Slide 1: Intrepid Potash May 2025 Investor Presentation
Intrepid Potash May 2025 Investor Presentation May 2025 Investor Presentation | May 6, 2025 NYSE: IPI | intrepidpotash.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements about our future results of operations and financial position, our business strategy and plans, and our objectives for fut
Slide 3: Company Overview
Company Overview May 2025 3
Slide 4: Key Assets & Corporate Profile
Key Assets & Corporate Profile We Are the Only Domestic Producer of Potash(1) in the United States Key Assets Corporate Profile Wendover, UT Solar Brine Recovery Mine Key Highlights(2) • Acquired in 2004; potash is primarily produced from naturally • Corporate HQ: Denver, CO • Market Cap: $443mm occ
Slide 5: Why Invest In IPI?
Why Invest In IPI? Capitalizing On Our Unique Positioning & Opportunity ` • Existing infrastructure helps protect this positioning; IPI owns ~88k surface acres (1) The Only Potash Producer in the United States • Proximity to key markets drives logistics, transportation, and price advantages • Drivin
Slide 6: Our Potash Production
Our Potash Production Higher Production Improves Unit Economics; Focused On >300k Tons/Year Potash Production Overview Higher Production Supported by Long-Life Reserves/Resources Good evaporation and strong start to production season Solution Mining Production Cycle in summer ‘24 shifted ~15k tons f
Slide 7: First Quarter 2025 Highlights & Financial Results
First Quarter 2025 Highlights & Financial Results May 2025 7
Slide 8: Strong First Quarter Results & Solid 2025E Outlook
Strong First Quarter Results & Solid 2025E Outlook Higher Potash Production, Trio® Exceeding Expectations, & Solid Outlook Q1 2025 Potash Production of 93k Tons: Represents Projected to Continue to Have Peer-Leading an increase of six thousand tons vs. Q1 2024 and is Potash/Trio® Netbacks: In Q2 202
Slide 9: Potash & Trio®: Key First Quarter 2025 Results
Potash & Trio®: Key First Quarter 2025 Results Potash Production Increasing as Expected, Trio® Sales & Pricing Very Strong Potash Key Metrics Q1/25 Q1/24 Q4/24 y/y change (%) q/q change(%) Sales Volumes (in short tons) 103k 74k 57k 39% 81% (1) Average NRSP (per ton) $312 $395 $347 (21%) (10%) Produc
Slide 10: Oilfield Solutions & Corporate: Key First Quarter 2025 Results
Oilfield Solutions & Corporate: Key First Quarter 2025 Results Steady Oilfield Solutions Results; Corporate Margin Improvement is a Top Priority Oilfield Solutions Key Metrics Q1/25 Q1/24 Q4/24 y/y change ($) q/q change($) Sales $4.4mm $5.3mm $3.5mm -$0.9mm +$0.9mm Gross Margin $1.7mm $2.0mm $0.0mm
Slide 11: Better Production & Operational Efficiencies
Better Production & Operational Efficiencies Driving Lower COGS per Ton in Potash & Trio® We Don’t Subtract Byproducts from COGS(1), but Positive Margin Impact is the Same Potash Segment COGS per Ton Trio® Segment COGS per Ton(3) COGS per Ton(2) COGS per Ton(2) $450 COGS per Ton Ex-Byproducts(2) $45
Slide 12: Other Key Highlights & Competitive Advantages
Other Key Highlights & Competitive Advantages Improving Unit Economics, Strong Sales Volumes, & Focus on FCF(2) Highlights Competitive Advantages ✓ Proximity to key markets provides logistics/transportation advantages Improved In Q1 2025, Our Potash COGS/Ton Improved 10% Y/Y: Our Q1 2025 which helps
Slide 13: Capital Allocation, Market Outlook, & Final Takeaways
Capital Allocation, Market Outlook, & Final Takeaways May 2025 13
Slide 14: Capital Allocation & Catalysts
Capital Allocation & Catalysts Positioning IPI for Sustained, Long-Term Success 2025 Capital Budget: $36-$42mm Potential Catalysts $42mm Growth CAPEX >300k Increasing Our Potash Production: We project our potash production will be 300-310k Growth dependent on market & Tons tons in 2026E – key for ne
Slide 15: Constructive Outlook for Global Potash Market
Constructive Outlook for Global Potash Market Global Potash Supply & Demand Relatively Balanced Long-Term Potash Demand Getting Back to Trendline Growth of ~2% CAGR Global Supply Still Faces Risks & Heavily Reliant on Eastern European Tons 100.0 100.0 Additional supply needed (1) to offset natural p
Slide 16: Strength in Key International Crop Futures
Strength in Key International Crop Futures, Corn/Soybeans Holding Steady ~70% of Global Potash Is Applied to Non-Corn/Soybeans Crops Palm Oil(1) & Rice Cocoa & Coffee Corn & Soybeans Current vs. 10-year avg.: +21% Current vs. 10-year avg.: +165% Current vs. 10-year avg.: +3% Current vs. 10-year avg.
Slide 17: Lower Dollar Index Historically Positive for Commodities
Lower Dollar Index (“DXY”)(1) Historically Positive for Corn/Soybeans (& Most Commodities) Lower DXY Drives Higher U.S. Exports, Which Lower Inventories, & Helps Pricing Weaking Dollar Historically Positive for Corn & Soybeans YTD U.S. Corn & Soybeans Exports Higher vs. Same Period Last Year (2) 115
Slide 18: Low Stocks-to-Use Ratios Supporting Pricing
Low Stocks-to-Use Ratios Supporting Pricing Key U.S. Crop Inventories Below Average; Global Corn Inventories Lowest in Decades U.S. Corn & Soybeans Stocks-to-Use Ratios World Ex-China Corn & Soybeans Stocks-to-Use Ratios 25.0% ’24E/’25E Ratios Showing Improvements Since Aug. ’24 (i.e., decreasing ra
Slide 19: Updates for 2025E Key U.S. Crop Break-Evens & U.S. Farm Incomes
Updates for 2025E Key U.S. Crop Break-Evens & U.S. Farm Incomes Even Soybeans Close to Break-Even When Using Total Costs (i.e., including land costs)(1) Corn & Soybeans Break-Even Price-to-Cover Trending Lower U.S. Farm Income Projected to Improve in 2025E $200 The current administration has made $1
Slide 20: Final Takeaways
Final Takeaways Focused On Getting Appropriate Value Back In the Equity • Unit economics have improved from higher potash production Increasing Potash Production is #1 Focus • Building to approximately 300-310k tons of annual production for 2026E • Key projects started two years ago now commissioned
Slide 21: Appendix
Appendix May 2025 21
Slide 22: December 2023 Agreement with XTO
December 2023 Agreement with XTO $50mm Additional Guaranteed & Up To An Additional $100mm In Potential Payments Key Takeaways We Closely Monitor XTO Cooperative Development Agreement Third Amendment Highlights #1 Development Activity in the DPA Parties in the Agreement • Intrepid Potash Inc./Intrepi
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Adjusted EBITDA Q1/24 Q4/24 Q1/25 Net Loss ($3,130) Net Loss ($207,049) Net Income $4,606 Impairment of long-lived assets 1,377 Impairment of long-lived assets 7,626 Impairment of long-lived assets 662 Loss on sale of ass
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Average Net Realized Sales Price ("NRSP") per Ton Cost of Goods Sold ("COGS") per Ton Potash Q1/24 Q4/24 Q1/25 Potash Q1/24 Q4/24 Q1/25 Total Segment Sales $37,576 $28,867 $43,577 COGS $25,816 $18,151 $32,242 Less: Segmen
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) COGS per Ton & COGS Ex-Byproducts per Ton COGS per Ton ($/ton) COGS Ex-Byproducts per Ton ($/ton) Sales Volumes (tons) COGS Byproducts Q1/23 Potash $355 $295 89 $31,584 $5,342 ® Trio $321 $302 65 $20,883 $1,221 Q2/23 Pota