Intrepid Potash, Inc.

Intrepid Potash, Inc. is a U.S.-based diversified mineral producer focused on potash, Trio® specialty fertilizer, and oilfield-related mineral and water products. It is the only U.S. producer of muriate of potash and operates extraction and production assets entirely in the continental United States, with facilities in New Mexico, Utah, and southeast New Mexico.

17,2 %

18,4 %

3,7 %

+17,1 %

4.38

2.29

— Intrepid Potash, Inc.
%
Potash55% Muriate of potash and related byproducts used in agriculture, animal feed, and industrial applications.
Trio®25% Specialty fertilizer combining potassium, magnesium, and sulfur in a single granule.
Oilfield Solutions20% Water, brine, caliche, and related services and agreements tied to Intrepid South assets.

Intrepid sells to agricultural customers that need potash and Trio® for crop nutrition, with demand tied to planting...

  • Agriculture customersprimary

    Buy potash and Trio® to improve crop yields and nutrient balance, especially around spring and fall application seasons.

  • Oil and gas industry customersprimary

    Buy water, brine, caliche, and related services for drilling and field operations in southeast New Mexico.

  • Animal feed and industrial customerssecondary

    Buy potash for feed formulations and industrial uses where potassium chloride is an input.

  • Distributors and dealerssecondary

    Purchase and resell product into farm markets, helping Intrepid reach smaller end users.

Intrepid’s operations are entirely in the continental United States, with production assets in Carlsbad, New Mexico;...

  • •All extraction and production operations are located in the continental U.S.
  • •Key mining assets are in New Mexico, Utah, and southeast New Mexico
  • •Carlsbad, NM is the core hub for potash and Trio® production
  • •Wendover, UT provides brine recovery and lithium-bearing brine exposure
  • •Revenue depends on U.S. farm demand and U.S. oilfield activity

Intrepid is focused on maximizing value from its core potash and Trio® businesses while expanding higher-value...

01
Grow and optimize potash and Trio® pricingshort-term

These are the core earnings drivers and are sensitive to seasonal demand and market pricing.

02
Diversify into oilfield solutions and land/water monetizationmedium-term

This reduces dependence on fertilizer cycles and creates recurring revenue from Intrepid South assets.

03
Develop lithium optionality at Wendovermedium-term

Lithium extraction could create a new revenue stream from existing brine resources.

The business is exposed to volatile potash and Trio® pricing, seasonal farm demand, and changes in oil and gas drilling...

high

Potash and Trio® price volatility

Revenue and margins depend on fertilizer pricing and market supply-demand balance.

Scope
Core fertilizer segments
Materiality
high
high

Seasonal demand and weather dependence

Farm purchasing is concentrated around planting seasons and depends on weather timing.

Scope
Potash and Trio® shipments
Materiality
high
high

Environmental and regulatory compliance

Mining, water rights, reclamation, and discharge rules can create fines, remediation, or operating limits.

Scope
All operating sites
Materiality
high
high

Asset impairment risk

Weak pricing or underperformance can trigger write-downs of long-lived mining assets.

Scope
Trio® and other mineral assets
Materiality
high
medium

Oil and gas activity decline

Oilfield solutions revenue depends on drilling and related field activity.

Scope
Water, brine, and oilfield services
Materiality
medium
medium

Joint development and diversification execution risk

New projects such as lithium extraction may not achieve technical or economic success.

Scope
Wendover lithium JDA
Materiality
medium
Seasonal revenue and shipment timing
Revenue, gross margin, and working capital can swing materially by quarter
Long-lived asset impairment
Can create non-cash write-downs in weak market conditions
Contingent liabilities and environmental provisions
Can affect operating expense and future cash outflows
Byproduct revenue allocation
Changes reported profitability of potash and Trio® segments

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: 28/04/2026