# EDGAR Filing Document

**Accession Number:** 0001421461
**File Stem:** 0001421461-25-000033
**Filing Date:** 2025-11
**Character Count:** 200367
**Document Hash:** f836bba070dfa5e0214230d0bf0c6f9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001421461-25-000033.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001421461-25-000033

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intrepid Potash, Inc.
- **CENTRAL INDEX KEY:** 0001421461
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 261501877
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34025
- **FILM NUMBER:** 251457200

**BUSINESS ADDRESS:**
- **STREET 1:** 707 17TH STREET
- **STREET 2:** SUITE 4200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-296-3006

**MAIL ADDRESS:**
- **STREET 1:** 707 17TH STREET
- **STREET 2:** SUITE 4200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

?xml version='1.0' encoding='ASCII'? ipi-20250930

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_______________________________________________________

**FORM 10-Q**

_______________________________________________________

---

| | | |
|:---|:---|:---|
| ☒ | **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
|  | **For the Quarterly Period Ended** | **September 30, 2025** |
| **or** | **or** | **or** |
| ☐ | **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
| **For the transition period from ______ to ______** | **For the transition period from ______ to ______** | **For the transition period from ______ to ______** |

---

**Commission File Number: 001-34025**

![ipilogoa04.jpg](ipi-20250930_g1.jpg)

**INTREPID POTASH, INC.**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | | **26-1501877** |
| (State or other jurisdiction of <br>incorporation or organization) |  | (I.R.S. Employer <br>Identification No.) |
| **707 17**<sup>th</sup> **Street, Suite 4200** |  |  |
| **Denver,** | **Colorado** | **80202** |
| (Address of principal executive offices) |  | (Zip Code) |

---

**(303) 296-3006**

(Registrant's telephone number, including area code)

 <br> (Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | IPI | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ | Non*-*accelerated filer | ☐ |
| Smaller reporting company | ☐ | Emerging growth company | ☐ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, the registrant had outstanding 13,426,932 shares of common stock, par value $0.001 per share.

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

**INTREPID POTASH, INC.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| <u>PART I - FINANCIAL INFORMATION</u>&nbsp;&nbsp;&nbsp;&nbsp; | <u>[1](#i5aacaca103da438e8e693ab111742ec0_10)</u> |
| <u>ITEM 1. Condensed Consolidated Financial Statements (Unaudited)</u> | <u>[1](#i5aacaca103da438e8e693ab111742ec0_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#i5aacaca103da438e8e693ab111742ec0_13)</u> | <u>[1](#i5aacaca103da438e8e693ab111742ec0_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations](#i5aacaca103da438e8e693ab111742ec0_16)</u> | <u>[2](#i5aacaca103da438e8e693ab111742ec0_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Stockholders' Equity](#i5aacaca103da438e8e693ab111742ec0_22)</u> | <u>[3](#i5aacaca103da438e8e693ab111742ec0_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#i5aacaca103da438e8e693ab111742ec0_25)</u> | <u>[4](#i5aacaca103da438e8e693ab111742ec0_25)</u> |
| &nbsp;&nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements](#i5aacaca103da438e8e693ab111742ec0_28)</u> | <u>[6](#i5aacaca103da438e8e693ab111742ec0_28)</u> |
| <u>[ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5aacaca103da438e8e693ab111742ec0_85)</u> | <u>[27](#i5aacaca103da438e8e693ab111742ec0_85)</u> |
| <u>[ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](#i5aacaca103da438e8e693ab111742ec0_124)</u> | <u>[47](#i5aacaca103da438e8e693ab111742ec0_124)</u> |
| <u>[ITEM 4. Controls and Procedures](#i5aacaca103da438e8e693ab111742ec0_127)</u> | <u>[47](#i5aacaca103da438e8e693ab111742ec0_127)</u> |
| <u>[PART II - OTHER INFORMATION](#i5aacaca103da438e8e693ab111742ec0_130)</u>&nbsp;&nbsp;&nbsp;&nbsp; | <u>[48](#i5aacaca103da438e8e693ab111742ec0_130)</u> |
| <u>[ITEM 1. Legal Proceedings](#i5aacaca103da438e8e693ab111742ec0_133)</u> | <u>[48](#i5aacaca103da438e8e693ab111742ec0_133)</u> |
| <u>[ITEM 1A. Risk Factors](#i5aacaca103da438e8e693ab111742ec0_136)</u> | <u>[49](#i5aacaca103da438e8e693ab111742ec0_136)</u> |
| <u>[ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i5aacaca103da438e8e693ab111742ec0_139)</u> | <u>[50](#i5aacaca103da438e8e693ab111742ec0_139)</u> |
| <u>[ITEM 3. Defaults Upon Senior Securities](#i5aacaca103da438e8e693ab111742ec0_142)</u> | <u>[50](#i5aacaca103da438e8e693ab111742ec0_142)</u> |
| <u>[ITEM 4. Mine Safety Disclosures](#i5aacaca103da438e8e693ab111742ec0_145)</u> | <u>[50](#i5aacaca103da438e8e693ab111742ec0_145)</u> |
| <u>[ITEM 5. Other Information](#i5aacaca103da438e8e693ab111742ec0_148)</u> | <u>[50](#i5aacaca103da438e8e693ab111742ec0_148)</u> |
| <u>[ITEM 6. Exhibits](#i5aacaca103da438e8e693ab111742ec0_151)</u> | <u>[51](#i5aacaca103da438e8e693ab111742ec0_151)</u> |
| <u>[Signatures](#i5aacaca103da438e8e693ab111742ec0_154)</u> | <u>[52](#i5aacaca103da438e8e693ab111742ec0_154)</u> |

---

i

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

**PART I - FINANCIAL INFORMATION**

**ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**INTREPID POTASH, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Cash and cash equivalents | $77207 | $41309 |
| Short-term investments |  | 989 |
| Accounts receivable: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade, net | 25024 | 22465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net | 3184 | 763 |
| Inventory, net | 110860 | 112968 |
| Prepaid expenses and other current assets | 5259 | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 221534 | 183763 |
| Property, plant, equipment, and mineral properties, net | 334150 | 344338 |
| Water rights | 19184 | 19184 |
| Long-term parts inventory, net | 30423 | 33775 |
| Long-term investments | 236 | 3571 |
| Other assets, net | 11010 | 9889 |
| **Total Assets** | $616537 | $594520 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Accounts payable | $9241 | $8616 |
| Accrued liabilities | 12516 | 9483 |
| Accrued employee compensation and benefits | 10398 | 9842 |
| Other current liabilities | 10087 | 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 42242 | 38003 |
| Asset retirement obligation, net of current portion | 34326 | 32354 |
| Operating lease liabilities | 1790 | 780 |
| Finance lease liabilities | 1921 | 1838 |
| Deferred other income, long-term | 43797 | 45489 |
| Other non-current liabilities | 1729 | 1664 |
| **Total Liabilities** | 125805 | 120128 |
| **Commitments and Contingencies** |  |  |
| Common stock, $0.001 par value; 40,000,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13,116,675 and 12,908,078 shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;at September 30, 2025, and December 31, 2024, respectively | 14 | 14 |
| Additional paid-in capital | 673171 | 668445 |
| Accumulated deficit | (160441) | (172055) |
| Less treasury stock, at cost | (22012) | (22012) |
| **Total Stockholders' Equity** | 490732 | 474392 |
| **Total Liabilities and Stockholders' Equity** | $616537 | $594520 |

---

See accompanying notes to these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

**INTREPID POTASH, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(In thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Sales** | $53219 | $57549 | $222451 | $198891 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight costs | 6579 | 8022 | 35081 | 30275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehousing and handling costs | 2609 | 3058 | 9213 | 8733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 33051 | 38266 | 136534 | 135767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower of cost or net realizable value inventory adjustments | 406 | 471 | 2160 | 2326 |
| **Gross Margin** | 10574 | 7732 | 39463 | 21790 |
| Selling and administrative | 9000 | 9154 | 27128 | 25448 |
| Accretion of asset retirement obligation | 657 | 623 | 1972 | 1867 |
| Impairment of long-lived assets |  | 874 | 1866 | 3082 |
| (Gain) loss on sale of assets | (2239) | 134 | (3695) | 626 |
| Other operating income | (1145) | (1370) | (3651) | (4029) |
| Other operating expense | 970 | 540 | 4220 | 2953 |
| **Operating Income (Loss)** | 3331 | (2223) | 11623 | (8157) |
| **Other Income (Expense)** |  |  |  |  |
| Equity in (loss) earnings of unconsolidated entities | (86) | (289) | (318) | (256) |
| Interest expense, net | (36) |  | (207) |  |
| Interest income | 776 | 536 | 1802 | 1327 |
| Other income (expense) | 24 | 136 | (796) | 204 |
| **Income (Loss) Income Before Income Taxes** | 4009 | (1840) | 12104 | (6882) |
| **Income Tax (Expense) Benefit** | (264) | 7 | (490) | 1086 |
| **Net Income (Loss)** | $3745 | $(1833) | $11614 | $(5796) |
| Weighted Average Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 13031 | 12908 | 12978 | 12871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 13190 | 12908 | 13150 | 12871 |
| Income (Loss) Per Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.29 | $(0.14) | $0.89 | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.28 | $(0.14) | $0.88 | $(0.45) |

---

See accompanying notes to these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

**INTREPID POTASH, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)**

**(In thousands, except share amounts)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine-Month Period Ended September 30, 2025** | **Nine-Month Period Ended September 30, 2025** | **Nine-Month Period Ended September 30, 2025** | **Nine-Month Period Ended September 30, 2025** | **Nine-Month Period Ended September 30, 2025** | **Nine-Month Period Ended September 30, 2025** |
| | **Common Stock** | **Common Stock** | **Treasury Stock** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| | **Shares** | **Amount** | **Treasury Stock** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance, December 31, 2024** | 12908078 | $14 | $(22012) | $668445 | $(172055) | $474392 |
| Net income |  |  |  |  | 11614 | 11614 |
| Stock-based compensation |  |  |  | 3774 |  | 3774 |
| Exercise of stock options | 115993 |  |  | 1842 |  | 1842 |
| Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting | 92604 |  |  | (890) |  | (890) |
| **Balance, September 30, 2025** | 13116675 | $14 | $(22012) | $673171 | $(160441) | $490732 |
|  | **Three-Month Period Ended September 30, 2025** | **Three-Month Period Ended September 30, 2025** | **Three-Month Period Ended September 30, 2025** | **Three-Month Period Ended September 30, 2025** | **Three-Month Period Ended September 30, 2025** | **Three-Month Period Ended September 30, 2025** |
|  | **Common Stock** | **Common Stock** | **Treasury Stock** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
|  | **Shares** | **Amount** | **Treasury Stock** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| **Balance, June 30, 2025** | 13002170 | $14 | $(22012) | $670021 | $(164186) | $483837 |
| Net income |  |  |  |  | 3745 | 3745 |
| Stock-based compensation |  |  |  | 1380 |  | 1380 |
| Exercise of stock options | 112312 |  |  | 1804 |  | 1804 |
| Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting | 2193 |  |  | (34) |  | (34) |
| **Balance, September 30, 2025** | 13116675 | $14 | $(22012) | $673171 | $(160441) | $490732 |
|  | **Nine-Month Period Ended September 30, 2024** | **Nine-Month Period Ended September 30, 2024** | **Nine-Month Period Ended September 30, 2024** | **Nine-Month Period Ended September 30, 2024** | **Nine-Month Period Ended September 30, 2024** | **Nine-Month Period Ended September 30, 2024** |
|  | **Common Stock** | **Common Stock** | **Treasury Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Total Stockholders' Equity** |
|  | **Shares** | **Amount** | **Treasury Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Total Stockholders' Equity** |
| **Balance, December 31, 2023** | 12807316 | $13 | $(22012) | $665637 | $40790 | $684428 |
| Net loss |  |  |  |  | (5796) | (5796) |
| Stock-based compensation |  |  |  | 2735 |  | 2735 |
| Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting | 100762 | 1 |  | (775) |  | (774) |
| **Balance, September 30, 2024** | 12908078 | $14 | $(22012) | $667597 | $34994 | $680593 |
|  | **Three-Month Period Ended September 30, 2024** | **Three-Month Period Ended September 30, 2024** | **Three-Month Period Ended September 30, 2024** | **Three-Month Period Ended September 30, 2024** | **Three-Month Period Ended September 30, 2024** | **Three-Month Period Ended September 30, 2024** |
|  | **Common Stock** | **Common Stock** | **Treasury Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Total Stockholders' Equity** |
|  | **Shares** | **Amount** | **Treasury Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Total Stockholders' Equity** |
| **Balance, June 30, 2024** | 12908078 | $14 | $(22012) | $667419 | $36827 | $682248 |
| Net loss |  |  |  |  | (1833) | (1833) |
| Stock-based compensation |  |  |  | 178 |  | 178 |
| **Balance, September 30, 2024** | 12908078 | $14 | $(22012) | $667597 | $34994 | $680593 |

---

See accompanying notes to these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

---

| | | |
|:---|:---|:---|
| **INTREPID POTASH, INC.** | **INTREPID POTASH, INC.** | **INTREPID POTASH, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** |
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net income (loss) | $11614 | $(5796) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 29482 | 26931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | 1972 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 226 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 246 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3774 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower of cost or net realizable value inventory adjustments | 2160 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 1866 | 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of assets | (3695) | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for parts inventory obsolescence | 2335 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on equity investment | 888 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss (earnings) of unconsolidated entities | 318 | 256 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net | (2622) | (10146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net | (2432) | (1245) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | 965 | (448) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (1569) | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets, net |  | (1179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities, and accrued employee<br>&nbsp;&nbsp;&nbsp;&nbsp; compensation and benefits | 4339 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (847) | (1074) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred other income | (1692) | 43308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (517) | (1306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 46873 | 64936 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant, equipment, mineral properties and other assets | (20157) | (32583) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 5843 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from redemptions/maturities of investments | 1000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing, net | 2129 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (11185) | (25511) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of short-term borrowings on credit facility |  | (4000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing lease | (735) | (680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee tax withholding paid for restricted stock upon vesting | (890) | (775) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 1842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 217 | (5455) |
| **Net Change in Cash, Cash Equivalents and Restricted Cash** | 35905 | 33970 |
| **Cash, Cash Equivalents and Restricted Cash, beginning of period** | 41898 | 4651 |

---

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

---

| | | |
|:---|:---|:---|
| **INTREPID POTASH, INC.** | **INTREPID POTASH, INC.** | **INTREPID POTASH, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** |
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash, Cash Equivalents and Restricted Cash, end of period** | $77803 | $38621 |
| **Supplemental disclosure of cash flow information** |  |  |
| Net cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $324 | $382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $246 | $9 |
| Amounts included in the measurement of operating lease liabilities | $1266 | $1143 |
| Accrued purchases for property, plant, equipment, and mineral properties | $1753 | $1868 |
| Right-of-use assets exchanged for operating lease liabilities | $2185 | $751 |
| Right-of-use assets exchanged for financing lease liabilities | $1380 | $1562 |

---

See accompanying notes to these Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i5aacaca103da438e8e693ab111742ec0_7)</u>

**INTREPID POTASH, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**Note 1— COMPANY BACKGROUND**

We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio<sup>®</sup>, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, salt, magnesium chloride, brine, and various oilfield products and services.

Our extraction and production operations are conducted entirely in the continental U.S. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our brine recovery mine in Wendover, Utah. We also operate the North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio<sup>®</sup> from our conventional underground East mine in Carlsbad, New Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;We have permitted, licensed, declared, and partially adjudicated water rights in New Mexico that support our mining and industrial operations.

We also have certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico. We refer to these assets and operations as "Intrepid South." Our Intrepid South property generates revenue from sales of various oilfield related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche.

We have three segments: potash, Trio<sup>®</sup>, and oilfield solutions. We account for sales of byproducts as revenue in the potash or Trio<sup>®</sup> segment based on which segment generates the byproduct. Intersegment sales prices are market based and are eliminated.

"Intrepid," "our," "we," or "us" means Intrepid Potash, Inc. and its consolidated subsidiaries.

**Note 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Financial Statement Presentation***—Our unaudited Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.

***Recently Adopted Accounting Standards***—In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). This new guidance: (i) introduces a requirement to disclose significant segment expenses regularly provided to the chief operating decision maker ("CODM"), (ii) extends certain annual disclosures to interim periods, (iii) clarifies disclosure requirements for single reportable segment entities, (iv) permits more than one measure of segment profit or loss to be reported under certain conditions, and (v) requires disclosure of the title and position of the CODM. The adoption of this standard did not have an impact on our results of operations, cash flows and financial condition, but resulted in additional disclosures for our reportable segments.

***Pronouncements Issued But Not Yet Adopted***—In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" (ASU 2024-03"). ASU 2024-03 requires additional disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows and financial condition.

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In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the annual effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows and financial condition.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025 amends the guidance in ASC 326 to simplify the estimation of credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The amendments allow all entities to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. Entities are required to disclose their practical expedient and accounting policy elections. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. We are currently evaluating the guidance but do not expect adoption of ASU 2025-05 will have a material impact on our consolidated financial statements.

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**Note 3— EARNINGS PER SHARE**

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. For purposes of determining diluted earnings per share, basic weighted-average common shares outstanding is adjusted to include potentially dilutive securities, including restricted stock, stock options, and restricted stock units. The treasury-stock method is used to measure the dilutive impact of potentially dilutive shares. Potentially dilutive shares are excluded from the diluted weighted-average shares outstanding computation in periods in which they have an anti-dilutive effect. The following table shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $3745 | $(1833) | $11614 | $(5796) |
| Basic weighted-average common shares outstanding | 13031 | 12908 | 12978 | 12871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Dilutive effect of restricted stock | 112 |  | 121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Dilutive effect of stock options | 44 |  | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Dilutive effect of restricted stock units | 3 |  | 1 |  |
| Diluted weighted-average common shares outstanding | 13190 | 12908 | 13150 | 12871 |
| Basic | $0.29 | $(0.14) | $0.89 | $(0.45) |
| Diluted | $0.28 | $(0.14) | $0.88 | $(0.45) |

---

The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted-average shares outstanding computations (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Anti-dilutive effect of restricted stock |  | 372 | 13 | 369 |
| Anti-dilutive effect of stock options outstanding | 156 | 273 | 156 | 273 |
| Anti-dilutive effect of restricted stock units outstanding | 191 |  | 171 |  |

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**Note 4— CASH, CASH EQUIVALENTS AND RESTRICTED CASH**

&nbsp;&nbsp;&nbsp;&nbsp;We consider financial instruments with original maturities of three months or less to be cash equivalents. Total cash, cash equivalents and restricted cash, as shown on the Condensed Consolidated Statements of Cash Flows are included in the following accounts at September 30, 2025, and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
| Cash and cash equivalents | $77207 | $38034 |
| Restricted cash included in other current assets | 25 | 25 |
| Restricted cash included in other long-term assets | 571 | 562 |
| Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows | $77803 | $38621 |

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&nbsp;&nbsp;&nbsp;&nbsp;

Restricted cash included in other current and long-term assets on the Condensed Consolidated Balance Sheets represents amounts for which use is restricted by contractual agreements with various entities, principally the Bureau of Land Management or the states of Utah and New Mexico, as security to fund future reclamation obligations at our sites.

**Note 5— INVENTORY AND LONG-TERM PARTS INVENTORY**

&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes our inventory, recorded at the lower of weighted-average cost or estimated net realizable value, as of September 30, 2025, and December 31, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Finished goods product inventory | $51141 | $68197 |
| In-process inventory | 42200 | 28329 |
| &nbsp;&nbsp;&nbsp;Total product inventory | 93341 | 96526 |
| Current parts inventory, net | 17519 | 16442 |
| &nbsp;&nbsp;&nbsp;Total current inventory, net | 110860 | 112968 |
| Long-term parts inventory, net | 30423 | 33775 |
| &nbsp;&nbsp;&nbsp;Total inventory, net | $141283 | $146743 |

---

Parts inventory is shown net of estimated allowances for obsolescence of $1.4 million and $1.2 million as of September 30, 2025, and December 31, 2024, respectively.

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**Note 6 — PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES**

&nbsp;&nbsp;&nbsp;&nbsp;Property, plant, equipment, and mineral properties were comprised of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Land | $24032 | $24136 |
| Ponds and land improvements | 98010 | 95787 |
| Mineral properties and development costs | 161811 | 161826 |
| Buildings and plant | 96346 | 95439 |
| Machinery and equipment | 325694 | 318545 |
| Vehicles | 8486 | 8152 |
| Office equipment and improvements | 10911 | 10613 |
| Operating lease ROU assets | 3701 | 4571 |
| Breeding stock | 223 | 277 |
| Construction in progress | 11104 | 6423 |
| Total property, plant, equipment, and mineral properties, gross | $740318 | $725769 |
| Less: accumulated depreciation, depletion, and amortization | (406168) | (381431) |
| Total property, plant, equipment, and mineral properties, net | $334150 | $344338 |

---

During the year ended December 31, 2023, we recorded an impairment related to our Trio<sup>®</sup> segment assets because the net book value of the assets exceeded the estimated fair value of the assets. The fair value of the Trio<sup>®</sup> segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio<sup>®</sup> segment capital spending during the nine months ended September 30, 2025, and 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets. As a result, we recorded an additional impairment of $1.9 million and $3.1 million in the nine months ended September 30, 2025, and 2024, respectively.

We incurred the following expenses for depreciation, depletion, and amortization, including expenses capitalized into inventory, for the following periods (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Depreciation | $8416 | $8013 | $25442 | $23072 |
| Depletion | 683 | 704 | 3008 | 2837 |
| Amortization of right of use assets | 332 | 316 | 1032 | 1022 |
| Total incurred | $9431 | $9033 | $29482 | $26931 |

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**Note 7 — OTHER LONG-TERM DEFERRED INCOME**

***Cooperative Development Agreement***—In December 2023, we entered into the Third Amendment of Cooperative Development Agreement (the "CDA Amendment") with XTO Holdings, LLC ("XTO Holdings") and XTO Delaware Basin LLC, as successors in interest to BOPCO, L.P. ("XTO Delaware Basin," and together with XTO Holdings, "XTO"), with an effective date of January 1, 2024 ("Amendment Date"). The CDA Amendment further amends that certain Cooperative Development Agreement, by and between us, BOPCO, L.P. and the other parties thereto, effective as of February 28, 2011 (as amended, including by the CDA Amendment, the "CDA"), which was executed for the purpose of pursuing the cooperative development of potassium and oil and gas on certain lands. The CDA restricts and limits the rights of Intrepid and XTO, as successors in interest to BOPCO, L.P., to explore and develop their respective interests, including limitations on the locations of wells. Intrepid and XTO entered into the CDA Amendment in an effort to further the cooperation, remove the restrictions and limitations, and allow for the efficient co-development of resources within the Designated Potash Area ("DPA") consistent with the United States Secretary of the Interior Order 3324.

Pursuant to the CDA Amendment, among other things, we agreed to provide support to XTO for development and operation of XTO's oil and gas interests within the DPA. As consideration under the CDA Amendment, XTO agreed to pay us an initial fee of $50.0 million (the "Initial Fee"). We received a partial payment of $5.0 million of the Initial Fee in December 2023, and we received payment of the remaining $45.0 million from XTO in January 2024.

The CDA Amendment further provides that we shall receive an additional one-time payment equal to $50.0 million (the "Access Fee"), which XTO will pay within 90 days upon the earlier occurrence of (i) the approval of the first new or expanded drilling island within a specific area to be used by XTO or (ii) within seven years of the anniversary of the Amendment Date. XTO is also required to pay additional amounts to Intrepid as an "Access Realization Fee," up to a maximum of $100.0 million, (the "Access Realization Fee") in the event of certain additional drilling activities by XTO.

Because the cooperative development support we are providing under the CDA is not an output of our ordinary business activities, ASC Topic 606, *Revenue from Contracts with Customers* ("ASC 606") does not apply to the CDA. However, we apply the principles in ASC 606 by analogy to determine amounts of other income to recognize.

Under ASC 606, we are required to identify the performance obligations in the CDA and to determine the transaction price. The transaction price may include fixed consideration, variable consideration, or both. Variable consideration may only be included in the transaction price if it is probable that a significant reversal of amounts recognized will *not* occur (referred to as the variable consideration constraint). The Access Realization Fee is considered variable consideration.

Our performance obligation under the CDA Amendment is to "stand-ready" to provide support to XTO, when and as needed, during the term of the CDA Amendment. We estimate the transaction price to be $100.0 million, which is comprised of the $50.0 million Initial Fee and the $50.0 million Access Fee. We are not including any amounts of the Access Realization Fee in the transaction price because of the variable consideration constraint. Since our performance obligation is a "stand-ready" obligation, we are recognizing the transaction price on a straight-line basis over the term of the CDA Amendment which ends on February 28, 2046.

For the three months ended September 30, 2025, and 2024, we recorded other operating income of $1.1 million and $1.1 million, respectively, from the CDA Amendment. For the nine months ended September 30, 2025, and 2024, we recorded other operating income of $3.4 million and $3.4 million, respectively, from the CDA Amendment. Because we have not yet been paid the Access Fee included in the transaction price, we recorded a long-term receivable for the amount of the Access Fee that we earned through September 30, 2025, of $3.9 million, which is included in "Other assets, net" on the Condensed Consolidated Balance Sheets. For the amount of the Initial Fee we earned during the three and nine months ended September 30, 2025, and 2024, we reduced the "Deferred other income, long-term" liability recorded on our Condensed Consolidated Balance Sheets.

As of September 30, 2025, we had $2.3 million recorded in "Other current liabilities" and $43.8 million recorded in "Deferred other income, long-term" on the Condensed Consolidated Balance Sheets for the unearned portion of the Initial Fee. As of December 31, 2024, we had $2.3 million recorded in "Other current liabilities" and $45.5 million recorded in "Deferred other income, long-term" on the Condensed Consolidated Balance Sheets.

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**Note 8 — DEBT**

**&nbsp;&nbsp;&nbsp;&nbsp;*Revolving Credit Facility***—We maintain a $150 million revolving credit facility with a syndicate of lenders with Bank of Montreal as administrative agent. The revolving credit facility has a maturity date of August 4, 2027. Borrowings under the revolving credit facility bear interest at the Secured Overnight Financing Rate ("SOFR") plus an applicable margin of 1.50% to 2.25% per annum, based on our leverage ratio as calculated in accordance with the revolving credit facility. Borrowings under the revolving credit facility are secured by substantially all of our current and non-current assets, and the obligations under the revolving credit facility are unconditionally guaranteed by several of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;We occasionally borrow and repay amounts under the revolving credit facility for near-term working capital needs or other purposes and may do so in the future. During the three months ended September 30, 2025, we made no borrowings and made no repayments under the revolving credit facility. During the nine months ended September 30, 2025, we made no borrowings and made no repayments under the revolving credit facility. During the three months ended September 30, 2024, we made no borrowings and made no repayments under the revolving credit facility. During the nine months ended September 30, 2024, we made no borrowings and made $4.0 million in repayments under the revolving credit facility. As of September 30, 2025, and December 31, 2024, we had no borrowings outstanding and no outstanding letters of credit under this facility.

As of September 30, 2025, we were in compliance with all applicable covenants under the revolving credit facility.

***Interest Expense***—Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $0.2 million and $0.5 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;Amounts included in interest expense, net for the three and nine months ended September 30, 2025, and 2024 were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest expense on borrowings | $41 | $53 | $151 | $134 |
| Commitment fee on unused credit facility | 58 | 57 | 171 | 171 |
| Amortization of deferred financing costs | 75 | 75 | 226 | 226 |
| Gross interest expense | 174 | 185 | 548 | 531 |
| Less capitalized interest | (138) | (185) | (341) | (531) |
| Interest expense, net | $36 | $— | $207 | $— |

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***&nbsp;&nbsp;&nbsp;&nbsp;***

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**Note 9 — INTANGIBLE ASSETS**

&nbsp;&nbsp;&nbsp;&nbsp;We have water rights, recorded at $19.2 million as of September 30, 2025, and December 31, 2024. Our water rights have indefinite lives and are not amortized. We evaluate our water rights at least annually as of October 1 for impairment, or more frequently if circumstances require.

&nbsp;&nbsp;&nbsp;&nbsp;We account for other intangible assets as finite-lived intangible assets and amortize those intangible assets over the period of estimated benefit, using the straight-line method. As of September 30, 2025, the weighted average amortization period for the other intangible assets was approximately 13.8 years. At September 30, 2025, and December 31, 2024, these intangible assets had a net book value of $4.5 million and $4.8 million, respectively, and are included in "Other assets, net" on the Condensed Consolidated Balance Sheets.

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**Note 10 — ASSET RETIREMENT OBLIGATION**

We recognize an estimated liability for future costs associated with the abandonment and reclamation of our mining properties. A liability for the fair value of an asset retirement obligation and a corresponding increase to the carrying value of the related long-lived asset are recorded as the mining operations occur or the assets are acquired.

Our asset retirement obligation is based on the estimated cost to close and reclaim the mining operations, the economic life of the properties, and federal and state regulatory requirements. The liability is discounted using credit adjusted risk-free rate estimates at the time the liability is incurred or when there are upward revisions to estimated costs. The credit adjusted risk-free rates used to discount our reclamation liabilities range from 6.9% to 12.0%. Revisions to the liability occur due to construction of new or expanded facilities, changes in estimated closure costs or economic lives, or to reflect new federal or state rules, regulations, or requirements regarding the closure or reclamation of mines.

Following is a table of the changes to our asset retirement obligation for the following periods (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Asset retirement obligation, at beginning of period | $34264 | $31603 | $32949 | $30359 |
| Accretion of discount | 657 | 623 | 1972 | 1867 |
| Total asset retirement obligation, at end of period | $34921 | $32226 | $34921 | $32226 |
| Less current portion of asset retirement obligation | $(595) | $(282) | $(595) | $(282) |
| Long-term portion of asset retirement obligation | $34326 | $31944 | $34326 | $31944 |

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&nbsp;&nbsp;&nbsp;&nbsp;

The current portion of the asset retirement obligation is included in "Other current liabilities" on the Condensed Consolidated Balance Sheet as of September 30, 2025.

As of December 31, 2024, our total asset retirement obligation was $32.9 million, of which $0.6 million was current and included in "Other current liabilities" on the Condensed Consolidated Balance Sheet.

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**Note 11 — REVENUE**

***&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition***—We account for revenue in accordance with ASC 606. Under ASC 606, we recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect in exchange for those goods or services. The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities.

**Contract Balances:** As of September 30, 2025, and December 31, 2024, we had a total of $2.5 million and $2.4 million of contract liabilities, respectively, of which $0.7 million and $0.8 million were current as of September 30, 2025, and December 31, 2024, respectively, and included in "Other current liabilities" on the Condensed Consolidated Balance Sheets. Customer advances received before we have satisfied our performance obligations are accounted for as a contract liability (sometimes referred to in practice as deferred revenue).

Our deferred revenue activity for the three and nine months ended September 30, 2025, and 2024 is shown below (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Beginning balance | $2590 | $2857 | $2431 | $2303 |
| Additions | 172 | 27 | 1044 | 1324 |
| Recognized as revenue during period | (290) | (419) | (1003) | (1162) |
| Ending Balance | $2472 | $2465 | $2472 | $2465 |

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**Disaggregation of Revenue:** The tables below show the disaggregation of revenue by product and reconciles disaggregated revenue to segment revenue for the three and nine months ended September 30, 2025, and 2024. We believe the disaggregation of revenue by products best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|<br>**Product** | **Potash Segment** | **Trio**<sup>®</sup> **Segment** | **Oilfield Solutions Segment** | **Intersegment Eliminations** | **Total** |
| Potash | $26324 | $— | $— | $(40) | $26284 |
| Trio<sup>®</sup> |  | 17933 |  |  | 17933 |
| Fresh Water |  |  | 558 |  | 558 |
| Salt | 2516 | 161 |  |  | 2677 |
| Magnesium Chloride | 1966 |  |  |  | 1966 |
| Brine Water | 1673 |  | 987 |  | 2660 |
| Other |  |  | 1141 |  | 1141 |
| Total Revenue | $32479 | $18094 | $2686 | $(40) | $53219 |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| **Product** | **Potash Segment** | **Trio® Segment** | **Oilfield Solutions Segment** | **Intersegment Eliminations** | **Total** |
| Potash | $91446 | $— | $— | $(157) | $91289 |
| Trio<sup>®</sup> |  | 100803 |  |  | 100803 |
| Fresh Water |  |  | 2617 |  | 2617 |
| Salt | 8820 | 345 |  |  | 9165 |
| Magnesium Chloride | 4737 |  |  |  | 4737 |
| Brine Water | 5047 |  | 3221 |  | 8268 |
| Other |  |  | 5572 |  | 5572 |
| Total Revenue | $110050 | $101148 | $11410 | $(157) | $222451 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|<br>**Product** | **Potash Segment** | **Trio**<sup>®</sup> **Segment** | **Oilfield Solutions Segment** | **Intersegment Eliminations** | **Total** |
| Potash | $21692 | $— | $— | $(59) | $21633 |
| Trio<sup>®</sup> |  | 18887 |  |  | 18887 |
| Fresh Water |  |  | 7918 |  | 7918 |
| Salt | 2720 | 41 |  |  | 2761 |
| Magnesium Chloride | 2116 |  |  |  | 2116 |
| Brine Water | 1808 |  | 943 |  | 2751 |
| Other | 20 |  | 1463 |  | 1483 |
| Total Revenue | $28356 | $18928 | $10324 | $(59) | $57549 |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| **Product** | **Potash Segment** | **Trio**<sup>®</sup> **Segment** | **Oilfield Solutions Segment** | **Intersegment Eliminations** | **Total** |
| Potash | $78242 | $— | $— | $(199) | $78043 |
| Trio<sup>®</sup> |  | 81584 |  |  | 81584 |
| Fresh Water |  |  | 12659 |  | 12659 |
| Salt | 9199 | 354 |  |  | 9553 |
| Magnesium Chloride | 3467 |  |  |  | 3467 |
| Brine Water | 4975 |  | 3236 |  | 8211 |
| Other | 83 |  | 5291 |  | 5374 |
| Total Revenue | $95966 | $81938 | $21186 | $(199) | $198891 |

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**Note 12 — COMPENSATION PLANS**

***Equity Incentive Compensation Plan***—Our Board of Directors ("Board") and stockholders adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan (the "Plan"). The Plan was most recently amended and restated in May 2022. We have issued common stock, restricted shares, restricted stock units, and non-qualified stock option awards under the Plan. Restricted stock units ("RSUs") represent the contingent right to receive one share of our common stock upon satisfaction of applicable vesting conditions. RSUs do not have any of the rights available to owners of common stock until vesting and settlement of the RSUs into shares of common stock. Restricted share awards ("RSAs") contain service-based conditions and in some instances contain both service-based and market-based conditions. Certain RSU awards contain service-based and operational performance conditions (referred to as "operational performance-based RSUs") and certain RSU awards contain service-based and market-based conditions (referred to as "market-based RSUs").

As of September 30, 2025, approximately 0.7 million shares remained available for issuance under the Plan.

We recognize stock-based compensation associated with the issuance of RSAs, non-qualified stock options, operational performance-based RSUs, and market-based RSUs by recording expense over the service period associated with each grant, based on the fair value of the grant on the grant date. For service-based awards, grant date fair value is based on the closing price of our common stock on the grant date and expense is recognized on a straight-line basis over the required service period of the award, which is generally the vesting period of the award. For operational performance-based awards grant date fair value is based on the closing share price of our common stock on the grant date and the probable number of shares expected to vest and expense is recognized using the accelerated recognition method over the required service period, which is generally the vesting period of the award. The probable number of shares expected to vest is updated each reporting period and we record a cumulative catch-up adjustment to expense for changes to the probability assessment. For RSA awards that contain both service-based and market-based conditions and market-based RSUs, grant date fair value is estimated using a Monte Carlo simulation valuation model and expense is recognized using the accelerated recognition method over the required service period which is generally the longer of the explicit service period or the derived service period, which is generally the expected date the market condition is estimated to be achieved.

During the three months ended September 30, 2025, the Compensation Committee granted no equity awards. During the three months ended September 30, 2024, the Compensation Committee granted RSAs to non-employee members of our Board for the additional meetings that were held during 2024.

During the nine months ended September 30, 2025, and 2024, the Compensation Committee granted RSAs to non-employee members of our Board, executives and other key employees. The RSAs contain service conditions, and certain awards contain both service- and market-based conditions. RSAs with service-based conditions granted to employees generally vest over three years and RSAs with service-based conditions granted to non-employee members of our Board generally vest over one year. RSAs with service and market-based conditions vest on the later of the required service period or the achievement of the market condition threshold.

The table below shows the restricted share activity for the three and nine months ended September 30, 2025, and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Restricted Shares** | **2025** | **2024** | **2025** | **2024** |
| Beginning shares outstanding | 311688 | 373377 | 319035 | 340924 |
| Shares granted |  | 6282 | 135829 | 192237 |
| Shares vested |  |  | (120863) | (138668) |
| Shares forfeited |  | (121546) | (22313) | (136380) |
| Ending shares outstanding | 311688 | 258113 | 311688 | 258113 |

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During the nine months ended September 30, 2025, the Compensation Committee granted operational performance- based RSUs to executives and certain other key employees which are eligible to vest based upon potash production cost per ton for the 2027 calendar year. The operational performance-based RSUs can earn between zero and 200% of the target number of operational performance-based RSUs granted.

The table below shows the operational performance-based RSU activity during the three and nine months ended September 30, 2025. There was no operational performance-based RSU activity during the three and nine months ended

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September 30, 2024. Amounts shown in the table below are based on the target number of operational performance-based RSUs granted.

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| | | |
|:---|:---|:---|
| **Operational Performance-Based RSUs** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| Beginning units outstanding | 21092 |  |
| Units granted |  | 22577 |
| Units vested |  |  |
| Units forfeited |  | (1485) |
| Ending units outstanding | 21092 | 21092 |

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The Compensation Committee granted market-based RSUs to executives and certain other key employees. The RSUs granted contain either a relative total shareholder return ("TSR") market-based condition (referred to as the "rTSR" awards) or an absolute TSR market-based condition (referred to as the "aTSR" awards). The rTSR RSUs are eligible to vest based on our TSR during a three-year period beginning on the grant date of the rTSR award ("performance period") relative to the rTSR during the performance period for the individual component companies comprising the Russell 2000 Index ("peer group"). Based on our relative performance against the peer group, rTSR awards may earn between zero and 200% of the target number of RSUs granted.

The aTSR RSUs are eligible to vest based on the achievement of certain total price thresholds during a three-year period beginning on the grant date. Once a price threshold is met, one-half of the total RSUs earned for meeting that price threshold vest immediately and one-half of the total RSUs earned vests on the one-year anniversary date of meeting the price threshold.

The table below shows the market-based RSU activity during the three and nine months ended September 30, 2025. There was no market-based RSU activity during the three and nine months ended September 30, 2024. The amounts shown in the table are based on the maximum number of market-based RSUs that could be earned under the aTSR and rTSR awards.

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| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Market-based RSUs** | **2025** | **2025** |
| Beginning units outstanding | 178559 | 111285 |
| Units granted |  | 72010 |
| Units vested | (3132) | (3132) |
| Units forfeited |  | (4736) |
| Ending units outstanding | 175427 | 175427 |

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The Compensation Committee has not granted any stock options since 2018. The table below shows the summary of all non-qualified stock option activity during the three and nine months ended September 30, 2025, and 2024. All outstanding options are fully vested and expire ten years after grant.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Non-qualified Stock Options** | **2025** | **2024** | **2025** | **2024** |
| Beginning stock options outstanding | 269525 | 273206 | 273206 | 273206 |
| Stock options granted |  |  |  |  |
| Stock options exercised | (112312) |  | (115993) |  |
| Stock options forfeited | (155818) |  | (155818) |  |
| Stock options expired |  |  |  |  |
| Ending stock options outstanding | 1395 | 273206 | 1395 | 273206 |

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&nbsp;&nbsp;&nbsp;&nbsp;Total share-based compensation expenses were $1.4 million and $0.2 million for the three months ended September 30, 2025, and 2024, respectively, and $3.8 million and $2.7 million for the nine months ended September 30,

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2025, and 2024, respectively. As of September 30, 2025, we had $8.6 million of total remaining unrecognized compensation expense related to awards that is expected to be recognized over a weighted-average period of 1.6 years.

**Note 13 — INCOME TAXES**

Our anticipated annual tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which our income is subject to income tax, as well as permanent differences between the financial statement carrying amounts and tax bases of assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;Our effective tax rate for the three months ended September 30, 2025, was 6.6%. Our effective tax rate for the nine months ended September 30, 2025, was 4.0%. Our effective tax rate differed from the statutory rate during this period due to changes in the valuation allowance established to offset our deferred tax assets. Our effective tax rate for the three and nine months ended September 30, 2024, was 0.4% and 15.8%, respectively. Our effective tax rate differed from the statutory rate during these periods primarily from the permanent difference between book and tax income for the percentage depletion deduction and the officers' compensation deduction.

**Note 14 — COMMITMENTS AND CONTINGENCIES**

***Reclamation Deposits and Surety Bonds***—As of September 30, 2025, and December 31, 2024, we had $30.1 million and $27.0 million, respectively, of security placed principally with the Bureau of Land Management ("BLM") and the states of Utah and New Mexico for eventual reclamation of our various facilities. As of September 30, 2025, $0.6 million consisted of long-term restricted cash deposits and $29.5 million was secured by surety bonds insured by an insurer. As of December 31, 2024, $0.6 million consisted of long-term restricted cash deposits and $26.4 million was secured by surety bonds issued by an insurer. The restricted cash deposits are included in "Other assets, net" on the Condensed Consolidated Balance Sheets and the surety bonds are held in place by an annual fee paid to the issuer.

We may be required to post additional security to fund future reclamation obligations as reclamation plans are updated or as statutory, regulatory, or other agency requirements change.

***&nbsp;&nbsp;&nbsp;&nbsp;Legal***—We are subject to claims and legal actions in the ordinary course of business. We expense legal costs as they are incurred. While there are uncertainties in predicting the outcome of any claim or legal action, except as noted below, we believe the ultimate resolution of these claims or actions is not reasonably likely to have a material adverse effect on our financial condition, results of operations, or cash flows.

*Class Action Claim*

On November 6, 2024, we were served with a class action lawsuit filed in federal district court in New Mexico. The suit alleges that Intrepid and Intrepid Potash – New Mexico, LLC violated the New Mexico Minimum Wage Act by failing to properly compensate certain New Mexico underground mine and surface mine workers overtime for specific activities, including putting on and removing personal protective equipment from 2009 to the present. The complaint seeks all unpaid wages for these activities for all class members, which is alleged to exceed $5.0 million. The lawsuit is still in the early stages, and classes have yet to be certified. We are vigorously defending against class certification and the underlying claims. We have not recorded a loss contingency related to this matter.

*Water Rights*

In 2017 and 2018, the New Mexico Office of the State Engineer ("OSE") granted us preliminary and emergency authorizations to sell approximately 5,700 acre-feet of water per year from our Pecos River water rights. The preliminary and emergency authorizations allowed for water sales to begin immediately, subject to repayment if the underlying water rights were ultimately found to be invalid. On March 17, 2022, following a trial to determine the validity of our Pecos River water rights, the Fifth Judicial District Court in New Mexico entered an order that found that of the 20,000 acre feet of water per year we claimed, our predecessors in interest had forfeited all but approximately 5,800 acre feet of water per year, and that of the remaining 5,800 acre feet of water that had not been forfeited, all but 150 acre feet of water had been abandoned prior to 2017 (the "Order"). The Order limited our right to 150 acre fee per annum of water for industrial-salt processing use.

We appealed the Order to the New Mexico Court of Appeals ("NMCA"), which, on July 7, 2023, affirmed the Order. On November 17, 2023, we filed a request for the New Mexico Supreme Court ("NMSC") to reconsider and review the NMCA's decision to affirm the Order's abandonment determination. The NMSC agreed to review the NMCA's abandonment determination, and on July 5, 2025, issued a decision upholding the NMCA's findings. The NMSC's decision renders the Order final.

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Given the NMSC's decision, we will have to repay for the water sold under preliminary and emergency authorizations. Repayment is customarily made in-kind over a period of time but can take other forms including cash repayment. If we are not able to repay in-kind due to the lack of remaining water rights or logistical constraints, we may need to purchase water to meet repayment obligations or be subject to a cash repayment. Because of the uncertainty surrounding the potential volume of water for repayment and the timing and the form of repayment, we cannot reasonably estimate the amount of the potential liability and have not recorded a loss contingency in our statement of operations related to this legal matter.

*Other Legal Contingencies*

In May 2025, we reported to the State of New Mexico that we had an unpermitted discharge of brine at our HB facility. We have recorded an estimated liability of $2.2 million related to the potential penalties we may incur related to this unpermitted discharge. The State of New Mexico may require us to perform remediation activities related to this incident. Given the nature and location of the discharge, we have recorded an estimated environmental liability of $0.1 million for any required environmental remediation activities based on our estimate of the costs associated with expected required environmental remediation activities. However, our estimate of any required remediation costs related to the unpermitted discharge could change significantly and could have a material adverse effect on our financial condition, results of operations, or cash flows, if we are required to perform more substantial and costly remediation activities than we currently expect to perform.

In 2019, the U.S. Department of the Interior Office of Natural Resources Revenue ("ONRR") completed an audit of federal royalties at our New Mexico facilities covering the years 2012 through 2016 (the "audit period") and issued a "Perform Restructured Accounting and Pay Order" (the "Order"). The most significant of the ONRR's findings related to instances in which adequate supporting documentation was not provided to them for various items ONRR tested during the audit. Since the Order was issued, we worked with the ONRR to address the issues noted from the audit. During the three months ended September 30, 2025, we agree to pay $3.5 million to the ONRR and the ONRR closed the Order. We had previously recorded $3.5 million in contingent liabilities related to this matter.

We have estimated total contingent liabilities recorded in "Other current liabilities" on the Condensed Consolidated Balance Sheets of $4.0 million as of September 30, 2025. In addition to the amounts accrued for the unpermitted discharge penalty and the estimated related environmental remediation expenses discussed above, we also have accrued a contingent liability of $1.7 million for various other items.

As of December 31, 2024, we had $4.8 million in contingent liabilities, mainly related to the potential underpayment of royalties to the ONRR from 2012 to 2016.

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**Note 15 — FAIR VALUE**

***&nbsp;&nbsp;&nbsp;&nbsp;***We measure our financial assets and liabilities in accordance with ASC Topic 820, *Fair Value Measurements and Disclosures.* Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date:

Level 1 - Quoted market prices in active markets for identical assets or liabilities.

Level 2 - Inputs, other than Level 1, that are either directly or indirectly observable.

Level 3 - Unobservable inputs developed using estimates and assumptions which reflect those that market participants would use.

The classification of fair value measurement within the hierarchy is based upon the lowest level of input that is significant to the measurement.

&nbsp;&nbsp;&nbsp;&nbsp; Other financial instruments consist primarily of cash equivalents, accounts receivable, refundable income taxes, investment securities, accounts payable, accrued liabilities, and, if any, advances under our credit facility. With the exception of investment securities, we believe cost approximates fair value for our financial instruments because of the short-term nature of these instruments.

***Cash Equivalents***—As of September 30, 2025, we had cash equivalents of $5.8 million. As of December 31, 2024, we had cash equivalents of $2.6 million.

***Held-to-Maturity Debt Investments***—During the three months ended June 30, 2025, all of our held-to-maturity debt investments matured and as of September 30, 2025, we did not own any debt investment securities. As of December 31, 2024, we owned debt investment securities classified as held-to-maturity because we had the intent and ability to hold these investments to maturity. These held-to-maturity debt securities were carried at amortized cost, were recorded in "Short-term investments" on the Condensed Consolidated Balance Sheets and consisted of the following (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| Short-term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 989 |  |  | 989 |
| Total | $989 | $— | $— | $989 |

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***Investments in Equity Securities***—In May 2020, we acquired a non-controlling equity investment in W.D. Von Gonten Laboratories ("WDVGL") for $3.5 million. Initially, we accounted for this investment as an equity investment without a readily determinable fair value and elected to measure our investment, as permitted by GAAP, at cost plus or minus any adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairment.

In July 2022, WDVGL entered into an agreement (the "Purchase Agreement") with National Energy Services Reunited Corporation ("NESR"), a British Virgin Islands corporation headquartered in Houston, Texas. Under the terms of the Purchase Agreement, WDVGL was combined with the consulting business owned by W.D. Von Gonten ("Consulting") to form a new entity, W.D. Von Gonten Engineering, LLC ("Engineering"), and NESR purchased Engineering in a majority stock transaction at an agreed upon selling price. NESR stock received from the sale of Engineering was distributed to investors in WDVGL and Consulting in August 2024.

In February 2023, we received $0.2 million in cash for our investment in WDVGL. Initially, we recorded that cash received as a liability because we were required to return the cash to WDVGL if the sale of Engineering to NESR was not finalized. The sale of Engineering to NESR has since been finalized and the recorded value of our investment in WDVGL was reduced to $3.3 million, which is the aggregate cost basis of the total shares of NESR stock we received in August 2024 related to the sale of WDVGL.

As required by ASC Topic 321 - *Investments-Equity Securities* ("ASC 321"), equity securities were valued at fair value and unrealized gains and losses for investments in equity securities were included "Other income (expense)" on the Condensed Consolidated Statement of Operations. In May 2025, we sold all shares of NESR we owned and received proceeds of $2.1 million. When the NESR shares were sold, the fair value of the shares was $2.5 million, and we recorded a

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realized loss of $0.4 million during the three months ended June 30, 2025. For the nine months ended September 30, 2025, the total loss (unrealized losses plus realized losses) related to this investment was $0.9 million, which is included in "Other income (expense)" on the Condensed Consolidated Statement of Operations.

***Equity Method Investments***—We are a limited partner with a 16% interest in PEP Ovation, LP ("Ovation") as of September 30, 2025, and December 31, 2024. This investment is accounted for under the equity method whereby we recognize our proportional share of the income or loss from our investment in Ovation on a one-quarter lag. This investment is included in "Long-term investments" on the Condensed Consolidated Balance Sheets. For the three and nine months ended September 30, 2025, our proportional share of Ovation's net loss was $0.1 million and $0.3 million, respectively. For the three and nine months ended September 30, 2024, our proportional share of Ovation's net loss was $0.3 million and $0.3 million, respectively.

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**Note 16 — BUSINESS SEGMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;Our operations are organized into three segments: potash, Trio<sup>®</sup>, and oilfield solutions. We determine reportable segments based on several factors including the types of products and services sold, production processes, markets served and the financial information available for our chief operating decision maker ("CODM"). Our Chief Executive Officer is our CODM, who uses gross margin to evaluate segment performance. We do not allocate corporate selling and administrative expenses, nor other corporate expenses, to the respective segments. Total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the CODM.

Intersegment sales prices are market-based and are eliminated in the "Other" column. Information for each segment is provided in the tables that follow (in thousands).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended<br>September 30, 2025** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Other** | **Consolidated** |
| Sales | $32479 | $18094 | $2686 | $(40) | $53219 |
| Less: Freight costs | 3146 | 3473 |  | (40) | 6579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehousing and handling<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs | 1613 | 996 |  |  | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | 21050 | 9255 | 2746 |  | 33051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower of cost or net <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; realizable value inventory<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustments | 406 |  |  |  | 406 |
| Gross Margin (Deficit) | $6264 | $4370 | $(60) | $— | $10574 |
| Depreciation, depletion, and amortization incurred<sup>1</sup> | $7275 | $824 | $945 | $469 | $9513 |
| **Nine Months Ended <br>September 30, 2025** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Other** | **Consolidated** |
| Sales | $110050 | $101148 | $11410 | $(157) | $222451 |
| Less: Freight costs | 12592 | 22646 |  | (157) | 35081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehousing and handling<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs | 5142 | 4071 |  |  | 9213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | 76531 | 51541 | 8462 |  | 136534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower of cost or net <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; realizable value inventory<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustments | 2160 |  |  |  | 2160 |
| Gross Margin | $13625 | $22890 | $2948 | $— | $39463 |
| Depreciation, depletion, and amortization incurred<sup>1</sup> | $22828 | $2538 | $2907 | $1455 | $29728 |

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| **Three Months Ended <br>September 30, 2024** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Other** | **Consolidated** |
| Sales | $28356 | $18928 | $10324 | $(59) | $57549 |
| Less: Freight costs | 3217 | 4864 |  | (59) | 8022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehousing and handling<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs | 1819 | 1239 |  |  | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | 18783 | 12221 | 7262 |  | 38266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower of cost or net <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; realizable value inventory<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustments | 471 |  |  |  | 471 |
| Gross Margin | $4066 | $604 | $3062 | $— | $7732 |
| Depreciation, depletion, and amortization incurred<sup>1</sup> | $6670 | $864 | $1134 | $447 | $9115 |
| **Nine Months Ended <br>September 30, 2024** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Other** | **Consolidated** |
| Sales | $95966 | $81938 | $21186 | $(199) | $198891 |
| Less: Freight costs | 9976 | 20498 |  | (199) | 30275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehousing and handling<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs | 4889 | 3844 |  |  | 8733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | 65823 | 55949 | 13995 |  | 135767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower of cost or net <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; realizable value inventory<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustments | 2326 |  |  |  | 2326 |
| Gross Margin | $12952 | $1647 | $7191 | $— | $21790 |
| Depreciation, depletion and amortization incurred<sup>1</sup> | $19819 | $2599 | $3400 | $1359 | $27177 |

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<sup>1</sup> Depreciation, depletion, and amortization incurred for potash and Trio<sup>®</sup> excludes depreciation, depletion and amortization amounts absorbed in or relieved from inventory.

The following table shows the reconciliation of reportable segment sales to consolidated sales and the reconciliation of segment gross margins to consolidated income before taxes (in thousands):

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|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total sales for reportable segments | $53259 | $57608 | $222608 | $199090 |
| Elimination of intersegment sales | (40) | (59) | (157) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated sales | $53219 | 57549 | $222451 | $198891 |
| Total gross margin for reportable segments | $10574 | $7732 | 39463 | $21790 |
| Elimination of intersegment sales | (40) | (59) | (157) | (199) |
| Elimination of intersegment expenses | 40 | 59 | 157 | 199 |
| Unallocated amounts: |  |  |  |  |
| Selling and administrative | 9000 | 9154 | 27128 | 25448 |
| Impairment of long-lived assets |  | 874 | 1866 | 3082 |
| (Gain) loss on disposal of assets | (2239) | 134 | (3695) | 626 |
| Accretion of asset retirement obligation | 657 | 623 | 1972 | 1867 |
| Other operating income | (1145) | (1370) | (3651) | (4029) |
| Other operating expense | 970 | 540 | 4220 | 2953 |
| Equity in loss (gain) of unconsolidated entities | 86 | 289 | 318 | 256 |
| Interest expense, net | 36 |  | 207 |  |
| Interest income | (776) | (536) | (1802) | (1327) |
| Other non-operating (income) expense | (24) | (136) | 796 | (204) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $4009 | $(1840) | $12104 | $(6882) |

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Significant components of cost of goods sold are also provided to our CODM to further evaluate segment performance and are shown below (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended September 30, 2025** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Total** |
| Labor and benefits | $6681 | $3788 | $1141 | $11610 |
| Maintenance | 1710 | 1312 | 167 | 3189 |
| Utilities and fuel | 1669 | 614 | 175 | 2458 |
| Operating supplies | 1478 | 1380 | 64 | 2922 |
| Depreciation | 5587 | 392 | 987 | 6966 |
| Other<sup>1</sup> | 3925 | 1769 | 212 | 5906 |
| Total cost of goods sold | $21050 | $9255 | $2746 | $33051 |
| **For the Nine Months Ended September 30, 2025** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Total** |
| Labor and benefits | $24359 | $21994 | $3522 | $49875 |
| Maintenance | 6007 | 6853 | 500 | 13360 |
| Utilities and fuel | 6171 | 3321 | 641 | 10133 |
| Operating supplies | 4701 | 7633 | 177 | 12511 |
| Depreciation | 20738 | 2456 | 2988 | 26182 |
| Other<sup>1</sup> | 14555 | 9284 | 634 | 24473 |
| Total cost of goods sold | $76531 | $51541 | $8462 | $136534 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended September 30, 2024** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Total** |
| Labor and benefits | $5774 | $5511 | $1166 | $12451 |
| Maintenance | 1304 | 1436 | 294 | 3034 |
| Utilities and fuel | 1618 | 800 | 230 | 2648 |
| Operating supplies | 1450 | 1735 | 67 | 3252 |
| Depreciation | 4719 | 678 | 1139 | 6536 |
| Other<sup>1</sup> | 3918 | 2061 | 4366 | 10345 |
| Total cost of goods sold | $18783 | $12221 | $7262 | $38266 |
| **For the Nine Months Ended September 30, 2024** | **Potash** | **Trio**<sup>®</sup> | **Oilfield Solutions** | **Total** |
| Labor and benefits | $20514 | $25412 | $3080 | $49006 |
| Maintenance | 4530 | 6570 | 804 | 11904 |
| Utilities and fuel | 6420 | 3672 | 669 | 10761 |
| Operating supplies | 4315 | 6774 | 200 | 11289 |
| Depreciation | 17344 | 3771 | 3439 | 24554 |
| Other<sup>1</sup> | 12700 | 9750 | 5803 | 28253 |
| Total cost of goods sold | $65823 | $55949 | $13995 | $135767 |

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<sup>1</sup> Other expense includes property taxes, insurance, royalties, and other miscellaneous expenses.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION**

**AND RESULTS OF OPERATIONS**

This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Securities Act of 1933, as amended. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this Quarterly Report other than statements of historical fact are forward-looking statements. Forward-looking statements include statements about, among other things, our future results of operations and financial position, our business strategy and plans, our expected capital investments and our objectives for future operations. In some cases, you can identify these statements by forward-looking words, such as "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," and "continue." Forward-looking statements are only predictions based on our current knowledge, expectations, and projections about future events.

&nbsp;&nbsp;&nbsp;&nbsp;These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the price, demand, or supply of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges and legal proceedings related to our water rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio<sup>®</sup>, byproducts, and other non-potassium related products or other revenue diversification activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of, and our ability to successfully execute, any strategic projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines or changes in agricultural production or fertilizer application rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in the use of potassium-related products or water by oil and gas companies in their drilling operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to prevail in outstanding legal proceedings against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with the terms of our revolving credit facility, including any underlying covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• write-downs of the carrying value of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in reserve estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in economic conditions or credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of trade tariffs and any potential changes to them we are unable to mitigate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather events, including events affecting precipitation and evaporation rates at our solar solution mines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the prices of raw materials, including chemicals, natural gas, and power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interruptions in rail or truck transportation services, or fluctuations in the costs of these services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to fund necessary capital investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global inflationary pressures and supply chain challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other risks, uncertainties, and assumptions described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, this Quarterly Report and in other reports we file with the SEC.

In addition, new risks emerge from time to time. It is not possible for our management to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements we may make.

In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in these forward-looking statements. As a result, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements to conform those statements to actual results or to reflect new information or future events.

&nbsp;&nbsp;&nbsp;&nbsp;Throughout this Quarterly Report, we refer to average net realized sales price per ton, which is a non-GAAP financial measure. More information about this measure, including a reconciliation of this measure to the most directly comparable GAAP financial measure, is below under the heading "Non-GAAP Financial Measure."

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**Company Overview**

We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride, KCl or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio<sup>®</sup>, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, magnesium chloride, brine, and various oilfield products and services.

Our extraction and production operations are conducted entirely in the continental U.S. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our brine recovery mine in Wendover, Utah. We also operate our North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio<sup>®</sup> from our conventional underground East mine in Carlsbad, New Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;We also have certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico. We refer to these assets and operations as "Intrepid South." Our Intrepid South property generates revenue from sales of various oilfield related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche.

&nbsp;&nbsp;&nbsp;&nbsp;We have three segments: potash, Trio<sup>®</sup>, and oilfield solutions. We account for the sale of byproducts as revenue in the potash or Trio<sup>®</sup> segment based on which segment generated the byproduct. Intersegment sales prices are market based and are eliminated.

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 **Significant Business Trends and Activities**

&nbsp;&nbsp;&nbsp;&nbsp;Our financial results have been, or are expected to be, impacted by several significant trends and activities, which are described below. We expect that the trends described below may continue to impact our results of operations, cash flows, and financial position.

• *Tariffs and retaliatory tariffs.* Since February 2025, the U.S. government has announced, implemented, modified, paused, and/or terminated various tariff measures, including "reciprocal" tariffs on imports from most countries, the so-called "trafficking" tariffs on imports from Canada, Mexico and China, and a number of new or modified tariffs on imports of specific classes of products (including, but not limited to, steel, aluminum, and copper) under Section 232 of the Trade Expansion Act of 1962.

Imports from Canada and Mexico that meet the origin rules of the United States-Mexico-Canada Agreement (USMCA), are presently exempt from the "reciprocal" and "trafficking" tariffs, but not the Section 232 tariffs. However the status of this exemption is uncertain, and the USMCA itself may be subject to renegotiation. Other countries and customs unions, including the United Kingdom, European Union, and Japan, have negotiated separate trade agreements with the U.S. resulting in lower tariffs that would have otherwise applied. However, these agreements are also subject to further negotiation.

The U.S. also continues to negotiate with additional trade partners on potential agreements, the outcome of which remains uncertain. These tariffs and other announcements has led, and may continue to lead, to retaliatory tariffs by other countries. This activity is creating uncertainty regarding the extent and impact of tariffs on our business and the economy in general. Tariffs, or the potential for tariffs, may affect the costs and availability of raw materials, affect our customers' purchasing decisions, contribute to increases in operating costs through increases in product and equipment costs, wages, and energy, or have other related impacts on our business and the markets in which we operate.

• *Potash pricing and demand.* Our potash average net realized sales price per ton<sup>(1)</sup> increased to $381 for the three months ended September 30, 2025, compared to $356 for the same period in 2024, as we realized the entirety of the first half potash price increases, and we sold a greater percentage of our product into feed markets due to normal seasonality in agricultural markets. Our average net realized sales price per ton for the nine months ended September 30, 2025, decreased to $345 compared to $387 for the same period in 2024, as pricing to begin the year was $70 per ton lower than in 2024, and we sold a smaller percentage of our product into feed markets due to higher overall sales volumes. Sales volume increased 15% and 28% in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, as improved production volumes during 2024 led to more tons available for sale in the first nine months of 2025.

Potash prices were stable through the third quarter of 2025 as summer-fill pricing announced in June 2025 largely filled the third quarter order book. We realized higher prices ($410 per ton Midwest warehouse reference price) on certain spot shipments in the third quarter, although that price level remains largely untested as distributors secured the majority of their third quarter needs during the fill period. Looking ahead, pricing continues to be supported by a balanced global outlook for potash and contract settlements with China and India that are supportive of U.S price levels despite decreases in farmer profitability.

As a small producer, domestic pricing of our potash is influenced principally by the price established by our competitors. The interaction of global potash supply and demand, ocean, land, and barge freight rates, currency fluctuations, and crop commodity values and outlook, also influence pricing. Our price expectations could be affected by, among other things, weather, planting decisions, rail car availability, commodity price decreases and the price and availability of other potassium products.

&nbsp;&nbsp;&nbsp;&nbsp;Various factors affect potash sales and shipments, which increases the volatility of sales volumes from quarter to quarter and season to season. We experience seasonality in potash demand, with more purchases historically occurring in February through May and September through November when purchasers are looking to have product on hand for the spring and fall application seasons in the U.S. The specific timing of when farmers apply potash remains highly weather dependent and varies across the numerous growing regions within the U.S. The timing of potash sales is also significantly influenced by the marketing programs of potash producers, as well as storage volumes closer to the farm gate.

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• *Trio*<sup>®</sup> *pricing and demand.* Our Trio<sup>®</sup> average net realized sales price per ton<sup>(1)</sup> increased to $402 and $362 for the three and nine months ended September 30, 2025, respectively, compared to $312 and $305, respectively for the same periods in 2024, as rising potash prices and higher sulfate price levels led to increased Trio<sup>®</sup> prices. Sales volumes in the three months ended September 30, 2025, decreased 20% compared to the same period in 2024, as buyers deferred purchases to stock Trio<sup>®</sup> inventories for the upcoming spring 2026 application season. Sales volumes for the nine months ended September 30, 2025, increased 8%, compared to the same period in 2024, due to an increase in production rates and an acreage shift to corn in traditional Trio<sup>®</sup> markets which led to strong demand throughout the first nine months of 2025.

Trio<sup>®</sup> pricing increased $10 per ton to $415 per ton in June 2025, after completion of an order window for a summer fill program, and we maintained those prices through the third quarter. In late October we announced a fall fill program for Trio<sup>®</sup> reducing prices by $35 per ton to $380 per ton for orders received during a one-week window with shipments of those orders by the end of the year. We saw good subscription to the fall fill program with customers committing to historical volumes. After the one-week order window for the fall fill program was closed, Trio<sup>®</sup> pricing increased $25 per ton to $405 per ton. Moving forward, we expect Trio<sup>®</sup> pricing to be supported by a balanced global potash outlook and constructive sulfate values. Our ability to realize these prices may be affected by, among other things, weather, planting decisions, rail car availability, commodity price decreases, and the price and availability of other potassium products.

&nbsp;&nbsp;&nbsp;&nbsp;We also experience seasonality in domestic Trio<sup>®</sup> demand, with more purchases coming in the first and second quarters in advance of the spring application season in the U.S. In turn, we generally have increased inventory levels in the third and fourth quarters in anticipation of expected demand for the following year.

• *Water sales.* In the three and nine months ended September 30, 2025, total water sales were $0.6 million and $2.6 million, respectively, compared to $7.9 million and $12.7 million, respectively, during the same periods of 2024. Sales decreased in the three and nine months ended September 30, 2025, compared to the prior year as we sold less water from our Caprock water rights and at Intrepid South as the market continues to trend towards more use of recycled water in oil and gas operations. Water sales in the third quarter of 2024 included a five million barrel frac at Intrepid South and we have not seen similar activity on Intrepid South in 2025. We continue to pursue opportunities to supply or source water for additional fracs on or near Intrepid South, although the timing of those opportunities, if any, is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;See Note 14 of our unaudited Condensed Consolidated Financial Statements included in "Item 1. Condensed Consolidated Financial Statements (Unaudited)" of this Quarterly Report on Form 10-Q regarding legal proceedings related to our water rights.

• *Byproduct sales.* We sell byproducts that are derived from our potash and Trio<sup>®</sup> operations. Byproduct sales were $6.3 million and $18.9 million during the three and nine months ended September 30, 2025, respectively, compared to $6.7 million and $18.1 million, respectively, for the same periods of 2024. Byproduct sales in the third quarter were similar to the prior year as we have seen a return to more normal demand for our magnesium chloride in Wendover and consistent salt sales from our potash operations. Byproduct sales for the nine months ended September 30, 2025, increased primarily due to increased sales of magnesium chloride in early 2025 as our customer was able to destock inventory that impacted 2024 sales volumes and return to more normal seasonal volumes.

• *HB AMAX Cavern.* In July, we successfully drilled a sample well into one of the lowest sections of the AMAX mine; unfortunately, the brine pool that we anticipated encountering based on our imaging was not present. Given this outcome, we are continuing our evaluation of options to pursue an injection well and pipeline that would connect the AMAX mine to our HB injection system. Timing of construction will depend on further technical review and quantifying permitting requirements. We expect to have the necessary permits complete in the first quarter of 2026.

• *Other oilfield products and services.* Our revenue from brine and other oilfield products and services, excluding water, recorded in our oilfield solutions segment were $2.2 million and $8.8 million in the three and nine months ended September 30, 2025, respectively, compared to $2.4 million and $8.5 million, respectively, in the same periods of 2024, due primarily to the timing of recognizing surface use and easement revenues on Intrepid South.

<sup>(1)</sup> Average net realized sales price per ton is a non-GAAP financial measure. More information about this non-GAAP financial measure is below under the heading "Non-GAAP Financial Measure."

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**Consolidated Results**

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands, except per ton amounts) | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sales<sup>1</sup> | $53219 | $57549 | $222451 | $198891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | $33051 | $38266 | $136534 | $135767 |
| **Gross Margin** | $**10574** | $**7732** | $**39463** | $**21790** |
| Selling and administrative | $9000 | $9154 | $27128 | $25448 |
| **Net Income (Loss)** | $**3745** | $**(1833)** | $**11614** | $**(5796)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Average net realized sales price per ton<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp;Potash | $381 | $356 | $345 | $387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trio<sup>®</sup> | $402 | $312 | $362 | $305 |

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<sup>1</sup>Sales include sales of byproducts which were $6.3 million and $6.7 million for the three months ended September 30, 2025, and 2024, respectively, and $18.9 million and $18.1 million for the nine months ended September 30, 2025, and 2024, respectively.

<sup>2</sup>Average net realized sales price per ton is a non-GAAP financial measure. More information about this non-GAAP financial measure is below under the heading "Non-GAAP Financial Measure."

***Consolidated Results for the Three Months Ended September 30, 2025, and 2024***

**Sales**

Our total sales for the three months ended September 30, 2025, decreased $4.3 million, or 8%, compared to the same period in 2024, as oilfield solutions segment sales decreased $7.6 million, and Trio<sup>®</sup> segment sales decreased $0.8 million, partially offset by an increase of $4.1 million in potash segment sales.

Our total potash segment sales increased $4.1 million during the three months ended September 30, 2025, compared to the same period in 2024, as potash sales increased $4.7 million, partially offset by a $0.5 million decrease in potash segment byproduct sales. During the three months ended September 30, 2025, we sold 15% more tons of potash, compared to the same period in 2024, as we began the third quarter with more tons to sell due to strong potash production in the first and second quarters of 2025, combined with a 7% increase in our average net realized sales price per ton as we realized the various potash price increases announced since the 2025 winter fill program was launched at the beginning of January 2025.

Our Trio<sup>®</sup> segment sales decreased $0.8 million, or 4%, in the three months ended September 30, 2025, compared to the same period in 2024, as we sold 20% fewer tons of Trio<sup>®</sup> as customers deferred purchasing Trio<sup>®</sup> to build inventory for the upcoming Spring 2026 application season. Our Trio<sup>®</sup> average net realized sales price per ton increased 29% for the three months ended September 30, 2025, due to continued strong prices of the individual nutrient components of Trio<sup>®</sup>, particularly sulfate and potassium.

Our oilfield solutions segment sales, which include sales of water, brine water, surface use, and easements, decreased $7.6 million, or 74%, in the three months ended September 30, 2025, compared to the same period in 2024, driven by a $7.4 million decrease in water sales and a $0.3 million decrease in surface use and easement revenues. Our oilfield solutions segment water revenues decreased during the three months ended September 30, 2025, compared to the same period in 2024, due to the completion of a large frac on Intrepid South in the third quarter of 2024 combined with decreased sales from our Caprock wells. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.

Our total byproduct sales, which are recorded in either our potash segment or Trio<sup>®</sup> segment, decreased $0.4 million in the three months ended September 30, 2025, compared to the same period in 2024, due to slight decreases in brine, salt, and magnesium chloride sales.

**Cost of Goods Sold**

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Our total cost of goods sold decreased $5.2 million during the three months ended September 30, 2025, compared to the same period in 2024, as oilfield solutions segment cost of goods sold decreased $4.5 million, and Trio<sup>®</sup> segment cost of goods sold decreased $3.0 million, partially offset by a $2.3 million increase in potash segment cost of goods sold.

Our oilfield solutions cost of goods sold decreased $4.5 million, or 62%, during the three months ended September 30, 2025, compared to the same period in 2024, as total oilfield solution segment sales decreased 74%. As mentioned above, a large frac was completed on Intrepid South in the third quarter of 2024 and associated with that frac, we purchased $3.6 million of third-party water.

Our Trio<sup>®</sup> segment cost of goods sold decreased 24% during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 20% fewer tons. In addition, our weighted average carrying cost per Trio<sup>®</sup> ton decreased during the three months ended September 30, 2025, compared to the same period in 2024, due to improved Trio<sup>®</sup> production during the first nine months of 2025. A significant portion of our Trio<sup>®</sup> production costs are fixed and an increase in the number of tons produced decreases our per ton production costs.

Our potash segment cost of goods sold increased $2.3 million, or 12%, during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 15% more tons of potash in the three months ended September 30, 2025, compared to the same period in 2024.

**Lower of Cost or Net Realizable Value Inventory Adjustments**

In the three months ended September 30, 2025, we incurred $0.4 million of lower of cost or net realizable value inventory adjustments in our potash segment, as our weighted average carrying costs for certain potash products exceeded our expected average net realized sales price for those products. We incurred $0.5 million in lower of cost or net realizable value inventory adjustments in our potash segment in the three months ended September 30, 2024.

**Gross Margin**

During the three months ended September 30, 2025, we generated gross margin of $10.6 million compared to gross margin of $7.7 million during the same period in 2024. As discussed above, our gross margin increased during the three months ended September 30, 2025, due to increased average net realized sales price per ton for both potash and Trio<sup>®</sup>.

**Selling and Administrative Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended September 30, 2025, selling and administrative expenses decreased $0.2 million compared to the same period in 2024, driven by a $2.2 million decrease in labor and benefits expense and a $0.3 million decrease in legal expenses, partially offset by a $1.2 million increase in stock compensation expense and a $1.1 million increase in other professional services expenses. In April 2024, our former Chief Executive Officer ("CEO") was injured in a non-work related accident. Effective September 30, 2024, we entered into an agreement with our former CEO where we agreed to pay the former CEO $2.0 million in cash for compensation owed to him for services rendered prior to the accident and all of his unvested equity awards were cancelled. The cash payment was recorded in labor and benefits and we reversed approximately $1.1 million in equity compensation expense previously recognized on the former CEO's unvested equity awards that were cancelled. Finally, other professional services expense increased $1.1 million because we used more outside consultants during the three months ended September 30, 2025, compared to the same period in 2024.

**Impairment Expense**

&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2023, we recorded an impairment related to our Trio<sup>®</sup> segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio<sup>®</sup> segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio<sup>®</sup> segment capital spending during the three months ended September 30, 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $0.9 million in the three months ended September 30, 2024. For the three months ended September 30, 2025, we recorded no impairment expense.

**Other Operating Expense**

&nbsp;&nbsp;&nbsp;&nbsp;Other operating expense increased $0.4 million during the three months ended September 30, 2025, compared to the same period in 2024. In early 2020, we applied for and received a $10.0 million Payroll Protection Program ("PPP") loan from the U.S. Small Business Administration ("SBA"). In November 2020, the SBA notified us that our $10.0 million PPP loan was forgiven. In August 2025, SBA notified us that due to a clerical error in our PPP loan application we were only eligible for a $9.6 million PPP loan and we are required to repay $0.4 million of the PPP loan. We recorded the $0.4 million repayment in other operating expense during the three months ended September 30, 2025.

**Income Tax Expense**

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&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended September 30, 2025, we incurred $0.3 million in income tax expense compared to an immaterial income tax benefit during the same period in 2024. Since December 31, 2024, we have had a full valuation allowance recorded against our deferred tax assets.

**Net Income**

&nbsp;&nbsp;&nbsp;&nbsp;We generated net income of $3.7 million during the three months ended September 30, 2025, compared to a net loss of $1.8 million in the same period in 2024, due to the factors discussed above.

***Consolidated Results for the Nine Months Ended September 30, 2025, and 2024***

**Sales**

Our total sales for the nine months ended September 30, 2025, increased $23.6 million, or 12%, compared to the same period in 2024, as Trio<sup>®</sup> segment sales increased $19.2 million and potash segment sales increased $14.1 million, partially offset by a decrease of $9.8 million in oilfield solutions segment sales.

Our Trio<sup>®</sup> segment sales increased $19.2 million, or 23%, in the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 8% more tons of Trio<sup>®</sup> because we had more inventory to sell due to increased production during the first nine months of 2025, and our Trio<sup>®</sup> average net realized sales price per ton increased 19% in the nine months ended September 30, 2025, compared to the same period in 2024, as we realized the benefits of several price increases announced during the first half of 2025. Continued strong prices of the individual nutrient components of Trio<sup>®</sup>, particularly sulfate and potassium along with strong demand drove the price increases.

Our total potash segment sales increased $14.1 million for the nine months ended September 30, 2025, compared to the same period in 2024, as potash sales increased $13.2 million and potash segment byproduct sales increased $0.9 million. During the nine months ended September 30, 2025, we sold 28% more tons of potash, compared to the same period in 2024, as we had more tons to sell due to increased production in the first nine months of 2025. During the nine months ended September 30, 2025, our average net realized sales price per ton decreased 11% as potash list prices at the beginning of 2025 were approximately $70 per ton lower than at the beginning of 2024. List potash prices increased throughout the first half of 2025 due to strong global demand and U.S. farmers planting more corn acreage in 2025, compared to 2024.

Potash segment byproduct sales increased, compared to the same period in 2024, due to increased magnesium chloride sales. Our magnesium chloride sales during the nine months ended September 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to normal historical volumes during the nine months ended September 30, 2025.

Our oilfield solutions segment sales, which include sales of fresh water, brine water, surface use, and easements, decreased $9.8 million, or 46%, in the nine months ended September 30, 2025, compared to the same period in 2024, driven by a $10.0 million decrease in water sales and a $0.5 million decrease in produced water royalties, partially offset by a $0.6 million increase in surface use and easement revenues. Our oilfield solutions segment water revenues decreased during the nine months ended September 30, 2025, compared to the same period in 2024, because during 2024, we supplied water to a large frac that was completed at Intrepid South, while we have not supplied any water to large frac projects in 2025. In addition, we sold less water from our Caprock wells during the nine months ended September 30, 2025, compared to the same period in 2024. Our surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.

**Cost of Goods Sold**

Our total cost of goods sold increased $0.8 million during the nine months ended September 30, 2025, compared to the same period in 2024, as potash segment cost of goods sold increased $10.7 million, partially offset by decreases in oilfield solutions segment and Trio<sup>®</sup> segment cost of goods of $4.4 million, and $5.5 million, respectively.

Our potash segment cost of goods sold increased $10.7 million, or 16%, during the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash in the nine months ended September 30, 2025, compared to the same period in 2024. Our potash cost of goods sold during the nine months ended September 30, 2025, was favorably impacted by lower of cost or net realizable value inventory adjustments recorded during the second half of 2024 and the first half of 2025.

Our Trio<sup>®</sup> segment cost of goods sold decreased $4.4 million, or 8%, during the nine months ended September 30, 2025, compared to the same period in 2024, even though we sold 8% more tons during the 2025 period compared to the 2024 period. Our Trio<sup>®</sup> segment cost of goods sold was positively impacted by improved production rates throughout 2024, which led to a lower carrying cost per ton for our finished goods inventory to begin 2025. In addition, production labor costs decreased in the nine months ended September 30, 2025, compared to the same period in 2024, as we stopped operating an additional underground shift in March 2024 at our East facility. Finally, increased Trio<sup>®</sup> tons produced during the nine months

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ended September 30, 2025, compared to the same period in 2024, lowered our per ton production costs. A significant portion of our production costs is fixed and an increase in the number of tons produced decreases our per ton production costs.

Our oilfield solutions cost of goods sold decreased $5.5 million, or 40%, during the nine months ended September 30, 2025, compared to the same period in 2024, as third party water purchases decreased $3.6 million and we incurred less expenses as total oilfield solutions segment sales decreased $10.0 million.

**Lower of Cost or Net Realizable Value Inventory Adjustments**

In the nine months ended September 30, 2025, we incurred $2.2 million of lower of cost or net realizable value inventory adjustments in our potash segment, as our weighted average carrying costs for certain potash products exceeded our expected average net realized sales price for those products. We incurred $2.3 million in lower of cost or net realizable value inventory adjustments in our potash segment in the nine months ended September 30, 2024.

**Gross Margin**

During the nine months ended September 30, 2025, we generated gross margin of $39.5 million compared to gross margin of $21.8 million during the same period in 2024, due to the factors discussed above.

**Selling and Administrative Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;During the nine months ended September 30, 2025, selling and administrative expenses increased $1.7 million, or 7%, compared to the same period in 2024, as other professional services expenses increased $1.7 million and stock compensation expense increased $1.0 million, partially offset by a $0.9 million decrease in labor and benefits. Our professional service expenses increased because we used more outside consultants in 2025, compared to 2024. As discussed above, stock compensation decreased during the nine months ended September 30, 2025, compared to the same period in 2024, due to the reversal of approximately $1.1 million in previously recognized stock compensation expense for the cancellation of unvested equity awards to our former CEO in September 2024. Likewise, labor and benefits expense decreased because we recorded $2.0 million in labor and benefits for the cash compensation owed to our former CEO in September 2024.

**Impairment Expense**

&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2023, we recorded an impairment related to our Trio<sup>®</sup> segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio<sup>®</sup> segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio<sup>®</sup> segment capital spending during the nine months ended September 30, 2025, and 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $1.9 million and $3.1 million in the nine months ended September 30, 2025, and 2024, respectively.

**Other Operating Expense**

&nbsp;&nbsp;&nbsp;&nbsp;Other operating expense increased $1.3 million during the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to a $2.2 million contingent liability recorded during the nine months ended September 30, 2025, for potential fines related to an unpermitted discharge at our HB facility. See further discussion related to the unpermitted discharge in Note 14—Commitments and Contingencies to the Condensed Consolidated Financial Statements. During the nine months ended September 30, 2024, we incurred $0.9 million for royalties assessed by the State of New Mexico on certain water sales made during 2019 to 2022.

**Income Tax Expense**

&nbsp;&nbsp;&nbsp;&nbsp;During the nine months ended September 30, 2025, we incurred income tax expense of $0.5 million compared to income tax benefit of $1.1 million during the same period in 2024. Since December 31, 2024, we have had a full valuation allowance against our deferred tax assets.

**Net Income**

&nbsp;&nbsp;&nbsp;&nbsp;We generated net income of $11.6 million during the nine months ended September 30, 2025, compared to a net loss of $5.8 million in the same period in 2024, due to the factors discussed above.

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***Potash Segment***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (in thousands, except per ton amounts) | **2025** | **2024** | **2025** | **2024** |
| Sales<sup>1</sup> | $32479 | $28356 | $110050 | $95966 |
| Less: Freight costs | 3146 | 3217 | 12592 | 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehousing and handling<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs | 1613 | 1819 | 5142 | 4889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | 21050 | 18783 | 76531 | 65823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lower of cost or net <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; realizable value inventory<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustments | 406 | 471 | 2160 | 2326 |
| Gross Margin | $6264 | $4066 | $13625 | $12952 |
| Depreciation, depletion, and amortization incurred<sup>2</sup> | $7275 | $6670 | $22828 | $19819 |
| Potash sales volumes (in tons) | 62 | 54 | 234 | 183 |
| Potash production volumes (in tons) | 41 | 51 | 178 | 178 |
| Average potash net realized sales price per ton<sup>3</sup> | $381 | $356 | $345 | $387 |

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<sup>1</sup> Sales include sales of byproducts which were $6.2 million and $6.7 million for the three months ended September 30, 2025, and 2024, respectively, and $18.6 million and $17.7 million for the nine months ended September 30, 2025, and 2024, respectively.

<sup>2</sup> Depreciation, depletion, and amortization incurred excludes depreciation, depletion, and amortization amounts absorbed in or (relieved from) inventory.

<sup>3</sup>Average net realized sales price per ton is a non-GAAP financial measure. More information about this measure is below under the heading "Non-GAAP Financial Measure."

**Three Months Ended September 30, 2025, and 2024** 

Our total sales in the potash segment increased $4.1 million in the three months ended September 30, 2025, compared to the same period in 2024, as potash sales recorded in the potash segment increased $4.7 million and potash segment byproduct sales decreased $0.5 million.

Our potash sales increased in the three months ended September 30, 2025, compared to the same period in 2024, as we sold 15% more tons of potash combined with an increase of 7% in our average net realized sales price per ton. We sold more tons of potash in the three months ended September 30, 2025, compared to the same period in 2024, as we had more potash to sell due to increased production during the first half of 2025. Our average net realized sales price per ton increased compared to the prior year as we realized the various potash price increases announced since the 2025 winter fill program was announced to begin January 2025.

Our potash segment byproduct sales decreased $0.5 million during the three months ended September 30, 2025, compared to the same period in 2024, as we saw minor sales declines in salt, magnesium chloride and brine water sales.

Potash segment freight expense decreased 2% in the three months ended September 30, 2025, compared to the same period in 2024, even though we sold 15% more tons of potash. Our potash freight expense is impacted by the geographic distribution of our potash and byproduct sales, by the proportion of customers arranging for and paying their own freight costs and the mix of sales shipped via rail and truck.

Our potash segment cost of goods sold increased $2.3 million, or 12%, during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 15% more tons of potash. Our weighted average carrying cost per potash ton to begin the third quarter of 2025, was less than our weighted average carrying cost per potash ton to begin the third quarter of 2024, due to increased potash production during the first six months of 2025. A significant portion of our production costs are fixed and an increase in tons produced lowers our per ton production costs. In addition, lower of cost or net realizable value potash inventory adjustments recorded in previous quarters at our Wendover, Utah ("Wendover") facility lowered our weighted average carrying cost per potash ton to begin the third quarter of 2025.

During the three months ended September 30, 2025, we recorded lower of cost or net realizable value inventory adjustments of $0.4 million as our weighted average carrying cost per ton for inventoried potash products at our Wendover and HB facilities was higher than our forecasted average net realizable sales price per ton for those products. During the three months ended September 30, 2025, compared to the same period in 2024, we produced fewer tons of potash because we had fewer production days at our HB facility because of a later start-up after the 2025 evaporation season. Potash production at our

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Wendover facility during the three months ended September 30, 2024, remained below historical production levels. Our work-in-process inventory at our Wendover facility is higher at September 30, 2025, compared to September 30, 2024, because of the new primary pond placed in service at the end of the second quarter of 2024. We recorded $0.5 million in lower of cost or net realized value inventory adjustments in the potash segment in the second quarter of 2024.

Our potash segment gross margin increased $2.2 million in the three months ended September 30, 2025, compared to the same period in 2024, mainly due to an increase in our potash average net realized sales price per ton.

**Nine Months Ended September 30, 2025, and 2024** 

Our total sales in the potash segment increased $14.1 million in the nine months ended September 30, 2025, compared to the same period in 2024, as potash sales recorded in the potash segment increased $13.2 million and potash segment byproduct sales increased $0.9 million.

Our potash sales increased in the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash, partially offset by an 11% decrease in our average net realized sales price per ton. Our average net realized sales price per ton during the nine months ended September 30, 2025, compared to the same period in 2024, decreased as potash list prices at the beginning of 2025 were approximately $70 per ton lower than at the beginning of 2024. We sold more tons of potash in the nine months ended September 30, 2025, compared to the same period in 2024, as we had more potash to sell due to increased production during the second half of 2024 and the first half of 2025.

Our potash segment byproduct sales during the nine months ended September 30, 2025, compared to the same period in 2024, increased $0.9 million due to an increase in magnesium chloride sales. Our magnesium chloride sales during the nine months ended September 30, 2024, were negatively impacted as our customer entered 2024 with excess inventory. Our customer sold its excess magnesium chloride inventory during 2024, and returned to more normal seasonal purchase volumes during the nine months ended September 30, 2025.

Potash segment freight expense increased 26% in the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash. Our potash freight expense is impacted by the geographic distribution of our potash and byproduct sales and by the proportion of customers arranging for and paying their own freight costs.

Our potash segment cost of goods sold increased $10.7 million, or 16%, during the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 28% more tons of potash in the nine months ended September 30, 2025, compared to the same period in 2024. Our potash production cost per ton decreased in 2024, due to strong production at all of our facilities during 2024, which lowered our carrying cost per ton for our finished goods inventory at the beginning of 2025, compared to the beginning of 2024, improving our per ton cost of goods sold in the nine months ended September 30, 2025. A significant portion of our production costs are fixed and an increase in the number of potash tons produced decreases our per ton production costs. In addition, lower of cost or net realizable value potash inventory adjustments recorded in 2024 also lowered our weighted average carrying cost per potash ton to begin 2025.

During the nine months ended September 30, 2025, we recorded total lower of cost or net realizable value inventory adjustments of $2.2 million, with $1.9 million of that total related to our Wendover facility. Our weighted average carrying cost per ton for inventoried potash products at our Wendover facility was higher than our expected average net realizable sales price per ton for those products. Potash production at our Wendover facility remained below historical production levels, which increased our weighted average carrying costs. Work-in-process inventory at our Wendover facility is higher at September 30, 2025, compared to September 30, 2024, because of the new primary pond placed in service at the end of the second quarter of 2024, and we expect improved production at our Wendover facility going forward. We recorded $2.3 million in lower of cost or net realized value inventory adjustments in the potash segment during the nine months ended September 30, 2024.

Our potash segment gross margin increased $0.7 million in the nine months ended September 30, 2025, compared to the same period in 2024, due to the factors discussed above.

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**Additional Information Relating to Potash**

The table below shows our potash sales mix for the three and nine months ended September 30, 2025, and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Agricultural | 72% | 72% | 78% | 75% |
| Industrial | 7% | 4% | 4% | 3% |
| Feed | 21% | 24% | 18% | 22% |

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***Trio***<sup>®</sup> ***Segment***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (in thousands, except per ton amounts) | **2025** | **2024** | **2025** | **2024** |
| Sales<sup>1</sup> | $18094 | $18928 | $101148 | $81938 |
| Less: Freight costs | 3473 | 4864 | 22646 | 20498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehousing and handling <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs | 996 | 1239 | 4071 | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold | 9255 | 12221 | 51541 | 55949 |
| Gross Margin | $4370 | $604 | $22890 | $1647 |
| Depreciation, depletion, and amortization incurred<sup>2</sup> | $824 | $864 | $2538 | $2599 |
| Sales volumes (in tons) | 36 | 45 | 216 | 200 |
| Production volumes (in tons) | 70 | 62 | 202 | 184 |
| Average Trio<sup>®</sup> net realized sales price per ton<sup>3</sup> | $402 | $312 | $362 | $305 |

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<sup>1</sup> Sales include sales of byproducts which were $0.2 million and $0.0 million for the three months ended September 30, 2025, and 2024, respectively, and $0.3 million and $0.4 million for the nine months ended September 30, 2025, and 2024, respectively.

<sup>2</sup> Depreciation, depletion, and amortization incurred excludes depreciation, depletion, and amortization amounts absorbed in or (relieved from) inventory.

<sup>3</sup>Average net realized sales price per ton is a non-GAAP financial measure. More information about this measure is below under the heading "Non-GAAP Financial Measure."

**Three Months Ended September 30, 2025, and 2024** 

Trio<sup>®</sup> segment sales decreased 4% during the three months ended September 30, 2025, compared to the same period in 2024. Trio<sup>®</sup> sales decreased $1.0 million, partially offset by an increase of $0.1 million in Trio<sup>®</sup> segment byproduct sales. Trio<sup>®</sup> sales decreased primarily due to a 20% decrease in tons sold, partially offset by 29% increase in our average net realized sales price per ton. Our average net realized sales price per ton increased during the three months ended September 30, 2025, compared to the same period in 2024, as we realized the multiple Trio<sup>®</sup> price increases announced during the first half of 2025. Trio<sup>®</sup> prices rose due to strong prices of the individual nutrient components of Trio<sup>®</sup>, particularly sulfate and potassium. We sold fewer tons during the three months ended September 30, 2025, compared to the same period in 2024, as buyers deferred Trio<sup>®</sup> purchases to stock inventory for the upcoming Spring 2026 application season until later in 2025.

Trio<sup>®</sup> freight costs decreased 29% during the three months ended September 30, 2025, compared to the same period in 2024, as we sold 20% fewer tons. Our Trio<sup>®</sup> freight expense is also impacted by the geographic distribution of our Trio<sup>®</sup> sales and by the proportion of customers arranging for and paying their own freight costs.

Our Trio<sup>®</sup> cost of goods sold decreased 24% during the three months ended September 30, 2025, compared to the same period in 2024, mainly due to selling 20% fewer tons. In addition, increased Trio<sup>®</sup> tons produced over the past twelve months lowered our per ton production costs which lowered our Trio<sup>®</sup> weighted average carrying cost per ton. A significant portion of our production costs is fixed and an increase in tons produced lowers our per ton production costs.

Our Trio<sup>®</sup> segment generated gross margin of $4.4 million in the three months ended September 30, 2025, compared to gross margin of $0.6 million in the same period in 2024, mainly due to the increase in our Trio<sup>®</sup> average net realized sales price per ton and continued improvement in our Trio<sup>®</sup> cost of goods sold per ton.

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**Impairment Expense**

During the year ended December 31, 2023, we recorded an impairment related to our Trio<sup>®</sup> segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio<sup>®</sup> segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any new Trio<sup>®</sup> segment capital spending during the three months ended September 30, 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets, and we recorded an additional impairment of $0.9 million. For the three months ended September 30, 2025, we recorded no impairment expense.

**Nine Months Ended September 30, 2025, and 2024** 

Trio<sup>®</sup> segment sales increased 23% during the nine months ended September 30, 2025, compared to the same period in 2024. Trio<sup>®</sup> sales increased $19.2 million as we sold 8% more tons, combined with a 19% increase in our average net realized sales price per ton. We sold more tons as we had more product to sell due to increased production over the past twelve months. Our average net realized sales price per ton increased during the nine months ended September 30, 2025, compared to the same period in 2024, as we realized the multiple Trio<sup>®</sup> price increases announced during the first half of 2025. Strong prices of the individual nutrient components of Trio<sup>®</sup>, particularly sulfate and potassium, led to Trio<sup>®</sup> price increases.

Trio<sup>®</sup> freight costs increased 10% during the nine months ended September 30, 2025, compared to the same period in 2024, as we sold 8% more tons. Our Trio<sup>®</sup> freight expense is impacted by the geographic distribution of our Trio<sup>®</sup> sales and by the proportion of customers arranging for and paying their own freight costs.

Our Trio<sup>®</sup> cost of goods sold decreased 8% in the nine months ended September 30, 2025, compared to the same period in 2024, even though we sold 8% more tons. Our cost of goods sold was positively impacted by improved production rates throughout 2024, which led to a lower carrying cost per ton for our finished goods inventory to begin 2025, and decreases in production labor costs, as we stopped operating an additional underground shift in March 2024 at our East facility. Increased Trio<sup>®</sup> tons produced during the first nine months of 2025, when compared to the prior year, have also lowered our per ton production costs which lowered our Trio<sup>®</sup> weighted average carrying cost per ton. A significant portion of our production costs is fixed and an increase in the number of tons produced decreases our per ton production costs.

Our Trio<sup>®</sup> segment generated gross margin of $22.9 million in the nine months ended September 30, 2025, compared to gross margin of $1.6 million in the same period in 2024, mainly due to an increase in our Trio<sup>®</sup> average net realized sales price per ton combined with an improvement in our Trio<sup>®</sup> cost of goods sold per ton.

**Impairment Expense**

During the year ended December 31, 2023, we recorded an impairment related to our Trio<sup>®</sup> segment assets because the net book value exceeded the estimated fair value of the assets. The fair value of the Trio<sup>®</sup> segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any new Trio<sup>®</sup> segment capital spending during the nine months ended September 30, 2025, and 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets, and we recorded an additional impairment of $1.9 million and $3.1 million, respectively.

**Additional Information Relating to Trio**<sup>®</sup>

&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the percentage of Trio<sup>®</sup> tons sold into the domestic and export markets during the three and nine months ended September 30, 2025, and 2024.

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| | | |
|:---|:---|:---|
| | **United States** | **Export** |
| For the Three Months Ended September 30, 2025 | 89% | 11% |
| For the Nine Months Ended September 30, 2025 | 90% | 10% |
| For the Three Months Ended September 30, 2024 | 84% | 16% |
| For the Nine Months Ended September 30, 2024 | 88% | 12% |

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***Oilfield Solutions Segment***

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| Sales | $2686 | $10324 | $11410 | $21186 |
| Less: Cost of goods sold | 2746 | 7262 | 8462 | 13995 |
| Gross (Deficit) Margin | $(60) | $3062 | $2948 | $7191 |
| Depreciation, depletion, and amortization incurred | $945 | $1134 | $2907 | $3400 |

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**Three Months Ended September 30, 2025, and 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;Our oilfield solutions segment sales decreased $7.6 million in the three months ended September 30, 2025, compared to the same period in 2024, due to a $7.4 million decrease in water sales, combined with a $0.3 million decrease in surface use and easement sales. Our water sales decreased during the three months ended September 30, 2025, compared to the same period in 2024, due to the completion of a large frac on Intrepid South during the third quarter of 2024, and decreased sales from our Caprock wells. Surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.

&nbsp;&nbsp;&nbsp;&nbsp;Our cost of goods sold decreased $4.5 million, or 62%, in the three months ended September 30, 2025, compared to the same period in 2024. During the three months ended September 30, 2024, we purchased $3.6 million of third-party water to service the large frac that was completed on Intrepid South. We did not purchase any third-party water during the three months ended September 30, 2025.

Gross margin for the three months ended September 30, 2025, decreased $3.1 million compared to the same period in 2024, mainly due to the decrease in water sales.

**Nine Months Ended September 30, 2025, and 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;Our oilfield solutions segment sales decreased $9.8 million in the nine months ended September 30, 2025, compared to the same period in 2024, due to a $10.0 million decrease in water sales, and a $0.5 million decrease in produced water royalties, partially offset by a $0.6 million increase in surface use and easement sales. Our water sales decreased during the nine months ended September 30, 2025, compared to the same period in 2024, due to the completion of a large frac on Intrepid South during the third quarter of 2024, and decreased sales from our Caprock wells. Surface use and easement revenues fluctuate based on the timing of recognizing revenue from the various performance obligations contained in the underlying agreements.

&nbsp;&nbsp;&nbsp;&nbsp;Our cost of goods sold decreased $5.5 million, or 40%, in the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to reduced water sales. During the nine months ended September 30, 2024, we purchased $3.6 million of third-party water to service the large frac completed on Intrepid South. We did not purchase any third-party water during the nine months ended 2025.

Gross margin for the nine months ended September 30, 2025, decreased $4.2 million compared to the same period in 2024, mainly due to the decrease in water sales.

***Specific Factors Affecting Our Results***

**Sales**

&nbsp;&nbsp;&nbsp;&nbsp;Our gross sales are derived from the sales of potash, Trio<sup>®</sup>, water, salt, magnesium chloride, brine water, and various other products and services offered to oil and gas producers. Total sales are determined by the quantities of products we sell and the sales prices we realize. For potash, Trio<sup>®</sup>, and salt, we quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. We incur freight costs on most of our potash, Trio<sup>®</sup> and salt sales, but some customers arrange and pay for their own freight directly. When we arrange and pay for freight, our quotes and billings are based on expected freight costs to the points of delivery. When we calculate our potash and Trio<sup>®</sup> average net realized sales price per ton, we deduct any freight costs included in sales before dividing by the number of tons sold. We believe the deduction of freight costs provides a more representative measure of our performance in the market due to variations caused by ongoing changes in the proportion of customers paying for their own freight, the geographic distribution of our products, and freight rates. Freight rates have been increasing, and if we are unable to pass the increased freight costs on to the customer, our average net realized sales price per ton is negatively affected. We manage our sales and marketing operations centrally and we work to achieve the

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highest average net realized sales price per ton we can by evaluating the product needs of our customers and associated logistics and then determining which of our production facilities can best satisfy these needs.

&nbsp;&nbsp;&nbsp;&nbsp;The volume of products we sell is determined by demand for our products and by our production capabilities. We operate our potash and Trio<sup>®</sup> facilities at production levels that approximate expected demand and consider current inventory levels and expect to continue to do so for the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;Our water sales and other products and services offered through our oilfield solutions segment are driven by demand from oil and gas exploration companies drilling in the Permian Basin. As such, demand for our water is generally stronger during a cyclical expansion of oil and gas drilling. Likewise, a cyclical contraction of oil and gas drilling may decrease demand for our water and the other products and services offered through our oilfield solutions segment.

*&nbsp;&nbsp;&nbsp;&nbsp;***Cost of Goods Sold**

&nbsp;&nbsp;&nbsp;&nbsp;Our cost of goods sold reflects the costs to produce our products. Many of our production costs are largely fixed and, consequently, our cost of sales per ton on a facility-by-facility basis tends to move inversely with the number of tons we produce, within the context of normal production levels. Our principal production costs include labor and employee benefits, maintenance materials, contract labor, and materials for operating or maintenance projects, natural gas, electricity, operating supplies, chemicals, depreciation and depletion, royalties, and leasing costs. Certain elements of our cost structure associated with contract labor, consumable operating supplies, reagents, and royalties are variable, but these variable elements make up a smaller component of our total cost structure. Our costs often vary from period to period based on the fluctuation of inventory, sales, and production levels at our facilities.

&nbsp;&nbsp;&nbsp;&nbsp;Our production costs per ton are also impacted when our production levels change, due to factors such as changes in the grade of ore delivered to the plant, levels of mine development, plant operating performance, and downtime. Because all of our potash is produced from solution mining, weather has a significant impact on our potash production. We expect that our labor and contract labor costs in Carlsbad, New Mexico, will continue to be influenced most directly by the demand for labor in the local region where we compete for labor with another fertilizer company, companies in the oil and gas industry, and a nuclear waste processing and storage facility.

&nbsp;&nbsp;&nbsp;&nbsp;We pay royalties to federal, state, and private lessors under our mineral leases. These payments typically equal a percentage of sales (less freight) of minerals extracted and sold under the applicable lease. In some cases, federal royalties for potash are paid on a sliding scale that varies with the grade of ore extracted. For the three months ended September 30, 2025, our average royalty rate for potash and Trio<sup>®</sup> combined sales (less combined freight expenses) was 4.9%. For the nine months ended September 30, 2025, our average royalty rate for potash and Trio<sup>®</sup> combined sales (less combined freight expenses) was 5.0%. For the three and nine months ended September 30, 2024, our average royalty rate for potash and Trio<sup>®</sup> sales combined (less combined freight expenses) was 5.2% and 4.9%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**Income Taxes**

We are subject to federal and state income taxes on our taxable income. Our effective tax rate for the nine months ended September 30, 2025, was 4.0%. Our effective tax rate differed from the statutory rate during this period due to the valuation allowance established to offset our deferred tax assets. Our effective tax rate for the nine months ended September 30, 2024, was 15.8% which differed from the statutory rate during this period primarily from the permanent difference between book and tax income for the percentage depletion deduction and the officers' compensation deduction.

Our federal and state income tax returns are subject to examination by federal and state tax authorities.

For the nine months ended September 30, 2025, we incurred $0.5 million of income tax expense. For the nine months ended September 30, 2024, we realized income tax benefit of $1.1 million.

We evaluate our deferred tax assets and liabilities each reporting period using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. The estimated statutory income tax rates that are applied to our current and deferred income tax calculations are impacted most significantly by the states in which we conduct business. Changing business conditions for normal business transactions and operations, as well as changes to state tax rates and apportionment laws, potentially alter our apportionment of income among the states for income tax purposes. These changes in apportionment laws result in changes in the calculation of our current and deferred income taxes, including the valuation of our deferred tax assets and liabilities. The effects of any such changes are recorded in the period of the adjustment. These adjustments can increase or decrease the net deferred tax asset on our Condensed Consolidated Balance Sheets and thus increase or decrease the deferred tax benefit or deferred income tax expense on the income statement.

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**Capital Investments**

&nbsp;&nbsp;&nbsp;&nbsp;During the three and nine months ended September 30, 2025, cash paid for property, plant, equipment, mineral properties, intangible and other assets was $7.7 million and $20.2 million, respectively.

We expect to make capital investments in 2025 of $30 million to $34 million, with the majority of this being sustaining capital. We may adjust our investment plans as our expectations for 2025 change. We anticipate our 2025 operating plans and capital programs will be funded out of operating cash flows and existing cash. We may also use our revolving credit facility, to the extent available, to fund capital investments.

**Liquidity and Capital Resources**

As of September 30, 2025, we had cash and cash equivalents of $77.2 million, compared to $41.3 million at December 31, 2024. The increase in our cash balance during the first nine months of 2025 was due primarily to increased potash and Trio<sup>®</sup> segment sales.

Our operations have primarily been funded from cash on hand, cash generated by operations, borrowings under our revolving credit facility, and proceeds from debt and equity offerings. We continue to monitor our future sources and uses of cash and anticipate that we may adjust our capital allocation strategies when, and as determined by our Board. We may attempt to raise capital and improve our liquidity position in the future through the issuance of additional equity or debt securities, subject to prevailing market conditions and in accordance with our existing debt agreements. However, there is no assurance that we will be able to successfully raise additional capital on acceptable terms or at all. With our current cash on hand, the remaining availability under our revolving credit facility, and the expected cash generated from operations, we believe we have sufficient liquidity to meet our obligations for the next twelve months.

The following summarizes our cash flow activity for the nine months ended September 30, 2025, and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash flows provided by operating activities | $46873 | $64936 |
| Cash flows used in investing activities | $(11185) | $(25511) |
| Cash flows provided by (used in) financing activities | $217 | $(5455) |

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***Operating Activities***

Net cash provided by operating activities through September 30, 2025, was $46.9 million, a decrease of $18.1 million compared with the first nine months of 2024, mainly due to a $45 million cash payment received in January 2024 under the cooperative development agreement and Amendment with XTO, partially offset by the increase in sales during the first nine months of 2025, compared to the first nine months of 2024.

***Investing Activities***

&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities decreased by $14.3 million in the first nine months of 2025, compared with the same period in 2024, due to a decrease in capital spending and the cash proceeds received for the sale of NESR common shares in May 2025.

***Financing Activities***

***Revolving Credit Facility***—We maintain a $150 million revolving credit facility with a syndicate of lenders with Bank of Montreal as administrative agent. The revolving credit facility has a maturity date of August 4, 2027. As of September 30, 2025, borrowings under the credit facility bear interest at the SOFR plus an applicable margin of 1.50% to 2.25% per annum, based on our leverage ratio as calculated in accordance with the amended agreement governing the revolving credit facility. Borrowings under the revolving credit facility are secured by substantially all of our current and non-current assets, and the obligations under the credit facility are unconditionally guaranteed by several of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;We occasionally borrow and repay amounts under the revolving credit facility for near-term working capital needs or other purposes and may do so in the future. During the three and nine months ended September 30, 2025, we made no borrowings and made no repayments under the revolving credit facility. During the three months ended September 30, 2024, we made no borrowings and made no repayments under the revolving credit facility. During the nine months ended

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September 30, 2024, we made no borrowings and made $4.0 million in repayments under the revolving credit facility. As of September 30, 2025, and December 31, 2024, we had no borrowings outstanding and no outstanding letters of credit under this facility.

As of September 30, 2025, we were in compliance with all applicable covenants under the revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;As of October 31, 2025, we had approximately $74.0 million in cash and cash equivalents and no borrowings under the revolving credit facility. We have $150.0 million of remaining availability under the revolving credit facility as of October 31, 2025.

***Share Repurchase Program***—In February 2022, our Board approved a $35 million share repurchase program. Under the share repurchase program, we may repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, volume and nature of share repurchases, if any, will be at our sole discretion and will be dependent on market conditions, liquidity, applicable securities laws, and other factors. We may suspend or discontinue the share repurchase program at any time. For the three and nine months ended September 30, 2025, we did not repurchase any shares under the share repurchase program. We repurchased 608,657 shares totaling $22.0 million from August 2022 through December 2022, with approximately $13 million remaining available under the repurchase program authorization.

**Critical Accounting Policies and Estimates**

&nbsp;&nbsp;&nbsp;&nbsp;Our Annual Report on Form 10-K for the year ended December 31, 2024, describes the critical accounting policies that affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. We have not made any significant changes to our critical accounting policies since December 31, 2024.

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**Non-GAAP Financial Measure**

&nbsp;&nbsp;&nbsp;&nbsp;To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, from time to time we use "average net realized sales price per ton," which is a non-GAAP financial measure. This non-GAAP financial measure should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of this non-GAAP financial measure varies among companies, our presentation of this non-GAAP financial measure may not be comparable to similarly titled measures used by other companies.

&nbsp;&nbsp;&nbsp;&nbsp;We believe average net realized sales price per ton, when used in conjunction with GAAP financial measures, provides useful information to investors for analysis of our business and operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to the key metric we use in our financial and operational decision making. We use this non-GAAP financial measure as one of our tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. We believe this non-GAAP financial measure is used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. &nbsp;&nbsp;&nbsp;&nbsp;

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***Average Net Realized Sales Price per Ton***

&nbsp;&nbsp;&nbsp;&nbsp;We calculate average net realized sales price per ton for each of potash and Trio<sup>®</sup>. Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio<sup>®</sup> is calculated as Trio<sup>®</sup> segment sales less Trio<sup>®</sup> segment byproduct sales and Trio<sup>®</sup> freight costs and then dividing that difference by Trio<sup>®</sup> tons sold. We consider average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows our potash and Trio<sup>®</sup> average per-ton pricing without the effect of certain transportation and delivery costs. When we arrange transportation and delivery for a customer, we include in revenue and in freight costs the costs associated with transportation and delivery. However, some of our customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in our revenue and freight costs. We use average net realized sales price per ton as a key performance indicator to analyze potash and Trio<sup>®</sup> sales and price trends.

&nbsp;&nbsp;&nbsp;&nbsp;Below is a reconciliation of average net realized sales price per ton to segment sales, the most directly comparable GAAP financial measure for the three and nine months ended September 30, 2025, and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| (in thousands, except per ton amounts) | **Potash** | **Trio**<sup>®</sup> | **Potash** | **Trio**<sup>®</sup> |
| Total Segment Sales | $32479 | $18094 | $28356 | $18928 |
| Less: Segment byproduct sales | 6155 | 161 | 6664 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freight costs | 2673 | 3473 | 2488 | 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $23651 | $14460 | $19204 | $14023 |
| Divided by: |  |  |  |  |
| Tons sold | 62 | 36 | 54 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average net realized sales price per ton | $381 | $402 | $356 | $312 |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| (in thousands, except per ton amounts) | **Potash** | **Trio**<sup>®</sup> | **Potash** | **Trio**<sup>®</sup> |
| Total Segment Sales | $110050 | $101148 | $95966 | $81938 |
| Less: Segment byproduct sales | 18604 | 345 | 17724 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freight costs | 10669 | 22646 | 7505 | 20498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $80777 | $78157 | $70737 | $61086 |
| Divided by: |  |  |  |  |
| Tons sold | 234 | 216 | 183 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average net realized sales price per ton | $345 | $362 | $387 | $305 |

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

&nbsp;&nbsp;&nbsp;&nbsp;Part II, Item 7A., "Quantitative and Qualitative Disclosure About Market Risk," of our Annual Report on Form 10-K for the year ended December 31, 2024, describes our exposure to market risk. There have been no material changes to our market risk exposure since December 31, 2024.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;We maintain disclosure controls and procedures as defined in Rule 13a-15(e) of the Exchange Act. Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. Our disclosure controls and procedures are also designed to ensure that this information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2025. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2025, at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;There were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Inherent Limitations on Effectiveness of Controls** 

&nbsp;&nbsp;&nbsp;&nbsp;Our management, including our principal executive officer and our principal financial officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Intrepid have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

&nbsp;&nbsp;&nbsp;&nbsp;For information regarding litigation, other disputes and regulatory proceedings see Part I - Item1. Financial Statements, Note 14 - Commitments and Contingencies.

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**ITEM 1A. RISK FACTORS**

&nbsp;&nbsp;&nbsp;&nbsp;Our future performance is subject to a variety of risks and uncertainties that could materially and adversely affect our business, financial condition, results of operations, and the trading price of our common stock. These risks and uncertainties are described in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024. Except as set forth below, there have been no material changes to these risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2024.

***Changes in laws and regulations affecting our business, or changes in enforcement practices, could adversely affect our financial condition or results of operations.***

We are subject to numerous federal, state, and local laws and regulations covering a wide variety of business practices. Changes in these laws or regulations could require us to modify our operations, objectives, or reporting practices in ways that adversely impact our financial condition or results of operations. In addition, new laws and regulations, including economic sanctions, or new interpretations of or enforcement practices with respect to existing laws and regulations, could similarly impact our business. For example, the recent imposition of additional tariffs, or proposed tariffs, by the U.S. on various countries (as well as potential retaliatory tariffs against the U.S.), could increase our cost of doing business and may lead to further challenges for us in the various markets in which we operate.

Since February 2025, the U.S. government has announced, implemented, modified, paused, and/or terminated various tariff measures, including "reciprocal" tariffs on imports from most countries, the so-called "trafficking" tariffs on imports from Canada, Mexico and China, and a number of new or modified tariffs on imports of specific classes of products (including, but not limited to, steel, aluminum, and copper) under Section 232 of the Trade Expansion Act of 1962.

Imports from Canada and Mexico that meet the origin rules of the United States-Mexico-Canada Agreement (USMCA), are presently exempt from the "reciprocal" and "trafficking" tariffs, but not the Section 232 tariffs. However the status of this exemption is uncertain, and the USMCA itself may be subject to renegotiation. Other countries and customs unions, including the United Kingdom, European Union, and Japan, have negotiated separate trade agreements with the U.S. resulting in lower tariffs that would have otherwise applied. However, these agreements are also subject to further negotiation.

The U.S. also continues to negotiate with additional trade partners on potential agreements, the outcome of which remains uncertain. These tariffs and other announcements has led, and may continue to lead, to retaliatory tariffs by other countries. This activity is creating uncertainty regarding the extent and impact of tariffs on our business and the economy in general. Tariffs, or the potential for tariffs, may affect the costs and availability of raw materials, affect our customers' purchasing decisions, contribute to increases in operating costs through increases in product and equipment costs, wages, and energy, or have other related impacts on our business and the markets in which we operate.

Additionally, we are subject to significant regulation under MSHA and OSHA. High-profile mining accidents could prompt governmental authorities to enact new laws and regulations that apply to our operations or to more strictly enforce existing laws and regulations. See also "*Environmental laws and regulations could subject us to significant liability and require us to incur additional costs.*"

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**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** |
| **Period** | **(a)**<br>**Total Number of Shares Purchased**<sup>(1)</sup> | **(b)<br>Average Price Paid Per Share** | **(c)<br>Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **(d)**<br>**Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan or Programs**<sup>(2)</sup> |
| July 1, 2025 through July 31, 2025 | 999 | 35.89 |  | $12987860 |
| August 1, 2025 through August 31, 2025 |  |  |  | 12987860 |
| September 1, 2025 through September 30, 2025 |  | $— |  | 12987860 |
| Total | 999 | $35.89 |  | $12987860 |

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<sup>1</sup> Represents shares of common stock we withheld to cover withholding taxes due upon vesting of restricted stock held by our employees.

<sup>2</sup> Represents the remaining dollar amount available to repurchase shares of common stock under the $35 million share repurchase program approved by the Board in February 2022. Under the share repurchase program, we may repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, volume and nature of share repurchases, if any, will be at our sole discretion and will be dependent on market conditions, liquidity, applicable securities laws, and other factors. We did not repurchase any shares under the share repurchase program during the three months ended September 30, 2025, and we may suspend or discontinue the share repurchase program at any time.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES** 

&nbsp;&nbsp;&nbsp;&nbsp;We are committed to providing a safe and healthy work environment. The objectives of our safety programs are to eliminate workplace accidents and incidents, preserve employee health, and comply with all safety- and health-based regulations. We seek to achieve these objectives by training employees in safe work practices; establishing, following, and improving safety standards; involving employees in safety processes; openly communicating with employees about safety matters; and recording, reporting, and investigating accidents, incidents, and losses to avoid recurrence. As part of our ongoing safety programs, we collaborate with the Mine Safety and Health Administration ("MSHA") and the New Mexico Bureau of Mine Safety to identify and implement accident prevention techniques and practices.

&nbsp;&nbsp;&nbsp;&nbsp;Our East, West, and North facilities in New Mexico are subject to regulation under the Federal Mine Safety and Health Act of 1977 and the New Mexico Bureau of Mine Safety. MSHA inspects these facilities on a regular basis and issues various citations and orders when it believes a violation has occurred under federal law. Exhibit 95.1 to this Quarterly Report on Form 10-Q provides the information concerning mine safety violations and other regulatory matters required by SEC rules. Our Utah and HB facilities are subject to regulation by the Occupational Health and Safety Administration and, therefore, are not required to be included in the information provided in Exhibit 95.1.

**ITEM 5. OTHER INFORMATION**

*&nbsp;&nbsp;&nbsp;&nbsp;*During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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**ITEM 6. EXHIBITS**&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[31.1](ipi-09302025xexhibit311.htm)</u> | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as amended.\* |
| <u>[31.2](ipi-09302025xexhibit312.htm)</u> | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as amended.\* |
| <u>[32.1](ipi-09302025xexhibit321.htm)</u> | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\* |
| <u>[32.2](ipi-09302025xexhibit322.htm)</u> | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\* |
| <u>[95.1](ipi-09302025xexhibit951.htm)</u> | Mine Safety Disclosure Exhibit.\* |
| 101.INS | Inline XBRL Instance Document (Note that the instance document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document).\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document.\* |
| 101.CAL | Inline XBRL Extension Calculation Linkbase Document.\* |
| 101.LAB | Inline XBRL Extension Label Linkbase Document.\* |
| 101.PRE | Inline XBRL Extension Presentation Linkbase Document.\* |
| 101.DEF | Inline XBRL Extension Definition Linkbase Document.\* |
| 104 | Cover page Interactive Data File (formatted as Inline XBRL and contained in exhibit 101) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
| | INTREPID POTASH, INC. <br>(Registrant) |
| Dated: November 6, 2025 | &nbsp;&nbsp;*/s/ Kevin S. Crutchfield* |
|  | Kevin S. Crutchfield - Chief Executive Officer <br>(Principal Executive Officer) |
| Dated: November 6, 2025 | &nbsp;&nbsp;*/s/ Matthew D. Preston* |
|  | Matthew D. Preston - Chief Financial Officer <br>(Principal Financial Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 15 U.S.C. SECTION 7241, AS**

**ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Kevin S. Crutchfield, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Intrepid Potash, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Dated: November 6, 2025 | */s/ Kevin S. Crutchfield* |
| | Kevin S. Crutchfield<br>*Chief Executive Officer* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO 15 U.S.C. SECTION 7241, AS**

**ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mathew D. Preston, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Intrepid Potash, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Dated: November 6, 2025 | */s/ MATTHEW D. PRESTON* |
| | Matthew D. Preston<br>*Chief Financial Officer* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF**

**PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the filing of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Report"), of Intrepid Potash, Inc. (the "Registrant") with the Securities and Exchange Commission and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Kevin S. Crutchfield, Chief Executive Officer of the Registrant, certify that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Dated: November 6, 2025 | */s/ Kevin S. Crutchfield* |
| | Kevin S. Crutchfield<br>*Chief Executive Officer* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certification is furnished with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and will not, except to the extent required by such Act, be deemed filed by the Registrant for purposes of Section 18 of the Exchange Act. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF**

**PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the filing of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Report"), of Intrepid Potash, Inc. (the "Registrant") with the Securities and Exchange Commission and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Matthew D. Preston, Chief Financial Officer of the Registrant, certify that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Dated: November 6, 2025 | */s/ MATTHEW D. PRESTON* |
| | Matthew D. Preston<br>*Chief Financial Officer* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certification is furnished with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and will not, except to the extent required by such Act, be deemed filed by the Registrant for purposes of Section 18 of the Exchange Act. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

## Exhibit 95.1

**Exhibit 95.1**

The table below provides information for the quarter ended September 30, 2025, about certain mine safety and health citations issued to Intrepid or its subsidiaries by the Mine Safety and Health Administration ("MSHA") under the Federal Mine Safety and Health Act of 1977 (the "Mine Act") and about certain other regulatory matters.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine Name and MSHA Identification Number** | **Section 104 S&S Citations** | **Section 104(b) Orders** | **Section 104(d) Citations and Orders** | **Section 110(b)(2) Violations** | **Section 107(a) Orders** | **Total Dollar Value of MSHA Assessments Proposed** | **Total Number of Mining-Related Fatalities** | **Received Notice of Pattern of Violations Under Section 104(e)** | **Received Notice of Potential to Have Pattern under Section 104(e)** | **Legal Actions Pending as of the End of the Period** | **Legal Actions Initiated During the Period** | **Legal Actions Resolved During the Period** |
| Intrepid Potash East <br>(29-00170) | 2 |  |  |  |  | $10238 |  |  |  | 2 | 2 | 3 |
| Intrepid Potash West<br>(29-00175) |  |  |  |  |  | 906 |  |  |  |  |  |  |
| Intrepid Potash North <br>(29-02028) | 2 |  |  |  |  |  |  |  |  |  |  |  |

---

Below are additional details about the information provided in the table above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *General -* In general, the number of citations and orders will vary depending on the size of the mine, the individual inspector assigned to the mine, and the specific mine characteristics. Citations and orders can be contested and appealed and, in that process, are often reduced in severity and amount and are sometimes vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MSHA Identification Numbers -* MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities. We provide the information in the table by MSHA identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 104 Significant and Substantial ("S&S") Citations* - These citations are issued for alleged violations of a mining safety standard or regulation where there exists a reasonable likelihood that the hazard contributed to or will result in an injury or illness of a reasonably serious nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 104(b) Orders* - These orders are issued for alleged failure to totally abate the subject matter of a Section 104(a) citation within the period specified in the citation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 104(d) Citations and Orders* - These citations and orders are issued for an alleged unwarrantable failure (i.e., aggravated conduct constituting more than ordinary negligence) to comply with a mining safety standard or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 110(b)(2) Violations* - These violations are issued, and penalties are assessed, for flagrant violations (i.e., a reckless or repeated failure to make reasonable efforts to eliminate a known violation that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Section 107(a) Orders -* These orders are issued for an imminent danger to immediately remove miners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Total Dollar Value of MSHA Assessments Proposed* - Proposed assessments issued during the period do not necessarily relate to the citations or orders issued by MSHA during that period or to the pending legal actions reported in the table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Notice of Pattern of Violations Under Section 104(e); Notice of Potential to Have Pattern under Section 104(e) -* These notices are issued for a pattern of violation of mandatory health or safety standards or for the potential to have such a pattern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Legal Actions Pending, Initiated, and Resolved -* The Federal Mine Safety and Health Review Commission (the "Commission") is an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act. Each legal action is assigned a docket number by the Commission and may have as its subject matter one or more citations, orders, penalties, or complaints.

------

The table below summarizes the types of legal actions that were pending as of September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine Name and MSHA Identification Number** | **Contests of Citations and Orders** | **Contests of Proposed Penalties** | **Complaints for Compensation** | **Complaints of Discharge, Discrimination or Interference** | **Applications for Temporary Relief** | **Appeals of Judges' Decisions or Orders** | **Total** |
| Intrepid Potash East <br>(29-00170) | 2 |  |  |  |  |  | 2 |
| Intrepid Potash West<br>(29-00175) |  |  |  |  |  |  |  |
| Intrepid Potash North <br>(29-02028) |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contests of Citations and Orders* relate to challenges by operators, miners or miners' representatives to the issuance of a citation or order issued by MSHA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contests of Proposed Penalties (Petitions for Assessment of Penalties)* are administrative proceedings challenging a civil penalty that MSHA has proposed for the violation contained in a citation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Complaints for Compensation* are filed by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA for the purpose of determining the amount of compensation, if any, due miners idled by the orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Complaints of Discharge, Discrimination or Interference* involve a miner's allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint, or that he or she has suffered discrimination and lost his or her position.

<br>