Dorchester Minerals (DMLP) investor relations material

Executive summary

• Owns mineral, royalty, overriding royalty, net profits, and leasehold interests in 594 counties across 28 states, with a single reportable segment focused on oil and natural gas royalties.

• Net profits interest (NPI) in various properties generates monthly payments based on realized net profits; NPI was in a surplus position as of March 31, 2026.

• Recent acquisitions expanded mineral interests in Colorado and Texas/New Mexico, adding significant acreage and value.

• Reported net income of $29,137,000 for Q1 2026, up from $17,642,000 in Q1 2025.

• Net income per common unit was $0.59, compared to $0.36 in the prior year quarter.

Financial highlights

• Total operating revenues for Q1 2026 were $58,875,000, up from $43,164,000 in Q1 2025.

• Net income for Q1 2026 was $29,137,000, a 65% increase from $17,642,000 in Q1 2025.

• Cash and cash equivalents were $28,200,000 at March 31, 2026, down from $41,900,000 at year-end 2025.

• Distributions paid in Q1 2026 totaled $37,700,000, with a declared Q1 2026 distribution of $0.475036 per unit, payable May 14, 2026.

Outlook and guidance

• Management expects sufficient liquidity to fund distributions and operations, but notes that future distributions may be affected by global conflicts, inflation, interest rates, and commodity price volatility.

• Forward-looking statements highlight risks from commodity price fluctuations, operational changes, economic and regulatory shifts.