Table of Contents 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 For the fiscal year ended December 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: 001-34025 INTREPID POTASH, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 26-1501877 (State or other jurisd ...

Financial Performance - Total sales for 2023 were $279.1 million, down 17.3% from $337.6 million in 2022, with fourth quarter sales at $56.7 million compared to $66.7 million in Q4 2022[15]. - The company reported a net loss of $35.7 million for the full year 2023, with an adjusted net loss of $3.0 million, and a fourth quarter net loss of $37.3 million, with adjusted EBITDA of $7.1 million[3]. - Total revenue for the year ended December 31, 2023, was $279.1 million, a decrease from $279.1 million in 2022[42]. - The net loss for the three months ended December 31, 2023, was $37.3 million compared to a net income of $4.0 million in the same period of 2022[41]. - The company reported a net loss of $(37,288) million for the three months ended December 31, 2023, compared to a net income of $3,982 million in the same period of 2022[56]. - Adjusted EBITDA for Q4 2023 was $7,141,000, down from $23,147,000 in Q4 2022, a decrease of 69.1%[66]. - Gross margin for the year ended December 31, 2023, was $36,846 million, compared to $141,408 million in 2022, reflecting a significant decline[52]. Sales and Pricing - Average net realized sales price for potash in 2023 was $466 per ton, a decrease of 35% from the previous year, while the average net realized sales price for Trio was $321 per ton[15]. - Trio segment sales decreased by $15.6 million, or 13%, in 2023 compared to 2022, with average net realized sales price per ton dropping by 33%[22]. - Potash segment sales for the year ended December 31, 2023, were $155,920 million, down from $191,378 million in 2022, a decrease of approximately 18.5%[62]. - Average net realized sales price per ton for the year ended December 31, 2023, was $321, down from $479 in 2022, a decline of 33.0%[63]. - Average net realized sales price per ton decreased to $292 in Q4 2023 from $461 in Q4 2022, a decline of 36.7%[63]. Production and Operations - Potash production volume decreased by 17% in 2023, totaling 224 tons compared to 270 tons in 2022, while potash sales volume increased by 16% to 258 tons[19]. - The average Trio production volume increased to 57 tons in Q4 2023 from 51 tons in Q4 2022, while sales volume rose to 49 tons from 28 tons[22]. - The Eddy Shaft Brine Extraction Project has extracted approximately 143 million gallons of high-grade brine, representing 30% of HB's 2024 brine extraction volume, with a KCl concentration of 9.1%[8]. - Construction of the Replacement Extraction Well is expected to be completed by Q2 2024, with an initial brine pool measured at over 330 million gallons, anticipated to support extraction needs through early 2025[9]. Expenses and Liabilities - Selling and administrative expenses decreased to $7.9 million in Q4 2023 from $9.2 million in Q4 2022[38]. - Total liabilities increased to $84.0 million as of December 31, 2023, compared to $79.1 million in 2022[39]. - The company incurred impairment of long-lived assets amounting to $42.8 million for the three months ended December 31, 2023[41]. - The company incurred depreciation, depletion, and amortization expenses of $39,400 million for the year ended December 31, 2023, compared to $35,033 million in 2022[52]. Cash Flow and Assets - Cash and cash equivalents decreased to $4.1 million as of December 31, 2023, down from $18.5 million in 2022[39]. - Total current assets decreased to $151.9 million in 2023, down from $171.7 million in 2022, reflecting a decline of approximately 11%[39]. - The company’s retained earnings decreased to $40.8 million in 2023 from $76.5 million in 2022, a decline of approximately 47%[39]. - The company’s inventory remained relatively stable at $114.3 million in 2023, compared to $114.8 million in 2022[39]. Future Outlook - Capital expenditures for 2023 were $65.1 million, with guidance for 2024 set between $40 to $50 million, and growth capital spending expected to moderate to $20 to $25 million[5]. - The company received an initial $50 million from XTO Holdings as part of a Cooperative Development Agreement, with potential additional payments of up to $150 million based on future drilling activities[3]. - The company has received final permits for its sand project in Southeastern New Mexico, with a planned productive capacity of one million tons of wet sand per year[14]. - The lithium resource at Wendover is estimated to support approximately 2,000 tons of lithium carbonate production per year, pending commercially feasible extraction technology[13]. - The company plans to host a conference call on March 7, 2024, to discuss financial results and operational matters[29].

Sales Performance - Potash average net realized sales price per ton decreased to $433 and $474 for the three and nine months ended September 30, 2023, compared to $734 and $718 for the same periods in 2022[92]. - Trio average net realized sales price per ton decreased to $298 and $329 for the three and nine months ended September 30, 2023, compared to $488 and $482 for the same periods in 2022[94]. - Total sales for Q3 2023 decreased by $20.3 million, or 27%, compared to Q3 2022, with potash segment sales down 35% and oilfield solutions segment sales down 42%[102]. - Average net realized sales price per ton for potash decreased by 41% in Q3 2023, while tons sold remained unchanged[102]. - Trio sales decreased by $2.6 million, or 11%, in Q3 2023, despite a 33% increase in tons sold, as the average net realized sales price per ton decreased by 39%[103]. - Total sales for the nine months ended September 30, 2023, decreased by $48.5 million, or 18%, with potash segment sales down 14%[112]. - Potash sales for the first nine months of 2023 decreased by $21.5 million, with an average net realized sales price per ton down 34%[112]. - Total segment sales for potash in the nine months ended September 30, 2023, were $127.4 million, while Trio segment sales were $81.1 million, compared to $147.6 million and $100.6 million in 2022, respectively[174]. Production and Costs - Total cost of goods sold increased by $2.3 million, or 6%, in Q3 2023, with potash costs up 8% despite unchanged tons sold[105]. - Total cost of goods sold for the first nine months of 2023 increased by $27.8 million, or 23%, with potash costs up 35%[117]. - Gross margin for Q3 2023 was $0.5 million, a significant decrease from $26.8 million in Q3 2022, due to lower sales prices and increased costs[107]. - Gross margin for the first nine months of 2023 was $32.2 million, down from $115.8 million in the same period of 2022[120]. - Trio segment cost of goods sold increased by 44% in the third quarter of 2023, attributed to a 33% increase in tons sold and rising natural gas and electricity expenses[139]. - Cost of goods sold for the Trio segment increased by 29% in the first nine months of 2023, attributed to increased carrying costs and a 9% decrease in production volume[141]. Financial Results - Net loss for Q3 2023 was $7.2 million, compared to net income of $13.1 million in Q3 2022[111]. - Net income for the first nine months of 2023 was $1.6 million, a significant decrease from $68.2 million in the same period of 2022[123]. - Potash segment gross margin decreased by $43.1 million in the first nine months of 2023 compared to the same period in 2022[136]. Investments and Capital Expenditures - Capital investments for the first nine months of 2023 totaled $58.5 million, with expectations of $65 million to $75 million for the full year[160][161]. - Net cash used in investing activities increased by $6.2 million to $54.6 million in the first nine months of 2023, driven by a $21.4 million increase in capital investments[164]. Operational Developments - The company successfully commissioned the Eddy Shaft Brine Extraction Project in October 2023, targeting a brine pool estimated to contain approximately 270 million gallons of brine at over 9% potassium chloride[100]. - The new extraction well at the HB Solar Solution Mine is expected to be commissioned in the first half of 2024, targeting approximately 330 million gallons of high-grade brine[100]. - Phase Two of the HB Injection Pipeline Project is anticipated to begin construction in Q1 2024, aiming for the highest brine injection rates in company history[100]. - The company is targeting approximately one million tons per year of wet sand from the Intrepid South sand mine, contingent upon receiving necessary operating permits[98]. Market and Economic Factors - Inflationary pressures have led to increased labor costs and supply costs, impacting production margins[96]. - The effective tax rate for the nine months ended September 30, 2023, was 54.0%, significantly higher than the 24.5% rate for the same period in 2022[157]. - There have been no significant changes to market risk exposure since December 31, 2022[175]. Borrowings and Liquidity - As of September 30, 2023, cash and cash equivalents were $2.8 million, down from $18.5 million at the end of 2022, primarily due to capital expenditures[162]. - As of September 30, 2023, the company had $2.0 million in borrowings outstanding under the revolving credit facility, with $146.0 million of remaining availability[167]. - The company made $7.0 million in borrowings and $5.0 million in repayments under the revolving credit facility during the nine months ended September 30, 2023[166]. - The company was in compliance with all applicable covenants under the revolving credit facility as of September 30, 2023[167]. Byproduct Sales - Byproduct sales were $7.0 million during Q3 2023, slightly down from $7.1 million in Q3 2022; year-to-date byproduct sales increased to $21.3 million from $19.0 million in the prior year[96]. - Potash segment byproduct sales increased by $1.2 million, or 7%, in the first nine months of 2023, driven by strong demand for byproduct salt and brine water[132]. - Trio segment byproduct water sales increased due to a higher percentage sourced from byproduct water, contributing to overall revenue[141].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of approximately $15.9 million for Q2 2023, bringing the first half total to about $32 million, indicating strong performance driven by increased potash sales [3][21] - Average net realized sales price for potash in Q2 was approximately $480 per ton, which is about 25% higher than average NOLA pricing [4][21] - Adjusted net income for Q2 was $4.3 million, reflecting a decrease in fertilizer pricing compared to last year [21] Business Line Data and Key Metrics Changes - Potash sales volumes in Q2 totaled 79,000 tons, a 41% increase year-over-year, while first half sales reached 167,000 tons, a 33% increase [48] - Trio sales volumes for Q2 and first half 2023 were 63,000 tons and 128,000 tons, respectively, remaining consistent with last year's performance [22] Market Data and Key Metrics Changes - The agricultural market is experiencing strong demand, with farmers benefiting from high commodity prices, which supports potash sales [16][42] - The company noted that the summer-fill program pricing for potash was set at $370 per short ton, reflecting a positive response from the market [48] Company Strategy and Development Direction - The company is focused on revitalizing its potash operations through projects aimed at maximizing brine availability and production consistency [17][20] - Key projects include Phase II of the HB injection pipeline and the Eddy Shaft project, which are expected to enhance production capabilities [51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the agricultural market's fundamentals, indicating that higher income levels and strong crop futures will support potash demand [16][42] - The company anticipates a strong fall application season in the US, driven by attractive fertilizer pricing and solid agricultural fundamentals [50] Other Important Information - Capital expenditures for Q2 were $21 million, with a total of approximately $42 million spent in the first half of the year, primarily directed towards major potash projects [24][25] - The company maintains a strong balance sheet with a net cash position of approximately $165 million, positioning it well for future investments [25] Q&A Session Summary Question: What is the outlook for potash volumes in 2024 and 2025? - Management indicated that while they are not ready to provide specific guidance for 2024 or 2025, recent project executions position the company well for increased production [27] Question: How are the injection rates at the HB facility impacting production? - Injection rates have increased by 50% to 60% compared to previous years, which is expected to enhance brine withdrawal and overall production [28] Question: What are the expectations for free cash flow in the second half of the year? - Management noted that cash flow from operations may slow in the second half due to seasonal sales patterns, but the strong balance sheet will support ongoing projects [31] Question: How does the company view the summer-fill program and its impact on demand? - Management expressed skepticism about the necessity of the summer-fill program, suggesting that it may have conditioned farmers to wait for such programs despite strong underlying demand [62] Question: What are the long-term capital allocation priorities? - The company aims to maintain a strong balance sheet and may consider leveraging once consistent production levels are achieved, with a focus on stock buybacks in the future [64]

(Address of principal executive offices) (Zip Code) Denver, Colorado 80202 (303) 296-3006 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ ☒ Quarterly Rep ...

Financial Data and Key Metrics Changes - In Q1 2023, the company reported total sales of $87 million, adjusted EBITDA of $16.4 million, and adjusted net income of $4.7 million, a significant decrease from $50.2 million and $31.5 million in the same quarter of the previous year, primarily due to lower pricing [3][36] - The average net realized sales prices for potash and Trio were $45 per ton and $3.44 per ton, respectively, compared to $703 per ton and $4.69 per ton in the prior year [14][36] Business Line Data and Key Metrics Changes - Potash sales volumes totaled 89,000 tons in Q1 2023, up from 69,000 tons year-over-year, while production was 90,000 tons, down from 103,000 tons [54] - Trio sales volumes were 65,000 tons, down from 71,000 tons in the prior year, with production at 49,000 tons, down from 65,000 tons [15][36] Market Data and Key Metrics Changes - The U.S. agriculture market remains strong, with farmers projected to have solid profitability for a third consecutive year, supported by elevated crop futures for corn and soybeans [4] - The company noted that agricultural customers drove most of the increase in potash demand, comprising 82% of potash sales in the quarter [54] Company Strategy and Development Direction - The primary focus for 2023 is the successful execution of potash growth projects, including improving brine grades and increasing production through new extraction wells [5][6] - The company is optimistic about its growth projects, which are expected to have both immediate and long-term positive impacts on production [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that slow permitting in New Mexico has caused project delays, impacting production guidance for 2023, which is now approximately 260,000 tons [6] - Despite challenges, management remains confident in the agricultural market's strength and the company's ability to improve production through targeted projects [27][29] Other Important Information - The company incurred $21 million in capital expenditures in Q1 2023, with full-year capital spending expected to be between $60 million and $75 million, influenced by market conditions and permitting delays [17] - The company is experiencing inflationary pressures and higher carrying costs due to lower production levels [37] Q&A Session Summary Question: Impact of 2023 production guidance on costs - Management indicated that while improvements in cost of goods sold are expected from ongoing projects, the benefits have not yet materialized due to external factors [42][44] Question: Expectations for potash pricing - Management expects potash pricing to decline only slightly in the upcoming quarter, attributed to long-term contracts that provide a premium [47][63] Question: Competition and market dynamics - Management noted that there is a significant amount of Russian product in the U.S. market, contrary to perceptions of sanctions affecting supply [51][73] Question: Future demand for Trio products - Management acknowledged that while demand for Trio products has not grown as anticipated, there is still potential for growth in regions where its unique components are valued [82]

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]