ALLIANCE RESOURCE PARTNERS LP

Primavera Acquisition

On January 22, 2026 (the “Primavera Acquisition Date”), we acquired 177 oil & gas net royalty acres in the Delaware Basin from Primavera Resources, Inc. (“Primavera”) for a cash purchase price of $5.4 million which was funded with cash on hand (“Primavera Acquisition”). This acquisition further enhanced our ownership position in the Permian Basin. Because the mineral interests acquired in the Primavera Acquisition include royalty interests in both developed properties and undeveloped properties with different risk profiles, we have determined that the acquisition should be accounted for as a business combination and the underlying assets should be recorded at fair value as of the Primavera Acquisition Date on our condensed consolidated balance sheet.

The following table summarizes the fair value allocation of assets acquired as of the Primavera Acquisition Date:

The fair value of the mineral interests was determined using an income approach consisting of a discounted cash flow model. The assumptions used in the discounted cash flow model included estimated production, projected cash flows, forward oil & gas prices and risk adjusted discount rates. Certain assumptions used are not observable in active markets; therefore, the fair value measurements represent Level 3 fair value measurements.

The amounts of revenue and earnings from the mineral interests acquired in the Primavera Acquisition included in our condensed consolidated statements of income from the Primavera Acquisition Date through March 31, 2026 are immaterial.

The following represents our supplemental pro forma revenues and net income for the three months ended March 31, 2026 and 2025 as if the mineral interests acquired in the Primavera Acquisition had been included in our consolidated results since January 1, 2025. These amounts have been calculated after applying our accounting policies.

Cole Acquisition

On March 12, 2026 (the “Cole Acquisition Date”), we acquired 397 oil & gas net royalty acres in the Midland Basin from S. Cole Holdings, LLC and other various sellers (“Cole”) for a cash purchase price of $9.1 million which was funded with cash on hand (“Cole Acquisition”). This acquisition further enhanced our ownership position in the Permian Basin. Because the mineral interests acquired in the Cole Acquisition include royalty interests in both developed properties and undeveloped properties with different risk profiles, we have determined that the acquisition should be accounted for as a business combination and the underlying assets should be recorded at fair value as of the Cole Acquisition Date on our condensed consolidated balance sheet.

The following table summarizes the fair value allocation of assets acquired as of the Cole Acquisition Date:

The fair value of the mineral interests was determined using an income approach consisting of a discounted cash flow model. The assumptions used in the discounted cash flow model included estimated production, projected cash flows, forward oil & gas prices and risk adjusted discount rates. Certain assumptions used are not observable in active markets; therefore, the fair value measurements represent Level 3 fair value measurements.

The amounts of revenue and earnings from the mineral interests acquired in the Cole Acquisition included in our condensed consolidated statements of income from the Cole Acquisition Date through March 31, 2026 are immaterial.

The following represents our supplemental pro forma revenues and net income for the three months ended March 31, 2026 and 2025 as if the mineral interests acquired in the Cole Acquisition had been included in our consolidated results since January 1, 2025. These amounts have been calculated after applying our accounting policies.