Intrepid Potash, Inc · NYSE:IPI
Intrepid Potash — Q4 2024 Earnings Presentation
24 slides from Intrepid Potash's earnings presentation, Mar 4, 2025
Slide 1: March 2025 Investor Presentation
Intrepid Potash March 2025 Investor Presentation March 2025 Investor Presentation | March 4, 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 March 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: $345mm 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: 2024 Highlights & Financial Results
2024 Highlights & Financial Results March 2025 6
Slide 7: Key 2024 Highlights; Solid Outlook for 2025E
Key 2024 Highlights; Solid Outlook for 2025E Higher Potash Production, Trio® Exceeding Expectations, & Constructive Outlook 2024 Potash Production of 295k Tons: Represents Corn, Soybeans, & Key International Crops Showing an increase of ~32% vs. 2023; higher production Solid Futures Solid Pricing: S
Slide 8: Potash & Trio: Key Fourth Quarter & 2024 Results
Potash & Trio®: Key Fourth Quarter & 2024 Results Potash Production Increasing as Expected, Trio® Pricing Very Strong Potash Key Metrics Q4/24 Q4/23 y/y change (%) 2024 2023 y/y change (%) Sales Volumes (in short tons) 57k 45k 27% 240k 258k (7%) (1) Average NRSP (per ton) $347 $431 (19%) $377 $466 (
Slide 9: Oilfield Solutions & Corporate: Key Fourth Quarter & 2024 Results
Oilfield Solutions & Corporate: Key Fourth Quarter & 2024 Results Solid Permian Activity; Margin Improvement at Corporate Remains Priority Oilfield Solutions Key Metrics Q4/24 Q4/23 y/y change ($) 2024 2023 y/y change ($) Sales $3.5mm $7.0mm -$3.5mm $24.7mm $21.3mm +$3.4mm Gross Margin $0.0mm $2.7mm
Slide 10: Better Production & Operational Efficiencies Driving Lower COGS per Ton
Better Production & Operational Efficiencies Driving Lower COGS per Ton We Don’t Subtract Byproducts from COGS(1), but Positive Margin Impact is the Same Potash COGS per Ton Trio® COGS per Ton $450 Byproduct revenues are a significant contributor to COGS per Ton(2) $450 COGS per Ton(2) potash segmen
Slide 11: Other Key Highlights & Competitive Advantages
Other Key Highlights & Competitive Advantages Improving Potash/Trio® Unit Economics, Growing Byproduct Sales, & Lithium Upside Highlights Competitive Advantages ✓ Proximity to key markets provides logistics and transportation advantages Improved In Q4 2024, Potash COGS/Ton Improved 24% Y/Y: Our Q4 2
Slide 12: Capital Allocation, Outlook, & Final Takeaways
Capital Allocation, Outlook, & Final Takeaways March 2025 12
Slide 13: Capital Allocation & Catalysts
Capital Allocation & Catalysts Positioning IPI for Sustained, Long-Term Success 2025 Capital Budget: $36-$42mm Upcoming 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 nea
Slide 14: Overview of Our Potash Production
Overview of Our Potash Production Our Production Has Inflected Higher; Focused on Over 300k Tons/Year Potash Production Overview Higher Production Supported by Long-Life Reserves/Resources Good evaporation and strong start to prod. season in Solution Mining Production Cycle summer ‘24 shifted ~15k t
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 will be needed (1) to offset n
Slide 16: Strength in Key International Crop Futures, Corn/Soybeans Off August Lows
Strength in Key International Crop Futures, Corn/Soybeans Off August Lows ~70% of Global Potash Is Applied to Non-Corn/Soybeans Crops Palm Oil(1) & Rice Cocoa & Coffee Corn & Soybeans Current vs. 10-year avg.: +47% Current vs. 10-year avg.: +173% Current vs. 10-year avg.: +1% Current vs. ‘14-’19 avg
Slide 17: Decreasing Stocks-to-Use Ratios Since August '24 Supporting Pricing
Decreasing Stocks-to-Use Ratios Since August ‘24 Supporting Pricing Corn Inventories Low, Soybeans In-Line with Historical Averages 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., decreasi
Slide 18: Crop Pricing Closer to Break-Evens; Federal Payments Projected to Increase '25E Farm Incomes
Crop Pricing Closer to Break-Evens; Federal Payments Projected to Increase ’25E Farm Incomes Even Soybeans Close to Break-Even When Using Total Costs (i.e., with Land Costs)(1) Corn & Soybeans Break-Even Price-to-Cover Trending Lower U.S. Farm Income Projected to Improve in 2025E $200 Estimated addi
Slide 19: Final Takeaways
Final Takeaways Focused On Getting Appropriate Value Back In the Equity • We are improving our unit economics by means of 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 no
Slide 20: Appendix
Appendix March 2025 20
Slide 21: 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 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Adjusted EBITDA Q4/23 Q4/24 2023 2024 Net Loss ($37,288) Net Loss ($207,049) Net Loss ($35,673) Net Loss ($212,845) Impairment of long-lived assets 42,767 Impairment of long-lived assets 7,626 Impairment of long-lived ass
Slide 23: 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 Q4/23 Q4/24 2023 2024 Potash Q4/23 Q4/24 2023 2024 Total Segment Sales $28,557 $28,867 $155,920 $124,833 COGS $18,755 $18,151 $9
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) COGS per Ton & COGS Ex-Byproducts per Ton COGS per Ton ($/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