On September 22, 2021, Kiewit Royalty Trust (the Trust") commenced the auction process with EnergyNet to offer for sale the Trust's non-producing overriding royalty interests (ORRI") located in Big Horn County, Montana (the Decker Mines") and Sweetwater County, Wyoming (the Black Butte Mine"). EnergyNet developed and hosted the online auction to facilitate the sale of the Trust's ORRI. On September 29, 2021, Spartan Energy Acquisitions, LLC (Spartan") of Denver, Colorado was the successful bidder in the EnergyNet auction and has agreed to purchase the ORRI in the Decker Mines and Black Butte Mine. The transfer of these ORRIs is subject to various closing conditions, including either court approval or Unit Holder approval of the transaction. After the satisfaction of the closing conditions, the Trust has agreed to convey to Spartan the ORRIs in exchange for a total cash value of $12,510. Closing is expected in late 2021 or early 2022.