What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-03-04 compared with 2024-03-07 · 61 added, 101 removed, 663 unchanged (20% of the section changed)

6 unchanged sentences

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 operate Intrepid South located in Lea County in southeastern New Mexico, which is comprised of 21,834 surface acres, 27,858 acres of BLM grazing leases and 10,400 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 fee surface acres, and 27,858 acres of BLM grazing leases.

At December 31, 2023, we had a pending application with the State of New Mexico for 10,400 acres of grazing leases.

During 2024, the State of New Mexico denied our application for the grazing leases.

We do not believe the denial of our application for State of New Mexico grazing leases will have a material impact on our Intrepid South operations.

We conduct most of our mining operations on properties that we lease from states or the federal government.

6 unchanged sentences

Our leases for our Moab mine are operated as a unit under a unit agreement with the State of Utah, which extends the terms of all of the leases as long as operations are conducted on any portion of the leases.

The term of the state leases for our Moab mine is currently extended until 2024 or so long as potash is being produced.

As of December 31, 2023, approximately 17% of our state, federal, and private lease acres at our New Mexico facilities will be up for renewal within the next five years, and 22% of our state and federal lease acres at our Utah operations will be up for renewal within the next five years.

The term of the state leases for our Moab mine is currently extended through the end of 2034.

As of December 31, 2024, approximately 6% of our state, federal, and private lease acres at our New Mexico facilities will be up for renewal within the next five years, and none of our state and federal lease acres at our Utah operations will be up for renewal within the next five years.

The following tables provide a summary of our mineral resources and reserves.

26 unchanged sentences

Total 72.0 10.0 60.0 10.0 132.0 10.0 — —

We engaged RESPEC, a qualified firm and independent of Intrepid, to prepare a technical report summary for our IPNM material properties as of December 31, 2024, because of changes in our life of mine production forecast and production costs resulted in material changes from the technical report summary prepared by RESPEC as of December 31, 2023 for the New Mexico material properties.

We did not have any material changes to our mineral resources at December 31, 2024, compared to December 31, 2023, at our Utah material properties.

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 as of December 31, 2024, and 2023.

Based on $360/potash product ton mine site for 2023, and $325/potash product ton mine site for 2022.

Based on $360/potash product ton mine site for 2024 and 2023.

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

12 unchanged sentences

2 - In situ grade corresponds to the amount of K 2 O in the brines

Summary of Mineral Reserves in Millions of Product Tons of Langbeinite as of December 31, 2023, and 2022.

Based on $340/langbeinite product ton mine site for 2022.

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

Amount (Mt) In Situ

Grade (%K 2 O)

Amount (Mt) In Situ

Grade (%K 2 O)

Amount (Mt) In Situ

Grade (%K 2 O)

2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022

IPNM — 4.6 — 8.6 — 1.2 — 9.1 — 5.8 — 8.7

Total — 4.6 — 8.6 — 1.2 — 9.1 — 5.8 — 8.7

1 - In situ grade corresponds to the amount of K 2 O in the langbeinite ore

We are not reporting any langbeinite reserves as of December 31, 2023, only langbeinite resources because, in the opinion of the Qualified Person, none of the langbeinite resources are economically mineable.

We are not reporting any langbeinite reserves as of December 31, 2024, and 2023, only langbeinite resources because, in the opinion of the Qualified Person, none of the langbeinite resources are economically mineable.

As noted, we have relatively long-lived proven and probable potash reserves and consequently expect to conduct limited and focused additional exploration in the coming five years.

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

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

9 unchanged sentences

The 2012 Secretary’s Order does not alter the boundaries of the area.

The area also contains state lands that are managed by the State of New Mexico under the New Mexico Oil Conservation Division Order R‐111‐P ("R-111-P").

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 area also contains state lands that are managed by the State of New Mexico under the New Mexico Oil Conservation Division Order R‐111‐Q ("R-111-Q").

In general, the stated objective of the 2012 Secretary’s Order and R‐111‐Q 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 is well documented.

5 unchanged sentences

Mining occurs in the Salado Formation which contains 12 potash ore zones, of which six have been or are currently being mined.

Sylvinite is currently being mined using solution methods in the 1st and 3rd ore zone.

Sylvinite is currently being mined using solution methods in the 1st and 3rd ore zones.

Historically, sylvinite has been conventionally underground mined in the 1st, 3rd, 5th, 7th, and 10th ore zones.

10 unchanged sentences

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

During 2023, we recorded impairment charges of $41.8 million related to our IPNM material properties.

After the impairment, at December 31, 2023 the net book value of our IPNM material properties was $175.2 million.

At December 31, 2024, the net book value of our IPNM material properties was $169.9 million.

Various surety bonds are currently in place for approximately $7.1 million.

During 2024 and 2023, we recorded impairment charges of $ 4.4 million and $41.8 million, respectively, related to our IPNM material properties.

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 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.

The most recent Environmental Assessment was completed in 2024 for the construction of new injection piping for the HB In Situ Solution Mine.

The work referenced the initial Environment Impact Study ("EIS") for the HB In Situ Solar Solution Mining Project.

2 unchanged sentences

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

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.

The mixed ore was processed into two products:

5 unchanged sentences

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.

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.

10 unchanged sentences

Over time, the solution enriched with potash is pumped to the surface to solar evaporation ponds.

Selective solar evaporation leaves behind a potash‐enriched salt that is collected using scrapers, pumped, and processed at the HB Plant.

Selective solar evaporation leaves behind a potash‐enriched salt that is collected using scrapers,

pumped, and processed at the HB Plant.

The solution mine comprises six injection wells, five extraction wells, and three monitoring wells.

19 unchanged sentences

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 8th and 10th 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 10th ore zone ore by Tetra Tech in 2009 in support of Phase 1 of the North Mine Reopening Feasibility Study.

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

Leases and Permits

15 unchanged sentences

History of Operations

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

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

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

6 unchanged sentences

Mineral Resource and Reserves Comparison to Prior Year

We engaged RESPEC, a qualified firm and independent of Intrepid, to prepare a technical report summary for our IPNM material properties as of December 31, 2023 because changes in our cost of production resulted in material changes in the mineral reserves and mineral resources estimates from the revised technical report summary prepared as of December 31, 2021 for the New Mexico properties.

As of December 31, 2023, we no longer show mineral reserves for our East mine because, in the opinion of the Qualified Person, none of the langbeinite resources are economically mineable.

The technical report summary for the IPNM material properties as of December 31, 2023 is included with this Annual Report on Form 10-K.

We engaged RESPEC, a qualified firm and independent of Intrepid, to prepare a technical report summary for our IPNM material properties as of December 31, 2024, because changes in our life of mine production forecast and cost of

production resulted in material changes from the report summary prepared as of December 31, 2023, for the New Mexico properties.

We do not show mineral reserves for our East mine as of December 31, 2024, because, in the opinion of the Qualified Person, none of the langbeinite resources are economically mineable, which is the same conclusion that was reached in the technical report summary for the IPNM material properties as of December 31, 2023.

The technical report summary for the New Mexico material properties prepared as of December 31, 2024, is included with this Annual Report on Form 10-K.

Mineral Resource and Reserves

15 unchanged sentences

The geology was modeled using Carlson Software (2020).

A basic inverse distance squared algorithm was used with a search

radius of ¾ mile to prepare the 100‐foot by 100‐foot grids for bed thickness and grade.

A basic inverse distance squared algorithm was used with a search radius of ¾ mile to prepare the 100‐foot by 100‐foot grids for bed thickness and grade.

The search radius was applied for Measured and Indicated Resources of ¼ mile and ¾ mile, respectively.

39 unchanged sentences

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

IPNM—Summary of Mineral Resource in Millions of Tons of Langbeinite Mineralized Rock in Place effective December 31, 2023.

IPNM—Summary of Mineral Resources in Millions of Tons of Langbeinite Mineralized Rock in Place effective December 31, 2024.

Based on $470/product ton mine site.

7 unchanged sentences

Inferred mineral resources — — —

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

IPNM—Summary of Mineral Resources in Millions of Tons of Langbeinite Mineralized Rock in Place effective December 31, 2023.

Based on $470/product ton mine site.

25 unchanged sentences

Mechanically Mined Reserves

Modeling indicates a cutoff of 64 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.

20 unchanged sentences

2 Product is calculated by multiplying In-Place KCl by:

dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of 103%, and a handling loss factor of 97%.

dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 83%, cavern loss factor of 98%, a product purity factor of 103%, a bitterns loss factor of 88%, and a handling loss factor of 97%.

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

4 Product is calculated by multiplying In-Place KCl by:

dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of (1/.95).

Mineral Reserves were prepared effective December 31, 2023, and 2022, by RESPEC, a qualified firm for the estimate and independent of Intrepid.

Mineral Reserves are reported exclusive of Mineral Resources.

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

The table below shows the Breakeven Cutoff for mechanically mined langbeinite reserves as of December 31, 2022.

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

Based on $340/product ton mine site.

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 21.5 8.7 5.8

1 ROM Ore is reported based on a detailed conventional mine plan adjusted for random impurities of 10%.

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

3 Product tons are calculated by multiplying ROM Ore by:

In-Situ Grade (Diluted)/22.70%, plant recovery of 68%, and a product purity factor of (1/.944).

In-situ Grade (Diluted) is divided by 22.70% to convert K 2 O grade to pure langbeinite by mass.

dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of 103%, and a handling loss factor of 97%.

Mineral Reserves were prepared effective December 31, 2024, and 2023, by RESPEC, a qualified firm for the estimate and independent of Intrepid.

1 unchanged sentence

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

We are not reporting any langbeinite reserves as of December 31, 2024, and December 31, 2023, only langbeinite resources because, in the opinion of the Qualified Person, none of the langbeinite resources are economically mineable.

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.

7 unchanged sentences

A sample of approximately 300–500 grams is collected.

The sample is split down to around 100 g and run through a grinding mill to reduce the size down to approximately 100 mesh.

The sample is split down to around 100 grams and run through a grinding mill to reduce the size down to approximately 100 mesh.

A sample is weighed out to five grams and put into a micronizing mill that reduces the particle size to ~10 microns and pressed into a sample holder.

25 unchanged sentences

Within Beds 5 and 9, the sylvinite is bounded above and below by occurrences of halite.

Sylvite and halite are both water‐soluble by nature.

Sylvite and halite are both

water‐soluble by nature.

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

6 unchanged sentences

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

We ship the product 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.

12 unchanged sentences

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

We have a reclamation bond in place for approximately $7.5 million.

We have various bonds in place totaling approximately $9.9 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.

33 unchanged sentences

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

Moab Salt‐27 and Moab Salt‐28 were drilled “horizontally” in 2002 in Bed 9 to connect and

provide pathways for the liquor injected in Moab Salt‐27 to contact the sylvinite and differentially dissolve the sylvite before being lifted from Moab Salt‐28.

Moab Salt‐27 and Moab Salt‐28 were drilled “horizontally” in 2002 in Bed 9 to connect and provide pathways for the liquor injected in Moab Salt‐27 to contact the sylvinite and differentially dissolve the sylvite before being lifted from Moab Salt‐28.

Currently, Moab Salt‐29 connects Moab Salt‐27 and ‐28 and serves as an alternative to Moab Salt‐27 for injection.

Mineral Resource and Reserves Comparison to Prior Year

We engaged RESPEC, a qualified firm and independent of Intrepid, to prepare a technical report summary for our Moab material property as of December 31, 2023 because changes in our cost of production and recent capital investments resulted in material changes in the mineral reserves and mineral resources estimates from the revised technical report summary prepared as of December 31, 2021 for the Moab property.

RESPEC, a qualified firm and independent of Intrepid, prepared a technical report summary for our Moab material property as of December 31, 2023.

We did not have any material changes to our mineral resources at December 31, 2024, compared to December 31, 2023, at our Moab material property.

The technical report summary for the Moab material property as of December 31, 2023, is included with this Annual Report on Form 10-K.

31 unchanged sentences

deposit thickness, deposit grade, and geologic factors.

Areas where a bed thickness and potassium oxide (K 2 O) grade do not meet a 3‐foot and 18.95% K 2 O cutoff are excluded from the resource.

Areas where a bed thickness and potassium oxide (K 2 O) grade do not meet a 3‐

foot and 18.95% K 2 O cutoff are excluded from the resource.

The minimum thickness cutoff is used because sufficient recovery in thin beds by selective solution mining has not been demonstrated and because of difficulties in locating/maintaining horizontal holes within the bed.

The grade cutoff is used because of the difficulty in selective mining in beds with less than 30% KCl content (18.95% K 2 O).

The grade cutoff of 18.95% K 2 O is used because of the difficulty in selective mining in beds with less than 30% KCl content.

The gross in‐place sylvinite tonnage for each resource block was calculated by multiplying the net area of the block by the thickness of the bed and the density.

4 unchanged sentences

A similar methodology used for the Bed 5 resource estimation was used in the resource estimate for Bed 9.

Moab—Summary of Mineral Resources in Millions of Tons of Sylvinite in Place effective December 31, 2023 Based on $450/product ton mine site

Processing Recovery (%)

Measured mineral resources 97 26 25 Minimum of 3-ft and 18.95%K 2 O

Indicated mineral resources 190 25 47 Minimum of 3-ft and 18.95%K 2 O

Measured + Indicated mineral resources 287 25 72

Inferred mineral resources 38 23 9 Minimum of 3-ft and 18.95%K 2 O

Moab—Summary of Mineral Resources in Millions of Tons of Sylvinite in Place effective December 31, 2022 Based on $406/product ton mine site

Moab—Summary of Mineral Resources in Millions of Tons of Sylvinite in Place as of December 31, 2024, and 2023.

Based on $450/product ton mine site

Processing Recovery (%)

46 unchanged sentences

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

4 Product tons are calculated by multiplying the In-Place KCl by:

dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and product purity of 1/95%.

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

Mineral Reserves were prepared effective December 31, 2023, by RESPEC, a qualified firm for the estimate and independent of Intrepid, and updated to December 31, 2024, by Intrepid to account for depletion that occurred due to 2024 mining operations.

Mineral Reserves are reported exclusive of Mineral Resources.

5 unchanged sentences

The cores are collected and analyzed for ore zone identification.

compared to the gamma‐ray log to determine sampling intervals.

Cores are compared to the gamma‐ray log to determine sampling intervals.

Duplicate samples are collected with one sample sent to the on‐site lab and the other stored with the corresponding core box from which the sample was sourced.

24 unchanged sentences

Process materials are readily available in the greater Salt Lake Area.

All infrastructure for the operation is located approximately three miles east of Wendover, Utah, on old US Highway 40.

infrastructure for the operation is located approximately three miles east of Wendover, Utah, on old US Highway 40.

Interstate 80 bisects the property.

7 unchanged sentences

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.

The only other significant encumbrance are various surety bonds totaling $9.4 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.

8 unchanged sentences

Royalty payments equal a percentage of product sales less freight.

The current royalty rate

stipulated in the federal leases is three percent.

The current royalty rate stipulated in the federal leases is three percent.

In 2024, Wendover made $0.2 million in royalty payments to the federal government.

18 unchanged sentences

Mineral Resource and Reserves Comparison to Prior Year

We engaged RESPEC, a qualified firm and independent of Intrepid, to prepare a technical report summary for our Wendover material property as of December 31, 2023 because changes in our cost of production resulted in material changes in the mineral reserves and mineral resources estimates from the revised technical report summary prepared as of December 31, 2021 for the Wendover property.

RESPEC, a qualified firm and independent of Intrepid, prepared a technical report summary for our Wendover material property as of December 31, 2023.

We did not have any material changes to our mineral resources as December 31, 2024, compared to December 31, 2023, at our Wendover material property.

The technical report summary for the Wendover material property as of December 31, 2023, is included with this Annual Report on Form 10-K.

5 unchanged sentences

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.

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.

7 unchanged sentences

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 as of December 31, 2023.

Based on $450/product ton mine site.

Resources Processing Recovery

K 2 O Brine 1

Contained K 2 O 2

Measured mineral resources — — —

Indicated mineral resources 175 0.5 0.9 0.23 85

Measured + Indicated mineral resources 175 0.5 0.9 0.23

Inferred mineral resources 1,358 0.5 6.8 0.23 85

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

Wendover—Summary of Mineral Resources in Millions of Tons of Sylvinite as of December 31, 2024, and 2023.

Based on $450/product ton mine site.

64 unchanged sentences

Conventional Underground Mines

• Sylvite and langbeinite ore at our Carlsbad locations occurs in a stacked ore body containing at least 10 different mineralized zones, seven of which contain proven and probable reserves.

• Sylvite and langbeinite ore at our Carlsbad locations occurs in a stacked ore body containing at least ten different mineralized zones, seven of which contain proven and probable reserves.

• The East mine has a current estimated productive capacity of approximately 400,000 tons of Trio ® annually, based on current design.

9 unchanged sentences

AMAX/Horizon Mine

• We acquired the potash leases associated with the AMAX/Horizon mine in October 2012.

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

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 acquired the potash leases associated with the AMAX/Horizon mine in October 2012 and we obtained state and federal permits in 2015 to utilize these leases for solution mining.

• In the third quarter of 2024, we started the permitting process to drill a sample well into the AMAX Cavern at HB in order to measure the brine chemistry of the existing cavern and determine if it is a viable solution mining opportunity.

We expect to finish the sample well permitting process in the first quarter of 2025 with test well drilling taking place shortly thereafter.

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.

We expect to need additional updates to permits, including rights-of-way, if we decide to operate this facility.

• 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.

29 unchanged sentences

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