Here are 1-3 brief analogies to describe Intrepid Potash (IPI):

• Intrepid Potash is like the ExxonMobil or Chevron of agricultural minerals.
• Think of Intrepid Potash as the Cemex of fertilizer.
• It's similar to the Alcoa of potash, mining and processing a key mineral commodity.

• Muriate of Potash (MOP): A primary potassium-based fertilizer essential for enhancing crop growth and yield.
• Specialty Potash (Langbeinite): A multi-nutrient fertilizer providing potassium, magnesium, and sulfur, beneficial for crops sensitive to chloride.
• Salt: Various grades of salt used in industrial, animal feed, and consumer applications.

Intrepid Potash (IPI) sells primarily to other companies (B2B) rather than directly to individuals. The company has a diversified customer base, and according to its latest Form 10-K filing, no single customer accounted for 10% or more of its total revenue for the years ended December 31, 2023, 2022, or 2021. As such, specific named major customers are not publicly disclosed.

Intrepid Potash primarily serves the following categories of customer companies:

• Agricultural retailers: These companies purchase potash products from Intrepid Potash and then resell them to growers and other end-users for fertilizer applications. Examples of such companies might include large farm supply cooperatives or chains, though specific names of Intrepid's customers are not disclosed.
• Agricultural wholesalers: Similar to retailers, these companies distribute potash products to a network of businesses in the agricultural sector, often supplying retailers or large farm operations.
• Industrial customers: These companies purchase Intrepid Potash's potash and salt products for various industrial applications, which can include uses in the oil and gas industry (e.g., drilling fluids), animal feed supplements, de-icing agents, and other chemical manufacturing processes.

Kevin S. Crutchfield Chief Executive Officer

Mr. Crutchfield was appointed Chief Executive Officer and Director of Intrepid Potash in December 2024. He brings over three decades of global mining experience and more than twenty years of leadership, operating, and technical experience in public company and board of director roles. Prior to joining Intrepid Potash, Mr. Crutchfield served as President and CEO of Compass Minerals. He also previously served as CEO of Alpha Natural Resources and later Contura Energy (which was renamed Alpha Metallurgical Resources), where he led growth initiatives and strategic acquisitions. His career also includes various operating and executive management positions at Pittston Coal Company, Cyprus Amax Minerals Company, and El Paso Corporation.

Matthew D. Preston Chief Financial Officer

Mr. Preston has served as Intrepid Potash's Chief Financial Officer since December 2021. He was previously the Vice President of Finance from November 2019 to December 2021 and Director of Budget and Forecast from April 2016 to November 2019. Mr. Preston joined Intrepid in 2008 and has held successively more senior finance roles, including Senior Manager of Budget and Forecast, Manager of Budget and Forecast, and Financial Analyst.

Barth E. Whitham Chairman of the Board

Mr. Whitham has been the Chairman of the Board for Intrepid Potash since 2024. Before this role, he served as the Chief Executive Officer, President, and a Director of Enduring Resources, LLC, which is a private company with exploration and production operations. He also held positions as President, Chief Operating Officer, and a Director of Westport Resources Corporation.

Cris Ingold Chief Accounting Officer

Mr. Ingold serves as the Chief Accounting Officer of Intrepid Potash. He has been the company's Corporate Controller since November 2019. Mr. Ingold joined Intrepid in 2011 and has progressed through various senior accounting roles. Prior to joining Intrepid, he worked in a variety of accounting roles at other public companies and also served clients in public and private audit capacities at Deloitte & Touche LLP.

Christina C. Sheehan General Counsel & Corporate Secretary

Ms. Sheehan has served as Interim General Counsel since May 2022 and Deputy General Counsel since December 2021 for Intrepid Potash. Before joining Intrepid, she was a partner at the private practice law firm Modrall, Sperling, Roehl, Harris & Sisk, P.A., where she specialized in environmental and regulatory law.

1. Commodity Price and Demand Volatility / Global Potash Oversupply

2. Weather Conditions Affecting Solar Solution Mining Operations

3. Decline in Oil and Gas Drilling Activity

• The imminent launch of major new potash production facilities, particularly BHP's Jansen project, is set to significantly increase global potash supply in the mid-2020s. This additional supply could exert downward pressure on potash prices and reduce market share for existing producers like Intrepid Potash.
• The growing adoption of precision agriculture technologies and the development of new biological products (e.g., bio-stimulants, bio-fertilizers) aim to optimize nutrient use efficiency and potentially reduce the overall demand for traditional synthetic fertilizers, including potash. This trend could lead to reduced sales volumes for companies like IPI over time.

Intrepid Potash, Inc. (IPI) primarily operates in the North American market, focusing on potash, Trio (sulfate of potash magnesia), and water for oilfield solutions. The addressable markets for these main products are sized as follows:

• Potash: The United States potash market is anticipated to reach approximately USD 10,340.9 million by 2035, growing at a compound annual growth rate (CAGR) of 5.66% from 2025 to 2035. In 2024, the market was estimated at USD 5,640.9 million. The agriculture segment held the highest revenue share in this market in 2024. The broader North American potash market is projected to reach USD 11.0 billion by 2030.
• Trio (Sulfate of Potash Magnesia - SOPM): The USA and Canada potassium sulfate market, which includes products like Trio (langbeinite), is estimated to be valued at approximately USD 462.7 million in 2025. It is expected to surpass USD 610.2 million by 2035, with sales across the USA and Canada anticipated to rise at a CAGR of 2.8% during this forecast period. This market specifically caters to demand from chloride-sensitive crops such as tree nuts, fruits, and vegetables.
• Water for Oilfield Solutions: The United States oil and gas water management services market was valued at USD 8.8 billion in 2024 and is projected to decline to USD 7.2 billion in 2025. The U.S. midstream water market for oil and gas is projected to total US$156 billion between 2025 and 2030, averaging over US$26 billion per year, with a 2.1% compound annual growth rate.

Intrepid Potash (IPI) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Increased Potash Production Volumes: Intrepid Potash has strategically prioritized and invested in revitalizing its potash assets, leading to projections of significantly higher potash production in 2025 and 2026. For example, potash production in 2024 increased by approximately 32% compared to 2023, with further increases anticipated. The company expects potash production to reach 300,000-310,000 tons in 2026.

2. Growth in Trio Sales Volumes: The Trio segment has demonstrated strong performance with increased sales volumes, which are expected to continue growing in the coming years. The company anticipates quarterly Trio production to be in the range of 70,000 to 75,000 tons for 2026, supported by operational efficiencies and demand.

3. Favorable Pricing for Potash and Trio: Intrepid Potash has realized higher average net realized sales prices for both its potash and Trio products. This trend is expected to continue, driven by supportive potash market fundamentals and strong demand in agricultural markets. For instance, the average net realized sales price for potash in Q3 2025 totaled $381 per ton, capturing a significant increase in agricultural market prices.

4. Steady Demand in the U.S. Agriculture Sector: Management maintains an optimistic outlook regarding the fundamentals of the potash market and consistent demand within the U.S. agriculture sector. This sustained demand for fertilizers is a crucial underlying driver for both potash and Trio product sales.

Share Repurchases

• Intrepid Potash announced a share repurchase program of up to $35 million on March 7, 2022, aimed at returning value to shareholders.
• The company's capital allocation priorities include opportunistic share repurchases.

Share Issuance

• Intrepid Potash's shares outstanding have shown a slight increase, with a year-over-year change of +0.84% as of a recent report, indicating minor issuances or grants.

Capital Expenditures

• Capital expenditures in 2024 were approximately $38.9 million.
• For 2025, Intrepid Potash initially anticipated capital expenditures between $36 million and $42 million, primarily directed to sustaining capital and ensuring higher potash production.
• The company later adjusted its 2025 capital expenditure guidance to $32 million to $37 million, partly due to deferring spending on the HB AMAX well extraction well and pipeline as options are evaluated following an unsuccessful outcome with the AMAX Cavern sample well project.