What changed in this filing

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Item 4. Controls and Procedures

2025-05-14 compared with 2024-11-14 · 27 added, 30 removed, 6 unchanged (90% of the section changed)

Controls and Procedures .

Evaluation of disclosure controls and procedures .

The Royalty Trust has no employees, and, therefore, does not have a principal

executive officer or principal financial officer.

Accordingly, the Trustee is responsible for making the evaluations, assessments and

conclusions required pursuant to this Item 4.

The Trustee has evaluated the effectiveness of the Royalty Trust’s “disclosure

controls and procedures”

(as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered

by this Form 10-Q.

Based on this evaluation, the Trustee has concluded that the Royalty Trust’s disclosure controls and procedures

are effective as of the end of the period covered by this Form 10-Q.

to the nature of the Royalty Trust as a passive entity and in light of the contractual arrangements pursuant to which the Royalty Trust

was created, including the provisions of (i) the amended and restated royalty trust agreement and (ii) the master conveyance, the Royalty

Trust’s disclosure controls and procedures necessarily rely on (A) information provided by FCX or HOGA, including information relating

to results of operations, the costs and revenues attributable to the subject interests and other operating and historical data, plans

for future operating and capital expenditures, reserve information, information relating to projected production, and other information

relating to the status and results of operations of the subject interests and the overriding royalty interests, and (B) conclusions and

reports regarding reserves by the Royalty Trust’s independent reserve engineers.

Changes in internal control over financial reporting .

During the quarter ended September 30, 2024, there has been no change in

the Royalty Trust’s internal control over financial reporting that has materially affected, or is reasonably likely to materially

affect, the Royalty Trust’s internal control over financial reporting.

The Trustee notes for purposes of clarification that it

has no authority over, and makes no statement concerning, the internal control over financial reporting of FCX or HOGA.

(a) Evaluation of disclosure controls and procedures .

The Royalty Trust has no employees, and, therefore, does not have a principal executive officer or principal financial officer.

the Trustee is responsible for making the evaluations, assessments and conclusions required pursuant to this Item 4.

The Trustee has evaluated

the effectiveness of the Royalty Trust’s “disclosure controls and procedures”

(as defined in Rules 13a-15(e) and 15d-15(e)

under the Exchange Act) as of the end of the period covered by this Form 10-Q.

Based on this evaluation, the Trustee has concluded that

the Royalty Trust’s disclosure controls and procedures are effective as of the end of the period covered by this Form 10-Q.

Due to the nature of the Royalty Trust as a passive

entity and in light of the contractual arrangements pursuant to which the Royalty Trust was created, including the provisions of (i) the

Royalty Trust Agreement and (ii) the master conveyance, the Royalty Trust’s disclosure controls and procedures necessarily rely

on (A) information provided by FCX or HOGA, including information relating to results of operations, the costs and revenues attributable

to the subject interests and other operating and historical data, plans for future operating and capital expenditures, reserve information,

information relating to projected production, and other information relating to the status and results of operations of the subject interests

and the overriding royalty interests, and (B) conclusions and reports regarding reserves by the Royalty Trust’s independent reserve

(b) Changes in internal control over financial

During the quarter ended March 31, 2025, there has been no change in the Royalty Trust’s internal control over financial

reporting that has materially affected, or is reasonably likely to materially affect, the Royalty Trust’s internal control over

financial reporting.

The Trustee notes for purposes of clarification that it has no authority over, and makes no statement concerning,

the internal control over financial reporting of HOGA.

OTHER INFORMATION

Legal Proceedings .

are currently no pending legal proceedings to which the Royalty Trust is a party.

There are currently no pending legal proceedings to which the Royalty Trust

Risk Factors .

refer to Part I, Item 1A.

Please refer to Part I, Item 1A.

“Risk Factors”

in the 2024 Form 10-K.

Any of these factors could result in a significant or material

adverse effect on the Royalty Trust’s results of operations or financial condition.

There have been no material changes to the

Royalty Trust’s risk factors since the 2023 Form 10-K.

Any of these factors could result in a significant or material adverse effect on the Royalty Trust’s results

of operations or financial condition.

There have been no material changes to the Royalty Trust’s risk factors since the 2024 Form

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures