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Performance was driven by record oil and gas royalty volumes and higher commodity pricing, which offset lower coal sales revenue and weather-related shipment delays.

Coal pricing is currently normalizing as high-priced legacy contracts from the 2022 energy crisis roll off and are replaced by current market-rate contracts.

The $37.8 million noncash impairment at the Mettiki mine reflects a strategic decision to cease longwall production due to operational uncertainty and a focus on cost reduction.

Management attributes coal's continued relevance to its critical role in grid reliability, noting coal-fired generation capacity factors approached 80% during peak winter storm periods.

Strategic investments in the River View and Gibson South mines successfully offset production declines caused by a planned extended longwall move at the Hamilton mine.

The partnership is capitalizing on data center demand growth, particularly in the Eastern U.S., which management believes justifies extending the life of existing coal fleets.

Guidance for 2026 coal sales is more than 95% committed and priced, with the remaining open position dependent on summer cooling demand and spot market activity.

Management increased 2026 oil and gas royalty volume guidance by approximately 5% based on year-to-date outperformance and increased drilling activity by partners.

Operational visibility is expected to improve in the second half of 2026 as all major planned longwall moves for the year are completed by the first half of May.

The partnership assumes a constructive domestic market for coal, prioritizing local utility solicitations over the export market unless API 2 prices reach approximately 120.

Capital allocation strategy remains focused on reinvesting after-tax cash flow from royalties into expanding the minerals position and evaluating potential coal plant acquisitions.

A $37.8 million noncash asset impairment was recorded for the Mettiki mine; management expects greater clarity on the mine's future path later this year.

Digital assets saw an $11.6 million decrease in fair value, though management intends to hold its 618 Bitcoin due to perceived long-term regulatory and price upside.

Weather-related river disruptions delayed approximately 200,000 tons of scheduled coal shipments, which are expected to be recovered over the balance of the year.

The distribution coverage ratio reached 1x this quarter; management indicated a preference for 1.2x to 1.4x coverage before considering distribution increases or unit buybacks.

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Management secured 2 million tons of export commitments during a brief window of market dislocation but currently prefers domestic opportunities.

An API 2 price of approximately 120 is the threshold required to make export sales more attractive than current domestic options.

Costs in Appalachia are expected to decline by 15% to 20% quarter-over-quarter as Tunnel Ridge returns to steady production following its longwall move.

The second quarter serves as a transition period, with the second half of 2026 expected to be significantly stronger due to higher volumes and lower unit costs.

Management believes the massive scale of data center demand will force utilities to keep coal plants online much longer than previously anticipated, potentially until 2034.

Reliability concerns are expected to support high capacity payments for the next several years as new generation construction lags behind demand growth.

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