Intrepid Potash, Inc. (NYSE:IPI) Q1 2022 Earnings Conference Call May 3, 2022 12:00 PM ET Company Participants Evan Mapes - Investor Relations Bob Jornayvaz - Co-Founder, Executive Chairman & Chief Executive Officer Matt Preston - Chief Financial Officer Brian Stone - President Zachry Adams - Vice President of Sales & Marketing Conference Call Participants Alex Chen - BMO Capital Markets Will Tang - Morgan Stanley Josh Spector - UBS Jason Ursaner - Bumbershoot Holdings Operator Thank you for standing by. Th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number ...

Financial Data and Key Metrics Changes - Adjusted net income for Q4 2021 was $8 million, bringing full-year adjusted net income to $21.8 million, a $40 million increase compared to 2020 [9] - Full-year 2021 adjusted EBITDA increased to $67.6 million, more than 3 times the 2020 EBITDA of approximately $21 million [29] - The company recorded approximately $7 million of income tax expense for the full-year 2021, all incurred in Q4 [31] Business Segment Data and Key Metrics Changes - The potash segment generated $12.5 million in gross margin for Q4 2021 and $35.8 million for the full year, with realized pricing for potash increasing to $504 per ton, a $120 increase over Q3 2021 [11] - The Trio segment also saw strong results, with posted prices increasing by $30 to $40 per ton in December 2021, and a further $35 per ton price increase announced recently [13] - Sales and gross margin in the oilfield segment increased over Q3 2021, driven by rising oilfield activity and revenue from oilfield products and services [15] Market Data and Key Metrics Changes - The potash market outlook is extremely positive, with commodity pricing and crop inventory levels supportive, alongside record farmer incomes globally [27] - The company expects first quarter 2022 realized price per ton for potash to increase between $680 and $690, an increase of approximately $180 per ton over Q4 2021 [12] - The company anticipates first half 2022 potash sales of approximately 130,000 to 140,000 tons, split evenly between the two quarters [34] Company Strategy and Development Direction - The company announced a $35 million share repurchase program, indicating a strategy to return value to shareholders while continuing to invest across business segments [17][18] - A joint feasibility study with the New Mexico Produced Water Consortium aims to evaluate the beneficial reuse of produced water from oil and gas production, aligning with the company's ESG goals [20][26] - The company is focused on increasing production capacity through various initiatives, including expanding operations at existing mines and exploring new cavern designs [52][54] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of declining inventories, strong demand, and geopolitical factors on rising fertilizer prices, contributing to improved consolidated results [8] - The company is positioned to deliver significant growth in bottom line results and operating cash flow in 2022, with expectations of continued price increases in the fertilizer market [27] - Management expressed confidence in the ability to navigate logistical challenges and maintain sales volumes despite production shortfalls [36] Other Important Information - The company released approximately $216 million of the valuation allowance against deferred tax assets in Q4 2021, reflecting an improved outlook [30] - The company has a solid balance sheet with $36 million in cash at year-end 2021, which has since increased to over $60 million [16] Q&A Session Summary Question: Capital allocation and buyback pace - Management indicated that cash generated from operations will be used for share buybacks when appropriate stock levels are reached, without incurring debt [45][46] Question: Potash production and capacity options - Management discussed plans to increase potash production through various initiatives, including expanding the HB Solar Solution Mine and exploring new cavern designs [52][54] Question: Oilfield activity and labor market - Management noted a quick pickup in oilfield activity due to higher oil prices and mentioned successful hiring efforts to support increased capacity [22][24] Question: Pricing and order book for potash - Management expects stable pricing for potash throughout the year, with a tight domestic market allowing for successful price increases [71] Question: Trio segment outlook - Management confirmed strong demand for Trio products, with all premium and granular products currently on allocation due to high demand [75]

Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-34025 https://reportify- 1252068037.cos.ap- beijing.myqcloud.com/med INTREPID POTASH, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 26-1501877 (State or other jurisdicti ...

Financial Data and Key Metrics Changes - The company recorded a net income of $4 million and adjusted EBITDA of $13.1 million for Q3 2021, benefiting from strong sales performance in the fertilizer segments due to rising prices compared to the prior year [6][18] - Cash from operations for Q3 was $8 million, bringing the year-to-date total to nearly $60 million [7] - The company ended the quarter with $26 million in cash and no outstanding debt on its revolving credit facility [7] Business Segment Data and Key Metrics Changes - The Potash segment generated a gross margin of $4.5 million in Q3, with higher net realized sales prices driving improvements [19] - The Trio segment reported a gross margin of $6.8 million in Q3, attributed to higher average net realized pricing and consistent cost of goods sold [21] - Oilfield Solutions revenue increased to $6.7 million in Q3, driven by improved oilfield activity and frac volumes [23] Market Data and Key Metrics Changes - Potash prices increased by $80 per ton in August, with expectations for an average net realized sales price of approximately $495 per ton in Q4 [8][20] - Trio products saw a $50 per ton price increase in August, with an expected average net realized sales price of approximately $370 per ton in Q4 [11][22] Company Strategy and Development Direction - The company plans to restart HB production in March to increase potash production during the spring season, aiming to capture strong pricing [10] - An additional shift at the East plant is expected to increase production by 50,000 tons over the next 12 months, with potential for another 50,000 tons depending on market conditions [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that the Carlsbad region experienced more than double the average rainfall, impacting potash production and leading to higher costs [9][19] - The company remains optimistic about cash flow from operations increasing in the coming quarters due to higher-priced fertilizer sales [24] Other Important Information - The company spent $12.4 million on capital investments in the first nine months of 2021, with a full-year estimate of $18 million to $23 million [25] - The East mine received the National Mining Association's 2020 Sentinels of Safety Award, highlighting the company's commitment to safety [16] Q&A Session Summary Question: Clarification on potash production in HB - Management explained that late-season rain caused potash to re-dissolve, delaying production but aiming for a double harvest to capture the potash [30][35] Question: Potash price performance compared to Trio - Management indicated that the pricing increase for potash is expected to be stronger than for Trio due to earlier commitments and market conditions [36][40] Question: Incremental production from the additional shift at the East mine - Management confirmed that the East mine's capacity is about 450,000 tons, with an additional 50,000 tons expected to flow through sales volumes in the next 12 months [50][51] Question: Impact of rain on oilfield sales - Management clarified that rain does not impact the availability of byproduct water for oilfield sales [61] Question: Outlook for new water leasing activity - Management provided updates on water well drilling and ongoing legal processes, indicating a positive outlook for water availability [62][65]

Product and Sales Performance - Potash sales volume increased by 13% in the first nine months of 2021 compared to the prior year, with potash prices driving profitability, comprising 49% of total sales[98]. - The average net realized sales price per ton of potash rose to $381 in Q3 2021, a 60% increase from $238 in Q3 2020, while Trio's average net realized sales price per ton increased by 78%[99][111]. - Total sales for Q3 2021 reached $59.2 million, a 55% increase from $38.1 million in Q3 2020, driven by strong demand in agricultural markets[111]. - Trio sales increased by $8.1 million, or 70%, in Q3 2021, with a 15% increase in tons sold compared to Q3 2020[111]. - Total water sales in Q3 2021 were $6.0 million, up from $3.6 million in Q3 2020, reflecting increased oilfield activity[102][111]. - Byproduct sales for Q3 2021 were $6.4 million, compared to $5.1 million in Q3 2020, driven by an improving economy and increased magnesium chloride availability[104][112]. - Total sales for the nine months ended September 30, 2021, increased by $50.0 million or 34% compared to the same period in 2020[120]. - Potash sales increased by $27.3 million or 39% for the nine months ended September 30, 2021, with an average net realized sales price per ton rising by 27%[120]. - Trio sales rose by $16.9 million or 33% during the first nine months of 2021, with an average net realized sales price per ton increasing by 38%[121]. Financial Performance - Net income for Q3 2021 was $4.0 million, a turnaround from a net loss of $10.2 million in Q3 2020[119]. - Net income for the nine months ended September 30, 2021, was $26.0 million, compared to a net loss of $26.4 million for the same period in 2020[133]. - The company recognized a gain of $10.1 million related to the forgiveness of a $10 million PPP loan in June 2021[130]. - Gross margin for Q3 2021 was $10.6 million, a significant improvement from a negative gross margin of $0.3 million in Q3 2020[116]. - Selling and administrative expenses decreased by 13% in Q3 2021 compared to Q3 2020, primarily due to reduced legal expenses[117]. - The total cost of goods sold increased by 29% in Q3 2021 compared to Q3 2020, with potash costs rising by 23% despite a 6% decrease in tons sold[113]. - Cost of goods sold increased by $19.7 million or 19% during the first nine months of 2021, with potash costs rising by 23%[125]. Operational Developments - The company is the only U.S. producer of muriate of potash, with production from three solution mining facilities in New Mexico and Utah[80]. - The company has water rights in New Mexico, supporting mining operations and selling excess water primarily for oil and gas development in the Permian Basin[80]. - The company has actively developed water treatment and recycling operations in the Delaware Basin to reduce produced water usage in oil and gas operations[87]. - The company is diversifying its products and services, including negotiating water transfer agreements and expanding into oil and gas midstream activities[106][108]. - The company expects to produce approximately 70,000 tons of potash at its HB facility during the current harvest period, ending in mid-January 2022[101]. - The company plans to restart production in mid-March 2022 to meet historical demand during the spring season[101]. Market and Economic Conditions - Economic activity has improved in 2021, with most cities and states reducing restrictions compared to summer 2020, but future impacts of COVID-19 remain uncertain[95]. - The company’s operations have been impacted by the COVID-19 pandemic, particularly in the oilfield solutions segment, with a decrease in demand for oil[95]. - Total water sales increased by 42% in the second and third quarters of 2021 compared to the same periods in 2020, reflecting an economic rebound from the COVID-19 pandemic[158]. - The company expects continued improvement in oilfield solutions water sales during the fourth quarter of 2021[156]. Environmental and Safety Initiatives - The company is committed to environmental, social, and governance (ESG) initiatives, aiming to create long-term value for investors[82]. - The company has implemented safety audits across all locations to enhance operational safety and address potential hazards[89]. - The company has donated nearly 7 million tons of salt to the Bonneville Salt Flats since 2005 to help preserve the environment[87]. Liquidity and Capital Management - As of September 30, 2021, the company had cash on hand of $25.6 million, up from $19.5 million at December 31, 2020[170]. - The company anticipates sufficient liquidity to meet its obligations for the next twelve months, supported by cash on hand and expected cash generated from operations[172]. - The company expects to make capital investments in 2021 of $18 million to $23 million, with approximately $15 million allocated to sustaining capital projects[169]. - As of September 30, 2021, the company had no outstanding long-term debt, following the repayment of $15 million in Series B Senior Notes[181]. - Cash provided by operating activities was $59.4 million, an increase of $40.9 million compared to the same period in 2020 due to increased potash and Trio sales[174].

Financial Data and Key Metrics Changes - The company recorded an adjusted net income of $7.4 million and adjusted EBITDA of $16.9 million for Q2 2021, showing significant improvements compared to the prior year and Q1 2021 [7][8] - Cash flow from operations was $32.3 million for Q2 2021 and $51.4 million for the first half of 2021, already exceeding the full-year cash flow from operations for 2020 [8] - The company ended the quarter with $55 million in cash and approximately $30 million outstanding on its revolving credit facility [9][24] Business Line Data and Key Metrics Changes - The Potash segment generated $10.1 million in gross margin in Q2 2021, driven by higher net realized sales prices and increased volumes [19] - The Trio segment recorded a gross margin of $3.2 million, with first half sales volume exceeding the prior year by 5,000 tons [21] - Total water sales were $2.8 million, similar to the prior year, as the company managed its South Ranch to meet higher margin demand later in the year [23] Market Data and Key Metrics Changes - Potash pricing has improved significantly, with spot agricultural sales currently at $250 per ton above 2020 summer fuel price levels [10] - The expected average net realized sales price for potash in Q3 is projected to be between $355 and $365 per ton, with additional upside into Q4 2021 [20] - The company noted solid agricultural economics across various crops, which supports firm potash pricing [11] Company Strategy and Development Direction - The company is pivoting towards ESG-friendly full-cycle water management systems and is investing in additional recycling equipment [15] - Plans to mobilize a 70,000 barrels per day recycling unit in the coming weeks, with potential to increase volumes to over 200,000 barrels per day [16] - The addition of an energy board member signals a strategic focus on advancing the water and oilfield strategy [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand for fertilizers continuing into the second half of the year, supported by increased farm income levels [12] - The company anticipates significant growth in oilfield solutions revenue in the second half of the year, aligning with pre-COVID levels [30] - Management believes current potash pricing levels will not lead to demand destruction, citing strong farmer economics globally [36] Other Important Information - The company received full forgiveness on its Paycheck Protection Program loan and paid down the remaining $15 million on its senior notes [8] - The company sold a 320-acre tract of land for $6 million, generating a satisfactory gain [9] Q&A Session Summary Question: Potash benchmark prices and liquidity - Management noted that most buyers in the Midwest have already placed orders for fall needs, indicating limited liquidity at current benchmark prices [29] Question: Oilfield Solutions revenue growth expectations - Management expects significant revenue growth in the second half of the year, aligning with pre-COVID levels [30] Question: Potash and Trio pricing and margins - Management indicated that costs should remain consistent, with higher pricing expected to positively impact margins [31] Question: Potash inventories and sales management - Management highlighted strong demand and strategic inventory management in anticipation of a robust agricultural economy [34] Question: Concerns about demand disruption due to high potash prices - Management does not foresee demand destruction at current pricing levels, citing strong farmer economics across various commodities [36][37] Question: Capital allocation and potential shareholder returns - Management is considering a special dividend or buyback program as cash position strengthens [59][60]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: ...

Intrepid Potash, Inc. (NYSE:IPI) Q1 2021 Results Conference Call May 4, 2021 12:00 PM ET Company Participants Matt Preston - VP, Finance Brian Stone - COO Zachry Adams - VP, Sales and Marketing Conference Call Participants Bria Murphy - BMO Capital Markets John Roberts - UBS Operator Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash, Inc. First Quarter 2021 Earnings Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions] ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number ...