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, 2023 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) Q4 2022 Earnings Conference Call March 7, 2023 12:00 PM ET Company Participants Evan Mapes - Investor Relations Bob Jornayvaz - Executive Chairman and Chief Executive Officer Matt Preston - Chief Financial Officer Conference Call Participants Lucas Beaumont - UBS Will Tang - Morgan Stanley Joel Jackson - BMO Capital Markets Operator Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash Inc. Fourth Quarter 2022 Results Conference Call. [Op ...

Table of Contents For the fiscal year ended December 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: 001-34025 INTREPID POTASH, INC. (Exact Name of Registrant as Specified in its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Delaware 26-1501877 (State or other jurisd ...

Financial Data and Key Metrics Changes - In Q3 2022, the company reported adjusted EBITDA of approximately $27 million and adjusted net income of approximately $13 million, bringing the adjusted EBITDA for the first nine months of the year to approximately $119 million and adjusted net income to $69 million, resulting in respective margins of 44% and 25% [6][7][24] - The average net realized sales price for potash and Trio in Q3 was $734 per ton and $488 per ton, respectively, with year-to-date prices at $718 per ton and $482 per ton [7][27] Business Line Data and Key Metrics Changes - Potash sales volumes in Q3 totaled 46,000 tons, down from 62,000 tons in the prior year, attributed to higher distributor inventories and a focus on just-in-time purchasing [27] - Trio sales volumes also decreased to 39,000 tons from 46,000 tons in the prior year, with expectations for Q4 sales volumes between 35,000 and 40,000 tons at an average net realized sales price of $465 to $475 per ton [33] Market Data and Key Metrics Changes - U.S. farmers are experiencing strong crop prices, with spot corn trading in the high $6 per bushel range and soybeans just under $14.50 per bushel, which is expected to drive healthy profits despite higher input costs [10][11] - The potash market is seeing a moderate pullback in pricing due to just-in-time purchasing preferences and higher global inventories, impacting market transactions [8][9] Company Strategy and Development Direction - The company is focused on increasing solar potash production through various projects, including the Moab cavern drilling program and improvements at the HB Solar Solution mine [16][18][19] - The company has initiated a share repurchase program, spending approximately $2.9 million in Q3, with total repurchases increasing to approximately $5 million by the end of October [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near- and medium-term outlook, citing strong crop economics and a volatile global supply situation supporting steady potash demand and pricing [15][25] - The company anticipates a strong winter-spring application season, expecting to sell between 45,000 to 55,000 tons of potash in Q4 [32] Other Important Information - The company has a debt-free balance sheet and strong cash flow, allowing for growth capital investments to enhance production capabilities [25][34] - The capital investment plan for 2022 remains at $65 million to $75 million, with spending expected to ramp up in Q4 [35] Q&A Session Summary Question: Impact of oil and gas drilling activity on production - Management is working closely with the BLM to ensure that oil and gas drilling does not infringe on potash reserves, emphasizing the regulatory framework that supports the potash industry [38] Question: Increase in potash costs - The increase in potash costs is attributed to decreased brine grades and higher costs associated with the HB facility, with expectations for cost improvements in Q4 despite ongoing inflation [40][41] Question: Reconciling strong fall application activity with lower sales guidance - Management indicated that the lower sales guidance is a combination of production challenges and farmers delaying purchases despite strong crop economics [46][47] Question: Risk of a wait-and-see attitude persisting into early next year - Management believes that robust farmer economics will drive demand despite a wait-and-see attitude, with inventories being drawn down [52][53] Question: Pricing dynamics of industrial and feed sales - Industrial and feed sales typically command a premium price, which positively impacted overall pricing for the quarter [54][55] Question: Gross margin compression in the oilfield segment - Margins in the oilfield segment are influenced by third-party water purchases, with demand activity remaining strong despite some cost pressures [58][61]

Table of Contents top 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 September 30, 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 Fil ...

Intrepid Potash, Inc. (NYSE:IPI) Q2 2022 Earnings Conference Call August 5, 2022 12:00 PM ET Corporate Participants Evan Mapes - Investor Relations Bob Jornayvaz - Co-Founder, Executive Chairman and Chief Executive Officer Matt Preston - Chief Financial Officer Conference Call Participants Alex Chen - BMO Capital Markets Will Tang - Morgan Stanley Josh Spector - UBS Operator Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash, Inc. Second Quarter 2022 Results Conferenc ...

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, 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 - In Q1 2022, Intrepid Potash reported revenue of approximately $104 million, a 46% increase compared to Q1 2021, driven by higher net realized sales prices for potash and Trio [18] - The average net realized price for potash was $703 per ton, and for Trio, it was $469 per ton, representing increases of approximately 150% and 100% respectively compared to Q1 2021 [16] - Adjusted EBITDA for the quarter was approximately $50 million, with net income totaling approximately $31 million, resulting in diluted earnings per share of $2.31, marking the most profitable quarter since Q3 2012 [18][29] Business Line Data and Key Metrics Changes - Potash segment sales totaled just over $56 million, a 30% increase year-over-year, with a gross margin of $29 million [17] - Trio segment sales reached $41 million, reflecting a 73% increase compared to the prior year quarter, with a gross margin of $16.1 million [17] Market Data and Key Metrics Changes - Global potash supply is expected to remain tight throughout 2022 due to a severe supply shock impacting 30% to 40% of global potash production [22] - Brazilian potash prices are currently just under $1,200 per metric ton, while NOLA potash prices in the U.S. are about $800 per short ton, indicating a strong international market compared to the domestic market [23] Company Strategy and Development Direction - The company plans to operate extra production shifts and has ordered two new continuous miners to increase production at the East mine [25] - Intrepid is preparing to drill another cavern at Moab to enhance production and expects upgraded wells at the Wendover facility to add production volume as early as spring 2023 [27] Management's Comments on Operating Environment and Future Outlook - Management highlighted that high commodity prices are expected to persist, supporting strong margins for farmers and consequently demand for fertilizers [14][24] - The company anticipates that if fertilizer prices remain elevated, it will continue to benefit, with a focus on improving per ton economics and increasing production [24][28] Other Important Information - Cash provided by operations was $34 million, with cash used in investing activities at $7.7 million, leading to a balance sheet improvement of approximately $44 million from December 31 [19] - The company expects capital spending of between $50 million to $60 million for the full year 2022, with plans to accelerate capital expenditures on key projects [35] Q&A Session Summary Question: Allocation of cash and buyback pace - Management indicated that a formal buyback policy is being developed, with no specific pace set yet due to market conditions [39] Question: Q3 potash order book and price expectations - No orders for Q3 have been taken yet, but prices are expected to remain stable, similar to the first half of the year [40] Question: Summer fill program and inventory risk - Management does not foresee a need for a traditional fill program due to strong demand and limited supply [44] Question: Cost levels and return to 2019/2020 pricing - Management expects costs to decrease significantly as production ramps up, aiming to return to normalized levels by Q4 2022 and Q1 2023 [47] Question: Production outlook based on ongoing projects - Management anticipates production increases from ongoing projects, particularly at the HB facility and Wendover, but specific numbers were not provided [51] Question: Long-term outlook for potash and food supply concerns - Management believes that the current supply situation will persist for at least 18 to 24 months, with strong farmer margins supporting continued demand for fertilizers [56]

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]