<span item_type="fundamental" item_id="c5da4e2df4ddd0c9dc42055ec7972d71" counter_id="ST/US/SJT" env="prod"></span><span item_type="announcement" item_id="607067714699334657" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 5.076 M.</p><p></p><h4>Operational Decision</h4><p>San Juan Basin Royalty Trust did not declare a monthly cash distribution to its unit holders for January <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt_january_2026_8-k.htm"></span>.</p><h4>Financial Condition and Contributing Factors</h4><p>This decision was due to excess production costs for the Trust’s subject interests during prior periods and continued low natural gas pricing <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt_january_2026_8-k.htm"></span>.</p><h4>Excess Production Costs</h4><p>Cumulative excess production costs were approximately $7,511,080 gross, or $5,633,310 net to the Trust <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. This represents a decrease in the deficit of $927,456 gross, or $695,592 net to the Trust, from the previous month’s reporting period <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Revenue from Subject Interests (November 2025)</h4><p>Total revenue from the Subject Interests was $5,075,636 for November 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. This included $4,896,521 in gas revenues and $179,115 in oil revenues <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Production Costs from Subject Interests (November 2025)</h4><p>Production costs, excluding the balance of excess production costs, totaled $4,148,180 for November 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. This amount comprised $3,511,020 for lease operating expenses, $499,988 for severance taxes, and $137,172 for capital costs <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Trust Administrative Expenses</h4><p>Trust administrative expenses for the month totaled $91,798 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Other Financials</h4><p>Interest income for the month was $74 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. A draw of $89,175 from the Line of Credit was used to pay the balance of Trust administrative expenses, bringing the outstanding principal balance on the Line of Credit to $476,983 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. Cash reserves of $2,549 will be utilized in January 2026 to pay interest on the Line of Credit, resulting in a balance of cash reserves maintained by the Trust of $20,626 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Gas Volumes</h4><p>Gas volumes for the Subject Interests in November 2025 totaled 2,129,654 Mcf (2,537,395 MMBtu) <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. This compares to 2,297,504 Mcf (2,552,782 MMBtu) in October 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Average Gas Price</h4><p>The average gas price for November 2025 was $2.30 per Mcf ($2.07 per MMBtu) <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. This represents an increase of $0.07 per Mcf ($0.06 per MMBtu) from the October 2025 average price of $2.23 per Mcf ($2.01 per MMBtu) <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p><h4>Outlook / Guidance</h4><p>San Juan Basin Royalty Trust will not declare a cash distribution for January 2026 due to excess production costs and continued low natural gas pricing <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. Distributions will only resume after the balance of excess production costs is repaid, a $2,000,000 reserve is replenished, and the principal and interest on the Line of Credit are repaid <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>. The Trust is also conducting an ongoing comprehensive audit process of Hilcorp’s payments and compliance with operative Trust agreements <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt-ex99_1.htm"></span>.</p>

San Juan Basin Royalty Trust | 8-K: FY2025 Q4 Revenue: USD 5.076 M