Investor Presentaiton

Positioned for Growth Through Acquisitions ✓ Acquisitions from Current Sponsors Existing Kimbell Sponsors' remaining assets have production and reserve characteristics similar to Kimbell's existing portfolio Ownership position in Kimbell incentivizes Kimbell's Sponsors to offer Kimbell the option to acquire additional mineral and royalty assets Consolidation of Private Mineral Companies ✓ ~$563 billion market with minimal amount in publicly traded mineral and royalty companies - Excludes value derived from Overriding Royalty Interests ✓ Highly fragmented private minerals market with significant capital invested by sponsor-backed mineral acquisition companies ✓ Lack of scale is proving difficult for sponsors to monetize investments via IPOs ✓ Kimbell is uniquely positioned to capitalize on private equity need for liquidity and value enhancement Sizing the Minerals Market Total Minerals Market Size(1): ~$563 billion Market Opportunity: 99% Total Public Company Enterprise Value(2): 1% Source: EIA and S&P Capital IQ. (1) Midpoint of market size estimate range. Based on production data from EIA and spot price as of 7/7/2021. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes NGL value and overriding royalty interests. 38 (2) Enterprise values of KRP, BSM, FLMN, MNRL and VNOM as of 7/27/2021. KIMBELL ROYALTY PARTNERS

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