Intrepid Potash : Overview of Intrepid’s Potash Operations

OVERVIEW OF INTREPID'S POTASH OPERATIONS

September 2023

NYSE: IPI | intrepidpotash.com

WHY INVEST IN IPI?

	Key Product Sees Steady		Long-life Reserves & Resources
	Long-term Demand Growth		Lowers Terminal Value Risk
• Global potash demand has historically seen a CAGR of	• Our reserves and resources support many decades of
	approximately 2%, closely tracking population growth	production

Investing in Potash Growth Projects to Maximize Brine Availability & Grade

• Maximizing brine availability helps drive longer residence time underground, which improves brine grade, potash production, and unit economics

Fertilizer & Agriculture

Fundamentals Remain Positive

• Eastern European turmoil a global potash supply risk, while relatively high crop futures incentivize farmers to maximize crop yields, helping drive fertilizer demand

	Management & BoD		Strong Balance Sheet Supports
	Closely Aligned with Shareholders		Opportunistic Capital Allocation
• IPI's management team/Board of Directors (BoD) own	• Debt-free balance sheet and liquidity position of
	approximately 17% of IPI's common shares outstanding(1)	$166mm(2) puts Intrepid in position of strength

September 2023

Slide Notes: (1) Approximate as of 7/31/2023; (2) As of 7/31/2023, our cash/cash equivalents totaled $15.6mm and we had full capacity on our $150mm	2
credit facility which has an August 2027 maturity.

OVERVIEW OF IPI'S POTASH PRODUCTION

September 2023

3

KEY TAKEAWAYS

Revitalizing Our Potash Assets to Capitalize On Unique Positioning & Opportunity

Long-life Reserves & Resources Support Many Decades of Production

Our Goal Is to Return Our Potash Production to Historical Levels

Higher Production Significantly

Improves Unit Economics

Higher Production Starts with

Maximizing Brine Availability

Max Brine Availability Leads to

Longer Residence Time

Longer Residence Time = Higher Brine Grade = Higher Production

• We have high quality sylvinite ore at our Moab and HB potash solar solution mines (Wendover is a brine recovery mine)
• The underlying reserves and resources support many decades of production; see Slide 6
• Wendover is a brine recovery operation where the key brine sources get recharged by precipitation(1)
• Our potash production in 2022 was 270k tons, which is approximately 25% lower than our initial production improvement goals
• Strong cash flow during 2022 allowed for internal funding of growth projects focused on long-term production improvements
• We're already seeing positive impacts from key projects at HB and Moab, with more significant contributions expected in 2024+
• As a higher fixed cost business, it's important to have higher production (potash productive capacity is ~390k tons)
• We estimate that returning our production to ~350k tons can improve our per ton unit economics by 20-30%
• In addition to cost per ton improvements, another clear benefit is more potash/byproducts to sell and improved revenue/cash flow
• At HB and Moab, we inject saturated brine into old mine workings (as well as horizontal caverns at Moab) to dissolve sylvinite ore
• Ideally, the brine will be in contact with ore for ~12-months, with the brine enriched with KCl later being pumped to the surface
• Improving our injection rates at HB and access to new ore (Cavern 4) in Moab should help maximize our brine availability
• The longer the brine is able to sit underground and dissolve the ore, the higher the KCl grade of the brine we extract
• At HB, injecting as much brine as we extract (and ideally more injection vs. extraction) helps maximize underground residence time
• At Moab, injection has been steady, but more brine in contact with ore (Cavern 4) results in improved residence time and grade
• The more time the brine has to dissolve the sylvinite ore the higher the KCl grade
• Higher grade KCl brine can help offset poor evaporation scenarios like rain
• Higher grade KCl brine in our evaporation ponds results in more KCl product tons after harvesting/processing (i.e. more production)

September 2023

Slide Notes: (1) The shallow-brine aquifer recharges from precipitation and the deep-brine wells target an aquifer that has built up brine over tens of	4
thousands of years (which also does still get recharged from precipitation).

KEY DRIVERS OF POTASH PRODUCTION

Our Capital Spending Has Been Focused On the Highest Impact Areas

Potash Asset

HB Solar Solution Mine

(see Slide 10 for details)

Moab Solar Solution Mine

(see Slide 11 for details)

Wendover Brine Recovery Mine

(see Slide 12 for details)

Key Drivers of Production

• Maximizing Brine Availability → accomplished through high injection rates; our highest injection years (2014/2015) preceded our best production year (2017)
• Longer Residence Time → more brine injected helps ensure sufficient residence time
• Strong Evaporation → hot and dry weather in the summer is ideal
• Maximizing Brine Availability → accomplished through consistent injection and access to new sylvinite ore (caverns) over time
• Longer Residence Time → more brine injected/contact with ore helps ensure sufficient residence time (and helps prevent extracting tons too early)
• Strong Evaporation → hot and dry weather in the summer is ideal
• Maximizing Brine Availability → winter precipitation "recharges" the shallow aquifer
• Brine Storage & Evaporation Area → our Primary Pond 6 ("PP6") serves as the "brine storage" area (like the caverns/mine workings in Moab/HB); keeping PP6 full - and adding another primary pond - should drive higher production
• Strong Evaporation → hot and dry weather in the summer is ideal

Key Project Summaries

• Eddy Shaft/Replacement Extraction Well projects will target already measured, high-grade brine in near-term
• New injection pipeline expected to drive higher injection rates (designed for higher injection rates than '14/'15) and will have long-term operational life
• Well 46 contributing to 2023 production, provides more access points for Bed 5, and can be used as backup for injection/extraction wells
• Well 45 (Cavern 4) adds new ore to ensure steady production over near-and-long term, while TwoFer should improve Cavern 3 performance
• Addition of new primary pond will increase brine storage and evaporative area to help drive higher potash and other byproduct production
• Our magnesium brine has high lithium concentration and great prospects for commercial extraction; now studying potential solutions

September 2023

Slide Notes: Our guidance for 2023 capital expenditures remains in the range of $65-$75mm.	5