Intrepid Potash (IPI) investor relations material

Corporate profile and key assets

• Only domestic producer of potash and one of two global producers of langbeinite, with operations in Utah and New Mexico.

• Owns approximately 87,000 surface acres, with strategic proximity to key markets for logistics and pricing advantages.

• No long-term debt, $93 million in cash, and an untapped $150 million credit facility as of early 2026.

• Multi-decade reserve lives for both potash and Trio®, with significant resource upside.

Production and sales performance

• 2025 combined potash and Trio® sales volumes reached 592k tons, the highest since 2018, up 20% from 2024.

• Weighted average COGS per ton improved to $240 in 2025, a $50/ton improvement from 2023.

• Trio® production hit a record 273k tons in 2025, with targets of 290k+ tons for 2026E and 300k+ tons for 2027E.

• Potash production is projected to exceed 300k tons by 2027E, supported by long-life reserves.

Financial results and unit economics

• 2025 adjusted EBITDA was $63.1 million, up 77% from 2024, driven by higher production and improved unit economics.

• Gross margin improved to $33.4 million in 2025 from $4.4 million in 2024.

• Potash COGS/ton improved by $22 to $328/ton, and Trio® COGS/ton improved by $36 to $240/ton in 2025.

• Byproduct revenues, especially from magnesium chloride, are increasingly important for margin improvement.