Intrepid Potash

We operate Intrepid South located in Lea County in southeastern New Mexico, which is comprised of 21,796 fee surface acres, and 27,858 acres of BLM grazing leases.

We conduct most of our mining operations on properties that we lease from states or the federal government. These leases generally contain stipulations that require us to commence mining operations within a specified term and continue mining to retain the lease.

The stipulations on our leases are subject to periodic readjustment by the applicable state government and the federal government. The lease stipulations could change in the future, which could impact the economics of our operations. Our federal leases are for indefinite terms subject to readjustment of the lease stipulations, including the royalty payable to the federal government, every 20 years. Our leases with the State of New Mexico are issued for terms of 10 years and for as long thereafter as potash is produced in commercial quantities and are subject to readjustment of the lease stipulations, including the royalty payable to the state. Our leases with the State of Utah are for terms of 10 years subject to extension and possible readjustment of the lease by the State of Utah. Our leases for our Moab mine are operated as a unit under a unit agreement with the State of Utah, which extends the terms of all of the leases as long as operations are conducted on any portion of the leases. The term of the state leases for our Moab mine is currently extended through the end of 2034. As of December 31, 2025, approximately 6% of our state, federal, and private lease acres at our New Mexico facilities will be up for renewal within the next five years, and none of our state and federal lease acres at our Utah operations will be up for renewal within the next five years.

The following tables provide a summary of our mineral resources and reserves. Additional information is provided in the Individual Property Disclosures below.

Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite as of December 31, 2025.

Measured Mineral Resources · Indicated Mineral Resources · Measured + Indicated Mineral Resources · Inferred Mineral Resources

Amount (Mt) · Grade (%K2O) · Amount (Mt) · Grade (%K2O) · Amount (Mt) · Grade (%K2O) · Amount (Mt) · Grade (%K2O)

IPNM · 225 · 15 · 104 · 15 · 329 · 15 · — · —

Moab · 97 · 26 · 190 · 25 · 287 · 25 · 38 · 23

Wendover · — · — · 80 · 0.5 · 80 · 0.5 · 625 · 0.5

Total · 322 · 18.3 · 374 · 17.0 · 696 · 17.6 · 663 · 1.8

IPNM · 40 · 10 · 40 · 10 · 80 · 10 · — · —

Total · 40 · 10 · 40 · 10 · 80 · 10 · — · —

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite as of December 31, 2024.

Measured Mineral Resources · Indicated Mineral Resources · Measured + Indicated Mineral Resources · Inferred Mineral Resources

Amount (Mt) · Grade (%K2O) · Amount (Mt) · Grade (%K2O) · Amount (Mt) · Grade (%K2O) · Amount (Mt) · Grade (%K2O)

IPNM · 288 · 16 · 164 · 14 · 452 · 15 · — · —

Moab · 97 · 26 · 190 · 25 · 287 · 25 · 38 · 23

Wendover · — · — · 175 · 0.5 · 175 · 0.5 · 1,358 · 0.5

Total · 385 · 18.5 · 529 · 13.5 · 914 · 15.6 · 1,396 · 1.1

IPNM · 67 · 10 · 59 · 10 · 126 · 10 · — · —

Total · 67 · 10 · 59 · 10 · 126 · 10 · — · —

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

Wendover - Summary of Brine Mineral Resource Estimate as of December 31, 2025

Resource Category · K Brine1(Mt) · Grade (%K) · Contained Mg2(Mt) · Contained Li2(Kt) · Contained LCE3(Kt)

Measured Mineral Resources · 233.1 · 0.21 · 0.29 · 4.2 · 22.5

Indicated Mineral Resources · 601.0 · 0.37 · 1.22 · 18.2 · 96.7

Measured + Indicated Mineral Resources · 834.1 · 0.32 · 1.51 · 22.4 · 119.2

Inferred Mineral Resources · 377.8 · 0.42 · 1.05 · 15.6 · 83.1

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

1 - K Brine is the recovered K bearing brine in solution at average concentrations by weight in the shallow and deep aquifers on fee and state lands.

2 - Li and Mg brines are found in the aquifers in ratios of K:Mg = 1.7 to 1.8 and K:Li = 117 to 121.

3 - To describe the resource in terms of 'industry standard' lithium carbonate equivalent (LCE), a conversion factor of 5.323 was used to convert Li to LCE.

Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Resources are reported on a 100% basis, exclusive of potash mineral reserves.

K2O Mineral Resources are reporting using Inverse Distance Squared (ID2) estimation methods.

Per ton mine site product pricing basis: K2O = $475, LCE = $10,000, Mg = $5,000.

KCl processing recovery = 85%.

Mt = million tons, Kt = thousand tons, % = percent, K2O = potassium oxide, LCE = Lithium Carbonate Equivalent, Mg = Magnesium

• Our Trio® profitability could be affected by market entrants or the introduction of langbeinite alternatives.
• International sales could present risks to our business.
• If potash or Trio® prices decline, or oil and gas activity declines, we could be required to record write-downs of our long-lived and indefinite-lived assets, which could adversely affect our results of operations and financial condition.
• If we are required to write down the value of our inventories, our financial condition and results of operations would be adversely affected.
• Weakening of foreign currencies against the U.S. dollar could lead to lower domestic potash prices, which would adversely affect our results of operations. Currency fluctuations could cause our results of operations to fluctuate.
• Our business depends on skilled and experienced workers, and our inability to find and retain quality workers could have an adverse effect on our development and results of operations.
• We operate a limited number of key production and distribution facilities, and a disruption at one of these facilities could significantly affect production of our products or our ability to fulfill our contractual obligations, which could damage customer relationships.
• Our operations are dependent on critical equipment that may need repair or replacement sooner than anticipated, which could result in increased capital maintenance or expenditures and production disruptions.
• Increases in the prices of energy and other important materials used in our business, or disruptions to their supply, could adversely impact our sales, results of operations, or financial condition.
• Increased costs could affect our per-ton profitability.
• A shortage of railcars or trucks for transporting our products, increased transit times, or interruptions in railcar or truck transportation could result in customer dissatisfaction, loss of sales, higher transportation or equipment costs, or disruptions in production.
• We rely on our management personnel for the development and execution of our business strategy, and the loss of one or more members of our management team could harm our business.
• We have less product diversification than nearly all of our competitors, which could have an adverse effect on our financial condition and results of operations.
• Heavy precipitation or low evaporation rates at our solar solution mines could impact our potash production at those facilities, which could adversely affect our sales and results of operations.
• Inflows of water into our langbeinite mine from heavy rainfall or groundwater could result in increased costs and production downtime and could require us to abandon the mine, any of which could adversely affect our results of operations.
• A significant disruption to our information technology systems could adversely affect our business and operating results.
• We face risks related to cybersecurity threats and incidents.
• Artificial intelligence presents risks and challenges that can impact our business including by posing security risks to our confidential information, proprietary information, and personal data.
• Our business may be adversely affected by union activities.
• We may not be successful in our efforts to sustain or expand water sales due to the status of our water rights, challenges to our water rights, changes in the demand for water in the areas around our facilities, restrictions on water use, or other events, which could adversely impact our financial condition and results of operations.
• Changes in the agricultural industry could exacerbate the cyclical nature of the prices and demand for our products or adversely affect the markets for our products.
• Mining is a complex process that frequently experiences production disruptions, which could adversely affect our results of operations.
• Mining is an inherently hazardous industry, and accidents could result in significant costs or production delays.
• The grade of ore that we mine could vary due to the complex geology and mineralogy of our reserves, which could adversely affect our production and our results of operations.
• If the assumptions underlying our reserve estimates are inaccurate or if future events cause us to negatively adjust our previous assumptions, the quantities and value of our reserves, and in turn our financial condition and results of operations, could be adversely affected.
• Existing and further oil and gas development in the Designated Potash Area could impair our potash reserves, which could adversely affect our financial condition or results of operations.
• The mining business is capital intensive and our inability to fund necessary or desirable capital expenditures could have an adverse effect on our growth and profitability.
• The execution of strategic projects could require more time and money than we expect, which could adversely affect our results of operations and financial condition.
• Future indebtedness could adversely affect our financial condition and impair our ability to operate our business.
• Adverse conditions in the domestic and global economy and disruptions in the financial markets could negatively affect our results of operations and financial condition.
• Market upheavals due to military actions, pandemics, terrorist attacks, other catastrophic events, or economic repercussions from those events could reduce our sales or increase our costs.
• The loss or substantial decline in revenue from larger customers or certain industries could have a material adverse effect on our revenues, profitability, and liquidity.
• Inflation could result in higher costs and decreased profitability.
• We are subject to financial assurance requirements and failure to satisfy these requirements could materially affect our business, results of our operations and our financial condition.
• Risks Related to Compliance, Regulatory and Legal Issues
• If we are unable to obtain and maintain the required permits, governmental approvals, and leases necessary for our operations, our business could be adversely affected.
• Changes in laws and regulations affecting our business, or changes in enforcement practices, could adversely affect our financial condition or results of operations.
• Unanticipated litigation or investigations, or negative developments in pending litigation or investigations or with respect to other contingencies, could adversely affect us.
• We could incur significant environmental liabilities with respect to our current, future or former facilities.
• We may face significant product liability claims and product recalls, which could harm our business and reputation.
• Anti-corruption laws and regulations could subject us to significant liability and require us to incur costs.
• Physical effects of climate change, and climate change legislation, could have a negative effect on us and our customers, and, in turn, our results of operations.
• Environmental laws and regulations could subject us to significant liability and require us to incur additional costs.
• Risks Related to our Common Stock
• The price of our common stock may be volatile, and you could lose all or part of your investment.
• The future issuance and sale of additional shares of our common stock or an announcement that the issuances and sales may occur, may adversely affect the market price of our common stock.
• We do not anticipate paying cash dividends on our common stock.
• Provisions in our charter documents and Delaware law may delay or prevent a third party from acquiring us.
• We may issue additional securities, including securities that are senior in right of dividends, liquidation, and voting to our common stock, without your approval, which would dilute your existing ownership interests.