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    David Spier

    Research Analyst at Nitor Capital Management LLC

    David Spier is the Managing Member and Founder of Nitor Capital Management LLC, specializing in equity research and value-driven investment strategies across multiple sectors. Since founding the firm in 2011, Spier has overseen coverage of a diverse portfolio within public equities, drawing on rigorous analysis and disciplined investment approaches to generate consistent returns for clients. Prior to establishing Nitor Capital Management, Spier built a strong foundation in financial analysis through roles at prominent investment firms, and he maintains professional credentials in securities advisory. His leadership has established Nitor Capital Management as a respected name in the investment advisory landscape.

    David Spier's questions to NATURAL RESOURCE PARTNERS (NRP) leadership

    David Spier's questions to NATURAL RESOURCE PARTNERS (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.

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    David Spier's questions to NATURAL RESOURCE PARTNERS (NRP) leadership • Q2 2025

    Question

    David Spier of Nitor Capital Management LLC asked about potential acquisition opportunities for royalty or soda ash assets once NRP becomes debt-free, and also inquired 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 and not highly active, opportunistic investments are the third priority for cash after deleveraging, following unitholder distributions and unit repurchases. Regarding other land opportunities, Nunez stated that while NRP may own 'call options on greatness,' there are no specific new mineral or deposit projects being evaluated at this time.

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    David Spier's questions to NATURAL RESOURCE PARTNERS (NRP) leadership • Q2 2025

    Question

    The analyst inquired about the potential for acquiring additional royalty or soda ash assets once the company becomes debt-free, and whether there are other untapped opportunities like rare earths on their land.

    Answer

    The company responded that once they achieve a 'fortress balance sheet,' their priorities for cash will be unitholder distributions, unit repurchases, and opportunistic investments. They acknowledged the potential for discovering new valuable minerals on their land but stated there are no specific projects currently being considered.

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