What changed in this filing

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Item 2. Properties

2023-03-07 compared with 2022-03-08 · 184 added, 124 removed, 512 unchanged (38% of the section changed)

Overview of Properties

Our extraction and production operations are conducted entirely in the continental United States.

Our extraction and production operations are conducted entirely in the continental U.S.

We produce potash from three solution mining facilities:

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We also have the West facility, which is a conventional underground potash mine that is not in operation and is in care-and-maintenance mode.

We also operate Intrepid South located in Lea County in southeastern New Mexico, which is comprised of 21,834 surface acres, 27,868 acres of BLM grazing leases and 10,097 acres of pending State of New Mexico grazing leases.

We operate Intrepid South located in Lea County in southeastern New Mexico, which is comprised of 21,834 surface acres, 27,868 acres of BLM grazing leases and 10,405 acres of pending State of New Mexico grazing leases.

In March 2020, we sold approximately 320 surface acres from our Intrepid South property, reducing our surface acre ownership from 22,154 acres acquired at the time of purchase, to the 21,834 acres we operate today.

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Additional information is provided in the Individual Property Disclosures below.

Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite effective December 31, 2021.

Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite as of December 31, 2022, and 2021.

Based on 406 $/potash product ton mine site and 425 $/langbeinite product ton mine site.

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Total 50.0 10.0 60.0 10.0 110.0 10.0 — —

Summary of Mineral Reserves in Millions of Product Tons of Potash and Langbeinite effective December 31, 2021.

We did not have any material changes to our mineral resources during 2022.

The material assumptions and criteria used for the mineral resource estimates are discussed in more detail in Section 11 of the respective Technical Report Summaries filed as Exhibits 96.1 through 96.3 to this Annual Report.

Summary of Mineral Reserves in Millions of Product Tons of Potash and Langbeinite as of December 31, 2022, and 2021.

Based on 325 $/potash product ton mine site and 340 $/langbeinite product ton mine site.

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Grade (%K 2 O)

2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

IPNM 4.0 4.1 21.7 20.8 0.2 0.2 19.1 19.1 4.2 4.3 21.6 20.7

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We plan to drill core holes in areas near our Carlsbad, New Mexico, facility, in order to further define the ore body.

Development of the underground mines is expected to be coincident with the

continued advancement of ore zones.

Development of the underground mines is expected to be coincident with the continued advancement of ore zones.

Development of the solution mine and brine evaporation operations is expected to be enhanced by the drilling of additional wells and flooding of new solution mine caverns.

Although not in our current plans, we also have opportunities to rehabilitate the shafts at the currently idled North mine and additional surface infrastructure to accelerate mining of conventional reserves.

Our leased office space in Denver, Colorado, is approximately 19,000 square feet and has a term expiring on April 29, 2022.

Our leased office space in Denver, Colorado, is approximately 26,000 square feet and has a term expiring on January 31, 2025.

We lease approximately 1,400 square feet of office space in Albuquerque, New Mexico, which has a term expiring on May 31, 2027.

We believe that all of our present facilities are adequate for our current needs and that additional space is available for future expansion on acceptable terms.

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The location is further defined by the boundary of the Known Potash Leasing Area ("KPLA").

This United States Bureau of Land Management ("BLM") managed area consists of that part of the KPLA where the co-development guidelines for oil and gas and potash are in effect for federal lands under Order 3324 issued by the Secretary of the Interior on December 4, 2012 ("2012 Secretary's Order").

This BLM managed area consists of that part of the KPLA where the co-development guidelines for oil and gas and potash are in effect for federal lands under the 2012 Secretary's Order issued on December 4, 2021.

The 2012 Secretary's Order revises and supersedes a previous Order issued in 1986 and corrected in 1987.

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In general, the stated objective of the 2012 Secretary’s Order and R‐111‐P is to prevent waste of petroleum and mineral resources and maximize the economic recovery of oil, gas, and potash minerals in the area.

The geology of the potash‐bearing beds of the Carlsbad area has been well documented.

The geology of the potash‐bearing beds of the Carlsbad area is well documented.

Overall, the potash‐bearing beds may be described as bedded sedimentary rocks, deposited across the Delaware Basin and Northwest Shelf backreef from the Capitan Reef.

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Historically, potash was sourced from the West Mine 5 th , 7 th , and 10 th ore zones.

Approximately 285 people are employed at the property.

There are no significant encumbrances on the property.

A reclamation bond is currently in place for approximately $3.8 million and is expected to be adjusted to approximately $4.5 million with agency approval over time.

Approximately 300 people are employed at IPNM.

The IPNM properties are pledged as collateral for our revolving credit facility.

A reclamation bond is currently in place for approximately $4.4 million.

IPNM has all necessary operating permits and is in production, both underground and solution mining, and through permit reporting maintains environmental compliance.

Environmental studies are conducted for major project expansions.

Environmental studies are conducted for major project expansions and

modifications to any operations.

The most recent Environmental Audit was completed in 2015 for the expansion of the HB In Situ Solution Mining project to include the solution mining of the abandoned Amax potash mine.

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The East Mine is a high‐extraction, mechanical room‐and‐pillar mine.

Potash was the primary product until mining progressed to the mixed langbeinite and potash ore in the 5th ore zone.

Potash was the primary product extracted from the mine until mining progressed to the mixed langbeinite and potash ore in the 5th ore zone.

The mixed ore was processed into two products:

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The maximum productive capacity of the plant is 400,000 tons of Trio ® concentrate annually.

There are five active sections with a miner and a shuttle car loading onto a belt conveyor.

There are five active sections within the East Mine, the operations of which consist of a miner and a shuttle car loading onto a belt conveyor.

Each mining section produces approximately 240,000 tons of run‐of‐mine ore each year.

The long‐range production balanced with sales projections results in a long‐term annual production of 1.2 million tons of ore for 250,000 tons of Trio ® annually.

The East Plant was modified in 2003–2004 to allow dual processing to recover the K 2 O value from both the sylvite and langbeinite fractions of the ore.

During 2003 and 2004, we modified the East Plant to allow dual processing to recover the K 2 O value from both the sylvite and langbeinite fractions of the ore.

Langbeinite, marketed as Trio ® , is recovered using dense media separation and a fine langbeinite recovery circuit.

Currently about one million tons per year of ore is processed at a rate of 300 tons per hour.

Currently approximately one million tons per year of ore is processed at a rate of 300 tons per hour.

The ore is crushed, screened, pulped, and rescreened.

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The DMS concentrate is water leached, debrined, and dried.

The coarse product is separated into the three Trio ® products.

Fine material from the screening process is recovered using gravity separation, leaching, debrining, and drying.

Fine material is upgraded to premium product using pelletization.

We separate the coarse product into the three Trio ® products.

We recover fine material from the screening process using gravity separation, leaching, debrining, and drying.

We upgrade fine material to premium product using pelletization.

HB Mine and Plant

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The extraction brine sourced from the mined‐out areas of the 1 st ore zones of the former underground workings of portions of HB Eddy, HB South, HB North, and the HB Crescent, collectively referred to as the HB Mine, contains approximately 21.7% NaCl and 7.0% KCl.

The brine is collected

and crystallized in 18 solar evaporation ponds.

The brine is collected and crystallized in 18 solar evaporation ponds.

The HB flotation mill processes the harvested potash and salts from the solar evaporation ponds.

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Belly dump trucks unload HB product into a dump pocket.

The material is then sent to surge bins.

We then send the material to surge bins.

The product is screened, preheated, weighed, and sent to a compactor feed bin.

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The North Facility receives compactor feed from the HB Solar Solution Mine via truck and converts the compactor feed to finished granular‐sized product and standard‐sized product.

It is anticipated that a new sylvite processing facility will need to be constructed to handle the higher insoluble and higher carnallitic ores that are contained in the 8 th and 10 th ore zones.

This new processing plant is expected to have a plant recovery of 75%, which is supported by the metallurgical test work done on the 10 th ore zone ore by Tetra Tech in 2009 in support of Phase 1 of the North Mine Reopening Feasibility Study.

We anticipate the need to construct a new sylvite processing facility to handle the higher insoluble and higher carnallitic ores that are contained in the 8 th and 10 th ore zones.

A new processing plant is expected to have a plant recovery of 75%, which is supported by the metallurgical test work done on the 10 th ore zone ore by Tetra Tech in 2009 in support of Phase 1 of the North Mine Reopening Feasibility Study.

Leases and Permits

IPNM controls the right to mine approximately 143,000 acres in New Mexico.

Of that acreage, 32,000 acres are leased from the State of New Mexico, 106,000 acres are leased from the United States government through the BLM, and 240 acres of mineral rights are leased from private owners.

Of that acreage, 32,000 acres are leased from the State of New Mexico, 106,000 acres are leased from the U.S.

through the BLM, and 300 acres of mineral rights are leased from private owners.

IPNM owns 4,700 surface acres near the mine site, adjacent to the federal and state mining leases.

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Potash was first discovered in southwest New Mexico in 1925 in Eddy County, New Mexico, in Snowden McSweeney Well No.

McNutt permit near the center of the portion of what is now the KPLA.

Commercial shipments began in 1931.

McNutt permit near the center of the portion of the KPLA.

Commercial potash shipments began in 1931.

The mines have had numerous owners beginning with the U.S.

Potash Company’s ownership of the West Mine from 1929 to 1956.

Intrepid Mining, the predecessor to Intrepid Potash, acquired the mines, excluding the Amax Mine, from Mississippi Potash, Inc.

Intrepid Mining, the predecessor to Intrepid, acquired the mines, excluding the Amax Mine, from Mississippi Potash, Inc.

Intrepid acquired the lease to the Amax Mine in 2012.

A full ownership history for each mine is included in section 5 of the technical summary report in Exhibit 96.1 to this annual report on Form 10-K.

A full ownership history for each mine is included in Section 5 of the technical summary report in Exhibit 96.1 to this Annual Report.

Mineral Resource and Reserves Comparison to Prior Year

This is the first year of calculating reserves and resources for the New Mexico property using the new methodology.

A comparison to prior periods will be included in next year's filing.

We had no material changes in our mineral resource at the New Mexico Property at December 31, 2022, compared to December 31, 2021.

Our New Mexico Property mineral reserve product tons at December 31, 2022, decreased from mineral reserve product tons at December 31, 2021, due to 2022 production.

Mineral Resource and Reserves

We continue ongoing exploration as a part of operational long‐term planning.

Core holes are drilled from the surface and underground, and channel samples are collected as mining advances.

We continue ongoing exploration as a part of our operational long‐term planning.

Exploration includes the drilling of core holes from the surface and underground, and the collection of channel samples, which are collected as mining advances.

We provided Agapito Associates, Inc.

("Agapito") their dataset beginning in 2007.

Since that time, multiple data points have been added and several drillholes were reassessed.

Potash is also identified from gamma ray geophysical logs in oil and gas wells.

Bed thickness and potash grade are estimated and quantified with input from 2,928 sample points.

Since that time, we have added multiple data points by reassessing several drillholes.

Our potash reserves are also identified from gamma ray geophysical logs in oil and gas wells.

We estimate and quantify bed thickness and potash grade with input from 2,928 sample points.

Extensive work was completed with geophysical tools in collaboration with the United States Geologic Survey ("USGS") to determine and verify potash grades from gamma logs.

The dataset is from

oil and gas wells, surface core holes, underground core holes, channel samples, shaft samples, and roof bolt holes.

The dataset is from oil and gas wells, surface core holes, underground core holes, channel samples, shaft samples, and roof bolt holes.

The key sample types include 7,209 drillholes and channel samples and are broken down by mining zone.

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Mineral Resource

The exploration drillhole and channel sample data were compiled to form the database that serves as the basis for estimating the resources.

The geologic setting was evaluated, and bed assignments reviewed.

The exploration drillhole and channel sample data were compiled to form the database, which serves as the basis for estimating the resources.

As part of evaluating the mineral resource, we evaluated and reviewed the geologic setting and bed assignments.

Of the data within the lease boundary, all data points contribute bed thickness, and several have assay information.

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When mining using solution methods in proximity to other mines, or other underground mines not within the control of IPNM, the critical factor in establishing a flood elevation is to keep adjoining properties dry or to protect structures such as shafts.

IPNM—Summary Mineral Resources in Millions of Tons of Sylvinite effective December 31, 2021 Based on 406 $/product ton mine site

IPNM—Summary Mineral Resources in Millions of Tons of Sylvinite effective December 31, 2022 and 2021.

Based on 406 $/product ton mine site.

Resources Mechanical

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Inferred mineral resources — —

IPNM—Summary of Mineral Resource in Millions of Tons of Langbeinite Mineralized Rock in Place effective December 31, 2021 Based on 425 $/product ton mine site

IPNM—Summary of Mineral Resource in Millions of Tons of Langbeinite Mineralized Rock in Place effective December 31, 2022 and 2021.

Based on 425 $/product ton mine site.

Langbeinite Mineralized Rock (Mt) Mechanical

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2 Solution mining resource cutoff is the old workings boundary.

Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.

Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.

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Mt = million tons, % = percent, K 2 O = potassium oxide, ft = feet

Additional information regarding the methodology and key assumptions used to calculate the mineral resource can be found in Section 11 of the technical report summary in Exhibit 96.1 to this Annual Report on Form 10-K.

We did not have any material changes to our IPNM mineral resources during 2022.

The material assumptions and criteria used for the IPNM mineral resource estimates are discussed in more detail in Section 11 of the Technical Report Summary in Exhibit 96.1 to this Annual Report.

Mineral Reserve

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The income from product sales and the operating and capital costs to mine the resource is fundamental to the cash flow used to establish economic viability.

Mineral reserves that are mined using solution mining methods are not subject to the traditional application of a cutoff grade but instead of operational limitations.

Mineral reserves that are mined using solution mining methods are not subject to the traditional application of a cutoff grade, and instead operational limitations are considered.

An operational limit of the flood elevation establishes the cutoff between resource and reserve for this deposit.

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Economic modeling indicates cutoff grades for reserves at the IPNM East Mine of 43 ft% K 2 O for langbeinite resource.

Modeling also indicates a cutoff of 75 feet-percent K 2 O for the high‐insoluble sylvinite resources in the 8th and 10th

ore zones, which requires the capital investment of a new plant and refurbishment of shafts.

Modeling also indicates a cutoff of 75 feet-percent K 2 O for the high‐insoluble sylvinite resources in the 8th and 10th ore zones, which requires the capital investment of a new plant and refurbishment of shafts.

A cutoff of 57 feet-percent K 2 O is indicated for the West Mine sylvinite resources which requires the processing plant, mine equipment, and associated infrastructure to be rehabilitated.

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Breakeven Cutoff for solution mined reserves is shown in the table below:

IPNM—Summary of Potash Mineral Reserves effective December 31, 2022.

Based on 325 $/product ton mine site

In-Place KCl (Mt) In Situ Grade 1 (%K 2 O)

(Mt) Brine Cutoff Grade 2 (%K 2 O)

Processing Recovery (%)

Proven Mineral Reserves 5.4 21.7 4.0 2.0 85

Probable Mineral Reserves 0.3 19.1 0.2 2.0 85

Total Mineral Reserves 4

IPNM—Summary of Langbeinite Mineral Reserves effective December 31, 2022.

Based on 340 $/product ton mine site

(Mt) Cutoff Grade (ft%K 2 O)

Processing Recovery (%)

Proven Mineral Reserves 17.3 8.6 4.6 43 68

Probable Mineral Reserves 4.2 9.1 1.2 43 68

Total Mineral Reserves 5

1 In situ grade is the amount of K 2 O in the contact area of the caverns.

2 Brine cutoff grade is the amount of K 2 O in the extracted brine necessary to cover the costs of production.

3 In situ grade (diluted) is the amount of K 2 O in the ore body with consideration for dilution occurring during mining.

4 Mineral Reserves are reported based on a flood elevation mining plan, dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, product purity of 95%, and cavern losses of 2%.

5 Mineral Reserves are reported based on a detailed conventional mine plan, random impurities of 10%, plant recovery of 68%, and product purity of 94.4%.

Mineral Reserves were prepared effective December 31, 2021 by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid, and updated to December 31, 2022 by Intrepid to account for depletion that occurred due to 2022 mining operations.

Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.

Mt = million tons, % = percent, K 2 O = potassium oxide, ft = feet, ROM = Run-of-Mine

IPNM—Summary of Potash Mineral Reserves effective December 31, 2021 Based on 325 $/product ton mine site

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5 Mineral Reserves are reported based on a detailed conventional mine plan, random impurities of 10%, plant recovery of 68%, and product purity of 94.4%.

Mineral Reserves were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Reserves were prepared effective December 31, 2021 by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.

Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.

Mt = million tons, % = percent, K 2 O = potassium oxide, ft = feet, ROM = Run-of-Mine

Additional information regarding the methodology and key assumptions used to calculate the mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.1 to this Annual Report on Form 10-K.

Additional information regarding the methodology and key assumptions used to calculate the IPNM mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.1 to this Annual Report.

Internal Controls

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The sample is inserted into the instrument and a diffraction pattern is retrieved.

The diffraction pattern is then analyzed using the Rietveld refinement software,

reporting weight percent of solid mineral in the sample.

The diffraction pattern is then analyzed using the Rietveld refinement software, reporting weight percent of solid mineral in the sample.

The sample preparation, security, and laboratory analytical procedures are conventional industry practice and are adequate for the reporting of resources and reserves.

Individual Property Disclosure - Moab

The Moab property is a unique high‐altitude desert landscape formed from the sandstone of ancient seafloors and sand dunes.

The Moab property is in a unique high‐altitude desert landscape formed from the sandstone of ancient seafloors and sand dunes.

Elevations range from 3,900 feet (ft) to 4,400 ft above mean sea level.

The property is located approximately 20 miles west of Moab, Utah, which is 234 miles southeast of Salt Lake City, Utah.

The Colorado River runs north–south along the eastern operations boundary.

Moab’s property covers an area of approximately 14,100 acres of land.

Moab’s potash leases include 10,100 acres from the State of Utah and approximately 200 acres from the US federal government through the U.S.

Bureau of Land Management (BLM).

The property is located approximately 20

miles west of Moab, Utah, which is 234 miles southeast of Salt Lake City, Utah.

The Colorado River runs north–south along the eastern boundary of the property.

The Moab property covers approximately 14,100 acres of land.

Moab’s potash leases include 10,100 acres from the State of Utah and approximately 200 acres from the U.S.

through the BLM.

Moab owns approximately 3,800 surface acres overlying and adjacent to portions of the mining leases with the State of Utah.

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By using water already saturated with sodium, it is possible to selectively dissolve a greater amount of the potassium chloride ore.

The term ‘potash’ is used to describe a number of potassium‐bearing compounds.

Of these, the mineral sylvite commands the greatest economic interest.

Sylvite is commonly found mixed with halite, or sodium‐chloride (NaCl), to form the mineral sylvinite.

Sylvinite is known to have a K 2 O content of up to 62% in its purest form.

Mining at Moab is by the solution mining technique referred to as “selective solution mining.” Selective solution mining dissolves only the KCl component of the sylvinite and leaves the sodium chloride component underground.

Mining at the Moab property is by the solution mining technique referred to as “selective solution mining.” Selective solution mining dissolves only the KCl component of the sylvinite and leaves the sodium chloride component underground.

KCl production is a function of brine grade and the well extraction rate and is limited by the solar ponds’ evaporation rate.

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The concentrates are then dried, compacted, and screened into premium grades of white potash.

The product is shipped to market in trucks or rail cars.

We ship the product to market in trucks or rail cars.

Both potash and salt products are processed at the plant facility at a rate of 400 to 1,200 tons per day.

The property exhibits the normal results of a surface salt-based operation and is in good working condition.

The Moab property exhibits the normal results of a surface salt-based operation and is in good working condition.

A new compaction facility was installed in 2010.

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The local area population is sufficient to support the Moab mine.

There are no significant encumbrances to the property, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.

There are no significant factors and risks that may affect access, title, or the right or ability to perform work on the property.

Moab holds numerous environmental and other permits and governmental approvals authorizing the operations at the facility.

The Moab property is pledged as collateral for our revolving credit facility.

We have a reclamation bond in place for approximately $5.6 million, which we expect to increase to approximately $7.5 million.

There are no other significant encumbrances to the Moab property, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.

There are no significant factors and risks that may affect access, title, or the right or ability to perform work on the Moab property.

The Moab property holds numerous environmental and other permits and governmental approvals authorizing the operations at the facility.

Leases and Permits

Moab’s potash leases include 10,100 acres from the State of Utah and approximately 200 acres from the US federal government through the U.S.

Bureau of Land Management (BLM).

Moab owns approximately 3,800 surface acres overlying and adjacent to portions of the mining leases with the State of Utah.

Our Moab potash leases include 10,100 acres from the State of Utah and approximately 200 acres from the U.S.

We own approximately 3,800 surface acres overlying and adjacent to portions of the mining leases with the State of Utah.

History of Operations

Conventional underground mining began in 1964 by Texasgulf, Inc., but various mining problems caused management to convert to a system combining solution mining and solar evaporation in 1971.

Texasgulf, Inc.

began conventional underground mining began in 1964, but various mining problems caused management to convert to a system combining solution mining and solar evaporation in 1971.

Prior to 1970, approximately 6.5 million tons of sylvinite ore was mined and from that, 1.7 million tons of potash produced.

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In some areas, secondary mining resulted in high extraction.

The Moab Salt operation was purchased by us in 1999.

We purchased the Moab Salt operation in 1999.

In 2000, we drilled two new recovery wells to revitalize production from Bed 5.

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It was believed that solution mining over the prior 32 years had solution mined most of the remnant pillars in the old workings and that active solution mining was restricted to the updip faces of the mine ribs.

Methods to enhance the production rate were evaluated by us and resulted in the decision to develop solution mining in Bed 9.

We evaluated methods to enhance the production rate and resulted in the decision to develop solution mining in Bed 9.

Bed 9 is located 800 to 1,000 feet below Bed 5 and is of higher KCl content.

Bed 9 had not been solution mined

previously, although, some test mining was completed by the prior owners in the late‐1960s.

Bed 9 had not been solution mined previously, although, some test mining was completed by the prior owners in the late‐1960s.

A novel method of solution mining was adopted for recovery of potash from Bed 9.

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Mineral Resource and Reserves Comparison to Prior Year

This is the first year of calculating reserves and resources for the Moab property using the new methodology.

A comparison to prior periods will be included in next year's filing.

We had no material changes in our mineral resource at the Moab Property at December 31, 2022, compared to December 31, 2021.

Our Moab Property mineral reserve product tons at December 31, 2022 decreased from mineral reserve product tons reported at December 31, 2021, due to 2022 production.

Mineral Resource and Reserves

The ore resource model created from the exploration and sampling database beginning in 2007 serves as the basis for this evaluation.

The ore resource model created from the exploration and sampling database in 2007 serves as the basis for this evaluation.

Personal inspection of the properties has occurred over the years by Agapito personnel.

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2 Solution mining resource cutoff for flooded old workings is the mining extents boundary.

Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.

Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.

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Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

Additional information regarding the methodology and key assumptions used to calculate the Moab mineral resource can be found in Section 11 of the technical report summary in Exhibit 96.2 to this Annual Report.

Mineral Reserve

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The Bed 9 dissolution factor was estimated using a concentration of 7.42% KCl by weight.

Moab—Summary of Potash Mineral Reserves effective December 31, 2022.

Based on 325 $/product ton mine site

In-Place KCl (Mt) In Situ Grade 1

(Mt) Brine Cutoff

Processing Recovery (%)

Proven Mineral Reserves 2.5 27.2 1.8 1.9 83.0

Probable Mineral Reserves 0.8 27.8 0.6 1.9 83.0

Total Mineral Reserves 3.3 27.3 2.4

1 In situ grade is the amount of K 2 O in the contact areas of the caverns.

2 Brine cutoff grade is the amount of K 2 O n the extracted brine necessary to cover the costs of production.

Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.

Mineral Reserves are reported based on a solution mine plan, dissolution factor of 89%, areal recovery of 94%, geologic factor 94%, plant recovery of 83%, product purity of 95%.

Mt = million tons, % = percent, K 2 O = potassium oxide, ft = feet

Moab—Summary of Potash Mineral Reserves effective December 31, 2021 Based on 325 $/product ton mine site

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2 Brine cutoff grade is the amount of K 2 O n the extracted brine necessary to cover the costs of production.

Mineral Reserves were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Reserves were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.

Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.

1 unchanged sentence

Mt = million tons, % = percent, K 2 O = potassium oxide, ft = feet

Additional information regarding the methodology and key assumptions used to calculate the mineral reserve can be found in Section 12 of the technical report summary filed as Exhibit 96.2 to this Annual Report on Form 10-K.

Additional information regarding the methodology and key assumptions used to calculate the Moab mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.2 to this Annual Report.

Internal Controls

Moab has an internal protocol that provides for well‐defined, safe practices and uniform guidelines for gamma‐ray logging, core handling, and sample collection.

Moab has an internal protocol that provides for well‐defined, safe practices.

Moab has SOPs in place for gamma‐ray logging, core handling, and sample collection.

The cores are collected and analyzed for ore zone identification.

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Because the basin is closed topographically and has no outlet, loss of water is ultimately through evaporation.

The BSF was formed through the prolonged accumulation of evaporite minerals in conjunction with periodic lacustrine events.

BSF was formed through the prolonged accumulation of evaporite minerals in conjunction with periodic lacustrine events.

There are three aquifers known to exist beneath the BSF, in descending order, the shallow-brine aquifer, the alluvial-fan aquifer, and the deep-brine aquifer.

Intrepid produces potash from the shallow-brine aquifer and the deep-brine aquifer.

We produce potash from the shallow-brine aquifer and the deep-brine aquifer.

The climate in western Utah is arid with low precipitation and low relative humidity.

Average rainfall is five inches and average evaporation is eighty inches.

Potash at Wendover is produced through solar evaporation of naturally occurring brines collected from the sedimentary basin adjacent to the processing facility via brine collection ditches and extraction wells.

We produce potash at the Wendover facility through solar evaporation of naturally occurring brines collected from the sedimentary basin adjacent to the processing facility via brine collection ditches and extraction wells.

The potash content of the collected brine is concentrated by solar evaporation in a series of ponds to the point that solids are precipitated and can be collected.

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The majority of personnel live and work in Wendover, Utah or West Wendover, Nevada, approximately three to six miles from the operation.

The Wendover Airport is located near the operations, although most commercial flights serve the Salt Lake City Airport, which is approximately 115 miles from the operation.

The property has been in continuous operation by Intrepid since 2004.

The Wendover Airport is

located near the operations, although most commercial flights serve the Salt Lake City Airport, which is approximately 115 miles from the operation.

We have operated the property continuously since 2004.

The property exhibits the normal results of a surface salt-based operation and is in good working condition.

A new compaction facility was installed in 2010, and a new product warehouse was built in 2012.

Intrepid uses monitoring wells drilled in October 2005 to evaluate brine quality in the shallow-brine aquifer.

We installed a new compaction facility in 2010, and a new product warehouse in 2012.

We use monitoring wells drilled in October 2005 to evaluate brine quality in the shallow-brine aquifer.

Leases and Permits

Intrepid owns 57,534 acres located in Township 1 North, Range 18 West;

Intrepid owns approximately 57,500 acres located in Township 1 North, Range 18 West;

Township 1 South, Ranges 17, 18 and 19 West;

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and Township 3 South, Ranges 18 and 19 West.

Approximately 30,300 acres owned by the BLM and the State of Utah are leased to Wendover, excluding lands used for highway and utility purposes.

The BLM and the State of Utah own approximately 32,800 acres of the Wendover site, which we lease (excluding lands used for highway and utility purposes).

The State of Utah owns several state land trust sections within the site boundaries.

Wendover holds leases from the federal government that include 24,700 acres adjoining the Wendover property to the east.

Wendover also leases 5,600 acres of property from the State of Utah under special use and mineral leases.

The state leases are interspersed among the Wendover property and the federal leases.

The only significant encumbrance is a reclamation bond of $8.9 million to cover the cost of site reclamation.

We hold leases from the federal government that include 24,700 acres adjoining the Wendover property to the east.

We also lease 8,100 acres of property from the State of Utah under special use and mineral leases.

The state leases are interspersed among our property and the federal leases.

The Wendover property is pledged as collateral for our revolving credit facility.

The only other significant encumbrance is a reclamation bond of $8.9 million to cover the cost of site reclamation.

There are no other significant encumbrances to the property, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.

There are no significant factors and risks that may affect access, title, or

the right or ability to perform work on the property.

There are no significant factors and risks that may affect access, title, or the right or ability to perform work on the property.

Wendover holds numerous environmental and other permits and governmental approvals authorizing the operations at the facility.

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Mineral Resource and Reserves Comparison to Prior Year

This is the first year of calculating reserves and resources for the Wendover property using the new methodology.

A comparison to prior periods will be included in next year's filing.

We had no material changes in our mineral resource at the Wendover Property at December 31, 2022, compared to December 31, 2021.

Our Wendover Property mineral reserve product tons at December 31, 2022 decreased from the mineral reserve product tons reported at December 31, 2021, due to 2022 production.

Mineral Resource and Reserves

The ore resource model used to determine resources and reserves was created from a database of brine sampling data beginning in 2007 and include brine sample from the active mining horizon.

The ore resource model used to determine resources and reserves was created from a database of brine sampling data in 2007 and include brine sample from the active mining horizon.

Agapito has previous completed reserve estimation and analyses under SEC Guide 7, including personal inspection of the property.

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No traditional drilling exploration has taken place in Wendover.

KCl grade is monitored from 27 wells that were drilled in October 2005 and have been sampled at least yearly to evaluate brine quality in the shallow-brine aquifer.

We monitor KCl grade from 27 wells that were drilled in October 2005.

We sample these wells at least yearly to evaluate brine quality in the shallow-brine aquifer.

Samples are evaluated at the on-site lab with full analysis capabilities, including X-ray fluorescence.

Additional information on exploration can be found in Section 7 of the technical summary report in Exhibit 96.3 to this annual report on Form 10-K.

Additional information on exploration can be found in Section 7 of the technical summary report in Exhibit 96.3 to this Annual Report.

Mineral Resource

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Resource estimates for shallow-brine aquifer were based on the difference between historic well data collected between 1965 and 1967 and current monitoring data with consideration of the cutoff grade.

There has been no change in trend of KCl grade to the primary pond or in potash production with brine grade held steady at approximately 0.97% for 58 years without declining.

There has been no change in trend

of KCl grade to the primary pond or in potash production with brine grade held steady at approximately 0.97% for 58 years without declining.

Resource estimates for the deep-brine aquifer were based on current deep-well draw-down, pumping rates, and historical brine concentration variations.

This resource is classified as an indicated resource due to the hydrological uncertainty of the aquifer and is expected to support production for at least 25 years.

Wendover—Summary of Mineral Resources in Millions of Tons of Sylvinite effective December 31, 2021 Based on 406 $/product ton mine site

Wendover—Summary of Mineral Resources in Millions of Tons of Sylvinite as of December 31, 2022 and 2021.

Based on 406 $/product ton mine site

Resources Processing Recovery

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2 Solution mining resource cutoff is grade at which production covers operating costs.

Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Resources were prepared Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.

Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.

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Mt = million tons, % = percent, K 2 O = potassium oxide, ft = feet

Additional information regarding the methodology and key assumptions used to calculate the Wendover mineral resource can be found in Section 11 of the technical report summary in Exhibit 96.3 to this Annual Report.

Mineral Reserve

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Recovery estimates are based on past, current, and anticipated future performance and supported by laboratory or metallurgical testing of the plant feed.

Wendover—Summary of Potash Mineral Reserves effective December 31, 2021 Based on 325 $/product ton mine site

Wendover—Summary of Potash Mineral Reserves effective December 31, 2022.

Based on 325 $/product ton mine site

Sylvinite Brine 1

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2 Solution mining reserve cutoff is the grade at which production covers operating costs.

Mineral Reserves were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid Potash.

Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.

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Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

Wendover—Summary of Potash Mineral Reserves effective December 31, 2021.

Based on 325 $/product ton mine site

Sylvinite Brine 1

In Situ Grade 2 (%K 2 O)

Processing Recovery (%)

Proven Mineral Reserves

Probable Mineral Reserves 88.5 0.5 1.8 0.3 85

Total Mineral Reserves 88.5 0.5 1.8 0.3

1 Sylvinite brine is NaCl and KCl in solution at average concentrations by weight.

2 Solution mining reserve cutoff is the grade at which production covers operating costs.

Mineral Reserves were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.

Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.

Mineral Reserves are reported based on an overall recovery factor of 60% and a product purity of 95%.

Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

Additional information regarding the methodology and key assumptions used to calculate the Wendover mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.3 to this Annual Report.

Internal Controls

Intrepid-Wendover has internal quality assurance and quality control procedures for sample collection.

Our Wendover operations have internal quality assurance and quality control procedures for sample collection.

Monitoring wells are sampled at least yearly to evaluate brine quality in the shallow-brine aquifer.

During the evaporation season, daily brine samples are collected at brine advancement points.

Brackish ponds and transfer pumps are sampled weekly.

Sample are evaluated at an on-site lab with full analysis capabilities, including X-ray fluorescence.

Our facilities have a current estimated annual productive capacity of approximately 390,000 tons of potash, and approximately 400,000 tons of langbeinite, based on current design.

During the evaporation season, we collect daily brine samples at brine advancement points.

We sample brackish ponds and transfer pumps weekly.

We evaluate samples at an on-site lab with full analysis capabilities, including X-ray fluorescence.

Our facilities have a current estimated annual productive capacity of approximately 390,000 tons of potash, and approximately 400,000 tons of langbeinite, based on current designs.

Our annual production rates are less than our estimated productive capacity.

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Potash produced from our HB mine is shipped by truck to the North facility for compaction.

• Potash ore at Moab is mined from two stacked ore zones:

• Potash ore at the Moab facility is mined from two stacked ore zones:

the original mine workings in Potash 5 and the horizontal caverns in Potash 9.

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evaporation rates have historically varied and, consequently, productive capacity may vary between approximately 75,000 and 120,000 tons of potash.

• Potash at Wendover is produced primarily from brine containing salt, potash, and magnesium chloride that is collected in ditches from the shallow aquifers of the West Desert.

• Potash at Wendover facility is produced primarily from brine containing salt, potash, and magnesium chloride that is collected in ditches from the shallow aquifers of the West Desert.

These materials are also collected from a deeper aquifer by means of deep-brine wells.

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The AMAX/Horizon mine was in continuous operation between 1952 and 1993.

This mine, similar to the HB mine, is a viable candidate for solution mining in a manner that is consistent with the HB mine.

• State and federal permits were obtained in 2015 to utilize these leases for solution mining.

The AMAX/Horizon solution mine is expected to utilize the same evaporation ponds and processing mill as the HB mine.

We have not yet made a determination to proceed with this potential development project;

however, future work may be performed to determine the ability to convert this idled underground mine to a solution mining opportunity.

This mine, similar to the HB mine, may be a viable candidate for solution mining similar to our HB mine.

• We obtained state and federal permits in 2015 to utilize these leases for solution mining.

These permits may need to be updated if we decide to operate this facility.

We expect to utilize the HB evaporation ponds and processing mill for the AMAX/Horizon mine.

We have not yet made a decision to proceed with this potential development project;

however, we may perform future work to determine if this idled underground mine is a viable solution mining opportunity.

• The North mine operated from 1957 to 1982 when it was idled mainly due to low potash prices and mineralogy changes which negatively impacted mineral processing at the facilities.

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Water and Byproduct Production

We have permitted, licensed, declared and partially adjudicated water rights in New Mexico under which we sell water primarily to support oil and gas development in the Permian Basin near our Carlsbad facilities.

We have permitted, licensed, declared and partially adjudicated water rights in New Mexico under which we sell water primarily to support oil and gas operations and developments in the Permian Basin near our Carlsbad facilities.

During the extraction of potash and Trio ® , we recover marketable salt, magnesium chloride, metal recovery salts, water, and brine containing salt and potassium from our mining processes.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties