Intrepid Potash, Inc. Q4 FY2025 earnings call

• Intrepid delivered strong results in fourth quarter with adjusted net income $6.5 million and adjusted EBITDA $18.1 million, significant improvements vs last year. 2025 adjusted EBITDA $63 million, best prints since 2016, ~80% improvement vs 2024. • Solid 2025 performance driven by steady demand for core fertilizer products (combined potash and trio sales volumes 20% higher in 2025, trio sales 303,000 tons a company record), solid unit economics (potash cogs per ton improved ~5% in 2025, TRIO COGS per ton improved over 10%), and increasing pricing (TRIO fourth quarter average realized price $379 per ton, 20% higher than first quarter 2025). • 2026 ahead of spring application season, agricultural markets optimistic (corn year - to - date domestic exports up almost 50% vs last year, soybeans trade deals improved outlook). • Potash: deferred decision on Amex cavern into at least 2027; confident can sustain HB production over next several years without AMEX. • TRIO: operational performance strong, placed another new continuous miner into service, 2026 TRIO production expected to be 285 - 300,000 tons. • Lithium project in Wendover: joint development agreement with Aquatech and Adionics, partners produced sample of battery - grade lithium carbonate from brine; updated technical report summary for Wendover to include maiden resource estimates for lithium (measured and indicated resource ~119,000 tons of lithium carbonate equivalent, project life ~25 years with 5,000 tons per year production capacity). • South Ranch: under exclusivity with potential buyer, $8 million deposit from potential buyer, potential deal likely to close in first half of 2026.

Potash: Fourth quarter gross margin $4.6 million (in line with prior year); 2025 full year segment gross margin $18.2 million (modestly higher than 2024). 2026 potash production expected to be in range of 270 - 285,000 tons; 2027 potash production projected to be in range of 300 - 310,000 tons. TRIO: Fourth quarter gross margin $10.5 million; 2025 full year gross margin $33.4 million (best TRIO performance in history). 2026 TRIO production expected to be in range of 285 - 300,000 tons, with cost of goods sold per ton expected to show modest improvements from 2025.

• First quarter 2026 potash sales volumes expected to be between 95 - 105,000 tons at average net realized sales price range of 345 - 355 per ton. • First quarter 2026 trio sales volumes expected to be between 105 - 115,000 tons at average net realized sales price range of 380 - 390 per ton. • 2026 capital program expected to be in range of $40 - $50 million, most spend related to sustaining capital at east mine and beginning of new primary pond at Wendover (expected to contribute to Wendover's production in 2028).

Q: Walk us through current potash demand dynamics and how your order book is looking for 1Q. Have you seen any evidence of demand destruction due to affordability issues?

A: Zachary said they're almost fully committed for first quarter on potash and haven't seen really any significant demand destruction at this time; potash remains a very good value from the grower at current price point and expect stable demand for spring season amid strong acres of corn expected to be planted.

Q: Walk through the unit economics of the lithium project. What cash cost of production would you expect on a per ton basis?

A: They're not prepared to address that at this stage, will continue to provide updates to the marketplace as engineering work progresses.

Q: Oil and fuel sales were down pretty meaningfully in 2025. What's your outlook there going forward compared to this year? Are you expecting growth or further declines from here?

A: Given the nature of the asset and entering a letter of intent with a prospective buyer for the oil field services business, any comment beyond that would be speculation as intent is to transact on the asset.

Q: Kind of around sulfur prices. Given the conflict in the Middle East, we've seen a pretty significant increase in sulfur prices there. Could you just discuss any sort of increased interest you've had in TRIO over the last few days and any type of real - time update that you've seen there? And likewise, could you just discuss expectations for prices relative to the potash products, how that will trend throughout the year?

A: On sulfur component and TRIO interest, right in heat of main TRIO application season, seeing good response for rest of first quarter out into second quarter; haven't seen sulfate values roll through yet but watching closely. On potash pricing throughout rest of year, globally in very balanced potash market, U.S. potash prices trading at discounts to almost all global benchmarks, supports stable pricing in U.S. and some room for upside to get in line with other global markets.

Q: If the South Ranch deal does go through, can you just kind of give us an update on any capital allocation priorities? Do you have any idea what you would do with the proceeds?

A: Assuming the sale goes through, first priority is intense focus on core operations to restore them to predictable, resilient state, generating consistent free cash flow and appropriately capitalizing them. Then maintain sufficient liquidity to allocate capital internally to operations and withstand pricing shocks. Once those criteria are satisfied, board will begin to think about capital allocations beyond internal needs.