EX-96.3 14 exhibit963eoy2025technical.htm EX-96.3

Technical Report Summary

of the

2025 Estimated Resources and Reserves at Intrepid Potash-Wendover

Prepared for:

Intrepid Potash–Wendover, LLC

Report Date:

February 18, 2026

Effective Date:

December 31, 2025

Prepared by:

660 Rood Avenue, Suite A

Grand Junction, Colorado 81501

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			ii

Date and Signature Page

This report titled “Technical Report Summary of the 2025 Estimated Resources and Reserves at Intrepid Potash-Wendover” 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 February 18, 2026.

Signed RESPEC Company, LLC

Susan B Patton, PE

Principal

On behalf of RESPEC Company, LLC

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			iii

Technical Report Summary

of the

2025 Estimated Resources and Reserves at Intrepid Potash-Wendover

Table of Contents

			Page
1.0Executive Summary			1
1.1Property Description and Ownership			1
1.2Geology and Mineralization			1
1.3Status of Exploration, Development, and Operations			2
1.4Mineral Resource Estimates			2
1.5Mineral Reserve Estimates			4
1.6Summary of Capital and Operating Cost Estimates			4
1.7Economic Analysis			4
1.8Permitting Requirements			4
1.9Conclusions and Recommendations			5
2.0Introduction			6
2.1Purpose and Basis of Report			6
2.2Terms of Reference			6
2.3Personal Inspection			7
2.4Sources of Information			7
3.0Property Description			9
3.1Location and Area of the Property			9
3.2Mineral Rights			9
3.3Significant Encumbrances			9
4.0Accessibility			13
4.1Topography, Elevation, and Vegetation			13

RESPEC

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4.2Property Access			13
4.3Climate			13
4.4Infrastructure Availability			13
5.0History			15
6.0Geologic Setting			17
6.1Regional, Local, and Property Geology			17
6.1.1Regional Geology			17
6.1.2Local Geology			18
6.1.3Property Geology			18
6.2Significant Mineralized Zones			21
6.3 Characterization of Hydrology Data			21
6.4 Mineral Deposit			22
7.0Exploration			23
7.1Exploration Other than Drilling			23
7.2Drilling Exploration			23
7.3 Characterization of Geotechnical Data			32
8.0Sample Preparation			33
9.0Data Verification			34
9.1Data Verification Procedure			34
9.2Limitations on Verification			34
9.3Adequacy of the Data			34
10.0Mineral Processing and Metallurgical Testing			35
10.1Adequacy of the Data			35
11.0Mineral Resource Estimates			36

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			v

11.1Key Assumptions, Parameters, and Methods			36
11.2Mineral Resource Estimate			37
11.2.1Potash Resources in the Shallow-Brine Aquifer			37
11.2.2Potash Resources in the Deep-Brine Aquifer			44
11.3Qualified Persons Opinion – Further Work			56
11.4Resource Statement			56
11.5Discussion			56
12.0Mineral Reserve Estimates			58
12.1Key Assumptions, Parameters, and Methods			58
12.2Mineral Reserves Estimate			59
12.2.1Mineral Reserve Estimates for the Shallow-Brine Aquifer			59
12.2.2Mineral Reserve Estimates for the Deep-Brine Aquifer			60
12.3Qualified Persons Opinion – Further Work			60
12.4Reserve Summary			60
13.0Mining Methods			62
13.1Relevant Hydrogeology			62
13.2Production Rates, Expected Mine Life, and Mining Dilution and Recovery Factors			65
13.3Equipment Fleet and Personnel Required			66
14.0Processing and Recovery Methods			69
14.1Process Description			69
14.2Energy, Water, Process Materials, and Personnel Requirements			71
15.0Infrastructure			72
16.0Market Studies			74
17.0Environmental Studies, Permitting, and Plans			75

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			vi

17.1Environmental Studies			75
17.2Waste and Tailings Disposal, Site Monitoring, and Water Management during and after Mine Closure			75
17.3Permitting Status and Reclamation Bonds			75
17.4Agreements with Local Individuals			75
17.5Closure Plans			75
17.6Adequacy of Current Plans and Compliance			75
18.0Capital and Operating Costs			77
18.1Capital Cost Estimate			77
18.2Operating Cost Estimate			77
18.3Accuracy Discussion			77
19.0Economic Analysis			78
19.1Key Assumptions, Parameters, and Methods			78
19.2Economic Analysis			78
19.3Sensitivity Analysis			78
19.4Discussion			78
20.0Adjacent Properties			83
21.0Other Relevant Data and Information			84
22.0Interpretation and Conclusions			85
23.0Recommendations			86
24.0References			87
25.0Reliance on Information			89

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			vii

List of Tables

						Page
Table 1-1.			Mineral Resource Estimate effective December 31, 2025			3
Table 1-2.			Potash Mineral Reserves effective December 31, 2025			4
Table 2-1.			Summary of Mineral Reserve Reports by QP			8
Table 3-1.			Property Lease Details, Intrepid-Wendover			12
Table 7-1.			Shallow-Brine Aquifer Sampling by Turk (1969)			24
Table 7-2.			Shallow Well Monitoring Data, June 2016 to July 2020			27
Table 7-3.			Shallow Brine Sampling Data (Turk)			28
Table 7-4.			Summary of DBW Sample Data			28
Table 7-4.			Post Harvest Pond Data 2000–2024			32
Table 11-1.			Resource Analysis to Estimate Cutoff Grade			37
Table 11-2.			Shallow-Brine Aquifer KCl Resource Estimate			44
Table 11-3.			Historical Deep Well and Shallow Aquifer Production, 1968–2025			45
Table 11-4.			Radius of Influence by DBW			53
Table 11-5.			Brine Mineral Resource Estimate effective December 31, 2025			57
Table 12-1.			Reserve Cutoff Cost Estimate			59
Table 12-2.			Potash Mineral Reserves effective December 31, 2025			61
Table 13-1.			Mine Production Schedule Calendar			68
Table 17-1.			Permitting Status			76
Table 18-1.			Operating Cost Estimate Up (next 5 years)			77
Table 19-1.			Economic Analysis Assumptions			78
Table 19-2.			Estimated Pre-Tax Cash Flow			79
Table 19-3.			Estimated After-Tax Cash Flow			80
Table 19-4.			NPV Pre-Tax Estimate			80
Table 19-5.			NPV After-Tax Estimate			81
Table 19-6.			Pre-Tax NPV Sensitivities (APR 8%)			81
Table 19-7.			After-Tax NPV Sensitivities (APR 8%)			82

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			viii

List of Figures

						Page
Figure 3-1.			Location and Lease Area of Intrepid-Wendover Mine Operation			10
Figure 3-2.			Sample Locations Intrepid-Wendover Mine Operation			11
Figure 4-1.			Mine Location showing Property Access			14
Figure 5-1.			Brine Concentration Pumped into Primary Pond 1960–2025			15
Figure 5-2.			Historical Production at Intrepid-Wendover, 1968–2025			16
Figure 6-1.			Geology of the BSF and Pilot Valley Region (after Lines 1979)			19
Figure 6-2.			Salt Crust and Other Geomorphic Features on the BSF, Fall of 1975 (after Lines 1979)			20
Figure 6-3.			Conceptual Stratigraphic Column			21
Figure 6-4.			Typical Cross Section of the Brines			22
Figure 7-1.			DBW 21 K, Mg, and Li Concentrations			29
Figure 7-2.			DWB 22 K, Mg, and Li Concentrations			29
Figure 7-3.			DWB 23 K, Mg, and Li Concentrations			30
Figure 7-4.			DWB 24 K, Mg, and Li Concentrations			30
Figure 7-5.			DWB 25 K, Mg, and Li Concentrations			31
Figure 7-6.			Mg and Li Concentration Ratio to K as a Function of Pond Brine Density			31
Figure 11-1.			Isoconcentration Map of KCl in Shallow-Brine Aquifer 1965–1967			39
Figure 11-2.			Isoconcentration Map of KCl in Shallow-Brine Aquifer 2021			40
Figure 11-3.			Isoconcentration Map of KCl Depletion in Shallow-Brine Aquifer between 1967 and 2021			41
Figure 11-4.			Brine Concentration Pumped into Primary Pond 1960–2025			42
Figure 11-5.			Historical KCl Production at Intrepid-Wendover, 1968–2025			43
Figure 11-6.			Deep-Brine Well Locations Thickness Isopach of Deep-Brine Aquifer			48
Figure 11-7.			DBW-21, DBW-22, DBW-23, DBW-24, and DBW-25 Pump History			49
Figure 11-8.			Historical KCl Grade at Deep-Brine Aquifer			49
Figure 11-9.			KCl Grades at DBW-21, DBW-22, DBW-23, DBW-24, and DBW-25			50

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			ix

Figure 11-10.			Evaporative Pond Sequence			51
Figure 11-11.			Detail of Harvest and Carnallite Ponds Showing 17-Exit and Ditch 5 Sample Locations			52
Figure 11-12.			Isopach of Li Concentration			54
Figure 11-13.			Isopach of Mg Concentration			55
Figure 13-1.			Intrepid-Wendover Hydrogeologic Setting (after Lines 1979 and Mason 1998)			63
Figure 13-2.			Final Mine Outline			67
Figure 14-1.			Simplified Process Flow Chart			69
Figure 14-2.			Solar Evaporation Pond Layout			71
Figure 15-1.			Layout of the Infrastructure			73

RESPEC

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List of Abbreviations

°			degree
%			percent
APR			Annual Percentage Rate
BLM			United States Bureau of Land Management
BSF			Bonneville Salt Flats
CFR			Code of Federal Regulations
EOY			end of year
ft			feet or foot
ft2			square foot
gpd			gallons per day
I-80			Interstate 80
Intrepid			Intrepid Potash, Inc.
Intrepid-Wendover			Intrepid Potash–Wendover, LLC
IRR			Internal Rate of Return
K			potassium
KCl			sylvite or potassium chloride
lb/ft3			pounds per cubic foot
Li			lithium
LCE			lithium carbonate equivalent
M			million
Mg			magnesium
MgCl2			magnesium chloride
MgCl2•KCl•6H2O			carnallite
MOP			Muriate of Potash
MSL			mean sea level
MRS			metal recovery salt
Mt			million tons
Na			sodium
NaCl			sodium chloride or halite
NPV			Net Present Value

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			xi

NaCl			halite
QP			Qualified Person
RESPEC			RESPEC Company, LLC
SEC			United States Securities Exchange Commission
SME			Society for Mining, Metallurgy & Exploration
SOE			Statement of Earnings
t			ton
tpd			tons per day
tpy			tons per year
UPRR			Union Pacific Railroad
YPB			years before present

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			1

1.0Executive Summary

RESPEC Company, LLC (RESPEC) was commissioned by Intrepid Potash, Inc. (Intrepid) to update the 2023 Technical Report Summary (TRS) filed as Exhibit 96.3 with the Intrepid Potash 10-K for End of Year (EOY) 2025 for the Intrepid Potash–Wendover, LLC (Intrepid-Wendover) property including potash, lithium and magnesium resources. See Table 2-1 for previous TRS filings for the property. Resources and reserves are estimated according to United States (US) Securities and Exchange Commission (SEC) S-K 1300 regulations. This is the maiden resource estimate for lithium (Li) and magnesium (Mg).

1.1Property Description and Ownership

Intrepid-Wendover owns 57,534 acres located in Township 1 North, Range 18 West; Township 1 South, Ranges 17, 18 and 19 West; Township 2 South, Ranges 18 and 19 West; and Township 3 South, Ranges 18 and 19 West. Approximately 34,070 acres owned by the U.S. Bureau of Land Management (BLM) and the State of Utah are leased to Intrepid-Wendover. Leasable minerals are subject to royalties with the BLM and the State of Utah.

Potash at Intrepid-Wendover is produced through solar evaporation of naturally occurring brines collected from the sedimentary basin adjacent to the processing facility via brine collection ditches and extraction wells. The potash content of the collected brine is concentrated by solar evaporation to the point that solids are precipitated in the Harvest pond and can be collected. Harvested salts are hauled to the processing facility, where they are dried, sized, and stored for shipment. Potash, metal recovery salt (MRS), halite (NaCl), and magnesium chloride (MgCl2) are shipped by both truck and rail via Interstate 80 (I-80) and the Union Pacific Railroad (UPRR) link.

1.2Geology and Mineralization

Intrepid’s Wendover operation is located near the Nevada–Utah border along the western edge of Utah’s Great Salt Lake Desert and is situated within the Bonneville Salt Flats (BSF). The BSF is an enclosed sub-basin that contains 150 square miles of salt crust.

Intrepid’s Wendover operation produces potash by transporting subsurface brines to the surface where they are exposed to western Utah’s arid climate. The brine is concentrated through evaporation, allowing the evaporite minerals to precipitate as solids and be collected for further processing. The aqueous portion of the brine that remains after crystallization of potash, is collected in the post-harvest pond system. These brines, often referred to as bitterns, have enriched Li and Mg concentrations. The carnallite deposited in the post-Harvest pond system is processed using cold decomposition to recover potassium that is sent back to the Harvest pond. Because the mineral rich fluids are sourced from subsurface brines, the mineral deposit is best represented by characteristics of the replenishable aquifer(s) containing the brine. For every ton of K produced the Li and Mg are directly related by the ratio of K:Li of 110:1 and the K:Mg of 1.8:1.

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			2

1.3Status of Exploration, Development, and Operations

The property has been in continuous operation by Intrepid-Wendover since 2004. Brine sampling is ongoing and an integral part of the mine operations.

1.4Mineral Resource Estimates

The potassium oxide (K2O) resource model created from the database brine sampling data beginning in 1967 serves as the basis for the potash evaluation. The sampling data includes brine samples from the active mining horizon. The Li and Mg resources estimated from the database of brine sampling and pond volumes, serve as the basis for the Li and Mg evaluation. The resources are subject to renewal and replenishment by recharge from surface and groundwater flow as evidenced by the extensive operating period over which there has been no effective decline in mineral grades. The Mineral Resources reported, exclusive of Mineral Reserves, effective December 31, 2025, are shown in Table 1-1.

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			3

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

Wendover - Brine Mineral Resource Estimate effective December 31, 2025
Resource Category			K2O Brine1			Grade			Contained K2O2			Cutoff3
			(Mt)			(%K2O)			(Mt)			(%K2O)
Measured Mineral Resources			—			—			—			—
Indicated Mineral Resources			80			0.5			0.4			0.21
Measured + Indicated Mineral Resources			80			0.5			0.4			0.21
Inferred Mineral Resources			625			0.5			3.1			0.21
Resource Category			K Brine4			Grade			Contained Mg5			Contained Li5			Contained LCE6
			(Mt)			(%K)			(Mt)			(Kt)			(Kt)
Measured Mineral Resources			233.1			0.21			0.29			4.2			22.5
Indicated Mineral Resources			601.0			0.37			1.22			18.2			96.7
Measured + Indicated Mineral Resources			834.1			0.32			1.51			22.4			119.2
Inferred Mineral Resources			377.8			0.42			1.05			15.6			83.1
Amounts presented have been rounded to reflect the accuracy of the estimate, and number may not add or compute due to rounding.
1 K2O Brine is the recovered mineral bearing brine in solution at average concentrations by weight in the shallow and deep aquifer.
2 Contained K2O is calculated by multiplying K2O Brine by the Grade.
3 Solution mining resource cutoff is the grade at which production covers operating costs.
4 Contained K is the equivalent K portion of the K2O within fee and state leases.
5  Li and Mg brines are found in the aquifers in ratios of K:Mg = 1.7 to 1.8 and K:Li = 117 to 121.
6 To describe the resource in terms of ‘industry standard’ lithium carbonate equivalent, a conversion factor of 5.323 was used to convert elemental lithium to LCE.
Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Resources are reported on a 100% basis.
Mineral Resources are reported on a 100% basis, exclusive of potash mineral reserves.
K2O Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods.
Per ton mine site product pricing basis: K2O based on $475, LCE $10,000, Mg = $5,000
KCl processing recovery 85 percent
Mt = million tons, Kt = thousand tons, % = percent, K2O = potassium oxide, LCE = Lithium Carbonate Equivalent, Mg = Magnesium

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			4

1.5Mineral Reserve Estimates

Table 1-2 shows the estimated Mineral Reserves for the 25-year mine plan.

Table 1-2.    Potash Mineral Reserves effective December 31, 2025

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

Reserves

Brine1 (Mt)

In-Situ Grade2 (%K2O)

Product3 (Mt)

Brine Cutoff Grade4 (%K2O)

Processing Recovery (%)

Proven Mineral Reserves

—

—

—

Probable Mineral Reserves

885

0.5

1.9

0.25

85

Total Mineral Reserves

885

0.5

1.9

1 Brine advanced through the pond system.

2 In-situ grade is the amount of K2O contained in the brine.

3 Potash Product tons are calculated by multiplying Brine by: the In-Situ Grade divided by 63.17% K2O/KCl conversion factor, an overall pond recovery factor of 30%, processing recovery of 85%, a handling loss factor of 97%, and a product purity factor of 105%.

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

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

1.6Summary of Capital and Operating Cost Estimates

Operating cost per potash product ton from brine mining is estimated at $269/t in 2026 and $264/t for the remaining years with a credit for the byproducts of $93/t for an estimated potash operating cost of $176/t.

No major capital investment is necessary to complete the mine plan. For brine storage and management of pond flows, an investment of approximately $5M over years 2026 and 2027, and an additional $6M over years 2036 and 2037 of the plan is included for primary pond work.

1.7Economic Analysis

The Net Present Value (NPV) at 8% Annual Percentage Rate (APR) for the before- and after-tax estimated cash flow is positive. The sensitivity to product price and operating cost for an 8% APR was evaluated. Varying costs and sales price plus and minus 10% the NPV remains positive.

1.8Permitting Requirements

The mine is in operation and necessary state and federal operating permits are in place.

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			5

1.9Conclusions and Recommendations

Estimates are dependent on data obtained from the natural environment. Although the mine has been in operation for many years, factors such as extended drought or natural disasters could influence the estimates.

Confidence in the resource estimate is based on the long-term operating production at the Intrepid-Wendover Property. The DBW consistent stable concentrations provide a high degree of confidence in concentrations of the Li and Mg at locations throughout the sample area.

The general spacing between collection ditches is about 2,600 feet (ft), which may require a period of at least 100 years for the ditches to capture all the potash brine between the ditches. A future mining plan with optimized ditch spacing could affect the recovery factor and reserve estimation.

Conversion of the Li and Mg resource to reserves requires at least pre-feasibility level engineering and cost estimation of the processing and recovery of the Li and Mg.

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			6

2.0Introduction

2.1Purpose and Basis of Report

This document was prepared to report the Intrepid-Wendover mineral resources in terms of in-situ brine tons and mineral reserves in terms of saleable product at Intrepid-Wendover 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. Previous TRS’s filed for the property are listed in Table 2-1.

2.2Terms of Reference

According to 17 Code of Federal Regulations (CFR) § 229.1301 (2021), 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. 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, therefore, 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. An indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource and may only be converted to a probable mineral reserve. As used in this subpart, the term adequate geological evidence means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty.

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. As used in this subpart, the term conclusive geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity.

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.

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			7

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. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from conversion of a measured mineral resource.

Throughout the report, reserves are presented in tons of potassium chloride (KCl).

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 May 19, 2021. The inspection included the Intrepid-Wendover potash plant, evaporation ponds, wellheads, and ditches.

2.4Sources of Information

Previously completed reserve estimations and analyses under SEC Guide 7 (SEC 2008) for this property and the TRS under S-K 1300 rules are listed in Table 2-1. Intrepid provided Statements of Earnings (SOE), permitting documentation, and production and monitoring data.

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			8

Table 2-1.    Summary of Reserve Reports by QP

Effective EOY			Title			Reference
2007			Potash Resource Estimation for Intrepid Potash–Wendover LLC			Agapito 2007a
2007			Determination of Estimated Probable Reserves at Intrepid Potash–Wendover, LLC			Agapito 2007b
2009			Determination of Estimated Probable Potash Reserves at Intrepid Potash–Wendover, LLC			Agapito 2010
2012			Determination of Estimated Probable Potash Reserves at Intrepid Potash–Wendover, LLC			Agapito 2013
2015			2015 Determination of Estimated Probable Potash Reserves at Intrepid Potash–Wendover, LLC			Agapito 2016
2018			2018 Determination of Estimated Probable Reserves at Intrepid Potash–Wendover, LLC			Agapito 2019
2021			Technical Report Summary, 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover			Agapito 2022
2021			Technical Report Summary, REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover			RESPEC 2023
2023			Technical Report Summary of the 2023 Estimated Resources and Reserves at Intrepid Potash-Wendover			RESPEC 2024

RESPEC

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3.0Property Description

3.1Location and Area of the Property

The Intrepid-Wendover potash operation is located in the westernmost part of Tooele County, Utah. The plant facilities and offices are located approximately 3 miles east of Wendover, Utah, on old US Highway 40. The site is approximately 3 miles east of the Nevada border and is primarily located south of I-80, although portions of the site are located north of I-80. The area of the Intrepid-Wendover mine operation is shown on Figure 3-1.

The facility, collection ditches, and evaporation systems cover approximately 91,604 acres (approximately 143 square miles). The majority of the ditch collection system is located to the south and east of the processing facilities.

3.2Mineral Rights

Intrepid-Wendover owns 57,534 surface acres located in Township 1 North, Range 18 West; Township 1 South, Ranges 17, 18 and 19 West; Township 2 South, Ranges 18 and 19 West; and Township 3 South, Ranges 18 and 19 West. Surface ownership includes mineral rights except for two state lease sections. The site boundaries, property ownership, the former and active evaporation ponds, harvest ponds, process facility location, roads, the general distribution of the ditches, and wells are shown on Figure 3-2.

Approximately 34,070 acres owned by the BLM and the State of Utah are leased to Intrepid-Wendover, excluding lands used for highway and utility purposes. The State of Utah owns several state land trust sections within the site boundaries. Intrepid-Wendover holds leases from the federal government that include 25,972 acres adjoining the Intrepid-Wendover property to the east. Intrepid-Wendover also leases 8,098 acres of property from the State of Utah under special use and mineral leases. The state leases are interspersed among the Intrepid-Wendover property and the federal leases. Table 3-1 provides a description of each of the federal and state leases held by Intrepid-Wendover.

3.3Significant Encumbrances

The reclamation bond of $12.0M in place for Intrepid-Wendover is calculated to cover the cost of site reclamation. The bond was updated in 2024.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			10

Figure 3-1.    Location and Lease Area of Intrepid-Wendover Mine Operation

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			11

Figure 3-2.    Sample Locations Intrepid-Wendover Mine Operation

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			12

Table 3-1.    Property Lease Details, Intrepid-Wendover

Privately Owned Lands

Acres

Intrepid Lands

57,534

State of Utah Land Lease Number

Lessee

Lease Type

Mine

Date

Readjustment Due

Rental Period

Acres (SITLA)

Rental Amount

ML-18959

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

320

$3,200

ML-18960

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

318

$3,190

ML-18961

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

640

$6,400

ML-18962

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

640

$6,400

ML-18963

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

320

$3,200

ML-18964

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

160

$1,600

ML-18965

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

320

$3,200

ML-18966

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

640

$6,400

ML-18967

Intrepid-Wendover

Potash

Wendover

1961

1/1/2034

12/31/2023-12/31/2033

320

$3,200

ML-19781

Intrepid-Wendover

Potash

Wendover

1962

1/1/2034

12/31/2023-12/31/2033

640

$6,400

ML-19782

Intrepid-Wendover

Potash

Wendover

1962

1/1/2034

12/31/2023-12/31/2033

640

$6,400

ML-19783

Intrepid-Wendover

Potash

Wendover

1962

1/1/2034

12/31/2023-12/31/2033

640

$6,400

ML-52989

Intrepid-Wendover

Potash

Wendover

2014

12/1/2024

12/1/2024–12/1/2034

2,500

$22,509

Royalty on all state leases is 5% of the gross value of leased substances

8,098

Federal Land Lease Number

Lessee

Lease Type

Mine

Date

Royalty Rate

Readjustment Due

Acres (BLM)

Amount Paid

UTU-087811

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,551

$2,551

UTU-087813

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,560

$2,560

UTU-087815

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,558

$2,559

UTU-087817

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,519

$2,519

UTU-087810

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,527

$2,529

UTU-087812

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,489

$2,490

UTU-087814

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,120

$2,120

UTU-087816

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,319

$2,319

UTU-087818

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,557

$2,557

UTU-087809

Intrepid-Wendover

Potash

Wendover

1963

3%

1/1/2043

2,500

$2,501

UTU-085926

Intrepid-Wendover

Potash

Wendover

2015

3%

6/1/2035

1,272

$1,273

25,972

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			13

4.0Accessibility

4.1Topography, Elevation, and Vegetation

The topography of the area is flat at an approximate elevation of 4,215-ft mean sea level (MSL). Vegetation is sparse.

4.2Property Access

The Wendover potash operation is located in the westernmost part of Tooele County, Utah, on the BSF. The plant facilities and offices are located approximately 3 miles east of Wendover, Utah, on old U.S. Highway 40. The site is located approximately 3 miles east of the Nevada border and is primarily located south of I-80, although portions of the site are located north of I-80. The area of the Intrepid mine operation is shown on Figure 4-1.

4.3Climate

The climate in western Utah is arid with low precipitation and low relative humidity. Average annual rainfall is 5 inches and average evaporation is 80 inches. Variation from these averages is the primary cause of fluctuations in plant production.

4.4Infrastructure Availability

All infrastructure for the operation is located approximately 3 miles east of Wendover, Utah, on old US Highway 40. US I-80 bisects the property as shown on Figure 4-1.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			14

Figure 4-1.    Mine Location showing Property Access

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			15

5.0History

The Bonneville area was recognized in the early 1900s as a source for potash. The original operation was known as the Salduro Works, which operated until 1918 and then closed due to a decline in potash demand. The original Salduro Works was responsible for acquiring lands on which a system of collection ditches was constructed. In the mid-1930s, Bonneville Limited acquired more land to the west of the original property and constructed primary harvest ponds and additional infrastructure to support the mining operations. Between 1961 and 1963, various potash leases were acquired from the federal and state governments. Kaiser Aluminum & Chemical Corporation acquired Bonneville Limited in 1963. The property, including the ponds, processing operation, and lease land, was acquired by Reilly Industries, Inc. from Kaiser Aluminum & Chemical Corporation in 1988. Intrepid-Wendover acquired the property from Reilly Industries, Inc. in April 2004.

Figure 5-1 shows the KCl historical brine concentration pumped into the primary pond. Gaps in the figure are due to inadequate pumping data collection. Figure 5-2 shows the production history for the brine aquifers from 1968 to 2025.

Figure 5-1.    Brine Concentration Pumped into Primary Pond 1960–2025

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			16

Figure 5-2.    Historical Production at Intrepid-Wendover, 1968–2025

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			17

6.0Geologic Setting

6.1Regional, Local, and Property Geology

Intrepid’s Wendover operation is located near the Nevada–Utah border along the western edge of Utah’s Great Salt Lake Desert and is situated within the BSF. The BSF is an enclosed sub-basin that contains 150 square miles of salt crust. The average elevation on the playa is about 4,215 ft above MSL with very little to no relief recorded across the site (Lines 1979).

6.1.1Regional Geology

The BSF and the associated potash- and mineral-bearing brines occur within the Lake Bonneville basin which is part of the larger Basin and Range physiographic province. The Basin and Range province is generally characterized by north-trending ranges and basins developed over the last 20 million years. As the region experienced extension in a generally east–west direction, the brittle upper crust thinned and broke into north-trending blocks, which then either rotated or differentially subsided to produce the basins and ranges. Thinning of the crust was coupled with regional subsidence that in turn, produced the Lake Bonneville basin.

The Lake Bonneville basin has been an area of restricted internal drainage for the last 15 million years, allowing lakes of varying size to exist throughout all or most of this history. However, Lake Bonneville was the youngest and deepest of the large Quaternary lakes to form within the basin in response to cyclical climate changes. Based on oxygen isotope analyses and carbon dating of sediment core, along with chronologically relatable topographic markers, Lake Bonneville is believed to have existed between 45,000 and 10,000 years before present (YBP) (Oviatt et al. 1992). At the lake’s maximum extent, it covered nearly 20,000 square miles and was more than 9,880 ft deep. The lake reached its geomorphological highstand and began spilling over Red Rock Pass, Idaho, approximately 16,000 YBP. Catastrophic failure of unconsolidated material at Red Rock Pass released a deluge of floodwaters into the Snake River drainage of Idaho at roughly 14,500 YBP. Following this event, typically referred to as the Bonneville Flood Event, Lake Bonneville continued to outflow through Red Rock Pass until 14,000–13,000 YBP. With the termination of the last major ice age, lake levels declined substantially. Ten-thousand YBP is generally considered to mark the end of Lake Bonneville and the birth of its successor, Great Salt Lake (Currey et al. 1984). With the advent of a hotter, drier regional climate beginning roughly 8,000 YBP, the remnants of Lake Bonneville gradually disappeared primarily through evaporation.

The mountain ranges in the western part of the Great Salt Lake Desert are composed mainly of limestone, dolomite, shale, and quartzite of Paleozoic age. Because of block faulting and basin fill, the Paleozoic rocks are several-thousand feet below the land surface in the centers of the basin. The lower part of the fill underlying the BSF is composed mainly of extrusive volcanic rocks and associated sandstone, claystone, ash, and conglomerates of Tertiary age. The upper part of the fill is composed mainly of claystone, limestone, and gypsum of Quaternary age. Most of the sedimentary rocks that fill the basins are of fluvial or lacustrine origin, and much of the deposition took place in basins that predate Lake Bonneville (Lines 1979).

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			18

6.1.2Local Geology

The modern Lake Bonneville basin interior is extremely dry, mostly devoid of vegetation, and exhibits very little topographic relief. The lithology of the interior, away from what once were islands and shoreline, is predominantly composed of lacustrine deposits and evaporite minerals, occasionally interbedded with layers of fluvial or fine-grained eolian sediments. Sand and gravel occur more often with increased proximity to the ancient shoreline. Igneous, metamorphic, and sedimentary rocks ranging in age from Cambrian to late-Tertiary form the barren slopes and mountain ranges surrounding the basin and provide eroded detrital material often deposited as alluvial fans (Figure 6-1).

All deposits exposed at the surface of the Bonneville and Pilot Valley playas were deposited by Lake Bonneville or by more recent, very minor lacustrine events. The local surface geology consists of evaporite mineral deposits. Evaporite minerals on the surface of the BSF are concentrated in three lateral zones (Figure 6-2): (1) a carbonate zone composed mainly of authigenic clay-sized carbonate minerals, (2) a sulfate zone composed mainly of authigenic gypsum, and (3) a chloride zone composed of crystalline halite referred to as ‘the salt crust’ (Lines 1979).

The upper 20 ft of the Lake Bonneville deposits underlying the two playas is composed mainly of dark-gray to dark-brown carbonate muds comprised of clay-size calcite, aragonite, and dolomites. Interbedded with the carbonate muds are gypsum evaporite deposits and the crystalline salt crust (Turk 1969). Underlying the carbonate mud layer are lacustrine deposits (0-200 ft thick), mainly composed of fine-grained sediments. When laterally extensive, these lacustrine deposits serve as a confining unit for meteoric fluids. However, the lacustrine deposits often intermingle with alluvial fan-deposited sand and gravel shed from the Silver Mountains to the northwest. Below the lacustrine and alluvial fan deposits, is a relatively thick sequence of volcaniclastics, conglomerates, tuffs, and sandstones known as the Salt Lake Formation (0–500 ft thick). The Salt Lake Formation is late-Miocene to Pliocene in age and formed through the shedding and reworking of sediments from the adjacent mountains as valley fill into the down-dropping graben of the western Great Salt Lake Desert. Interbedded within this layer are fine-grained units predominantly composed of gypsum, limestone, siltstone, and shale. Figure 6-3 illustrates the conceptual stratigraphic setting.

6.1.3Property Geology

Intrepid’s Wendover operations are situated in the western portion of the Great Salt Lake Desert, which itself is located within the Bonneville Lake basin. Because the basin is closed topographically and has no outlet, loss of water is ultimately through evaporation. The Wendover property produces potash from beneath an area termed the BSF. The BSF was formed through the prolonged accumulation of evaporite minerals in conjunction with periodic lacustrine events. Within the property boundary, surface topography is extremely low relief and predominantly composed of evaporitic ‘salt crust.’

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			19

Figure 6-1.    Geology of the BSF and Pilot Valley Region (after Lines 1979)

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			20

Figure 6-2.    Salt Crust and Other Geomorphic Features on the BSF, Fall of 1975 (after Lines 1979)

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Figure 6-3.    Conceptual Stratigraphic Column

Intrepid-Wendover produces potash from the rich saline brines that exist in the subsurface. There are three aquifers known to exist beneath the BSF. These aquifers are, in descending order, the shallow-brine aquifer, the alluvial-fan aquifer, and the deep-brine aquifer. Intrepid produces potash from both the shallow-brine aquifer and the deep-brine aquifer.

6.2Significant Mineralized Zones

The zones of mineralization at Wendover are defined by the presence of mineral-rich brines. These brines are known to occur in two out of three local aquifers: the shallow-brine aquifer and the deep-brine aquifer. The third aquifer, which is not mineral-bearing and occurs stratigraphically between the other two, is the alluvial-fan aquifer. A cross section is included in Figure 6-4.

6.3Characterization of Hydrology Data

The most extensive aquifer, the deep-brine aquifer, yields brine to wells on the BSF from conglomerate in the lower part of the basin fill. The deep-brine aquifer consists of as much as 840 ft of conglomerate, is confined by its upper few hundred feet of relatively impermeable, lacustrine deposits, and thus, hydraulic connection between the aquifer and playa surfaces is poor (Lines 1979). Aquifer tests indicate that the transmissivity of the deep-brine aquifer in the area of the potash operation averages 13,000 square feet per day (ft2/day), and the storage coefficient is about 4×10–4. Pumping tests indicate the deep-brine aquifer as a quasi-infinite reservoir. The amount of recharge to the deep-brine aquifer cannot be determined from available data, while discharge is mainly from the well, concentration of KCl in the deep-brine aquifer ranges from 0.36% to 0.47%, MgCl2 from 0.43% to 0.69% and Li from 19 to 31 ppm. Composition of the brine is relatively constant throughout the aquifer.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			22

Figure 6-4.    Typical Cross Section of the Brines

The alluvial-fan aquifer is composed of sand and gravel alluvial fans along the flanks of the Silver Island Mountains and the Pilot Range. The alluvial fans are interbedded with fine-grained lacustrine deposits which act as confining layers to the alluvial-fan aquifer. The degree of hydraulic connection between the deep-brine aquifer and the alluvial-fan aquifer is unknown. The degree of connection probably varies, as it is dependent on the continuity between the sand and gravel of the alluvial fans and the conglomerates in the basin fill (Lines 1979). No economically mineable potash is contained in the alluvial-fan aquifer.

The shallow-brine aquifer consists of both the near-surface carbonate muds and the crystalline halite and gypsum deposits on the surface of the playas. Sand and gravel of the alluvial fans are interbedded with the near-surface carbonate muds of the playas, and hydraulic connection is good. The average thickness of the shallow-brine aquifer is reported to be about 18 ft (Turk 1969; Shaw Environmental, Inc. 2006).

6.4Mineral Deposit

Intrepid’s Wendover operation produces potash by transporting subsurface mineral-rich brines to the surface via excavated ditches and brine wells where they are exposed to western Utah’s arid climate. The aqueous portion of the brine is removed through evaporation, allowing the evaporite minerals to precipitate and be collected for further processing.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			23

7.0Exploration

7.1Exploration Other than Drilling

KCl grade monitored from 92 shallow brine wells during the period 1965–1967 by Turk (1969) is included in Table 7-1 to establish baseline estimate of the shallow brine aquifer. A total of 27 monitoring wells were drilled in October 2005 and sampled at least yearly until 2020 to evaluate brine quality in the shallow-brine aquifer as part of the Shaw (2006) permit renewal work. Table 7-2 lists the maximum KCl grade in each shallow aquifer monitoring well for the time period of July 2016 to July 2020.

7.2Drilling Exploration

No traditional drilling exploration has taken place.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			24

Table 7-1. Shallow-Brine Aquifer Sampling by Turk (1969)

Well No.			Eastings			Northings			Date			Depth Interval (ft)			Sampling Method			Specific Gravity			KCl %
K1			962,676			7,442,619			7/30/1965			0–15.75			P			1.2140			1.41
K2			963,693			7,445,090			7/30/1965			0–20.0			BP			1.2135			1.34
K3			1,018,182			7,475,549			10/4/1965			0–24.4			PT			1.2015			1.15
K4			1,016,238			7,475,425			9/28/1965			0–30.0			PT			1.2020			1.06
K4A			1,016,528			7,475,487			11/9/1965			0–23.0			BP			1.1950			1.07
K5			1,014,232			7,475,384			10/10/1966			0–25.0			P-10			1.2000			1.27
K6			1,018,575			7,475,611			7/27/1965			0–23.0			BP			1.2040			1.04
K7			1,020,772			7,475,591			6/18/1965			0–25.0			PT			1.2035			1.48
K7A			1,020,510			7,475,560			9/2/1965			0–25.0			BP						1.03
K8B			1,014,864			7,481,350			11/7/1965			0–23.0			PT-120			1.2035			1.18
K8C			1,014,932			7,481,655			10/4/1965			0–23.0			PT			1.2040			1.18
K9			1,014,631			7,461,172			8/23/1966			0–25.0			P-10			1.2000			1.26
K10			1,012,262			7,461,310			9/9/1967			0–25.0			P-10			1.1975			1.32
K10A			1,012,578			7,461,290			11/9/1965			0–23.0			B			1.1990			1.03
K11			1,009,097			7,458,833			10/19/1965			0–4.3			BP			1.2005			1.30
K11A			1,009,356			7,458,772			7/30/1965			0–25.0			BP			1.1990			1.17
K12			1,014,947			7,461,132			11/15/1965			0–25.0			PT						1.10
K13			1,016,921			7,461,172			6/9/1966			–						1.1920			1.18
K14			1,018,551			7,460,504			6/9/1966			–			BP			1.1935			1.03
K14A			1,018,311			7,460,452			8/15/1966			0–23.0			PT-120			1.1960			1.12
K15			1,019,524			7,469,125			7/30/1965			0–25.0			BP			1.2055			1.10
K16			1,010,705			7,453,473			9/30/1965			0–25.0			PT			1.2020			1.24
K17			1,003,115			7,447,319			10/5/1965			0–22.0			PT-50			1.1990			1.37
K18			1,024,728			7,475,692			11/16/1965			0–23.0			PT						0.71
K19			1,022,538			7,475,621			11/16/1965			0–23.0			PT-60						0.64
K20			1,025,326			7,475,621			11/16/1965			0–23.0			PT						0.69
K21			1,027,262			7,475,634			9/2/1965			0–23.0			B						0.67
K22			1,024,985			7,482,526			9/15/1967			0–25.0			B			1.1970			0.72
K23			1,022,944			7,482,518			10/19/1965			0–3.6			BP			1.2020			1.21
K24			1,020,889			7,482,429			7/26/1965			0–23.0			BP			1.1995			1.25
K24A			1,021,199			7,482,503			10/22/1965			0–4.8			BP			1.1970			1.26
K25			1,027,139			7,482,509			8/14/1966			0–23.0			PT-90			1.1940			0.74
K26			995,027			7,455,969			8/6/1967			0–23.0			P-10			1.2035			1.36
K27			988,378			7,453,641			11/8/1965			0–23.0			B			1.2100			1.04
K27A			988,405			7,453,922			10/28/1965			5.5–9.7			BP			1.2005			1.43
K28			979,130			7,454,831			9/30/1965			0–23.0			PT-50			1.2005			1.07

RESPEC

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			25

Table 7-1.        Shallow-Brine Aquifer Sampling by Turk (1969) (continued)

Well No.			Eastings			Northings			Date			Depth Interval (ft)			Sampling Method			Specific Gravity			KCl %
K29			978,860			7,455,100			7/26/1965			0–23.0			BP			1.2095			1.26
K30			964,500			7,444,599			10/7/1966			0–22.0			P-10			1.2060			1.36
K31			962,939			7,445,353			6/30/1965			0–9.5			BP			1.2230			3.28
K32			963,939			7,439,141			8/10/1965			0–23.0			BP			1.1855			0.95
K33			965,742			7,438,629			6/15/1966			0–23.0			BP			1.2060			1.40
K33A			966,064			7,438,629			10/9/1965			15.0–19.4			BP			1.2045			1.23
K34			963,621			7,423,385			9/11/1965			0–23.0			PT-60			1.1990			0.93
K34A			963,601			7,423,162			10/19/1965			0–1.5			BP			1.2095			0.87
K35			963,695			7,421,346			7/27/1965			0–23.0			BP			1.2060			1.28
K36			963,695			7,420,909			11/6/1965			0–23.0			PT-60			1.2080			1.81
K37			963,459			7,418,772			10/11/1966			0–23.0			P-10			1.2095			1.90
K38			974,143			7,426,651			10/11/1966			0–23.0			P-10			1.2060			0.99
K39			982,608			7,437,966			11/10/1965			0–23.0			PT-120			1.2055			1.35
K39A			982,633			7,437,696			10/29/1965			0–23.0			B			1.2070			0.78
K40			982,719			7,435,951			11/10/1965			0–23.0			PT-60			1.2070			1.26
K41			988,959			7,425,422			10/11/1966			0–23.0			P-10			1.1980			2.14
K42			991,700			7,426,716			9/3/1965			0–23.0			BP			1.2065			2.22
K43			994,313			7,427,862			9/3/1965			0–23.0			BP			1.2055			2.02
K43A			994,083			7,427,734			9/3/1965			0–23.0			BP			1.2050			1.85
K44			995,160			7,438,027			9/3/1965			0–23.0			BP			1.2060			2.02
K45			997,308			7,437,814			10/11/1966			0–23.0			P-10			1.2020			1.93
K46			1,010,010			7,445,601			11/5/1965			0–23.0			PT			1.1845			0.77
K47			999,172			7,429,709			11/2/1965			5.5–10.5			BP			1.2070			1.97
K48			939,092			7,409,800			8/6/1967			0–23.0			P-10			1.0990			0.67
K49			940,671			7,411,111			6/1/1966			0–23.0			BP			1.1140			0.69
K50			942,174			7,409,400			8/24/1966			0–23.0			PT			1.2045			1.64
K51			943,715			7,410,883			6/15/1966			0–23.0			BP			1.1715			1.60
K52			947,297			7,421,114			11/8/1965			0–23.0			PT-60			1.2030			0.85
K53			947,587			7,445,048			9/15/1967			0–23.0			P-10			1.1360			0.73
K54			945,787			7,445,723			11/6/1965			0–23.0			PT-60			1.0785			0.64
K55			965,272			7,444,266			7/28/1965			0–23.0			BP			1.2085			1.26
K56			954,139			7,436,134			5/10/1966			0–23.0			B			1.2230			3.52
K56B			953,860			7,436,227			9/15/1965			0–23.0			PT			1.1935			1.76
K57			972,539			7,408,947			10/23/1965			0–4.0			BP			1.2095			2.65
K58			979,590			7,438,848			8/24/1966			0–23.0			PT			1.2010			1.46

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Table 7-1.        Shallow-Brine Aquifer Sampling by Turk (1969) (concluded)

Well No.			Eastings			Northings			Date			Depth Interval (ft)			Sampling Method			Specific Gravity			KCl %
K59			954,000			7,417,382			8/16/1965			0–23.0			BP			1.2115			1.00
K60			952,053			7,415,308			8/16/1965			0–23.0			BP			1.2095			0.71
K61			948,662			7,434,882			8/24/1966			0–23.0			PT			1.2235			2.92
K62			944,462			7,421,578			10/7/1965			10.0–15.0			BP			1.2060			1.17
K62A			944,133			7,421,447			10/7/1965			0–23.0			PT			1.2105			1.02
K63			949,842			7,448,000			10/27/1965			5.5–10.5			BP			1.1105			0.69
K63A			950,056			7,447,821			11/22/1965			0–19.0			PT			1.1010			0.61
K64			951,631			7,430,545			11/15/1965			0–19.0			PT-60			-			1.43
K65			1,009,347			7,429,688			8/8/1966			0–19.0			PT-420			1.1355			0.31
K65A			1,009,080			7,429,673			6/24/1966			0–19.0			B			1.1350			0.30
K66			1,007,859			7,416,856			8/10/1966			0–19.0			PT-420			1.1870			0.75
K66A			1,007,538			7,416,760			6/28/1966			0–19.0			BP			1.1915			0.78
K67			973,182			7,399,280			7/3/1966			0–19.0			B			1.1685			0.70
K67A			972,645			7,399,180			7/3/1966			0–19.0			B			1.1710			0.70
K68			934,533			7,398,971			8/16/1966			0–19.0			PT-360			1.1255			1.23
K69			958,717			7,430,910			9/12/1967			0–21.0			PT-240			1.1875			0.73
K69A			957,814			7,430,955			9/13/1967			0–10.2			PT-80			1.1885			0.76
K70			974,455			7,440,995			9/5/1967			0–21.0			PT-420			1.1995			0.86
BR1			1,011,668			7,474,495			7/21/1965			0–5.5			P			1.2035			1.42
BR2			1,001,536			7,464,213			7/21/1965			0–5.5			P			1.2115			1.23
BP3			963,804			7,426,164			7/23/1965			0–5.5			BP			1.2095			0.60
B = Bailed						P = Pumped						P-10 = Pumped 10 minutes
BP = Bailed or pumped						PT = Pumping Test

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Table 7-2.    Shallow Well Monitoring Data, June 2016 to July 2020

Well Designation			Eastings			Northings			Elevation (top of casing, ft)			KCl % 2016			KCl % 2017			KCl % 2018			KCl % 2019			KCl % 2020
WP-01			1,003,634			7,419,012			4,225			0.56			0.14			0.14			n/a			0.14
WP-02			990,917			7,419,329			4,225			0.16			0.28			0.42			n/a			0.29
WP-03			1,003,107			7,424,842			4,224			0.57			0.60			0.75			n/a			0.74
WP-04			1,003,104			7,424,592			4,224			0.50			0.61			0.69			n/a			0.57
WP-05			1,003,104			7,424,344			4,224			0.72			0.61			0.59			n/a			0.65
WP-07			1,013,890			7,460,902			4,220			0.75			n/a			n/a			n/a			n/a
WP-08			1,016,618			7,461,428			4,220			1.00			0.90			0.94			0.99			1.09
WP-09			979,750			7,430,719			4,218			1.18			1.26			1.43			1.43			1.60
WP-10			979,747			7,430,466			4,219			0.99			0.11			1.03			1.03			1.15
WP-11			979,746			7,430,170			4,218			1.25			1.25			1.26			1.39			1.41
WP-12			979,744			7,429,917			4,218			1.36			1.39			1.41			1.39			1.51
WP-13			983,472			7,440,160			4,218			0.94			0.94			1.05			0.95			1.20
WP-14			966,171			7,447,321			4,218			1.05			0.98			0.96			0.88			n/a
WP-15			970,135			7,440,579			4,218			0.65			0.66			0.79			0.57			0.71
WP-16			970,084			7,440,336			4,217			0.58			0.60			0.67			0.58			0.67
WP-17			967,219			7,417,997			4,221			0.69			0.23			0.14			0.04			0.36
WP-18			967,269			7,418,241			4,220			0.78			0.27			0.14			0.10			0.56
WP-19			966,072			7,407,393			4,222			0.21			0.28			0.26			n/a			0.30
WP-20			947,890			7,429,196			4,220			n/a			0.88			0.83			n/a			0.97
WP-21			948,141			7,429,202			4,220			n/a			0.95			0.80			0.80			0.94
WP-22			952,839			7,426,086			4,221			0.54			0.61			0.68			0.73			1.08
WP-23			959,883			7,411,991			4,221			0.72			0.76			0.68			0.73			0.75
WP-24			959,883			7,411,991			4,221			0.24			0.10			0.10			0.16			0.14
WP-25			942,234			7,407,710			4,223			0.16			0.38			0.40			n/a			0.34
WP-26			948,418			7,402,492			4,222			0.17			0.50			0.40			n/a			0.36
WP-27			978,531			7,446,381			4,216			0.94			1.07			1.01			1.10			1.15
WP-28			997,008			7,444,633			4,225			0.83			0.87			0.00			0.67			0.92

It is believed that most potash dissolved in the shallow-brine aquifer was from the clay underneath the salt crust (Nolan 1927; Turk 1969). The ultimate source of potash was brought to the Bonneville Basin by slow, lateral subsurface water inflow from adjacent sediments during long-term geologic time. Davis (1967) studied the lateral inflow through the periphery of the salt flats and found that fluid gradients there were less than 0.1 ft per mile. Even if the area had a transmissivity of 10,000 gallons per day per foot (gpd/ft), only 1,000 gallons per day per mile (gpd/mile) would have moved through the periphery of the salt flats.

Turk (1973) also tested the shallow brine for K, Mg and Li minerals as listed in Table 7-3. The analyses were by Kaiser Chemical, a Division of Kaiser Aluminum and Chemical Corporation except for sample 14 by Polzer and Roberson (1967) and sample 15 was analyzed by Whitehead and Feth (1961) The composite sample of surface brine density was 1.205 g/cm3.

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Table 7-3. Shallow Brine Sampling Data (Turk 1973)
Sample No.			Sample Source			Mg (mg/L)			Li (mg/L)			K (mg/L)
1			K4			1,900			36			5,800
2			K4			3,600			15			7,900
3			K24			1,000			19			4,300
4			K34			1,000			29			4,900
5			K33			2,300			41			7,200
6			K52			700			17			3,300
7			K58			1,700			34			6,000
8			K63-A			1,100			25			4,400
9			K29			3,100			29			4,200
10			K22			2,100			22			3,200
11			K46			1,900			24			3,600
12			K48			500			22			2,800
13			K53			2,200			29			3,300
14			Surface Brine			1,430			41			2,660
15			Surface Brine			1,360			18			2,930

Recharge to the shallow-brine aquifer is largely from local rainfall. Brine levels change seasonally induced by brine production. Turk (1969) found that during the period of 1965–1968, more than a 3-ft variation in brine levels occurred at some point on the salt flats. However, during each winter for which there were records, the brine level recovered to the surface. In drier years, the brine level may not recover completely, but winter precipitation can supply significant additional recharge during wet years. Infiltration capacity tests on the playa surface and hydrographs of observation wells indicate that rainfalls in excess of 0.1 inch during the summer and 0.05 inch during the winter recharge the area of thickest salt crust; only high rainfall will recharge very moist clay surfaces.

DBW samples evaluated for estimating the Li and Mg resources are listed in Table 7-4. Data plotted over the sampling intervals for each of the DBWs showing Li, Mg, and K are included in Figures 7-1 through 7-5 for DBW 21 through 25, respectively. Review of the data shows a relationship between the concentration of K, Mg, and Li. The data trends indicate the ratio of K:Li and K:Mg as shown in Figure 7-6.

Table 7-4. Summary of DBW Sample Data

DBW			Number of Samples			Date Range
21			726			2005 – 2025
22			537			2008 – 2025
23			643			2008 – 2025
24			387			2014 – 2025
25			128			2022 – 2025

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Figure 7-1. DBW 21 K, Mg, and Li Concentrations

Figure 7-2. DBW 22 K, Mg, and Li Concentrations

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Figure 7-3. DBW 23 K, Mg, and Li Concentrations

Figure 7-4. DBW 24 K, Mg, and Li Concentrations

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Figure 7-5. DBW 25 K, Mg, and Li Concentrations

Figure 7-6. Mg and Li Concentration Ratios to K as a Function of Pond Brine Density

The brine remaining at the final sequence of evaporation ponds is pumped from the Harvest ponds to the 17-Exit outlet and into the post-harvest pond system that may be processed for potassium recovery using the Carnallite plant or exit to MgCl2 sales through Ditch 5. Sampling at the inlet and outlet of the post-harvest pond system has taken place since 2005 for Mg (Table 7-4). Lithium has been sampled occasionally prior to 2024 and consistently since 2024. The carnallite processing plant was added in 2017. In 2025 over 5000 tons of LCE were pumped from 17-Exit to the post-harvest pond system sourced from shallow and deep brine in a ratio of 70% and 30%, respectively.

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Table 7-5. Post Harvest Pond Data 2020–2025

Inflow			Inflow Data Point 17-Exit Li (1) (ppm)			Inflow data point 17-Exit Mg(2) (percent)			Outflow Data Ditch 5 Li(3) (ppm)			Outflow Data Point Ditch 5 Mg(4) (percent)
Maximum			1049			9.8			2020			9.4
Median			622			5.3			1364			7.7
Average			639			5.5			1317			7.7
1 30 data points for Inflow Li at 17-Exit sampling point
2 676 data points for inflow Mg at 17-Exit sampling point
3 94 data points Outflow Li at Ditch 5 sampling point
4 288 data points Outflow Mg at Ditch 5 sampling point

7.3 Characterization of Geotechnical Data

No geotechnical data is applicable to support this mining method.

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8.0Sample Preparation

Intrepid-Wendover has internal quality assurance and quality control procedures for sample collection. During the evaporation season, daily brine samples are collected at brine advancement points. Brackish ponds and transfer pumps are sampled weekly. Samples are evaluated at the on-site lab with full analysis capabilities, including X-ray fluorescence (XRF).

In the qualified person’s opinion, the sample preparation, security, and laboratory analytical procedures are conventional industry practice and are adequate for the reporting of resources and reserves.

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9.0Data Verification

9.1Data Verification Procedure

The site has been producing for many years. Mining and processing of the brine to successfully marketed products is verification of the deposit 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 brines have historically and continue to be mined with plans based on the data.

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10.0Mineral Processing and Metallurgical Testing

Intrepid-Wendover has a long history of processing potash 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 potash resources and reserves. The deposit has historically and continues to be processed into product that is successfully sold on a commercial scale.

Further testing for the Li and Mg extraction from the bitterns is required to convert those resources into reserves.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			36

11.0Mineral Resource Estimates

This Technical Report Summary provides a mineral resource estimate and classification of resources. Mineral resources that are not mineral reserves do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves.

According to 17 CFR § 229.1301 (2021), 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. 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, therefore, 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. An indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource and may only be converted to a probable mineral reserve. As used in this subpart, the term adequate geological evidence means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty.

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. As used in this subpart, the term conclusive geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity.

11.1Key Assumptions, Parameters, and Methods

The estimating method for potash resources in the shallow-brine aquifer is based on KCl brine concentration, porosity, and aquifer thickness from historical reports. The brine-monitoring data were compiled to form the database that serves as the basis for estimating the resources.

An analysis was conducted to determine the economic cutoff brine grade. The average cost analysis is based on statements of earnings provided by Intrepid and the forecasted long-term sale price 25% greater than the product sales price for the reserve estimate. 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 SOE from 2012 to 2025. Forward-looking pricing was provided by Intrepid marketing (See Section 16).

Table 11-1 lists the production cost, sales revenue, and the calculated cutoff brine grade. The cutoff grade of the brine pumped into the primary pond is estimated to be 0.33 wt% KCl. The brine

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pumped into the primary pond was assumed to have a grade of 0.79% KCl based on the KCl grade in the mine plan.

Table 11-1.    Resource Analysis to Estimate Cutoff KCl Grade

5-Yr Basis (2026-2030)
Total Production Costs ($M)			96.2
Net Revenue from byproducts ($M)			(33.2)
Total Cost ($M)			63.0
Potash Product
Price per ton less shipping ($)			430
Production (t)			358,000
Net potash sales ($M)			153.9
Cutoff Analysis
Cutoff production (t)			147,000
Average grade pumped into primary pond (% KCl) based on 25 year mine plan			0.79
Cutoff grade (% KCl)			0.33
Cutoff grade (% K2O)			0.21

11.2Mineral Resource Estimate

Resources are estimated by shallow- and deep-brine aquifers.

11.2.1Potash Resources in the Shallow-Brine Aquifer

The potash indicated mineral resource in the shallow-brine aquifer was estimated from the difference of the KCl grade monitored from 92 wells during the period 1965–1967 and the current monitoring data with consideration of the cutoff grade derived from cost data sourced from operations data.

The general distribution of KCl in the shallow-aquifer brine during the period 1965–1967 studied by Turk (1969), in which data were mapped based on brine samples collected from 92 monitoring wells, was mapped in Figure 11-1. The data shows that brine quality at each point fluctuates over time, which is likely due to precipitation and evaporation within the Lake Bonneville basin. In order to minimize the number of anomalously low values caused by dilution from antecedent rainfall, only the maximum concentration measured at each well during that period was used in this estimate. The analysis shows that the area controlled by the 92 monitoring wells is 78.8 square miles, and the average KCl grade throughout the 92 monitoring well control area is 1.32%. Although the current ditch system collects brine from most of the 141-square-mile mining area, there is no systematic monitoring of brine quality across the entire area. For estimation of mineral resources, the actual monitoring well catchment area of 78.8 square miles is utilized for the indicated resource area.

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One important parameter to determine mineral content of the shallow-brine aquifer is porosity, which is represented as the non-solid fraction of geologic material in an aquifer. The total porosity of the shallow-brine aquifer averages about 0.45 according to numerous wet and dry bulk density measurements by the Utah State Highway Department (Kaiser Aluminum & Chemical Corporation 1974; Turk 1969). Thus, the brine content in the shallow-brine aquifer is estimated to be about 250 billion gallons, based on the ditch catchment area of 141 square miles, thickness of 18 ft, and porosity (0.45) of the aquifer.

According to Turk (1969), the effective porosity of the shallow-brine aquifer averages about 0.1. The brine from effective porosity represents the static free-draining portion of the brine from total porosity prior to extraction. It does not consider the impact of any groundwater recharge or solute transport which increases the amount of extractable brine above the static free-draining component over time. Therefore, the mineral resource is not calculated based on the effective porosity.

The maximum KCl grade in each of the 27 monitoring wells drilled in October 2005 for the Shaw Environmental, Inc. (2006) permit renewal work was mapped with the Kriging gridding method with default linear variogram in the software, Surfer, version 15.4.354 (Golden Software, LLC 2018). The maximum KCl grade in each well that was mapped with the Kriging gridding method is shown in Figure 11-2.

The average KCl grade estimated over the 141-square-mile ditch catchment area was 1.32% for the 1965–1967 data. The average KCl grade estimated over the 141-square-mile ditch catchment area was 0.97% through 2025 data. The calculated difference in brine concentration through the catchment area (Figure 11-3) indicates that after 60 years of mining, the average KCl grade has declined by 0.35%.

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Figure 11-1.    Isoconcentration Map of KCl in Shallow-Brine Aquifer 1965–1967

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Figure 11-2. Isoconcentration Map of KCl in Shallow-Brine Aquifer 2021

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Figure 11-3.    Isoconcentration Map of KCl Depletion in Shallow-Brine Aquifer between 1967 and 2021

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Figure 11-4.    Brine Concentration Pumped into Primary Pond 1960–2025

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Figure 11-5.    Historical KCl Production at Intrepid-Wendover, 1968–2025

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Table 11-2 shows the shallow-brine aquifer potash resource estimate and its calculation methodology.

Table 11-2.    Shallow-Brine Aquifer KCl Resource Estimate

Parameters			Calculation			Results
92 drillhole control indicated area (ft2) (A)						1,852,365,670
92 drillhole control inferred area (ft2) (Q)						2,126,361,170
Average thickness (ft) (B)						18
Porosity (C)						0.45
Average grade (1967) (% KCl) (D)						1.26
Brine density (lb/ft3) (E)						72.4
Cutoff grade (% KCl) (F)						0.33
Recovery factor (G)						60		%
Product purity (H)						95		%
Plant efficiency						85		%
Product per year (tpy) (I)						77,000
Resource Calculation (in thousand tons)
In-place KCl in 1967 (J)			J=A*B*C*D/100*E/2000000			6,844
KCl depletion from 1967 to 2025 (K)						1,710
KCl under cutoff grade (L)			L=(J-K)/D*F			1,324
Remaining in-place KCl above cutoff grade (M)			M=J-K-L			3,809
Recoverable KCl (N)			N=M*G			2,285
25-year plan (P)						1,908
Indicated resource exclusive of reserve (O)			O=M-(P/G)			629
Inferred resource (R)			R= Q*B*C*D/100*E/2000000			4,941

Note that brine quality does fluctuate with time; therefore, both isoconcentration maps in Figures 11-1 and 11-2 must be considered approximations of the actual conditions.

11.2.2Potash Resources in the Deep-Brine Aquifer

Wells drilled into the deep-brine aquifer have been used to add brine to the collection ditches and to offset the fluctuations of brine availability within the brine collection system. Production of the deep-brine wells started in 1948. Brine from the deep-brine aquifer is typically 10% to 20% of the KCl produced. Annual KCl production from the deep-brine aquifer on one occasion reached as high as 78,000 t. As shown in Table 11-3, approximately 597,000 t of KCl have been produced from the deep-brine aquifer from 1968 to 2025.

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Table 11-3. Historical Deep Well and Shallow Aquifer Production, 1968–2025
Full Calendar Year1			KCl Production (kt)			Deep Aquifer KCl Production (kt)			Shallow Aquifer KCl Production (kt)
1968			50.0			25.5			24.5
1969			45.0			32.3			12.7
1970			102.0			31.5			70.6
1971			88.0			15.3			72.7
1972			117.0			18.7			98.3
1973			88.0			14.5			73.6
1974			72.0			15.3			56.7
1975			60.0			18.7			41.3
1976			50.0			19.6			30.5
1977			65.0			18.7			46.3
1978			93.0			0.0			93.0
1979			42.0			0.0			42.0
1980			50.0			0.0			50.0
1981			60.0			0.0			60.0
1982			90.0			0.0			90.0
1983			10.0			0.0			10.0
1984			39.0			0.0			39.0
1985			82.0			0.0			82.0
1986			65.0			0.0			65.0
1987			70.0			0.0			70.0
1988			45.0			0.0			45.0
1989			40.0			0.0			40.0
1990			90.0			0.0			90.0
1991			45.0			0.0			45.0
1992			110.0			78.2			31.8
1993			91.0			45.1			46.0
1994			101.0			15.3			85.7
1995			65.0			6.8			58.2
1996			104.0			7.7			96.4
1997			66.0			6.8			59.2
1998			50.0			0.0			50.0
1999			90.0			0.0			90.0
2000			40.0			0.0			40.0
2001			35.0			0.0			35.0
2002			28.0			0.0			28.0
2003			46.0			0.0			46.0
2004			50.0			2.0			48.0
2005			57.4			2.6			54.8
2006			54.4			3.6			50.8
2007			98.5			4.1			94.4
2008			101.9			7.2			94.7

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Table 11-3. Historical Deep Well and Shallow Aquifer Production, 1968–2025 (concluded)
Full Calendar Year1			KCl Production (kt)			Deep Aquifer KCl Production (kt)			Shallow Aquifer KCl Production (kt)
2009			60.7			11.2			49.5
2010			64.1			6.5			57.6
2011			84.4			9.7			74.6
2012			87.6			14.1			73.5
2013			93.5			14.1			79.3
2014			97.0			16.9			80.1
2015			73.7			16.1			57.5
2016			49.5			7.0			42.5
2017			78.4			14.7			63.7
2018			85.5			19.2			66.2
2019			75.4			7.9			67.6
2020			59.1			14.1			45.0
2021			52.0			21.0			31.0
2022			51.2			7.7			43.5
2023			39.1			5.9			33.2
2024			49.1			11.3			37.8
2025			41.7			9.9			31.8
Total			3,888.2			596.8			3,291.6

The potash resource estimate for the deep-brine aquifer in this report was based on current deep brine well draw-down, pumping rates, and historical brine concentration variations.

Beginning in 2026, four deep wells, DBW-21, DBW-22, DBW-23, and DBW-25 are being used at Intrepid-Wendover to aid in brine collection.

DBW-21 pumped at about 787M gallons per year from 2004 to 2025; DBW-22 pumped at about 732M gallons per year from 2008 to 2025; DBW-23 pumped at about 903M gallons per year from 2009 to 2025; DBW-24 (now off line) pumped at about 158M gallons per year from 2014 to 2025; and DBW-25 pumped at about 781M gallons per year from 2022 to 2025. Typically the deep-well brine combines with the shallow-aquifer brine in the main collection ditch leading to the primary pond. The brine concentration produced from all deep wells is about 0.41% KCl by weight from 1967 to 2025.

Typically, the deep-brine wells were constructed to a depth of 1,000 to 1,500 ft with a useful life expectancy of approximately 15-20 years with maintenance of the pumps every 2-4 years. The deep-brine wells that are currently abandoned, out of service, or idle include DBW-1 through DBW-17. Figure 11-6 shows the location of the active and abandoned deep wells. A plot of the inferred conglomerate thickness contour is also shown in Figure 11-6.

Figure 11-7 shows the brine well pump history at DBW-21, DBW-22, DBW-23, DBW-24, and DBW-25 up to 2025. Reliable draw-down data are not available in these wells. However, relatively

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constant pump rates indicate no or slow draw-downs in these wells. Since 2016, flows are monitored by monthly totalizer readings for each well. Figure 11-8 shows KCl grade in the deep-brine aquifer from 1967 to 2025. With the exception of some apparently abnormal data, the KCl brine grade from the deep-brine aquifer has remained constant since 1967. However, there is a slight downward trend in the deep-brine aquifer KCl grade beginning in 2007 (Figure 11-8). This could be due to the lifespan of the currently producing wells of 10 or more years. Figure 11-9 shows KCl grades in the four deep-brine wells that have been monitored since pumping commenced. Over the pumping life of these five wells, KCl brine grades have been relatively constant.

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Figure 11-6.    Deep-Brine Well Locations Thickness Isopach of Deep-Brine Aquifer

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Figure 11-7. DBW-21, DBW-22, DBW-23, DBW-24, and DBW-25 Pump History

Figure 11-8. Historical KCl Grade at Deep-Brine Aquifer

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*One outlier greater than 1.2% grade has been removed from the figure.

Figure 11-9. KCl Grades at DBW-21, DBW-22, DBW-23, DBW-24, and DBW-25

Based on well draw-down, pumping rates, and KCl grade records, the deep-brine aquifer is expected to be relied upon to support the production plan. Higher production rates occurred when deep brines were pumped from multiple wells. When three or four wells are pumping at the same time, the production rate has reached more than 14,000 tpy since 2012 (Table 11-3).

11.2.3Lithium and Magnesium Resources in the Deep-Brine Aquifer

Any Li or Mg considered a resource would be produced as a by-product of the production of KCl and not as a stand-alone product. There are essentially two resources of Li and Mg to consider that are tied to the processing of KCl and KCL·MgCL2·6H2O, the DBWs from the quasi-infinite aquifer, and the finite deposit concentrated within the Carnallite ponds for multiple decades. The Carnallite ponds are not included at this time.

The DBWs are pumped and combined with shallow aquifer ditches to be concentrated by a series of evaporation ponds, where the solids in the Harvest pond are sent to the potash processing plant and the brines (bitterns) from the Harvest ponds are added to the post-harvest pond system. The pond layout is shown in Figure 11-10 with the post-harvest sequence and sample locations shown in Figure 11-11.

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Figure 11-10. Evaporative Pond Sequence

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Figure 11-11. Detail of Post-harvest Ponds Showing 17-Exit and Ditch 5 Sample Locations

As brine advances toward the Harvest ponds, KCl and MgCl2 concentrations increase, while NaCl is being deposited. The brine leaving the Harvest ponds is delivered to the post-harvest pond system. In the post-harvest pond the brine concentrates to about 26% MgCl2, which results in the co-crystallization of halite and carnallite (MgCl2•KCl•6H2O), and the Li is concentrated to over 800 mg/L. The MgCl2 brine with Li concentration averaging 1,317 ppm (brine density 1.3 mg/L), leaving the Carnallite ponds at Ditch 5 is either returned to the lake via ditch or is forwarded to the MgCl2 ponds to be further concentrated by evaporation and sold by truck or rail carloads. Harvesting of potash is conducted for up to 10 months of the year, 5 days a week, which matches the mill’s operating schedule.

To estimate the Li and Mg Resource, samples were evaluated over time primarily for the change in concentrations and the relationship to K. Samples were evaluated for the change in concentrations over time and the relationship to K within the radius of influence of each well, based on brine volume displacement, which is more confident for mass transport.

The radius of influence for each well based on pumping volume are listed in Table 11-4. Isopachs of the Li and Mg grades are shown in plan view in Figures 11-12 and 11-13, respectively.

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Table 11-4. Radius of Influence by DBW

Well			Thickness (ft)			Radius (miles)
DBW21			300			0.60
DBW22			200			0.58
DBW23			50			1.35
DBW24			80			0.38
DBW25			100			0.42

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Figure 11-12. Isopach of Li Concentration

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Figure 11-13. Isopach of Mg Concentration

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As these concentrations have remained stable over time, replenishment of the DBW concentrations is demonstrated. The Li and Mg resource estimate, based on well drawdown, pumping rates, and sample records, indicates that the deep brine aquifer is expected to be relied upon to produce Li and Mg at a ratio to the K in the MOP production. Analysis of the long-term sampling of the DBW indicates a ratio of K:Li of 117 to 121:1 and a ratio of K:Mg of 1.7 to 1.8:1. These ratios serve as the basis for the estimate of Resources.

The Carnallite ponds have been concentrating Li over a long period of time (approximately 40 years). New material is added to the Carnallite ponds with the processing of KCl and removed with the processing of carnallite and the sale of MgCl2. The Cold Decomposition Carnallite Plant started processing in 2018.

As of this maiden Li and Mg resource reporting, the tonnage of Li and Mg accumulated in the Carnallite ponds has not been finalized.

11.3Qualified Persons Opinion – Further Work

The QP is of the opinion that no further work is needed to determine the resource in the deep- and shallow-brine aquifers. The QP is of the opinion that additional work is needed to determine the Li and Mg in-place in the Carnallite pond deposits that have been aggregated over time.

11.4Resource Statement

Table 11-5 shows the summary of the mineral resources, exclusive of potash mineral reserves, for Intrepid-Wendover effective December 31, 2025, exclusive of mineral reserves.

11.5Discussion

Historical production data shows that total production for the shallow-brine aquifer from 1968 to 2025 was 3.291 Mt. The isoconcentration maps indicate a resource depletion greater than the recorded production from 1968 to 2021. This may be because the recovery factor of 60% used in the KCl depletion calculation is overestimated. It should be noted that the 27 wells drilled in 2005 are a limited sample of the true expanse of the resource; therefore, referring these 27 wells across the 141-square-mile ditch catchment area could generate misleading results. Moreover, the estimation errors of the mining catchment area, the variability of the estimated porosity and thickness of the shallow-brine aquifer, and the KCl grade estimations, etc., could all impact the estimate. Successful production of KCl and MgCl2 products over the history of the mine provide a high level of confidence in the resource estimate.

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

Wendover - Brine Mineral Resource Estimate effective December 31, 2025
Resource Category			K2O Brine1			Grade			Contained K2O2			Cutoff3
			(Mt)			(%K2O)			(Mt)			(%K2O)
Measured Mineral Resources			—			—			—			—
Indicated Mineral Resources			80			0.5			0.4			0.21
Measured + Indicated Mineral Resources			80			0.5			0.4			0.21
Inferred Mineral Resources			625			0.5			3.1			0.21
Resource Category			K Brine4			Grade			Contained Mg5			Contained Li5			Contained LCE6
			(Mt)			(%K)			(Mt)			(Kt)			(Kt)
Measured Mineral Resources			233.1			0.21			0.29			4.2			22.5
Indicated Mineral Resources			601.0			0.37			1.22			18.2			96.7
Measured + Indicated Mineral Resources			834.1			0.32			1.51			22.4			119.2
Inferred Mineral Resources			377.8			0.42			1.05			15.6			83.1
Amounts presented have been rounded to reflect the accuracy of the estimate, and number may not add or compute due to rounding.
1 Brine is the recovered mineral bearing brine in solution at average concentrations by weight in the shallow and deep aquifer.
2 Contained K2O is calculated by multiplying K2O Brine by the Grade.
3 Solution mining resource cutoff is the grade at which production covers operating costs.
4 Contained K is the equivalent K portion of the K2O within fee and state leases.
5 Li and Mg brines are found in the aquifers in ratios to the K content as noted.
6 To describe the resource in terms of ‘industry standard’ lithium carbonate equivalent, a conversion factor of 5.323 was used to convert elemental lithium to LCE
Mineral Resources were prepared by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash, for EOY 2025.
Mineral Resources are reported on a 100% basis.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
K2O Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods.
Per ton mine site product pricing basis: K2O based on $450, LCE $10,000, Mg = $5,000
KCL processing recovery 85 percent
Mt = million tons, Kt = thousand tons, % = percent, K2O = potassium oxide, LCE = Lithium Carbonate Equivalent, Mg = Magnesium

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12.0Mineral Reserve Estimates

Mineral Reserves at Intrepid-Wendover have been determined by applying current economic criteria that are valid for the Intrepid-Wendover Mine. These criteria limitations have been applied to the resource model to determine which part of the Measured and Indicated Mineral Resource is economically extractable.

12.1Key Assumptions, Parameters, and Methods

The factors influencing the determination of the mineable reserves based on economic success of potash mining at Intrepid-Wendover are:

•KCl grade of the aquifer

•Thickness of the aquifer

•Geometry of the aquifer

•Presence of geologic anomalies that distort the aquifer

•Hydrogeological properties of the aquifer

•Impurities that impact solubility or the surface concentration, separation, crystallization, or packaging process

•Cost of Goods Sold

•Price of the final product

These factors can be grouped as geologic, operational, processing, and cost factors. At Intrepid-Wendover, the infrastructure is mature and the processing and cost factors are well understood. Costs are expected to remain constant with respect to the determination of the reserves. Geologic factors relate to the reserve (grade and thickness), bed geometry (dip and undulations), and geologic anomalies (faults, salt horses, and unknowns). Mining factors include the product concentration and the productivity of the wells (life of wells and total production per well). Additionally, reserves are also estimated using the experience gained from potash mining in the shallow- and deep-brine aquifers to date and the established mining costs and sales.

The long-term product sale price, less shipping, selected for this analysis of cutoff grade is $350/t. Intrepid has a long history of sales and marketing of their products. Refer to Section 16 for the market discussion.

An economic cutoff has been evaluated for estimating reserves as included in Table 12-1.

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Table 12-1.    Reserve Cutoff Cost Estimate

5-Yr Basis (2026 -2030)			Value
Total Production Costs ($M)			96.2
Net Revenue from byproducts ($M)			(33.2)
Total Cost ($M)			63.0
Potash
Price per ton less shipping ($)			350
Production (tons)			358,000
Net potash sales ($)			125,300,000
Cutoff Analysis
Cutoff production (t)			180,000
Average grade pumped into primary pond (% KCl) based on data from 27 wells			0.79
Cutoff grade (% KCl)			0.40
Cutoff grade (% K2O)			0.25

12.2Mineral Reserves Estimate

The extent to which Intrepid-Wendover’s potassium resources can be converted to reserves and ultimately economically extracted is a function of:

•The tonnage of potassium-rich mineralized brine within effective porosity

•The tonnage of potassium-rich mineralized brine within the total porosity

•The level of recharge from surface water inflow and rainfall

•The extent to which the recharge can liberate the potassium-rich mineral salts contained within the retained porosity into effective porosity over continued production cycles

12.2.1Mineral Reserve Estimates for the Shallow-Brine Aquifer

It should be noted that not all the potash contained in the shallow-brine aquifer with grades above the cutoff grade could be recovered based on the current mining plan. A portion of the brine from total porosity, in addition to the brine from effective porosity, is considered to be extractable depending on the transient groundwater flow and transport conditions affecting the brine level during extraction. For a conservative estimate, an overall recovery factor of 60% was applied to the reserve estimate for the shallow-brine aquifer on a gross scale. The rationale behind this factor is due to the uncertainty of the recovery of KCl leakage from the unlined pond system and ditch plans.

According to the production records from 1990 to 2005, only a portion of the potash in the captured brine was harvested as the final product. The overall efficiency, which is the percentage ratio between KCl produced and estimated KCl pumped into the primary pond (based on the known brine flow to the ponds and the KCl grade of that brine), was 34% on average from 1990 to 2005. The low overall efficiency indicates that a large percentage of the KCl introduced into the evaporation ponds remained in the pond system or leaked back into the shallow-brine aquifer. Portions of the

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“KCl loss” to the pond system and shallow-brine aquifer could be recovered in subsequent years and ultimately sold as product.

The brine-collection ditch capture zone analysis conducted by Shaw Environmental, Inc. (2006) shows that the capture zone for each ditch appears to range between 250 and 500 ft laterally from the ditch. Outside the ditch catchment zone, groundwater in the shallow-brine aquifer is estimated to flow at a maximum rate of 13 ft/year. The general spacing between ditches is about 2,600 ft, which may require a period of at least 100 years for the ditches to capture all the potash brine between the ditches.

Total KCl content over the reserve area (the area of influence of the 92 monitoring wells or 78.8 square miles) was estimated based on 1965–1967 KCl brine grades, average porosity (0.45), and thickness (18 ft) of the shallow-brine aquifer. KCl depletion since 1968 over the 92 drillhole control area was estimated using the KCl production from 1968 to 2025 over the 141-square-mile ditch catchment area and applying a product purity of 95% and process efficiency of 85%. The KCl reserve was adjusted to account for the KCl depletion, the KCl tons below the cutoff grade, and an overall recovery factor of 30%.

12.2.2Mineral Reserve Estimates for the Deep-Brine Aquifer

Based on well draw-down, pumping rates, and KCl grade records, the deep-brine aquifer can be relied upon to support production of at least 8,000 tpy of MOP for over 25 years.

12.3Qualified Persons Opinion – Further Work

The current mineral reserve estimation for the deep-brine aquifer is based on the production history and aquifer grades. The QP believes that these estimates are conservative and reliable, and no further work is recommended.

12.4Reserve Summary

Table 12-2 shows the summary of the mineral reserves at Intrepid-Wendover. The mineral reserve statement is presented in accordance with the S-K 1300 Rules.

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Table 12-2.    Potash Mineral Reserves effective December 31, 2025

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

Reserves

Brine1 (Mt)

In-Situ Grade2 (%K2O)

Product3 (Mt)

Brine Cutoff Grade4 (%K2O)

Processing Recovery (%)

Proven Mineral Reserves

Probable Mineral Reserves

885

0.5

1.9

0.25

85

Total Mineral Reserves

885

0.5

1.9

1 Brine advanced through the pond system.

2 In-situ grade is the amount of K2O contained in the brine.

3 Potash Product tons are calculated by multiplying Brine by the In-Situ Grade divided by 63.17% K2O/KCl conversion factor, an overall pond recovery factor of 30%, processing recovery of 85%, a handling loss factor of 97%, and a product purity factor of 105%.

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

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

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13.0Mining Methods

Potash and MgCl2 at Intrepid-Wendover is produced through solar evaporation of naturally occurring brines collected from the sedimentary basin adjacent to the processing facility via brine collection ditches and extraction wells. The potash content of the collected brine is concentrated by solar evaporation to the point that solids are precipitated and can be collected. Harvested solid salts are hauled to the processing facility, where they are dried, sized, and stored for shipment. Potash, MRS, NaCl, and MgCl2 are shipped by both truck and rail via I-80 and the UPRR.

Brines from the shallow-brine aquifer, drained by gravity, are gathered by a system of collection ditches, which are approximately 20 to 30 ft deep by 9 to 40 ft wide. The total collection ditch system covers a length of 117 miles and annually collects approximately 3.4 billion gallons of brine from the shallow-brine aquifer. Brines pumped from the deep-brine aquifer are used to augment the shallow brine to the collection system.

Collected brines are pumped into a primary pond, and solar energy is utilized to heat the brine so that evaporation may proceed. As the brine is concentrated to a point just short of potash precipitation in the primary pond network, the brine is then transferred into a harvest pond for selective precipitation of the potash crude salt.

As water evaporation continues in the harvest pond, sylvinite, a physical mixture of NaCl and KCl, is precipitated to the pond floor until the brine concentrates to a point where carnallite and other salts start to precipitate. The extra brine is then removed from the harvest pond and transferred to the post-harvest ponds. The layer of sylvinite salts at the harvest pond floor is mechanically removed with scrapers and hauled to the flotation mill for beneficiation.

Grinding and flotation processes are used to concentrate KCl. The concentrate is then leached with freshwater to remove most of the remaining NaCl. The leached product is filtered and dried. A part of the dried product is compacted to produce a coarse grade of potash. MgCl2 brine, MRS, and salt are retrieved as by-products.

13.1Relevant Hydrogeology

Groundwater occurs in three distinct aquifers in much of the western Great Salt Lake Desert: (1) the deep-brine aquifer, (2) the alluvial-fan aquifer, and (3) the shallow-brine aquifer. Inferred subsurface stratigraphic relationships are shown diagrammatically in Figure 13-1.

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Figure 13-1.    Intrepid-Wendover Hydrogeologic Setting (after Lines 1979 and Mason 1998)

The most extensive aquifer, the deep-brine aquifer, yields brine to wells on the BSF from conglomerate in the lower part of the basin fill. The deep-brine aquifer consists of as much as 840 ft of conglomerate confined by an upper few hundred feet of relatively impermeable lacustrine deposits. Thus, hydraulic connection between the aquifer and playa surfaces is poor (Lines 1979). Aquifer tests indicate that the transmissivity of the deep-brine aquifer in the area of the potash operation averages 13,000 ft2/day and the storage coefficient is about 4×10–4. Pumping tests indicate the deep-brine aquifer is a quasi-infinite reservoir. The amount of recharge to the deep-brine aquifer cannot be determined from available data. Discharge is mainly from the wells. Concentration of KCl in the deep-brine aquifer ranges from 0.36% to 0.47%, and MgCl2 from 0.43% to 0.69%. Composition of the brine is relatively constant throughout the aquifer.

The alluvial-fan aquifer is composed of sand and gravel alluvial fans along the flanks of the Silver Island Mountains and the Pilot Range. The alluvial fans are interbedded with fine-grained lacustrine deposits which act as confining layers to the alluvial-fan aquifer. The degree of hydraulic connection between the deep-brine aquifer and the alluvial-fan aquifer is unknown. The degree of connection likely varies, as it is dependent on the continuity between the sand and gravel of the alluvial fans and the conglomerates in the basin fill (Lines 1979). No economic mineable potash is contained in the alluvial-fan aquifer.

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The shallow-brine aquifer consists of both the near-surface carbonate muds and the crystalline halite and gypsum deposits on the surface of the playas. The shallow-brine aquifer yields brine to collection ditches and is the main source of KCl for Intrepid’s potash operation on the BSF. Sand and gravel of the alluvial fans are interbedded with the near-surface carbonate muds of the playas, and hydraulic connection is good. The average thickness of the shallow-brine aquifer is reported to be about 18 ft (Turk 1969; Shaw Environmental, Inc. 2006).

It is believed that most potash dissolved in the shallow-brine aquifer was from the clay underneath the salt crust (Nolan 1927; Turk 1969). The ultimate source of potash was brought to the Bonneville Basin by slow, lateral subsurface water inflow from adjacent sediments during long-term geologic time. Davis (1967) studied the lateral inflow through the periphery of the salt flats and found that fluid gradients there were less than 0.1 ft per mile. Even if the area had a transmissivity of 10,000 gpd/ft, only 1,000 gpd/mile would have moved through the periphery of the salt flats. Thus, the amount of lateral inflow is insignificant compared with the brine extraction rates.

Recharge to the shallow-brine aquifer is largely from local rainfall. Brine levels change seasonally and are influenced by brine production. Turk (1969) found that during the period of 1965–1968, more than a 3-ft variation in brine levels occurred throughout the salt flats. However, during each winter for which there were records, the brine level recovered to the surface. In drier years, the brine level may not recover completely, but winter precipitation can supply significant additional recharge during wet years. Infiltration capacity tests on the playa surface and hydrographs of observation wells indicate that rainfall in excess of 0.1 inch during the summer and 0.05 inch during the winter recharge the area of thickest salt crust; only high rainfall will recharge very moist clay surfaces. Turk (1969) examined daily rainfall records in the salt flats from 1966 to 1967 and found that the rainfall available for recharge averages about 2.3 inches per year, roughly half of the total precipitation. A simple water budget study from the period 1990–2006 can verify that rainfall recharge is sufficient for the shallow-brine aquifer to remain at a constant brine level. Average annual rainfall during this period was 4.75 inches; therefore, rechargeable rainfall in the mining area is estimated at more than 7.5 billion gallons. Pumping records for that period show that the annual brine extracted from the shallow-brine aquifer was about 3.4 billion gallons, 55% less than rainfall recharge.

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13.2Production Rates, Expected Mine Life, and Mining Dilution and Recovery Factors

Since 1968, approximately 67,000 t of KCl, 31,000 t of NaCl, and 156,000 t of MgCl2 were produced each year. The life expectancy is greater than 25 years. The final mine outline is shown in Figure 13-2. The production schedule is included in Table 13-1.

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13.3Equipment Fleet and Personnel Required

The predominant equipment to move the salt from the evaporation ponds to processing plant are scrapers. Personnel requirements are minimal (59 personnel) when compared to conventional mining.

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			67

Figure 13-2.    Final Mine Outline

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Table 13-1. Mine Production Schedule Calendar

						A			B			C			D			E			F
						Brine Volume (Million Gallons)			Brine Grade (%K2O)			K2O (Tons)			Product KCl (Tons)			Handling Losses (Tons)			MOP (Tons)
2026			Year 1			5,800			0.5			36,000			60,000			2,000			58,000
2027			Year 2			7,380			0.5			46,000			77,000			2,000			75,000
2028			Year 3			7,380			0.5			46,000			77,000			2,000			75,000
2029			Year 4			7,380			0.5			46,000			77,000			2,000			75,000
2030			Year 5			7,380			0.5			46,000			77,000			2,000			75,000
2031			Year 6			7,380			0.5			46,000			77,000			2,000			75,000
2032			Year 7			7,380			0.5			46,000			77,000			2,000			75,000
2033			Year 8			7,380			0.5			46,000			77,000			2,000			75,000
2034			Year 9			7,380			0.5			46,000			77,000			2,000			75,000
2035			Year 10			7,380			0.5			46,000			77,000			2,000			75,000
2036			Year 11			7,380			0.5			46,000			77,000			2,000			75,000
2037			Year 12			7,380			0.5			46,000			77,000			2,000			75,000
2038			Year 13			7,380			0.5			46,000			77,000			2,000			75,000
2039			Year 14			7,380			0.5			46,000			77,000			2,000			75,000
2040			Year 15			7,380			0.5			46,000			77,000			2,000			75,000
2041			Year 16			7,380			0.5			46,000			77,000			2,000			75,000
2042			Year 17			7,380			0.5			46,000			77,000			2,000			75,000
2043			Year 18			7,380			0.5			46,000			77,000			2,000			75,000
2044			Year 19			7,380			0.5			46,000			77,000			2,000			75,000
2045			Year 20			7,380			0.5			46,000			77,000			2,000			75,000
2046			Year 21			7,380			0.5			46,000			77,000			2,000			75,000
2047			Year 22			7,380			0.5			46,000			77,000			2,000			75,000
2048			Year 23			7,380			0.5			46,000			77,000			2,000			75,000
2049			Year 24			7,380			0.5			46,000			77,000			2,000			75,000
2050			Year 25			7,380			0.5			46,000			77,000			2,000			75,000
*Numbers rounded for clarity
Sylvinite brine density - 1.16
Overall pond recovery - 30%
KCl plant recovery - 85%
Product purity - 95%
Pure KCl equates to 63.17% K2O by mass
Handling losses - 3%
C = A*1,000,000*1.16*8.34/2000*(B/100)*0.85*0.3
D = C/0.6317/0.95, E = D*0.03, F = D-E

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2025 Estimated Resources and Reserves at Intrepid Potash-Wendover Prepared for Intrepid Potash, Inc. February 18, 2026			69

14.0Processing and Recovery Methods

The potash content of the collected brine is concentrated by solar evaporation to the point that solids are precipitated in the Harvest pond and can be collected for processing. Harvested solid salts are hauled to the potash processing facility, where they are dried, sized, and stored for shipment as potash, MRS, and NaCl. Li and MgCl2-rich brines are transferred to the post-harvest pond system. Carnallite deposited in the post-harvest ponds is processed to recover additional potassium..

14.1Process Description

The Intrepid-Wendover potash plant processes a nominal 7 billion gallons per year of deep-well and near-surface brines. The combined brines pumped to the evaporative ponds are estimated to contain 0.8–0.9 wt% KCl, 18 wt% NaCl, 4.2 wt% MgCl2, and 20 ppm Lithium. All brines are near-saturated with gypsum (CaSO4) at 0.5–0.6 wt%. The simplified process flow chart is shown in Figure 14-1.

Figure 14-1.    Simplified Process Flow Chart

The first step in processing is the solar evaporation in the pond system (Figure 14-2). The Intrepid-Wendover operation production is weather-dependent, most specifically rainfall and

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evaporation. Anecdotally a wet winter increases potash production but produces diluted MgCl2, which limits production of Road Saver brine. The annual precipitation ranges from 1.6 inches to 10.4 inches with an average of 4.8 inches. Low rainfall levels result in a drop in the lake brine level and result in low flows of brine.

Pond operation can be challenging. Primary Pond 6, for example, is large providing 7,800 acres for evaporation. Initially when flooded with weak brine, the large pond area allows rapid concentration of the weak brine. Once concentration is reached, the challenge is to not over-concentrate. The operators manage the concentration of KCl by controlling the path of the brine through Primary Pond 6 and therefore, reducing evaporation time. Primary Ponds have a service life of approximately 10 – 20 years due to salt deposition. New Primary Ponds are constructed as necessary to allow for sufficient brine storage and evaporation to support the 25-year mine plan.

The plant data and mass balance vary with the weather, but clearly the pond berms are very permeable, and 65–70% of the KCl pumped into the Primary Pond returns to the lake via leakage. With a mill recovery of 85%, it is estimated that only 30% of the KCl entering the Primary Pond is recovered as final product. Leakage becomes more costly as the brine concentrates. The downstream ponds have clay berms, and Harvest Pond 2 has a liner.

As brine advances towards the Harvest ponds, KCl, Li,and MgCl2 concentrations increase, while NaCl is being deposited. Initially halite and gypsum precipitate. By the time the brine has reached the Harvest ponds, the MgCl2 concentration has increased to 5.5%, KCl has climbed to 4.5%, and NaCl has fallen to 6.4%. During preliminary evaporation, almost 3.5 Mt of halite have been removed from the brine. In the post-harvest pond system KCl falls to 3%, NaCl to 1.5%, MgCl2 rises to 21% and Li rises to over 800 ppm. Approximately 265,000 t of crystal are harvested at 28% KCl. The harvesting is conducted for up to 10 months out of the year and 5 days per week, which matches the mill operating schedule.

The brine leaving the Harvest ponds is delivered to the post-harvest pond system. The brine concentrates to about 26% MgCl2, which results in the co-crystallization of halite and carnallite (MgCl2•KCl•6H2O). The crystal production is near 180,000 tpy, including 38,000 tpy of contained KCl. The KCl is separated from the MgCl2 by leaching with a near KCl-saturated combination of mill brine and brackish water. The KCl/NaCl crystal is separated by screening and is either dissolved and returned to the Harvest pond area or is used to create an excavation bed for the next Harvest season. The brine from the Carnallite dissolution step is recycled to the Carnallite ponds within the post-harvest pond system. The MgCl2 brine leaving the Carnallite ponds is either returned to the lake via ditch or is forwarded to the MgCl2 ponds to be further concentrated by evaporation and is shipped by truck or rail carloads.

The harvested crystal is delivered to an agitated slurry pit where it is re-pulped in double-saturated brine and pumped to the processing facility. The crystals are statically screened with the oversize processed through a crusher. The screened crystal is combined with reagents and fed to flotation cells.

The rougher flotation concentrate is sent to the agitated leach tank. The leached solids are at a product grade of 95% KCl with 60.5% K2O. The solids are dried, sampled, and conveyed to storage bins prior to the granulation circuit. The dried product is granulated and sent to the final product

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storage. The product is shipped to market in trucks or rail cars. Typical KCl production is 50,000 to 80,000 tpy, MgCl2 production averages 200,000 tons.

Figure 14-2.    Solar Evaporation Pond Layout

14.2Energy, Water, Process Materials, and Personnel Requirements

Brackish water consumption is estimated at 3.5 billion gallons per year. Solar plants typically have low energy requirements. Process materials are readily available within the greater Salt Lake City area, and personnel are sourced locally and trained as needed.

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15.0Infrastructure

A robust set of infrastructure is in place for Intrepid-Wendover. Propane, electricity, and water have historically been readily available and are expected to continue into the future. The layout of the infrastructure is shown in Figure 15-1.

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Figure 15-1.    Layout of the Infrastructure

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16.0Market Studies

Price projections 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 compares its historic realized pricing 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.

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17.0Environmental Studies, Permitting, and Plans

17.1Environmental Studies

An Environmental Assessment for the Intrepid Potash-Wendover Mine and Reclamation Plan Modification was conducted by the BLM (2012).

17.2Waste and Tailings Disposal, Site Monitoring, and Water Management during and after Mine Closure

In a voluntary effort to enhance the salt crust on the BSF, Intrepid-Wendover participates in a salt laydown project by pumping brine north of I-80. There is no tailings disposal on site. Surface and groundwater monitoring follows a state-approved plan.

17.3Permitting Status and Reclamation Bonds

The permitting status and reclamation bond are listed in Table 17-1.

17.4Agreements with Local Individuals

There are no specific agreements in place with local individuals.

17.5Closure Plans

Closure activities include the requirements of filling ditches, removing berms, facility removal, resurveying public lands, and plugging wells.

17.6Adequacy of Current Plans and Compliance

Intrepid-Wendover is in operation and in adherence with local, state, and federal regulations. It is the opinion of the QP that the current plans for environmental compliance, permitting, and addressing issues with local groups are adequate.

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Table 17-1.    Permitting Status

Common Name

Issuing Agency

Permit ID

Effective Date

Expiration Date

Bond Value

Note

Air Permit

Utah Division of Air Quality

Approval Order #: DAQ-2019-009605 (DAQE-AN107420014-19)

22-Jul-19

None

Storm Water Pollution Prevention Plan

Utah Division of Water Quality

Permit No.: UTR262329

1-Jan-23

31-Dec-28

The renewal process takes place every 5 years.

Spill Response Plan

Self-Issued

Amended 20-Apr-2012

Reviewed in 2025

Prepared by Hill West Environmental, February 2010.

Fugitive Dust Control Plan (FDCP)

Utah Division of Air Quality

29-Jun-15

None

Solid and Hazardous Waste Management Plan

Self-Issued

Dec-12

None

[Not a permit, IPW is a Very Small Quantity Generator]

Mine and Reclamation Plan

Utah Division of Oil Gas and Mining

Notice of Intentions to Revise Mining Operations, File No.: M-0450002

11-Dec-14

LOM with periodic reviews every 5 years. Most recent review was 2024.

$11,988,000

XRF license

Utah Division of Waste Management and Radiation Control

X-Ray Registration No. 3084

6-March-2025

4-Apr-2026

Division to inspect every 5 years.

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18.0Capital and Operating Costs

18.1Capital Cost Estimate

No major capital investment is necessary to complete the mine plan. For brine storage and management of pond flows, an investment of approximately $5M over years 2026 and 2027, and an additional $6M over years 2036 and 2037 of the plan is included for primary pond work. Reclamation costs are included as capital in Year 25 of $12.0M.

18.2Operating Cost Estimate

The operating cost at Intrepid-Wendover based on historic actual expenses, is estimated to be $270/t as shown in Table 18-1. The largest operating cost is labor at 34% of the annual operating cost. Natural gas, electricity, and fuel each represent 17% or less of the total operating cost.

Table 18-1.    Operating Cost Estimate (next 5 years)

Cost Category			Cost ($/Product Ton)			Cost Distribution
Labor			$91			34%
Maintenance Supplies			$23			9%
Energy and Fuels			$46			17%
Operating Supplies			$47			17%
Other (Leases, Property Taxes, Insurance, etc.)			$28			10%
Subtotal			$235			87%
Warehouse and Handling			$25			9%
Royalties			$7			3%
Environmental remediation and other non-inventory costs			$2			1%
Operating Cost			$269			100%
Less by product revenues			$(93)
Cost of Goods Sold			$176

18.3Accuracy Discussion

Operating costs, including warehouse, handling and royalty expenses are based on historical actual expenses. Because the 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%.

The reclamation costs are based on the most recent bonding estimates and the asset retirement obligations.

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19.0Economic Analysis

To evaluate the viability of mining the Intrepid-Wendover 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 in 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 (mine site)			$395/t
Shipping Potash			$45/t
Annual Average Potash Production Target			74,320 tpy
Interest Rate			0–12% APR
Income Taxes (State and Federal)			26%

19.2Economic Analysis

For a property in operation, economic viability may be implied. The pre-tax cash flow was developed using the production plan continuing as currently operating in Table 19-2. The after-tax cash flow is listed in Table 19-3. 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 annual life of mine production schedule provides the calculation of product tons resulting from tons of ore mined and the associated grade of ore mined. The NPV range is shown pre-tax and after-tax in Tables 19-4 and 19-5, respectively.

19.3Sensitivity Analysis

NPV sensitivity analyses were run using variants in commodity price and operating costs for the pre-tax cash flow. The results of the sensitivity analysis are shown for pre-tax and after-tax evaluations in Table 19-6 and 19-7, respectively.

19.4Discussion

The property has consistently operated at a profit and is expected to continue to operate at a profit.

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Table 19-2.    Estimated Pre-Tax Cash Flow

			Five-Year Periods
Item			2026 - 2030			2031 - 2035			2036 - 2040			2041 - 2045			2046 - 2050
Tons of product production			358,000			375,000			375,000			375,000			375,000
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			$125,300,000			$131,250,000			$131,250,000			$131,250,000			$131,250,000
Cost per product ton, excluding depreciation			$	235		$	229		$	229		$	229		$	229
Warehouse & Handling per product ton			$	25		$	25		$	25		$	25		$	25
Royalties per product ton			$	7		$	7		$	7		$	7		$	7
Environmental remediation and other non-inventory costs			$	2		$	2		$	2		$	2		$	2
Less byproduct revenues			$	(93)		$	(89)		$	(89)		$	(89)		$	(89)
Operating costs per production ton, excluding depreciation			$	176		$	174		$	174		$	174		$	174
Less period operating costs, excluding depreciation			$	(63,022,000)		$	(65,147,000)		$	(65,147,000)		$	(65,147,000)		$	(65,147,000)
Less period capital			$	(30,600,000)		$	(25,000,000)		$	(31,000,000)		$	(25,000,000)		$	(25,000,000)
Less period remediation			$	—		$	—		$	—		$	—		$	(10,940,000)
Estimated period pre-tax cashflow			$31,678,000			$41,103,000			$35,103,000			$41,103,000			$30,163,000

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Table 19-3.    Estimated After-Tax Cash Flow

			Five-Year Periods
Item			2024 - 2028			2029 - 2033			2034 - 2038			2039 - 2043			2044 - 2048
Tons of product production			358,000			375,000			375,000			375,000			375,000
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			$	125,300,000		$	131,250,000		$	131,250,000		$	131,250,000		$	131,250,000
Cost per product ton, excluding depreciation			$	235		$	229		$	229		$	229		$	229
Warehouse & Handling per product ton			$	25		$	25		$	25		$	25		$	25
Royalties per product ton			$	7		$	7		$	7		$	7		$	7
Environmental remediation and other non-inventory costs			$	2		$	2		$	2		$	2		$	2
Depreciation and Depletion			81			78			78			78			78
Less byproduct revenues			(93)			(89)			(89)			(89)			(89)
Total Operating Costs			$	257		$	252		$	252		$	252		$	252
Total operating costs			$	92,141,000		$	94,266,000		$	94,266,000		$	94,266,000		$	94,266,000
Estimated Pre-tax Income			$	33,159,000		$	36,984,000		$	36,984,000		$	36,984,000		$	36,984,000
Estimated Taxes at 26%			$	(8,621,000)		$	(9,616,000)		$	(9,616,000)		$	(9,616,000)		$	(9,616,000)
Estimated After Tax Income			$	24,538,000		$	27,368,000		$	27,368,000		$	27,368,000		$	27,368,000
Add back Depreciation and Depletion			$	29,119,000		$	29,119,000		$	29,119,000		$	29,119,000		$	29,119,000
Less period Capital			$	(30,600,000)		$	(25,000,000)		$	(31,000,000)		$	(25,000,000)		$	(25,000,000)
Less period Remediation			$	-		$	-		$	-		$	-		$	(10,940,000)
After-Tax Cash Flow			$	23,057,000		$	31,487,000		$	25,487,000		$	31,487,000		$	20,547,000

Table 19-4.    NPV Pre-Tax Estimate

Interest Rate			NPV
(% APR)			($M)
0			$179
5			$101
8			$76
10			$64
12			$55

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Table 19-5.    NPV After-Tax Estimate

Interest Rate			NPV
(% APR)			($M)
0			$132
5			$75
8			$56
10			$47
12			$41

Table 19-6.    Pre-Tax NPV Sensitivities (APR 8%)

Pre-Tax Sensitivities (APR 8%) ($M)
			Base Case			10% Price Decrease			Delta
NPV			$76			$45			$(31)
			Base Case			10% Price Increase			Delta
NPV			$76			$107			$31
			Base Case			10% OPEX Decrease			Delta
NPV			$76			$89			$13
			Base Case			10% OPEX Increase			Delta
NPV			$76			$63			$(13)
			Base Case			10% CAPEX Decrease			Delta
NPV			$76			$82			$6
			Base Case			10% CAPEX Increase			Delta
NPV			$76			$70			$(6)

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Table 19-7.    After-Tax NPV Sensitivities (APR 8%)

After-Tax Sensitivities (APR 8%) ($M)
			Base Case			10% Price Decrease			Delta
NPV			$56			$33			$(23)
			Base Case			10% Price Increase			Delta
NPV			$56			$79			$23
			Base Case			10% OPEX Decrease			Delta
NPV			$56			$64			$8
			Base Case			10% OPEX Increase			Delta
NPV			$56			$48			$(8)
			Base Case			10% CAPEX Decrease			Delta
NPV			$56			$62			$6
			Base Case			10% CAPEX Increase			Delta
NPV			$56			$50			$(6)

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20.0Adjacent Properties

Adjacent properties are not applicable at Intrepid-Wendover.

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21.0Other Relevant Data and Information

No additional information is provided.

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22.0Interpretation and Conclusions

Estimates are dependent on data obtained from the natural environment. Although the mine has been in operation for many years, factors such as extended drought or natural disasters could influence the estimates. The general spacing between collection ditches is about 2,600 ft, which may require a period of at least 100 years for the ditches to capture all the potash brine between the ditches. A future mining plan with optimized ditch spacing could affect the recovery factor and reserve estimation.

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23.0Recommendations

Confidence in the resource estimate is based on the long-term operating production at the Intrepid-Wendover Property. The DBW consistent stable concentrations provide a high degree of confidence in concentrations of the Li and Mg at locations throughout the sample area.

Conversion of the Li and Mg resource to reserves requires at least pre-feasibility level engineering and cost estimation of the processing and recovery of the Li and Mg with possible pilot scale testing.

Estimates are dependent on data obtained from the natural environment. Although the mine has been in operation for many years, factors such as extended drought or natural disasters could influence the estimates.

Creation of a detailed hydrogeologic model could develop a deeper understanding of the impacts of changes to the system such as pond lining and increased DBW production on the replenishment model and long-term grade distribution of the deep and shallow brine aquifer.

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24.0References

Agapito (2007a), “Potash Resource Estimation for Intrepid Potash–Wendover, LLC,” report to Intrepid Potash, 363-10, November, 40 pp.

Agapito (2007b), “Determination of Estimated Probable Reserves at Intrepid Potash–Wendover, LLC,” report to Intrepid Potash, 363-10, November, 40 pp.

Agapito (2010), “Determination of Estimated Probable Potash Reserves at Intrepid Potash–Wendover, LLC,” repot to Intrepid Potash, 363-12, February, 47 pp.

Agapito (2013), “Determination of Estimated Probable Potash Reserves at Intrepid Potash–Wendover, LLC,” report to Intrepid Potash, 363-13, February, 53 pp.

Agapito (2016), “2015 Determination of Estimated Probable Potash Reserves at Intrepid Potash–Wendover, LLC,” report to Intrepid Potash, 363-19, January 22, 66 pp.

Agapito (2019), “2018 Determination of Estimated Probable Reserves at Intrepid Potash–Wendover, LLC,” report to Intrepid Potash, 363-22, January, 65 pp.

Agapito (2021), “Technical Report Summary of 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover, report to Intrepid Potash, 363-28, February, 78 pp.

CFR (2021), “Disclosure by Registrants Engaged in Mining Operations,” § 229.1301, last amended September 1.

Currey, D. R., C. G. Oviatt, and J. E. Czarnomski (1984), “Late Quaternary Geology of Lake Bonneville and Lake Waring,” Geology of Northwest Utah, Southern Idaho, and Northeast Nevada, G. J. Kearns and R. L. Kearns, Jr., (Editors), Utah Geological Association, Publication 13, pp. 227–237.

Davis, S. N. (1967), “Supplementary Report on Brine Production at Bonneville, Utah,” C. E. Bradberry and Associates, Consulting Engineering, private report to Kaiser Aluminum and Chemical Corporation.

Kaiser Aluminum & Chemical Corporation (1974), “Production Plan for Pond System V at Kaiser Aluminum & Chemical Corporation Bonneville Division Wendover, Utah,” submitted to United States Department of the Interior, May 2.

Lines, G. C. (1979), “Hydrology and Surface Morphology of the Bonneville Salt Flats and Pilot Valley Playa, Utah,” United States Government Printing Office, Washington.

Mason (1998), “Hydrology of the Bonneville Salt Flats, Northwestern Utah, and Simulation of Ground-Water Flow and Solute Transport in the Shallow-Brine Aquifer,” U.S. Geological Survey Professional Paper 1585, 120 pp.

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Nolan, T. B. (1927), “Potash Brines in the Great Salt Lake Desert, Utah,” U.S. Geologic Survey Bulletin 795-B.

Oviatt, C. G., D. R. Currey, and D. Sack (1992), “Radiocarbon Chronology of Lake Bonneville, Eastern Great Basin, USA, Palaeogeogr. Palaeoclimatol. Palaeoecol. 99:225–241.

RESPEC (2023) Technical Report Summary of REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover, report to Intrepid Potash, 82 pp.

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

Shaw Environmental, Inc. (2006), “Mine and Reclamation Plan Intrepid Potash-Wendover, LLC Potash Mine,” submitted to Bureau of Land Management State Office-Utah on Behalf of Intrepid Potash-Wendover, LLC, June 15.

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

Turk, L. J. (1969), “Hydrogeology of the Bonneville Salt Flats, Utah: Ph.D. Dissertation,” Stanford University.

US Department of Interior Bureau of Land Management, (2012), Environmental Assessment UT-020-2006-002 “Intrepid Potash Mine and Reclamation Plan (Modification), August 12.

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25.0Reliance on Information

The QP relied on information provided by Intrepid and Intrepid-Wendover on land status, legal, and permitting.

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