EX-96.1 13 exhibit961eoy2025technical.htm EX-96.1

Technical Report Summary

of the

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for:

Intrepid Potash–New Mexico, LLC

Revised Report Date:

January 30, 2026

Effective Date:

December 31, 2025

Prepared by:

660 Rood Avenue, Suite A

Grand Junction, Colorado 81501

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			ii

Date and Signature Page

This report titled “Technical Report Summary of the 2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico” is effective as of December 31, 2025, and was prepared and signed by RESPEC Company, LLC, acting as a Qualified Person Firm.

Signed and Dated January 30, 2026.

signed/ RESPEC Company, LLC

Susan B Patton, PE

Principal

On behalf of RESPEC Company, LLC

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			iii

Technical Report Summary

of the

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Table of Contents

									Page
1.0			Executive Summary						1
1.1			Property Description and Ownership						1
1.2			Geology and Mineralization						1
1.3			Status of Exploration, Development and Operations						1
1.4			Mineral Resource Estimates						2
1.5			Mineral Reserve Estimates						3
1.6			Summary of Capital and Operating Cost Estimates						5
1.7			Economic Analysis						6
1.8			Permitting Requirements						6
1.9			Conclusions and Recommendations						7
2.0			Introduction						8
2.1			Terms of Reference						8
2.2			Sources of Information						9
2.3			Personal Inspection						9
3.0			Property Description						12
3.1			Location and Area of the Property						12
3.2			Mineral Rights						12
3.3			Significant Encumbrances						13
3.4			Significant Factors						18
4.0			Accessibility						19
4.1			Topography, Elevation, and Vegetation						19
4.2			Property Access						19
4.3			Climate						19
4.4			Infrastructure Availability						19
5.0			History						22

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			iv

6.0			Geologic Setting						24
6.1			Deposit Type						24
6.2			Regional Geology						24
6.3			Property Geology						27
			6.3.1			East Mine			27
			6.3.2			West Mine			27
			6.3.3			North Mine			28
			6.3.4			HB Solar Solution Mine			30
6.4			Mineralization						30
6.5			Geologic Structure						32
7.0			Exploration						33
7.1			Exploration Other than Drilling						33
7.2			Drilling Exploration						33
7.3			Characterization of Hydrogeology Data						36
7.4			Characterization of Geotechnical Data						36
8.0			Sample Preparation						37
9.0			Data Verification						38
9.1			Data Verification Procedure						38
9.2			Limitations on Verification						38
9.3			Adequacy of the Data						38
10.0			Mineral Processing and Metallurgical Testing						39
10.1			Adequacy of the Data						39
11.0			Mineral Resource Estimates						40
11.1			Key Assumptions, Parameters and Methods						41
11.2			Mineral Resource Estimate						46
11.3			Discussion of Future Work						47
12.0			Mineral Reserve Estimates						48
12.1			Key Assumptions, Parameters, and Methods						48
12.2			Mineral Reserves Estimate						50
12.3			Risk Factors						51
13.0			Mining Methods						53
14.0			Processing and Recovery Methods						58
14.1			HB Processing Facility						58
14.2			Langbeinite Processing Facility						62

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			v

14.3			North Compaction Plant						62
14.4			Tailings Facilities						62
15.0			Infrastructure						69
16.0			Market Studies						71
17.0			Environmental Studies, Permitting, and Plans						72
17.1			Environmental Studies						72
17.2			Waste and Tailings Disposal, Site Monitoring, and Water Management During and After Mine Closure						72
17.3			Permitting Status and Reclamation Bonds						72
17.4			Agreements with Local Individuals						73
17.5			Closure Plans						77
17.6			Adequacy of Current Plans and Compliance						77
18.0			Capital and Operating Costs						78
18.1			Capital Cost Estimate						78
18.2			Operating Cost Estimate						78
18.3			Accuracy Discussion						78
19.0			Economic Analysis						81
19.1			Key Assumptions, Parameters, and Methods						81
19.2			Economic Analysis						81
19.3			Sensitivity Analysis						82
20.0			Adjacent Properties						90
21.0			Other Relevant Data and Information						91
22.0			Interpretation and Conclusions						92
23.0			Recommendations						93
24.0			References						94
25.0			Reliance on Information						98

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			vi

			List of Tables			Page
Table 1-1.			Sylvinite Mineral Resource Estimate Summary effective December 31, 2025			2
Table 1-2.			Langbeinite Mineral Resource Estimate Summary effective December 31, 2025			3
Table 1-3.			IPNM Summary of Potash Solution Mineral Reserve Estimate Summary effective December 31, 2025			4
Table 1-4.			IPNM Langbeinite Mineral Reserve Estimate Summary effective December 31, 2025			5
Table 2-1.			Summary of Reserve Reports			11
Table 3-1.			Property Lease Details			16
Table 5-1.			Mine Ownership History			22
Table 6-1.			The Potash Zones in the McNutt Potash Member			26
Table 6-2.			Carlsbad Area Minerals and Their Compositions			31
Table 7-1.			Data Sample Sets—All Available Holes			33
Table 7-2.			Data Sample Sets—Resource Evaluation Dataset			36
Table 11-1.			Parameter Assumptions			41
Table 11-2.			Cost of Goods Sold and Sales Price Assumptions			42
Table 11-3.			Cutoff Grade Analysis for Mechanical Mining			43
Table 11-4.			Sylvinite Mineral Resource Estimate Summary effective December 31, 2025			46
Table 11-5.			Langbeinite Mineral Resource Estimate Summary effective December 31, 2025			47
Table 12-1.			Product Sales Price (Reserves)			49
Table 12-2.			Cutoff for Solution Mined Reserves			49
Table 12-3.			Cutoff for Mechanical Mined Reserves			50
Table 12-4.			Potash Solution Mineral Reserve Estimate effective December 31, 2025			50
Table 12-5.			Langbeinite Mineral Reserve Estimate effective December 31, 2025			51
Table 13-1.			IPNM HB Mine 25-Year Mine Plan			56
Table 13-2.			IPNM East Mine 25-Year Mine Plan			57
Table 17-1.			Permitting Status			74
Table 18-1.			Major Remediation and Capital Cost Estimate			79
Table 18-2.			Unit Mining Cost			80
Table 19-1.			Economic Analysis Assumptions			81
Table 19-2.			HB Mine Estimated Pre-Tax Cash Flow			83
Table 19-3.			HB Mine Estimated After-Tax Cash Flow			84
Table 19-4.			East Mine Estimated Pre-Tax Cash Flow			85
Table 19-5.			East Mine Estimated After-Tax Cash Flow			86
Table 19-6.			HB Mine NPV Pre-Tax Cash Estimate			87

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			vii

Table 19-7.			HB Mine NPV After-Tax Estimate			87
Table 19-8.			HB Mine Pre-Tax NPV Sensitivities (APR 8 percent)			88
Table 19-9.			HB Mine After-Tax NPV Sensitivities (APR 8 percent)			88
Table 19-10.			East Mine Pre-Tax NPV Sensitivities (APR 8 percent)			89
Table 19-11.			East Mine After-Tax NPV Sensitivities (APR 8 percent)			89

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			viii

List of Figures

						Page
Figure 3-1.			Location Map for the IPNM HB, East, West, and North Mines near Carlsbad, New Mexico			14
Figure 3-2.			Location Map Depicting the Secretary’s Order for the Potash Area			15
Figure 4-1.			Mine Locations showing Property Access			21
Figure 6-1.			Carlsbad Potash District Regional Cross Section (Lewis 2007)			29
Figure 6-2.			Typical Stratigraphic Column of the Ochoan (Warren 2018)			30
Figure 7-1.			Base Map, Lease Lines, and Drillholes			35
Figure 11-1.			All Ore Zones Mineral Resources, Sylvinite Ore			44
Figure 11-2.			3rd, 4th, and 5th Ore Zones Mineral Resources, Langbeinite Ore			45
Figure 12-1.			Mineral Reserves			52
Figure 13-1.			Underground and Solution Mining Extents			55
Figure 14-1.			HB Evaporation Ponds			60
Figure 14-2.			HB Process Flow Diagram			61
Figure 14-3.			East Plant Process Simplified Flow Diagram			64
Figure 14-4.			North Plant Simplified Process Flow Diagram			65
Figure 14-5.			East Tailings Storage Facility			66
Figure 14-6.			West Tailings Storage Facility (HB Brine Recirculation)			67
Figure 14-7.			North Tailings Storage Facility (inactive)			68
Figure 15-1.			Layout of the Infrastructure			70

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			ix

List of Abbreviations

°			degree
%			percent
AMAX			AMAX/Horizon Mine
APR			Annual Percentage Rate
BLM			United States Bureau of Land Management
BNSF			Burlington Northern Santa Fe
CFR			Code of Federal Regulations
CL			Competitive Lease
COGS			cost of goods sold
CPD			Carlsbad Potash District
DMS			dense media separation
DOI			United States Department of Interior
EA			Environmental Audit
EIS			Environmental Impact Statement
EOY			end of year
F			Fahrenheit
FR			Federal Register
ft			feet or foot
ft3			cubic foot
ft%			feet-percent
g			grams
g/cm3			grams per cubic centimeter
gpm			gallons per minute
GT			grade thickness
hp			horsepower
ID2			inverse distance squared
Intrepid			Intrepid Potash, Inc.
IPNM			Intrepid Potash–New Mexico, LLC
K2O			potassium oxide
K2SO4 ·2MgSO4			langbeinite
KCl			sylvite or potassium chloride
KPLA			Known Potash Leasing Area
LOM			Life-of-Mine
NMED			New Mexico Environmental Department
M			million

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			x

MOP			Muriate of Potash
MSHA			Mine Safety and Health Administration
msl			mean sea level
mm			millimeter
Mt			million tons
Mtpy			million tons per year
NaCl			halite
NCL			Non-Competitive Lease
NPV			Net Present Value
NAD			North American Datum
OSHA			Occupational Safety and Health Administration
PFD			process flow diagrams
PRL			Preference Rights Lease
QP			Qualified Person
RC			reflux classifier
REC			Recognized Environmental Concerns
RESPEC			RESPEC Company LLC
SEC			United States Securities Exchange Commission
SME			Society for Mining, Metallurgy & Exploration
SOE			statement of earnings
SOP			standard operating procedure
t			ton
TOC			Total Organic Carbon
tph			tons per hour
tpy			tons per year
TSF			Tailings Storage Facility
US			United States
USGS			United States Geological Survey
WIPP			Waste Isolation Pilot Plant
XRD			X-ray Diffraction

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			1

1.0Executive Summary

RESPEC Company, LLC. was commissioned by Intrepid Potash, Inc. (Intrepid) to prepare the 2025 Technical Report Summary (TRS) filed as Exhibit 96.1 with the Intrepid Potash 10-K for End of Year (EOY) 2025 for the Intrepid Potash-New Mexico (IPNM) property. See Table 2-1 for previous TRS filings for the property. This report updates resource and reserve tables and updates the cash flow and economic analysis to reflect the change in mine plan for the sylvinite deposit and lease boundary adjustments. The resources and reserves are estimated according to United States (US) Securities and Exchange Commission (SEC) S-K 1300 regulations.

1.1Property Description and Ownership

The property includes two operating mines, the East Underground mine and the HB Solar Solution Mines (HB Mine), the idled West Mine, and the North Mine which was shut down in the early 1980’s. The property is located in Eddy and Lea Counties, near Carlsbad, New Mexico.

The East Plant processes the underground room-and-pillar-mined langbeinite ore into Trio®. The long-term underground mining plan has been updated and the economic viability confirmed to convert previously reported resources to reserves. The HB Plant produces Muriate of Potash (MOP) from the solution mine brine. Solution mining of the 1st and 3rd ore zones in previously mined-out areas of the property is planned to continue long term.

1.2Geology and Mineralization

The geology of the potash- and langbeinite-bearing beds of the Carlsbad area has been well documented. Overall, the beds may be described as bedded sedimentary rocks, deposited across the Delaware Basin and Northwest Shelf backreef from the Capitan Reef.

1.3Status of Exploration, Development and Operations

The property has been in continuous operation by IPNM since 2004. Confirmation drilling, regular channel sampling, and mine development are an integral part of the mine operations.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			2

1.4Mineral Resource Estimates

The resource model created from the database of exploration and sampling data served as the basis for the mineral resource estimate. The sampling data includes channel samples from the active mining horizon. The resources reported as mineralized rock in place, exclusive of mineral reserves effective December 31, 2025, are shown in Table 1-1 and Table 1-2 for sylvinite and langbeinite, respectively.

Table 1-1.    Mineral Resource Estimate Summary effective December 31, 2025

IPNM - Summary of Mineral Resources in millions of tons of Sylvinite in Place effective December 31, 2025, based on $475/Product Ton Mine Site
			Resources
			Sylvinite1			Grade			Contained K2O			Mechanical Mining Cutoff2			Processing Recovery
			(Mt)			(%K2O)			(Mt)			(ft-%K2O)			(%)
Measured Mineral Resources			225			15			35			57-66			75-85
Indicated Mineral Resources			104			15			16			57-66			75-85
Measured + Indicated Mineral Resources			329			15			51
Inferred Mineral Resources			—			—			—
1 Sylvinite is a mixed evaporite containing NaCl and KCl.
2 Solution mining resource cutoff for flooded old working is the mining extents boundary.
Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Mt = million tons, % = percentage, K2O = potassium oxide, ft = feet

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			3

Table 1-2.    Mineral Resource Estimate Summary effective December 31, 2025

IPNM - Summary of Mineral Resources in millions of tons of Langbeinite Mineralized Rock in Place effective December 31, 2025 based on $520/Product Ton Mine Site
			Resources
			Langbeinite Mineralized Rock			Grade			Contained K2O			Mechanical Mining Cutoff			Processing Recovery
			(Mt)			(%K2O)			(Mt)			(ft-%K2O)			(%)
Measured Mineral Resources			40			10			4			25			68
Indicated Mineral Resources			40			10			4			25			68
Measured + Indicated Mineral Resources			80			10			8
Inferred Mineral Resources			—			—			—
Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Mt = million tons, % = percentage, K2O = potassium oxide, ft = feet

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			4

1.5Mineral Reserve Estimates

Using the mineral resource grids, applying a reserve cut-off and modifying factors to a 25-year detailed mine plan reserves for the HB and East mine were estimated. Estimated reserve summaries in product tons effective December 31, 2025 for the HB and East mine are included in Tables 1-3 and 1-4, respectively.

Table 1-3.    IPNM Potash Solution Mineral Reserve Estimate Summary effective December 31, 2025

IPNM - Summary of Potash Solution Mineral Reserves effective December 31, 2025 based on $395/Product Ton Mine Site

Reserves

In-Place KCl

In-Situ Grade1

Product2

Brine Cutoff Grade3

Processing Recovery

(Mt)

(%K2O)

(Mt)

(%K2O)

(%)

Proven Mineral Reserves

4.2

22.9

3.0

2.0

85

Probable Mineral Reserves

—

—

—

Total Mineral Reserves

4.2

22.9

3.0

1 In-situ grade is the amount of K2O in the contact area of the caverns and is used to calculate the In-Place KCl

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%, a product purity factor of 103%, a bitterns loss factor of 88% and handling loss factor of 97%.

3 Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the cash costs of production.

Mineral Reserves were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.

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

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

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			5

Table 1-4.    IPNM Mineral Reserve Estimate Summary effective December 31, 2025

IPNM - Summary of Langbeinite Mineral Reserves effective December 31, 2025 based on $435/Product Ton Mine Site
			Reserves
			ROM Ore1			In-Situ Grade2 (Diluted)			Product3			Cutoff Grade			Processing Recovery
			(Mt)			(%K2O)			(Mt)			(ft-%K2O)			(%)
Proven Mineral Reserves			17.1			7.5			3.9			33			68
Probable Mineral Reserves			16.8			6.6			3.3			33			68
Total Mineral Reserves			33.9			7.1			7.2
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 K2O 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 K2O grade to pure langbeinite by mass.
Mineral Reserves were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet, ROM = Run-of-Mine

1.6Summary of Capital and Operating Cost Estimates

Operating cash cost per ton of potash product is estimated from actual operating data to average $251/t with a credit for by-product sales of $74/t, resulting in a $177/t net operating cost. Operating cash cost per ton of langbeinite product, Trio®, is estimated from actual operating data to average $220/t of product with a credit for by-product sales of $2/t.

HB capital investment necessary to complete the HB 25-year mine plan includes pipeline upgrades, and well infrastructure to bring the AMAX/Horizon Mine (AMAX) into solution mining production. Capital is introduced in Year 25 for reclamation requirements if mining were to end in the 25th year. This investment is in addition to the sustaining capital requirements.

Capital investment for implementation of the 25-year mine plan at the East mine includes: slopes to access the 4th ore zone, continuous miners, shuttle cars, dryers and boreholes in addition to sustaining capital.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			6

1.7Economic Analysis

The Net Present Value (NPV) at 8 percent Annual Percentage Rate (APR) for the before- and after-tax estimated cash flow is positive for potash and Trio production over the 25-year plans. The sensitivity to product price and operating cost for an 8 percent APR was evaluated. Varying costs and sales price plus and minus 10 percent results in a positive NPV for all options.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			7

1.8Permitting Requirements

The mines are in operation and necessary state and federal operating permits are in place for current operations. IPNM has timely applied for new permits and permit renewals necessary to continue operations, which are being reviewed by regulatory agencies.

1.9Conclusions and Recommendations

The QP recommends that IPNM continue planning for the challenges in solution mining with the presence of low levels of carnallite. No additional exploration work is recommended beyond the ongoing confirmation drilling.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			8

2.0Introduction

This document was prepared to report the IPNM mineral resources in terms of in-situ tons and reserves in terms of saleable product at IPNM under the SEC S-K 1300 rules (2018). The Society for Mining, Metallurgy & Exploration (SME) Guide for Reporting Exploration Information, Mineral Resources and Mineral Reserves (SME 2017) (The SME Guide) supplements the modifying factors used to convert mineral resources to mineral reserves. This TRS updates the mine plans and associated economic analysis. A portion of previously reported Langbeinite resources have been converted to reserves. Previously filed TRS’s for the property are listed in Table 2-1.

2.1Terms of Reference

According to 17 Code of Federal Regulations (CFR) § 229.1300 (2025), the following definitions are included for reference:

An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			9

a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

Modifying factors are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include but are not restricted to mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource.

A proven mineral reserve is the economically mineable part of a measured mineral resource.

Throughout this report, reserves are presented in tons of K2O and potassium chloride (KCl). Historically, assay data have been reported in terms of percent K2O and reserves in equivalent tons of K2O. Sylvite is KCl and, in many historical reports, reserve tons or product tons are recorded in terms of tons of KCl. Pure KCl equates to 63.17 percent K2O by mass. To convert tonnages from K2O to KCl, multiply by 1.583.

2.2Sources of Information

Information was provided by Intrepid Potash for permitting, sampling, production, leases, and financial reporting.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			10

2.3Personal Inspection

Personal inspection of the properties has occurred over the years by the QP. The most recent inspection of the property took place on November 6 and 7, 2019. The inspection included an underground and surface visit to the East, West, and HB Mines.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			11

Table 2-1.    Summary of TRS’s for the Property under S-K 1300 rules

Effective EOY			Title			Notes			Reference
2021			Technical Report Summary, 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico			Resources and reserves for all applicable zones EOY 2021			Agapito 2022
2021			Technical Report Summary, REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico			Added clarification to resource and reserve estimation methodology, added detail to the operating cost and cash flow methodology			RESPEC 2023
2023			Technical Report Summary of the 2023 Estimated Resources and Reserves at Intrepid Potash-New Mexico			Updated resources and reserves, and economics for new HB mine plan and depletion by extraction.			RESPEC 2024
2024			Technical Report Summary of the 2024 Estimated Resources and Reserves at Intrepid Potash-New Mexico			Updated resources and reserves, and economics applied to the mine plan, depletion by extraction and lease modifications.			RESPEC 2025

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			12

3.0Property Description

3.1Location and Area of the Property

The IPNM Carlsbad HB Solar Solution, East, West, and North Mines are located in southeastern New Mexico in Eddy and Lea Counties in the Carlsbad Potash District (CPD), as shown in Figure 3-1. The location is further defined by the boundary of the Known Potash Leasing Area (KPLA) as shown in Figure 3-2. This United States Bureau of Land Management (BLM) managed area consists of that part of the district where the co-development guidelines for oil and gas and potash are in effect for federal lands under the Secretary’s Order 3324 dated December 4, 2012 (Federal Register [FR] 2012-29393). This order revises and supersedes the Order of the Secretary of the Interior, dated October 28, 1986 (51 FR 39425), and corrected on August 26, 1987 (52 FR 32171). 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 under the New Mexico Oil Conservation Division Order R-111-Q (State of New Mexico Energy, Mineral, and Natural Resources). In general, the stated objective of the 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.

3.2Mineral Rights

IPNM controls the right to mine approximately 127,000 acres in New Mexico. Of that acreage, 21,000 acres are leased from the State of New Mexico, 106,000 acres are leased from the United States government through the BLM, and 280 acres of mineral rights are leased from private owners. IPNM owns 4,700 surface acres near the mine site, adjacent to the federal and state mining leases. Most mining operations are on properties leased from the state or the federal government. These leases generally contain stipulations that require IPNM to commence mining operations within a specified term and continue mining to retain the lease. The stipulations on IPNM leases are subject to periodic readjustment by the applicable state government and the federal government. Federal leases are for indefinite terms subject to readjustment of the lease stipulations, including the royalty payable to the federal government, every 20 years. Leases with the State of New Mexico are issued for terms of 10 years and for as long thereafter as potash is produced in commercial quantities and are subject to readjustment of the lease stipulations, including the royalty payable to the state. Table 3-1 lists the leases and the terms.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			13

3.3Significant Encumbrances

The IPNM properties are pledged as collateral for Intrepid’s revolving credit facility. Various reclamation bonds totaling $7.4 million are in place as of December 31, 2025.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			14

Figure 3-1.    Location Map for the IPNM HB, East, West, and North Mines near Carlsbad, New Mexico

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			15

Figure 3-2.    Location Map Depicting the Secretary’s Order for the Potash Area

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			16

Table 3-1.    Property Lease Details

Federal Land Lease Number			Lease Type			Mine			Date			Royalty Rate			Acres (BLM)			Readjustment Due			Amount Paid			Date Paid
NMNM 029268401			Potassium PRL			East			1966			5%			2,546			12/1/2026			$	10,184		12/08/2025
NMNM 012181001			Potassium PRL			HB			1965			5% Leased Deposits			640			1/1/2045			$	2,560		12/08/2025
NMNM 005728701			Potassium PRL			East			1963			5% = .5% ORRI			2,461			1/1/2044			$	9,848		12/08/2025
NMNM 002362301			Potassium PRL			HB			1962			5% Leased Deposits			400			2/1/2042			$	1,600		12/08/2025
NMNM 001654001			Potassium PRL			West			1960			5%			120			4/1/2040			$	480		12/08/2025
NMNM 001474201			Potassium PRL			East			1963			5% + 1.5% ORRI 320 ac			640			8/1/2043			$	2,560		12/08/2025
NMNM 000685901			Potassium PRL			East			1953			5% +.5% ORRI			2,554			10/26/2033			$	10,220		12/08/2025
NMNM 000610101			Potassium PRL			West			1958			5%			1,200			2/1/2038			$	4,800		12/08/2025
NMNM 0554864			Potassium PRL			East			1953			5% + 1% ORRI			1,250			2/24/2033			$	5,004		12/08/2025
NMNM 0554863			Potassium PRL			East			1953			5% + 1% ORRI			200			2/24/2033			$	800		12/08/2025
NMNM 0554862			Pot Fringe Acre NCL			East			1953			5% + 1% ORRI			480			2/24/2033			$	1,920		12/08/2025
NMNM 0220116			Potassium CL			HB			1961			5% Leased Deposits			2,552			12/1/2041			$	10,208		12/08/2025
NMNM 0184150			Potassium PRL			West			1949			Sliding Scale			240			11/30/2029			$	960		12/08/2025
NMNM 0184149			Potassium PRL			West			1955			Sliding Scale			80			1/1/2035			$	320		12/08/2025
NMNM 0135065			Pot Fringe Acre NCL			HB			1961			5%+1cent mrt			200			6/1/2041			$	800		12/08/2025
NMNM 131012			Pot Fringe Acre NCL			East			2016			5%			1,320			3/1/2036			$	5,280		12/08/2025
NMNM 131011			Pot Fringe Acre NCL			East			2016			5%			2,000			3/1/2036			$	8,000		12/08/2025
NMNM 131010			Pot Fringe Acre NCL			East			2016			5%			1,280			3/1/2036			$	5,120		12/08/2025
NMNM 120103			Pot Fringe Acre NCL			East			2012			5%			1,920			10/1/2032			$	7,680		12/08/2025
NMNM 120102			Pot Fringe Acre NCL			West			2012			5%			1,560			10/1/2032			$	6,240		12/08/2025
NMNM 120101			Pot Fringe Acre NCL			East			2012			5%			2,240			10/1/2032			$	8,960		12/08/2025
NMNM 118970			Potassium CL			East			2008			5%			320			1/1/2028			$	1,280		12/08/2025
NMNM 118969			Potassium CL			East			2008			5%			320			1/1/2028			$	1,280		12/08/2025
NMNM 113457			Pot Fringe Acre NCL			HB			2012			5% Leased Deposits			560			10/1/2032			$	2,240		12/08/2025
NMNM 113456			Pot Fringe Acre NCL			HB			2012			5% Leased Deposits			2,480			10/1/2032			$	9,920		12/08/2025
NMNM 113455			Pot Fringe Acre NCL			HB			2012			5% Leased Deposits			2,401			10/1/2032			$	9,604		12/08/2025
NMNM 112199			Pot Fringe Acre NCL			HB			2007			Sliding Scale (POT); 5% Lang			434			2/1/2027			$	1,740		12/08/2025
NMNM 110949			Pot Fringe Acre NCL			East			2004			5%			1,918			12/1/2044			$	7,672		12/08/2025
NMNM 0088285			Pot Fringe Acre NCL			HB			1960			5%+1cent mrt			120			8/1/2040			$	480		12/08/2025
NMNM 080707			Pot Fringe Acre NCL			East			1963			5%			2,520			8/1/2043			$	10,080		12/08/2025
NMNM 0070607			Pot Fringe Acre NCL			West			1960			5%			552			2/1/2040			$	2,208		12/08/2025
NMNM 0063880			Pot Fringe Acre NCL			West			1959			5%			120			7/1/2039			$	480		12/08/2025
NMNM 054619			Pot Fringe Acre NCL			East			1983			5%			2,092			3/1/2043			$	8,368		12/08/2025
NMNM 0050249A			Potassium PRL			HB			1963			5% Leased Deposits			920			9/1/2043			$	3,680		12/08/2025
NMNM 047021			Pot Fringe Acre NCL			East			1982			5%			1,105			7/1/2042			$	4,424		12/08/2025
NMNM 0045410			Potassium PRL			East			1958			5% +1.5% ORRI 1319.3 ac			2,438			6/1/2038			$	9,756		12/08/2025
NMNM 041639			Pot Fringe Acre NCL			East			1981			5%			120			7/1/2041			$	480		12/08/2025
NMNM 040362			Pot Fringe Acre NCL			East			1980			5%			280			12/1/2040			$	1,120		12/08/2025
NMNM 040071			Potassium CL			North			1980			5%			2,080			5/1/2040			$	8,320		12/08/2025

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			17

Federal Land Lease Number			Lease Type			Mine			Date			Royalty Rate			Acres (BLM)			Readjustment Due			Amount Paid			Date Paid
NMNM 0036791			Potassium CL			HB			1957			5% Leased Deposits			1,840			10/1/1037			$	7,360		12/08/2025
NMNM 0035383			Potassium CL			East			1957			5% +.5% ORRI			2,400			1/1/2038			$	9,600		12/08/2025
NMNM 0033696A			Potassium PRL			East			1957			5% +.5% ORRI			1,241			3/1/2038			$	4,964		12/08/2025
NMNM 0033696			Potassium PRL			West			1958			5%			960			3/1/2038			$	3,840		12/08/2025
NMNM 028916			Pot Fringe Acre NCL			West			1963			5%			880			8/1/2043			$	3,520		12/08/2025
NMNM 028915			Potassium PRL			East			1958			5% +.5% ORRI			118			6/1/2038			$	472		12/08/2025
NMNM 025234			Potassium PRL			West			1949			Sliding Scale			80			11/30/2029			$	320		12/08/2025
NMNM 025233			Potassium PRL			West			1952			5%			1,600			1/2/2032			$	6,400		12/08/2025
NMNM 025232			Potassium PRL			West			1951			5%			1,600			7/6/2031			$	6,400		12/08/2025
NMNM 024522			Pot Fringe Acre NCL			West			1982			5%			800			3/1/2042			$	3,200		12/08/2025
NMNM 018417			Pot Fringe Acre NCL			East			1952			5%			160			1/9/2032			$	640		12/08/2025
NMNM 0015064C			Potassium PRL			East			1953			5% +.5% ORRI			1,049			10/25/2033			$	4,200		12/08/2025
NMNM 0015064B			Potassium PRL			East			1953			5% +.5% ORRI			1,280			10/26/2033			$	5,120		12/08/2025
NMNM 0015064A			Potassium PRL			East			1953			5% +.5% ORRI			1,600			10/26/2033			$	6,400		12/08/2025
NMNM 013933			Pot Fringe Acre NCL			HB			1971			5% Leased Deposits			80			10/1/2031			$	320		12/08/2025
NMNM 013932			Pot Fringe Acre NCL			West			1974			5%			640			11/1/2034			$	2,560		12/08/2025
NMNM 012763			Pot Fringe Acre NCL			HB			1971			5% Leased Deposits			160			6/1/2031			$	640		12/08/2025
NMNM 0011777			Pot Fringe Acre NCL			North			1952			5% + 1% ORRI			1,118			1/9/2032			$	4,472		12/08/2025
NMNM 0011776			Pot Fringe Acre NCL			North			1952			5% + 1% ORRI			2,559			1/9/2032			$	10,240		12/08/2025
NMNM 0007005			Potassium PRL			West			1952			5%			2,073			1/2/2032			$	8,296		12/08/2025
NMNM 0003468			Pot Fringe Acre NCL			West			1958			5%			960			7/1/2038			$	3,840		12/08/2025
NMLC 007186801			Potassium PRL			East			1955			5% +.5% ORRI			1,938			9/1/2035			$	7,756		12/08/2025
NMLC 007014101			Potassium PRL			HB			1959			5%+1cent mrt			439			1/1/2039			$	1,756		12/08/2025
NMLC 006839701			Potassium PRL			North			1952			5% + 1% ORRI			1,920			1/9/2032			$	7,680		12/08/2025
NMLC 006602601			Potassium PRL			HB			1955			5% + 1cent mrt			200			9/1/2035			$	800		12/08/2025
NMLC 006569301			Potassium PRL			West			1958			5%			560			2/1/2038			$	2,240		12/08/2025
NMLC 006556601			Potassium PRL			HB			1951			5% Leased Deposits; 1.0987% ORRI			720			9/28/2031			$	2,880		12/08/2025
NMLC 006528601			Potassium PRL			North			1952			1% ORRI			2,554			1/9/2032			$	10,216		12/08/2025
NMLC 006527501			Potassium PRL			North			1952			1% ORRI			2,551			1/9/2032			$	10,204		12/08/2025
NMLC 006508101			Potassium PRL			HB			1950			Sliding Scale (POT); 1.0987% ORRI			560			12/6/2030			$	2,240		12/08/2025
NMLC 006184701			Potassium PRL			West			1951			1.0987% ORRI			1,275			7/6/2031			$	5,104		12/08/2025
NMLC 0050063F			Potassium PRL			HB			1939			5% Leased Deposits; 1.0987% ORRI			2,358			4/15/2039			$	9,436		12/08/2025
NMLC 0050063B			Potassium PRL			HB			1939			5% Leased Deposits; 1.0987% ORRI			2,560			4/15/2039			$	10,240		12/08/2025
NMLC 0046729D			Pot Fringe Acre NCL			HB			1933			5% Leased Deposits; 1.0987% ORRI			2,560			1/18/2033			$	10,240		12/08/2025
NMLC 0046729C			Pot Fringe Acre NCL			HB			1933			5% Leased Deposits; 1.0987% ORRI			2,280			1/18/2033			$	9,120		12/08/2025
NMLC 0046729A			Pot Fringe Acre NCL			HB			1933			5% Leased Deposits; 1.0987% ORRI			2,559			1/18/2033			$	10,236		12/08/2025
NMLC 0044752			Pot Fringe Acre NCL			HB			1956			5% Lang			240			9/1/2036			$	960		12/08/2025

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			18

Federal Land Lease Number

Lease Type

Mine

Date

Royalty Rate

Acres (BLM)

Readjustment Due

Amount Paid

Date Paid

NMLC 0043636C

Pot Fringe Acre NCL

West

1932

5%

920

6/20/2032

$

3,680

12/08/2025

NMLC 0043636B

Pot Fringe Acre NCL

West

1932

5%

2,312

6/20/2032

$

9,248

12/08/2025

NMLC 0043636A

Pot Fringe Acre NCL

West

1932

5%

1,044

6/20/2032

$

4,180

12/08/2025

NMLC 0036092C

Pot Fringe Acre NCL

West

1929

Sliding Scale

2,559

11/21/2029

$

10,240

12/08/2025

NMLC 0036092B

Pot Fringe Acre NCL

West

1929

Sliding Scale

2,026

11/21/2029

$

8,104

12/08/2025

NMLC 0036092A

Pot Fringe Acre NCL

West

1929

Sliding Scale

2,437

11/21/2029

$

9,748

12/08/2025

State of New Mexico Land Lease Number

Lease Type

Issue Date

Acres (State)

Amount Paid

Date Paid

HP00050001

Potash

2005

3,200

HBP

$3,200

5/15/2025

M006510011

Potash

1936

17,486

HBP

$1,749

11/20/2025

NOTE—Coordinate System: Shifted from North American Datum (NAD) 27 New Mexico State Plane North to Local Mine Grid

PRL = Preference Rights Lease; CL = Competitive Lease; NCL = Non-Competitive Lease

3.4Significant Factors

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

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			19

4.0Accessibility

4.1Topography, Elevation, and Vegetation

The topography is explained in the HB Mine Environmental Impact Statement (EIS) (United States Department of Interior [DOI] 2012) as a karst topography with sinkholes, caves, and enclosed depressions. The topography is the result of the dissolution of evaporite deposits in the subsurface. The vegetation cover in the permit area is typical of the Pecos Valley on the eastern edge of the Guadalupe Mountains. The area is dominated by desert scrub, mesquite upland scrub, and grasslands (DOI 2012). The mines are located at an approximate surface elevation of 3,500-ft mean sea level (msl).

4.2Property Access

The mining facilities are accessible by both road and rail as shown in Figure 4-1. Adequate infrastructure is in place to meet production requirements. Shipment of product is by truck and rail via paved United States Highway 180-W and the Burlington Northern Santa Fe (BNSF) rail link. The area is served by small air carriers at the Cavern City Terminal located in Carlsbad, New Mexico. Airports are located in Midland, Texas and El Paso, Texas, approximately 125 and 200 miles from the property, respectively.

4.3Climate

The climate is generally mild with an average temperature of 62.4 degrees Fahrenheit (°F). The precipitation, as rainfall during the monsoon season from May to September, averages 13.4 inches. Average annual snowfall is 3 inches (US Climate Data 2020). The weather is favorable to conducting solar evaporation. Operations continue throughout the year without significant weather disruption.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			20

4.4Infrastructure Availability

IPNM has sufficient water rights, reliable electric power, and a robust supply chain. IPNM competes with other industries in the Carlsbad area for qualified labor. Layoffs in market downturns may make it more difficult to re-hire personnel as needed.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			21

Figure 4-1.    Mine Locations showing Property Access

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			22

5.0History

Potash was first discovered in southeast New Mexico in 1925 in Eddy County, New Mexico, in Snowden McSweeney Well No. I on a V. H. McNutt permit near the center of the portion of what is now the KPLA. Commercial shipments began in 1931. The ownership history is listed in Table 5-1.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			23

Table 5-1.    Mine Ownership History

Property			Owner			Date
East Mine			Kerr-McGee Chemical Corporation			1961–1985
			New Mexico Potash Corporation (Trans Resources, Inc.)			1985–1996
			Mississippi Potash Inc.			1996–2004
			Intrepid Potash, Inc. (Intrepid Mining- NM, LLC)			2004–Present
West Mine			U. S. Potash Company			1929–1956
			U.S. Borax and Chemical Corporation			1956–1968
			U.S. Potash and Chemical			1968–1970
			Continental American Royalty Corporation			1970–1972
			Teledyne			1972–1974
			Mississippi Chemical Company (MCC)			1974–1996
			Mississippi Potash, Inc. (MPI) (a subsidiary of MCC)			1996–2004
			Intrepid Potash, Inc. (Intrepid Mining - NM, LLC)			2004–Present
North Mine			National Potash Company (Freeport Sulphur Company)			1957–1982
			New Mexico Potash Corporation (Trans Resources Inc.)			1982
			Mississippi Chemical Corporation			1985–1988
			Mississippi Chemical Corporation			1992–1996
			Mississippi Potash Inc.			1996–2004
			Intrepid Potash, Inc. (Intrepid Mining- NM, LLC)			2004–Present
AMAX Mine			Southwest Potash Corporation			1948
			AMAX Potash			1986–1992
			Horizon Gold (Horizon Potash)			1992–1995
			Intrepid Potash, Inc. (Intrepid Mining - NM, LLC)			2012–Present
HB Mine			Potash Corp of America			1934–1967
			Ideal Basic			1967–1985
			Lundberg Industries			1985–1987
			Trans-Resource (Eddy Potash)			1987–1996
			Mississippi Potash, Inc.			1996–2004
			Intrepid Potash, Inc. (Intrepid Mining NM, LLC)			2004–Present

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			24

6.0Geologic Setting

The term “potash” is a generic term describing potassium in combination with chloride, sulfates, or nitrates. Potassium is one of the key nutrients for plants in fertilizer with nitrogen and phosphorus. Potash-bearing evaporites are typically formed as the result of evaporation of brine in basins with restricted outlets. Potash zones are found near the top of halite beds because potash is precipitated from the concentrated brines found at the end of the evaporation sequence. Important natural and commercial soluble potassium salts are sylvite (KCl) and langbeinite, a potassium magnesium double salt (K2SO4 ·2MgSO4) (Barker and Austin 1999).

6.1Deposit Type

The geology of the potash-bearing beds of the Carlsbad area has been well documented. Overall, the potash-bearing beds may be described as bedded sedimentary rocks, deposited across the Delaware Basin and Northwest Shelf backreef from the Capitan Reef. The depositional sequences that developed in the Salado Formation consist of repetitive cycles that can be recognized by changes in mineralogy, sedimentary textures, and structures. Two types of cycles are differentiated as Type I and Type II. A complete Type I cycle ranges in thickness from 3 ft to 33- ft and consists of (in ascending order):

•A basal, mixed siliciclastic and carbonate mudstone

•Laminated to massive anhydrite-polyhalite

•Halite

•Halite with mud (argillaceous halite)

Type II is a thinner, less complete sequence and consists of halite that grades upward into argillaceous halite (Lowenstein 1988). The anhydrite-polyhalite beds are laterally continuous over large distances and are used as marker beds for correlation. Potash beds are not included in these sequences because potash is secondary and formed later than the basic depositional sequence.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			25

6.2Regional Geology

The Carlsbad area falls within the Delaware Basin of Permian Age. The Delaware Basin has a maximum width of approximately 100 miles and a length of approximately 150 miles, extending from north of Carlsbad, New Mexico, to Pecos County, Texas.

The Permian Age sequence comprises the Ochoan, Guadalupe, Leonard, and Wolfcamp series in order of increasing age (Linn and Adams 1966). Laterally extensive, evaporite beds containing deposits of halite, sylvite, langbeinite, kainite, carnallite, and other evaporite minerals are found within the Ochoan Series, whose top ranges from a depth of 2,000 ft near the Texas State line to approximately 200 ft below surface north of Carlsbad.

The Ochoan Series is divided into four formations as follows, in order of increasing depth (Vine 1963):

•Dewey Lake Red Beds, which consist of 200 to 250 ft of fine-grained sandstone, siltstone, and shale of low permeability that is absent west of the Pecos River.

•Rustler Formation, which consists of approximately 350 ft of dolomite and anhydrite beds that outcrop along the Pecos River west of the potash area.

•Salado Formation, which was originally called the Upper Castile Formation and was separated from the underlying Castile based on a potash content of more than 1% K2O (Kroenlein 1939). The Salado Formation contains 12 potash zones, of which 6 have been or are currently being mined.

•Castile Formation, which is laterally bounded by the Guadalupian Age Capitan Reef limestones that define the Delaware Basin and consists of calcite-banded anhydrite and halite formed in a deep-water environment (Cheeseman 1978).

The Salado Formation thickness ranges from 1,200 ft to 2,300 ft and consists of an unnamed Upper Member, the McNutt Potash Member, and an unnamed Lower Member. Much of the variation in thickness is due to removal of halite by dissolution. It is an evaporite sequence dominated by 650 to 1,300 ft of halite and argillaceous halite and contains over 42 informally named or numbered marker beds in addition to 11 numbered potash zones within the McNutt Potash Member (Table 6-1). Figure 6-1 shows the zones in a cross section through the Property.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			26

Table 6-1.    The Potash Zones in the McNutt Potash Member

Potash Zone

Marker Bed

Thickness (ft)

Approximate Depth from Top of Salado (ft)

Lithology

MB103

20

180

Anhydrite

MB109

20

320

Anhydrite, finely crystalline, interbedded with stringers of halite, polyhalite and mudstone

Vaca Triste

10

540

Siltstone and silty mudstone interbedded with halite

11

Mostly carnallite, minor sylvite, leonite

MB117

Polyhalite

MB119

Polyhalite

10

Sylvite, sylvinite

MB120

Anhydrite

9

Carnallite, kieserite, sylvite

MB121

Polyhalite

MB122

Polyhalite

8

Sylvite

Union Anhydrite

15-20

760

Anhydrite, finely crystalline with stringers of halite

7

Sylvite, sylvinite

6

Carnallite, kieserite, etc.

5

Sylvite, langbeinite

MB123

5-10

845

Halite and polyhalite

MB124

5-10

870

Anhydrite, finely crystalline laminated. May have stringers of mudstone

4

Langbeinite, sylvite

3

Sylvite, sylvinite

2

Carnallite, kieserite, etc.

MB125

Polyhalite

1

Sylvite and sylvinite

MB126

Polyhalite

MB134

10-15

1,260

Anhydrite

MB136

10-15

1,340

Anhydrite. May have interbeds of halite or polyhalite

MB142

15

1,550

Anhydrite with interbeds of halite and stringers of mudstone

Cowden Anhydrite

20

1,700

Anhydrite, finely crystalline, laminated. May have thin interbeds of magnesite and mudstone. Divided into two beds by intervening halite in SE Eddy County

Source: Backman (1984); Griswold (1982)

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			27

6.3Property Geology

Sylvinite is currently being mined using solution methods in the 1st and 3rd ore zone. Historically, sylvinite has been conventionally underground mined in the 1st, 3rd, 5th, 7th, and 10th ore zones.

Mechanical mining of langbeinite is currently occurring in the 3rd and 5th ore zones at the East Mine. Langbeinite is prevalent in the 3rd and 4th ore zones in the southern part of the Delaware Basin, part of the Permian Basin, and occurs mixed with sylvite in the 5th ore zone.

The property stratigraphic column is shown in Figure 6-2.

6.3.1East Mine

Historically, the East Mine primarily mined sylvinite in the 10th ore zone. Current mining is predominantly taking place on the 5th mixed and 3rd langbeinite ore zones. The 5th ore zone is a mixed ore consisting of variable amounts of K2O as langbeinite and sylvite. The 5th ore zone, predominant in langbeinite, is mined and blended with the 3rd langbeinite ore. The common minerals found at the mine are halite, sylvite, clay (montmorillonite), sulfate minerals, and carnallite. The eastern sections of the mine have large deposits of carnallite and kieserite. The 10th ore zone is also characterized by isolated pods of barren clays. These clay pods range in size from a few square feet to several hundred thousand square feet. The location of these pods is random, and there is no known practical method of predicting their location.

6.3.2West Mine

The potash deposits at the West Mine consist of mixed sylvite (KCl) and halite (NaCl) in two distinct zones within one of the flat-lying halite beds. This bed is located near the middle of the Salado Formation. Thin zones of enriched potash-bearing minerals are located within the 150-ft deposit.

Mining activities most recently took place in the 5th, 7th, and 10th ore zones. In most parts of the deposit, the vertical change from ore to barren salt is abrupt, while the lateral transition at the edges of the ore body is gradual. Barren masses of halite, known as “salt horses,” are scattered irregularly throughout the ore body. The ore is an intimate intergrowth of crystalline NaCl and KCl in various proportions, with sylvite typically less than 35% by weight. Sylvite is milky or faintly bluish gray but is often stained red by iron oxide around the crystals. Halite commonly is clear, grayish, or

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			28

orange/yellow with occasional red staining. Blue halite is occasionally found associated with the sylvite.

6.3.3North Mine

In the vicinity of the North Mine, the 10th ore zone is encountered at depths of between approximately 1,400 and 1,900 ft below ground surface. The 10th ore zone consists of two sylvinite beds separated by a halite unit. The lower member, or zone 10C, is the target ore bed for the North Mine and may vary in thickness from 3 to 8 ft.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			29

Figure 6-1.    Carlsbad Potash District Regional Cross Section (Lewis 2007)

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			30

Figure 6-2.    Typical Stratigraphic Column of the Ochoan (Warren 2018; Barker et al 1993)

6.3.4HB Solar Solution Mine

The HB Mine, which was formerly owned by the Eddy Potash, Co., and mined on the 1st and 3rd ore zones (Barker and Austin 1999), has been flooded and is currently being solution mined with brines to obtain potash from the remaining pillars.

6.4Mineralization

In the Carlsbad Area, the potassium minerals, in order of decreasing abundance, are polyhalite, sylvite, carnallite, langbeinite, kainite, and leonite. Other potassium minerals occur only in minor amounts in association with the principal potassium minerals listed previously. The mineralogy of the zones found in the Carlsbad Area are summarized in Table 6-2.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			31

Table 6-2.    Carlsbad Area Minerals and Their Compositions

Ore Zone

Closest Marker Bed

Approximate Bed Depth (ft-bgs)

Bed Thickness (ft)

Clay Content (%)

Mineralogy

Mineability and Status

Above Ore Zone

Below Ore Zone

Eleventh

Vaca Triste

MB117

Mostly carnallite, minor silvite and leonite

Not commercial

Tenth

MB119

MB120

700

5–12

5–7

Sylvite

Second best in District; in production

Ninth

MB120

MB121

Carnallite, kieserite, minor sylvite

Not commercial

Eighth

MB122

Union

6–7

Sylvite

Moderate size; unmined

Seventh

Union

5–9

3–4

Sylvite

Formerly mined; standby

Sixth

Union

Carnallite, kieserite, etc.

Not commercial

Fifth

Union

MB123

800

4.7–5

1

Sylvite and langbeinite

In production

Fourth

MB 124

850

4

Langbeinite and sylvite

Principal source of langbeinite; in production

Third

MB 124

865

3-6

Langbeinite and sylvite

In solution mining production of sylvite in Amax, In conventional production for langbeinite in East mine

Second

MB 124

MB125

Carnallite, kieserite, etc.

Not commercial

First

MB125

MB126

900

8–14

2

Sylvite

Long-time producer; currently flooded with brine for solution mining

Source: Barker and Austin (1993); Swales (1966); Pierce (1936); Haworth (1949); Bruhn and Miller (1954); Jones et al. (1954); Kirby (1974); Herne and McGuire (2001)

The minerals listed above can be described as follows (Schaller and Henderson 1932):

•Polyhalite is the most abundant potassium mineral in the Carlsbad Area. Beds of nearly pure polyhalite have thicknesses up to 8 ft and beds a foot or more thick are numerous.

•Sylvite often has a dark red or reddish-brown color due to hematite inclusions. Sylvite without the inclusions is a milky white color. Sylvite is typically mixed with halite and where clay is present in the mixture, it is in bands distinct from the sylvite.

•Carnallite is massive and compact showing no crystal faces. Crystals where seen are typically less than 1 millimeter (mm) in diameter. It occurs in small blebs with halite and sylvite.

•Langbeinite is found in distinct tetrahedral crystals that reach sizes up to ¾ inch. It is typically associated with halite and sylvite and often some kieserite. It has a distinct pink color in most samples and has a higher compressive strength than sylvite.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			32

•Kainite is massive with poorly developed fibrous fracture surfaces and has a characteristic honey-yellow color. It is found in narrow bands between sylvite and langbeinite and is apparently a result of a reaction between the two.

•Leonite is typically found in small quantities in mixtures of other minerals, notably kainite and sylvite. Its color ranges from colorless to pale yellow. It is also found with polyhalite and anhydrite, but the relationship is unclear. It has also been found as a secondary replacement for kieserite.

6.5Geologic Structure

The potash-bearing beds in the Carlsbad Area may be affected by several types of anomalies:

•“Salt horses” (Gunn and Hills 1978)

•“Mud horses” (Simmons 2013)

•Dissolution and collapse anomalies (“breccia chimneys”)

•Igneous dykes

The presence of high concentrations of non-economic evaporite minerals, insolubles, or geologic disturbances that influence the normal character of the potash-bearing beds is considered an “anomaly” and may be unsuitable for mining. These anomalies range from localized features significantly less than a square kilometer to disturbances that are regional (i.e., several square kilometers in extent).

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			33

7.0Exploration

7.1Exploration Other than Drilling

No exploration other than confirmation drilling and channel sampling has been performed.

7.2Drilling Exploration

Intrepid partakes in ongoing exploration as a part of operational long-term planning. Core holes are drilled from the surface and underground, and channel samples are collected as mining advances. Intrepid provided the QP their dataset beginning in 2007. Since that time, multiple data points have been added and several drillholes were reassessed. Potash is also identified from gamma ray geophysical logs in oil and gas wells. Bed thickness and potash grade are estimated and quantified with input from 2,928 sample points. Extensive work was completed with geophysical tools in collaboration with the United States Geologic Survey (USGS) (Nelson 2007) to determine and verify potash grades from gamma logs (Lewis 2006). The sample database for this exploration work is shown in Table 7-1. 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 drillholes and channel samples and are broken down by mining zone. Figure 7-1 shows the exploration drillhole and channel sample locations. The dataset used for this resource and reserve evaluation is shown in Table 7-2.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			34

Table 7-1.    Data Sample Sets—All Available Holes

Ore Zone			Oil/Gas Wells			Surface Core Holes			Underground Core Holes			Channel Samples			Shaft			Roof Bolt			Total Samples
Zone 2			—			2			—			1			—			—			3
Zone 3			478			560			57			784			3			—			1,882
Zone 3A			—			1			—			6			—			—			7
Zone 4			480			544			62			5			3			—			1,094
Zone 4A			—			2			—			—			—			—			2
Zone 5			488			572			114			2,621			4			42			3,841
Zone 7			484			611			89			805			4			7			2,000
Zone 8			492			613			53			—			3			—			1,161
Zone 9			—			1			—			—			—			—			1
Zone 10C			506			843			7			181			3			—			1,540
Total			2,928			3,749			382			4,403			20			49			11,531

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			35

Figure 7-1.    Base Map, Lease Lines, and Drillholes

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			36

Table 7-2.    Data Sample Sets—Resource Evaluation Dataset

Ore Zone			Oil/Gas Wells			Core Holes			Channel Samples			Total Samples
Zone 3			463			542			114			1,119
Zone 4			469			619			12			1,100
Zone 5			482			651			1,984			3,117
Zone 7			480			609			831			1,920
Zone 8			476			576			2			1,054
Zone 10			486			729			183			1,398

7.3Characterization of Hydrogeology Data

The characterization of the hydrogeology was completed for the HB Solar Solution Mine by AECOM in 2011 and is included as part of the publicly available EIS (DOI 2012). 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 (gpm).

7.4Characterization of Geotechnical Data

Not applicable.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			37

8.0Sample Preparation

IPNM has standard operating procedures (SOP) in place for logging and sampling core from underground and surface core drilling. According to the SOP’s, the geologist uses gamma ray to initially select the sample interval prior to prepping the sample for analysis. The samples are assayed at the on-site laboratory. The site laboratory has the capability to conduct X-ray Diffraction (XRD), Total Organic Carbon (TOC), and flame photometry laboratory techniques.

The mineral analysis for all core and channel samples is analyzed with the XRD. A sample of approximately 300–500 grams (g) 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. A sample is weighed out to 5 g and put into a micronizing mill that reduces the particle size to ~10 microns and pressed into a sample holder. The sample is inserted into the instrument and a diffraction pattern is retrieved. The diffraction pattern is then analyzed using the Rietveld refinement software, reporting weight percent of solid mineral in the sample.

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

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			38

9.0Data Verification

Due to the proximity of the location to the DOI Waste Isolation Pilot Plant (WIPP) site, and the intensive oil and gas drilling in the Permian Basin, there is geologic data publicly available for comparison. Data was also verified for beds with an extraction history by reconciling actual mining with the planned mining based on geologic modeling from the exploration database.

9.1Data Verification Procedure

The property has been producing for many years. Mining and processing of the ore to successfully marketed products is verification of the exploration data.

9.2Limitations on Verification

There are no limitations on the verification.

9.3Adequacy of the Data

It is the opinion of the Qualified Person (QP) that the data is adequate for the determination of resources and reserves. The deposit has historically, and continues to be mined, with plans based on the data.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			39

10.0Mineral Processing and Metallurgical Testing

IPNM has a long history of processing ores on-site. Recovery estimates are based on past plant performance, current performance, and anticipated future performance based on laboratory or metallurgical testing of the anticipated plant feed. Over time, the appropriate capital modifications to the plants have been made to accommodate changes in ore feed and market requirements.

10.1Adequacy of the Data

It is the opinion of the QP that the data is adequate for the determination of resources and reserves. The deposit has historically, and continues to be, processed successfully.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			40

11.0Mineral Resource Estimates

According to 17 CFR § 229.1300 (2025), the following definitions of mineral resource categories are included for reference:

An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			41

resource may be converted to a proven mineral reserve or to a probable mineral reserve.

11.1Key Assumptions, Parameters and Methods

The exploration drillhole and channel sample data were compiled to form the database that serves as the basis for estimating the resources. The geologic setting was evaluated, and bed assignments reviewed. Of the data within the lease boundary, all data points contribute bed thickness, and several have assay information.

The geology was modeled using Carlson Software (2020). A basic inverse distance-squared (ID2) algorithm was used with a search radius of ¾ mile to prepare the 100-ft x 100-ft grids for bed thickness and grade. The search radius was applied for Measured and Indicated Resources of ¼ mile and ¾ mile, respectively. Where data is dense, the nearest 25 data points were used to assign values for the grid block. The grids were multiplied by each other to compile a grade-thickness (GT) grid within the lease boundaries held by IPNM. The base grid was adjusted for each ore type cutoff. Key assumptions and parameters for resource estimation are listed in Table 11-1.

The classification of cutoff in terms of GT in units of ft% was defined in the Secretaries Order dated October 21, 1986 (51 FR 39425) for mechanically mined potash deposits. The criteria

Table 11-1.    Parameter Assumptions

			Resources
			Measured			Indicated
Proximity to sample point			1,320 ft (1/4 mile)			3,960 ft (3/4 mile)
GT for sylvinite mechanical mining			57 ft% K2O
GT for high-insoluble sylvinite mechanical mining*			66 ft% K2O
GT for langbeinite mechanical mining			25 ft% K2O
Flood elevation HB South			2,525 ft
Flood Elevation HB North			2,325 ft
Flood Elevation HB Eddy			2,675 ft
Flood Elevation HB AMAX			2,500 ft
Carnallite content mechanical mining			Less than 6%
Mineability			Reasonably expected to be feasible to mine
*High-insoluble sylvinite zones 8 and 10

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			42

are not dependent on thickness or grade, but on the product of the thickness and grade. To evaluate the viability of mining the IPNM mechanically mined resources, a cutoff GT was established. Inputs to the estimation of the cutoff analysis are cost of goods sold, product sale price, mill recovery, and nominal grade. The cutoff for solution mining in flooded abandoned underground potash mines is a function of the grade of the brine being extracted which results in enough product tons to just cover the cost of production.

The estimated cost of goods sold (COGS) and sales price used in the cutoff evaluation are outlined in Table 11-2.

Intrepid has a long history of sales and marketing of their products. Sales are managed for all properties through the corporate office. Intrepid provided the historical demand and sales pricing through the statements of earnings (SOE) from 2012 to 2025. Forward-looking pricing was provided by Intrepid marketing. The product sale prices selected for analysis of cutoff grade are shown in Table 11-2. These values are 25% greater than the product sales price for the reserve estimate.

Table 11-2.    Cost of Goods Sold and Sales Price Assumptions

Product

Sale Price

Freight

Net Sales Price

Cost of Goods Sold (not including by- product credit)

Langbeinite

$520/t

$110/t

$410/t

$220/t

Sylvite Solution Mining

$475/t

$45/t

$430/t

$251/t

Sylvinite Mechanical Mining

$475/t

$45/t

$430/t

$220/t

Economic modeling indicates cutoff grades at the IPNM East Mine of 25 ft %K2O for langbeinite resource. Modeling also indicates a cutoff of 66 ft% K2O for the high-insoluble sylvinite resources in the 8th and 10th zones, which requires the capital investment of a new plant and refurbishment of shafts. A cutoff of 57 ft% K2O is indicated for the West sylvinite resources which requires the processing plant, mine equipment, and associated infrastructure to be rehabilitated. Cutoff grades are listed in Table 11-3.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			43

Table 11-3.    Cutoff Grade Analysis for Mechanical Mining

Ore Mineral			Pure Mineral (%)			Nominal Grade Cutoffs (% K2O)			Nominal Grade Cutoffs (% KCl or Lang)			Mill Recovery (%)			Grade- Thickness Cutoff1 (ft%)			Applicable Ore Zones
Carlsbad East Mine
Langbeinite2			22.70%			5.0%			22.0%			68%			25			East–3, 4 and 5, West–4
Carlsbad West/North Mine
High-Insolubles Sylvinite with CAPEX Burden			63.17%			14.4%			22.8%			75%			66			8 and 10
Carlsbad West Mine
Sylvinite with CAPEX Burden			63.17%			11.8%			18.7%			80%			57			West–3, 4, 5, 7 North–3 and 4
1 Equivalent to 5.0-ft-thick ore at nominal grades in the East Mine and 4.5-ft-thick ore at nominal grades in the West and North Mines.
2 All langbeinite is processed at the East Plan
CAPEX = capital expenditure

By definition, the cutoff grade is the grade that determines the destination of the material during mining. The cutoff grade for resources of abandoned underground sylvinite is not a parameter for use in the estimation of solution mining resources but does establish an operational minimum limit for the brine grade reserves. The solution mining resources are the pillars remaining after mining and the fringe boundary of the mine. Resources could also be unmined sylvinite left behind to provide geotechnical support. An operational limit of the flood elevation establishes the cutoff between resource and reserve for this deposit. When mining using solution methods in proximity to other mines, or other underground mines not within the control of IPNM, the critical factor in establishing a flood elevation is to keep adjoining properties dry or to protect structures such as shafts.

A resource map for sylvinite by zones 10, 8, 7, 5, 4, 3, and 1 are included in Figure 11-1. The langbeinite mineral resource maps for zones 5, 4, and 3 are included in Figure 11-2.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			44

Figure 11-1.    All Ore Zones Mineral Resources, Sylvinite Ore

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			45

Figure 11-2.    3rd, 4th, and 5th Ore Zones Mineral Resources, Langbeinite Ore

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			46

11.2Mineral Resource Estimate

The estimate of measured and indicated mineral resources effective December 31, 2025, extracted from the application of the resource cutoffs to the geologic model is listed in Table 11-4 and Table 11-5 for sylvinite and langbeinite, respectively.

Table 11-4.    Sylvinite Mineral Resource Estimate Summary effective December 31, 2025

IPNM - Summary of Mineral Resources in millions of tons of Sylvinite in Place effective December 31, 2025, based on $475/product ton mine site
			Resources
			Sylvinite1			Grade			Contained K2O			Mining Cutoff2			Processing Recovery
			(Mt)			(%K2O)			(Mt)			(ft-%K2O)			(%)
Measured Mineral Resources			225			15			35			57-66			75-85
Indicated Mineral Resources			104			15			16			57-66			75-85
Measured + Indicated Mineral Resources			329			15			51
Inferred Mineral Resources
1 Sylvinite is a mixed evaporite containing NaCl and KCl.
2 Solution mining resource cutoff for flooded old working is the mining extents boundary.
Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are not mineral Reserves and have not demonstrated economic viability.
Mt = million tons, % = percentage, K2O = potassium oxide, ft = feet

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			47

Table 11-5.    Langbeinite Mineral Resource Estimate Summary effective December 31, 2025

IPNM - Summary of Mineral Resources in millions of tons of Langbeinite Mineralized Rock in Place effective December 31, 2025, based on $520/Product Ton Mine Site
			Resources
			Langbeinite Mineralized Rock			Grade			Contained K2O			Mining Cutoff			Processing Recovery
			(Mt)			(%K2O)			(Mt)			(ft-%K2O)			(%)
Measured Mineral Resources			40			10			4			25			68
Indicated Mineral Resources			40			10			4			25			68
Measured + Indicated Mineral Resources			80			10			8
Inferred Mineral Resources
Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are not mineral Reserves and have not demonstrated economic viability.
Mt = million tons, % = percentage, K2O = potassium oxide, ft = feet

11.3Discussion of Future Work

IPNM has historically and is currently producing sylvite and langbeinite ore and the associated products from this Property. There are no relevant technical or economic factors that need to be resolved.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			48

12.0Mineral Reserve Estimates

Mineral reserves that are to be mined using mechanical methods are estimated by the application of a detailed mine plan for the measured and indicated resources within the boundaries of the cutoff GT for reserves. The plan sets the basis for the estimation of annual production of products. The income from product sales and the operating and capital costs to mine the resource is fundamental to the cash flow used to establish economic viability.

Mineral reserves that are mined using solution mining methods are not subject to the traditional application of a cutoff grade but instead of operational limitations. An operational limit of the flood elevation establishes the cutoff between resource and reserve for this deposit. Mineral reserves mined using traditional mechanical methods are subject to a grade-thickness cutoff based on the forecasted mining costs and sales price.

According to 17 CFR § 229.1300 (2025), the following definitions are included for reference:

A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource.

A proven mineral reserve is the economically mineable part of a measured mineral resource.

12.1Key Assumptions, Parameters, and Methods

By definition, modifying factors are the factors applied to indicated and measured mineral resources and then evaluated in order to establish the economic viability of mineral reserves. These factors for IPNM include mechanical and solution mining parameters; mineral processing; oil and gas drill islands and well locations; economic cutoff GT; deleterious minerology; legal, environmental permitting and lease boundaries.

Intrepid has a long history of sales and marketing of their products. Sales are managed for all properties through the corporate office. Intrepid provided the historical demand and sales pricing through their SOEs from 2012 to 2025. Potash market is discussed in Section 16. The product sales price selected for Reserve evaluation is shown in Table 12-1.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			49

Table 12-1.    Product Sales Price (Reserves)

Product

Sale Price

Freight

Net Sales Price

Cost of Goods Sold (not including by-product credit)

Sylvite

$395/t

$45/t

$350/t

$251/t

Langbeinite

$435/t

$110/t

$325/t

$218/t

Cutoff grade for brine production is listed in Table 12-2. Cutoff grade-thickness for langbeinite is shown in Table 12-3.

Table 12-2.    Cutoff for Solution Mined Reserves

5-Yr Basis (2026-2030)
Total production costs ($/ton of product)			$251
Net revenue from byproducts ($/ton of product)			($74)
Total Cost ($/ton of product)			$177
Potash
Price per ton less shipping ($/ton)			$350
Tons sold			679,100
Net potash sales ($)			$237,685,000
Cutoff Analysis
Breakeven tons (tonnage to cover the costs)			268,500
Net concentration of production brine (% KCl)			4.5
Cutoff net concentration (% KCl)			3.2
Cutoff net concentration (% K2O)			2.0

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			50

Table 12-3.    Cutoff for Mechanical Mined Reserves

East Mine Ore Mineral Zones 3, 4 and 5 and West Mine Ore Zone 4

Pure Mineral (%)

Nominal Grade Cutoffs (%K2O)

Mill Recovery (%)

Final Product Net Sale Value1 ($)

Sale Value per Ore Ton at Cutoff Grade ($)

Mining Cost per ton of Ore2 ($)

Grade- Thickness Cutoff3 (ft%K2O)

Langbeinite4

22.7

6.6

68%

$325.00

$51.71

$51.71

33

1 Net Sale value at long-term reserve price less shipping.

2 Estimated cost of goods sold per ton of ore not including interest, depreciation, depletion or taxes.

3 Equivalent to 5.0-ft.-thick ore at nominal grade.

4 All langbeinite is processed at the East plant.

12.2Mineral Reserves Estimate

The mine plan boundary determines the technical feasibility of mining the reserves for zones. The mine plan layout for the solution mining is a flood elevation indicating the limit of the fluid injection boundary. The proven and probable reserves are included in Table 12-4, and Table 12-5 for potash and langbeinite, respectively. Reserves are shown in Figure 12-1.

Table 12-4.    Mineral Reserve Estimate effective December 31, 2025

IPNM -Summary of Potash Mineral Reserves effective December 31, 2025 based on $395/Product Ton Mine Site

Reserves

In-Place KCl

In-Situ Grade1

Product2

Brine Cutoff Grade3

Processing Recovery

(Mt)

(%K2O)

(Mt)

(%K2O)

(%)

Proven Mineral Reserves

4.2

22.9

3.0

2.0

85

Probable Mineral Reserves

—

—

—

Total Mineral Reserves

4.2

22.9

3.0

1 In-situ grade is the amount of K2O in the contact area of the caverns and is used to calculate the In-Place KCl.

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%, a product purity factor of 103%, a bitterns loss factor of 88% and handling loss factor of 97%.

3 Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the cash costs of production.

Mineral Reserves were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.

Mineral Reserves are reported on a 100% basis.

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

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			51

Table 12-5.    Mineral Reserve Estimate effective December 31, 2025

IPNM - Summary of Langbeinite Mineral Reserves effective December 31, 2025 based on $435/Product Ton Mine Site
			Reserves
			ROM Ore1			In-Situ Grade2 (Diluted)			Trio Product3			Cutoff Grade			Processing Recovery
			(Mt)			(%K2O)			(Mt)			(ft-%K2O)			(%)
Proven Mineral Reserves			17.1			7.5			3.9			33			68
Probable Mineral Reserves			16.8			6.6			3.3			33			68
Total Mineral Reserves			33.9			7.1			7.2
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 K2O 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 K2O grade to pure langbeinite by mass.
Mineral Reserves were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Reserves are reported on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

12.3Risk Factors

Mineral reserves are an estimate from sparse data sampling points in a geologic setting that can be highly variable. The risk of material changes to the geologic interpretation is tempered by the application of the anomaly factor and the long history of mining in this deposit. Costs are subject to impact by the broader economy and can be impacted by the weather and other natural forces. A change in rules or regulations can result in unanticipated cost increases.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			52

Figure 12-1.    Mineral Reserves

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			53

13.0Mining Methods

The two mining methods currently in practice at IPNM are high-extraction mechanical underground room-and-pillar mining and solution mining. Mechanical mining is well suited to bedded deposits. All MOP production at IPNM comes from the HB Solar Solution Mine in the 1st and 3rd ore zones. Trio® production is from langbeinite mined using room-and-pillar mechanical mining methods at the East Mine in the 3rd, 4th, and 5th ore zones. Historically, MOP was sourced from the West Mine 5th, 7th, and 10th ore zones. Approximately 300 people are employed at the property.

The East Mine is a high-extraction, mechanical room-and-pillar mine. Potash was the primary product until mining progressed to the mixed langbeinite and potash ore in the 5th ore zone. The mixed ore was processed into two products: MOP sourced from the sylvinite portion of the mixed ore, and Trio® sourced from the langbeinite portion of the mixed ore. The East Mine plant was converted to a langbeinite-only operation in April 2016 and potash is no longer produced from the East Mine. The maximum productive capacity of the plant is 400,000 t of Trio® concentrate annually.

There are five active sections with a miner and a shuttle car loading onto a belt conveyor. Each mining section produces approximately 275,000 t of run-of-mine ore each year. The long-range production balanced with sales projections results in a long-term annual production of 1.4 Mt of ore for 300,000 t of Trio®.

Historical room-and pillar-mining operations at the HB Mine recovered about 70% of the ore, leaving approximately 30% of the ore available for secondary recovery in pillars plus what can be recovered beyond the limits of the conventional mine works. Mining at the HB Solar Solution Mine recovers potash by injecting saturated saline NaCl brine into the old mine works to create underground leach lakes. Over time, the solution becomes enriched with potash and 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. The solution mine comprises six injection wells, five extraction wells, and two monitoring wells.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			54

The North Mine operated from 1957 to 1982 when it was idled, mainly due to low potash prices and a change in the mineralogy of the readily accessible remaining reserves which negatively impacted mineral processing. Although the mining and processing equipment has been removed, the mine shafts remain open. The compaction facility at the North Mine is where the HB potash product is granulated, stored, and shipped. The North Facility receives compactor feed from the HB Solar Solution Mine via truck and converts the compactor feed to finished granular-sized product and standard-sized product.

The extents of the mine plans for this reserve estimate are shown in Figure 13-1. Mine plans for sylvite ore is in tabular format in Table 13-1 and for langbeinite ore in Table 13-2. The life of the resources and reserves at IPNM exceeds 25 years.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			55

Figure 13-1.    Underground and Solution Mining Extents

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			56

Table 13-1.    IPNM HB Mine 25-Year Mine Plan

Calendar Year			Plan Year			MOP
						R			P			Q			S			T			U			V			W
						Brine Extracted (Gallons)			Weighted (%Mg)			Bitterns Loss (KCl Tons)			Brine Grade (%K2O)			K2O (Tons)			Product KCl (Tons)			Handling Losses (Tons)			MOP (Tons)
2026			Year 1			577,900,100			0.32%			9,800			3.60%			107,600			116,800			5,300			111,500
2027			Year 2			530,000,000			0.37%			10,500			4.90%			134,200			147,400			6,600			140,800
2028			Year 3			530,000,000			0.35%			9,900			5.33%			146,000			161,900			7,300			154,600
2029			Year 4			530,774,700			0.91%			25,700			5.23%			143,500			142,700			6,400			136,300
2030			Year 5			530,000,000			0.96%			26,800			5.26%			144,200			142,300			6,400			135,900
2031			Year 6			530,000,000			0.90%			25,400			5.27%			144,400			144,100			6,500			137,600
2032			Year 7			530,000,000			0.88%			24,800			5.26%			144,100			144,200			6,500			137,700
2033			Year 8			530,774,700			0.65%			18,100			5.17%			141,900			148,600			6,700			141,900
2034			Year 9			530,000,000			0.72%			20,300			5.12%			140,200			144,300			6,500			137,800
2035			Year 10			530,000,000			0.66%			18,500			5.03%			137,900			143,500			6,500			137,000
2036			Year 11			530,000,000			0.51%			14,200			4.88%			133,600			142,900			6,400			136,500
2037			Year 12			530,774,700			0.60%			16,900			4.83%			132,600			138,800			6,200			132,600
2038			Year 13			530,000,000			0.59%			16,600			4.68%			128,200			134,000			6,000			128,000
2039			Year 14			530,000,000			0.73%			20,500			4.60%			126,100			127,500			5,700			121,800
2040			Year 15			530,000,000			0.75%			21,100			4.79%			131,200			132,900			6,000			126,900
2041			Year 16			530,774,700			0.68%			19,000			4.86%			133,500			137,700			6,200			131,500
2042			Year 17			530,000,000			0.68%			19,200			4.70%			128,700			131,900			5,900			126,000
2043			Year 18			530,000,000			0.58%			16,300			4.42%			121,100			126,000			5,700			120,300
2044			Year 19			530,000,000			0.57%			15,900			4.20%			115,000			119,200			5,400			113,800
2045			Year 20			530,774,700			0.60%			16,800			3.94%			108,200			110,300			5,000			105,300
2046			Year 21			530,000,000			0.57%			15,900			3.72%			102,000			103,900			4,700			99,200
2047			Year 22			530,000,000			0.57%			15,900			3.46%			94,800			95,400			4,300			91,100
2048			Year 23			510,375,500			0.59%			15,900			3.24%			85,500			84,400			3,800			80,600
2049			Year 24			473,794,000			0.66%			16,500			3.12%			76,500			73,200			3,300			69,900
2050			Year 25			473,019,300			0.62%			15,400			2.95%			72,100			69,000			3,100			65,900
Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.
Extraction brine density = 1.24; Bitterns brine density = 1.27
Product purity - 97%
Pond recovery – 86%; KCl plant recovery = 84%
Pure KCl equates to 63.17% K2O by mass
Handling losses – 4.5%; Bitterns Losses – 12%
Q = P/5%*R*5%*8.34*1.27/2000
T = R*S*1.24*8.34/2000
U = (T*1.5303*86%*84%-Q)/97%
V = U*4.5%
W = U-V

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			57

Table 13-2.    IPNM East Mine 25-Year Mine Plan

						Langbeinite
						D			E			F			G			H			I
Calendar Year			Plan Year			Ore Production (Tons)			Ore Grade (%K2O Lang)			Recovered K2O (Tons)			Product Langbeinite (Tons)			Handling Losses (Tons)			Langbeinite (Tons)
2026			Year 1			1,477,500			7.72			77,600			357,600			14,300			343,300
2027			Year 2			1,468,000			6.22			62,000			285,700			11,400			274,300
2028			Year 3			1,490,200			6.53			66,200			305,100			12,200			292,900
2029			Year 4			1,493,400			7.08			71,900			331,300			13,300			318,000
2030			Year 5			1,493,400			7.41			75,200			346,500			13,900			332,600
2031			Year 6			1,493,400			7.49			76,000			350,200			14,000			336,200
2032			Year 7			1,344,100			7.26			66,300			305,500			12,200			293,300
2033			Year 8			1,338,400			7.16			65,100			300,000			12,000			288,000
2034			Year 9			1,341,200			7.01			63,900			294,500			11,800			282,700
2035			Year 10			1,344,100			6.92			63,200			291,200			11,600			279,600
2036			Year 11			1,349,800			6.95			63,800			294,000			11,800			282,200
2037			Year 12			1,344,100			7.02			64,100			295,400			11,800			283,600
2038			Year 13			1,487,100			6.99			70,700			325,800			13,000			312,800
2039			Year 14			1,487,100			7.13			72,100			332,200			13,300			318,900
2040			Year 15			1,496,600			7.29			74,100			341,500			13,700			327,800
2041			Year 16			1,305,000			7.43			65,900			303,700			12,100			291,600
2042			Year 17			1,280,400			7.36			64,100			295,400			11,800			283,600
2043			Year 18			1,280,400			7.42			64,600			297,700			11,900			285,800
2044			Year 19			1,402,400			7.26			69,200			318,900			12,800			306,100
2045			Year 20			1,405,400			6.72			64,200			295,800			11,800			284,000
2046			Year 21			1,408,400			6.74			64,600			297,700			11,900			285,800
2047			Year 22			1,408,400			6.58			63,000			290,300			11,600			278,700
2048			Year 23			1,376,700			6.66			62,400			287,500			11,500			276,000
2049			Year 24			951,400			6.12			39,600			182,500			7,300			175,200
2050			Year 25			951,400			6.23			40,300			185,700			7,400			178,300
Amounts presented have been rounded to reflect the accuracy of the estimate, and numbers may not add or compute due to rounding.
Ore Grade K2O to Langbeinite K2O = 81% (Ore Grade K2O includes KCl)
Langbeinite plant recovery = 68%
Product purity = 95.6%
Pure Langbeinite equates to 22.7% K2O by mass
Handling losses = 4%
F = D*(E/100)*0.68
G = F/0.227/0.956
H = G*0.04
I=G-H

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			58

14.0Processing and Recovery Methods

All IPNM ores are processed on-site. There are two active processing plants: the East Plant and HB Plant. The West Plant was idled in 2016. The North Compactor was completed in early 2013 and is used to granulate, store, and ship product from the HB Plant.

Declining ore grades coupled with market conditions have resulted in IPNM shuttering much of it sylvite capacity in the previous years. Historically, the East Plant produced white sylvite by evaporative crystallization and langbeinite (K2SO4·2MgSO4) by dense media separation of the coarse fraction (+20 mesh) of ore mined from the 3rd, 4th, and 5th ore zones. In 2016, sylvite production permanently ceased and the East Plant became a langbeinite-only producer. Langbeinite recoveries have since improved to as high as 72%.

14.1HB Processing Facility

In 2012, IPNM commenced filling the HB solar evaporation ponds (Figure 14-1). The extraction brine sourced from the mined-out areas of the 1st ore zones of the former underground workings of portions of HB Eddy, HB South, HB North, and the HB Crescent, collectively referred to as the HB Mine. The brine is collected and crystallized in 18 solar evaporation ponds. The HB flotation mill processes the harvested potash and salts from the solar evaporation ponds.

Conditioned injectate, made with NaCl-saturated brine, is injected to create underground leach lakes in the lower portions of abandoned subsurface mine workings. The solution mine comprises six injection wells, five extraction wells, and two monitoring/extraction wells.

The simplified process flow diagram (PFD) is shown in Figure 14-2. NaCl-saturated brine is injected into the mines producing about 530 million gallons of brine per year at an estimated grade of 7.6% KCl and 21% NaCl. The evaporation ponds concentrate and crystallize the brine to produce about 700,000 - 900,000 tpy of crystal at 12–14% K2O (19–22% KCl) with the remainder being largely halite. The crystals are mechanically harvested, re-pulped in double-saturated brine and pumped to the HB processing facility.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			59

The crystals are statically screened with the oversize processed through a crusher and recycled. The screened crystal is combined with reagents and fed to flotation cells. The rougher flotation concentrate is forwarded to the agitated leach tank.

The leached solids are at a product grade of >95.5% KCl with a range of 60.5% to 62% K2O. The solids are dried, sampled, and conveyed to storage bins prior to transfer to the North Plant for compaction and shipment to sales.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			60

Figure 14-1.    HB Evaporation Ponds

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			61

Figure 14-2.    HB Process Flow Diagram

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			62

14.2Langbeinite Processing Facility

The East Plant was modified in 2003–2004 to allow dual processing to recover the K2O value from both the sylvite and langbeinite fractions of the ore. In 2016, the sylvite circuit was permanently closed. Langbeinite, marketed as the fertilizer Trio® brand of products, is recovered using dense media separation and a fine langbeinite recovery circuit. A simplified process flow diagram is included as Figure 14-3.

Currently about 1.4 million tpy (Mtpy) of ore is processed at a rate of 300 tph. The ore is crushed, screened, pulped, and rescreened. Coarse material is forwarded to the dense media separation (DMS) circuit. The DMS concentrate is water leached, debrined, and dried. The coarse product is separated into the three Trio® products. Fine material from the screening process is recovered using gravity separation, leaching, debrining, and drying. Fine material is upgraded to premium product using pelletization.

14.3North Compaction Plant

The North Plant provides classification, compaction, quality control, and load-out services for production from the HB Solar Solution Mine. A simplified flow diagram for the North Compaction Plant is presented in Figure 14-4.

Belly dump trucks unload HB product into a dump pocket. The material is then sent to surge bins. The product is screened, preheated, weighed, and sent to a compactor feed bin.

Material is screened to produce standard product or fed to the roll compactor, and resulting flakes are further reduced in size with the subsequent flake breaker and crusher to produce granular product. Product is then screened and sent to the curing dryer and screened once again before being sent to final product storage.

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

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			63

14.4Tailings Facilities

There are three tailings storage facilities (TSF) at IPNM: East, West, and North.

The East TSF is shown in Figure 14-5. The New Mexico State Engineer in the Dam Safety Bureau required IPNM to evaluate as-built conditions and stability of the East TSF due to the lack of original construction calculations and drawings. IPNM completed the required geotechnical evaluation assessment in 2018. Based on that evaluation, a conceptual improvement plan was developed to address identified freeboard, spillway capacity, and embankment stability issues. IPNM is working with the New Mexico State Engineer to prioritize, approve and implement the plan. Full implementation will be phased over several years.

The West TSF, in Figure 14-6, is permitted for tailings disposal from the West Plant. Unsaturated brine is pumped onto the tailings where it is contacted with NaCl to produce a saturated brine for injection. The saturated brine flows to ponds below the tailings pile that manage brine inventory for injection into the HB Mine. The West TSF also stores tails from the West Plant, which is on care and maintenance. Total tailings volume is being reduced by the brine saturation process.

The North TSF in Figure 14-7 is only used to handle excess brine/water and has ample capacity.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			64

Figure 14-3.    East Plant Process Simplified Flow Diagram

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			65

Figure 14-4.    North Plant Simplified Process Flow Diagram

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			66

Figure 14-5.    East Tailings Storage Facility

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			67

Figure 14-6.    West Tailings Storage Facility (HB Brine Recirculation)

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			68

Figure 14-7.    North Tailings Storage Facility (inactive)

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			69

15.0Infrastructure

The IPNM mines have a robust infrastructure in place. IPNM has adequate water rights at each of the mine properties. All of the mining operations are accessible by paved state or county highways and are accessible by rail. All of the operations obtain electric power from local utilities fed to recently upgraded substations. The infrastructure layout is shown in Figure 15-1.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			70

Figure 15-1.    Layout of the Infrastructure

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			71

16.0Market Studies

Price projections for potash and langbeinite are based on a combination of historic pricing trends and expectations of future potash consumption and production. Intrepid uses a variety of sources including, but not limited to, industry reports, company announcements, third-party market studies, and internal estimates when establishing a forecasted price. Intrepid also compares its historic realized pricing for potash and langbeinite to widely available benchmark prices, specifically the Midwest Warehouse potash price and the U.S. New Orleans Louisiana (“NOLA”) Barge Market potash price, to establish a historic price differential which it uses when analyzing future price expectations..

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			72

17.0Environmental Studies, Permitting, and Plans

IPNM holds numerous environmental, mining, safety, and other permits and governmental approvals authorizing the operations at each of the facilities. Operations are subject to permits for, among other things, extraction of salt and brine, discharges of process materials and waste to air and surface water, and injection of brine. IPNM is obligated to reclaim and remediate disturbed lands when they cease operations.

17.1Environmental Studies

IPNM has all necessary operating permits for the current operations and is in production, both underground and solution mining, and through the permit reporting maintains environmental compliance. Environmental studies are conducted for major project expansions. The most recent Environmental Assessment (EA) was completed in 2024 for the construction of new injection piping for the HB In-situ Solution mine. The work referenced the initial EIS for the HB In-Situ Solar Solution Mining Project EIS (DOI 2012).

17.2Waste and Tailings Disposal, Site Monitoring, and Water Management During and After Mine Closure

The property has three tailings’ impoundments, one of which is in current operation, that were described in Section 14. Tailings brine water is recycled for use in processing plants and solution wells. At closure, the tailings piles will dry and form a very hard, stable crust. No recontouring or revegetation of tailings piles are anticipated because the hard crust will provide adequate slope stability. The perimeter dikes will be stabilized for long-term integrity. Precipitation on the pile will dissolve some of the salt as it moves down into the brine pond, but is not anticipated to be saturated when it exits the pile. The tailings areas will be fenced off to minimize public access. Intrepid is in the process of reviewing the closure plan with the Bureau of Land Management and the New Mexico Environment Department Ground Water Quality Bureau.

17.3Permitting Status and Reclamation Bonds

The permitting status of each of the major permits is listed in Table 17-1. Bonds for mine closure and groundwater discharge are currently at a value of $7.4 million.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			73

IPNM has timely applied for new permits and permit renewals necessary for continued operations, which are under review by regulatory agencies. Upon issuance, some of these permits may require us to increase our reclamation bonds.

17.4Agreements with Local Individuals

There are no specific agreements with local individuals or groups.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			74

Table 17-1.    Permitting Status

Common Name

Issuing Agency

Permit ID

Effective Date

Expiration Date

Bond Value

Note

Air Permit

New Mexico Environment Department (NMED) Air Quality Bureau

Title V Air Operating Permit P009-R4 (East Plant)

21-Jun-24

21-Jun-29

None

Title V operating permits have a 5-year permit term; a renewal application was timely filed. The application was ruled complete and is undergoing technical review by NMED.

Air Permit

NMED Air Quality Bureau

Title V Air Operating Permit P261-R1 (North Compaction Plant [NSR 0321-M8], West Floatation Plant [NSR 0421-M5, 0421-M5R1], HB Plant [NSR 4332-M21R3])

20-Dec-24

20-Dec-29

None

Groundwater Discharge Permit

New Mexico Environment: Department Ground Water Bureau (Water Quality Control Commission Regulations)

Discharge Permit No.: DP-1681

10-Jul-15

10-Jul-20

$3,349,000

Application for renewal submitted January 2020. Additional modification applications have been filed since the 2020 renewal application. MMED is reviewing the modification and has indicated they will issue modifications with the permit renewal upon completions of the review. Existing permit remains in effect until agency issues the renewed permit. Current bond amount is shown. Intrepid provided an updated Mine Reclamation and Closure Plan Cost Estimate to NMED GWB in June 2021 for the amount of $4.475 million. Awaiting NMED acceptance before updating bond. Bond currently held by NMED and covered in joint bonding arrangement with the Bureau of Land Management.

West/HB Plant Liquid Waste Permit

NMED Health Bureau

Permit No. 008609

25-Sep-18

Good for the life of the system.

None

HB reclaim

West/HB Plant Liquid Waste Permits

NMED Health Bureau

Permit No. 004446, 004447, 004448, 004449, 004450, 004451, 004452, 004453

6-Jun-24

Good for the life of the system.

None

Various West/HB liquid waste permits

East Plant Liquid Waste Permits

NMED Health Bureau

Permit No. 004437, 004438, 004439, 004440, 004441, 004442, 004444, 004445

6-Jun-24

Good for the life of the system.

None

Various East Plant liquid waste permits.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			75

Common Name

Issuing Agency

Permit ID

Effective Date

Expiration Date

Bond Value

Note

East Plant Liquid Waste Permit

NMED Health Bureau

6-Jun-24

6-Jun-24

Good for the life of the system.

None

East Loadout tank 3A

East Plant Liquid Waste Permit

NMED Health Bureau

Permit No. 009340

4-Sep-19

Good for the life of the system.

None

East Leachfield LF1A

North Plant Liquid Waste Permits

NMED Health Bureau

Permit No. 004454, 004455, 004457, 004458

6-Jun-24

Good for the life of the system.

None

Various North Plant liquid waste permits

Radioactive Devices

NMED Radiation Control Bureau

License Number GA417-17

22-Oct-24

30-Nov-24

None

An extension of 120 days has been granted until the license renewal is completed by NMED RCB

Waterfowl Hazing Plan and Reporting

Bureau of Land Management – Carlsbad Field Office

HB Project Solar Evaporation Ponds, Stepped Avian Monitoring and Mitigation Plan

1-Jan-12

None

None

Intrepid New Mexico submits quarterly reports on its activities

Brine Effects on State Trust Lands

New Mexico State Land Office

Remediation of Brine Effects on State Trust Lands, Lease Numbers bl-0559 and hp-0005

11-April-18

N/A

$250,000

Remediation of brine release on State Trust Lands

Fresh Water Easements

new Mexico State Land Office, Oil, Gas and Minerals Division

Damage bond for freshwater easements WR-813

29-August-23

N/A

$43,000

CAM Plan

NMED Air Quality Bureau

West North and HB Compliance Assurance Monitoring Plan required by Title V Air Operating Permit P261-R1

Same as Title V permit

Same as Title V permit

None

CAM Plan

NMED Air Quality Bureau

East Compliance Assurance Monitoring Plan required by Title V Air Operating Permit P009-R3M1

Same as Title V permit

Same as Title V permit

None

Federal Explosives License

Bureau of Alcohol, Tobacco, and Firearms

Permit #5-NM-015-33-8J-00293

1-Sep-28

None

License covers shell crackers for shotguns. Used to control or scare away waterfowl from the ponds at all sites. This license is for all of Intrepid New Mexico.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			76

Common Name

Issuing Agency

Permit ID

Effective Date

Expiration Date

Bond Value

Note

Mine Operations and Closure Plans

Bureau of Land Management – Carlsbad Field Office

HB Solar Mine Operations and Closure Plan

31-May-21

31-May-31

$415,000

Intrepid NM provided an updated Mine Reclamation and Closure Plan and Closure Cost Estimate for HB to NMED GWB and concurrently with the BLM in June 2021 for the amount of $4.475 million. Awaiting NMED and BLM acceptance before updating the bond.

Mine Operations and Closure Plans

Bureau of Land Management – Carlsbad Field Office

East Mine Operations and Closure Plan North Mine Operations and Closure Plan West Mine Operations and Closure Plan

1977 1977 1977

Intrepid submitted draft Operations and Closure Plans to BLM. Those applications have not been approved and earlier plans remain in effect. Intrepid is working to provide revised Operations and Closure Plans to the BLM for these mines.

Well Permits

NM Office of State Engineer

Injection, Extraction, and Rustler Wells

Various

None

None

Permit status is undetermined at this time.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			77

17.5Closure Plans

Closure plans include repurposing, demolition, and removal of surface infrastructure and safely securing shafts for public safety. Mine operations and closure plans are periodically filed with the BLM. The proposed methods of abandonment are designed to protect unmined recoverable reserves and other resources. While each mine area has specific detailed closure requirements, the major closure steps include closure of shafts and relief wells, tailings stabilization, asbestos removal, building demolition, reclamation of building footprints; reclamation of other areas, disposal of any contaminated soils, reclamation of landfills, reclamation of roads, and remediation of Recognized Environmental Concerns (REC).

Upon completion of solution mining operations at the HB Mine, all structures, wells, pipelines, and ancillary equipment located on Federal, State, and Intrepid fee land will be abandoned, demolished, razed, and hauled to an appropriately permitted local landfill for proper disposal.

17.6Adequacy of Current Plans and Compliance

It is the QP’s opinion that the current plans are adequate to address any issues related to environmental compliance, permitting, and local individuals or groups.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			78

18.0Capital and Operating Costs

18.1Capital Cost Estimate

Capital items necessary to complete the mine plans include sustaining capital andmajor mining equipment replacement, pipeline and injection/extraction wells for the AMAX extension of the HB Solar Solution Mine. The budgeted mine reclamation capital costs are included. Intrepid has provided the mining costs history and sales data since 2007 and budgeted capital costs. With the West Mine taken offline, many of the capital items were recovered from the West Mine for use in the East Mine, reducing the amount of new capital required to sustain East Mine operations. The remaining reclamation cost is included in year 2050 for the HB Mine as $42.7 million and as $18.7 million for the East mine and . Any necessary reclamation work beyond Year 25 is allocated to Year 25 to establish contracting. The sustaining capital is outlined in the budget and includes major equipment replacement. Capital costs are shown in Table 18-1.

18.2Operating Cost Estimate

Intrepid provided the mining costs history and sales data since 2007. The cash operating cost including warehouse, handling, and royalty is provided in Table 18-2. These costs are subject to vary with changes in production. Cash production costs do not include interest, depreciation, depletion, or income taxes. A by-product credit of $74/t is applicable for the HB mine and $2/t for the East mine.

18.3Accuracy Discussion

Because the operating costs are based on historical actual expenses, the cost estimates are at an accuracy of at least +/- 15%.

Capital costs are based on actual bids or recent purchases of capital items plus an inflation factor. The capital costs estimates are at an accuracy of at least +/- 25% and contingency levels are less than 25%.

Reclamation costs are based on the most recent reclamation bond update and asset retirement obligations and are estimated to be accurate to at least +/- 15%.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			79

Table 18-1.    Major Remediation and Capital Cost Estimate ($ million)

						HB Mine									East -Mine
Year Number			Calendar Year			Remediation			Sustaining Capital			Capital			Remediation			Sustaining Capital			Capital
1			2026			$0.1			$5.7			$14.3			$—			$8.0			$1.5
2			2027			1.4			5.7			6.5			—			9.0			8.0
3			2028			4.9			5.7			—			—			10.0			9.8
4			2029			5.2			5.7			—			—			8.0			—
5			2030			—			5.7			—			—			9.0			—
6			2031			—			5.7			—			—			9.0			—
7			2032			—			5.7			—			—			6.0			3.0
8			2033			—			5.7			—			—			5.0			3.6
9			2034			—			5.7			—			—			6.0			—
10			2035			—			5.7			—			—			6.0			—
11			2036			—			5.7			—			—			10.0			3.5
12			2037			—			5.7			—			—			9.0			—
13			2038			—			5.7			—			—			5.0			3.0
14			2039			—			5.7			—			—			8.0			3.6
15			2040			—			5.7			—			—			7.0			—
16			2041			—			5.7			—			—			7.0			—
17			2042			—			5.7			—			—			7.0			—
18			2043			—			5.7			—			—			7.0			—
19			2044			—			5.7			—			—			6.0			—
20			2045			—			5.7			—			—			6.0			—
21			2046			—			5.7			—			—			10.0			—
22			2047			—			5.7			—			—			10.0			—
23			2048			—			5.7			—			—			8.0			—
24			2049			—			5.7			—			—			6.0			—
25			2050			42.7			5.7			—			18.7			9.0			—

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			80

Table 18-2.    Unit Mining Cost 2026-2030

						HB-Mine												East-Mine
Cost Category						Cost ($/Product Ton)						Cost Distribution						Cost ($/Product Ton)						Cost Distribution
Labor						99						39%						72						33%
Maintenance Supplies						27						11%						29						13%
Operating Supplies Including Reagents						25						10%						36						17%
Natural Gas, Electricity and Fuel						16						6%						35						16%
Leases, Property Tax, Insurance, etc.						30						12%						5						2%
Subtotal						197						78%						177						81%
Warehouse						19						8%						20						9%
Royalties						18						7%						16						7%
Environmental Remediation and Other						17						7%						7						3%
Cost of Goods Sold						251						100%						220						100%
By-product Credit						74												2
Cost of Goods Sold with By-product credit						177												218

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			81

19.0Economic Analysis

To evaluate the viability of mining the IPNM mines’ reserves, an economic analysis was conducted. Annual revenue and production cost schedules were used to build a projected cash flow to accompany the mine plan. The costs and sales price parameters were assumed to be constant US dollars.

19.1Key Assumptions, Parameters, and Methods

The property has a long history of operation at this location. The assumption list for the economic analysis is shown in Table 19-1.

Table 19-1.    Economic Analysis Assumptions

Parameter			Assumption
Potash Sale Price (fob mine site)			$395/t
Shipping Potash			$45/t
Average Potash Production Target (25-yr)			120,820 tpy
Average Trio Production Target (25-yr)			288,450 tpy
Trio Sale Price (fob mine site)			$435/t
Shipping Trio			$110/t
Interest Rate			0–12% APR
Income Taxes (State and Federal)			26%

19.2Economic Analysis

For a property in operation, the economic viability may be implied. The cash flow was developed using the HB mine plan and is listed in Table 19-2. The after-tax cash flow is listed in Table 19-3. The cash flow was developed using the East mine plan and is listed in Table 19-4. The after-tax cash flow is listed in Table 19-5. Annual ore production, ore grade and tons of product produced used in both the pre-tax and after-tax cash flow analyses are taken from the annual life of mine production schedule as shown in Section 13: Mining Methods included in this Technical Report Summary. The 25-yr mine production schedule provides the calculation of product tons resulting from tons of ore mined and the associated grade of ore mined.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			82

19.3Sensitivity Analysis

NPV’s were evaluated pre- and after-tax and are included in Table 19-6 and 19-7, respectively. NPV sensitivity analyses were run using variants in commodity price and operating costs for the HB Mine pre and after-tax cash flow. The results of the sensitivity analysis for the HB Mine are shown in Table 19-8 and 19-9, for pre and after-tax, respectively. The results of the sensitivity analysis for the East Mine are shown in Table 19-10 and 19-11, for pre and after-tax, respectively.

NPV sensitivity analyses were run using variants in commodity price and operating costs for the East Mine pre and after-tax cash flow. The results of the sensitivity analysis are shown in Table 19-7 and 19-8, for pre and after-tax, respectively.

19.4Discussion

In all cases the cash flows NPV are most sensitive to change in the sales price. Economic analysis using the price and cost assumptions shows the operation is expected to continue to be profitable over the reserve life.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			83

Table 19-2.    HB-Mine Estimated Pre-Tax Cash Flow (Rounded)

			Five-Year Periods
Item			2026 - 2030			2031 - 2035			2036 - 2040			2041 - 2045			2046 - 2050
Tons of product production			679,100			692,000			645,800			596,900			406,700
Potash Sales price per ton mine site			$	395		$	395		$	395		$	395		$	395
Transportation cost per ton			45			45			45			45			45
Net sales price per ton			$	350		$	350		$	350		$	350		$	350
Period net revenue			$	237,685,000		$	242,200,000		$	226,030,000		$	208,915,000		$	142,345,000
Cost per product ton, excluding depreciation			$	197		$	194		$	205		$	218		$	301
Warehouse & Handling per product ton			19			19			19			19			19
Royalties per product ton			18			18			18			18			18
Environmental remediation and other non-inventory costs			17			16			17			19			28
Less byproduct revenues			(74)			(73)			(78)			(84)			(124)
Operating costs per production ton, excluding depreciation			$	177		$	174		$	181		$	190		$	242
Less period operating costs, excluding depreciation			$	(119,397,000)		$	(120,397,000)		$	(116,816,000)		$	(113,026,000)		$	(98,286,000)
Less period capital			$	(49,100,000)		$	(28,500,000)		$	(28,500,000)		$	(28,500,000)		$	(28,500,000)
Less period remediation			$	(11,546,000)		$	—		$	—		$	—		$	(42,661,000)
Estimated period pre-tax cashflow			$57,642,000			$93,303,000			$80,714,000			$67,389,000			$	(27,102,000)
Amounts are rounded and because of rounding may not foot or recompute.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			84

Table 19-3.    HB-Mine Estimated After-Tax Cash Flow (Rounded)

			Five-Year Periods
Item			2026 - 2030			2031 - 2035			2036 - 2040			2041 - 2045			2046 - 2050
Tons of product production			679,100			692,000			645,800			596,900			406,700
Potash Sales price per ton mine site			$	395		$	395		$	395		$	395		$	395
Transportation cost per ton			45			45			45			45			45
Net sales price per ton			$	350		$	350		$	350		$	350		$	350
Period net revenue			$	237,685,000		$	242,200,000		$	226,030,000		$	208,915,000		$	142,345,000
Cost per product ton, excluding depreciation			$	197		$	194		$	205		$	218		$	301
Warehouse & Handling per product ton			19			19			19			19			19
Royalties per product ton			18			18			18			18			18
Environmental remediation and other non-inventory costs			17			16			17			19			28
Depreciation and Depletion			95			74			64			49			70
Less byproduct revenues			(74)			(73)			(78)			(84)			(124)
Total Operating Costs			$	272		$	248		$	245		$	239		$	312
Total operating costs			$	(184,203,000)		$	(171,569,000)		$	(158,233,000)		$	(142,090,000)		$	(126,810,000)
Estimated Pre-tax Income			$	53,482,000		$	70,631,000		$	67,797,000		$	66,825,000		$	15,535,000
Estimated Taxes at 26%			$	(13,905,000)		$	(18,364,000)		$	(17,627,000)		$	(17,374,000)		$	(4,039,000)
Estimated After Tax Income			$	39,577,000		$	52,267,000		$	50,170,000		$	49,451,000		$	11,496,000
Add back Depreciation and Depletion			$	64,806,000		$	51,172,000		$	41,417,000		$	29,064,000		$	28,524,000
Less Capital			(49,100,000)			$	(28,500,000)		(28,500,000)			(28,500,000)			(28,500,000)
Less Remediation			(11,546,000)			—			—			—			(42,661,000)
After-Tax Cash Flow			$43,737,000			$74,939,000			$63,087,000			$50,015,000			$	(31,141,000)
Amounts are rounded and because of rounding may not foot or recompute.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			85

Table 19-4.    East Mine Estimated Pre-Tax Cash Flow (Rounded)

			2026 - 2030			2031 - 2035			2036 - 2040			2041 - 2045			2046 - 2050
Tons of Product Produced			1,561,100			1,479,800			1,525,300			1,451,100			1,194,000
Langbeinite sales price per ton mine site			$	435		$	435		$	435		$	435		$	435
Transportation cost per ton			110			110			110			110			110
Net sales price per ton			$	325		$	325		$	325		$	325		$	325
Period net revenue			$	507,358,000		$	480,935,000		$	495,723,000		$	471,608,000		$	388,050,000
Cost per product ton, excluding depreciation			$	177		$	183		$	179		$	185		$	209
Warehouse & handling per product ton			20			20			20			20			20
Royalties per product ton			16			16			16			16			16
Environmental remediation and other non-inventory costs			7			8			7			8			9
Less byproduct revenues			(2)			2			2			2			2
Operating costs per production ton, excluding depreciation			$	218		$	229		$	224		$	231		$	256
Less period operation costs, excluding depreciation			$	(340,576,000)		$	(332,019,000)		$	(336,808,000)		$	(328,999,000)		$	(301,939,000)
Less period capital			(63,300,000)			(38,600,000)			(49,100,000)			(33,000,000)			(49,600,000)
Less period remediation			—			—			—			—			(18,713,000)
Estimated period pre-tax cashflow			$	103,482,000		$	110,316,000		$	109,815,000		$	109,609,000		$	17,798,000
Amounts are rounded and because of rounding may not foot or recompute.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			86

Table 19-5. East Mine Estimated After-Tax Cash flow (Rounded)

Item			2026 - 2030			2031 - 2035			2036 - 2040			2041 - 2045			2046 - 2050
Tons of Product Produced			1,561,100			1,479,800			1,525,300			1,451,100			1,194,000
Potash sales price per ton mine site			$	435		$	435		$	435		$	435		$	435
Transportation cost per ton			110			110			110			110			110
Net sales price per ton			$	325		$	325		$	325		$	325		$	325
Period net revenue			$	507,358,000		$	480,935,000		$	495,723,000		$	471,608,000		$	388,050,000
Cost per product ton, excluding depreciation			$	177		$	183		$	179		$	185		$	209
Warehouse & handling per product ton			20			20			20			20			20
Royalties per product ton			16			16			16			16			16
Environmental remediation and other non-inventory costs			7			8			7			8			9
Depreciation and Depletion			15			20			29			30			36
Less byproduct revenues			(2)			(2)			(2)			(2)			(2)
Operating costs per production ton, including depreciation			$	233		$	245		$	249		$	257		$	288
Total Operating Costs			$	(363,353,000)		$	(361,838,000)		$	(381,365,000)		$	(372,814,000)		$	(344,812,000)
Estimated Pre-tax Income			$	144,005,000		$	119,097,000		$	114,358,000		$	98,794,000		$	43,238,000
Estimated Tax at 26%			$	(37,441,000)		$	(30,965,000)		$	(29,733,000)		$	(25,686,000)		$	(11,242,000)
Estimated After-Tax Income			$	106,564,000		$	88,132,000		$	84,625,000		$	73,108,000		$	31,996,000
Add back Depreciation & Depletion			$	22,777,000		$	29,819,000		$	44,556,000		$	43,816,000		$	42,873,000
Less period capital			$	(63,300,000)		$	(38,600,000)		$	(49,100,000)		$	(33,000,000)		$	(49,600,000)
Less period remediation			$	—		$	—		$	—		$	—		$	(18,713,000)
Estimated period after-tax cashflow			$	66,041,000		$	79,351,000		$	80,081,000		$	83,924,000		$	6,556,000
Amounts are rounded and because of rounding may not foot or recompute.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			87

Table 19-6.    NPV Pre-Tax Estimate

Interest Rate			HB Mine NPV			East Mine NPV
(% APR)			($ Million)			($ Million)
0			$272			$451
5			$176			$275
8			$138			$214
10			$119			$184
12			$103			$161

Table 19-7.    NPV After-Tax Estimate

Interest Rate			HB Mine NPV			East Mine NPV
(% APR)			($Million)			($Million)
0			$201			$316
5			$133			$191
8			$106			$147
10			$91			$126
12			$79			$109

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			88

Table 19-8.    HB Pre-Tax NPV Sensitivities (APR 8 percent)

Amounts in Millions

			Base Case			10% Price Decrease			Delta
NPV			$138			$193			$55
			Base Case			10% Price Increase			Delta
NPV			$138			$83			($55)
			Base Case			10% OPEX Decrease			Delta
NPV			$138			$163			$25
			Base Case			10% OPEX Increase			Delta
NPV			$138			$113			($25)
			Base Case			10% CAPEX Decrease			Delta
NPV			$138			$148			$10
			Base Case			10% CAPEX Increase			Delta
NPV			$138			$128			($10)

Table 19-9.    HB After-Tax NPV Sensitivities (APR 8 percent)

Amounts in Millions

			Base Case			10% Price Decrease			Delta
NPV			$106			$66			($40)
			Base Case			10% Price Increase			Delta
NPV			$106			$146			$40
			Base Case			10% OPEX Decrease			Delta
NPV			$106			$121			$15
			Base Case			10% OPEX Increase			Delta
NPV			$106			$91			($15)
			Base Case			10% CAPEX Decrease			Delta
NPV			$106			$115			$9
			Base Case			10% CAPEX Increase			Delta
NPV			$106			$97			($9)

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			89

Table 19-10.    East Mine Pre-Tax NPV Sensitivities (APR 8 percent)

Amounts in Millions

			Base Case			10% Price Decrease			Delta
NPV			$214			$75			($139)
			Base Case			10% Price Increase			Delta
NPV			$214			$353			$139
			Base Case			10% OPEX Decrease			Delta
NPV			$214			$221			$7
			Base Case			10% OPEX Increase			Delta
NPV			$214			$207			($7)
			Base Case			10% CAPEX Decrease			Delta
NPV			$214			$215			$1
			Base Case			10% CAPEX Increase			Delta
NPV			$214			$213			($1)

Table 19-11.    East Mine After-Tax NPV Sensitivities (APR 8percent)

Amounts in Millions

East Mine After-Tax Sensitivities (APR 8%)
			Base Case			10% Price Decrease			Delta
NPV			$147			$45			($102)
			Base Case			10% Price Increase			Delta
NPV			$147			$249			$102
			Base Case			10% OPEX Decrease			Delta
NPV			$147			$198			$51
			Base Case			10% OPEX Increase			Delta
NPV			$147			$96			($51)
			Base Case			10% CAPEX Decrease			Delta
NPV			$147			$158			$11
			Base Case			10% CAPEX Increase			Delta
NPV			$147			$136			($11)

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			90

20.0Adjacent Properties

In preparing the report, the QP indicated that the IPNM operations and the International Minerals Carlsbad, LLC (previously The Mosaic Company) operations, although mining in the same geologic deposit, each has its own plants and infrastructure and are entirely independent of each other. It is the qualified person’s opinion that The International Minerals Carlsbad, LLC operations are not material in relation to IPNM.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			91

21.0Other Relevant Data and Information

The Mine Safety and Health Administration (MSHA) is the governing agency for IPNM’s underground mines and related surface facilities in New Mexico. As required, these operations are regularly inspected by MSHA personnel. The HB Plant is governed by the Occupational Safety and Health Administration (OSHA).

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			92

22.0Interpretation and Conclusions

RESPEC’s QP review and resource and reserve estimations were performed to obtain a reasonable assurance of the estimates from the data provided by Intrepid and IPNM. The QP believes the findings are reasonable and realistic and have been developed using accepted engineering practices.

As with all geologic estimations, there is a level of risk and uncertainty because of sparse data. These estimates are considered reliable based on the historical success of mining operations recovering langbeinite and potash from this deposit. There is more uncertainty in future mining of the ore zones that have not been historically mined.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			93

23.0Recommendations

The QP recommends that IPNM continue planning for the challenges in solution mining with the presence of low levels of carnallite and plan for the expansion pipeline and wells for the AMAX mine. The property is in operation, and no additional work beyond current confirmation drilling is recommended.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			94

24.0References

Agapito (2022), “2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico” prepared for Intrepid Potash, February 18, https://www.sec.gov/Archives/edgar/data/1421461/000142146122000011/ipi12312021exhibit961a.htm

Backman, G. O. (1984), “Regional Geology of Ochoan Evaporites, Northern Part of Delaware Basin,” Circular 184, Socorro, NM: New Mexico Bureau of Mines and Mineral Resources, 25 pp.

Barker, J. M. and G. S. Austin (1993), “Economic Geology of the Carlsbad Potash District, New Mexico,” Guidebook 44th Field Conference, Carlsbad Region, New Mexico and West Texas, New Mexico Geological Society, pp. 283–291.

Barker, J and G. Austin (1999), “Overview of the Carlsbad potash district, New Mexico,” New Mexico Bureau of Mines & Mineral Resources, Circular 207, pp. 7–16.

Bruhn, H. H. and E. H. Miller (1954), “Potash Mining Methods,” Mining Engineering, June, pp. 608–612.

Carlson Software (2020), “Carlson Geology,” available at <https://www.carlsonsw.com/product/ carlson-geology>.

Cheeseman, R. J. (1978), "Geology and Oil/Potash Resources of Delaware Basin, Eddy and Lea Counties, New Mexico," Circular 159, Socorro, NM: New Mexico Bureau of Mines and Mineral Resources (NMBMMR), pp. 7–14.

CFR (2025), “Disclosure by Registrants Engaged in Mining Operations,” § 229.1300, last amended January 24, available at < ecfr.gov/current/title-17/chapter-II/part-229/subpart-229.1300/section-229.1300>.

Federal Register (2012), “Oil, Gas, and Potash Leasing and Development Within the Designated Potash Area of Eddy and Lea Counties, NM,” available at <https://www.federalregister. gov/documents/2012/12/04/2012-29393/oil-gas-and-potash-leasing-and-development- within-the-designated-potash-area-of-eddy-and-lea>, 77 FR 71814, December 4, 5 pp.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			95

Federal Register (1986), “Appendix A, Guidance for Managing the Secretary’s Potash Area,” available at <https://www.nm.blm.gov/cfo/HBIS/docs/o_Appendix_A.pdf>, 51 FR 39425, October 28, 48 pp.

Griswold, G. G. (1982), “Geologic Overview of the Carlsbad Potash-Mining District,” Circular 182, Socorro, NM: New Mexico Bureau of Mines and Mineral Resources, pp. 17–22.

Gunn, R. C. M. and J. M. Hills (1978), “Geology of the Tenth Potash Ore Zone: Permian Salado Formation, Carlsbad District, New Mexico,” Open File Report 146, Socorro, NM: New Mexico Bureau of Mines and Mineral Resources (NMBMMR), 43 pp.

Haworth, R. G. (1949), “Mining Potash Ores in Carlsbad Area,” American Institute of Mining and Metallurgical Engineers, Mining Transactions, 184:381–382.

Herne, V. and T. McGuire (2001), “Mississippi Potash, Inc.’s Underground Operations,” Underground Mining Methods, (Hustrulid, W. A. and R. L. Bullock, eds.), Littleton, CO: SME, pp. 137–141.

Jones, C. L., C. G. Bowles and A. E. Disbrow (2001), “Generalized Columnar Section and Radioactivity Log, Carlsbad District,” Open File Map, USGS, 1 sheet.

Kirby, R. E. (1974), “Mine Modernization at AMAX’s Carlsbad Property,” Preprint 74-AU-302, Salt Lake City: Society of Mining Engineers of AIME, 22 pp.

Kroenlein, G. A., (1939), "Salt, Potash and Anhydrite in Castile Formation of Southeast New Mexico," Bull. American Association of Petroleum Geologists, 25(11):1682–1693.

Lewis, J. P. (2006), “Evaluation of Potash Content in the Conoco Phillips Peakview II Well,” Eddy County, New Mexico: Intrepid Mining LLC, Denver, Colorado, 10 pp.

Lewis, J. P. (2007), “Carlsbad Xsec.jpg,” retrieved from FTP Site, accessed November 15.

Linn and Adams (1966),"Barren Halite Zones in Potash Deposits Carlsbad, New Mexico," Second Symposium on Salt, Cleveland, OH: Northern Ohio Geological Society, Inc., pp. 59–69.

Lowenstein, T. K. (1988), "Origin of Depositional Cycles in a Permian 'Saline Giant': The Salado (McNutt Zone) Evaporites of New Mexico and Texas," 100:592–608.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			96

Nelson, Philip H. (2007), “Evaluation of Potash Grade with Gamma-ray Logs,” USGS OFR 2007-1292, 14 pp.

Pierce, C. A. (1936), “Drilling and Blasting Practice of the United States Potash Company at Carlsbad, New Mexico,” Technical Publication No. 672, New York: American Institute of Mining and Metallurgical Engineers, Inc., 10 pp.

RESPEC (2023) “Technical Report Summary, REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico” prepared for Intrepid Potash, November 27, 111 pp.

RESPEC (2024)    “Technical Report Summary 2023 Estimated Resources and Reserves at Intrepid Potash-New Mexico” prepared for Intrepid Potash, February 14, 2024, 84 pp.

RESPEC (2025)    “Technical Report Summary 2024 Estimated Resources and Reserves at Intrepid Potash-New Mexico” prepared for Intrepid Potash, February 11, 2025, 106 pp.

Schaller, W. T. and E. P. Henderson (1932), “Mineralogy of Drill Cores from the Potash Field of New Mexico and Texas,” Geological Survey Bull. 833, Washington, DC: US Government Printing Office, 124 pp.

SEC (2008), “Industry Guides,” OMB Number 3235-0069, 33 pp.

SEC (2018), 17 CFR parts 229, 230, 239, and 249; Release Nos. 33-10570, 34-84509; File No. S7-10-16; RIN 3235-AL81; Modernization of Property Disclosures for Mining Registrants, October 31, 453 pp.

Simmons, P. (2013), "The Carlsbad Potash Basin, Carlsbad, New Mexico," The Mineralogical Record, 44:13–49.

SME (2017), “A Guide for Reporting Exploration Information, Minerals Resources, and Mineral Reserves,” July 17, 97 pp.

State of New Mexico Energy, Mineral, and Natural Resources Department (2024), New Mexico Oil and Gas Division Case No. 23655, Order No. R-111-Q.

Swales, J. M. (1966)” Shaft Sinking and Underground Development at the Kermac Potash Mine,” Mining Engineering, December, pp. 69–72.

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			97

US Climate Data (2020), https://www.usclimatedata.com/climate/carlsbad/new-mexico/united-states/usnm0046 (accessed December 11, 2019).

United States Department of Interior (2012), “HB In-Situ Solution Mine Project Final Environmental Impact Statement,” DOI-BLM-NM-P020-2011-498-EIS.

Vine, J. D. (1963), “Surface Geology of the Nash Draw Quadrangle Eddy County New Mexico,” Geological Survey Bulletin 1141-B, Washington, DC; US Government Printing Office, 46 pp.

Warren, J. (2018), “Polyhalite: Geology of an Alternate Low-Chloride Potash Fertilizer,” Salty Matters, July 31, https://www.saltworkconsultants.com/downloads/39%20 Poly halite.pdf (accessed October 2, 2019).

RESPEC

---

2025 Estimated Resources and Reserves at Intrepid Potash-New Mexico Prepared for Intrepid Potash, Inc. January 30, 2026			98

25.0Reliance on Information

The QP relied on lease holdings and permitting status provided by Intrepid and IPNM for this reserve evaluation.

RESPEC