Note 7 - Mineral Rights, Net

6 Months Ended

Jun. 30, 2026

Mineral Industries Disclosures [Text Block]

7. Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

	*June 30, 2026*							*December 31, 2025*
(In thousands)	*Carrying Value*		*Accumulated Depletion*			*Net Book Value*		*Carrying Value*		*Accumulated Depletion*			*Net Book Value*
Coal properties	$	653,808	$	(319,665	)	$	334,143	$	653,808	$	(304,412	)	$	349,396
Aggregates properties		8,655		(4,520	)		4,135		8,655		(4,364	)		4,291
Oil and gas royalty properties		12,354		(10,658	)		1,696		12,354		(10,584	)		1,770
Other		13,141		(1,612	)		11,529		13,142		(1,612	)		11,530
Total mineral rights, net	$	687,958	$	(336,455	)	$	351,503	$	687,959	$	(320,972	)	$	366,987

Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income and totaled $9.4 million and $3.5 million for the three months ended June 30, 2026 and 2025, respectively, and $15.5 million and $7.2 million for the six months ended June 30, 2026 and 2025, respectively.

The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not be recoverable. Potential events or circumstances include, but are not limited to, specific events such as a reduction in economically recoverable minerals or production ceasing on a property for an extended period. This analysis is based on historic, current and future performance and considers both quantitative and qualitative information. As a result of the Partnership's analysis, NRP recorded an immaterial impairment expense during the six months ended June 30, 2025.