Intrepid Potash, Inc. Q1 FY2026 earnings call

• Kevin Crutchfield noted 2026 started strong with first quarter adjusted net income of $8.2 million and adjusted EBITDA of $19 million, improvement from last year. Performance driven by supportive pricing, resilient demand, strong sales volumes, and successful projects/operational efficiencies. • Zachary Adams discussed potash subscription during winter fill program, price increase, TRIO demand resilience due to sulfur supply issues and pricing increase. Also mentioned U.S. corn exports on track, commodity price strength, and grower input decisions. • Rick Hem gave operations update: Trio's new continuous miner increased efficiency, mill improvements boosted recovery; Potash's HB mine had higher mill recoveries, Moab plant efficiency improved; Wendover to commence construction on primary pond eight, expecting increased production in 2028. • Chris Engold detailed potash and TRIO production, sales, margins, and 2026 guidance for both segments, and 2026 capital program spending on sustaining capital and Wendover project

Potash: First quarter production was 104,000 tons, up from 93,000 tons in first quarter 2025. First quarter sales were $46.1 million, up $2.5 million from prior quarter. Average potash net realized sales price was $353 per ton, a 13% increase year over year from $312 per ton. For 2026, expected annual potash production to be at upper end of 270 - 285,000 tons guidance. TRIO: First quarter production was 69,000 tons, a 10% increase versus last year. Sales were $52.5 million, up $2.7 million from prior year. Average net realized sales price per ton increased 12%. TRIO margin was $14.8 million for the quarter, highest since 2022. First quarter COGS per ton was $229, an improvement year over year and quarter over quarter. For 2026 TRIO production, expecting to reach 285 - 300,000 tons with COGS of around $230 per ton. Revenue contribution: Potash sales in first quarter were $46.1 million, TRIO sales were $52.5 million. Total combined potash and trio sales volumes were 211,000 tons in first quarter, with potash sales volumes of 105,000 tons and trio sales volumes of 106,000 tons

• Second quarter potash sales volumes expected to be between 50,000 - 60,000 tons at average net realized sales price range of $380 - $390 per ton. • Second quarter TRIO sales volumes expected to be between 70,000 - 80,000 tons at average net realized sales price range of $390 - $400 per ton. • 2026 annual potash production expected at upper end of 270 - 285,000 tons guidance. • 2026 TRIO production expected to reach 285 - 300,000 tons with COGS of around $230 per ton. • 2026 capital program expected to spend $40 - $50 million, most on sustaining capital and Wendover primary pond

Q: Lucas Bauman asked about the sale of the South Ranch, including if they'd get full $70 million and intentions for proceeds.

A: Kevin Crutchfield discussed capital allocation priorities, focusing on core assets, sustaining capital, increasing volumes/cutting costs, reviewing portfolio, maintaining dry powder, and board discussing returning capital to shareholders.

Q: Lucas Bauman asked about trade markets and TRIO pricing impact from sulfur disruption.

A: Kevin Crutchfield said most spring requirements were locked in before sulfur disruption, but expect TRIO to benefit from tightening sulfur supply environment.

Q: Lucas Bauman asked about potash production trajectory beyond 2026.

A: Rick Hem mentioned incremental opportunities at core assets like HB, Wendover, Moab, and AMAX cavern.

Q: Lucas Bauman asked about lithium project timeline and cost economics.

A: Kevin Crutchfield said key milestone in early summer is FEL3, then will be able to talk more about timing, cost of build, and operating costs.

Q: Lucas Bauman asked about cost pressures and residual costs from South Ranch sale.

A: Chris Engold said minimal residual costs, and Kevin Crutchfield said fuel is biggest cost nemesis but solution mining process insulates from some fuel fluctuations.

Q: Justin Pellegrino asked about cash generating interest income and COGS cadence for potash.

A: Kevin Crutchfield said cash balances in safe securities will generate interest, and Justin Pellegrino was told COGS will fluctuate due to production volumes and summer shutdowns but expect efficiencies in latter half of year.

Q: Jason Yersander asked about cash balance inclusion in press release and Exxon permitting.

A: Kevin Crutchfield said cash balance not included in first quarter press release because deal closed after quarter, and no insights on Exxon's near-term plans