SISECAM RESOURCES LP Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)

You should read the following management's discussion and analysis of financial
condition and results of operations in conjunction with the historical unaudited
condensed consolidated financial statements, and notes thereto, included
elsewhere in this Report.

Cautions Regarding Forward-Looking Statements

This Report contains, and our other public filings and oral and written
statements by us and our management may include statements that constitute
"forward-looking statements" within the meaning of the United States securities
laws. Forward-looking statements include the information concerning our possible
or assumed future results of operations, reserve estimates, business strategies,
financing plans, competitive position, potential growth opportunities, potential
operating performance, the effects of competition and the effects of future
legislation or regulations. Forward-looking statements include all statements
that are not historical facts and may be identified by the use of
forward-looking terminology such as the words "believe," "expect," "plan,"
"intend," "anticipate," "estimate," "predict," "forecast," "project,"
"potential," "continue," "may," "will," "could," "should" or the negative of
these terms or similar expressions. Examples of forward-looking statements
include, but are not limited to, statements concerning cash available for
distribution and future distributions, if any, and such distributions are
subject to the approval of the board of directors of our general partner and
will be based upon circumstances then existing. We have based our
forward-looking statements on management's beliefs and assumptions and on
information currently available to us.

Forward-looking statements involve risks, uncertainties and assumptions. You are
cautioned not to place undue reliance on any forward-looking statements. Actual
results may vary materially. You should also understand that it is not possible
to predict or identify all such factors and should not consider the following
list to be a complete statement of all potential risks and uncertainties.
Factors that could cause our actual results to differ materially from the
results contemplated by such forward-looking statements and, therefore, affect
our ability to distribute cash to unitholders, include:

•the market prices of caustic soda in the markets in which we sell;

•the volume of natural and synthetic sodium carbonate produced worldwide;

•domestic and international demand for soda ash in the flat glass, container
glass, detergent, chemical and paper industries in which our customers operate
or serve;

•the freight costs we pay to transport our soda ash to customers or various
delivery points and recent disruptions in the global supply chain and overall
port congestion;

•the cost of electricity and natural gas used to power our operations;

•the amount of royalties we are required to pay to our lessors and licensors and the term of our leases and licenses;

•political disruptions in the markets we or our customers serve, including any changes in trade barriers;

•our relationships with our customers and the ability of our sales agent to renew contracts on terms favorable to us;

•the solvency of our customers;

•a cybersecurity event;

•the impact of the war on the world economy, energy supplies and raw materials;

•the impact of rising inflation or higher interest rates on international and domestic economic conditions;

•the short and long term impact of the COVID-19 pandemic, including the impact
of mandated quarantines in the U.S. and abroad and other COVID-19 related
government orders pertaining to or otherwise affecting our employees, suppliers,
customers, supply chains and operations and the ultimate effectiveness of
vaccines and related programs on new variants of the virus;

• the impact of the CoC transaction and exit from ANSAC and our transition to using our global distribution network;

•regulatory action affecting the supply or demand for soda ash, our ability to extract ore from trona, our transportation logistics, our operating costs or our operating flexibility;

• new or changed laws, regulations, government policies and taxes or their interpretations; and

•prevailing WE and international economic conditions and exchange rates.

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•the outcome of the non-binding proposal made by Sisecam Chemicals to acquire all of our issued and outstanding common shares not already held by Sisecam Chemicals or its affiliates.

In addition, the actual amount of cash we will have available for distribution
will depend on other factors, some of which are beyond our control, including,
among other things:

•the level and timing of capital expenditures we make;

•the level of our operating, maintenance and general and administrative expenses, including reimbursements to our general partner for services provided to us;

•the cost of acquisitions, if any;

•our debt service requirements and other liabilities;

•fluctuations in our working capital requirements;

•our ability to borrow funds and access capital markets;

•restrictions on distributions contained in debt agreements to which Sisecam Wyoming is a party;

•the amount of cash reserves established by our general partner; and

•other business risks affecting our cash levels.

These factors should not be construed as exhaustive and we urge you to carefully
consider the risks described in this Report, our most recent Annual Report on
Form 10-K for the year ended December 31, 2021 filed with the SEC on March 15,
2022 (the "2021 Annual Report") and subsequent reports filed with the United
States Securities and Exchange Commission (the "SEC"). You may obtain these
reports from the SEC's website at www.sec.gov. All forward-looking statements
included in this Report are expressly qualified in their entirety by these
cautionary statements. Unless required by law, we undertake no obligation to
publicly update or review any forward-looking statement, whether as a result of
new information, future developments or otherwise.

References

References in this Quarterly Report on Form 10-Q ("Report") to the
"Partnership," "SIRE," "we," "our," "us," or like terms refer to Sisecam
Resources LP and its subsidiary, Sisecam Wyoming LLC, which is the consolidated
subsidiary of the Partnership and referred to herein as "Sisecam Wyoming."
Sisecam Chemicals Resources LLC ("Sisecam Chemicals") is 60% owned by Sisecam
Chemicals USA Inc. ("Sisecam USA") and 40% owned by Ciner Enterprises Inc.
("Ciner Enterprises"). References to "our general partner" or "Sisecam GP" refer
to Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP
and a direct wholly-owned subsidiary of Sisecam Chemicals Wyoming LLC ("SCW
LLC"), which is a direct wholly-owned subsidiary of Sisecam Chemicals. Sisecam
USA is a direct wholly-owned subsidiary of Türkiye ?i?e ve Cam Fabrikalari A.?,
a Turkish corporation ("?i?ecam Parent"), which is an approximately 51%-owned
subsidiary of Turkiye Is Bankasi Turkiye Is Bankasi ("Isbank"). ?i?ecam Parent
is a global company operating in soda ash, chromium chemicals, flat glass, auto
glass, glassware glass packaging and glass fiber sectors. ?i?ecam Parent was
founded in 1935, is based in Turkey and is one of the largest industrial
publicly-listed companies on the Istanbul exchange. With production facilities
in four continents and in 14 countries, Sisecam Parent is one of the largest
glass and chemicals producers in the world. Ciner Enterprises Inc. is a direct
wholly-owned subsidiary of WE Soda Ltd., a U.K. Corporation ("WE Soda"). WE Soda
is a direct wholly-owned subsidiary of KEW Soda Ltd., a U.K. corporation ("KEW
Soda"), which is a direct wholly-owned subsidiary of Akkan Enerji ve Madencilik
Anonim ?irketi ("Akkan"). Akkan is directly and wholly owned by Turgay Ciner,
the Chairman of the Ciner Group ("Ciner Group"), a Turkish conglomerate of
companies engaged in energy and mining (including soda ash mining), media and
shipping markets. All of our soda ash processed is sold to various domestic and
international customers.

Overview

We are a Delaware limited partnership formed by SCW LLC to own a 51.0%
membership interest in, and to operate the trona ore mining and soda ash
production business of Sisecam Wyoming. Sisecam Wyoming is currently one of the
world's largest producers of soda ash, serving a global market from its facility
in the Green River Basin of Wyoming. Our facility has been in operation for more
than 50 years.

PNR Trona LLCa wholly owned subsidiary of Natural Resource Partners LP (“NRP”) currently holds a 49.0% indirect interest in Sisecam Wyoming.

Recent Developments

Take Private Proposal

On July 6, 2022the board of directors of our general partner has received a non-binding letter of offer from Sisecam Chemicals to acquire all of our issued and outstanding common shares not already held by Sisecam Chemicals or its affiliates in exchange for $17.90 in

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cash per issued and outstanding publicly held common unit of the Partnership,
which represents the thirty day volume weighted average price per common unit,
as of July 5, 2022 (the "Proposal"). The board of directors of our general
partner has delegated authority to review, evaluate and negotiate the Proposal
to its conflicts committee. The conflicts committee continues to evaluate the
Proposal. The proposed transaction is subject to a number of contingencies,
including the approval of the conflicts committee of the board of directors of
our general partner, and the satisfaction of any conditions to the consummation
of a transaction set forth in any definitive agreement concerning the
transaction. There can be no assurance that such definitive documentation will
be executed or that any transaction will materialize on the terms described
above or at all.

Quarterly breakdown

Our general partner has considerable discretion in determining the amount of
available cash, the amount of distributions and the decision to make any
distribution. Although our partnership agreement requires that we distribute all
of our available cash quarterly, there is no guarantee that we will make
quarterly cash distributions to our unitholders, and we have no legal obligation
to do so.

In connection with the CoC Transaction, the new controlling ownership of our
general partner continues to refine the financial, liquidity, capital
expenditures and distribution strategy for the Partnership. The new controlling
ownership is committed to maintaining a disciplined financial policy with a
conservative capital structure that considers amongst other things current and
anticipated investments and economic uncertainties. On October 28, 2022, the
Partnership declared a cash distribution approved by the board of directors of
its general partner. The cash distribution for the third quarter of 2022 of
$0.50 per unit will be paid on November 17, 2022 to unitholders of record on
November 8, 2022. See Part I, Item 1, Financial Statements - Note 13,
"Subsequent Events", for more information

We intend to pay a sustainable quarterly distribution to unitholders of record
over time, to the extent we have sufficient cash from our operations after
establishment of cash reserves and payment of fees and expenses, including
payments to our general partner and its affiliates. There is no guarantee that
we will make quarterly cash distributions to our unitholders, however, and other
than as set forth in our partnership agreement, we do not have a legal
obligation to do so.

Factors Affecting Our Results of Operations

Soda ash supply and demand

Our net sales, earnings and cash flow from operations are primarily affected by
the global supply of, and demand for, soda ash, which, in turn, directly impacts
the prices that we and other producers charge for our products.

Historically, long-term demand for soda ash in the United States has been driven
in large part by general economic growth and activity levels in the end-markets
that the glass-making industry serves, such as the automotive and construction
industries. Long-term soda ash demand in international markets has grown in
conjunction with Gross Domestic Product. We expect that over the long-term,
future global economic growth will positively influence global demand, which
will likely result in increased exports, primarily from the United States,
Turkey and to a limited extent, from China, the largest suppliers of soda ash to
international markets. Supply chain disruptions we experienced, which impacted
the business in the recent past, have eased. Recent higher interest rates and
inflationary pressures may have an impact on certain near term customers' soda
ash demand

Sales Mix

We will adjust our sales mix based upon what is the best margin opportunity for
the business between domestic and international. Our operations have been and
continue to be sensitive to fluctuations in freight and shipping costs and
changes in international prices, which have historically been more volatile than
domestic prices. Our operating income will be impacted by the mix of domestic
and international sales as a result of changes in logistics costs and our
average selling prices.

International export capabilities

As previously disclosed, Sisecam Chemicals, an affiliate of the Partnership,
terminated its membership in ANSAC effective December 31, 2020. As of January 1,
2021, Sisecam Chemicals began managing the Partnership's export sales and
marketing efforts. In connection with the settlement agreement with ANSAC,
Sisecam Chemicals continued to sell, at substantially lower volumes, product to
ANSAC for export sales purposes in 2021 and the nine months ended September 30,
2022, with a fixed rate per ton selling, general and administrative expense. In
connection with the settlement agreement with ANSAC, there remains minor sales
commitments to ANSAC in 2022 where Sisecam Chemicals will continue to sell, at
substantially lower volumes than 2021, product to ANSAC for export sales
purposes, with a fixed rate per ton selling, general and administrative expense.
The ANSAC exit allowed Sisecam Chemicals to improve access to customers and gain
control over placement of its sales in the international marketplace beginning
in 2021. This enhanced view of the global market allows Sisecam Chemicals to
better understand supply/demand fundamentals thus allowing better decision
making for its business. Sisecam Chemicals continues to optimize its
distribution network leveraging strengths of existing distribution partners
while expanding as our business requires in certain target areas.

Although ANSAC has historically been our largest customer, the impact of Sisecam
Chemicals' exit from ANSAC on our net sales, net income and liquidity was
limited. With a low-cost position and improved access to international customers
and control over

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placement of its sales in the international market and logistics, we have adequately replaced these net sales made under the old agreement with ANSAC.

Energy costs

One of the primary impacts to our profitability is our energy costs. Because we
depend upon natural gas and electricity to power our trona ore mining and soda
ash processing operations, our net sales, earnings and cash flow from operations
are sensitive to changes in the prices we pay for these energy sources. Due to
the historic volatility of natural gas prices, we expect to continue to hedge a
portion of our forecasted natural gas purchases to mitigate volatility. The
Partnership has a natural gas-fired turbine co-generation facility that is
capable of providing roughly one-third of our electricity and steam demands at
our mine in the Green River Basin and that mitigates the Partnership's exposure
to volatile energy costs. In a normal production environment, the facility is
expected to provide us over 180.0 million kWh of electricity annually.

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How we rate our business

Operations productivity

Our soda ash production volume is primarily dependent on the following three
factors: (1) operating rate, (2) quality of our mined trona ore and (3) recovery
rates. Operating rate is a measure of utilization of the effective production
capacity of our facility and is determined in large part by productivity rates
and mechanical on-stream times, which is the percentage of actual run times over
the total time scheduled. We implement two planned outages of our mining and
surface operations each year, typically in the second and third quarters. During
these outages, which are scheduled to last approximately one week each, we
repair and replace equipment and parts. Periodically, we may experience minor
unplanned outages or unplanned extensions to planned outages caused by various
factors, including equipment failures, power outages or service interruptions.
The quality of our mine ore, which we refer to as our "ore grade," is determined
by measuring the trona ore recovered as a percentage of the deposit, which
includes both trona ore and insolubles. Plant recovery rates are generally
determined by calculating the soda ash produced divided by the sum of the soda
ash produced plus soda ash that is not recovered from the process. All of these
factors determine the amount of trona ore we require to produce one short ton of
soda ash and liquor, which we refer to as our "ore to ash ratio." Our ore to ash
ratio was 1.60:1.0 and 1.59:1.0 for the three and nine months ended
September 30, 2022, respectively, and 1.55:1.0 and 1.57:1.0 for the three and
nine months ended September 30, 2021, respectively.

Freight and Logistics

The soda ash industry is logistics intensive and involves careful management of
freight and logistics costs. These freight costs make up a large portion of the
total delivered cost to the customer. Delivery costs to most domestic customers
and ANSAC primarily relate to rail freight services. Some domestic customers may
elect to arrange their own freight and logistic services. Delivered costs to
non-ANSAC international customers primarily consists of both rail freight
services to the port of embarkation and the additional ocean freight to the port
of disembarkation.

Sisecam Chemicals enters into contracts with one railroad company for the
majority of the domestic rail freight services that the Partnership receives and
the related freight and logistics costs are allocated to the Partnership. For
the nine months ended September 30, 2022 and 2021, the Partnership shipped over
90% of our soda ash to our customers initially via a single rail line owned and
controlled by the railroad company. This rail company is currently in
negotiations with rail labor unions and there is no guarantee that an agreement
will be reached or reached without impacting services and the Partnership's
ability to move product. The Partnership's plant receives rail service
exclusively from the railroad company and shipments by rail accounted for over
50% and over 70% of our total freight costs for three months ended September 30,
2022 and 2021, respectively, and over 50% and over 70% of our total freight
costs for nine months ended September 30, 2022 and 2021, respectively. The
decrease in the percentage of freight that is related to the railroad company is
due primarily to the increased ocean freight in the nine months ended September
30, 2022 of direct international sales and their respective delivery locations.

If Sisecam Chemicals does not ship at least a significant portion of our soda
ash production on the railroad company's rail line during a twelve-month period,
it must pay the railroad company a shortfall payment under the terms of our
transportation agreement. The Partnership assists the majority of its domestic
customers in arranging their freight services. During 2021 and the nine months
ended September 30, 2022, Sisecam Chemicals had no shortfall payments and does
not expect to make any such payments in the future. Sisecam Chemicals renewed
its agreement with the railroad company in October 2021, which expires on
December 31, 2025.

Net sales

Net sales include the amounts we earn on sales of soda ash. We recognize revenue
from our sales when we satisfy the performance obligation defined in the
contract with the customer. The performance obligation is typically met when
goods are delivered to the carrier for shipment, which is the point at which the
customer has the ability to direct the use of and obtain substantially all
remaining benefits from the asset. The time at which delivery and transfer of
title occurs is the point when the product leaves our facilities for domestic
customers, the point when the product reaches the port of loading for ANSAC
sales, and the point when the product is placed on a vessel for other
international customers, thereby rendering our performance obligation fulfilled.
Substantially all of our sales are derived from sales of soda ash, which we sell
through our exclusive sales agent, Sisecam Chemicals. A small amount of our
sales is derived from sales of production purge, which is a by-product liquor
solution containing soda ash that is produced during the processing of trona
ore. For the purposes of our discussion below, we include these transactions in
domestic sales of soda ash and in the volume of domestic soda ash sold.

Sales prices for international sales may include the cost of rail freight to the
port of embarkation and the cost of ocean freight to the port of disembarkation
for import by the customer.

Cost of goods sold

Expenses relating to employee compensation, energy, including natural gas and
electricity, royalties and maintenance materials constitute the greatest
components of cost of products sold. These costs generally increase in line with
increases in sales volume.

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Energy. A major item in our cost of products sold is energy, comprised primarily
of natural gas and electricity. We primarily use natural gas to fuel our
above-ground processing operations, including the heating of calciners, and we
use electricity to power our underground mining operations, including our
continuous mining machines, or continuous miners, and shuttle cars. The monthly
Northwest Pipeline Rocky Mountain Index natural gas settlement prices, over the
past five years, have ranged between $1.29 and $8.80. The average monthly
Northwest Pipeline Rocky Mountain Index natural gas settlement prices for the
three months ended September 30, 2022 and 2021 were $7.79 and $3.97 MMBtu,
respectively and for the nine months ended September 30, 2022 and 2021 were
$6.75 and $3.23 MMBtu, respectively. The Partnership has a natural gas-fired
turbine co-generation facility that provides roughly one-third of our
electricity and steam demands at our mine in the Green River Basin. In order to
mitigate the risk of gas price fluctuations, the Partnership expects to continue
to hedge a portion of its forecasted natural gas purchases by entering into
physical or financial gas hedges generally ranging between 20% and 80% of our
expected monthly gas requirements, on a sliding scale, for approximately the
next three years.

Compensation of employees. See Part I, Item 1. Financial Statements – Note 6, “Employee Compensation” for information on the various employee benefit plans offered and administered by Sisecam Chemicals.

Royalties. The Partnership pays royalties to the State of Wyoming, the U.S.
Bureau of Land Management and Sweetwater Royalties LLC. The royalties are
calculated based upon a percentage of the value of soda ash and related products
sold at a certain stage in the mining process. These royalty payments may be
subject to a minimum domestic production volume from our Green River Basin
facility. We are also obligated to pay annual rentals to our lessors and
licensor regardless of actual sales. In addition, we pay a production tax to
Sweetwater County, and trona severance tax to the State of Wyoming that is
calculated based on a formula that utilizes the volume of trona ore mined and
the value of the soda ash produced.

The royalty rates we pay to our lessors and licensor may change upon our renewal
or renegotiation of such leases and license. On June 28, 2018, Sisecam Wyoming
amended its License Agreement, dated July 18, 1961 (the "License Agreement"),
with a predecessor in interest to Sweetwater Royalties LLC, to, among other
things, (i) extend the term of the License Agreement to July 18, 2061 and for so
long thereafter as Sisecam Wyoming continuously conducts operations to mine and
remove sodium minerals from the licensed premises in commercial quantities; and
(ii) set the production royalty rate for each sale of sodium mineral products
produced from ore extracted from the licensed premises at eight percent (8%) of
the net sales of such sodium mineral products. Any increase in the royalty rates
we are required to pay to our lessors and licensor, or any failure by us to
renew any of our leases and license, could have a material adverse impact on our
results of operations, financial condition or liquidity, and, therefore, may
affect our ability to distribute cash to unitholders. On December 11, 2020, the
Secretary of the Interior authorized an industry-wide royalty reduction from
currently set rates by establishing a 2% federal royalty rate for a period of
ten years for all existing and future federal soda ash or sodium bicarbonate
leases. This change by the Secretary of the Interior reduced the rates on our
mineral leases with the U.S. Government from 6% to 2% as of January 1, 2021 and
for the following ten years. Our estimated proven and probable trona reserve
includes a significant amount from leases with the U.S. Government. See the
sections entitled "Leases and License" and "Trona Resources and Trona Reserves"
set forth under Item 1. Business in our 2021 Annual Report for additional
information on leases.

Selling, general and administrative expenses

Selling, general and administrative expenses incurred by our affiliates on our
behalf are allocated to us based on the time the employees of those companies
spend on our business and the actual direct costs they incur on our behalf. The
Partnership has a Services Agreement (the "Services Agreement"), with our
general partner and Sisecam Chemicals. Pursuant to the Services Agreement,
Sisecam Chemicals has agreed to provide the Partnership with certain corporate,
selling, marketing, and general and administrative services, in return for which
the Partnership has agreed to pay Sisecam Chemicals an annual management fee,
subject to quarterly adjustments, and reimburse Sisecam Chemicals for certain
third-party costs incurred in connection with providing such services. In
addition, under the agreement governing Sisecam Wyoming, Sisecam Wyoming
reimburses us for employees who operate our assets and for support provided to
Sisecam Wyoming.

Effective as of the end of day on December 31, 2020, Sisecam Chemicals exited
ANSAC. As of January 1, 2021, Sisecam Chemicals began managing the Partnership's
sales and marketing efforts for exports. In connection with the settlement
agreement with ANSAC, Sisecam Chemicals continued to sell, at substantially
lower volumes, product to ANSAC for export sales purposes in 2021 and the nine
months ended September 30, 2022, with a fixed rate per ton selling, general and
administrative expense. In connection with the settlement agreement with ANSAC,
there remains minor sales commitments to ANSAC in 2022 where Sisecam Chemicals
will continue to sell, at substantially lower volumes than 2021, product to
ANSAC for export sales purposes, with a fixed rate per ton selling, general and
administrative expense. Through in part the Partnership's affiliates, the
Partnership has amongst other things: (i) obtained its own international
customer sales arrangements, (ii) obtained third-party export port services, and
(iii) chartered and executed its own international product delivery.

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Third Quarter 2022 Financial Highlights:


•Net sales of $190.5 million increased 40.5% from the prior-year third quarter;
year-to-date net sales of $543.0 million increased 41.4% over the prior year for
the same period. This increase in net sales in the current quarter from the
prior year third quarter is primarily attributable to a sales price increase of
42.6% even though the sales volume slightly decreased by 1.5% for the three
months ended September 30, 2022 compared to the three months ended September 30,
2021. The increase for the nine months ended September 30, 2022 from the nine
months ended September 30, 2021, primarily driven by an increase in the average
sales price by 44.3% due to both international and domestic higher demand. The
higher sales prices were due to strong demand in the domestic and international
markets.

•Soda ash volume produced decreased 4.6% from the prior-year third quarter, and
soda ash volume sold decreased 1.5% from the prior-year third quarter;
year-to-date soda ash volume produced increased 0.4% from the prior-year, and
soda ash volume sold decreased 2.0% from the prior-year for the same period.

•Net income of $31.1 million increased $15.7 million from the prior-year third
quarter; year-to-date net income of $94.1 million increased $66.3 million over
the prior year for the same period. The increases are primarily due to higher
average sales price partly offset by inflationary impact on operating costs.

•Adjusted EBITDA of $40.6 million increased 68.5% from the prior-year third
quarter; year-to-date Adjusted EBITDA of $120.1 million increased 114.1% over
the prior year for the same period. This increase is primarily attributable to
the operating income increase.

•Basic earnings per unit of $0.76 for the quarter increased 111.1% over the
prior-year third quarter of $0.36; year-to-date basic earnings per unit of $2.30
increased 265.1% over the prior year for the same period.

•Net cash provided by operating activities of $49.3 million increased $39.4
million over prior-year third quarter; year-to-date net cash provided by
operating activities of $81.7 million increased $53.4 million over the prior
year in the same period.

•Distributable cash flow of $16.8 million increased 104.9% compared to the
prior-year third quarter; year-to-date distributable cash flow of $48.1 million
increased 204.4% over the prior year for the same period.


















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Operating results

A discussion and analysis of the factors contributing to our results of
operations is presented below for the periods and as of the dates indicated. The
financial statements, together with the following information, are intended to
provide investors with a reasonable basis for assessing our historical
operations, but should not serve as the only criteria for predicting our future
performance.

The following table presents our results of operations for the three and nine months ended September 30, 2022 and 2021:

                                                        Three Months Ended September 30,             Nine Months Ended September 30,
(In millions, except for operating and other data
section)                                                     2022                  2021                  2022                  2021

Net sales                                             $        190.5           $   135.6          $        543.0           $   384.1
Operating costs and expenses:
Cost of products sold including freight costs
(excludes depreciation, depletion and amortization
expense set forth separately below)                            138.6               104.0                   391.4               307.5
Cost of products sold - affiliates                               4.7                 0.8                    10.9                 3.0
Depreciation, depletion and amortization expense                 7.8                 7.4                    21.5                23.8
Selling, general and administrative
expenses-affiliates                                              5.2                 5.2                    14.7                13.0
Selling, general and administrative expenses-others              1.4                 1.5                     6.2                 4.9

Total operating costs and expenses                             157.7               118.9                   444.7               352.2
Operating income                                                32.8                16.7                    98.3                31.9

Interest expense                                                (1.7)               (1.3)                   (4.2)               (4.1)

Total other expense, net                                        (1.7)               (1.3)                   (4.2)               (4.1)
Net income                                                      31.1                15.4                    94.1                27.8
Net income attributable to noncontrolling interest              15.7                 8.0                    47.6                15.1

Net income attributable to Sisecam Resources LP $15.4

    $     7.4          $         46.5           $    12.7

Operating and Other Data:
Trona ore consumed (thousands of short tons)                     1,099.2            1,115.0                  3,232.5            3,180.4
Ore to ash ratio(1)                                             1.60:1.0           1.55:1.0                 1.59:1.0           1.57:1.0
Ore grade(2)                                                    86.6   %            87.3  %                 86.7   %            86.0  %
Soda ash volume produced (thousands of short tons)                 685.9              719.2                  2,032.2            2,023.9
Soda ash volume sold (thousands of short tons)                     690.1              700.5                  2,028.9            2,070.6
Adjusted EBITDA(3)                                    $         40.6           $    24.1          $        120.1           $    56.1




(1)Ore to ash ratio expresses the number of short tons of trona ore needed to
produce one short ton of soda ash and liquor and includes our deca rehydration
recovery process. In general, a lower ore to ash ratio results in lower costs
and improved efficiency.
(2)Ore grade is the percentage of raw trona ore that is recoverable as soda ash
free of impurities.  A higher ore grade will produce more soda ash than a lower
ore grade.
(3)For a discussion of the non-GAAP financial measure Adjusted EBITDA, please
read "Non-GAAP Financial Measures" of this Management's Discussion and Analysis.
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Analysis of operating results

The following table provides a summary of net sales, sales volumes and average selling price, as well as the percentage change between periods.

                                      Three Months Ended September         Nine Months Ended September 30,                Percent Increase/(Decrease)
                                                   30,
(Dollars in millions, except for         2022               2021               2022               2021                      QTD                       YTD
average sales price data)

Net sales:
Domestic                             $    80.4           $   71.1          $   228.9           $  207.9                            13.1  %              10.1  %
International                            110.1               64.5              314.1              176.2                            70.7  %              78.3  %
Total net sales                      $   190.5           $  135.6          $   543.0           $  384.1                            40.5  %              41.4  %
Sales volumes (thousands of short
tons):
Domestic                                 354.0              336.7            1,012.0              981.6                             5.1  %               3.1  %
International                            336.1              363.8            1,016.9            1,089.0                            (7.6) %              (6.6) %
Total soda ash volume sold               690.1              700.5            2,028.9            2,070.6                            (1.5) %              (2.0) %
Average sales price (per short ton)
(1)
Domestic                             $  227.11           $ 211.17          $  226.19           $ 211.80                             7.5  %               6.8  %
International                        $  327.55           $ 177.30          $  308.88           $ 161.80                            84.7  %              90.9  %
Average                              $  276.04           $ 193.58          $  267.63           $ 185.50                            42.6  %              44.3  %
Percent of net sales:
Domestic net sales                        42.2   %           52.4  %            42.2   %           54.1  %                        (19.5) %             (22.0) %
International net sales                   57.8   %           47.6  %            57.8   %           45.9  %                         21.4  %              25.9  %
Total percent of net sales               100.0   %          100.0  %           100.0   %          100.0  %
Percent of sales volumes:
Domestic volume                           51.3   %           48.1  %            49.9   %           47.4  %                          6.7  %               5.3  %
International volume                      48.7   %           51.9  %            50.1   %           52.6  %                         (6.2) %              (4.8) %
Total percent of volume sold             100.0   %          100.0  %        

100.0% 100.0%

(1) The average selling price per short ton corresponds to net sales divided by volumes sold.

Three months completed September 30, 2022 compared to the three months ended September 30, 2021

Consolidated Results

Net sales. Net sales increased by 40.5% to $190.5 million for the three months
ended September 30, 2022 from $135.6 million for the three months ended
September 30, 2021, primarily driven by an increase in international average
sales price of 84.7% because the prices are generally negotiated on a quarterly
basis with improving supply and demand fundamentals recognized for soda ash in
the global market and particularly in Asia. Domestic average price also
increased by 7.5% due to customer mix while also factoring in the overall annual
market price increase as the market has experienced fundamental improvements.
The higher sales prices were due to strong demand in the domestic and
international markets. See "How We Evaluate Our Business - Net Sales" section
for further information.

Cost of products sold, including depreciation, depletion and amortization
expense, freight costs and affiliates. Cost of products sold, including
depreciation, depletion and amortization expense, freight costs and affiliates
increased by 34.7% to $151.1million for the three months ended September 30,
2022 from $112.2 million for the three months ended September 30, 2021, which
was primarily due to increases in freight cost, more specifically due to
significant ocean freight cost increases impacted by recent global supply chain
constraints as well as price increases in fuel.

Selling, general and administrative expenses.  Our selling, general and
administrative expenses decreased 1.5% to $6.6 million for the three months
ended September 30, 2022, compared to $6.7 million for the three months ended
September 30, 2021. The decrease was primarily due to the decline in sales
volume to ANSAC and therefore lower related charge per ton (See "How We Evaluate
our Business - Selling, General and Administrative Expenses") which was mostly
offset by loss on disposal of assets for the three months ended September 30,
2022, compared to three months ended September 30, 2021.

Operating income. As a result of the foregoing, operating income increased by
approximately 96.4% to $32.8 million for the three months ended September 30,
2021, from $16.7 million operating income for the three months ended September
30, 2021. The increase was primarily due to higher net sales resulting from
higher average sales price.

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Net revenue. As a result of the above, net profit increased by approximately 101.9% for $31.1 million for the three months ended September 30, 2022of
$15.4 million for the three months ended September 30, 2021

Nine month period ended September 30, 2022 compared to the nine months ended September 30, 2021

Consolidated Results

Net sales. Net sales increased by 41.4% to $543.0 million for the nine months
ended September 30, 2022 from $384.1 million for the nine months ended September
30, 2021, primarily driven by an increase in the average sales price by 44.3%
due to both international and domestic higher demand. Additionally, the sales
volume in the nine months ended September 30, 2021, includes significant
international sales volumes in the first quarter of 2021 associated with the
initial impact of direct sales to international customers subsequent to the
Partnership's December 31,2020 ANSAC exit. See How "We Evaluate Our Business -
Net Sales" section for further information.

Cost of products sold, including depreciation, depletion and amortization
expense, freight costs and affiliates. Cost of products sold, including
depreciation, depletion and amortization expense, freight costs and affiliates,
increased by 26.8% to $423.8 million for the nine months ended September 30,
2022 from $334.3 million for the nine months ended September 30, 2021, which was
primarily due to inflationary costs including increased ocean freight costs and
energy costs.

Selling, general and administrative expenses.  Our selling, general and
administrative expenses increased by 16.8% to $20.9 million for the nine months
ended September 30, 2022, compared to $17.9 million for the nine months ended
September 30, 2021. The increase was primarily due to loss on disposal of assets
partly offset by the decline in sales volume to ANSAC and therefore lower
related charge per ton (See " How We Evaluate our Business - Selling, General
and Administrative Expenses") for the nine months ended September 30, 2022,
compared to nine months ended September 30, 2021.

Operating income. As a result of the foregoing, operating income increased by
208.2% to $98.3 million for the nine months ended September 30, 2022 from $31.9
million for the nine months ended September 30, 2021. During the nine months
ended September 30, 2022, sales price has increased significantly due to the
strong demand in the international and domestic markets.

Net income. As a result of the foregoing, net income increased by 238.5% to
$94.1 million for the nine months ended September 30, 2022, from $27.8 million
for the nine months ended September 30, 2021. During the nine months ended
September 30, 2022, sales price has increased significantly due to the strong
demand in the international and domestic markets.

Cash and capital resources

Sources of liquidity include cash generated from operations and borrowings under
credit facilities and capital calls from partners. We use cash and require
liquidity primarily to finance and maintain our operations, fund capital
expenditures for our property, plant and equipment, make cash distributions to
holders of our partnership interests, pay the expenses of our general partner
and satisfy obligations arising from our indebtedness. Our ability to meet these
liquidity requirements will depend primarily on our ability to generate cash
flow from operations.

Our sources of liquidity include:

• the cash generated by our operations for which we had liquidity of $14.9 million at September 30, 2022; and

•approximately $130.0 million ($225.0 million, less $95.0 million outstanding),
was available for borrowing and undrawn under the Sisecam Wyoming Credit
Facility (as defined herein) as of September 30, 2022 (during the nine months
ended September 30, 2022, we made repayments on the Sisecam Wyoming Credit
Facility of $100.5 million, offset by borrowings of $125.5 million).

We continue to analyze all aspects of our spending in order to maintain
liquidity at levels we believe are necessary in order to satisfy cash
requirements over the next twelve months and beyond. We are closely reviewing
maintenance capital expenditures at our Wyoming facility to adequately maintain
the physical assets. In addition, we are subject to business and operational
risks that could adversely affect our cash flow, access to borrowings under the
Sisecam Wyoming Credit Facility, and ability to make monthly installment
payments under the Sisecam Wyoming Equipment Financing Arrangement. Our ability
to satisfy debt service obligations, to fund planned capital expenditures, to
make acquisitions and to make distributions will depend upon our future
operating performance, which, in turn, will be affected by prevailing economic
conditions, our business and other factors, some of which are beyond our
control.

We expect our ongoing working capital and capital expenditures to be funded by
cash generated from operations and borrowings under the Sisecam Wyoming Credit
Facility. The amount, timing and classification of any such capital expenditures
could affect the amount of cash that is available to be distributed to our
unitholders.

We intend to pay a quarterly distribution to unitholders of record, to the
extent we have sufficient cash from our operations after establishment of cash
reserves, funding of any acquisitions and expansion capital expenditures, paying
debt obligations and payment

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fees and expenses, including payments to our general partner and its affiliates. See Part I, Point 2, Overview, “Recent Developments”, for more information.

Working capital requirements

Working capital is the amount by which current assets exceed current
liabilities. Our working capital requirements have been, and will continue to
be, primarily driven by changes in accounts receivable and accounts payable,
which generally fluctuate with changes in volumes, contract terms and market
prices of soda ash in the normal course of our business. Other factors impacting
changes in accounts receivable and accounts payable could include the timing of
collections from customers and payments to suppliers and supplier cost
inflation, as well as the level of spending for maintenance and growth capital
expenditures. A material adverse change in operations or available financing
under the Sisecam Wyoming Credit Facility could impact our ability to fund our
requirements for liquidity and capital resources. Historically, we have not made
working capital borrowings to finance our operations. As of September 30, 2022,
we had a working capital balance of $185.8 million as compared to a working
capital balance of $134.2 million as of December 31, 2021. The primary driver
for the increase in our working capital balance was due to a higher accounts
receivable balance as of September 30, 2022 and as of December 31, 2021,
primarily as a result of 78.3% higher international net sales in the nine months
ended September 30, 2022 compared to the nine months ended September 30, 2021.

Regulatory updates on financial assurance by the Wyoming Department of Environmental Quality

Our operations are subject to oversight by the Land Quality Division of Wyoming
Department of Environmental Quality ("WDEQ"). Our principal mine permit issued
by the Land Quality Division, requires the Partnership to provide financial
assurances for our reclamation obligations for the estimated future cost to
reclaim the area of our processing facility, surface pond complex and on-site
sanitary landfill. The Partnership provides such assurances through a
third-party surety bond (the "Surety Bond"). According to the annual
recalculation and submittal, the Surety Bond amount was $41.8 million at
September 30, 2022 and December 31, 2021. The amount of such assurances that we
are required to provide is subject to change upon annual recalculation according
to Department of Environmental Quality's Guideline 12, annual site inspection
and subsequent evaluation/approval by the WDEQ's Land Quality Division.

For a discussion of risks in connection with future legislation relating to such
financial assurances that could affect our business, financial condition and
liquidity, see Part I, Item 1A, "Risk Factors - Risks Inherent in our Business
and Industry - Our inability to acquire, maintain or renew financial assurances
related to the reclamation and restoration of mining property could have a
material adverse effect on our business, financial condition and results of
operations." in our 2021 Annual Report.

Capital expenditure

Our operations require investments to expand, upgrade or enhance existing
operations and to meet evolving environmental and safety regulations. We
distinguish between maintenance and expansion capital expenditures. Maintenance
capital expenditures (including expenditures for the replacement, improvement or
expansion of existing capital assets) are made to maintain, over the long-term,
our operating income or operating capacity. Examples of maintenance capital
expenditures are expenditures to upgrade and replace mining equipment and to
address equipment integrity, safety and environmental laws and regulations. Our
maintenance capital expenditures do not include actual or estimated capital
expenditures for replacement of our trona reserves. Expansion capital
expenditures are incurred for acquisitions or capital improvements made to
increase, over the long-term, our operating income or operating capacity.
Examples of expansion capital expenditures include the acquisition and/or
construction of complementary assets to grow our business and to expand existing
facilities, such as projects that increase production from existing facilities
or reduce costs, to the extent such capital expenditures are expected to
increase our long-term operating capacity or operating income.

The table below summarizes our capital expenditures on an accrual basis:

                                               Three Months Ended September 30,               Nine Months Ended September 30,
(In millions)                                      2022                   2021                   2022                   2021
Capital Expenditures:
Maintenance                                $             4.3          $      4.8          $           18.6          $     20.8
Expansion                                                0.1                 0.1                       0.2                 0.6
Total                                      $             4.4          $      4.9          $           18.8          $     21.4


In connection with the acquisition by Sisecam Chemicals USA Inc. ("Sisecam USA")
of 60% of Sisecam Chemicals Resources LLC, Sisecam USA, the new controlling
owner, is evaluating all the expansion plans for the Partnership. As we evaluate
investment opportunities, we intend to maintain our disciplined financial policy
with a conservative capital structure.

Impact of inflation

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The impact of inflation has become significant in recent months and in the U.S.
economy and may increase our cost to acquire or replace properties, plant and
equipment. Inflation may also increase our costs of labor and supplies. To the
extent permitted by competition, regulation and existing agreements, we pass
along increased costs to our customers in the form of higher selling prices, and
we expect to continue this practice. While we continue to navigate through an
inflationary cost environment, we remain confident in the initiatives we are
taking to enhance the sales pricing structures, manage the cost efficiencies and
secure critical supplies.

Cash flow discussion

The following is a summary of cash provided by or used in each of the indicated
types of activities:

                                                       Nine Months Ended September 30,
(In millions)                                             2022                    2021               Percent Increase/(Decrease)
Cash provided by (used in):
Operating activities                              $            81.7          $       28.3                                  188.7  %
Investing activities                              $           (20.2)         $      (20.7)                                  (2.4) %
Financing activities                              $           (49.3)         $       (5.1)                                 866.7  %



Operating Activities

Our operating activities during the nine months ended September 30, 2022
provided cash of $81.7 million, an increase of 188.7% from the $28.3 million
cash provided during the nine months ended September 30, 2021, primarily as a
result of the following:

•an increase of 238.5% thanks to the net result of $94.1 million in the nine months ended September 30, 2022compared to $27.8 million for the period of the previous year; and

•a partial offset by $13.9 million more cash used in working capital during the
nine months ended September 30, 2022, compared to the nine months ended
September 30, 2021. The increase of the cash used in working capital period over
period was primarily due to a higher accounts receivable balance at
September 30, 2022, primarily due to higher international sales during nine
months ended September 30, 2022, as compared to the nine months ended September
30, 2021.

Investing Activities

We used cash flows of $20.2 million in investing activities during the nine
months ended September 30, 2022, compared to $20.7 million used during the nine
months ended September 30, 2021, for capital projects as described in "Capital
Expenditures" above.

Financing Activities

Cash used in financing activities of $49.3 million during the nine months ended
September 30, 2022, increased as compared to $5.1 million of cash used in
financing activities in the prior-year same period, largely due to larger
distributions to common unitholders, general partner and noncontrolling interest
during the nine months ended September 30, 2022, compared to the nine months
ended September 30, 2021.

Borrowings under the Sisecam Wyoming Credit Facility were at variable interest
rates.

                                                             As of and for the three months ended
(Dollars in millions)                                                 September 30, 2022
Short-term borrowings from banks:
Outstanding amount at period end                           $                            95.0
Weighted average interest rate at period end(1)                                         3.79      %
Average daily amount outstanding for the period            $                           121.4
Weighted average daily interest rate for the period(1)                                  3.44      %
Maximum month-end amount outstanding during the period     $                           150.5




(1) Weighted average interest rates set forth in the table above include the
impacts of our interest rate swap contracts designated as cash flow hedges. As
of September 30, 2022, the interest rate swap contracts had an aggregate
notional value of $25.0 million.

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Debt

See Part I, Item 1, Financial Statements – Note 4, “Debt” for more information regarding the Partnership’s obligations and related disclosures.

Material cash needs

During the nine months ended September 30, 2022, there were no material changes
with respect to the material cash requirements disclosed under the Section
"Material Cash Requirements" in our 2021 Annual Report other than as described
below.

-In nine months completed September 30, 2022the Partnership has extended its gas transmission contract until 2031 with minimum annual requirements ranging from $1.5 million at $2.8 million over the duration of the contract.

-Within nine months completed September 30, 2022the Partnership has executed ocean freight contracts with minimum annual commitments of $20.4 million and
$6.8 million in 2023 and 2024, respectively.

Significant Accounting Policies and Estimates

During the three months ended September 30, 2022, there were no material changes
with respect to the critical accounting policies and estimates disclosed in our
2021 Annual Report.

Recently issued accounting standards

There are no accounting standards issued but not yet effective that have a material impact on the Partnership.

Non-GAAP Financial Measures

We report our financial results in accordance with generally accepted accounting
principles in the United States ("GAAP"). We also present the non-GAAP financial
measures of:

•Adjusted EBITDA;

• Distributable cash; and

•Distribution coverage rate.

We define Adjusted EBITDA as net income (loss) plus net interest expense, income
tax, depreciation, depletion and amortization, equity-based compensation expense
and certain other expenses that are non-cash charges or that we consider not to
be indicative of ongoing operations. Distributable cash flow is defined as
Adjusted EBITDA less net cash paid for interest, maintenance capital
expenditures and income taxes, each as attributable to Sisecam Resources LP. The
Partnership may fund expansion-related capital expenditures with borrowings
under existing credit facilities such that expansion-related capital
expenditures will have no impact on cash on hand or the calculation of cash
available for distribution.  In certain instances, the timing of the
Partnership's borrowings and/or its cash management practices will result in a
mismatch between the period of the borrowing and the period of the capital
expenditure.  In those instances, the Partnership adjusts designated reserves
(as provided in the partnership agreement) to take account of the timing
difference. Accordingly, expansion-related capital expenditures have been
excluded from the presentation of cash available for distribution. Distributable
cash flow will not reflect changes in working capital balances. We define
distribution coverage ratio as the ratio of distributable cash flow as of the
end of the period to cash distributions payable with respect to such period.

Adjusted EBITDA is a non-GAAP supplemental financial measure that management and
external users of our consolidated financial statements, such as industry
analysts, investors, lenders and rating agencies, may use to assess the
Partnership's operating performance and liquidity. Adjusted EBITDA may provide
an operating performance comparison to other publicly traded partnerships in our
industry, without regard to historical cost basis or financing methods. Adjusted
EBITDA may also be used to assess the Partnership's liquidity including such
things as the ability of our assets to generate sufficient cash flows to make
distributions to our unitholders and our ability to incur and service debt and
fund capital expenditures.

Distributable cash flow and distribution coverage ratio are supplemental non-GAAP financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies rating, may use to assess the liquidity of the Partnership, including:

•the ability of our assets to generate sufficient cash flow to make distributions to our unitholders; and

•our ability to incur and service debt and finance capital expenditures.

We believe that the presentation of Adjusted EBITDA provides useful information
to our investors in assessing our financial conditions, results of operations
and liquidity. Distributable cash flow and distribution coverage ratio provide
useful information to

                                       37
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investors in assessing our liquidity. The GAAP measures most directly comparable
to Adjusted EBITDA is net income and net cash provided by operating activities.
The GAAP measure most directly comparable to distributable cash flow and
distribution coverage ratio is net cash provided by operating activities. Our
non-GAAP financial measures of Adjusted EBITDA, distributable cash flow and
distribution coverage ratio should not be considered as alternatives to GAAP net
income, operating income, net cash provided by operating activities, or any
other measure of financial performance or liquidity presented in accordance with
GAAP. Adjusted EBITDA and distributable cash flow have important limitations as
analytical tools because they exclude some, but not all items that affect net
income and net cash provided by operating activities. Investors should not
consider Adjusted EBITDA, distributable cash flow and distribution coverage
ratio in isolation or as a substitute for analysis of our results as reported
under GAAP. Because Adjusted EBITDA, distributable cash flow and distribution
coverage ratio may be defined differently by other companies, including those in
our industry, our definition of Adjusted EBITDA, distributable cash flow and
distribution coverage ratio may not be comparable to similarly titled measures
of other companies, thereby diminishing its utility.

The table below presents a reconciliation of the GAAP financial measures of net
income and net cash provided by operating activities to the non-GAAP financial
measures of Adjusted EBITDA and distributable cash flow:


                                                             Three Months Ended            Nine Months Ended September
                                                                September 30,                          30,
(In millions, except per unit data)                         2022             2021             2022             2021

Reconciliation of net income to Adjusted EBITDA attributable to Sisecam Resources LP: Net revenue

                                               $   31.1          $ 15.4          $   94.1          $ 27.8
Add backs:
Depreciation, depletion and amortization expense              7.8             7.4              21.5            23.8
Interest expense, net                                         1.7             1.3               4.2             4.1
Equity-based compensation expense, net of forfeitures           -               -               0.3             0.4
Adjusted EBITDA                                              40.6            24.1             120.1            56.1

Less: Adjusted EBITDA attributable to non-controlling interests

                                                     20.3            12.1              59.9            28.4

Adjusted EBITDA attributable to Sisecam Resources LP $20.3 $12.0 $60.2 $27.7

Reconciliation of net cash from operating activities to Adjusted EBITDA and distributable cash flow attributable to
Sisecam Resources LP:
Net cash provided by operating activities                $   49.3          $  9.9          $   81.7          $ 28.3
Add/(less):
Amortization of long-term loan financing                     (0.1)           (0.1)             (0.3)           (0.4)
Net change in working capital                                (8.5)           13.1              38.3            24.4
Interest expense, net                                         1.7             1.3               4.2             4.1

Other non-monetary items and loss on disposal of assets, net (1.8)

  (0.1)             (3.8)           (0.3)
Adjusted EBITDA                                              40.6            24.1             120.1            56.1

Less: Adjusted EBITDA attributable to non-controlling interests

                                                     20.3            12.1              59.9            28.4

Adjusted EBITDA attributable to Sisecam Resources LP 20.3

  12.0              60.2            27.7

Less: Interest expense, net attributable to Sisecam Resources LP

                                                  0.8             0.6               1.9             1.8

Less: Maintenance capital expenditures attributable to
Sisecam Resources LP

                                          2.7             3.2              10.2            10.1
Distributable cash flow attributable to Sisecam
Resources LP                                             $   16.8          

$8.2 $48.1 $15.8

Cash distribution declared per unit                      $   0.50          $ 0.34          $   1.50          $ 0.34
Total distributions to unitholders and general partner   $   10.1          $  6.9          $   30.3          $  6.9
Distribution coverage ratio                                  1.67               1.19              1.59            2.29



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