What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-04 compared with 2024-03-07 · 74 added, 135 removed, 324 unchanged (39% of the section changed)

9 unchanged sentences

We produce Trio ® from our conventional underground East mine in Carlsbad, New Mexico.

We have permitted, licensed, declared and partially adjudicated water rights in New Mexico.

We sell a portion of water from these water rights to support oil and gas development in the Permian Basin near our Carlsbad facilities.

We continually work to expand water sales.

In May 2019, we acquired certain land, water rights, state grazing leases for cattle, and other related assets from Dinwiddie Cattle Company.

We refer to these assets and operations as "Intrepid South." Due to the strategic location of Intrepid South, part of our long-term operating strategy is selling small parcels of land, including restricted use agreements of surface or subsurface rights to customers, where such sales provide a solution to a customer's operations in the oil and gas industry.

We also have certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico.

We refer to these assets and operations as "Intrepid South." Our Intrepid South property generates revenue from sales of various oilfield related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche.

Our principal offices are located at 707 17 th Street, Suite 4200, Denver, Colorado 80202, and our telephone number is (303) 296-3006.

25 unchanged sentences

Substantially all of our potash is sold in the U.S.

Our domestic potash sales are

geographically concentrated in the central and western U.S.

Our domestic potash sales are geographically concentrated in the central and western U.S.

Weather, planting conditions and farmer economics all affect fertilizer sales.

9 unchanged sentences

Due to the strategic location of Intrepid South, part of our long-term operating strategy is selling small parcels of land, including restricted use agreements of surface or subsurface rights, to customers, where such sales provide a solution to a customer's operations in the oil and gas industry.

We also sell salt, magnesium chloride, brines, and water that are derived as part of our mining processes.

We also sell salt, magnesium chloride, and brines that are derived as part of our mining processes.

Our salt is used in a variety of markets including animal feed, industrial applications, pool salt, and the treatment of roads and walkways for ice melting or to manage road conditions.

1 unchanged sentence

Our brines contain salt and potassium and are used primarily by the oil and gas industry to support well workover and completion activities.

When the water that we sell was previously used in the production process for potash or Trio ® , it is considered a byproduct of the underlying product.

We continue to work to expand sales of byproducts, particularly to serve the oil and gas markets near our operating facilities.

3 unchanged sentences

We produce potash from three solar evaporation solution mining facilities:

our HB solution mine in Carlsbad, New Mexico, a solution mine in Moab, Utah, and a brine recovery mine in Wendover, Utah.

our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our brine recovery mine in Wendover, Utah.

We also operate our North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine.

14 unchanged sentences

We also have water pipelines and reservoir ponds that we use to deliver water to our New Mexico facilities and to customers.

When we acquired Intrepid South in May 2019, we increased our water rights and water delivery infrastructure.

Industry Overview

2 unchanged sentences

The three primary nutrients required for plant growth are nitrogen, phosphate, and potassium.

There are no known substitutes for these nutrients.

no known substitutes for these nutrients.

A proper balance of each of the three nutrients is necessary to maximize their effectiveness in crop growth.

12 unchanged sentences

The world potash market experienced a significant decrease in production rates in 2022 due to sanctions on Belarusian potash and Russia's invasion of Ukraine.

In 2022, global production decreased approximately 10 million metric tonnes, compared to record production of approximately 71 million metric tonnes in 2021.

Global production increased in 2023 to an estimated 67 million metric tonnes and is expected to be approximately 70 million metric tonnes in 2024, due to improving production in Belarus and increased production in Canada and other countries.

With planned production expansions anticipated in future years, potash pricing will likely depend on the larger producers' ability to continue to manage the supply and demand balance through decreased utilization rates.

Increases in world fertilizer demand, due mainly to population growth and limitations on arable land, are expected to eventually lessen the burden on producers, although recent increases in productive capacities and the continued progress of key expansion projects, specifically BHP's approval of the Jansen Stage 1 project, which expects first production in late 2026, add additional uncertainty to the long-term supply and demand balance for the potash market.

In 2022, global production decreased to approximately 61.1 million metric tonnes, compared to record production of approximately 71.0 million metric tonnes in 2021.

Global production increased in 2023 to 67.1 million metric tonnes and is estimated at approximately 70.6 million metric tonnes in 2024, due to improving production rates in Belarus and increased production in Canada and other countries.

Global production for 2025 is forecasted to be approximately 71.5 million metric tonnes.

As global production rates increase, potash pricing will likely depend on the larger producers' ability to continue to manage the supply and demand balance through decreased utilization rates.

Increases in world fertilizer demand, due mainly to population growth and limitations on arable land, are expected to steadily increase global potash consumption, although recent increases in productive capacities and the continued progress of key expansion projects, specifically BHP's Jansen Stage 1 project which expects first production in late 2026, add additional uncertainty to the long-term supply and demand balance for the potash market.

The volume of potash imports to the U.S.

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Twenty commercial potash deposits produce almost all of the world's potash.

According to S&P Global Commodity Insights and data published by potash mining companies, six countries accounted for approximately 87% of the world's aggregate potash production during 2023.

During the same period, the top nine potash producing countries supplied approximately 95% of the world's potash production.

According to S&P Global Commodity Insights and data published by potash mining companies, six potash producing countries accounted for approximately 87% of the world's aggregate potash production and nine potash producing countries supplied approximately 96% of the world's potash production in 2024.

Two major Canadian producers participate in the Canpotex marketing group that supplied approximately 34% of global potash production in 2024.

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for oil production is the Permian Basin, which spans from west Texas to southeastern New Mexico.

As of January 2024, the Permian Basin produced approximately 6.0 million barrels of oil per day.

For comparison, the next most productive region in the U.S.

produced approximately 1.3 million barrels of oil per day.

In addition to producing wells, the Permian Basin also had approximately 900 drilled but uncompleted wells as of December 2024.

The short-term energy outlook published in early January 2025 by the U.S.

Energy Information Administration projects the Permian Basin's share of U.S.

crude oil production will continue to increase and will account for more than 50% of all U.S.

crude oil production in 2026.

The majority of oil and gas wells drilled in the U.S., including the Permian Basin, are hydraulically fractured horizontal wells, which account for the record amount of fossil fuels produced in the U.S.

2 unchanged sentences

Horizontal drilling has resulted in longer wells, with some horizontal drilling sections reaching several miles long.

The increase in horizontal drilling has resulted in an increase in the use of fresh water.

A single hydraulically fracked well has the potential to use millions of gallons of fresh water.

The increase in horizontal drilling has resulted in an increase in the use of water with a single hydraulically fracked well potentially using millions of gallons of water.

In the frac process, water and sand are used to move proppant and other frac additives into the targeted rock formation.

Fresh water is important in the fracking process, as impurities in the water can impact the overall effectiveness of the frac.

Pipelines transport most water used in fracking to the frac site, where it is stored in ponds or storage tanks.

While fresh water remains a key input for many fracs, operators have switched to using more recycled/produced water when completing wells.

We believe this change is due to water conservation efforts, a move towards more environmentally friendly operations, and an increase in the amount of produced water available for fracking.

In recent years, many operators have switched from using fresh water to using more recycled/produced water when completing wells.

We believe this change is due to water conservation efforts, a move towards more environmentally friendly operations, an increase in the amount of produced water available for fracking, and an increasing in water recycling infrastructure.

By recycling and using produced water, operators are able to reduce fresh water purchases and decrease the cost of transporting and disposing of produced water into disposal wells.

In evaluating the hydraulic fluid to use for frac operations, oil and gas operators consider whether to use produced or fresh water and consider the weight of the fluid used.

Operators are using more heavy brines as heavier fluids can drill through salt formations more effectively than lighter weight alternatives.

Competition and Competitive Strategy

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• Maximizing potash gross margin and optimizing potash production.

All of our potash production comes from solar solution mines, which carry fewer fixed costs than our conventional potash mines.

All of our potash production comes from solar solution mines, which carry fewer fixed costs than conventional potash mines.

Our per-ton costs are lower for solution mining than conventional mining as solar solution mining requires less labor, energy, and equipment.

11 unchanged sentences

We also use a portion of our water rights to produce heavy brines for use in the oil and gas industry.

Additionally, as described above, in May 2019, we acquired certain land, water rights, federal and state grazing leases for cattle, and other related assets from Dinwiddie Cattle Company in the Permian Basin which we operate as Intrepid South.

We expect to increase the amount of water available for sale from Intrepid South over the next few years through permitting additional water rights and infrastructure investments.

Our other oilfield related products and services include, but are not limited to, surface use and right-of-way agreements, a produced water royalty agreement, and caliche sales.

Our other oilfield related products and services include, but are not limited to, surface use and right-of-way agreements, a produced water royalty agreement, and caliche.

Given the location of Intrepid South, part of our long-term operating strategy is selling small parcels of land, including through the use of restricted use agreements for surface or subsurface rights, to customers.

• Continuing diversification of byproducts and services.

We recover magnesium chloride, salt, brines, and water byproducts during the production of potash and Trio ® .

We recover magnesium chloride, salt, and brine water byproducts during the production of potash and Trio ® .

These byproducts diversify our portfolio of product and service offerings.

As we continue to explore and evaluate opportunities to diversify our revenue sources, we may enter into new or complementary businesses that expand our current product and service offerings, including an expansion into oil and natural gas exploration and production, or into new products or services in our current industry or other industries.

As we continue to explore and evaluate opportunities to diversify our revenue sources, we may enter into new or complementary businesses that expand our current product and service offerings.

Competitive Strengths

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Our geographic location provides us with a transportation advantage over our competitors for shipping our product to customers.

In general, this allows us to obtain a higher average net realized sales price per ton than our competitors, who ship their products across longer distances to consuming markets, which increases their costs and reduces their gross margin.

In general, this allows us to obtain a higher average net realized sales price per ton than our competitors, that ship their products across longer distances to consuming markets, which increases their costs and reduces their gross margin.

Our location allows us to target sales to the markets in which we have the greatest transportation advantage, maximizing our average net realized sales price per ton.

8 unchanged sentences

Solar evaporation is a cost-efficient production method because it significantly reduces our labor force and energy consumption, which are two of the largest costs of production.

Our understanding and application of low-cost solution mining, combined with our reserves being located where a favorable climate for evaporation exists, make solar solution

mining difficult for other producers to replicate.

Our understanding and application of low-cost solution mining, combined with our reserves being located where a favorable climate for evaporation exists, make solar solution mining difficult for other producers to replicate.

We also have significant reserves for future expansion of our solution mining operations.

10 unchanged sentences

If a water right existed before the OSE had authority to issue permits, a water rights owner may file a declaration with the OSE.

The OSE issues permits for both surface and groundwater appropriations.

The OSE issues permits for both surface and groundwater

appropriations.

These permits are inchoate rights, which allow a permittee to put the water to beneficial use as prescribed by the agency.

5 unchanged sentences

We continue to work to expand sales of water, especially to support oil and gas development in the Permian Basin near our Carlsbad facilities.

The Intrepid South property increased the total water rights available for sale in and around the Delaware Basin, a sub-basin of the Permian Basin.

This has expanded our relationships with oil and gas producers, which we may be able to use to expand sales of our industrial potash products, byproducts, and services.

The Intrepid South property increased our total water rights available for sale in and around the Permian Basin.

This has expanded our relationships with oil and gas producers, which we may be able to use to expand sales of byproducts and services.

• Diversity of potash markets.

We sell potash into three different markets—the agricultural, feed, and industrial markets.

In 2023, these markets represented approximately 74%, 23%, and 3%, of potash sales, respectively, and during 2022, these markets represented approximately 69%, 23%, and 8%, of our potash sales, respectively.

In both 2024 and 2023, these markets represented approximately 74%, 23%, and 3%, of potash sales.

The agricultural market supplies crop nutrients to farmers producing a wide range of crops in different geographies and the animal feed market supplies feed manufacturers with key nutrients for a wide range of feed blends into various markets such as pet food and cattle feed.

8 unchanged sentences

Resource life at our potash facilities ranges from 33 years to over 100 years.

We no longer report mineral reserves at our East mine and only include a mineral resource estimate.

In addition to our reserves, we have water rights and access to additional mineralized areas of potash for potential future exploitation.

In December 2023, we recorded an impairment of our long-lived assets at our East facility of $ 31.9 million, which included a $2.3 million impairment of our mineral rights at our East mine.

As such, we no longer show mineral reserves at our East mine, and only include a mineral resource estimate.

Additional information regarding our mineral reserves and resource estimates can be found in Item 2.

Properties and in the updated Technical Report Summaries included with this filing.

Properties and in the Technical Report Summaries included with this filing.

• Existing facilities and infrastructure.

23 unchanged sentences

Within the agricultural market, we supply a diversified customer base of distributors, cooperatives, retailers, and dealers, which in turn supply farmers producing a wide range of crops in different geographies.

We sell into the industrial and feed markets through sales to distributors and directly to end users.

We sell into the industrial and feed markets through distributors and directly to end users.

For water, we sell to a diverse set of customers through a combination of spot sales and a multi-year contract.

1 unchanged sentence

In 2024, 2023, and 2022, we had one customer, Bill Barr & Company, Inc., which accounted for more than 10% of our total consolidated revenues.

In 2021, no customer accounted for more than 10% of our total consolidated revenues.

Environmental, Safety, and Health Matters

1 unchanged sentence

(1) soil, air, and water quality standards for our facilities;

(2) disposal, storage, and management of hazardous and solid wastes;

(3) post-mining land reclamation and closure;

(4) conditions of mining and production operations;

(5) employee and contractor safety and occupational health;

(2) the disposal, storage, and management of any hazardous and solid wastes we use or produce;

(3) our post-mining land reclamation and closure requirements;

(4) the conditions of our mining and production operations;

(5) our employee and contractor safety and occupational health;

and (6) product content and labeling.

3 unchanged sentences

Future capital expenditures are subject to uncertainties, including changes to environmental laws.

Material expenditures could be required in the future to fulfill environmental compliance requirements, either new or existing.

Material expenditures could be required in the future to fulfill existing or new environmental compliance requirements.

We anticipate a focus on environmental issues will result in increased future investments for environmental controls at our operations.

2 unchanged sentences

We are required to register fertilizer products with each U.S.

state and foreign country where products are sold.

state and foreign country where our products are sold.

Each brand and grade of commercial fertilizer must be registered appropriately before being offered for sale, sold, or distributed.

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Environmental laws and regulations may impose joint and several liability, without regard to fault, for cleanup costs on potentially responsible parties who have released, disposed of, or arranged for release or disposal of hazardous substances in the environment.

We hold numerous environmental, mining, and other permits or approvals authorizing operations at each of our facilities.

Our operations are subject to permits for, among other things, extraction of salt and brine, discharges of process materials and waste to air and water, injection of brine, and appropriation of water.

We hold numerous environmental, mining, and other permits or approvals authorizing and regulating operations at each of our facilities.

Our operations are subject to permits for, among other things, extraction of salt and brine, discharges of process water, air emissions, injection of brine, water storage and handling and appropriation of water.

Some of our proposed activities may require waste storage permits.

1 unchanged sentence

In addition, changes to environmental and mining regulations or permit requirements could limit our ability to continue operations at the affected facility.

In many cases, environmental permits and approvals are also required for an expansion of, or changes to, our operations.

In many cases, environmental and operating permits and approvals are also required for an expansion of, or changes to, our operations.

As a condition to procuring the necessary permits and approvals, we may be required to comply with financial assurance regulatory requirements.

The purpose of these requirements is to assure the government that sufficient company funds will be available for the ultimate reclamation, closure, and post-closure care at our facilities.

The purpose of these requirements is to assure the government that sufficient company funds will be available for the reclamation, closure, and post-closure care at our facilities.

We obtain bonds as financial assurance for these obligations.

1 unchanged sentence

We believe we are in compliance with existing regulatory programs, permits, and approvals where non-compliance could have a material adverse effect on our operating results or financial condition.

In 2016, the OSE determined that our East tailing impoundment embankments are considered jurisdictional dams.

We continue to work with the OSE's Dam Safety Bureau to determine the hazard level of our dams and the OSE to determine required dam modifications associated with this determination.

We may be required to spend a significant amount of capital to bring the impoundments into compliance with requirements for jurisdictional dams or modify our operations to no longer use impoundments that may qualify as jurisdictional dams.

In 2016, the OSE Dam Safety Bureau determined that our East tailing impoundment and West tailing impoundment are considered jurisdictional dams.

In 2024, the OSE Dam Safety Bureau classified our East tailing impoundment as a high hazard potential dam.

We continue to work with the OSE Dam Safety Bureau to determine required dam modifications.

In 2024, we received notice from the New Mexico Environment Department Groundwater Quality Bureau (“NMED GQB”) that the East tailing impoundment is subject to regulation by the NMED GQB and that our West tailing impoundment may be subject to regulation by the NMED GQB.

We submitted an application for a discharge permit to the NMED GQB in February 2025.

We may be required to spend a significant amount of capital on our East tailing impoundment to comply with the discharge permit requirements.

Similarly, we may be required to spend a significant amount of capital on our West tailing impoundment to comply with the discharge permit requirements if a discharge permit for the impoundment is required.

Occasionally governmental agencies notify us of noncompliance with certain environmental laws, regulations, permits, or approvals.

For example, although designated as zero discharge facilities under the applicable water quality laws and regulations, our East, North, and Moab facilities at times may experience some water and brine discharges during periods of significant rainfall or due to other circumstances.

We have implemented several initiatives to address discharge issues, including the reconstruction or modification of certain impoundments, increasing evaporation, and reducing process water usage and discharges and improved management systems.

State and federal officials are aware of these issues and have visited the sites to review our corrective efforts and action plans.

Air and Drinking Water

In the ordinary course of our business, we receive notices from the New Mexico Environment Department of alleged air or drinking water quality control violations.

Upon receipt of these notices, we evaluate the matter and take any required corrective actions.

In some cases, we may be required to pay civil penalties for these notices of violation.

The Utah Division of Air Quality conducts periodic compliance inspections at our Moab and Wendover facilities and affirms our compliance with applicable approval orders.

For example, although designated as zero discharge facilities under the applicable water quality laws and regulations, our North, and Moab facilities at times may experience some water and brine discharges during periods of significant rainfall or due to other circumstances.

We have implemented several initiatives to address discharge issues, including the reconstruction or modification of certain impoundments, increasing evaporative area, and reducing process water usage and improved management systems.

State and federal officials are aware of these issues and have visited the sites to review our corrective efforts and action plans, and, in some circumstances, require an operational permit.

Air, Water Discharge, and Drinking Water

The New Mexico Environment Department (“NMED”) and the Utah Department of Environmental Quality (“UDEQ”) affirm our compliance with applicable permits and conduct periodic inspections of our New Mexico and Utah facilities, respectively.

In the ordinary course of business, we may receive notices from NMED or UDEQ of alleged air, water discharge, or drinking water quality violations.

Upon receipt of any such violations, including notices of noncompliance, we make any required corrective actions.

Safety and Health Regulation and Programs

6 unchanged sentences

This team is ready to respond to on-site incidents or assist in local incidents, if needed.

In addition, our New Mexico facilities participate in a basin agreement with other natural resource and hazardous waste facilities to provide mine rescue support.

In addition, our New Mexico facilities participate in a Mine Rescue Assistant Agreement with other mine facilities and a federal hazardous waste facility to provide mine rescue support.

Our Utah facilities and our HB mine and plant are subject to OSHA jurisdiction.

3 unchanged sentences

Our and our predecessors' operations involved the historical use and handling of potash, salt, related potash and salt byproducts, process tailings, hydrocarbons, and other regulated substances.

Some of these operations resulted, or may have resulted, in soil, surface water, or groundwater contamination.

Some of these operations resulted, or may have resulted, in soil, surface water, or groundwater

contamination.

At some locations, there are areas where process waste, building materials (including asbestos‑containing transite), and ordinary trash may have been disposed or buried, and have since been properly closed and maintained.

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Various permits and authorization documents negotiated with or issued by the appropriate governmental authorities include these estimated reclamation costs on an undiscounted basis.

It is difficult to estimate and predict the potential actual costs and liabilities associated with remediation and reclamation.

It is difficult to estimate and predict the potential actual costs and liabilities associated with remediation and reclamation of our facilities.

Additionally, it is possible that we could be identified in the future as a potentially responsible party for additional remediation and reclamation costs, either as a result of changes in existing laws and regulations or as a result of the identification of additional matters subject to remediation and/or reclamation obligations or liabilities.

The potash, langbeinite, water, and byproducts we produce and sell from leased land may be subject to royalty payments.

We produce and sell products from leased land owned by the U.S., the States of New Mexico and Utah, and private landowners.

The potash, langbeinite, water, and byproducts we produce and sell from leased land or minerals may be subject to royalty payments.

We produce and sell products from leased land and/or minerals owned by the U.S., the States of New Mexico and Utah, and private landowners.

The terms of the royalty payments are determined at the time of the issuance or renewal of leases.

1 unchanged sentence

Additionally, some of our leases are subject to overriding royalty interest payments paid to various owners.

In 2023, we paid $11.1 million in federal, state, and

private royalties.

In 2024, we paid $10.6 million in federal, state, and private royalties.

The royalty rates on our state and federal leases in New Mexico are currently set at various rates from 2.0% to 5.0%.

The royalty rates on our state and federal leases in Utah are currently set at rates from 3.0% to 5.0%.

The royalty rates for the private leaseholds are between 5.0% and 8.0%.

In 2023, for certain water sales we paid an $0.11 per barrel sold royalty to the State of New Mexico.

The royalty rates on our private leaseholds are between 5.0% and 8.0%.

Human Capital Resources

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We also offer a variety of voluntary benefits that allow employees to select the options that meet their needs, including flexible time-off, adoption assistance, prescription savings solutions, and a wellness program.

Diversity, Equity, and Inclusion

Diversity, equity, and inclusion are core values to Intrepid.

These values are reflected across our operations, including, but not limited to, recruitment, promotion, transfer, leaves of absence, compensation, opportunities for career support and advancement, job performance and other relevant job-related criteria.

We consider the value of diversity in our approach to hiring and advancement.

We create opportunities available to all employees to develop their talents in order to maximize our and their success.

We seek to create an environment that cultivates a sense of belonging by encouraging employees to continue to educate themselves about each other’s experiences.

We strive to promote the respect and dignity of all persons.

We believe it is important to foster education, communication and understanding about diversity, equity, inclusion and belonging.

Finally, in line with our commitment to diversity, equity and inclusion, we expect recruiters operating on our behalf to provide us with a diverse pool of candidates for job positions.

Health and Safety

1 unchanged sentence

We are committed to providing a safe, functional, and effective work environment for anyone who comes to our properties.

Environmental, Social, and Governance

We are committed to providing consistent returns to our shareholders while being a good corporate citizen that values the welfare of our employees, the communities in which we operate, the customers we serve, and the world.

In prioritizing, improving, and managing our environmental, social, and governance (“ESG”) goals, we will create long-term value for our investors.

We have made ESG initiatives a priority for our management team and are committed to providing focused reporting on the ESG issues that are the most relevant to our business and stakeholders.

We published our Inaugural Sustainability Report in 2023 to clearly disclose the goals and metrics related to our ESG programs, as we believe this information will allow our stakeholders to be informed about our progress.

We intend to publish a sustainability report annually.

We encourage you to read our Inaugural Sustainability Report to learn more about our strategy, efforts, and goals relating to ESG initiatives.

Commitment to the Environment (Protecting Our Resources)

We rely on the environments, resources and ecosystems that comprise and surround our locations.

Working closely with our communities, we make it a priority to protect the natural resources at and surrounding our operations.

We have developed a comprehensive set of policies and procedures regarding emissions, energy, water use, and waste management that guide our operations and uphold our commitment to the environment.

– Solar solution mining potash - All our potash is currently produced from solar solution mining, one of the most environmentally friendly and energy efficient mining techniques.

In this process, we inject a naturally occurring, salt saturated brine solution into underground caverns or previously shuttered mine workings.

This brine selectively dissolves the remaining potash, which is then pumped back to the surface and into evaporation ponds.

During the spring and summer months, the brine naturally evaporates, leaving only the salt and potash solids in the ponds, which we then process into the products we sell.

By using solar energy, we do not need to burn natural gas or coal to evaporate our brine ponds.

– Salt laydown at the Bonneville Salt Flats - We are committed to helping maintain the environments in which we operate, one of which is the Bonneville Salt Flats near our Wendover, Utah mine.

Since 2005, we have donated nearly seven million tons of salt to the Bureau of Land Management ("BLM") that has been deposited on the racetrack to help preserve this unique attraction in northwest Utah.

We drilled an additional brackish well in 2021 to increase the brine available for this salt laydown project.

– We are the only OMRI-listed potash and langbeinite producer in the U.S.

We became OMRI-listed in 2007 for our langbeinite, or Trio ® product, and in 2018 for our potash products at our Moab and Wendover operating facilities.

We are also registered in the Organic Input Material Program, through the California Department of Food and Agriculture, a program that registers fertilizers approved for use in organic crop and food production.

– We work closely with the BLM and other government and regulatory agencies to preserve historical sites near our operations such as the Maroon Cliffs in Carlsbad, New Mexico and petroglyphs near our Utah operations.

We also work with and have supported agencies dedicated to studying and protecting endangered species near our operations, such as the sand dune lizards in New Mexico.

Our Social Impact (Getting Involved Within the Community)

We support and promote the health, safety, and well-being of our employees, and are committed to creating a diverse, equitable, and inclusive work environment that enables our employees to thrive.

We are committed to being a responsible community member and contribute to the communities in which we operate.

Our New Mexico operations have partnered with the United Way of Carlsbad and South Eddy County since 2004, participating in a variety of community-focused events and activities such as United Way's annual Day of Caring event.

We encourage all our employees to volunteer in their communities and we offer all our full-time employees three paid volunteer days each year to support either a charitable organization of their choosing or participate in an Intrepid sponsored volunteer project.

As previously mentioned, we are committed to a recruitment and hiring process that emphasizes and embraces diversity.

We believe a diverse workforce leads to greater collaboration, innovation, and improves shareholder returns and we celebrate the great value the differences in our people bring to our organization.

We support a variety of organizations within our communities including the Women's Leadership Foundation, a Colorado based organization with the goal of opening more board of director positions to women leaders in Colorado and beyond.

Our Commitment to Safety

We conduct monthly safety audits across all our locations to inform our employees and provide a thoughtful approach to safety that increases the safe execution of all tasks.

The data from these safety audits is collected to analyze where, what, and why gaps exist, and to provide meaningful information that results in safer work for our employees.

Through our audits and dialogue, we educate ourselves and understand existing potential hazards, create best practices to address these hazards, and address areas to be improved.

Prior to each task, employees are required to:

assemble the proper personal protection equipment, tools, permits, etc., ensure the area is safe for employees and contractors, discuss the task with all stakeholders, and understand how the task is related to the overall business.

Our East Mine operation in Carlsbad, New Mexico received the National 2020 and 2021 Sentinels of Safety Award in the large underground nonmetal category.

The Sentinels of Safety Award is presented by the National Mining Association each year to recognize the outstanding safety achievements of mining operations across a variety of categories.

Governance (Honest Business Practices)

We develop and implement robust, sound, and effective corporate governance practices.

Since our inception, we have placed the highest emphasis on conducting our business with honesty, trust, and integrity, and we expect all of our employees to adhere to these standards.

We continuously strive to create a corporate culture of honesty, integrity, and trust.

The policies we have developed are intended to:

– Maintain and communicate our core values and the legal requirements applicable to good business conduct and ethical behavior.

– Annual refresher training on company policies, values, laws, and handling a variety of potential company-related issues and situations.

– Resources for employees to report any suspected violations of our company policies, including an anonymous employee hotline via phone and internet.

– Provide clear and well-defined procedures by which employees can easily obtain information, ask questions, and, if necessary, report any suspected violations of any of our business ethics policies.

– Maintain and communicate a Code of Business Conduct and Ethics which clearly articulates the Company’s values, culture, and practices.

Sustainability

In prioritizing, improving, and managing our sustainability goals, we will create long-term value for our investors.

We have made sustainability initiatives a priority for our management team and are committed to providing focused reporting on the sustainability issues that are the most relevant to our business and stakeholders.

We published an updated Sustainability Report in 2024 to clearly disclose the goals and metrics related to our sustainability programs, as we believe this information will allow our stakeholders to be informed about our progress.

We intend to update these goals and metrics annually.

We encourage you to read our Sustainability Report to learn more about our strategy, efforts, and goals relating to these initiatives, which can be found on our website, www.intrepidpotash.com.

Available Information

4 unchanged sentences

We routinely post important information about us and our business, including information about upcoming investor presentations, on our website, www.intrepidpotash.com, under the Investor Relations tab.

We encourage investors and other interested parties to enroll on our website to receive automatic email alerts or Really Simple Syndication (RSS) feeds regarding new postings.

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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 1. Business