Exhibit 99.1

Natural Resource Partners L.P.

1415 Louisiana St., Suite 3325, Houston, TX 77002

NEWS RELEASE

Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2024 Results and Announces Special Distribution of $1.21 per Common Unit

HOUSTON, February 28, 2025 - Natural Resource Partners L.P. (NYSE:NRP) today reported fourth quarter and full year 2024 results as follows:

Highlights:

“In 2024, NRP generated $251 million of free cash flow, redeemed all of the remaining 12% preferred units, retired all outstanding warrants, and ended the year with only $142 million of financial obligations, solely consisting of debt,” said Craig Nunez, NRP's president & chief operating officer. “We made significant progress toward our goal of de-levering and de-risking the Partnership over the past year and remain committed to this strategy as the best approach to maximize intrinsic value per unit.”

NRP's liquidity was $116.7 million at December 31, 2024, consisting of $30.4 million of cash and $86.3 million of borrowing capacity available under its revolving credit facility. 

NRP also announced today that the board of directors of its general partner declared a special cash distribution of $1.21 per common unit to be paid on March 18, 2025, to unitholders of record on March 11, 2025. This special distribution is to help cover unitholder tax liabilities associated with owning NRP's common units during 2024. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability and the level of cash reserves that the board determines is necessary for future operating and capital needs.

Segment Performance

Mineral Rights

Mineral Rights net income in the fourth quarter and full year of 2024 decreased $10.7 million and $39.1 million, respectively, as compared to the prior year periods. Operating cash flow in the fourth quarter and full year of 2024 decreased $7.6 million and $17.8 million, respectively, as compared to the prior year periods. Free cash flow in the fourth quarter and full year of 2024 decreased $7.5 million and $17.6 million, respectively, as compared to the prior year periods. These decreases were primarily due to lower metallurgical coal pricing and lower thermal coal pricing and volumes in 2024, partially offset by one-time carbon neutral revenues and cash flow received in the fourth quarter of 2024. Approximately 80% of coal royalty revenues and approximately 60% of coal royalty sales volumes were derived from metallurgical coal in the fourth quarter of 2024, and approximately 75% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal in the full year of 2024.

Metallurgical and thermal coal prices remained weak throughout 2024, primarily due to muted steel demand impacting metallurgical coal and mild weather, high inventory levels, and low natural gas prices impacting thermal coal. While NRP does not expect significant changes in these factors or to pricing in 2025, metallurgical and thermal coal pricing is still higher compared to long-term historical norms. It appears a new price floor has resulted from input cost inflation as well as ongoing labor shortages and operators' limited access to capital. 

NRP continues to explore and identify carbon neutral revenue sources across its large portfolio of surface, mineral, and timber assets, including the sequestration of carbon dioxide in NRP's underground pore space and standing forests, lithium production, and the generation of electricity using geothermal, solar, and wind energy. NRP has been notified by Exxon that its previously announced underground carbon sequestration lease agreement executed in 2022 would not be renewed for another lease term and has been terminated as per their rights in the agreement.  

Soda Ash

Soda Ash net income in the fourth quarter and full year of 2024 decreased $13.9 million and $55.2 million, respectively, as compared to the prior year periods. Operating cash flow and free cash flow in the fourth quarter and full year of 2024 decreased $4.7 million and $42.6 million, respectively, as compared to the prior year periods. These decreases were driven by lower international soda ash sales prices due to increased global soda ash capacity and weaker global demand for new construction and automobiles. 

NRP expects soda ash prices to remain low for the foreseeable future as it will take several years for the market to absorb the influx of new global capacity. However, many producers are currently operating below cost of production as the market is experiencing its lowest sales prices in decades. As this challenging market persists, distributions from Sisecam Wyoming are expected to be below historical levels.

Corporate and Financing

Corporate and Financing costs in the fourth quarter of 2024 decreased $2.4 million as compared to the prior year period primarily due to lower employee expenses and lower interest expense as compared to the prior year period. Corporate and Financing costs in the full year of 2024 increased $0.5 million as compared to the prior year period primarily due to higher interest expense for the full year of 2024 as compared to the prior year due to higher revolver draws in 2024 used to fully redeem the preferred units and warrants, partially offset by lower employee expenses in 2024. Operating cash flow and free cash flow in the fourth quarter of 2024 improved $0.7 million as compared to the prior year period primarily due to lower cash paid for interest as compared to the prior year quarter due to less debt outstanding. Operating cash flow and free cash flow for the full year of 2024 decreased $2.1 million as compared to the prior year primarily due to higher cash paid for interest as a result of higher revolver draws in 2024 used to fully redeem the preferred units and warrants. 

In 2024, NRP fully retired the remaining 71,666 Class A Convertible Preferred Units at par, with cash and repurchased the remaining 1.54 million warrants with $65.7 million cash and issuing 287,826 common units. Of the originally issued 250,000 Class A Convertible Preferred Units, none remain outstanding, and of the originally issued 4 million warrants, none remain outstanding. Additionally, NRP increased its credit facility capacity 29% to $200 million and extended its maturity date two years from 2027 to 2029, allowing for continued financial flexibility for the partnership.

NRP's consolidated leverage ratio was 0.6x at December 31, 2024. 

In February 2025, NRP declared and paid a fourth quarter 2024 cash distribution of $0.75 per common unit. As previously mentioned, today NRP declared a special distribution of $1.21 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units during 2024. 

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I154485601. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or [email protected]. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership’s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for us as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios. 

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

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Consolidated Statements of Comprehensive Income

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Consolidated Statements of Cash Flows

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Consolidated Balance Sheets

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Consolidated Statements of Partners' Capital

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The following tables present NRP's unaudited business results by segment for the three months ended December 31, 2024 and 2023 and September 30, 2024:

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The following table presents NRP's unaudited business results by segment for the year ended December 31, 2024 and 2023:

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Operating Statistics - Mineral Rights

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Adjusted EBITDA

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Reconciliation of Non-GAAP Measures

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Adjusted EBITDA

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Distributable Cash Flow and Free Cash Flow

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Reconciliation of Non-GAAP Measures

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Distributable Cash Flow and Free Cash Flow