What changed in this filing

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Item 2. Properties

2026-03-05 compared with 2025-03-04 · 139 added, 54 removed, 670 unchanged (22% of the section changed)

7 unchanged sentences

We operate Intrepid South located in Lea County in southeastern New Mexico, which is comprised of 21,796 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.

11 unchanged sentences

Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite as of December 31, 2025.

Based on $450/potash product ton mine site and $470/langbeinite product ton mine site.

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

9 unchanged sentences

Total 40 10 40 10 80 10 — —

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite as of December 31, 2024.

Based on $450/potash product ton mine site and $470/langbeinite product ton mine site.

Measured Mineral Resources Indicated Mineral Resources Measured + Indicated Mineral Resources Inferred Mineral Resources

9 unchanged sentences

Total 67 10 59 10 126 10 — —

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.

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

Wendover - Summary of Brine Mineral Resource Estimate as of December 31, 2025

Resource Category K Brine 1

Grade (%K) Contained Mg 2

Contained Li 2

Contained LCE 3

Measured Mineral Resources 233.1 0.21 0.29 4.2 22.5

Indicated Mineral Resources 601.0 0.37 1.22 18.2 96.7

Measured + Indicated Mineral Resources 834.1 0.32 1.51 22.4 119.2

Inferred Mineral Resources 377.8 0.42 1.05 15.6 83.1

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

1 - K Brine is the recovered K bearing brine in solution at average concentrations by weight in the shallow and deep aquifers on fee and state lands.

2 - Li and Mg brines are found in the aquifers in ratios of K:Mg = 1.7 to 1.8 and K:Li = 117 to 121.

3 - To describe the resource in terms of 'industry standard' lithium carbonate equivalent (LCE), a conversion factor of 5.323 was used to convert Li to LCE.

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

Mineral Resources are reported on a 100% basis, exclusive of potash mineral reserves.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

K 2 O Mineral Resources are reporting using Inverse Distance Squared (ID 2 ) estimation methods.

Per ton mine site product pricing basis:

K2O = $475, LCE = $10,000, Mg = $5,000.

KCl processing recovery = 85%.

Mt = million tons, Kt = thousand tons, % = percent, K2O = potassium oxide, LCE = Lithium Carbonate Equivalent, Mg = Magnesium

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, 2025, because 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, 2024.

We also engaged RESPEC to prepare a technical report summary for our Wendover material property as of December 31, 2025, because 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, and to show brine mineral resources for lithium and magnesium chloride.

We did not have any material changes to our mineral resources at December 31, 2025, compared to December 31, 2024, at our Moab material property.

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 2024 and 2023.

Summary of Mineral Reserves in Millions of Product Tons of Potash and Langbeinite as of December 31, 2025, and 2024.

Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves

10 unchanged sentences

Total 5.0 5.6 25.2 25.1 2.2 2.0 4.4 4.8 7.2 7.6 18.9 19.8

IPNM 3.9 — 7.5 — 3.3 — 6.6 — 7.2 — 7.1 —

Total 3.9 — 7.5 — 3.3 — 6.6 — 7.2 — 7.1 —

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

1 - In situ grade corresponds to the amount of K 2 O in the contact area of the caverns

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

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.

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

Because of economic and operational improvements, we are now reporting langbeinite reserves as of December 31, 2025, because, in the opinion of the Qualified Person, the langbeinite resources are economically mineable.

We did not report any langbeinite reserves as of December 31, 2024, only langbeinite resources because, in the opinion of the Qualified Person, none of the langbeinite resources were 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.

1 unchanged sentence

Our leased office space in Denver, Colorado, is approximately 26,000 square feet and has a term expiring on January 31, 2028.

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.

5 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‐Q ("R-111-Q").

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.

34 unchanged sentences

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

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

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

Each mining section produces approximately 275,000 tons of run‐of‐mine ore each year.

1 unchanged sentence

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

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

Currently approximately 1.4 million tons per year of ore is processed at a rate of 300 tons per hour.

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

8 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.

22 unchanged sentences

We control the right to mine approximately 127,000 acres in New Mexico.

Of that acreage, we lease 21,000 acres from the State of New Mexico, 106,000 acres from the federal government through the Bureau of Land Management (“BLM”), and 280 acres from private owners.

Of that acreage, we lease 21,000 acres from the State of New Mexico, 106,000 acres from the federal government through the BLM, and 280 acres from private owners.

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

19 unchanged sentences

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.

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

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, 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.

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, 2025, 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, 2024, for the New Mexico properties.

Because of economic and operational improvements, we are reporting langbeinite reserves as of December 31, 2025, and, in the opinion of the Qualified Person, the langbeinite resources are now economically mineable.

We did 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 were economically mineable.

The technical report summary for the New Mexico material properties prepared as of December 31, 2025, is included with this Annual Report on Form 10-K.

7 unchanged sentences

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.

The characterization of the hydrogeology was completed for the HB In Situ Solution Mine by AECCOM in 2011 and is included as part of the publicly available EIS.

The characterization of the hydrogeology was completed for the HB In Situ Solution Mine by AECOM in 2011, and is included as part of the publicly available EIS.

The study confirmed the availability of water for the initial flooding of the solution mines at a pumping rate ranging from 177 to 1,440 gallons per minute.

40 unchanged sentences

Inferred mineral resources — —

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

1 Sylvinite is a mixed evaporite containing NaCl and KCl.

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

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

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

1 unchanged sentence

Mineral Resources are reported using Inverse Distance Squared estimation methods.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

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

19 unchanged sentences

Inferred mineral resources — —

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

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

Mineral Resources are reported exclusive of Mineral Reserves.

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

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

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

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.

13 unchanged sentences

Mechanically Mined Reserves

Because of economic and operational improvements, we are now reporting langbeinite reserves as of December 31, 2025, and, in the opinion of the Qualified Person, the langbeinite resources are now economically mineable.

We did not report

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 were economically mineable.

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.

18 unchanged sentences

Total Mineral Reserves 5.3 22.9 3.4

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

1 In situ grade is the amount of K 2 O in the contact area of the caverns and is used to calculate the In-Place KCl.

3 unchanged sentences

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 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%.

Mineral Reserves were prepared effective December 31, 2025, and 2024, 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.

Conventional Langbeinite Mined Reserves

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

IPNM—Summary of Langbeinite Mineral Reserves effective December 31, 2025.

Based on $435/product ton mine site

ROM Ore 1 (Mt)

In Situ Grade 2

(Diluted) (%K 2 O)

Processing Recovery (%)

Proven Mineral Reserves 17.1 7.5 3.9 33.0 68

Probable Mineral Reserves 16.8 6.6 3.3 33.0 68

Total Mineral Reserves 33.9 7.1 7.2

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

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 of dilution occurring during mining.

3 Product tons are calculated by multiplying ROM Ore by:

the In Situ Grade (Diluted)/22.7%, plant recovery of 68%, and a product purity factor of 94.4%.

In Situ Grade (Diluted) is divided by 22.7% to convert K 2 O grade to pure langbeinite by mass.

Mineral Reserves were prepared effective December 31, 2025, 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.

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.

We did not report 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 were 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.

35 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.

50 unchanged sentences

Production from Bed 5 had declined from near 100,000 tons in 1994 to 60,000 tons in 1999.

After completion of the two new recovery wells, the brine concentration improved, and production increased to near 100,000 tons in 2001.

After completion of

the two new recovery wells, the brine concentration improved, and production increased to near 100,000 tons in 2001.

Maintaining production at or near the target rate of 100,000 tons per year was difficult from Bed 5 because of declining product concentration.

42 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.

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.

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

12 unchanged sentences

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

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.

1 Sylvinite is a mixed evaporite containing NaCl and KCl.

Pure KCl equates to 63.17% K 2 O by mass.

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

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

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

34 unchanged sentences

Total Mineral Reserves 3.4 28.6 2.5

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

1 In situ grade is the amount of K 2 O in the remaining pillars of old works and is used to calculate In-Place KCL.

37 unchanged sentences

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

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

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

Interstate 80 bisects the property.

19 unchanged sentences

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.

In 2025, Wendover made approximately $0.2 million in royalty payments to the federal government.

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

4 unchanged sentences

The current royalty rate stipulated in our Wendover state leases is four percent.

In 2024, Wendover made $0.1 million in royalty payments to the State of Utah.

In 2025, Wendover made approximately $0.1 million in royalty payments to the State of Utah.

History of Operations

11 unchanged sentences

RESPEC, a qualified firm and independent of Intrepid, prepared a technical report summary for our Wendover material property as of December 31, 2025.

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 includes the maiden resource estimate for lithium and magnesium.

The technical report summary also includes updates to the potash resource and reserve estimates, life of mine production forecast, cost of production estimates, and pricing assumptions.

The technical report summary for the Wendover material property as of December 31, 2025, is included with this Annual Report on Form 10-K.

Mineral Resource and Reserves

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

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

The lithium ("Li") and magnesium ("Mg") resources estimated from the database of brine sampling and pond volumes, which began in 2004, serve as the basis for the Li

and Mg evaluation.

The resources are subject to renewal and replenishment by recharge from surface and groundwater flow as evidenced by the extensive operating period over which there has been no effective decline in mineral grades.

The QP's most recent inspection was on May 19, 2021, and included the potash plant, evaporation ponds, wellheads, and ditches.

2 unchanged sentences

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

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

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

Deep brine well samples were evaluated for estimating the Li and Mg resources.

Review of the data shows a relationship between the concentration of K, Li, and Mg.

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, 2024, and 2023.

Based on $450/product ton mine site.

Resources Processing Recovery

K 2 O Brine 1

Any Li or Mg that is considered a resource would be produced as a by-product of the production of KCl and not as a stand-alone product.

There are two resources of Li and Mg which are tied to the (i) processing of KCl and KCl·MgCL 2 ·6H 2 O ("carnallite"), from the deep brine wells ("DBWs") in the quasi-infinite aquifer, and (ii) the finite deposit concentrated within the carnallite ponds for multiple decades.

The carnallite ponds are not included in the resource estimate at this time.

To estimate the Li and Mg resource, samples were evaluated over time, primarily by measuring the change in concentrations and the relationship to K.

Samples were evaluated for the change in concentrations and the relationship to K within the radius of influence of each well, based on brine volume displacement, which is more confident for mass transport.

As these concentrations have remained stable over time, replenishment of the DBWs concentrations is demonstrated.

The Li and Mg resource estimate, based on well drawdown, pumping rates, and sample records, indicates that the deep brine aquifer is expected to be relied upon to produce Li and Mg at a ratio to the K in the MOP production.

Analysis of the long-term sampling of the DBWs indicates a ratio of K:Li of 110:1 and a ratio of K:Mg of 1.8:1.

These ratios serve as the basis for the estimate of resources.

Wendover—Brine Mineral Resource Estimate effective December 31, 2025

Resource Category K 2 O Brine 1

Contained K 2 O 2

3 unchanged sentences

Inferred mineral resources 625 0.5 3.1 0.21

Resource Category K Brine 4

(%K) Contained Mg 5

Contained Li 5

Contained LCE 6

Measured mineral resources 233.1 0.21 0.29 4.2 22.5

Indicated mineral resources 601 0.37 1.22 18.2 96.7

Measured + Indicated mineral resources 834.1 0.32 1.51 22.4 119.2

Inferred mineral resources 377.8 0.42 1.05 15.6 83.1

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

Based on $450/product ton mine site.

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 85

Inferred mineral resources 1,358 0.5 6.8 0.23 85

Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

1 K 2 O Brine is the recovered KCl bearing brine in solution at average concentrations by weight.

1 unchanged sentence

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

4 Contained K is the equivalent K portion of the K2O.

5 Li and Mg brines are found in the aquifers in ratios of K:Mg = 1.7 to 1.8 and K:Li = 117 to 121.

6 To describe the resource in terms of ‘industry standard’ lithium carbonate equivalent, a conversion factor of 5.323 was used to convert elemental lithium to LCE.

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

1 unchanged sentence

Mineral Resources are reported using Inverse Distance Squared (ID 2 ) estimation methods.

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

Mt = million tons, Kt = thousand 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.

3 unchanged sentences

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, 2024.

Wendover—Summary of Potash Mineral Reserves as of December 31, 2025.

Based on $395/product ton mine site.

4 unchanged sentences

Total Mineral Reserves 885 0.5 1.9 0.25

Wendover—Summary of Potash Mineral Reserves effective December 31, 2023.

Wendover—Summary of Potash Mineral Reserves as of December 31, 2024.

Based on $360/product ton mine site.

9 unchanged sentences

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

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

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

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

39 unchanged sentences

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

In July 2025, we drilled a sample well into one of the lowest sections of the AMAX mine;

unfortunately, the brine pool that we anticipated encountering based on our imaging was not present.

After further evaluation of our AMAX Cavern project, we have deferred additional capital investment in our AMAX Cavern project until at least 2027.

While the AMAX Cavern remains a key part of our HB mine and we remain confident in the potash reserve in place, we believe we have adequate brine sources to maintain production at our HB facility for the next few years.

Before committing additional capital, we are looking to ensure that we have adequate brine injection volumes to flood the AMAX Cavern, which will be the largest cavern in the HB system, and the necessary bitterns management system in place to maximize the full potential of this additional cavern.

• 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