Executive Summary

Q2 2025 distribution was $0.20 per unit, matching Q2 2024 and up materially from $0.04 in Q1 2025; management attributed the increase to higher prices and a reduced negative adjustment carryover .
Financials show a sharp sequential improvement: Revenues rose to $2.47M* and Net Income to $2.26M* with EPS at $0.246*; margins expanded significantly vs prior quarters due to normalization of calendar-2023 adjustment impacts* .
No formal guidance was provided; quarterly distributions remain the primary “guidance-like” indicator, with management pointing to adjustment mechanics under Mobil/OEG royalty agreements and commodity price dynamics .
No earnings call transcript was available; investor focus should center on ongoing adjustment resolution and commodity price trajectory as near-term stock catalysts .

What Went Well and What Went Wrong

Distribution reset higher to $0.20 per unit, consistent with prior-year Q2 and reflecting improved pricing and reduced carryover negatives: “the increase in the distribution… reflects both higher prices and a reduced negative adjustment carryover” .
Positive royalty adjustments at quarter-end and receipt of Mobil sulfur royalty supported cash flows: +$73,451 Mobil, +$97,508 OEG, plus $57,240 Mobil sulfur royalty .
Sequential normalization after heavy calendar-2023 negatives: OEG’s prior negative carryover had eliminated Q1 payments, but the residual impact eased by Q2 as adjustments aligned scheduled payments with actual royalties owed .

Prior quarters were pressured by substantial negative adjustments from calendar 2023, eliminating all OEG payments in Q1 and leaving residual drag into early calendar 2025 .
No formal operational guidance; distributions and adjustment commentary are the main forward indicators, increasing uncertainty for estimate-driven investors .
Structural risks persist: depleting assets, commodity price volatility, FX, counterparty performance, and geopolitical uncertainty cited in forward-looking statements .

Metric	Q4 2024	Q1 2025	Q2 2025
Revenues ($USD)	$670,204*	$505,697*	$2,471,301*
Net Income ($USD)	$526,735*	$285,468*	$2,261,006*
Diluted EPS ($USD)	$0.0573*	$0.0311*	$0.2460*
EBIT Margin (%)	76.29%*	54.96%*	90.78%*
Net Income Margin (%)	76.29%*	54.96%*	90.78%*

Values retrieved from S&P Global.*

Sequential change: Revenues +$1.97M QoQ to $2.47M*; Net Income +$1.98M QoQ to $2.26M*; EPS +$0.215 QoQ to $0.246*, driven by reversal of prior negative adjustments and higher realized pricing* .
Year-over-year distribution comparison: Q2 2025 $0.20 vs Q2 2024 $0.20 (flat) .

Distribution per unit (for context):

Segment/stream breakdown (Q2 2025 royalty adjustments):

Stream	Q2 2025 Adjustment ($)	Notes
Mobil Agreement	+$73,451	End-of-quarter positive adjustment
OEG Agreement	+$97,508	End-of-quarter positive adjustment
Mobil Sulfur Royalty	$57,240	Additional payment received

Estimates comparison:

Wall Street consensus: Not available via S&P Global for EPS; revenue consensus also unavailable (no estimate data points). Results are therefore presented without beat/miss determination.*

Metric	Period	Previous Guidance	Current Guidance	Change
Distributions	Q3 2025 onward	No formal guidance provided	No formal guidance provided	Maintained
Operating metrics (revenue, margins, OpEx, tax)	FY/Qtr	No formal guidance provided	No formal guidance provided	Maintained
Royalty adjustment commentary	Q2 2025	Prior quarters noted large negative carryovers	Q2 noted positive adjustments and sulfur royalty	Informational update

Note: The Trust does not issue traditional financial guidance; distributions and adjustment disclosures function as guidance-like indicators .

No Q2 2025 earnings call transcript was available; themes below reflect press releases.

Topic	Previous Mentions (Q-2: Q4 2024; Q-1: Q1 2025)	Current Period (Q2 2025)	Trend
Royalty Adjustments	Carry-over negatives from prior quarter and calendar 2023; signaled ongoing impact into Q1 2025	Positive end-of-quarter adjustments and sulfur royalty receipt	Improving
Commodity Pricing	General price pressure implied in lower distributions	Still pressured by 2023 adjustments; pricing effects modest	Stabilizing/Improving
Counterparty/Contract Mechanics (Mobil/OEG)	Emphasis on scheduled payments based on prior-quarter royalties	Continued focus on alignment of scheduled vs actual royalties	Ongoing
Macro/Geopolitical/FX	Risks highlighted in forward-looking statements	Reiterated geopolitical and FX risks	Unchanged
Asset Depletion Risk	Highlighted as structural issue	Reiterated	Unchanged

“For the quarter ending April 30, 2025, the increase in the distribution… reflects both higher prices and a reduced negative adjustment carryover.”
“At the end of the second quarter of fiscal 2025, there were positive adjustments of $73,451 under the Mobil Agreement and $97,508 under the OEG Agreement. A payment of the Mobil sulfur royalty totaling $57,240 was also received.”
The Trust reiterated that monthly scheduled royalty payments are based on prior-quarter royalties per the Mobil and OEG agreements, with end-of-quarter adjustments aligning scheduled payments with actual royalties owed .

No earnings call transcript was published for Q2 2025; therefore, no Q&A details or clarifications are available .

S&P Global consensus estimates for EPS and revenue were unavailable for Q2 2025; NRT’s limited sell-side coverage often results in absent consensus series. Values shown in the Financial Results section are actuals sourced from S&P Global; comparisons to estimates are not possible.*
Estimate adjustments post-report are unlikely to be a major stock driver given minimal Street coverage; distribution trajectory and adjustment mechanics are more influential for investor expectations .

Distribution normalization: The $0.20 Q2 payout, flat YoY and sharply higher QoQ, indicates the worst of calendar-2023 carryover negatives has passed; near-term distributions should track commodity prices and ongoing adjustment true-ups .
Cash flow drivers: Positive end-of-quarter adjustments and sulfur royalty payments provided tangible support to Q2 cash flows; monitor future adjustment disclosures as catalysts .
No formal guidance or call: With no traditional guidance and no call transcript, investors must rely on distribution announcements, adjustment commentary, and commodity price trends to gauge trajectory .
Structural risk profile: Depleting asset base, FX, counterparty performance, and geopolitical risks remain central to the medium-term thesis; these can amplify volatility around distribution announcements .
Trading setup: Short-term moves likely key off distribution changes and any disclosed adjustment magnitude; a surprise increase or decrease vs recent trend can be a catalyst.
Medium-term positioning: Thesis should incorporate sensitivity to European gas price trends and operator development decisions under Mobil/OEG agreements; absent new development, depletion pace will shape future distributions .
Monitoring checklist: Watch for (1) next distribution PR, (2) 10-Q details around adjustments and realized prices, and (3) any updates on operator activity impacting production and royalty base .

Notes: