Intrepid Potash, Inc · NYSE:IPI
Intrepid Potash — Q1 2026 Earnings Presentation
29 slides from Intrepid Potash's earnings presentation, May 7, 2026
Slide 1: Intrepid Potash March 2026 Investor Presentation
Intrepid Potash March 2026 Investor Presentation March 2026 Investor Presentation | March 9, 2026 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 & Operations Highlights
Company Overview & Operations Highlights March 2026 3
Slide 4: Key Assets & Corporate Profile
Key Assets & Corporate Profile The Only Domestic Producer of Potash(1); One of Two Global Producers of Langbeinite(2) Key Assets Our Business Wendover, UT Solar Brine Recovery Mine Corporate Profile(3) • Acquired in 2004; potash is primarily produced from naturally occurring brines sourced from a sh
Slide 5: Why Invest In IPI?
Why Invest In IPI? Capitalizing On Our Unique Positioning & Opportunity (1) • Existing infrastructure helps protect this positioning; IPI owns ~87k surface acres The Only Potash Producer In the United States • Proximity to key markets drives logistics, transportation, and price advantages Increasing
Slide 6: 2025 Combined Potash & Trio Sales Volumes Best Since 2018
2025 Combined Potash & Trio® Sales Volumes Best Since 2018 Overall Unit Economics Showing Solid Improvements Key Highlights Total Fertilizer Sales Volumes & W.A. COGS/Ton Total 2025 sales volumes of 592k tons best since 2018 Higher Total 2025 Sales Volumes of 592k Tons is +20% vs. 2024: This is Volu
Slide 7: Getting Our Potash Production to >300k Tons
Getting Our Potash Production to >300k Tons Wendover & HB Production Projected to Increase in H2/2026E Potash Production Overview Higher Production Supported by Long-Life Reserves/Resources Solution Mining Production Cycle 295k 300-310k #1 Maximize Brine Availability: • HB: Inject more brine than we
Slide 8: Trio Production Forecast >300k Tons in 2027E
Trio® Production Forecast >300k Tons in 2027E Increasing Trio® Production Helping Drive Overall Fertilizer Volumes Higher Trio® Production & Market Overview Higher Production Supported by Long-Life Resources Conventional Underground Mining Higher Trio® production helping offset slightly lower potash
Slide 9: Wendover White Silver Lithium Project Potentially Adds Significant Byproduct Upside
Wendover White Silver Lithium Project Potentially Adds Significant Byproduct Upside for IPI Maiden Resource Announcement: ~119k Tons of Lithium Carbonate Equivalent (“LCE”) Project Highlights Our Wendover Ponds & Source Brine The Technical Report Summary (“TRS”) Estimates the 119k Tons Wendover Brin
Slide 10: Q4 2025 Highlights & Financial Results
Q4 2025 Highlights & Financial Results March 2026 10
Slide 11: Strong Q4 & 2025 Results
Strong Q4 & 2025 Results Solid Fertilizer Pricing & Demand; Strong Trio® Performance Expected to Continue 2025 Potash Sales Volumes of 289k Tons: Driven by Projected to Continue to Have Peer-Leading higher potash production over last ~18-months, our Potash/Trio® Netbacks: In Q1 2026E, we project our
Slide 12: Potash & Trio: Key Q4 2025 Results
Potash & Trio®: Key Q4 2025 Results Trio® the Clear Standout; Continue to Prioritize Potash Sales Into High Netback Markets Potash Key Metrics Q4/25 Q4/24 Q3/25 y/y change q/q change Sales Volumes (in short tons) 55k 57k 62k -2k -7k Average NRSP(1) (per ton) $387 $347 $381 +$40 +$6 Production(2) (in
Slide 13: Corporate & Oilfield Solutions: Key Q4 2025 Results
Corporate & Oilfield Solutions: Key Q4 2025 Results Quarterly Adjusted EBITDA Continues to Improve vs. Prior Year Corporate Key Metrics Q4/25 Q4/24 Q3/25 y/y change ($) q/q change ($) (1) Adjusted EBITDA $18.1mm $8.6mm $12.0mm +$9.5mm +$6.1mm Cash Flow (used in) from Ops. $8.9mm $7.6mm ($4.0mm) +$1.
Slide 14: Byproducts More Important for Potash; Trio Unit Economics Improving
Byproducts More Important for Potash; Trio® Unit Economics Improving from Higher Production 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) $450 $450 $400 ~$110/ton Improvement: COGS Ex-Byproducts/Ton $400 So
Slide 15: Other Key Highlights & Competitive Advantages
Other Key Highlights & Competitive Advantages Improving Unit Economics, Strong Production/Sales Volumes, & Focus on FCF(2) Other Key Highlights Competitive Advantages Proximity to key markets provides logistics/transportation advantages Improved In 2025, Our Potash COGS/Ton Improved by $22/Ton: In
Slide 16: Capital Allocation, Market Outlook, & Final Takeaways
Capital Allocation, Market Outlook, & Final Takeaways March 2026 16
Slide 17: Capital Allocation & Catalysts
Capital Allocation & Catalysts Positioning Intrepid for Sustained, Long-Term Success 2026 Capital Budget: $40-$50mm Potential Catalysts $50mm Growth CAPEX >600k Higher Combined Fertilizer Production: Goal to drive both potash and Trio® production Growth to over 300k tons by 2027E, with 2026E expecte
Slide 18: Constructive Outlook for Global Potash Market
Constructive Outlook for Global Potash Market Jansen(1) Project Next Big Supply Addition, but Market Can Absorb Its Impact Long-Term Potash Demand Getting Back to Trendline Growth of ~2% CAGR Global Supply Still Heavily Reliant on Eastern European Tons 82.0 100.0 +6.2mm Tons: Additional supply neede
Slide 19: Lower Dollar Index Historically Positive for Corn/Soybeans Pricing & Exports
Lower Dollar Index (“DXY”)(1) Historically Positive for Corn/Soybeans Pricing & Exports Very Strong U.S. Corn Exports to Start the Year Weaker Dollar Helps Boost Exports & Is Historically Positive for Corn & Soybeans U.S. Corn & Soybeans Exports(2) 115.0 $19.00 1.6bn China Trade Deal Should Eventual
Slide 20: Updates for Key U.S. Crop Break-Evens & Farmer Balance Sheets
Updates for Key U.S. Crop Break-Evens & Farmer Balance Sheets Owned-Farmland Projected to Break-Even & Farmer Balance Sheets Are Solid Current Futures Prices Cover Costs for Farmers that Own Their Land Aggregate U.S. Farmer Balance Sheets Mostly Unchanged for 2026E Current Price Nov. ’26 Soybeans: $
Slide 21: Update On U.S. & Global Stocks-to-Use Ratios
Update On U.S. & Global Stocks-to-Use Ratios U.S. Ratios Slightly Elevated, Although World Ratios Paint Better Picture U.S. Corn & Soybeans Stocks-to-Use Ratios World Ex-China Corn & Soybeans Stocks-to-Use Ratios 25.0% 25.0% 20.0% 20.0% Stocks-to-Use Ratio Stocks-to-Use Ratio 15.0% 15.0% 10.0% 10.0%
Slide 22: Palm Oil & Coffee Higher vs. Historical Avg., Corn/Soybeans Closer to Historical Avg.
Palm Oil & Coffee Higher vs. Historical Avg., Corn/Soybeans Closer to Historical Avg. ~70% of Global Potash Is Applied to Non-Corn/Soybeans Crops Palm Oil(1) & Rice Cocoa & Coffee Corn & Soybeans Source: Bloomberg (prices as of 2/26/2027) Slide Notes: (1) Palm oil futures trade in Malaysian Ringgits
Slide 23: Final Takeaways
Final Takeaways Focused On Getting Appropriate Value Back In the Equity • Unit economics have improved from higher prod. (also creates more byproducts) Maintaining Higher Prod. to Drive Better Unit Economics Is #1 Focus • Driving to >300k tons of production for both potash and Trio® production • Con
Slide 24: Appendix
Appendix March 2026 24
Slide 25: December 2023 Agreement with XTO
December 2023 Agreement with XTO $50mm Additional Guaranteed & Up To An Additional $100mm In Potential Payments Key Takeaways IPI Could Receive Up To an Additional Cooperative Development Agreement Third Amendment Highlights #1 $150mm - Timing Uncertain Parties in the Agreement • Intrepid Potash Inc
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Adjusted EBITDA Q4/24 Q3/25 Q4/25 Net (Loss) Income ($207,049) Net Income (Loss) $3,745 Net (Loss) Income ($429) Impairment of long-lived assets 7,626 Impairment of long-lived assets 0 Impairment of long-lived assets 0 Lo
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Average Net Realized Sales Price ("NRSP") per Ton Potash Q4/24 Q3/25 Q4/25 Total Segment Sales $28,867 $32,479 $29,533 Less: Segment byproduct sales $6,910 $6,155 $5,976 Freight Costs $2,170 $2,673 $2,295 Subtotal $19,787
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) COGS per Ton & COGS Ex-Byproducts per Ton COGS per Ton ($/ton) COGS Ex-Byproducts per Ton ($/ton) Sales Volumes (tons) COGS Byproducts Q3/23 Potash $406 $284 46 $18,673 $5,622 ® Trio $341 $313 52 $17,714 $1,425 Q4/23 Pota
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Weighted Average COGS Ex-Byproducts per Ton 2017 2018 2019 2020 2021 2022 2023 2024 2025 Potash COGS $72,229 $72,322 $73,401 $73,496 $87,281 $76,524 $97,452 $83,974 $94,776 ® Trio Sales COGS $45,187 $45,284 $42,251 $50,90