PDER
Pardee Resources Co.

Pardee Resources Company (the Company) is a natural resources company that conducts its business through its subsidiaries principally in the timber, oil and gas, coal, agriculture, and alternative energy industries. The Company's subsidiaries own land, mineral rights, farmland, agriculture leases, and solar photovoltaic systems, principally in West Virginia, Virginia, Kentucky, Louisiana, Colorado, New Jersey, Texas, Arizona, California, and Portugal. Through its subsidiaries, the Company grants timber-cutting rights on certain of its properties, leases certain of its properties to third parties for coal mining and processing, grows table grapes and almonds, leases properties to third parties for oil and gas exploration and production and operates solar photovoltaic systems. The Company owns a 55% interest in an almond tree farm limited liability company (LLC). The Company also owns an 85% interest in a grape ranch limited liability company (LLC). Also, through its subsidiaries, the Company owns developed and undeveloped oil and gas rights and participates in oil and gas prospects on properties leased from third parties.

As of 12/31/24: Timber & Surface Acres: 154,572 Hardwood Reserves (1)(7) (mmbf): 639.6 Softwood Reserves (2)(7) (mtons): 302.4 Coal Metallurgical Reserves (7) (mmtons) 139.7 Thermal Reserves (7) (mmtons) 175.5 Oil & Gas Gas Reserves (7) (bcfe): 23.3 Alternative Energy Solar Capacity (mw): 9.0 Legend: mmbf = million board feet; mmtons = million tons; mtons = thousand tons; bcfe = billion cubic feet equivalent; mw = megawatts Footnotes:(1) Hardwood sawtimber volume 12” dbh and larger in mmbf. (2) Softwood reserve includes merchantable pine timber only (Age 15+ years). (3) Total hardwood harvest was comprised of 12.5 mmbf of sawtimber production and 2.1 mmbf pulpwood (4) Adjustments made from updated inventory (5) Softwood growth includes 15,688 tons on 196.1 acres changing from pre-merch to merchantable classification. (6) Hardwood reserves added from finalized acquisitions in WV, divestiture of 27.3 acres. (7) Reserves based upon appraisals conducted by independent consulting firms. The Co. leases office space for its Radnor, PA, Hurricane, WV and Summersville, WV operations. These noncancelable leases expire at various dates through July 2031. Rental payments may be adjusted for increases in property taxes and electricity rates. The Co. also has an agricultural license agreement for farmland in Kern Co., CA for the purpose of producing table grapes (exp 12/31/40) and noncancelable agricultural lease in Portugal ending 10/31/42.