Risk Factors Update Summary

• Total Revenues decreased by $48,716,561 from $71,459,790 in 2022 to $22,862,029 in 2023.
• Total royalty income increased by 89% in fiscal year 2024 compared to fiscal year 2023.
• Adjusted the threshold price per ton for calendar year 2023 to $66.29 and for calendar year 2024 to $67.75.
• Total Trust expenses rose by $1,445,804, or 59.4%, from $2,432,889 to $3,878,693 in fiscal 2024.
• Distributions to Unitholders decreased from $24,665,446 to $9,665,407 for the fiscal year ended January 31, 2024.
• The Adjusted Threshold Price increased from $66 to $67 per ton, impacting royalty calculations.
• Expenses decreased by $261,156 from $2,694,045 in 2022 to $2,432,889 in 2023.
• Total royalty income increased by $194 million in fiscal year 2024 compared to fiscal year 2023.
• Recorded a contract asset for variable consideration for the fiscal year - ended January 31, 2024.
• Recorded a net asset of $2,298,121 as a contract liability for future royalty payments.
• Royalty bonus percentage increased by 3% for calendar year 2024, now $67.75 per ton.
• Shipments attributed to the Trust increased by 276.6% in fiscal year 2024.
• Bonus royalties increased by $107 million in fiscal year 2024.
• Trust recognized bonus royalties quarterly based on actual shipments, with a royalty bonus percentage.
• The total legal fees for fiscal 2024 surged by approximately $1,199,814, or 87.4%, compared to fiscal 2023.
• Net Income decreased by $49,382,660 from $68,765,745 in 2022 to $18,983,336 in 2023.
• Recognized positive pricing adjustments of $279,223 in accrued income receivable due to price adjustment mechanisms.
• Advance royalties increased from $1,105,212 to $1,129,615 for calendar year 2024.
• Added a contract asset of $2,451,896 for escalating base overriding royalty rates earned.
• Legal fees increased significantly by $151,125, or 5.9%, from $2,542,920 to $2,694,045.
• The distribution per Unit decreased from $1.88 to $1.00 for the fiscal year ended January 31, 2024.
• Base overriding royalties increased by $361 million in fiscal year 2024.
• Distributions Declared decreased by $29,782,413 from $54,448,042 in 2022 to $24,665,620 in 2023.
• Adjusted the minimum annual advance royalty threshold to $1,129,615 for the calendar year ending December 31, 2024.
• Fee royalties increased by $214 million in fiscal year 2024.
• Unallocated Reserve increased by $9,536,929 or 83.4% from $11,438,214 in 2023 to $20,975,143 in 2024.
• Accrued Income Receivable decreased by $1,960,358 from $4,631,510 in 2022 to $2,671,152 in 2023.
• Contract Asset increased by $1,020,263 or 100% from $1,431,633 in 2022 to $2,451,896 in 2023.