Phillip Cramer

Phillip Cramer inquired whether Natural Resource Partners anticipates being in a position to substantially increase unitholder distributions in the May quarter, following the partnership's significant de-leveraging.

Answer

Craig Nunez (President and Chief Operating Officer, Natural Resource Partners) clarified that a substantial distribution increase is not expected in May, but rather projected for November, taking into account current free cash flow generation and the $39 million contribution to the Sisecam Wyoming joint venture. He reiterated that extended bear markets for key commodities could push this timing back further.

Phillip Cramer from BATS Wireless asked if Natural Resource Partners anticipates a substantial increase in unitholder distributions in the upcoming May quarter, following the partnership's significant de-leveraging efforts.

Answer

President and COO Craig Nunez stated that a substantial distribution increase is not expected in May, projecting a more likely timing around November. He reiterated previous warnings that prolonged bear markets in their key commodities could further delay this timeline.