Natural Resource Partners LP 2025年度报告

UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See definition of "accelerated filer", "large accelerated filer", "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Accelerated FilerSmallerReportingCompanyEmerging Growth Company LargeAcceleratedFilerNon-accelerated Filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)Yes☐No☒ The aggregate market value of the common units held by non-affiliates of the registrant on June30, 2025, was $947 million based on a closing price on June 30, 2025 of$95.51 per unit as reported on the New York Stock Exchange. Documents incorporated by reference:None. TABLE OF CONTENTS Cautionary Statement Regarding Forward-Looking StatementsRisk Factors Summary Business and PropertiesRisk FactorsUnresolved Staff CommentsCybersecurityLegal ProceedingsMine Safety Disclosures Items 1. and 2.Item 1A.Item 1B.Item 1C.Item 3.Item 4. PART IIMarket for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities PART IIIDirectors and Executive Officers of the Managing General Partner and Corporate GovernanceExecutive CompensationSecurity Ownership of Certain Beneficial Owners and ManagementCertain Relationships and Related Transactions, and Director IndependencePrincipal Accountant Fees and Services CAUTIONARY STATEMENTREGARDING FORWARD-LOOKING STATEMENTS Statements included in this Annual Report on Form 10-K may constitute forward-looking statements. In addition, we and our representatives may from time to timemake other oral or written statements which are also forward-looking statements. Such forward-looking statements include, among other things, statements regarding:future distributions on our commonunits; our business strategy; our liquidity and access to capital and financing sources; our financial strategy; prices of and demand forcoal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected production levels by our lessees; Sisecam WyomingLLC’s ("Sisecam Wyoming's") trona mining and soda ash refinery operations; distributions from our soda ash joint venture; the impact of governmental policies, laws andregulations, as well as regulatory and legal proceedings involving us, and of scheduled or potential regulatory or legal changes; and global and U.S. economic conditions. These forward-looking statements speak only as of the date hereof and are made based upon our current plans, expectations, estimates, assumptions and beliefsconcerning future events impacting us and involve a number of risks and uncertainties. We