but the partnership maintains strong free cash...

Based on my research, here's what I found: 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...