(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q Table of Contents For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) ( ...

Cash Distribution - Dorchester Minerals, L.P. announced its cash distribution for the quarter ended March 31, 2025[4]. - The press release detailing the cash distribution was issued on April 24, 2025[5]. Financial Reporting - The financial results and operational conditions are referenced in the attached press release as Exhibit 99.1[6]. - The report was signed by Leslie A. Moriyama, Chief Financial Officer, on April 24, 2025[9]. Company Information - The company is registered under the NASDAQ Global Select Market with the trading symbol DMLP[2].

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) -- Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP) announced today the Partnership’s net income for the quarter ended March 31, 2025 of $17,642,000, or $0.36 per common unit. A comparison of the Partnership’s consolidated results for the quarter ended March 31, 2025 and 2024 are set forth below: Three Months Ended March 31, 2025 2024Operating Revenues $43,164,000 $30,979,000Net Income $17,642,000 <td style="text-align: right ; vertical-align: middle; v ...

Acquisitions - The company acquired approximately 900 net royalty acres in Louisiana, New Mexico, and Texas for 343,750 common units on July 12, 2023[14]. - On August 31, 2023, the company acquired 568 net royalty acres in Texas for 374,000 common units[15]. - The company acquired 716 net royalty acres in Texas for 494,000 common units on September 29, 2023[16]. - A total of 1,485 net royalty acres in Colorado were acquired for 505,369 common units on March 28, 2024[17]. - The company acquired 1,204 net royalty acres in Weld County, Colorado for 530,000 common units on September 30, 2024[18]. - The company acquired approximately 14,225 net mineral acres across New Mexico and Texas for 6,721,144 common units on September 30, 2024[19]. Revenue and Financial Performance - The company receives monthly payments equaling 96.97% of the net profits from properties owned by the Operating Partnership[21]. - Royalty revenues from Exxon Mobil Corporation and Diamondback Energy, Inc. represented approximately 31% of total operating revenues for the year ended December 31, 2024[34]. - Cash distributions are highly dependent on oil and natural gas prices, which have historically been volatile, affecting revenues and operating income[51]. - The cash available for distribution is affected by production costs, most of which are outside of the company's control[58]. - The company may experience delays in receiving royalty payments, which could adversely affect financial results[69]. - Recent price volatility in oil and natural gas markets may adversely affect cash distributions, with operators potentially suspending drilling programs during price declines[90]. - High inflation may increase the costs of goods, services, and labor for operators, potentially delaying exploration and development activities[93]. - The company reported proved developed producing reserves of 11,069 mbbls of oil and 35,599 mmcf of natural gas as of December 31, 2024, reflecting an increase from 8,318 mbbls of oil and 33,351 mmcf of natural gas in 2023[208]. Operational Risks - The company does not control operations of the Royalty Properties, which could impact cash distributions[52]. - The occurrence of operational risks could materially affect the financial condition and results of operations[44]. - The company maintains insurance against some risks but acknowledges that uninsured losses could have a material adverse effect[45]. - Future drilling activities may not yield commercially productive oil or natural gas reservoirs, which could adversely affect financial results[73]. - Under the terms of the NPIs, unsuccessful drilling costs will reduce amounts payable to the company by 96.97%[74]. - The partnership agreement limits the company's ability to acquire properties, potentially requiring the sale of securities to raise cash for acquisitions[75]. - The company bears 96.97% of the costs associated with the working interest properties, impacting net proceeds under the NPIs[85]. Regulatory and Environmental Factors - Environmental regulations and liabilities could significantly increase production costs and affect cash flow from properties[94]. - The company may be subject to strict, joint and several liabilities under CERCLA for costs related to hazardous substance releases, which could include investigation and cleanup costs[96]. - The Resource Conservation and Recovery Act (RCRA) currently excludes certain oil and natural gas exploration and production wastes from regulation, but future classifications could impose additional costs[97]. - The EPA has reinstated prior methane and volatile organic compounds emissions standards, which may require operators to take immediate compliance actions[98]. - Recent changes to the Clean Water Act could lead to increased costs and delays in obtaining permits for dredge and fill activities in wetland areas[100]. - The company must comply with Spill Prevention, Control, and Countermeasure (SPCC) regulations, which impose obligations related to oil spill prevention and response[101]. - The EPA's regulations on stormwater discharges may require the company to incur costs for treatment and monitoring of wastewater[102]. - Endangered Species Act restrictions could delay or prohibit operations on properties where such species are located, potentially impacting business[103]. - Hydraulic fracturing regulations may impose additional permitting and compliance costs, affecting operational efficiency[105]. - Increased seismic activity concerns have led to state regulations that could restrict disposal well operations, impacting production schedules and costs[110]. Market and Economic Conditions - The oil and natural gas industry is highly competitive, with operators facing challenges from larger companies that have greater resources and access to capital[72]. - The ongoing COVID-19 pandemic and its variants continue to pose risks to the demand for hydrocarbons, potentially affecting revenues and operating income[169]. - International economic instability due to global conflicts may disrupt the oil and gas industry, leading to volatility in commodity prices and supply chain interruptions[170]. - The Infrastructure Investment and Jobs Act of 2021 and the Inflation Reduction Act of 2022 include billions of dollars in incentives for renewable energy and clean technologies, which could impact demand for oil and natural gas[112]. - The Inflation Reduction Act imposes a federal fee on methane emissions exceeding a waste emissions threshold, potentially increasing operational costs for oil and gas operators[113]. - The U.S. aims to reduce GHG emissions by 50-52% below 2005 levels by 2030, with commitments to reduce global methane emissions by at least 30% by 2030 from 2020 levels[115]. - The EPA has finalized GHG monitoring and reporting rules, with nearly half of the states implementing measures to reduce GHG emissions through cap and trade programs[114]. Tax and Financial Structure - The company does not obtain IRS rulings on tax matters, which may lead to uncertainties in tax treatment for unitholders[138]. - If classified as a corporation for federal tax purposes, the company would face a maximum tax rate of 21%, significantly reducing cash available for distribution[140]. - Changes in federal income tax laws could adversely affect the company's ability to maintain partnership status, impacting unitholder value[143]. - The 20% deduction for pass-through income may not be available for unitholders, potentially increasing their tax liabilities[144]. - The IRS could challenge the company's method of allocating tax items, which may result in unitholders facing higher taxable income[147]. - Unitholders may not be entitled to percentage depletion deductions unless they qualify under specific exemptions[154]. - The company may realize income that constitutes unrelated business taxable income (UBTI), which could affect tax-exempt investors[152]. - The company may issue additional securities, potentially diluting unitholders' interests, subject to approval by a majority of unitholders[130]. - The company may issue additional common units, which could reduce unitholders' ownership interest and cash distributions[131]. - Unitholders could be liable for certain distributions under Delaware law, potentially affecting their financial exposure[132]. Management and Personnel - The Operating Partnership had 27 full-time employees as of February 20, 2025, emphasizing the importance of workforce as a key asset[46]. - The company is dependent on key personnel, and the loss of any key executives could materially impact operations[135]. Cybersecurity - The company has implemented a comprehensive cybersecurity risk management process, including regular reviews and employee training to mitigate potential threats[177]. - As of the filing date, the company's business strategy and financial condition have not been materially affected by cybersecurity risks, but future impacts cannot be ruled out[182]. Property and Assets - The company owns two categories of properties: Royalty Properties and net profits overriding royalty interests, which contribute to its revenue streams[185]. - As of December 31, 2024, the company owns gross acres totaling 2,951,000 for mineral interests, 679,000 for royalty interests, 370,000 for overriding royalty interests, and 24,000 for leasehold interests across 28 states and 525 counties/parishes[188]. - The company received $0.3 million in lease bonuses during 2024 from 19 leases, with average bonus payments of $532 per acre and initial royalty terms averaging 24.3%[192]. - The total number of productive wells as of December 31, 2024, is 1,379 gross wells, with a net interest of 38 wells[201]. - New well activity in 2024 included 1,943 gross wells and 146 net wells, primarily concentrated in the Permian Basin, Bakken region, South Texas, and the Rockies[204]. - The company has interests in 12 states for mineral properties, 5 states for royalty properties, and 5 states for leasehold properties, with a total of 50,000 gross acres and 6,000 net acres in mineral interests[198]. - The average royalty for leases in 2024 was 24.3%, slightly down from 25.0% in 2023, while the total lease bonus for 2023 was $12.7 million[193]. - The company anticipates receiving more first payments for new wells attributable to acquisitions closed during 2024 in the first half of 2025[204]. - The majority of the company's net mineral acres are unleased, indicating potential for future leasing opportunities[188].

Cash Distribution - Dorchester Minerals, L.P. announced a cash distribution for the quarter ended December 31, 2024[4] - The press release detailing the cash distribution was issued on January 23, 2025[5] Financial Results - The financial results and operational conditions are referenced in the attached press release as Exhibit 99.1[6]

Financial Performance - Dorchester Minerals, L.P. reported a net income of $92,449,000 for the year ended December 31, 2024, translating to $2.13 per common unit, a decrease from $114,117,000 or $2.85 per common unit in 2023 [1] - Operating revenues for 2024 were $161,523,000, slightly down from $163,799,000 in 2023 [1] Reserves and Production - As of December 31, 2024, the total proved oil and natural gas reserves were estimated at 17.0 million barrels of oil equivalent (mmboe), with 86% attributed to Royalty Properties and 14% to Net Profits Interest [1] - Oil and natural gas liquids comprised 65% of the proved reserves, all of which were classified as proved developed producing [1] Distributions to Unitholders - The Partnership distributed a total of $141.6 million to its common unitholders from May 2024 through February 2025, reflecting the activity attributable to 2024 [2] Company Overview - Dorchester Minerals, L.P. is based in Dallas and owns producing and non-producing crude oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests across 28 states [2]

Core Points - Dorchester Minerals, L.P. announced a cash distribution of $0.739412 per common unit for the fourth quarter of 2024, payable on February 13, 2025, to unitholders of record as of February 3, 2025 [1] Financial Performance - Cash receipts from Royalty Properties in Q4 2024 totaled approximately $34.9 million, with 68% from oil sales (September to November 2024) and natural gas sales (August to October 2024), and 32% from prior sales periods [2] - Cash receipts from Net Profits Interest during the same period amounted to approximately $5.4 million, with 61% from oil and natural gas sales (August to October 2024) and 39% from prior sales periods [2] - Cash receipts from lease bonus and other income in Q4 2024 totaled approximately $0.7 million [3] Company Overview - Dorchester Minerals, L.P. is based in Dallas and owns producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests across 28 states [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charte ...

EXHIBIT 3.1 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF DORCHESTER MINERALS MANAGEMENT GP LLC FEBRUARY 1OCTOBER 15, 20032024 THE MEMBERSHIP INTERESTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY JURISDICTION. NO MEMBERSHIP INTEREST MAY BE SOLD OR OFFERED FOR SALE (WITHIN THE MEANING OF ANY SECURITIES LAW) UNLESS A REGISTRATION STATEMENT UNDER ALL APPLICABLE SECURITIES LAWS WITH RESPECT TO THE INTEREST IS THEN IN EFFECT OR AN EXEM ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 000-50175 DORCHESTER MINERALS, L.P. (Exact name of registrant as specified in its charter) De ...