David Spier's questions to Natural Resource Partners LP (NRP) leadership • Q2 2025
Question
David Spier inquired about the potential for acquiring additional royalty or soda ash assets once Natural Resource Partners is debt-free, given the current market weakness. He also asked about other non-carbon neutral opportunities on NRP's land, such as rare earth minerals.
Answer
President & COO Craig Nunez explained that while the mineral rights market is fragmented, opportunistic investments are the third priority for cash after achieving a 'fortress balance sheet,' following unitholder distributions and unit repurchases. Regarding other land opportunities, Nunez acknowledged the potential for future value across their vast footprint but confirmed there are no specific projects being evaluated at this time.