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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No. 1)
☒	Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2022

or
☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 001-34025

INTREPID POTASH, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	26-1501877
(State or other jurisdiction of <br>incorporation or organization)	(I.R.S. Employer <br>Identification No.)
707 17th Street, Suite 4200
Denver,
Colorado	80202
(Address of principal executive offices)	(Zip Code)

(303) 296-3006

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, par value $0.001 per shareIPINew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.) Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	x	Non-accelerated filer	¨
Smaller reporting company	¨	Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes ☐ No x

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The aggregate market value of the registrant's common stock held by non-affiliates of the registrant, based upon the closing sale price of the common stock on June 30, 2022, the last trading day of the registrant's most recently completed second fiscal quarter, of $45.29 per share as reported on the New York Stock Exchange was $513 million. Shares of common stock held by each director and executive officer and by each person who owns 10% or more of the registrant's outstanding common stock and is believed by the registrant to be in a control position were excluded. The determination of affiliate status for this purpose is not a conclusive determination of affiliate status for any other purposes.

As of February 28, 2023, the registrant had 12,972,587 shares of common stock, par value $0.001, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Part III of this report is incorporated by reference from portions of the registrant's definitive proxy statement relating to its 2023 annual meeting of stockholders to be filed within 120 days after December 31, 2022.

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EXPLANATORY NOTE

Intrepid Potash Inc. (the "Company") is filing this Amendment No. 1 (this "Amendment") to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, previously filed with the Securities and Exchange Commission ("SEC") on March 7, 2023 (the "Original Filing"), for the sole purpose of (i) updating certain disclosures in Part I. Item 2. Properties to comply with the mining disclosures of subpart 1300 of Regulation S-K, (ii) revising the disclosure regarding the effectiveness of disclosure controls and procedures in Part II. Item 9A. Controls and Procedures of the Original Filing to reflect management's conclusion that the Company's disclosure controls and procedures were not effective at December 31, 2022 solely as a result of the updated disclosures under subpart 1300 of Regulation S-K included in this Amendment, and (iii) filing amended versions of the Company's technical report summaries as revised Exhibits 96.1, 96.2, and 96.3, to this Amendment. Revised Exhibits 96.1, 96.2, and 96.3 to this Amendment supersede and replace in their entirety Exhibits 96.1, 96.2, and 96.3 to the Original Filing.

Pursuant to Rule 12b-15 under the Securities and Exchange Act of 1934, as amended, this Amendment also includes as exhibits the certifications by the Company’s principal executive officer and principal financial officer required in accordance with Rule 13a-14(a). Because no financial statements have been included in this Amendment, paragraph 3 of the certifications has been omitted. Additionally, because no financial statements are contained within this Amendment, the Company has not included new certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Except as described above, this Amendment does not amend, update or change any other items or disclosures contained in the Original Filing. This Amendment does not reflect or purport to reflect any information or events occurring after the date of the Original Filing nor does it modify or update the disclosures contained in the Original Filing that may be affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company’s other filings made with the SEC subsequent to the filing of the Original Filing.

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PART I

ITEM 2.PROPERTIES

We are amending and updating Item 2. Properties in this Amendment, to supersede and replace Item 2. Properties in its entirety from our Original Filing.

Our extraction and production operations are conducted entirely in the continental U.S. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah and our brine recovery mine in Wendover, Utah. We also operate our North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio® from our conventional underground East mine in Carlsbad, New Mexico. We also have the West facility, which is a conventional underground potash mine that is not in operation and is in care-and-maintenance mode.

We operate Intrepid South located in Lea County in southeastern New Mexico, which is comprised of 21,834 surface acres, 27,868 acres of BLM grazing leases and 10,405 acres of pending State of New Mexico grazing leases. In March 2020, we sold approximately 320 surface acres from our Intrepid South property, reducing our surface acre ownership from 22,154 acres acquired at the time of purchase, to the 21,834 acres we operate today.

We conduct most of our mining operations on properties that we lease from states or the federal government. These leases generally contain stipulations that require us to commence mining operations within a specified term and continue mining to retain the lease.

The stipulations on our leases are subject to periodic readjustment by the applicable state government and the federal government. The lease stipulations could change in the future, which could impact the economics of our operations. Our federal leases are for indefinite terms subject to readjustment of the lease stipulations, including the royalty payable to the federal government, every 20 years. Our leases with the State of New Mexico are issued for terms of 10 years and for as long thereafter as potash is produced in commercial quantities and are subject to readjustment of the lease stipulations, including the royalty payable to the state. Our leases with the State of Utah are for terms of 10 years subject to extension and possible readjustment of the lease by the State of Utah. Our leases for our Moab mine are operated as a unit under a unit agreement with the State of Utah, which extends the terms of all of the leases as long as operations are conducted on any portion of the leases. The term of the state leases for our Moab mine is currently extended until 2024 or so long as potash is being produced. As of December 31, 2022, approximately 14% of our state, federal, and private lease acres at our New Mexico facilities will be up for renewal within the next five years, and 43% of our state and federal lease acres at our Utah operations will be up for renewal within the next five years.

The following tables provide a summary of our mineral resources and reserves. Additional information is provided in the Individual Property Disclosures below.

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Summary of Mineral Resources in Millions of Tons of Sylvinite and Langbeinite as of December 31, 2022, and 2021. Based on 406 /potash product ton mine site and 425 /langbeinite product ton mine site.
		Indicated Mineral Resources		Measured + Indicated Mineral Resources		Inferred Mineral Resources
	Grade (%K2O)	Amount (Mt)	Grade (%K2O)	Amount (Mt)	Grade (%K2O)	Amount (Mt)	Grade (%K2O)
Sylvinite
New Mexico
IPNM	15.0	200.0	14.0	570.0	14.6	—	—
Utah
Moab	26.0	190.0	25.0	303.0	25.4	38.0	23.0
Wendover	—	250.0	0.5	250.0	0.5	1,360.0	0.5
Total	17.6	640.0	12.0	1,123.0	14.4	1,398.0	1.1
Langbeinite
New Mexico
IPNM	10.0	60.0	10.0	110.0	10.0	—	—
Total	10.0	60.0	10.0	110.0	10.0	—	—

All values are in US Dollars.

We did not have any material changes to our mineral resources during 2022. The material assumptions and criteria used for the mineral resource estimates are discussed in more detail in Section 11 of the respective Technical Report Summaries filed as Exhibits 96.1 through 96.3 to this Annual Report.

Summary of Mineral Reserves in Millions of Product Tons of Potash and Langbeinite as of December 31, 2022, and 2021. Based on 325 /potash product ton mine site and 340 /langbeinite product ton mine site.
				Probable Mineral Reserves				Total Mineral Reserves
		In Situ<br><br>Grade (%K2O)		Amount (Mt)		In Situ<br><br>Grade (%K2O)		Amount (Mt)		In Situ<br><br>Grade (%K2O)
	2021	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
Sylvinite
New Mexico1
IPNM	4.4	21.7	20.8	0.2	0.2	19.1	19.2	4.5	4.6	21.6	20.7
Utah
Moab1	1.9	27.2	27.2	0.6	0.6	27.8	27.8	2.4	2.5	27.3	27.5
Wendover2	—	—	—	1.7	1.8	0.5	0.5	1.7	1.8	0.5	0.5
Total	6.3	23.3	22.7	2.5	2.6	8.5	8.2	8.6	8.9	19.0	18.5
Langbeinite
New Mexico3
IPNM	4.9	8.6	8.5	1.2	1.2	9.1	9.1	5.8	6.1	8.7	8.6
Total	4.9	8.6	8.5	1.2	1.2	9.1	9.1	5.8	6.1	8.7	8.6
1 - In situ grade corresponds to the amount of K2O in the contact area of the caverns
2 - In situ grade corresponds to the amount of K2O in the brines
3 - In situ grade corresponds to the amount of K2O in the langbeinite ore

All values are in US Dollars.

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As noted, we have relatively long-lived proven and probable reserves and consequently expect to conduct limited and focused additional exploration in the coming five years. We plan to drill core holes in areas near our Carlsbad, New Mexico, facility, in order to further define the ore body. Development of the underground mines is expected to be coincident with the continued advancement of ore zones. Development of the solution mine and brine evaporation operations is expected to be enhanced by the drilling of additional wells and flooding of new solution mine caverns. Although not in our current plans, we also have opportunities to rehabilitate the shafts at the currently idled North mine and additional surface infrastructure to accelerate mining of conventional reserves.

Our leased office space in Denver, Colorado, is approximately 26,000 square feet and has a term expiring on January 31, 2025. We lease approximately 1,400 square feet of office space in Albuquerque, New Mexico, which has a term expiring on May 31, 2027.

We believe that all of our present facilities are adequate for our current needs and that additional space is available for future expansion on acceptable terms.

Individual Property Disclosure - New Mexico

Overview

Our New Mexico operations ("IPNM") consists of our HB Solar Solution, East, West, and North Mines and are located in southeastern New Mexico in Eddy and Lea Counties in the Carlsbad Potash District ("CPD"). The location is further defined by the boundary of the Known Potash Leasing Area ("KPLA"). This BLM managed area consists of that part of the KPLA where the co-development guidelines for oil and gas and potash are in effect for federal lands under the 2012 Secretary's Order issued on December 4, 2021. The 2012 Secretary's Order revises and supersedes a previous Order issued in 1986 and corrected in 1987. The 2012 Secretary’s Order does not alter the boundaries of the area. The area also contains state lands that are managed by the State of New Mexico under the New Mexico Oil Conservation Division Order R‐111‐P ("R-111-P"). In general, the stated objective of the 2012 Secretary’s Order and R‐111‐P is to prevent waste of petroleum and mineral resources and maximize the economic recovery of oil, gas, and potash minerals in the area.

The geology of the potash‐bearing beds of the Carlsbad area is well documented. Overall, the potash‐bearing beds may be described as bedded sedimentary rocks, deposited across the Delaware Basin and Northwest Shelf backreef from the Capitan Reef. The Carlsbad area falls within the Delaware Basin, part of the Permian Basin. The Delaware Basin has a maximum width

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of approximately 100 miles and a length of approximately 150 miles, extending from north of Carlsbad, New Mexico, to Pecos County, Texas.

The Permian Age sequence comprises the Ochoan, Guadalupe, Leonard, and Wolfcamp series in order of increasing age. Laterally extensive, evaporite beds containing deposits of halite, sylvite, langbeinite, kainite, carnallite, and other evaporite minerals are found within the Ochoan Series, whose top ranges from a depth of 2,000 feet near the Texas State line to approximately 200 feet below surface north of Carlsbad. Mining occurs in the Salado Formation which contains 12 potash ore zones, of which six have been or are currently being mined.

Sylvinite is currently being mined using solution methods in the 1st and 3rd ore zone. Historically, sylvinite has been conventionally underground mined in the 1st, 3rd, 5th, 7th, and 10th ore zones. Mechanical mining of langbeinite is currently occurring in the 3rd and 5th ore zones at the East Mine. Langbeinite is prevalent in the 3rd and 4th ore zones in the southern part of the Delaware Basin, and occurs mixed with sylvite in the 5th ore zone.

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

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

The IPNM properties are pledged as collateral for our revolving credit facility. As of December 31, 2022 the net book value of our IPNM material properties was $172.3 million. A reclamation bond is currently in place for approximately $4.4 million.

IPNM has all necessary operating permits and is in production, both underground and solution mining, and through permit reporting maintains environmental compliance. Environmental studies are conducted for major project expansions and modifications to any operations. The most recent Environmental Audit was completed in 2015 for the expansion of the HB In Situ Solution Mining project to include the solution mining of the abandoned Amax potash mine. The work referenced the initial Environment Impact Study ("EIS") for the HB In Situ Solar Solution Mining Project EIS.

East Mine and Plant

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

There are five active sections within the East Mine, the operations of which consist of a miner and a shuttle car loading onto a belt conveyor. Each mining section produces approximately 240,000 tons of run‐of‐mine ore each year. The long‐range production balanced with sales projections results in a long‐term annual production of 1.2 million tons of ore for 250,000 tons of Trio® annually.

During 2003 and 2004, we modified the East Plant to allow dual processing to recover the K2O value from both the sylvite and langbeinite fractions of the ore. Langbeinite, marketed as Trio®, is recovered using dense media separation and a fine langbeinite recovery circuit. Currently approximately one million tons per year of ore is processed at a rate of 300 tons per hour. The ore is crushed, screened, pulped, and rescreened. Coarse material is forwarded to the dense media separation ("DMS") circuit. The DMS concentrate is water leached, debrined, and dried. We separate the coarse product into the three Trio® products. We recover fine material from the screening process using gravity separation, leaching, debrining, and drying. We upgrade fine material to premium product using pelletization.

HB Mine and Plant

Historical room‐and-pillar mining operations at the HB complex recovered about 70% of the ore, leaving approximately 30% of the ore available for secondary recovery in pillars plus what can be recovered beyond the limits of the conventional mine works. Mining at the HB Solar Solution Mine recovers potash by injecting saturated saline NaCl brine into the old mine works to create underground leach lakes. Over time, the solution enriched with potash is pumped to the surface to solar evaporation ponds. Selective solar evaporation leaves behind a potash‐enriched salt that is collected using scrapers,

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pumped, and processed at the HB Plant. The solution mine comprises six injection wells, five extraction wells, and three monitoring wells.

In 2012, IPNM commenced filling the HB solar evaporation ponds. The extraction brine sourced from the mined‐out areas of the 1st ore zones of the former underground workings of portions of HB Eddy, HB South, HB North, and the HB Crescent, collectively referred to as the HB Mine, contains approximately 21.7% NaCl and 7.0% KCl. The brine is collected and crystallized in 18 solar evaporation ponds. The HB flotation mill processes the harvested potash and salts from the solar evaporation ponds. Following the separation of KCl, the HB Solar Solution Mine also recovers significant quantities of NaCl.

The North Plant provides classification, compaction, quality control, and load‐out services for production from the HB Solar Solution Mine. Belly dump trucks unload HB product into a dump pocket. We then send the material to surge bins. The product is screened, preheated, weighed, and sent to a compactor feed bin. Material is fed to the roll compactor, and resulting flakes are further reduced in size with the subsequent flake breaker and crusher. Product is then screened and sent to the curing dryer and screened once again before being sent to final product storage. The product is shipped to market in trucks or rail cars.

West Mine

The West Mine is a high‐extraction, mechanical room‐and‐pillar mine that was idled in July 2016 and placed in care‐and‐maintenance mode. The mine was last operated in the 5th, 7th, and 10th ore zones.

North Mine and Compaction Plant

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

We anticipate the need to construct a new sylvite processing facility to handle the higher insoluble and higher carnallitic ores that are contained in the 8th and 10th ore zones. A new processing plant is expected to have a plant recovery of 75%, which is supported by the metallurgical test work done on the 10th ore zone ore by Tetra Tech in 2009 in support of Phase 1 of the North Mine Reopening Feasibility Study.

Leases and Permits

We control the right to mine approximately 143,000 acres in New Mexico. Of that acreage, we lease 32,000 acres from the State of New Mexico, 106,000 acres from the federal government through the Bureau of Land Management (“BLM”), and 300 acres from private owners. We own 4,700 surface acres near the mine site, adjacent to the federal and state mining leases. Most mining operations are on properties leased from the State of New Mexico or the federal government. These leases generally contain stipulations that require us to commence mining operations within a specified term and to continue mining to retain the lease. The stipulations on our leases are subject to periodic readjustment by the State of New Mexico and the federal government. Federal leases are for indefinite terms subject to readjustment of the lease stipulations, including the royalty payable to the federal government, every 20 years. Royalty payments equal a percentage of product sales less freight. Most of our leases with the federal government stipulate a five percent royalty rate. However, certain federal leases contain a sliding scale royalty rate of a minimum of two percent and up to a maximum of five percent based on the grade of ore extracted under the lease. In 2022, IPNM paid royalties of $7.2 million to the federal government.

Our leases with the State of New Mexico are issued for terms of 10 years and for as long thereafter as potash is produced in commercial quantities and are subject to readjustment of the lease stipulations, including the royalty payable to the state. Royalty payments equal a percentage of product sales less freight. Our leases with the State of New Mexico stipulate a five percent royalty rate. In 2022, IPNM paid royalties of $2.7 million to the State of New Mexico.

History of Operations

Potash was first discovered in southwest New Mexico in 1925 in Eddy County, New Mexico, in Snowden McSweeney Well No. I on a V. H. McNutt permit near the center of the portion of the KPLA. Commercial potash shipments began in 1931. The mines have had numerous owners beginning with the U.S. Potash Company’s ownership of the West Mine from 1929 to 1956. Intrepid Mining, the predecessor to Intrepid, acquired the mines, excluding the Amax Mine, from Mississippi Potash, Inc. in 2004. Intrepid acquired the lease to the Amax Mine in 2012. A full ownership history for each mine is included in Section 5 of the technical summary report in Exhibit 96.1 to this Annual Report.

Mineral Resource and Reserves Comparison to Prior Year

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We had no material changes in our mineral resource at the New Mexico Property at December 31, 2022, compared to December 31, 2021. Our New Mexico Property mineral reserve product tons at December 31, 2022, decreased from mineral reserve product tons at December 31, 2021, due to 2022 production.

Mineral Resource and Reserves

Overview

We continue ongoing exploration as a part of our operational long‐term planning. Exploration includes the drilling of core holes from the surface and underground, and the collection of channel samples, which are collected as mining advances. We provided Agapito Associates, Inc. ("Agapito") their dataset beginning in 2007. Since that time, we have added multiple data points by reassessing several drillholes. Our potash reserves are also identified from gamma ray geophysical logs in oil and gas wells. We estimate and quantify bed thickness and potash grade with input from 2,928 sample points. Extensive work was completed with geophysical tools in collaboration with the United States Geologic Survey ("USGS") to determine and verify potash grades from gamma logs. The dataset is from oil and gas wells, surface core holes, underground core holes, channel samples, shaft samples, and roof bolt holes. The key sample types include 7,209 drillholes and channel samples and are broken down by mining zone.

The characterization of the hydrogeology was completed for the HB In Situ Solution Mine by AECCOM in 2011 and is included as part of the publicly available EIS. The study confirmed the availability of water for the initial flooding of the solution mines at a pumping rate ranging from 177 to 1,440 gallons per minute.

Mineral Resource

The exploration drillhole and channel sample data were compiled to form the database, which serves as the basis for estimating the resources. As part of evaluating the mineral resource, we evaluated and reviewed the geologic setting and bed assignments. Of the data within the lease boundary, all data points contribute bed thickness, and several have assay information. The geology was modeled using Carlson Software (2020). A basic inverse distance squared algorithm was used with a search radius of ¾ mile to prepare the 100‐foot by 100‐foot grids for bed thickness and grade. The search radius was applied for Measured and Indicated Resources of ¼ mile and ¾ mile, respectively. Where data is dense, the nearest 25 data points were used to assign values for the grid block. The grids were multiplied by each other to compile a grade‐thickness ("GT") grid within the lease boundaries held by IPNM. The base grid was adjusted for each ore type cutoff. Key assumptions and parameters for resource estimation are listed in the tables below.

The classification of cutoff in terms of GT in units of feet-percent was defined in the Secretaries Order dated October 21, 1986 for mechanically mined potash deposits. The criteria are not dependent on thickness or grade, but on the product of the thickness and grade. To evaluate the viability of mining the IPNM mechanically mined resources, a break‐even cutoff GT was established. Inputs to the estimation of the break‐even cutoff analysis are cost of goods sold, product sale price, mill recovery, and nominal grade.

The cutoff for solution mining in flooded abandoned underground potash mines is a function of the grade of the brine being extracted which results in enough product tons to just cover the cost of production. The cutoff grade for resources of abandoned underground sylvinite is not a parameter for use in the estimation of solution mining resources but does establish an operational minimum limit for the brine grade reserves. The solution mining resources are the pillars remaining after mining and the fringe boundary of the mine. Resources could also be unmined ore left behind to provide geotechnical support. An operational limit of the flood elevation establishes the cutoff between resource and reserve for this deposit. When mining using solution methods in proximity to other mines, or other underground mines not within the control of IPNM, the critical factor in establishing a flood elevation is to keep adjoining properties dry or to protect structures such as shafts.

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IPNM—Summary Mineral Resources in Millions of Tons of Sylvinite effective December 31, 2022 and 2021. Based on 406 /product ton mine site.
					Mechanical<br><br>Mining Cutoff 2<br><br>(ft%K2O)	Processing<br>Recovery (%)
		Grade (%K2O)		Contained K2O<br><br>(Mt)
Measured mineral resources		15		56	45-59	75-85
Indicated mineral resources		14		29	45-59	75-85
Measured + Indicated resources		15		85
Inferred mineral resources				—
IPNM—Summary of Mineral Resource in Millions of Tons of Langbeinite Mineralized Rock in Place effective December 31, 2022 and 2021. Based on 425 /product ton mine site.

					Mechanical<br><br>Mining Cutoff<br><br>(ft%K2O)	Processing Recovery (%)
	Grade<br><br>(%K2O)		Contained<br><br>K2O
Measured mineral resources		10		5	32	68
Indicated mineral resources		10		6	32	68
Measured + Indicated resources		10		11
Inferred mineral resources
1 Sylvinite is a mixed evaporite containing NaCl and KCl.
2 Solution mining resource cutoff is the old workings boundary.
Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are reported using Inverse Distance Squared estimation methods.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

We did not have any material changes to our IPNM mineral resources during 2022. The material assumptions and criteria used for the IPNM mineral resource estimates are discussed in more detail in Section 11 of the Technical Report Summary in Exhibit 96.1 to this Annual Report.

Mineral Reserve

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

Mineral reserves that are mined using solution mining methods are not subject to the traditional application of a cutoff grade, and instead operational limitations are considered. An operational limit of the flood elevation establishes the cutoff between resource and reserve for this deposit.

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

Mechanically Mined Reserves

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Economic modeling indicates cutoff grades for reserves at the IPNM East Mine of 43 ft% K2O for langbeinite resource. Modeling also indicates a cutoff of 75 feet-percent K2O for the high‐insoluble sylvinite resources in the 8th and 10th ore zones, which requires the capital investment of a new plant and refurbishment of shafts. A cutoff of 57 feet-percent K2O is indicated for the West Mine sylvinite resources which requires the processing plant, mine equipment, and associated infrastructure to be rehabilitated.

Solution Mined Reserves

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

IPNM—Summary of Potash Mineral Reserves effective December 31, 2022. Based on 325 /product ton mine site
	In Situ Grade1 (%K2O)	Product2<br><br>(Mt)	Brine Cutoff Grade3 (%K2O)	Processing Recovery (%)
Proven Mineral Reserves	21.7	4.3	2.0	85
Probable Mineral Reserves	19.1	0.2	2.0	85
Total Mineral Reserves	21.6	4.5
IPNM—Summary of Langbeinite Mineral Reserves effective December 31, 2022. Based on 340 /product ton mine site
	In Situ<br><br>Grade5<br><br>(Diluted)<br><br>(%K2O)	Product6<br><br>(Mt)	Cutoff Grade (ft%K2O)	Processing Recovery (%)
Proven Mineral Reserves	8.6	4.6	43	68
Probable Mineral Reserves	9.1	1.2	43	68
Total Mineral Reserves	8.7	5.8
1 In situ grade is the amount of K2O in the contact area of the caverns.
2 Product is calculated by multiplying In-Place KCl by: dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of (1/.95).
3 Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the costs of production.
4 ROM Ore is reported based on a detailed conventional mine plan adjusted for random impurities of 10%.
5 In situ grade (diluted) is the amount of K2O in the ore body with consideration for dilution occurring during mining.
6 Product tons are calculated by multiplying ROM Ore by: In-Situ Grade (Diluted)/22.70%, plant recovery of 68%, and a product purity factor of (1/.944). In-situ Grade (Diluted) is divided by 22.70% to convert K2O grade to pure langbeinite by mass.
Mineral Reserves were prepared effective December 31, 2021 by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid, and updated to December 31, 2022 by Intrepid to account for depletion that occurred due to 2022 mining operations.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet, ROM = Run-of-Mine

All values are in US Dollars.

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IPNM—Summary of Potash Mineral Reserves effective December 31, 2021 Based on 325 /product ton mine site
	In Situ Grade1 (%K2O)	Product2<br><br>(Mt)	Brine Cutoff Grade3 (%K2O)	Processing Recovery (%)
Proven Mineral Reserves	20.8	4.4	2.0	85
Probable Mineral Reserves	19.2	0.2	2.0	85
Total Mineral Reserves4	20.7	4.6
IPNM—Summary of Langbeinite Mineral Reserves effective December 31, 2021 Based on 340 /product ton mine site
	In Situ<br><br>Grade5<br><br>(Diluted)<br><br>(%K2O)	Product6<br><br>(Mt)	Cutoff Grade (ft%K2O)	Processing Recovery (%)
Proven Mineral Reserves	8.5	4.9	43	68
Probable Mineral Reserves	9.1	1.2	43	68
Total Mineral Reserves5	8.6	6.1
1 In situ grade is the amount of K2O in the contact area of the caverns.
2 Product is calculated by multiplying In-Place KCl by: dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of (1/.95).
3 Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the costs of production.
4 ROM Ore is reported based on a detailed conventional mine plan adjusted for random impurities of 10%.
5 In situ grade (diluted) is the amount of K2O in the ore body with consideration for dilution occurring during mining.
6 Product tons are calculated by multiplying ROM Ore by: In-Situ Grade (Diluted)/22.70%, plant recovery of 68%, and a product purity factor of (1/.944). In-situ Grade (Diluted) is divided by 22.70% to convert K2O grade to pure langbeinite by mass.
Mineral Reserves were prepared effective December 31, 2021 by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet, ROM = Run-of-Mine

All values are in US Dollars.

Additional information regarding the methodology and key assumptions used to calculate the IPNM mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.1 to this Annual Report.

Internal Controls

IPNM has an internal protocol that provides for well‐defined, safe practices. IPNM has standard operating procedures ("SOP's") in place for logging and sampling core from underground and surface core drilling. According to the SOP’s, the geologist uses gamma ray to initially select the sample interval prior to prepping the sample for analysis. The samples are assayed at the on‐site laboratory. The site laboratory has the capability to conduct X‐ray Diffraction ("XRD"), Total Organic Carbon, and flame photometry laboratory techniques. The mineral analysis for all core and channel samples is analyzed with the XRD. A sample of approximately 300–500 grams is collected. The sample is split down to around 100 g and run through a grinding mill to reduce the size down to approximately –100 mesh. A sample is weighed out to five grams and put into a micronizing mill that reduces the particle size to ~10 microns and pressed into a sample holder. The sample is inserted into the instrument and a diffraction pattern is retrieved. The diffraction pattern is then analyzed using the Rietveld refinement software, reporting weight percent of solid mineral in the sample. The sample preparation, security, and laboratory analytical procedures are conventional industry practice and are adequate for the reporting of resources and reserves.

Individual Property Disclosure - Moab

Overview

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The Moab property is in a unique high‐altitude desert landscape formed from the sandstone of ancient seafloors and sand dunes. Elevations range from 3,900 feet (ft) to 4,400 ft above mean sea level. The property is located approximately 20 miles west of Moab, Utah, which is 234 miles southeast of Salt Lake City, Utah. The Colorado River runs north–south along the eastern boundary of the property. The Moab property covers approximately 14,100 acres of land.

Moab’s potash leases include 10,100 acres from the State of Utah and approximately 200 acres from the U.S. through the BLM. Moab owns approximately 3,800 surface acres overlying and adjacent to portions of the mining leases with the State of Utah.

The depositional history of eastern Utah’s vast salt and potash resources begins during the regionally arid Pennsylvanian Period, 330–310 million years ago. An immense block of the Earth’s crust, in what is today western Colorado, was thrust upward to form the Uncompahgre Highlands and identified as the westernmost expression of the Ancestral Rocky Mountains. As is common throughout geologic history, dramatic uplift was coupled with subsidence in an adjoining area. The subsequent topographical basin was inundated by seawater as it subsided. Throughout the Pennsylvanian Period, sea levels rose and fell. With each retreat of the sea, the Paradox Basin, as it is called, became devoid of fresh sea water, allowing the process of evaporation to dominate which resulted in widespread precipitation of chloride minerals. This retreat/inflow cycle is known to have occurred a minimum of 29 times, with each marked by a specific and predictable sequence of sedimentary deposition. This series of depositional cycles is collectively known as the Paradox Formation. Potash is documented to exist in 17 of the 29 cycles, and it is from these formational cycles that commercial production of potash occurs. Of these 17, two are principally targeted by us for commercial potash production: Bed 5 and Bed 9.

Moab commercially produces potash from two zones, referred to as Bed 5 and Bed 9. These beds are part of a thick sequence of evaporite cycles predominantly composed of halite interspersed with sedimentary layers of black shale and anhydrite. Within Beds 5 and 9, the sylvinite is bounded above and below by occurrences of halite. Sylvite and halite are both water‐soluble by nature. By using water already saturated with sodium, it is possible to selectively dissolve a greater amount of the potassium chloride ore.

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Mining at the Moab property is by the solution mining technique referred to as “selective solution mining.” Selective solution mining dissolves only the KCl component of the sylvinite and leaves the sodium chloride component underground. KCl production is a function of brine grade and the well extraction rate and is limited by the solar ponds’ evaporation rate. Brine grade is a function of retention time within each bed.

Mining by solution methods ends with the delivery of the brine to the evaporation ponds. Mineral processing begins with pond sequencing to enhance crystallization of the potash. The crystals remaining in the ponds after solar evaporation are harvested and processed through the mill where the potash is separated from other salts, then concentrated by flotation. The concentrates are then dried, compacted, and screened into premium grades of white potash. We ship the product to market in trucks or rail cars. Both potash and salt products are processed at the plant facility at a rate of 400 to 1,200 tons per day. The Moab property exhibits the normal results of a surface salt-based operation and is in good working condition. A new compaction facility was installed in 2010.

Access to the property is predominantly via state highway 191 and state road 279, locally referred to as Potash Road. A Union Pacific/Denver and Rio Grande Western Railroad rail spur services the property. The nearest town to the Moab property is Moab, Utah (with an estimated population of about 5,250). Salt Lake City, Utah (population of 198,000) and Grand Junction, Colorado (population of 62,000), are located approximately 240 and 120 miles to the west and east, respectively, by road, and are the nearest major industrial and commercial airline terminals. Moab also has a commercial airline terminal with scheduled flights to Salt Lake City and other nearby cities depending on the season.

The nearby Colorado River provides the Moab mining operation with make‐up water under existing water rights with the State of Utah for a water supply of nine cubic feet per second. The Moab mine has been in operation as a solution mine since 1970 and, as a result, has the infrastructure and available personnel. The mining operation is accessible by a paved county road and accessible by rail. Electric power is fed from local utilities to a recently upgraded substation. The local area population is sufficient to support the Moab mine.

The Moab property is pledged as collateral for our revolving credit facility. We have a reclamation bond in place for approximately $5.6 million, which we expect to increase to approximately $7.5 million. There are no other significant encumbrances to the Moab property, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines. As of December 31, 2022, the net book value of our material Moab property was $62.6 million. There are no significant factors and risks that may affect access, title, or the right or ability to perform work on the Moab property. The Moab property holds numerous environmental and other permits and governmental approvals authorizing the operations at the facility.

Leases and Permits

At our Moab facility, we lease approximately 10,100 acres from the State of Utah and approximately 200 acres from the federal government through the BLM. We own approximately 3,800 surface acres overlying and adjacent to portions of acres leased from the State of Utah. These leases generally contain stipulations that require us to commence mining operations within a specified term and to continue mining to retain the leases.

Our lease with the federal government is for an indefinite term subject to readjustment of the lease stipulations, including the royalty payable to the federal government. Royalty payments equal a percentage of product sales less freight. The current royalty rate stipulated in the federal lease is five percent. In 2022, Moab made no royalty payments to the federal government.

Our Moab leases with the State of Utah are for terms of 10 years subject to extension and possible readjustment of the lease stipulations, including the royalty payable to the State of Utah. Our Moab leases with the State of Utah are operated as a unit under a unit agreement with the State of Utah, which extends the terms of all the Moab state leases as long as operations are conducted on any portion of these state leases. Our Moab leases with the State of Utah are currently extended until 2024 or so long as potash is being produced and stipulate royalty rates between 4.25% and 5.00%. In 2022, Moab paid $2.6 million of royalties to the State of Utah.

History of Operations

Texasgulf, Inc. began conventional underground mining began in 1964, but various mining problems caused management to convert to a system combining solution mining and solar evaporation in 1971. Prior to 1970, approximately 6.5 million tons of sylvinite ore was mined and from that, 1.7 million tons of potash produced. Mining was by continuous miners and made difficult by the irregular floor, gas, and high rock temperatures. The height mined was typically eight feet. The dip of the ore was such that maintaining the miners in the seam was difficult. The seam floor rolls and folds resulted in an irregular mine plan with many large areas left unmined as pillars. In some areas, secondary mining resulted in high extraction.

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We purchased the Moab Salt operation in 1999. In 2000, we drilled two new recovery wells to revitalize production from Bed 5. Production from Bed 5 had declined from near 100,000 tons in 1994 to 60,000 tons in 1999. After completion of the two new recovery wells, the brine concentration improved, and production increased to near 100,000 tons in 2001. Maintaining production at or near the target rate of 100,000 tons per year was difficult from Bed 5 because of declining product concentration. It was believed that solution mining over the prior 32 years had solution mined most of the remnant pillars in the old workings and that active solution mining was restricted to the updip faces of the mine ribs.

We evaluated methods to enhance the production rate and resulted in the decision to develop solution mining in Bed 9. Bed 9 is located 800 to 1,000 feet below Bed 5 and is of higher KCl content. Bed 9 had not been solution mined previously, although, some test mining was completed by the prior owners in the late‐1960s. A novel method of solution mining was adopted for recovery of potash from Bed 9. Moab Salt‐27 and Moab Salt‐28 were drilled “horizontally” in 2002 in Bed 9 to connect and provide pathways for the liquor injected in Moab Salt‐27 to contact the sylvinite and differentially dissolve the sylvite before being lifted from Moab Salt‐28. Currently, Moab Salt‐29 connects Moab Salt‐27 and ‐28 and serves as an alternative to Moab Salt‐27 for injection.

Mineral Resource and Reserves Comparison to Prior Year

We had no material changes in our mineral resource at the Moab Property at December 31, 2022, compared to December 31, 2021. Our Moab Property mineral reserve product tons at December 31, 2022 decreased from mineral reserve product tons reported at December 31, 2021, due to 2022 production.

Mineral Resource and Reserves

Overview

The ore resource model created from the exploration and sampling database in 2007 serves as the basis for this evaluation. Personal inspection of the properties has occurred over the years by Agapito personnel. The most recent inspection by Agapito took place on May 17, 2021. The inspection began with a tour of the tailings lake then the solar evaporating ponds. In addition, the injection and extraction wellfields, processing plant, product packaging and shipping areas were all inspected. During the site visit, harvesting was occurring, and the plant was operating. The plant is typically idle during the peak evaporation season from June 1 to September 1.

Mineral Resource

The property was evaluated using exploration drillhole and channel sample data to form the database that serves as the basis for estimating the resources. The geologic setting was evaluated, and zone assignments reviewed. All the core holes used in this resource estimation report both bed thickness and grade values that lie within the mine lease boundary. As an exception to this, the two potash exploration Wells 28 and IPI‐037, which report bed thicknesses with no assay data, are included in the resource estimate for thickness modeling.

The rationale for the measured, indicated, and Inferred limits is based on industry practice in the potash industry. Measured resources are within ¼ of a mile (1,320 feet) of a hole, conveying the highest level of confidence. In addition, the indicated resources are selected to be within ¾ of a mile (3,960 feet) of a hole and the inferred resources are selected to be within 1½ miles (7,920 feet) of a hole. Indicated tons exclude measured tons, inferred tons excludes the indicated and measured tons. This convention is considered reasonable for the geologic characteristics of the Cane Creek potash deposit.

The mineral resource for the Cane Creek Mine was estimated using Carlson Software 2020 ("Carlson 2020"), a commercially available geology and mine modeling software package. The resources within the property were segregated in the model into 100‐feet by 100‐feet blocks. The resource estimates included in this report are based on the 2018 modeling.

A deterministic estimate of the potash mineral resource was made using the inverse distance squared method. Invoking the theory that closer samples should be better predictors than those further away, the method assigns weights to samples inversely proportional to the separation distance between the estimation point and the sample point. The inverse distance squared method is useful for providing unbiased estimates of the overall resources.

The block grade and heights were generated within a 1.9‐mile search radius. The 1.9‐mile search radius was selected to capture more than one core hole in estimating block values in the areas of interest. The maximum number of drill holes for block estimation was limited to the 20 nearest drill holes. Inverse distance squared behaves as an exact interpolator. When calculating a block value, the weights assigned to the data points are fractions, and the sum of all the weights is equal to 1.0. An average unit density of 130 pounds per cubic foot was used to convert in‐place volume to tons. NaCl (salt) is not reported.

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in thin beds by selective solution mining has not been demonstrated and because of difficulties in locating/maintaining horizontal holes within the bed. The grade cutoff is used because of the difficulty in selective mining in beds with less than 30% KCl content (18.95% K2O).

The gross in‐place sylvinite tonnage for each resource block was calculated by multiplying the net area of the block by the thickness of the bed and the density. The Measured, Indicated, and Inferred Mineral Resource tonnages were estimated within the prescribed radius from the sampling location.

The mineral resources for Bed 5 have been estimated using the end of year 2018 geologic model. Measured, Indicated, and Inferred resources were estimated by sampling blocks within a 1,320‐feet, 3,960‐feet, and 7,920‐feet radius of influence, respectively, from a sample location (drill hole).

Moab—Summary of Mineral Resources in Millions of Tons of Sylvinite in Place effective December 31, 2022 and 2021. Based on 406 /product ton mine site

	Grade<br><br>(%K2O)	Contained<br><br>K2O (Mt)	Cutoff 2	Processing Recovery (%)
Measured mineral resources	26	30	Minimum of 3-ft and 18.95%K2O	83
Indicated mineral resources	25	47	Minimum of 3-ft and 18.95%K2O	83
Measured + Indicated mineral resources	25	77
Inferred mineral resources	23	9	Minimum of 3-ft and 18.95%K2O	83
1 Sylvinite is a mixed evaporite containing NaCl and KCl.
2 Solution mining resource cutoff for flooded old workings is the mining extents boundary.
Mineral Resources were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are reported using Inverse Distance Squared estimation methods.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

Additional information regarding the methodology and key assumptions used to calculate the Moab mineral resource can be found in Section 11 of the technical report summary in Exhibit 96.2 to this Annual Report.

Mineral Reserve

Mineral reserves that are mined using solution mining methods are not subject to the traditional application of a cutoff grade but instead of operational limitations. By definition, modifying factors are the factors applied to a mine plan for the indicated and measured mineral resources and then evaluated in order to establish the economic viability of mineral reserves. The factors for Moab are solution mining parameters, mineral processing, and lease boundaries are shown below.

The mine plan for Bed 5 was determined using a study developed to estimate the area of reserves that have been depleted through solution mining inside and around the perimeter of the old mine workings, with the exception of a large pillar within the perimeter. As such, this perimeter area has been excluded from the reserve estimates for Bed 5. Reserves were estimated for updip and horizontal areas outside of the perimeter. The mineral reserves were estimated as the difference between the reserves from the resource area and the net KCl tons extracted since 2001.

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Although Bed 5 resources can be solution mined with additional horizontal caverns, the reserves estimate only focuses on the net reserves remaining in the old mine as the planned horizontal caverns in Bed 9 are more than enough to support the required mine life for this report.

The mine plan for Bed 9 includes the three existing operating caverns and three additional planned caverns. Estimate of the reserves within the current and future well system area use grade and thickness drillhole data and production to date. No estimate was made of the ore tons, average thickness, and average grade for the previously solution‐mined areas from Bed 9, only the equivalent tons of K2O and KCl were estimated. To date, about 830,000 tons of KCl have been mined from Bed 9. The modifying factors required to convert the in‐place tons into reserve tons are the same as those listed for Bed 5 with the exception of the dissolution factor. The Bed 9 dissolution factor was estimated using a concentration of 7.42% KCl by weight.

Moab—Summary of Potash Mineral Reserves effective December 31, 2022. Based on 325 /product ton mine site
	In Situ Grade 1<br><br>(%K2O)	Product 2<br><br>(Mt)	Brine Cutoff<br><br>Grade 3<br><br>(%K2O)	Processing Recovery (%)
Proven Mineral Reserves	27.2	1.8	1.9	83.0
Probable Mineral Reserves	27.8	0.6	1.9	83.0
Total Mineral Reserves	27.3	2.4
1 In situ grade is the amount of K2O in the contact areas of the caverns.
2 Product is calculated by multiplying In-Place KCl by: dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and a product purity factor of 1/95%
3 Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the costs of production.
Mineral Reserves were prepared effective December 31, 2021 by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid, and updated to December 31, 2022 by Intrepid to account for depletion that occurred due to 2022 mining operations.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mineral Reserves are reported based on a solution mine plan, dissolution factor of 89%, areal recovery of 94%, geologic factor 94%, plant recovery of 83%, product purity of 95%.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

Moab—Summary of Potash Mineral Reserves effective December 31, 2021 Based on 325 /product ton mine site
	In Situ Grade 1<br><br>(%K2O)	Product 2<br><br>(Mt)	Brine Cutoff<br><br>Grade 3<br><br>(%K2O)	Processing Recovery (%)
Proven Mineral Reserves	27.2	1.9	1.9	83.0
Probable Mineral Reserves	27.8	0.6	1.9	83.0
Total Mineral Reserves	27.5	2.5
1 In situ grade is the amount of K2O in the contact areas of the caverns.
2 Product is calculated by multiplying In-Place KCl by: dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and a product purity factor of 1/95%
3 Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the costs of production.
Mineral Reserves were prepared by Agapito Associates, Inc., a qualified firm for the estimate and independent of Intrepid.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mineral Reserves are reported based on a solution mine plan, dissolution factor of 89%, areal recovery of 94%, geologic factor 94%, plant recovery of 83%, product purity of 95%.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

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Additional information regarding the methodology and key assumptions used to calculate the Moab mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.2 to this Annual Report.

Internal Controls

Moab has an internal protocol that provides for well‐defined, safe practices. Moab has SOPs in place for gamma‐ray logging, core handling, and sample collection. The cores are collected and analyzed for ore zone identification. Cores are compared to the gamma‐ray log to determine sampling intervals. Duplicate samples are collected with one sample sent to the on‐site lab and the other stored with the corresponding core box from which the sample was sourced.

Individual Property Disclosure - Wendover

Overview

The 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-subbasin that contains 150 square miles of salt crust. Because the basin is closed topographically and has no outlet, loss of water is ultimately through evaporation. The BSF was formed through the prolonged accumulation of evaporite minerals in conjunction with periodic lacustrine events. There are three aquifers known to exist beneath the BSF, in descending order, the shallow-brine aquifer, the alluvial-fan aquifer, and the deep-brine aquifer. We produce potash from the shallow-brine aquifer and the deep-brine aquifer. The climate in western Utah is arid with low precipitation and low relative humidity. Average rainfall is five inches and average evaporation is eighty inches.

We produce potash at the Wendover facility 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 in a series of ponds to the point that solids are precipitated and can be collected. The precipitated solids are primarily sylvinite, a combination of NaCl and KCl. Harvested solid salts are hauled to the processing facility, where grinding and flotation processes are used to concentrate KCl. The concentrate is then leached with freshwater to remove most of the remaining NaCl. KCl is then dried, sized, and stored for shipment. Potash, NaCl, MgCL2, and metal recovery salt are shipped by truck and rail via Interstate 80 and the Union Pacific Railroad.

The Wendover potash operation is located in the westernmost part of Tooele County, Utah. The plant facilities and offices are located approximately three miles east of Wendover, Utah, on old US Highway 40. The site is approximately three miles east of the Nevada border and is primarily located south of Interstate 80, although portions of the site are located north of Interstate 80. The area of the Wendover mine operation is shown below. The facility, collection ditches, and evaporation systems cover approximately 90,300 acres (approximately 141 square miles). The majority of the ditch collection system is located to the south and east of the processing facilities.

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A robust set of infrastructure is in place for Wendover. Natural gas, electricity, and water have historically been readily available and are expected to continue into the future. Process materials are readily available in the greater Salt Lake Area. All infrastructure for the operation is located approximately three miles east of Wendover, Utah, on old US Highway 40. Interstate 80 bisects the property. The Union Pacific Railroad runs next to the operations. The majority of personnel live and work in Wendover, Utah or West Wendover, Nevada, approximately three to six miles from the operation. The Wendover Airport is located near the operations, although most commercial flights serve the Salt Lake City Airport, which is approximately 115 miles from the operation.

We have operated the property continuously since 2004. The property exhibits the normal results of a surface salt-based operation and is in good working condition. We installed a new compaction facility in 2010, and a new product warehouse in 2012. We use monitoring wells drilled in October 2005 to evaluate brine quality in the shallow-brine aquifer.

The Wendover property is pledged as collateral for our revolving credit facility. The only other significant encumbrance is a reclamation bond of $8.9 million to cover the cost of site reclamation. There are no other significant encumbrances to the property, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines. As of December 31, 2022, the net book value of our material Wendover property was $41.0 million. There are no significant factors and risks that may affect access, title, or the right or ability to perform work on the property. Wendover holds numerous environmental and other permits and governmental approvals authorizing the operations at the facility.

Leases and Permits

We own approximately 57,500 acres of the Wendover site. The BLM and the State of Utah own approximately 32,800 acres of the Wendover site, which we lease (excluding lands used for highway and utility purposes).

We hold leases from the federal government that include 24,700 acres adjoining the Wendover property to the east. Our Wendover federal leases have an indefinite term subject to readjustment of the lease stipulations, including the royalty payable to the federal government. Royalty payments equal a percentage of product sales less freight. The current royalty rate

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stipulated in the federal leases is three percent. In 2022, Wendover made $0.3 million in royalty payments to the federal government.

The State of Utah owns several state land trust sections within the Wendover property site boundaries. We lease approximately 8,100 acres of property from the State of Utah under special use and mineral leases. The Wendover state leases are interspersed among our property and the Wendover federal leases. The Wendover state leases are for an indefinite term subject to readjustment of the lease stipulations, including the royalty payable to the State of Utah. Royalty payments equal a percentage of product sales less freight. The current royalty rate stipulated in our Wendover state leases is four percent. In 2022, we made $0.1 million in royalty payments to the State of Utah.

History of Operations

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 acquired the property from Reilly Industries, Inc. in April 2004.

Mineral Resource and Reserves Comparison to Prior Year

We had no material changes in our mineral resource at the Wendover Property at December 31, 2022, compared to December 31, 2021. Our Wendover Property mineral reserve product tons at December 31, 2022 decreased from the mineral reserve product tons reported at December 31, 2021, due to 2022 production.

Mineral Resource and Reserves

Overview

The ore resource model used to determine resources and reserves was created from a database of brine sampling data in 2007 and include brine sample from the active mining horizon. Agapito has previous completed reserve estimation and analyses under SEC Guide 7, including personal inspection of the property. The most recent inspection was on May 19, 2021 and included the potash plant, evaporation ponds, wellheads, and ditches.

No traditional drilling exploration has taken place in Wendover. We monitor KCl grade from 27 wells that were drilled in October 2005. We sample these wells at least yearly to evaluate brine quality in the shallow-brine aquifer. Samples are evaluated at the on-site lab with full analysis capabilities, including X-ray fluorescence. Additional information on exploration can be found in Section 7 of the technical summary report in Exhibit 96.3 to this Annual Report.

Mineral Resource

Estimates for potash resources were based on KCl brine concentration, porosity, and aquifer thickness from historical reports and brine monitoring data. Cutoff grade assumptions are based on historic cost data sourced from operations. Product sales prices used in the cutoff grade analyses is based on historical sales and marketing results and forward-looking pricing provided by Intrepid marketing and compared to third party sources.

Resource estimates for shallow-brine aquifer were based on the difference between historic well data collected between 1965 and 1967 and current monitoring data with consideration of the cutoff grade. There has been no change in trend of KCl grade to the primary pond or in potash production with brine grade held steady at approximately 0.97% for 58 years without declining.

Resource estimates for the deep-brine aquifer were based on current deep-well draw-down, pumping rates, and historical brine concentration variations. This resource is classified as an indicated resource due to the hydrological uncertainty of the aquifer and is expected to support production for at least 25 years.

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Wendover—Summary of Mineral Resources in Millions of Tons of Sylvinite as of December 31, 2022 and 2021. Based on 406 /product ton mine site
				Processing Recovery <br>(%)
	Grade<br><br>(%K2O)	Contained K2O2<br><br>(Mt)	Cutoff 3<br><br>(%K2O)
Measured mineral resources	—
Indicated mineral resources	0.5	1.2	0.19	85
Measured + Indicated mineral resources	0.5	1.2	0.19
Inferred mineral resources	0.5	6.8	0.19	85
1 K2O brine is the recovered KCl bearing brine in solution at average concentrations by weight.
2 Contained K2O is calculated by multiplying K2O Brine by the Grade
3 Solution mining resource cutoff grade at which production covers operating costs.
Mineral Resources were prepared by RESPEC, CO., a qualified firm for the estimate and independent of Intrepid.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

Additional information regarding the methodology and key assumptions used to calculate the Wendover mineral resource can be found in Section 11 of the technical report summary in Exhibit 96.3 to this Annual Report.

Mineral Reserve

Key assumptions for the mineral reserve estimates include KCl grade, thickness, geometry, and hydrogeological properties of the aquifer, presence of geologic anomalies that distort the aquifer, impurities that impact solubility or the surface concentration, separation, crystallization, or packaging process, and the cost of goods sold and estimated final price of the product. Due to its history of operations, infrastructure is mature and the processing and cost factors are well understood. Recovery estimates are based on past, current, and anticipated future performance and supported by laboratory or metallurgical testing of the plant feed.

Wendover—Summary of Potash Mineral Reserves effective December 31, 2022. Based on 325 /product ton mine site
	In Situ Grade 2 (%K2O)	Product 3<br><br>(Mt)	Brine Cutoff Grade4<br><br>(%K2O)	Processing Recovery (%)
Proven Mineral Reserves
Probable Mineral Reserves	0.5	1.7	0.3	85
Total Mineral Reserves	0.5	1.7	0.3
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%, 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, CO., a qualified firm for the estimate and independent of Intrepid.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mineral Reserves are reported based on an overall recovery factor of 60% and a product purity of 95%.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

Table of Contents

Wendover—Summary of Potash Mineral Reserves effective December 31, 2021. Based on 325 /product ton mine site
	In Situ Grade 2 (%K2O)	Product 3<br><br>(Mt)	Brine Cutoff Grade4<br><br>(%K2O)	Processing Recovery (%)
Proven Mineral Reserves
Probable Mineral Reserves	0.5	1.8	0.3	85
Total Mineral Reserves	0.5	1.8	0.3
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%, 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, CO., a qualified firm for the estimate and independent of Intrepid.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mineral Reserves are reported based on an overall recovery factor of 60% and a product purity of 95%.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

All values are in US Dollars.

Additional information regarding the methodology and key assumptions used to calculate the Wendover mineral reserve can be found in Section 12 of the technical report summary in Exhibit 96.3 to this Annual Report.

Internal Controls

Our Wendover operations have internal quality assurance and quality control procedures for sample collection. Monitoring wells are sampled at least yearly to evaluate brine quality in the shallow-brine aquifer. During the evaporation season, we collect daily brine samples at brine advancement points. We sample brackish ponds and transfer pumps weekly. We evaluate samples at an on-site lab with full analysis capabilities, including X-ray fluorescence.

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PART II

ITEM 9A.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain "disclosure controls and procedures." Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms. Our disclosure controls and procedures are also designed to ensure that this information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures as of December 31, 2022. The Company's management originally concluded that the Company's disclosure controls and procedures were effective as of December 31, 2022. Solely as a result of the changes made or omitted from the mining disclosures as described elsewhere in this Amendment, the Company's management, including our principal executive officer and principal financial officer, reconsidered their evaluation and concluded that the Company's disclosure controls and procedures were not effective as of December 31, 2022 regarding the mining property disclosures. Because the amended disclosures do not affect our financial statements there is no change to the conclusion of the effectiveness of our internal control over financial reporting as of December 31, 2022.

Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate "internal control over financial reporting." Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2022, based on the criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013.

Based on the results of our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2022.

The effectiveness of our internal control over financial reporting as of December 31, 2022, has been audited by KPMG LLP, our independent registered public accounting firm, as stated in their report which appears herein.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the three months ended December 31, 2022, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our principal executive officer and principal financial officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Intrepid have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART IV

ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements, Financial Statement Schedules and Exhibits

The following are filed as a part of this Annual Report:

(1) Financial Statements

Management's Report on Internal Control over Financial Reporting

Report of Independent Registered Accounting Firm (KPMG LLP, Denver, CO Auditor Firm ID 185)

Consolidated Balance Sheets as of December 31, 2022, and 2021

Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020

Consolidated Statements of Stockholders' Equity for the years ended December 31, 2022, 2021, and 2020

Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021, and 2020

Notes to Consolidated Financial Statements

(2) Financial Statement Schedule

Schedule	Schedule Description
Schedule II	Schedule of Valuation and Qualifying Accounts

Schedule II is filed as part of this Annual Report and is set forth immediately following the Notes to the Consolidated Financial Statements referred to above. All other financial statement schedules have been omitted because they are not required, are not applicable, or the information is included in the consolidated financial statements or notes thereto.

(3) Exhibits

The following exhibits are filed or incorporated by reference in this report:

		Incorporated by Reference from the Below-Listed Form (Each Filed under SEC File Number 001-34025)
Exhibit Number	Exhibit Description	Form	Filing Date
3.1	Restated Certificate of Incorporation of Intrepid Potash, Inc.	8-K	April 25, 2008
3.2	Certificate of Amendment to Restated Certificate of Incorporation of Intrepid Potash, Inc.	8-K	May 26, 2016
3.3	Certificate of Amendment to Restated Certificate of Incorporation of Intrepid Potash, Inc.	8-K	August 14, 2020
3.4	Amended and Restated Bylaws of Intrepid Potash, Inc.	8-K	June 25, 2015
4.1	Description of Registrant's Securities**	10-K	March 7, 2023
10.1	Form of Indemnification Agreement with each director and officer	8-K	April 25, 2008
10.2	Director Designation and Voting Agreement, dated as of April 25, 2008, by and among Intrepid Potash, Inc., Harvey Operating and Production Company, Intrepid Production Corporation, and Potash Acquisition, LLC	8-K	May 1, 2008
10.3	Registration Rights Agreement, dated as of April 25, 2008, by and among Intrepid Potash, Inc., Harvey Operating & Production Company, Intrepid Production Corporation, and Potash Acquisition, LLC	8-K	May 1, 2008
10.4	Acknowledgment and Relinquishment, dated as of December 19, 2011, by and among Intrepid Potash, Inc., Harvey Operating and Production Company, Intrepid Production Corporation, and Potash Acquisition, LLC	10-K	February 16, 2012
10.5	Amended and Restated Credit Agreement, dated as of August 1, 2019, by and among Intrepid Potash, Inc., the subsidiaries party thereto, Bank of Montreal, as administrative agent, swing line lender, lead arranger, and book runner, and the lenders party thereto.	8-K	August 1, 2019

Table of Contents

10.6	First Amended and Restated Credit Agreement, dated as of April 17, 2020, by and among Intrepid Potash, Inc., the subsidiaries party thereto, Bank of Montreal, as administrative agent, swing line lender, lead arranger, and book runner, and the lenders party thereto.	8-K	April 23, 2020
10.7	Second Amendment to Amended and Restated Credit Agreement, dated as of August 4, 2022, among Intrepid Potash, Inc., the subsidiaries party thereto, the lenders party thereto, and Bank of Montreal as administrative agent.	8-K	August 9, 2022
10.8	Amended and Restated Employment Agreement, dated as of May 19, 2010, by and between Intrepid Potash, Inc. and Robert P. Jornayvaz III+	8-K	May 19, 2010
10.9	Amendment to Employment Agreement, dated February 23, 2011, by and between Intrepid Potash, Inc. and Robert P. Jornayvaz III+	8-K	March 1, 2011
10.10	Second Amendment to Employment Agreement, dated as of February 14, 2013, by and between Intrepid Potash, Inc. and Robert P. Jornayvaz III+	8-K	February 19, 2013
10.11	Third Amendment to Employment Agreement, dated as of March 22, 2016, by and between Intrepid Potash, Inc. and Robert P. Jornayvaz III+	8-K	March 23, 2016
10.12	Fourth Amendment to Employment Agreement, dated as of March 12, 2019, by and between Intrepid Potash, Inc. and Robert P. Jornayvaz III+	8-K	March 15, 2019
10.13	Amended and Restated Employment Agreement, dated as of May 19, 2010, by and between Intrepid Potash, Inc. and Hugh E. Harvey, Jr.+	8-K	May 19, 2010
10.14	Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan+	8-K	May 23, 2022
10.15	Form of Restricted Stock Agreement under Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan+	10-K	March 2, 2021
10.16	Form of Stock Option Agreement under Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan+	10-K	March 2, 2021
10.17	Intrepid Potash, Inc. Amended and Restated Short-Term Incentive Plan+	8-K	May 26, 2016
10.18	Form of Change-of-Control Severance Agreement with Robert P. Jornayvaz III and Hugh E. Harvey, Jr.+	10-Q	November 3, 2011
10.19	Form of Noncompete Agreement with executives other than Robert P. Jornayvaz III+	10-K	February 28, 2017
10.20	Form of Retention Agreement+	10-K	March 12, 2019
10.21	Aircraft Dry Lease, dated as of January 9, 2009, by and between Intrepid Potash, Inc. and Intrepid Production Holdings LLC	8-K	January 12, 2009
10.22	First Amendment to Aircraft Dry Lease, dated as of September 1, 2014, by and between Intrepid Potash, Inc. and Intrepid Production Holdings LLC	8-K	August 18, 2014
10.23	Aircraft Dry Lease, dated as of September 1, 2014, by and between Intrepid Potash, Inc. and Odyssey Adventures, LLC	8-K	August 18, 2014
21.1	List of Subsidiaries**	10-K	March 7, 2023
23.1	Consent of KPMG LLP**	10-K	March 7, 2023
23.2	Consent of Agapito Associates, Inc.**	10-K	March 7, 2023
23.3	Consent of RESPEC LLC	*
31.1	Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)**	10-K	March 7, 2023
31.2	Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)**	10-K	March 7, 2023
31.3	Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)	*
31.4	Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)	*
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**	10-K	March 7, 2023

Table of Contents

32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**	10-K	March 7, 2023
95.1	Mine Safety Disclosure Exhibit**	10-K	March 7, 2023
96.1	Technical Report Summary of Revised 2021 Estimated Resources and Reserves at Intrepid Potash - New Mexico	*
96.2	Technical Report Summary of Revised 2021 Estimated Resources and Reserves at Intrepid Potash - Moab	*
96.3	Technical Report Summary of Revised 2021 Estimated Resources and Reserves at Intrepid Potash - Wendover	*
99.1	Transition Services Agreement, dated as of April 25, 2008, by and between Intrepid Potash, Inc., Intrepid Oil & Gas, LLC, and Intrepid Potash-Moab, LLC	8-K	May 1, 2008
99.2	Extension and Amendment to Transition Services Agreement dated July 14, 2009, to be effective as of April 25, 2009, between Intrepid Potash, Inc. and Intrepid Oil & Gas, LLC	10-Q	August 7, 2009
99.3	Third Amendment to Transition Services Agreement dated March 26, 2010, between Intrepid Potash, Inc. and Intrepid Oil & Gas, LLC	10-Q	May 5, 2010
99.4	Fourth Amendment to Transition Services Agreement dated March 25, 2011, between Intrepid Potash, Inc. and Intrepid Oil and Gas, LLC	10-Q	May 5, 2011
99.5	Sixth Amendment to Transition Services Agreement dated April 3, 2013, between Intrepid Potash, Inc. and Intrepid Oil & Gas, LLC	10-Q	May 2, 2013
99.6	Seventh Amendment to Transition Services Agreement dated March 24, 2015, between Intrepid Potash, Inc. and Intrepid Oil & Gas, LLC	10-Q	April 28, 2015
99.7	Eighth Amendment to Transition Services Agreement dated March 22, 2017, between Intrepid Potash, Inc. and Intrepid Oil & Gas, LLC	10-Q	May 2, 2017
99.8	Ninth Amendment to Transition Services Agreement dated February 20, 2019, between Intrepid Potash, Inc. and Intrepid Oil & Gas, LLC.	10-K	March 12, 2019
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document.	*
101.SCH	Inline XBRL Taxonomy Extension Schema Document	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	*
104	Cover Page Interactive Date File (embedded within the Inline XBRL document and contained in Exhibit.

* Filed herewith

** Indicates documents previously filed or furnished, as applicable, with our Annual Report on Form 10-K for the year ended December 31, 2022, originally filed with the SEC on March 7, 2023.

+ Management contract or compensatory plan or arrangement

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	INTREPID POTASH, INC. <br>(Registrant)
January 12, 2024	/s/ Robert P. Jornayvaz III
	Robert P. Jornayvaz III - Executive Chairman of the Board and Chief Executive Officer <br>(Principal Executive Officer and Duly Authorized Officer)

Document

Exhibit 23.3

CONSENT OF QUALIFIED PERSON

RESPEC LLP ("RESPEC"), in connection with the Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) of Intrepid Potash, Inc. (the “Company”), hereby consents to:

•the public filing by the Company and use of (i) the technical report titled “Revised Technical Report Summary of 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico” with an effective date of December 31, 2021 and dated November 27, 2023, (ii) the technical report titled “Revised Technical Report Summary of 2021 Estimated Resources and Reserves at Intrepid Potash-Moab” with an effective date of December 31, 2021 and dated November 27, 2023, and (iii) the technical report titled “Revised Technical Report Summary of 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover” with an effective date of December 31, 2021 and dated November 27, 2023 (collectively, the “Technical Report Summaries”), in each case that were prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (the “Commission”), as exhibits to this Form 10-K and incorporated by reference therein;

•the incorporation by reference of the Technical Report Summaries into the Company's Registration Statements on Form S-8 (Nos. 333-150444, 333-211650, 333-218423, 333-233057 and 333-266585) (collectively, the “Registration Statements”);

•the use of and references to our name, including our status as an expert or “qualified person” (as defined in Subpart 1300 of Regulation S-K promulgated by the Commission), in connection with the Form 10-K, the Registration Statements and the Technical Report Summaries; and

•any extracts from or a summary of the Technical Report Summaries of Revised 2021 Estimated Resources and Reserves in the Form 10-K and incorporated by reference in the Registration Statements and the use of any information derived, summarized, quoted, or referenced from the Technical Report Summaries, or portions thereof, that was prepared by the Company, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

RESPEC is responsible for authoring, and this consent pertains to, the Technical Report Summaries of Revised 2021 Estimated Resources and Reserves. RESPEC certifies that it has read the Form 10-K and that it fairly and accurately represents the information in the Technical Report Summaries for which it is responsible.

By: /s/ Susan B. Patton

Name: Susan B. Patton, P.E.

Title: Principal

Grand Junction, Colorado

January 12, 2024

Document

Exhibit 31.3

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 15 U.S.C. SECTION 7241, AS

ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert P. Jornayvaz III, certify that:

1.I have reviewed this Amendment No. 1 to the annual report on Form 10-K/A of Intrepid Potash, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Omitted;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: January 12, 2024	/s/ Robert P. Jornayvaz III
	Robert P. Jornayvaz III<br><br>Executive Chairman of the Board, and Chief Executive Officer

Document

Exhibit 31.4

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 15 U.S.C. SECTION 7241, AS

ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew D. Preston, certify that:

1.I have reviewed this Amendment No. 1 to the annual report on Form 10-K/A of Intrepid Potash, Inc.;

3.Omitted;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: January 12, 2024	/s/ Matthew D. Preston
	Matthew D. Preston<br><br>Chief Financial Officer

Document

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 i

Technical Report Summary

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for:

Intrepid Potash–New Mexico, LLC

Revised Report Date:

November 27, 2023

Effective Date:

December 31, 2021

Prepared by:

RESPEC

660 Rood Avenue, Suite A

Grand Junction, Colorado 81501

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 ii

Date and Signature Page

This report titled “Technical Report Summary of Revised 2021 Estimated Resources and Reserves at Intrepid Potash – New Mexico” is effective as of December 31, 2021 and was prepared and signed by RESPEC, LLC, acting as a Qualified Person Firm.

Signed and Dated November 27, 2023

(signed/sealed) RESPEC LLC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 iii

Technical Report Summary

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Table of Contents

Section	Description	Page
1	Executive Summary	1
1.1	Property Description and Ownership	1
1.2	Geology and Mineralization	1
1.3	Status of Exploration, Development and Operations	1
1.4	Mineral Resource Estimates	1
1.5	Mineral Reserve Estimates	1
1.6	Summary of Capital and Operating Cost Estimates	2
1.7	Economic Analysis	3
1.8	Permitting Requirements	3
1.9	Conclusions and Recommendations	3
2	Introduction	4
2.1	Terms of Reference	4
2.2	Sources of Information	5
2.3	Personal Inspection	5
3	Property Description	7
3.1	Location and Area of the Property	7
3.2	Mineral Rights	7
3.3	Significant Encumbrances	7
3.4	Significant Factors	12
4	Accessibility	13
4.1	Topography, Elevation, and Vegetation	13
4.2	Property Access	13
4.3	Climate	13
4.4	Infrastructure Availability	13
5	History	15
6	Geologic Setting	16
6.1	Deposit Type	16
6.2	Regional Geology	16
6.3	Property Geology	18
6.3.1	East Mine	18	RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 iv

Section	Description	Page
6.3.2	West Mine	18
6.3.3	North Mine	18
6.3.4	HB Solar Solution Mine	20
6.4	Mineralization	20
6.5	Geologic Structure	21
7	Exploration	23
7.1	Exploration Other than Drilling	23
7.2	Drilling Exploration	23
7.3	Characterization of Hydrogeology Data	25
7.4	Characterization of Geotechnical Data	25
8	Sample Preparation	26
9	Data Verification	27
9.1	Data Verification Procedure	27
9.2	Limitations on Verification	27
9.3	Adequacy of the Data	27
10	Mineral Processing and Metallurgical Testing	28
10.1	Adequacy of the Data	28
11	Mineral Resource Estimates	29
11.1	Key Assumptions, Parameters and Methods	29
11.2	Mineral Resource Estimate	42
12	Mineral Reserve Estimates	43
12.1	Key Assumptions, Parameters, and Methods	43
12.2	Mineral Reserves Estimate	44
12.3	Risk Factors	46
13	Mining Methods	54
14	Processing and Recovery Methods	58
14.1	HB Processing Facility	58
14.2	Langbeinite Processing Facility	61
14.3	North Compaction Plant	61
14.4	Tailings Facilities	61
15	Infrastructure	67
16	Market Studies	69
17	Environmental Studies, Permitting, and Plans	70
17.1	Environmental Studies	70
17.2	Waste and Tailings Disposal, Site Monitoring, and Water Management During and After Mine Closure	70
17.3	Permitting Status and Reclamation Bonds	70	RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 v

Section	Description	Page
17.4	Agreements with Local Individuals	70
17.5	Closure Plans	70
17.6	Adequacy of Current Plans and Compliance	72
18	Capital and Operating Costs	73
18.1	Operating Cost Estimate	73
18.2	Capital Cost Estimate	73
18.3	Accuracy Discussion	74
19	Economic Analysis	75
19.1	Key Assumptions, Parameters, and Methods	75
19.2	Economic Analysis	75
19.3	Sensitivity Analysis	75
20	Adjacent Properties	81
21	Other Relevant Data and Information	82
22	Interpretation and Conclusions	83
23	Recommendations	84
24	References	85
25	Reliance on Information	89
RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 vi

Table	List of Tables	Page
Table 1-1.	Mineral Resource Estimate Summary effective December 31, 2021.	2
Table 1-2.	IPNM Mineral Reserve Estimate Summary effective December 31, 2021	3
Table 2-1.	Summary of Reserve Reports	6
Table 3-1.	Property Lease Details	10
Table 5-1.	Mine Ownership History	15
Table 6-1.	The Potash Zones in the McNutt Potash Member	17
Table 6-2.	Carlsbad Area Minerals and Their Compositions	21
Table 7-1.	Data Sample Sets—All Available Holes	23
Table 7-2.	Data Sample Sets—Resource Evaluation Dataset	25
Table 11-1.	Parameter Assumptions	30
Table 11-2.	Cost of Goods Sold and Sales Price Assumptions	30
Table 11-3.	Cutoff Grade Analysis for Mechanical Mining	31
Table 11-4.	Mineral Resource Estimate Summary effective December 31, 2021	42
Table 12-1.	Product Sales Price (Reserves)	43
Table 12-2.	Cutoff for Mechanically Mined Reserves	44
Table 12-3.	Cutoff for Solution Mined Reserves	44
Table 12-4.	Modifying Factors for Reserves	45
Table 12-5.	Mineral Reserve Estimate effective December 31, 2021	46
Table 13-1.	IPNM 25-Year Mine Plan	56
Table 17-1.	Permitting Status	71
Table 18-1.	Unit Mining Cost	73
Table 18-2.	Major Capital Cost Estimate	74
Table 19-1.	Economic Analysis Assumptions	75
Table 19-2.	Estimated Pre-Tax Cash Flow	76
Table 19-3.	Estimated After-Tax Cash Flow	78
Table 19-4.	NPV Pre-Tax Estimate	79
Table 19-5.	NPV After-Tax Estimate	79
RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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November 27, 2023 vii

List of Figures
Figure	Description	Page
Figure 3-1.	Location Map for the IPNM HB, East, and West Mines near Carlsbad, New Mexico	8
Figure 3-2.	Location Map Depicting the Secretary’s Order for the Potash Area	9
Figure 4-1.	Mine Locations showing Property Access	14
Figure 6-1.	Carlsbad Potash District Regional Cross Section (Lewis 2007)	19
Figure 6-2.	Typical Stratigraphic Column of the Ochoan (Warren 2018)	20
Figure 7-1.	Base Map, Lease Lines and Drillholes	24
Figure 11-1.	10th Ore Zone Mineral Resources, Sylvinite Ore	32
Figure 11-2.	8th Ore Zone Mineral Resources, Sylvinite Ore	33
Figure 11-3	7th Ore Zone Mineral Resources, Sylvinite Ore	34
Figure 11-4.	5th Ore Zone Mineral Resources, Sylvinite Ore	35
Figure 11-5.	4th Ore Zone Mineral Resources, Sylvinite Ore	36
Figure 11-6.	3rd Ore Zone Mineral Resources, Sylvinite Ore	37
Figure 11-7.	1st Ore Zone Mineral Resources, Sylvinite Ore	38
Figure 11-8.	5th Ore Zone Mineral Resources, Langeinite Ore	39
Figure 11-9.	4th Ore Zone Mineral Resources, Langbeinite Ore	40
Figure 11-10.	3rd Ore Zone Mineral Resources, Langbeinite Ore	41
Figure 12-1.	Detailed Mechanical Mine Plan—East Mine Langbeinite Zone 5	47
Figure 12-2.	Detailed Mechanical Mine Plan—East Mine Langbeinite Zone 4	48
Figure 12-3.	Detailed Mechanical Mine Plan—East Mine Langbeinite Zone	49
Figure 12-4.	5th Ore Zone Mineral Reserves, Langbeinite Ore	50
Figure 12-5.	4th Ore Zone Reserves, Langbeinite Ore	51
Figure 12-6.	3rd Ore Zone Mineral Reserves, Langbeinite Ore	52
Figure 12-7.	1st Ore Zone Mineral Reserves, Sylvinite Ore	53
Figure 13-1.	Underground and Solution Mining Extents	55
Figure 14-1.	HB Evaporation Ponds	59
Figure 14-2.	HB Process Flow Diagram	60
Figure 14-3.	East Plant Process Simplified Flow Diagram	62
Figure 14-4.	North Plant Simplified Process Flow Diagram	63
Figure 14-5.	East Tailings Storage Facility	64
Figure 14-6.	West Tailings Storage Facility (HB Brine Recirculation)	65
Figure 14-7.	North Tailings Storage Facility (inactive)	66
Figure 15-1.	Layout of the Infrastructure	68
Figure 19-1.	Estimated Annual Pre-Tax Cash Flow	77
Figure 19-2.	Estimated Annual After-Tax Cash Flow	79	RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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November 27, 2023 viii

List of Figures
Figure	Description	Page
Figure 19-3.	Pre-Tax NPV Sensitivity to Price and Costs	80
Figure 19-4.	After-Tax NPV Sensitivity to Price and Costs	80
RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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List of Abbreviations

° degree

% percent

Agapito Agapito Associates, Inc.

AMAX AMAX/Horizon Mine

APR Annual Percentage Rate

BLM United States Bureau of Land Management

BNSF Burlington Northern Santa Fe

CFR Code of Federal Regulations

CL Competitive Lease

COGS cost of goods sold

CPD Carlsbad Potash District

DMS dense media separation

DOI United States Department of Interior

EA Environmental Audit

EIS Environmental Impact Statement

EOY end of year

F Fahrenheit

FR Federal Register

ft feet or foot

ft3 cubic foot

ft% feet-percent

g grams

g/cm3 grams per cubic centimeter

gpm gallons per minute

GT grade thickness

hp horsepower

ID2 inverse distance squared

Intrepid Intrepid Potash, Inc.

IPNM Intrepid Potash–New Mexico, LLC

K2O potassium oxide

K2SO4 ·2MgSO4 langbeinite

KCl sylvite or potassium chloride

KPLA Known Potash Leasing Area

LOM Life-of-Mine

NMED New Mexico Environmental Department

M million

MOP Muriate of Potash

MSHA Mine Safety and Health Administration

msl mean sea level

mm millimeter

Mt million tons

Mtpy million tons per year

NaCl halite

NCL Non-Competitive Lease

NPV Net Present Value

NAD North American Datum

OSHA Occupational Safety and Health Administration

PFD process flow diagrams

PRL Preference Rights Lease

QP Qualified Person

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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November 27, 2023 x

RC reflux classifier

REC Recognized Environmental Concerns

RESPEC RESPEC Company LLC

SEC United States Securities Exchange Commission

SME Society for Mining, Metallurgy & Exploration

SOE statement of earnings

SOP standard operating procedure

t ton

TOC Total Organic Carbon

tph tons per hour

tpy tons per year

TSF Tailings Storage Facility

US United States

USGS United States Geological Survey

WIPP Waste Isolation Pilot Plant

XRD X-ray Diffraction

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 1

1Executive Summary

RESPEC Company, LLC. was commissioned by Intrepid Potash, Inc. (Intrepid) to revise the Technical Report Summary (TRS) prepared by Agapito Associates, Inc. (Agapito) filed as Exhibit 96.1 with the Intrepid Potash 10-K for EOY 2021 for the Intrepid Potash-New Mexico (IPNM) property. The revision adds clarification to the reserve tables by adding estimation methodology descriptions in Sections 1.5 and 12.2, clarifies the operating cost source and adds capital estimation of reclamation costs in Section 1.6 and 18, replaces a stratigraphic column that was based on geophysical logs to a standard cross section in Section 6, adds a mine plan in tabular format to Section 13, adds an accuracy discussion to Section 18, updates the cash flow in Section 19 to include the reclamation costs, updates the economic analysis in Section 19 using the revised cashflows and adds notes concerning adjacent properties in Section 20. The resources and reserves are estimated according to United States (US) Securities and Exchange Commission (SEC) S-K 1300 regulations.

1.1Property Description and Ownership

The East Plant processes the underground langbeinite ore into Trio®. The HB Plant produces Muriate of Potash (MOP) from the solution mine brine. The long-term underground mining plan includes development and high-extraction, room-and-pillar mining in the 3rd, 4th, 5th, 7th, 8th, and 10th ore zones. Solution mining of the 1st and 3rd ore zones in previously mined-out areas of the property is planned to continue long term.

1.2Geology and Mineralization

1.3Status of Exploration, Development and Operations

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

1.4Mineral Resource Estimates

The resource model created from the database of exploration and sampling data served as the basis for the mineral resource estimate. The sampling data includes channel samples from the active mining horizon. The resources reported as mineralized rock in place, exclusive of mineral reserves effective December 31, 2021, are shown in Table 1-1.

1.5Mineral Reserve Estimates

Using the mineral resource grids, applying a reserve cut-off and modifying factors to a 25-year detailed mine plan reserves were estimated. Table 1-2 shows the estimated reserve summaries in product tons effective December 31, 2021.

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 2

Table 1-1. Mineral Resource Estimate Summary effective December 31, 2021.

IPNM—Summary of Mineral Resources in millions of tons of Sylvinite in Place effective December 31, 2021 based on 406 /product ton mine site
			Mechanical Mining Cutoff2	Processing Recovery
	Grade	Contained K2O
	(%K2O)	(Mt)	(ft-%K2O)	(%)
Measured Mineral Resources	15	56	45–59	75–85
Indicated Mineral Resources	14	29	45–59	75–85
Measured + Indicated Mineral Resources	15	85
Inferred Mineral Resources
IPNM—Summary of Mineral Resources in millions of tons of Langbeinite Mineralized Rock in Place effective December 31, 2021, based on 425 /product ton mine site
			Mechanical Mining Cutoff	Processing Recovery
	Grade	Contained K2O
	(%K2O)	(Mt)	(ft-%K2O)	(%)
Measured Mineral Resources	10	5	32	68
Indicated Mineral Resources	10	6	32	68
Measured + Indicated Mineral Resources	10	11
Inferred Mineral Resources
1Sylvinite is a mixed evaporite containing NaCl and KCl.
2Solution mining resource cutoff for flooded old workings is the mining extents boundary.
Mineral Resources were initially prepared by Agapito Associates, Inc (2022) for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mt = million tons; % = percent; K2O = potassium oxide; ft = feet

All values are in US Dollars.

1.6Summary of Capital and Operating Cost Estimates

Operating cash cost per ton of product is estimated from actual operating data to average $200.

Capital investment necessary to complete the mine plans includes a system to remove concentrated magnesium brine from the evaporation pond network, pipeline upgrades, and well infrastructure to bring the AMAX/Horizon Mine (AMAX) into solution mining production. Capital is introduced in Year 25 for reclamation requirements if mining were to end in the 25th year. This investment is in addition to the sustaining capital requirements.

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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November 27, 2023 3

Table 1-2. IPNM Mineral Reserve Estimate Summary effective December 31, 2021

Summary of Potash Mineral Reserves effective December 31, 2021 based on 325 /Product Ton Mine Site
	In-Situ Grade1	Product2	Brine Cutoff Grade3	Processing Recovery
Potash	(%K2O)	(Mt)	(%K2O)	(%)
Proven Mineral Reserves	20.8	4.4	2.0	85
Probable Mineral Reserves	19.2	0.2	2.0	85
Total Mineral Reserves	20.7	4.6
Summary of Langbeinite Mineral Reserves effective December 31, 2021, based on 340 /Product Ton Mine Site
	In-Situ Grade5 (Diluted)	Product6	Cutoff <br>Grade	Processing Recovery
Langbeinite	(%K2O)	(Mt)	(ft-%K2O)	(%)
Proven Mineral Reserves	8.5	4.9	43	68
Probable Mineral Reserves	9.1	1.2	43	68
Total Mineral Reserves	8.6	6.1
1In-situ grade is the amount of K2O in the contact area of the caverns and is used to calculate the In-Place KCl.2Product is calculated by multiplying In-Place KCl by: dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of (1/.95).
3Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the cash costs of production.
4ROM Ore is reported based on a detailed conventional mine plan adjusted for random impurities of 10%.5In-situ grade (diluted) is the amount of K2O in the ore body with consideration of dilution occurring during mining.6Product tons are calculated by multiplying ROM Ore by: the In-Situ Grade (Diluted)/22.7%, plant recovery of 68%, and a product purity factor of (1/.944). In-Situ Grade (Diluted) is divided by 22.7% to convert K2O grade to pure langbeinite by mass.
Mineral Reserves were initially prepared by Agapito Associates, Inc for EOY 2021 and revised by RESPEC for EOY 2021, a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet, ROM = Run-of-Mine

All values are in US Dollars.

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 mines are in operation and necessary state and federal operating permits are in place.

1.9Conclusions and Recommendations

The QP recommends that IPNM continue planning for the challenges in solution mining with the presence of low levels of carnallite and plan for the expansion pipeline to the AMAX in the later years of the mine plan. The East mine could likely reduce costs by operating at increased capacities closer to the design capacity when product demand is realized. Overall, the property is operating successfully, and no additional exploration work is recommended beyond the ongoing confirmation drilling.

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 4

2Introduction

This document was prepared to report the IPNM mineral resources in terms of in-situ tons and reserves in terms of saleable product at IPNM under the SEC S-K 1300 rules (2018). The Society for Mining, Metallurgy & Exploration (SME) Guide for Reporting Exploration Information, Mineral Resources and Mineral Reserves (SME 2017) (The SME Guide) supplements the modifying factors used to convert mineral resources to mineral reserves. This report is a revision to the TRS prepared by Agapito (2022) filed as Exhibit 96.1 with the Intrepid Potash 10-K for EOY 2021. The revision adds clarification to the reserve tables by adding estimation methodology descriptions in Sections 1.5 and 12.2, clarifies the operating cost source and adds capital estimation of reclamation costs in Section 1.6 and 18, replaces a stratigraphic column that was based on geophysical logs to a standard cross section in Section 6, adds a mine plan in tabular format to Section 13, adds an accuracy discussion to Section 18, updates the cash flow in Section 19 to include the reclamation costs, updates the economic analysis in Section 19 using the revised cashflows and adds notes concerning adjacent properties in Section 20.

2.1Terms 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.

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

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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November 27, 2023 5

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 this report, reserves are presented in tons of K2O and potassium chloride (KCl). Historically, assay data have been reported in terms of %K2O and reserves in equivalent tons of K2O. Sylvite is KCl and, in many historical reports, reserve tons or product tons are recorded in terms of tons of KCl. Pure KCl equates to 63.18% K2O by mass. To convert tonnages from K2O to KCl, multiply by 1.583.

2.2Sources of Information

Agapito has previously completed reserve estimations under SEC Guide 7 (2008) rules for this property in New Mexico as shown in Table 2-1. The TRS by Agapito (2022) for reporting EOY 2021 under S-K 1300 rules is the subject of this revision.

2.3Personal Inspection

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

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 6

Table 2-1. Summary of Reserve Reports

Effective EOY	Title	Notes	Reference
2006	Determination of Reserves for IPNM of the Carlsbad East and West Mines	Included North Mine reserves hoisted through the West Mine Facilities.	Agapito 2007
2007	Determination of Estimated Proven and Probable Reserves for the Planned HB Solution Mine for Intrepid Mining, LLC		Agapito 2008
2008	Reserve Update for the Carlsbad HB, East and West Mines for Intrepid Potash, Inc.		Agapito 2009
2009	Determination of Estimated Proven and Probable Reserves at Intrepid Potash–New Mexico, LLC		Agapito 2010
2010	Determination of Estimated Proven and Probable Reserves at Intrepid Potash–New Mexico, LLC	AAI updated the reserve estimate by adjusting for the mined-out areas of the LOMP.	Agapito 2011
2011	Determination of Estimated Proven and Probable Reserves at Intrepid Potash–New Mexico, LLC	Reserve estimate as of EOY 2011 based on depletion by extraction of the IPNM’s LOMP.	Agapito 2012
2012	Determination of Estimated Proven and Probable Reserves at Intrepid Potash–New Mexico, LLC	New deposit information, lease boundaries, and an updated LOMP were incorporated into the reserve estimate.	Agapito 2013
2013	Determination of Estimated Proven and Probable Reserves at Intrepid Potash–New Mexico, LLC	EOY 2012 estimate was updated to account for depletion by extraction for 2013.	Agapito 2014
2014	Determination of Estimated Proven and Probable Reserves at Intrepid Potash–New Mexico, LLC	EOY 2012 estimate was updated to account for depletion by extraction for the 2013 and 2014 reserve estimate.	Agapito 2015
2015	End-of-Year 2015 Intrepid Potash, Inc. Reserve for the Carlsbad HB Solar Solution, East and West Mines Intrepid Potash–New Mexico, LLC	Updated lease maps, geologic database as of June 24, 2015, monthly lease reports, production maps, planning maps, and financial documents including sales and costs associated with the HB Solar Solution, West, and East Mines.	Agapito 2016
2016	End-of-Year 2016 Intrepid Potash, Inc. Reserve for the Carlsbad HB Solar Solution, East and West Mines Intrepid Potash–New Mexico, LLC	Depletion by extraction in the 1st, 3rd, 5th, and 7th ore zones from the 2015 EOY.	Agapito 2017
2017	End-of-Year 2017 Intrepid Potash, Inc. Reserve for the Carlsbad HB Solar Solution, East and West Mines	Conventional extraction of langbeinite at the IPNM East Mine 5th ore zone and solution extraction in the 1st and 3rd ore zones at the IPNM HB Solar Solution Mine with updated economic cutoff grades and drill island impacts.	Agapito 2018
2018	2018 Determination of Estimated Proven and Probable Reserves for the Carlsbad HB Solar Solution, East and West Mines	Updated lease maps, geologic database as of July 7, 2018, monthly lease reports, production maps, planning maps, and financial documents including sales and costs associated with the IPNM HB Solar Solution, West, and East Mines.	Agapito 2019
2019	2019 Determination of Estimated Proven and Probable Reserves for the Carlsbad HB Solar Solution, East and West Mines	Extraction, cutoff changes due to economic parameters, new exploration and channel sample data, drill islands, and financial data.	Agapito 2020
2020	2020 Determination of Estimated Proven and Probable Reserves for the Carlsbad HB Solar Solution, East and West Mines	Depletion by extraction in the 1st, 3rd, 5th, and 7th ore zones 2020 EOY.	Agapito 2021
2021	Technical Report Summary, 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico	Resources and reserves for all applicable zones EOY 2021	Agapito 2022	RESPEC
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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

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November 27, 2023 7

3Property Description

3.1Location and Area of the Property

The IPNM Carlsbad HB Solar Solution, East, West, and North Mines are located in southeastern New Mexico in Eddy and Lea Counties in the Carlsbad Potash District (CPD), as shown in Figure 3-1. The location is further defined by the boundary of the Known Potash Leasing Area (KPLA) as shown in Figure 3-2. This United States Bureau of Land Management (BLM) managed area consists of that part of the district where the co-development guidelines for oil and gas and potash are in effect for federal lands under the Secretary’s Order 3324 dated December 4, 2012 (Federal Register [FR] 2012-29393). This order revises and supersedes the Order of the Secretary of the Interior, dated October 28, 1986 (51 FR 39425), and corrected on August 26, 1987 (52 FR 32171). The 2012 Secretary’s Order does not alter the boundaries of the area. The area also contains state lands that are managed by the state under the New Mexico Oil Conservation Division Order R-111-P (State of New Mexico Energy, Mineral, and Natural Resources 1988). In general, the stated objective of the Secretary’s Order and R-111-P is to prevent waste of petroleum and mineral resources and maximize the economic recovery of oil, gas, and potash minerals in the area.

3.2Mineral Rights

IPNM controls the right to mine approximately 143,000 acres in New Mexico. Of that acreage, 32,000 acres are leased from the State of New Mexico, 106,000 acres are leased from the United States government through the BLM, and 240 acres of mineral rights are leased from private owners. IPNM owns 4,700 surface acres near the mine site, adjacent to the federal and state mining leases. Most mining operations are on properties leased from the state or the federal government. These leases generally contain stipulations that require IPNM to commence mining operations within a specified term and continue mining to retain the lease. The stipulations on IPNM leases are subject to periodic readjustment by the applicable state government and the federal government. Federal leases are for indefinite terms subject to readjustment of the lease stipulations, including the royalty payable to the federal government, every 20 years. Leases with the State of New Mexico are issued for terms of 10 years and for as long thereafter as potash is produced in commercial quantities and are subject to readjustment of the lease stipulations, including the royalty payable to the state. As of December 31, 2019, approximately 22% of IPNM’s state, federal, and private lease acres at their New Mexico facilities will be up for renewal within the next 5 years. Table 3-1 lists the leases and the terms.

3.3Significant Encumbrances

There are no significant encumbrances on the property. A reclamation bond is currently in place for $3.764M and is expected to be adjusted to $4.475M with agency approval over time.

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 8

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

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 9

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

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-New Mexico

Prepared for Intrepid Potash, Inc.

November 27, 2023 10

Table 3-1. Property Lease Details

Federal Land Lease Number	Lease Type	Mine	Date	Royalty Rate	Acres <br>(BLM)	Readjustment Due	Amount <br>Paid	Date <br>Paid
NMNM 029268401	Potassium PRL	East	1966		2,546	12/1/2026	$19,092.90	7/8/2019
NMNM 012181001	Potassium PRL	HB	1964	5% Leased Deposits	640	1/1/2025	$19,092.90	7/8/2019
NMNM 005728701	Potassium PRL	East	1963		2,461	1/1/2024	$19,092.90	7/8/2019
NMNM 002362301	Potassium PRL	HB	1961	5% Leased Deposits	400	2/1/2022	$19,092.90	7/8/2019
NMNM 001654001	Potassium PRL	West	1960		120	4/1/2050	$19,092.90	7/8/2019
NMNM 001474201	Potassium PRL	East	1963		640	8/1/2023	$19,092.90	7/8/2019
NMNM 000685901	Potassium PRL	East	1953		2,554	10/26/2033	$19,092.90	7/8/2019
NMNM 000610101	Potassium PRL	West	1957		1,200	2/1/2038	$19,092.90	7/8/2019
NMNM 0554864	Potassium PRL	East	1953		1,250	2/24/2033	$19,092.90	7/8/2019
NMNM 0554863	Potassium PRL	East	1953		200	2/24/2033	$19,092.90	7/8/2019
NMNM 0554862	Pot Fringe Acre NCL	East	1953		480	2/24/2033	$19,092.90	7/8/2019
NMNM 0220116	Potassium CL	HB	1961	5% Leased Deposits	2,552	12/1/2021	$19,092.90	7/8/2019
NMNM 0184150	Potassium PRL	West	1949		240	11/30/2029	$19,092.90	7/8/2019
NMNM 0184149	Potassium PRL	West	1954		80	1/1/2035	$19,092.90	7/8/2019
NMNM 0135065	Pot Fringe Acre NCL	HB	1961	5%+1cent mrt	200	6/1/2021	$19,092.90	7/8/2019
NMNM 131012	Pot Fringe Acre NCL	East	2016		1,320	3/1/2036	$19,092.90	7/8/2019
NMNM 131011	Pot Fringe Acre NCL	East	2016		2,000	3/1/2036	$19,092.90	7/8/2019
NMNM 131010	Pot Fringe Acre NCL	East	2016		1,280	3/1/2036	$19,092.90	7/8/2019
NMNM 120103	Pot Fringe Acre NCL	East	2012		1,920	10/1/2032	$19,092.90	7/8/2019
NMNM 120102	Pot Fringe Acre NCL	West	2012		1,560	10/1/2032	$19,092.90	7/8/2019
NMNM 120101	Pot Fringe Acre NCL	East	2012		2,240	10/1/2032	$19,092.90	7/8/2019
NMNM 118970	Potassium CL	East	2006		320	1/1/2028	$19,092.90	7/8/2019
NMNM 118969	Potassium CL	East	2006		320	1/1/2028	$19,092.90	7/8/2019
NMNM 113457	Pot Fringe Acre NCL	HB	2012	5% Leased Deposits	560	10/1/2032	$19,092.90	7/8/2019
NMNM 113456	Pot Fringe Acre NCL	HB	2012	5% Leased Deposits	2,480	10/1/2032	$19,092.90	7/8/2019
NMNM 113455	Pot Fringe Acre NCL	HB	2012	5% Leased Deposits	2,401	10/1/2032	$19,092.90	7/8/2019
NMNM 112199	Pot Fringe Acre NCL	HB	2007	Sliding Scale (POT); 5% Lang	434	2/1/2027	$19,092.90	7/8/2019
NMNM 110949	Pot Fringe Acre NCL	East	2004		1,918	12/1/2024	$19,092.90	7/8/2019
NMNM 0088285	Pot Fringe Acre NCL	HB	1960	5%+1cent mrt	120	8/1/2040	$19,092.90	7/8/2019
NMNM 080707	Pot Fringe Acre NCL	East	1963		2,520	8/1/2023	$19,092.90	7/8/2019
NMNM 0070607	Pot Fringe Acre NCL	West	1960		552	2/1/2050	$19,092.90	7/8/2019
NMNM 0063880	Pot Fringe Acre NCL	West	1959		120	7/1/2039	$19,092.90	7/8/2019
NMNM 054619	Pot Fringe Acre NCL	East	1983		2,092	3/1/2023	$19,092.90	7/8/2019
NMNM 0050249A	Potassium PRL	HB	1963	Sliding Scale (POT)	920	9/1/2023	$19,092.90	7/8/2019
NMNM 047021	Pot Fringe Acre NCL	East	1982		1,105	7/1/2022	$19,092.90	7/8/2019
NMNM 0045410	Potassium PRL	East	1958		2,438	6/1/2038	$19,092.90	7/8/2019
NMNM 041639	Pot Fringe Acre NCL	East	1981		120	7/1/2021	$19,092.90	7/8/2019
NMNM 040362	Pot Fringe Acre NCL	East	1980		280	12/1/2040	$19,092.90	7/8/2019
NMNM 040071	Potassium CL	North	1980		2,080	5/1/2020	$19,092.90	7/8/2019
NMNM 0036791	Potassium CL	HB	1957	5% Leased Deposits	1,840	10/1/1037	$19,092.90	7/8/2019
NMNM 0035383	Potassium CL	East	1957		2,400	1/1/2038	$19,092.90	7/8/2019
NMNM 0033696A	Potassium PRL	East	1957		1,241	3/1/2038	$19,092.90	7/8/2019
NMNM 0033696	Potassium PRL	West	1957		960	3/1/2038	$19,092.90	7/8/2019
NMNM 028916	Pot Fringe Acre NCL	West	1963		880	8/1/2023	$19,092.90	7/8/2019
NMNM 028915	Potassium PRL	East	1958		118	6/1/2038	$19,092.90	7/8/2019
NMNM 025234	Potassium PRL	West	1949		80	11/30/2029	$19,092.90	7/8/2019
NMNM 025233	Potassium PRL	West	1951		1,600	1/2/2032	$19,092.90	7/8/2019
NMNM 025232	Potassium PRL	West	1951		1,600	7/6/2031	$19,092.90	7/8/2019	RESPEC
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NMNM 024522	Pot Fringe Acre NCL	West	1976		800	3/1/2022	$19,092.90	7/8/2019
NMNM 018417	Pot Fringe Acre NCL	East	1952		160	1/9/2032	$19,092.90	7/8/2019
NMNM 0015064C	Potassium PRL	East	1953		1,049	10/25/2033	$19,092.90	7/8/2019
NMNM 0015064B	Potassium PRL	East	1953		1,280	10/26/2033	$19,092.90	7/8/2019
NMNM 0015064A	Potassium PRL	East	1953		1,600	10/26/2033	$19,092.90	7/8/2019
NMNM 013933	Pot Fringe Acre NCL	HB	1971	5% Leased Deposits	80	10/1/2031	$19,092.90	7/8/2019
NMNM 013932	Pot Fringe Acre NCL	West	1974		640	11/1/2034	$19,092.90	7/8/2019
NMNM 012763	Pot Fringe Acre NCL	HB	1971	5% Leased Deposits	160	6/1/2031	$19,092.90	7/8/2019
NMNM 0011777	Pot Fringe Acre NCL	North	1952	1% ORRI	1,118	1/9/2032	$19,092.90	7/8/2019
NMNM 0011776	Pot Fringe Acre NCL	North	1952	1% ORRI	2,559	1/9/2032	$19,092.90	7/8/2019
NMNM 0007005	Potassium PRL	West	1952		2,073	1/2/2032	$19,092.90	7/8/2019
NMNM 0003468	Pot Fringe Acre NCL	West	1958		960	7/1/2038	$19,092.90	7/8/2019
NMLC 007186801	Potassium PRL	East	1955		1,938	9/1/2035	$19,092.90	7/8/2019
NMLC 007014101	Potassium PRL	HB	1953	5%+1cent mrt	439	1/1/2039	$19,092.90	7/8/2019	RESPEC
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Table 3-1. Property Lease Details (continued)

Federal Land Lease Number	Lease Type	Mine	Date	Royalty Rate	Acres <br>(BLM)	Readjustment Due	Amount <br>Paid	Date <br>Paid
NMLC 006839701	Potassium PRL	North	1948	1% ORRI	1,920	1/9/2032	$19,092.90	7/8/2019
NMLC 006602601	Potassium PRL	HB	1951	5% + 1cent mrt	200	9/1/2035	$19,092.90	7/8/2019
NMLC 006569301	Potassium PRL	West	1956		560	2/1/2038	$19,092.90	7/8/2019
NMLC 006556601	Potassium PRL	HB	1951	5% Leased Deposits; 1.0987% ORRI	720	9/28/2031	$19,092.90	7/8/2019
NMLC 006528601	Potassium PRL	North	1952	1% ORRI	2,554	1/9/2032	$19,092.90	7/8/2019
NMLC 006527501	Potassium PRL	North	1952	1% ORRI	2,551	1/9/2032	$19,092.90	7/8/2019
NMLC 006508101	Potassium PRL	HB	1950	Sliding Scale (POT); 1.0987% ORRI	560	12/6/2030	$19,092.90	7/8/2019
NMLC 006184701	Potassium PRL	West	1951	1.0987% ORRI	1,275	7/6/2031	$19,092.90	7/8/2019
NMLC 0050063F	Potassium PRL	HB	1938	5% Leased Deposits; 1.0987% ORRI	2,358	4/15/2039	$19,092.90	7/8/2019
NMLC 0050063B	Potassium PRL	HB	1934	5% Leased Deposits; 1.0987% ORRI	2,560	4/15/2039	$19,092.90	7/8/2019
NMLC 0046729D	Pot Fringe Acre NCL	HB	1933	5% Leased Deposits; 1.0987% ORRI	2,560	1/18/2033	$19,092.90	7/8/2019
NMLC 0046729C	Pot Fringe Acre NCL	HB	1933	5% Leased Deposits; 1.0987% ORRI	2,280	1/18/2033	$19,092.90	7/8/2019
NMLC 0046729A	Pot Fringe Acre NCL	HB	1933	5% Leased Deposits; 1.0987% ORRI	2,559	1/18/2033	$19,092.90	7/8/2019
NMLC 0044752	Pot Fringe Acre NCL	HB	1956	5% Lang	240	9/1/2036	$19,092.90	7/8/2019
NMLC 0043636C	Pot Fringe Acre NCL	West	1932		920	6/20/2032	$19,092.90	7/8/2019
NMLC 0043636B	Pot Fringe Acre NCL	West	1931		2,312	6/20/2032	$19,092.90	7/8/2019
NMLC 0043636A	Pot Fringe Acre NCL	West	1931		1,044	6/20/2032	$19,092.90	7/8/2019
NMLC 0036092C	Pot Fringe Acre NCL	West	1927		2,559	11/21/2029	$19,092.90	7/8/2019
NMLC 0036092B	Pot Fringe Acre NCL	West	1927		2,026	11/21/2029	$19,092.90	7/8/2019
NMLC 0036092A	Pot Fringe Acre NCL	West	1927		2,437	11/21/2029	$19,092.90	7/8/2019
State of New Mexico Land Lease Number	Lease Type		Issue Date		Acres <br>(State)		Amount Paid	Date Paid
HP00050001	Potash		2005		3,200		$3,200	5/7/2020
HP00250000	Potash		2012		640		$640	9/3/2020
HP00260000	Potash		2012		640		$640	9/3/2020
HP00270000	Potash		2012		1,680		$1,680	9/3/2020
HP00280000	Potash		2010		80		$80	7/2/2020
HP00290000	Potash		2009		640		$640	11/19/2020
HP00480000	Potash		2012		1,200		$1,200	9/24/2020
HP00490000	Potash		2012		1,450		$1,450	9/3/2020
HP00500000	Potash		2012		2,280		$2,280	9/24/2020
HP00510000	Potash		2012		960		$961	9/3/2020
HP00520000	Potash		2012		1,435		$1,436	10/1/2020
M006510011	Potash		1936		17,486		$1,749	11/19/2020
NOTE—Coordinate System: Shifted from North American Datum (NAD) 27 New Mexico State Plane North to Local Mine Grid
PRL = Preference Rights Lease; CL = Competitive Lease; NCL = Non-Competitive Lease

3.4Significant Factors

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

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4Accessibility

4.1Topography, Elevation, and Vegetation

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

4.2Property Access

The mining facilities are accessible by both road and rail as shown in Figure 4-1. Adequate infrastructure is in place to meet production requirements. In fact, excess water conditioned with salt is currently being sold to other industrial users. Shipment of product is by truck and rail via paved United States Highway 180-W and the Burlington Northern Santa Fe (BNSF) rail link. The area is served by small air carriers at the Cavern City Terminal located in Carlsbad, New Mexico. The closest international airport is in El Paso, Texas, 160 miles away.

4.3Climate

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

4.4Infrastructure Availability

IPNM has sufficient water rights, reliable electric power, and a robust supply chain. As noted in the annual report to the SEC (Intrepid 2019a), the mines compete with other industries for qualified labor. Layoffs in market downturns may make it more difficult to re-hire personnel after the turndown.

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Figure 4-1. Mine Locations showing Property Access

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5History

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

Table 5-1. Mine Ownership History

Property	Owner	Date
East Mine	Kerr-McGee Chemical Corporation	1961–1985
	New Mexico Potash Corporation (Trans Resources, Inc.)	1985–1996
	Mississippi Potash Inc.	1996–2004
	Intrepid Mining- NM, LLC	2004–Present
West Mine	U. S. Potash Company	1929–1956
	U.S. Borax and Chemical Corporation	1956–1968
	U.S. Potash and Chemical	1968–1970
	Continental American Royalty Corporation	1970–1972
	Teledyne	1972–1974
	Mississippi Chemical Company (MCC)	1974–1996
	Mississippi Potash, Inc. (MPI) (a subsidiary of MCC)	1996–2004
	Intrepid Mining - NM, LLC	2004–Present
North Mine	National Potash Company (Freeport Sulphur Company)	1957–1982
	New Mexico Potash Corporation (Trans Resources Inc.)	1982
	Mississippi Chemical Corporation	1985–1988
	Mississippi Chemical Corporation	1992–1996
	Mississippi Potash Inc.	1996–2004
	Intrepid Mining- NM, LLC	2004–Present
AMAX Mine	Southwest Potash Corporation	1948
	AMAX Potash	1986–1992
	Horizon Gold (Horizon Potash)	1992–1995
	Intrepid Mining - NM, LLC	2012–Present
HB Mine	Potash Corp of America	1934–1967
	Ideal Basic	1967–1985
	Lundberg Industries	1985–1987
	Trans-Resource (Eddy Potash)	1987–1996
	Mississippi Potash, Inc.	1996–2004
	Intrepid Mining NM, LLC	2004–Present
RESPEC
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6Geologic Setting

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

6.1Deposit Type

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

•A basal, mixed siliciclastic and carbonate mudstone

•Laminated to massive anhydrite-polyhalite

•Halite

•Halite with mud (argillaceous halite)

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

6.2Regional Geology

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

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

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

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

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

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

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

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

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

Marker Bed	Thickness (ft)	Approximate Depth from Top of Salado (ft)	Lithology
MB103	20	180	Anhydrite
MB109	20	320	Anhydrite, finely crystalline, interbedded with stringers of halite, polyhalite and mudstone
Vaca Triste	10	540	Siltstone and silty mudstone interbedded with halite
MB117			Polyhalite
MB119			Polyhalite
MB120			Anhydrite
MB121			Polyhalite
MB122			Polyhalite
Union Anhydrite	15-20	760	Anhydrite, finely crystalline with stringers of halite
MB123	5-10	845	Halite and polyhalite
MB124	5-10	870	Anhydrite, finely crystalline laminated. May have stringers of mudstone
MB125			Polyhalite
MB126			Polyhalite
MB134	10-15	1,260	Anhydrite
MB136	10-15	1,340	Anhydrite. May have interbeds of halite or polyhalite
MB142	15	1,550	Anhydrite with interbeds of halite and stringers of mudstone
Cowden Anhydrite	20	1,700	Anhydrite, finely crystalline, laminated. May have thin interbeds of magnesite and mudstone. Divided into two beds by intervening halite in SE Eddy County
Source: Backman (1984); Griswold (1982)
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6.3Property Geology

6.3.1East Mine

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

6.3.2West Mine

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

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

6.3.3North Mine

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

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

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Figure 6-2. Typical Stratigraphic Column of the Ochoan (Warren 2018)

6.3.4HB Solar Solution Mine

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

6.4Mineralization

In the Carlsbad Area, the potassium minerals, in order of decreasing abundance, are polyhalite, sylvite, carnallite, langbeinite, kainite, and leonite. Other potassium minerals occur only in minor amounts in association with the principal potassium minerals listed previously. The K2O contents, chemical compositions, and elemental contents of the minerals found in the Carlsbad Area are given in Table 6-2.

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Table 6-2. Carlsbad Area Minerals and Their Compositions

Ore Zone		Closest Marker Bed			Approximate Bed Depth <br>(ft-bgs)	Bed Thickness <br>(ft)	Clay <br>Content <br>(%)	Mineralogy	Minability and Status
	Above Ore Zone		Below Ore Zone
Eleventh		Vaca Triste		MB117				Mostly carnallite, minor silvite and leonite	Not commercial
Tenth		MB119		MB120	700	5–12	5–7	Sylvite	Second best in District; in production
Ninth		MB120		MB121				Carnallite, kieserite, minor sylvite	Not commercial
Eighth		MB122		Union			6–7	Sylvite	Moderate size; unmined
Seventh		Union				5–9	3–4	Sylvite	Formerly mined; standby
Sixth		Union						Carnallite, kieserite, etc.	Not commercial
Fifth		Union		MB123	800	4.7–5	1	Sylvite and langbeinite	In production
Fourth		MB 124			850	4		Langbeinite and sylvite	Principal source of langbeinite; in production
Third		MB 124			865			Sylvite	In production for solution mining
Second		MB 124		MB125				Carnallite, kieserite, etc.	Not commercial
First		MB125		MB126	900	8–14	2	Sylvite	Long-time producer; currently flooded with brine for solution mining
Source: Barker and Austin (1993); Swales (1966); Pierce (1936); Haworth (1949); Bruhn and Miller (1954); Jones et al. (1954); Kirby (1974); Herne and McGuire (2001)

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

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

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

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

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

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

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

6.5Geologic Structure

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

•“Salt horses” (Gunn and Hills 1978)

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•“Mud horses” (Simmons 2013)

•Dissolution and collapse anomalies (“breccia chimneys”)

•Igneous dykes

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

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7Exploration

7.1Exploration Other than Drilling

No exploration other than confirmation drilling has been performed.

7.2Drilling Exploration

Intrepid partakes in ongoing exploration as a part of operational long-term planning. Core holes are drilled from the surface and underground, and channel samples are collected as mining advances. Intrepid provided the QP their dataset beginning in 2007. Since that time, multiple data points have been added and several drillholes were reassessed. Potash is also identified from gamma ray geophysical logs in oil and gas wells. Bed thickness and potash grade are estimated and quantified with input from 2,928 sample points. Extensive work was completed with geophysical tools in collaboration with the United States Geologic Survey (USGS) (Nelson 2007) to determine and verify potash grades from gamma logs (Lewis 2006). The sample database for this exploration work is shown in Table 7-1. The dataset is from oil and gas wells, surface core holes, underground core holes, channel samples, shaft samples, and roof bolt holes. The key sample types include 7,209 drillholes and channel samples and are broken down by mining zone. Figure 7-1 shows the exploration drillhole and channel sample locations and regional topography. The dataset used for this reserve evaluation is shown in Table 7-2.

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

Ore Zone	Oil/Gas <br>Wells	Surface Core Holes	Underground Core Holes	Channel Samples	Shaft	Roof Bolt	Total <br>Samples
Zone 2	—	2	—	—	—	—	2
Zone 3	478	560	57	73	3	—	1,171
Zone 3A	—	1	—	—	—	—	1
Zone 4	480	544	62	5	3	—	1,094
Zone 4A	—	2	—	—	—	—	2
Zone 5	488	572	114	2,014	4	42	3,234
Zone 7	484	611	89	805	4	7	2,000
Zone 8	492	613	53	—	3	—	1,161
Zone 9	—	1	—	—	—	—	1
Zone 10C	506	843	7	181	3	—	1,540
Total	2,928	3,749	382	3,078	20	49	10,206	RESPEC
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Figure 7-1. Base Map, Lease Lines and Drillholes

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

Ore Zone	Oil/Gas Wells	Core Holes	Channel Samples	Total Samples
Zone 3	463	542	73	1,078
Zone 4	469	619	12	1,100
Zone 5	482	651	1,979	3,112
Zone 7	480	609	831	1,920
Zone 8	476	576	2	1,054
Zone 10	486	729	183	1,398

7.3Characterization of Hydrogeology Data

The characterization of the hydrogeology was completed for the HB In-situ Solution Mine by AECCOM in 2011 and is included as part of the publicly available EIS (DOI 2012). The study confirmed the availability of water for the initial flooding of the solution mines at a pumping rate ranging from 177 to 1,440 gallons per minute (gpm).

7.4Characterization of Geotechnical Data

Not applicable.

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8Sample Preparation

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

The mineral analysis for all core and channel samples is analyzed with the XRD. A sample of approximately 300–500 grams (g) is collected. The sample is split down to around 100 g and run though a grinding mill to reduce the size down to approximately –100 mesh. A sample is weighed out to 5 g and put into a micronizing mill that reduces the particle size to ~10 microns and pressed into a sample holder. The sample is inserted into the instrument and a diffraction pattern is retrieved. The diffraction pattern is then analyzed using the Rietveld refinement software, reporting weight percent of solid mineral in the sample.

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

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9Data Verification

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

9.1Data Verification Procedure

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

9.2Limitations on Verification

There are no limitations on the verification.

9.3Adequacy of the Data

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

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10Mineral Processing and Metallurgical Testing

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

10.1Adequacy of the Data

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

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11Mineral Resource Estimates

According to 17 CFR § 229.1301 (2021), the following definitions of mineral resource categories are included for reference:

11.1Key Assumptions, Parameters and Methods

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

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

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

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Table 11-1. Parameter Assumptions

		Resources
	Measured		Indicated
Proximity to sample point		1,320 ft (1/4 mile)		3,960 ft (3/4 mile)
GT for sylvinite mechanical mining		40.0 ft% K2O
GT for high-insoluble sylvinite mechanical mining*		59.0 ft% K2O
GT for langbeinite mechanical mining		32.0 ft% K2O
Flood elevation HB South		2,525 ft
Flood Elevation HB North		2,325 ft
Flood Elevation HB Eddy		2,675 ft
Flood Elevation HB AMAX		2,500 ft
Carnallite content mechanical mining		Less than 6%
Mineability		Reasonably expected to be feasible to mine
*High-insoluble sylvinite zones 8 and 10

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

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

Intrepid has a long history of sales and marketing of their products. Sales are managed for all properties through the corporate office. Intrepid provided the historical demand and sales pricing through the statements of earnings (SOE) from 2012 to 2021. Forward-looking pricing was provided by Intrepid marketing and the sales price outlook was reviewed in The World Bank Report Pink Sheets (The World Bank 2021). The product sale prices selected for analysis of cutoff grade are shown in Table 11-2. These values are 25% greater than the product sales price for the reserve estimate.

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

Product	Sale Price	Freight	Net Sales Price	Cost of Goods Sold
Langbeinite	$425	$90	$335	$200/t
Sylvite	$406	$30	$376	$200/t

Economic modeling indicates cutoff grades at the IPNM East Mine of 32 ft %K2O for langbeinite resource. Modeling also indicates a cutoff of 59 ft% K2O for the high-insoluble sylvinite resources in the 8th and 10th zones, which requires the capital investment of a new plant and refurbishment of shafts. A cutoff of 45 ft% K2O is indicated for the West sylvinite resources which requires the processing plant, mine equipment, and associated infrastructure to be rehabilitated. Cutoff grades are listed in Table 11-3.

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Table 11-3. Cutoff Grade Analysis for Mechanical Mining

Ore Mineral		Pure Mineral<br>(%)		Nominal Grade Cutoffs <br>(% K2O)		Nominal Grade Cutoffs <br>(% KCl or Lang)		Mill Recovery<br>(%)		Grade-Thickness Cutoff1<br>(ft%)		Applicable Ore Zones
Carlsbad East Mine												East–3, 4 and 5, West–4
Langbeinite2		22.70%		6.4%		28.2%		68%		32
Carlsbad West/North Mine
High-Insolubles Sylvite with<br><br>CAPEX Burden
	63.18%		13.2%		20.9%		75%		59		8 and 10
Carlsbad West Mine												West–3, 4, 5, 7 North–3 and 4
Sylvinite with CAPEX Burden		63.18%		10.1%		15.9%		80%		45
1Equivalent to 5.0-ft-thick ore at nominal grades in the East Mine and 4.5-ft-thick ore at nominal grades in the West and North Mines.
2All langbeinite is processed at the East Plant.
CAPEX = capital expenditure

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

Resource maps for sylvinite by zones 10, 8, 7, 5, 4, 3, and 1 are included in Figures 11-1 through 11-7, respectively. The langbeinite mineral resource maps for zones 5, 4, and 3 are included in Figures 11-8 through 11-10.

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Figure 11-1. 10th Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-2. 8th Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-3. 7th Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-4. 5th Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-5. 4th Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-6. 3rd Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-7. 1st Ore Zone Mineral Resources, Sylvinite Ore

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Figure 11-8. 5th Ore Zone Mineral Resources, Langbeinite Ore

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Figure 11-9. 4th Ore Zone Mineral Resources, Langbeinite Ore

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Figure 11-10. 3rd Ore Zone Mineral Resources, Langbeinite Ore

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11.2Mineral Resource Estimate

The estimate of measured and indicated mineral resources effective December 31, 2021 extracted from the application of the resource cutoffs to the geologic model is listed in Table 11-4.

Table 11-4. Mineral Resource Estimate Summary effective December 31, 2021

IPNM—Summary of Mineral Resources in millions of tons of Sylvinite effective December 31, 2021 based on 406 /product ton mine site
			Mechanical Mining Cutoff2	Processing Recovery
	Grade	Contained K2O
	(%K2O)	(Mt)	(ft-%K2O)	(%)
Measured Mineral Resources	15	56	45–59	75–85
Indicated Mineral Resources	14	29	45–59	75–85
Measured + Indicated Mineral Resources	15	85
Inferred Mineral Resources
IPNM—Summary of Mineral Resource in millions of tons of Langbeinite Mineralized Rock in Place effective December 31, 2021 based on 425 /product ton mine site
			Mechanical Mining Cutoff	Processing Recovery
	Grade	Contained K2O
	(%K2O)	(Mt)	(ft-%K2O)	(%)
Measured Mineral Resources	10	5	32	68
Indicated Mineral Resources	10	6	32	68
Measured + Indicated Mineral Resources	10	11
Inferred Mineral Resources
1Sylvinite is a mixed evaporite containing NaCl and KCl.
2Solution mining resource cutoff for flooded old workings is the mining extents boundary.
Mineral Resources were prepared by Agapito (2022) and revised by RESPEC, a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis. Mt = million tons; % = percent; K2O = potassium oxide; ft = feet

All values are in US Dollars.

Discussion of Future Work

IPNM has historically and is currently producing from this property. There are no relevant technical or economic factors that need to be resolved.

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12Mineral Reserve Estimates

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

According to 17 CFR § 229.1301 (2021), the following definitions are included for reference:

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

12.1Key Assumptions, Parameters, and Methods

Table 12-1. Product Sales Price (Reserves)

Product	Sale Price	Freight	Net Sales Price	Cost of Goods Sold
Langbeinite	$340	$90	$250	$200/t
Sylvite	$325	$30	$295	$200/t

Economic modeling indicates cutoff grades for reserves at the IPNM East Mine of 43 ft% K2O for langbeinite resource (Table 12-2). Cutoff grade for brine production is listed in Table 12-3.

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12.2Mineral Reserves Estimate

The resource grids remaining after adjusting for cutoff grade, oil-and-gas pillars, drill islands, mined-out areas, and carnallite were used to create the detailed mechanical mine plan within the leased parcels. The mine plan boundary determines the technical feasibility of mining the reserves for zones. The modifying factors applied to the reserve are listed in Table 12-4. The detailed mechanical mine plan is shown in Figures 12-1, 12-2, and 12-3 for ore zones 5, 4, and 3, respectively. The mine plan layout for the solution mining is a flood elevation indicating the limit of the fluid injection boundary. The proven and probable reserves are included in Table 12-5 and are shown on Figures 12-4 through 12-7 for ore zones 5, 4, 3, and 1, respectively.

Table 12-2. Cutoff for Mechanically Mined Reserves

Ore Mineral	Pure Mineral<br>(%)	Nominal Grade Cutoffs <br>(%K2O)	Mill Recovery<br>(%)	Final Product Net Sale Value1<br>($)	Sale Value per Ore Ton at Cutoff Grade<br>($)	Mining Cost2<br>($)	Grade-Thickness Cutoff3<br>(ft%K2O)	Applicable Ore Zones
Carlsbad East Mine								East–3, 4, 5 and West–4
Langbeinite4	22.70%	8.7%	68%	$250.00	$48.00	$48.00	43
1 Sale value at long term reserve price less shipping with a nominal pre-tax profit.
2 Estimated costs of goods sold per ton of ore not including interest, depreciation, depletion or taxes.
3 Equivalent to 5.0-ft-thick ore at nominal grade.
4 All langbeinite is processed at the East plant.

Table 12-3. Cutoff for Solution Mined Reserves

Cost
Total production costs ($)	$31,500,000
Net revenue from salt ($)	$4,680,000
Total Cost (less revenue from salt)	$26,820,000
Potash
Tons sold	180,000
Net potash sales ($)	$44,100,000
Cutoff Analysis
Net concentration of production brine (% KCl)	5.6%
Cutoff net concentration (% KCl)	3.4%
Cutoff net concentration (% K2O)	2.2%	RESPEC
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Table 12-4. Modifying Factors for Reserves

	Reserves
Oil and gas mechanical mining offsets	200–2,640 ft radius
Drill islands sterilization	200 ft radius
GT for sylvinite mechanical mining	57.0 ft% K2O
GT for high-insoluble sylvinite mechanical mining	75.0 ft% K2O
GT for langbeinite mechanical mining	43.0 ft% K2O
Minimum mechanical mining height East Mine	6.5 ft
Extraction factor	0.84
Random impurities factor	0.90
Flood elevation HB South	2,525 ft
Flood elevation HB North	2,325 ft
Flood Elevation HB Eddy	2,675 ft
Flood Elevation HB AMAX	2,500 ft
Solution mining dissolution	0.96
Solution mining areal recovery factor	1
Solution mining geologic factor	0.93-0.99
Solution mining cavern losses	0.02
Carnallite content mechanical mining	Less than 6%
Mineability	Defined in a detailed mine plan
RESPEC
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Table 12-5. Mineral Reserve Estimate effective December 31, 2021

IPNM—Summary of Potash Mineral Reserves effective December 31, 2021 based on 325 /Product Ton Mine Site
	In-Situ Grade1	Product2	Brine Cutoff Grade3	Processing Recovery
	(%K2O)	(Mt)	(%K2O)	(%)
Proven Mineral Reserves	20.8	4.4	2.0	85
Probable Mineral Reserves	19.2	0.2	2.0	85
Total Mineral Reserves	20.7	4.6
IPNM—Summary of Langbeinite Mineral Reserves effective December 31, 2021 based on 340 /Product Ton Mine Site
	In-Situ Grade5 (Diluted)	Product6	Cutoff <br>Grade	Processing Recovery
	(%K2O)	(Mt)	(ft-%K2O)	(%)
Proven Mineral Reserves	8.5	4.9	43	68
Probable Mineral Reserves	9.1	1.2	43	68
Total Mineral Reserves	8.6	6.1
1In-situ grade is the amount of K2O in the contact area of the caverns and is used to calculate the In-Place KCl.2Product is calculated by multiplying In-Place KCl by: dissolution factor of 96%, areal recovery of 100%, geologic factor of 94.2%, plant recovery of 85%, cavern loss factor of 98%, and a product purity factor of (1/.95).
3Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the cash costs of production.
4ROM Ore is reported based on a detailed conventional mine plan adjusted for random impurities of 10%.5In-situ grade (diluted) is the amount of K2O in the ore body with consideration of dilution occurring during mining.6Product tons are calculated by multiplying ROM Ore by: the In-Situ Grade (Diluted)/22.7%, plant recovery of 68%, and a product purity factor of (1/.944). In-Situ Grade (Diluted) is divided by 22.7% to convert K2O grade to pure langbeinite by mass.
Mineral Reserves were initially prepared by Agapito Associates, Inc for EOY 2021 and revised by RESPEC for EOY 2021, a qualified firm for the estimate and independent of Intrepid Potash.Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet, ROM = Run-of-Mine

All values are in US Dollars.

12.3Risk Factors

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

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Figure 12-1. Detailed Mechanical Mine Plan—East Mine Langbeinite Zone 5

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Figure 12-2. Detailed Mechanical Mine Plan—East Mine Langbeinite Zone 4

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Figure 12-3. Detailed Mechanical Mine Plan—East Mine Langbeinite Zone

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Figure 12-4. 5th Ore Zone Mineral Reserves, Langbeinite Ore

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Figure 12-5. 4th Ore Zone Reserves, Langbeinite Ore

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Figure 12-6. 3rd Ore Zone Mineral Reserves, Langbeinite Ore

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Figure 12-7. 1st Ore Zone Mineral Reserves, Sylvinite Ore

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13Mining Methods

The two mining methods currently in practice at IPNM are high-extraction mechanical underground room-and-pillar mining and solution mining. Mechanical mining is well suited to bedded deposits. All MOP production at IPNM comes from the HB Solar Solution Mine in the 1st and 3rd ore zones. Trio® production is from langbeinite mined using room-and-pillar mechanical mining methods at the East Mine in the 3rd, 4th, and 5th ore zones. Historically, MOP was sourced from the West Mine 5th, 7th, and 10th ore zones. Approximately 285 people are employed at the property.

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

There are five active sections with a miner and a shuttle car loading onto a belt conveyor. Each mining section produces approximately 240,000 t of run-of-mine ore each year. The long-range production balanced with sales projections results in a long-term annual production of 1.2 Mt of ore for 250,000 t of Trio® annually.

Historical room-and pillar-mining operations at the HB complex recovered about 70% of the ore, leaving approximately 30% of the ore available for secondary recovery in pillars plus what can be recovered beyond the limits of the conventional mine works. Mining at the HB Solar Solution Mine recovers potash by injecting saturated saline NaCl brine into the old mine works to create underground leach lakes. Over time, the solution enriched with potash is pumped to the surface to solar evaporation ponds. Selective solar evaporation leaves behind a potash-enriched salt that is collected using scrapers, pumped, and processed at the HB Plant. The solution mine comprises six injection wells, five extraction wells, and three monitoring wells.

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

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Figure 13-1. Underground and Solution Mining Extents

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Table 13-1. IPNM 25-Year Mine Plan

Calendar Year		Plan Year		Langbeinite												MOP
	A		B		C		D		E		F			R	S		T		U		V		W
	Ore Production (Tons)		Ore Grade<br>(%K2O)		Recovered K2O <br>(Tons)		Product Langbeinite (Tons)		Handling Losses (Tons)		Langbeinite (Tons)			Brine Extracted (Gallons)	Brine Grade <br>(%K2O)		K2O <br>(Tons)		Product KCl<br>(Tons)		Handling Losses (Tons)		MOP<br>(Tons)
2022		Year 1		1,200,000		9.64		64,000		293,600		11,700	281,900			510,000,000		5.05		113,500		185,200		5,600	180,000
2023		Year 2		1,208,000		9.43		63,100		289,400		11,600	277,800			510,000,000		5.05		113,500		185,200		5,600	180,000
2024		Year 3		1,206,000		8.69		58,000		266,100		10,600	255,500			510,000,000		5.05		113,500		185,200		5,600	180,000
2025		Year 4		1,206,000		7.53		50,300		230,700		9,200	221,500			510,000,000		5.05		113,500		185,200		5,600	180,000
2026		Year 5		1,204,000		8.14		54,300		249,100		10,000	239,100			510,000,000		5.05		113,500		185,200		5,600	180,000
2027		Year 6		1,200,000		8.28		55,000		252,300		10,100	242,200			510,000,000		5.05		113,500		185,200		5,600	180,000
2028		Year 7		1,202,000		8.82		58,700		269,300		10,800	258,500			510,000,000		5.05		113,500		185,200		5,600	180,000
2029		Year 8		1,206,000		8.96		59,900		274,800		11,000	263,800			510,000,000		5.05		113,500		185,200		5,600	180,000
2030		Year 9		1,206,000		8.53		57,000		261,500		10,500	251,000			510,000,000		5.05		113,500		185,200		5,600	180,000
2031		Year 10		1,210,000		8.52		57,100		261,900		10,500	251,400			510,000,000		5.05		113,500		185,200		5,600	180,000
2032		Year 11		1,200,000		8.76		58,200		267,000		10,700	256,300			510,000,000		5.05		113,500		185,200		5,600	180,000
2033		Year 12		1,201,000		9.07		60,300		276,600		11,100	265,500			510,000,000		5.05		113,500		185,200		5,600	180,000
2034		Year 13		1,202,000		8.50		56,600		259,600		10,400	249,200			510,000,000		5.05		113,500		185,200		5,600	180,000
2035		Year 14		1,212,000		8.77		58,900		270,200		10,800	259,400			510,000,000		5.05		113,500		185,200		5,600	180,000
2036		Year 15		1,206,000		8.80		58,800		269,700		10,800	258,900			510,000,000		5.05		113,500		185,200		5,600	180,000
2037		Year 16		1,204,000		9.03		60,200		276,100		11,000	265,100			510,000,000		5.05		113,500		185,200		5,600	180,000
2038		Year 17		1,201,000		8.59		57,100		261,900		10,500	251,400			510,000,000		5.05		113,500		185,200		5,600	180,000
2039		Year 18		1,201,000		7.73		51,400		235,800		9,400	226,400			510,000,000		5.05		113,500		185,200		5,600	180,000
2040		Year 19		1,206,000		7.76		51,800		237,600		9,500	228,100			510,000,000		5.05		113,500		185,200		5,600	180,000
2041		Year 20		1,206,000		7.68		51,300		235,300		9,400	225,900			510,000,000		5.05		113,500		185,200		5,600	180,000
2042		Year 21		1,206,000		7.44		49,700		228,000		9,100	218,900			510,000,000		5.05		113,500		185,200		5,600	180,000
2043		Year 22		1,204,000		7.96		53,100		243,600		9,700	233,900			510,000,000		5.05		113,500		185,200		5,600	180,000
2044		Year 23		1,201,000		7.66		51,000		233,900		9,400	224,500			510,000,000		5.05		113,500		185,200		5,600	180,000
2045		Year 24		1,202,000		7.67		51,100		234,400		9,400	225,000			510,000,000		5.05		113,500		185,200		5,600	180,000
2046		Year 25		1,206,000		8.56		57,200		262,400		10,500	251,900			510,000,000		5.05		113,500		185,200		5,600	180,000
*Numbers rounded for clarity
Ore Grade K2O to Langbeinite K2O - 81% (Ore Grade K2O includes KCl)																Extraction brine density - 1.24										RESPEC
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Langbeinite plant recovery - 68%	KCl plant recovery - 85%
Product purity - 95.6%	Product purity - 97%
Pure Langbeinite equates to 22.7% K2O by mass	Pure KCl equates to 63.17% K2O by mass
Handling losses - 4%	Handling losses - 3%
C =A(B/100)0.81*0.68	T = R(S/100)1.248.34/20000.85
D = C/0.227/0.956	U = T/0.6317/0.97
E = D*0.04	V = U*0.03
F = D-E	W = U-V
RESPEC
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14Processing and Recovery Methods

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

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

14.1HB Processing Facility

In 2012, IPNM commenced filling the HB solar evaporation ponds (Figure 14-1). The extraction brine sourced from the mined-out areas of the 1st ore zones of the former underground workings of portions of HB Eddy, HB South, HB North, and the HB Crescent, collectively referred to as the HB Mine, contains approximately 21.7% NaCl and 7.0% KCl. The brine is collected and crystallized in 18 solar evaporation ponds. The HB flotation mill processes the harvested potash and salts from the solar evaporation ponds.

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

The simplified process flow diagram (PFD) is shown in Figure 14-2. NaCl-saturated brine is injected into the mines producing about 400 million gallons of brine at an estimated grade of 7.0% KCl and 21% NaCl. The evaporation ponds concentrate and crystallize the brine to produce about 680,000 tpy of crystal at 16–18% K2O (26–30% KCl) with the remainder being largely halite. The crystals are mechanically harvested, re-pulped in double-saturated brine and pumped to the HB processing facility.

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Figure 14-1. HB Evaporation Ponds

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

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

14.2Langbeinite Processing Facility

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

Currently about 1 million tpy (Mtpy) of ore is processed at a rate of 300 tph. The ore is crushed, screened, pulped, and rescreened. Coarse material is forwarded to the dense media separation (DMS) circuit. The DMS concentrate is water leached, debrined, and dried. The coarse product is separated into the three Trio® products. Fine material from the screening process is recovered using gravity separation, leaching, debrining, and drying. Fine material is upgraded to premium product using pelletization.

14.3North Compaction Plant

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

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

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

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

14.4Tailings Facilities

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

The East TSF is shown in Figure 14-5. The New Mexico State Engineer in the Dam Safety Bureau required IPNM to evaluate as-built conditions and stability of the East TSF due to the lack

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Figure 14-3. East Plant Process Simplified Flow Diagram

of original construction calculations and drawings. IPNM completed the required geotechnical evaluation assessment in 2018. Based on that evaluation, a conceptual improvement plan was developed to buttress slopes greater than 26 ft in height and to add a 3-ft lift to the crest of the facility to achieve minimum compliance requirements.

The West TSF, in Figure 14-6, is permitted for tailings disposal from the West Plant. The plant is currently not in operation. NaCl from the facility is used to condition the injectate stream for the HB Solution Mine.

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

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Figure 14-4. North Plant Simplified Process Flow Diagram

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Figure 14-5. East Tailings Storage Facility

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

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

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15Infrastructure

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

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Figure 15-1. Layout of the Infrastructure

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16Market 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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17Environmental Studies, Permitting, and Plans

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

17.1Environmental Studies

IPNM has all necessary operating permits and is in production, both underground and solution mining, and through the permit reporting maintains environmental compliance. Environmental studies are conducted for major project expansions. The most recent Environmental Audit (EA) was completed in 2015 for the expansion of the HB In-situ Solution Mining project to include the solution mining of the abandoned AMAX potash mine. The work referenced the initial EIS for the HB In-Situ Solar Solution Mining Project EIS (DOI 2012).

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

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

17.3Permitting Status and Reclamation Bonds

The permitting status of each of the major permits is listed in Table 17-1. Bonds for mine closure and groundwater discharge are currently at a value of $3.764 million. The most recent update to the permits, currently awaiting BLM and New Mexico Environmental Department (NMED) approval, will increase the bond amount to $4.475 million.

17.4Agreements with Local Individuals

There are no specific agreements with local individuals or groups.

17.5Closure Plans

Closure plans include the repurposing, demolition, and removal of surface infrastructure and safely securing shafts for public safety. Mine operations and closure plans are periodically filed with the BLM. The proposed methods of abandonment are designed to protect unmined

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Table 17-1. Permitting Status

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recoverable reserves and other resources. While each mine area has specific detailed closure requirements, the major closure steps include closure of shafts and relief wells, tailings stabilization, asbestos removal, building demolition, reclamation of building footprints; reclamation of other areas, dispose of any contaminated soils, reclamation of landfills, reclamation of roads, and remediation of Recognized Environmental Concerns (REC).

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

17.6Adequacy of Current Plans and Compliance

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

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18Capital and Operating Costs

Intrepid has provided the mining costs history and sales data since 2007 and budgeted capital costs dated January 6, 2020. The East mine is operating at approximately 60% of capacity and is anticipated to continue operating at the current rate. At reduced capacity, three sets of mining units are running at any given time and five units are available. With the West Mine taken offline, many of the capital items were recovered from the West Mine for use in the East Mine, reducing the amount of new capital required to sustain East Mine operations from 2016-2021. East Mine sustaining capital requirements are expected to increase beginning in 2022 as the availability of West Mine assets repurposed for use at East has diminished.

18.1Operating Cost Estimate

Intrepid provided the mining costs history and sales data since 2007. The cash operating cost including warehouse, handling, and royalty is provided in Table 18-1. These costs are subject to vary with changes in production. Cash production costs do not include interest, depreciation, depletion, or income taxes.

Table 18-1. Unit Mining Cost

Cost Category
	(/product ton)
Labor
Maintenance Supplies
Operating Supplies Including Reagents
Natural Gas, Electricity and Fuel
Leases, Property Tax, Insurance, etc.
Subtotal
Warehouse
Royalties
Cost of Goods Sold

All values are in US Dollars.

18.2Capital Cost Estimate

Capital items necessary to complete the mine plan include the treatment extension for the management of bitterns from the HB Solution Plant and the pipeline and injection/extraction wells for the AMAX extension of the HB Solar Solution Mines. The mine reclamation capital costs are included for 2022 through 2027. Work beyond Year 26 is allocated to Year 25 to establish contracting. The sustaining capital is outlined in the budget and includes major equipment replacement. No development in the conventional underground mine is planned beyond the ongoing mine extension. Mine advancement is included in the operating cost. Capital costs are shown in Table 18-2.

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Table 18-2. Major Capital Cost Estimate

Year Number	Year	Reclamation ($)	Capital ($)
1	2022	1,065,000
2	2023	1,621,500	13,000,000
3	2024	1,350,000	13,000,000
4	2025	1,375,000
5	2026	1,325,000
6	2027	1,325,000
7	2028
8	2029		5,000,000
9	2030
10	2031
11	2032
12	2033
13	2034
14	2035
15	2036
16	2037
17	2038
18	2039
19	2040		7,500,000
20	2041		7,500,000
21	2042
22	2043
23	2044
24	2045
25	2046	94,628,906

18.3Accuracy Discussion

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

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

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

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19Economic Analysis

To evaluate the viability of mining the IPNM mines’ reserves, an economic analysis was conducted. Annual revenue and production cost schedules were used to build a projected cash flow to accompany the mine plan. The costs and sales price parameters were assumed to be 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
Trio® Sale Price (mine site)	$340/t
Potash Sale Price (mine site)	$325/t
Shipping Trio®	$90/t
Shipping Potash	$30/t
Trio® Production Target	250,000 tpy
Potash Production Target	180,000 tpy
Interest Rate	0–12% APR
Income Taxes (State and Federal)	40%
Resource Tax	1.25%

19.2Economic Analysis

For a property in operation, economic viability may be implied. The cash flow was developed using the life of mine plan and is listed in Table 19-2 and shown graphically in Figure 19-1. Annual ore production, ore grade and tons of product produced used in the cash flow analysis 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.

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 in Table 19-4 and graphically in Figure 19-3.

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Table 19-2. Estimated Pre-Tax Cash Flow

	2022–	2027–	2032–	2037–	2042–
	2026	2031	2036	2041	2046
Langbeinite
	1.20	1.20	1.20	1.20	1.20
	8.69	8.62	8.78	8.16	7.86
	57.94	57.54	58.56	54.36	52.42
	265.78	263.96	268.62	249.34	240.46
	10.62	10.58	10.76	9.96	9.62
	255.16	253.38	257.86	239.38	230.84
	$340	$340	$340	$340	$340
	$90	$90	$90	$90	$90
	$250	$250	$250	$250	$250
MOP	180.00	180.00	180.00	180.00	180.00
	$325	$325	$325	$325	$325
	$30	$30	$30	$30	$30
	$295	$295	$295	$295	$295
	$2.50	$2.50	$2.50	$2.50	$3.00
REVENUE (-million/year)	$119.39	$118.95	$120.07	$115.45	$113.81
EXPENSES

	$84.83	$84.83	$84.80	$84.77	$84.78
	$34.56	$34.11	$35.26	$30.67	$29.03
	$6.55	$1.27	$0.00	$3.00	$18.93
	$28.01	$32.84	$35.26	$27.67	$10.10

All values are in US Dollars.

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Figure 19-1. Estimated Annual Pre-Tax Cash Flow

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Table 19-3. Estimated After-Tax Cash Flow

	2022–	2027–	2032–	2037–	2042–
	2026	2031	2036	2041	2046
Langbeinite
	1.20	1.20	1.20	1.20	1.20
	8.69	8.62	8.78	8.16	7.86
	57.94	57.54	58.56	54.36	52.42
	265.78	263.96	268.62	249.34	240.46
	10.62	10.58	10.76	9.96	9.62
	255.16	253.38	257.86	239.38	230.84
	$340	$340	$340	$340	$340
	$90	$90	$90	$90	$90
	$250	$250	$250	$250	$250
MOP	180	180	180	180	180
	$325	$325	$325	$325	$325
	$30	$30	$30	$30	$30
	$295	$295	$295	$295	$295
	$2.50	$2.50	$2.50	$2.50	$3.00
REVENUE (-million/year)	$119.39	$118.95	$120.07	$115.45	$113.81
EXPENSES

	$84.83	$84.83	$84.80	$84.77	$84.78
	$34.56	$34.11	$35.26	$30.67	$29.03
	$1.21	$1.87	$2.07	$1.15	$1.20
	$16.04	$16.56	$16.81	$14.98	$14.42
	$17.30	$15.69	$16.39	$14.54	$13.41
	$6.92	$6.28	$6.56	$5.82	$5.36
	$0.15	$0.15	$0.15	$0.14	$0.14
	$6.55	$1.27	$0.00	$3.00	$18.93
	$21.00	$26.50	$28.64	$21.73	$4.60

All values are in US Dollars.

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Figure 19-2. Estimated Annual After-Tax Cash Flow

Table 19-4 NPV Pre-Tax Cash Estimate
Interest Rate	NPV
(% APR)	($M)
0	$643
5	$417
8	$336
10	$295
12	$262
Table 19-5 NPV After-Tax Estimate
---	---
Interest Rate	NPV
(% APR)	($M)
0	$512
5	$330
8	$263
10	$231
12	$204
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Figure 19-3. Pre-Tax NPV Sensitivity to Price and Costs

Figure 19-4. After-Tax NPV Sensitivity to Price and Costs

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20Adjacent Properties

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

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21Other Relevant Data and Information

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

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22Interpretation and Conclusions

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

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

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23Recommendations

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

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24References

Agapito (2007), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, December 12, 19 pp.

Agapito (2008), “Determination of Estimated Proven and Probable Reserves for the Planned HB Solution Mine for Intrepid Mining, LLC,” report prepared for Intrepid Potash, March 14, 25 pp.

Agapito (2009), “Reserve Update for the Carlsbad HB, East and West Mines for Intrepid Potash, Inc.,” report prepared for Intrepid Potash, Inc., February 27, 29 pp.

Agapito (2010), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., February 4, 34 pp.

Agapito (2011), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., February 1, 34 pp.

Agapito (2012), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., January 27, 32 pp.

Agapito (2013), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., February 11, 38 pp.

Agapito (2014), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., January 28, 42 pp.

Agapito (2015), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., January 22, 43 pp.

Agapito (2016), “End-of-Year 2015 Intrepid Potash, Inc. Reserve for the Carlsbad HB Solar Solution, East and West Mines Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., January 25, 35 pp.

Agapito (2017), “End-of-Year 2016 Intrepid Potash, Inc. Reserve for the Carlsbad HB Solar Solution, East and West Mines Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., February 1, 44 pp.

Agapito (2018), “End-of-Year 2017 Intrepid Potash, Inc. Reserve for the Carlsbad HB Solar Solution, East and West Mines,” report prepared for Intrepid Potash, Inc., January 21, 43 pp.

Agapito (2019), “2018 Determination of Estimated Proven and Probable Reserves for the Carlsbad HB Solar Solution, East and West Mines,” report prepared for Intrepid Potash Inc., February 14, 36 pp,

Agapito (2020), “2019 Determination of Estimated Proven and Probable Reserves for the Carlsbad HB Solar Solution, East and West Mines,” report prepared for Intrepid Potash Inc., January 24, 2020, 67 pp.

Agapito (2021), “Determination of Estimated Proven and Probable Reserves for the Carlsbad HB Solar Solution, East and West Mines,” report prepared for Intrepid Potash Inc., January 24, 2021, 67 pp.

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

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

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

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

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

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

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

CFR (2021), “Disclosure by Registrants Engaged in Mining Operations,” § 229.1301, last amended September 1, available at <eCFR :: 17 CFR Part 229 Subpart 229.1300 -- Disclosure by Registrants Engaged in Mining Operations>.

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

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

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

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

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

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

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Intrepid Potash, Inc. (2019a), “Intrepid Potash, Inc. Form 10-K,” US Securities and Exchange Commission, 91 pp.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

State of New Mexico Energy, Mineral, and Natural Resources (1988), New Mexico Oil and Gas Division Case No. 9316, Order No. R-111-P.

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

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Tetra Tech, Inc. (2009), “Intrepid Potash North Mine Feasibility Study Draft Phase I Report Intrepid Potash—New Mexico, LLC,” report prepared for Intrepid Potash, Inc., August 31, 108 pp.

The World Bank (2021), “Commodity Markets,” available at <https://www.worldbank.org/en/ research/commodity-markets> (accessed 8/6/2021).

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

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

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

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

Williams-Stroud, S., J. P. Searls, and R. J. Hite (1994), “Potash Resources, Industrial Minerals and Rocks,” 6th Edition, SME, pp. 783–802.

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25Reliance on Information

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

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Document

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Moab

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November 27, 2023 i

Technical Report Summary

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Moab

Prepared for:

Intrepid Potash–Moab, LLC

Revised Report Date:

November 27, 2023

Effective Date:

December 31, 2021

Prepared by:

RESPEC

660 Rood Avenue, Suite A

Grand Junction, Colorado 81501

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Moab

Prepared for Intrepid Potash, Inc.

November 27, 2023 i

Date and Signature Page

This report titled “Technical Report Summary of Revised 2021 Estimated Resources and Reserves at Intrepid Potash – Moab” is effective as of December 31, 2021 and was prepared and signed by RESPEC, LLC, acting as a Qualified Person Firm.

Signed and Dated November 27, 2023

(signed/sealed) RESPEC LLC

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Moab

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November 27, 2023 ii

Technical Report Summary

Revised 2021 Estimated Resources and Reserves at Intrepid Potash-Moab

Table of Contents

Page

1 Executive Summary	1
1.1 Property Description and Ownership	1
1.2 Geology and Mineralization	1
1.3 Status of Exploration, Development and Operations	1
1.4 Mineral Resource Estimates	1
1.5 Mineral Reserve Estimates	2
1.6 Summary of Capital and Operating Cost Estimates	3
1.7 Economic Analysis	3
1.8 Permitting	3
1.9 Conclusions and Recommendations	3
2 Introduction	4
2.1 Sources of Information	5
2.2 Personal Inspection	5
3 Property Description	6
3.1 Location and Area of the Property	6
3.2 Mineral Rights	6
3.3 Significant Encumbrances	6
3.4 Significant Factors	6
4 Accessibility	10	RESPEC
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4.1 Topography, Elevation, and Vegetation	10
4.2 Property Access	10
4.3 Climate	10
4.4 Infrastructure Availability	10
5 History	13
6 Geologic Setting	15
6.1 Regional Geology	15
6.2 Local Geology	18
6.3 Property Geology	20
6.4 Significant Mineralized Zones	21
6.5 Mineral Deposit	22
7 Exploration	24
7.1 Exploration Other than Drilling	24
7.2 Drilling Exploration	24
7.3 Characterization of Hydrogeology Data	28
7.4 Characterization of Geotechnical Data	28
8 Sample Preparation	29
9 Data Verification	30
9.1 Data Verification Procedure	30
9.2Limitations on Verification	30
9.3 Adequacy of the Data	30
10 Mineral Processing and Metallurgical Testing	31
11 Mineral Resource Estimates	32
11.1 Key Assumptions, Parameters and Methods	32	RESPEC
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11.2 Mineral Resource Estimate	33
11.2.1 Mineral Resource Estimates for Bed 5	33
11.2.2 Mineral Resource Estimates for Bed 9	37
11.3 Mineral Resource Summary Bed 5 and Bed 9	42
11.4 Qualified Persons Opinion – Further Work	42
12 Mineral Reserve Estimates	43
12.1 Key Assumptions, Parameters, and Methods	43
12.2 Mineral Reserves	43
12.2.1 Mineral Reserve Estimates for Bed 5	43
12.2.2 Mineral Reserve Estimates for Bed 9	45
12.3 Reserve Summary	45
12.4 Qualified Persons Opinion – Further Work	45
13 Mining Methods	49
13.1 Solution Mining Bed 5	49
13.2 Solution Mining Bed 9	51
14 Processing and Recovery Methods	54
14.1 Process Description	54
15 Infrastructure	57
16 Market Studies	59
17 Environmental Studies, Permitting, and Plans	60
17.1 Environmental Studies	60
17.2 Waste and Tailings Disposal, Site Monitoring, and Water Management <br>During and After Mine Closure	60
17.3 Permitting Status and Reclamation Bonds	60	RESPEC
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17.4 Agreements with Local Individuals	60
17.5 Closure Plans	60
17.6 Adequacy of Current Plans and Compliance	62
18 Capital and Operating Costs	63
18.1 Capital Cost Estimate	63
18.2 Operating Cost Estimate	63
18.3 Accuracy Discussion	63
19 Economic Analysis	64
19.1 Key Assumptions, Parameters, and Methods	64
19.2 Economic Analysis	64
19.3 Sensitivity Analysis	64
19.4 Discussion	64
20 Adjacent Properties	71
21 Other Relevant Data and Information	72
22 Interpretation and Conclusions	73
23 Recommendations	74
24 References	75
25 Reliance on Information	77
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List of Tables

Page

Table 1-1. Sylvinite In Situ Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site	2
Table 1-2. Potash Mineral Reserve Estimate effective December 31, 2021 based on 325 $/Product Ton Mine Site	2
Table 2-1. Summary of Reports	5
Table 3-1. Leases and Property Rights	9
Table 7-1. Grade and Thickness Data for Bed 5	25
Table 7-2. Grade and Thickness Data for Bed 9	27
Table 11-1. Bed 5 Sylvinite Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site	36
Table 11-2. Bed 9 Sylvinite Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site	37
Table 11-3. Sylvinite Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site	41
Table 12-3. Potash Reserves Remaining Updip of Solution Mining from Bed 5 Old Workings effective December 31, 2021 based on 325 $/Product Ton Mine Site	43
Table 12-4. Potash Reserve Estimate for the Current and Planned Bed 9 Well System Area effective December 31, 2021 based on 325 $/Product Ton Mine Site	44
Table 12-5. Potash Mineral Reserve Estimate effective December 31, 2021 based on 325 $/Product Ton Mine Site	47
Table 13-1. Comparison of Net Extraction KCl Tons for Beds 5 and 9 from 2001 to 2021*	49
Table 13-2. 25-Year Mine Plan	51
Table 17.1 Permit Listing with Bond Values	60
Table 18-1. Unit Operating Cost Estimate	62	RESPEC
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Table 19-1. Economic Analysis Assumptions	63
Table 19-2. Estimated Pre-Tax Cash Flow	64
Table 19-3. Estimated After-Tax Cash Flow	65
Table 19-4. NPV Pre-Tax Estimate	68
Table 19-5. NPV After-Tax Estimate	68

List of Figures

Figure 3-1. Intrepid-Moab Location Map	7
Figure 3-2. Intrepid-Moab Lease Map	8
Figure 4-1. Property Access	11
Figure 4-2. Site Precipitation Record	12
Figure 5-1. Historical Product Tons of KCl from Beds 5 and 9	13
Figure 6-1. Regional Paradox Basin (after Doelling 1985)	16
Figure 6-2. Paradox Basin Cross Section (after Stevenson and Barrs 1986)	17
Figure 6-3. Evaporite Cycles, 29 Cycles, 5 Zones (after Hite 1960)	18
Figure 6-4. Evaporative Cycle (after Fillmore 2010)	21
Figure 6-5. Stratigraphic Type Section (from Intrepid 2007)	22
Figure 7-1. Plan View of Property Showing Drilling and Sample Locations	26
Figure 11-1. Bed 5 % K2O Grade Blocks	33
Figure 11-2. Bed 5 Thickness Blocks	34	RESPEC
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Figure 11-3. Mineral Resources for Bed 5	35
Figure 11-4. Bed 9 Resource % K2O Grade Blocks	38
Figure 11-5. Bed 9 Resource Thickness Blocks	39
Figure 11-6. Mineral Resources for Bed 9	40
Figure 12-1. Bed 5 Proven and Probable Reserves	45
Figure 12-2. Bed 9 Proven and Probable Reserves	46
Figure 13-1. Solution Mining Product Tons of KCl by Bed	48
Figure 13-2. Footprint of Underground Workings for 25-Year Plan Bed 5 and Bed 9	52
Figure 14-1. Evaporation Ponds at Intrepid-Moab	54
Figure 14-2. Intrepid-Moab Process Flow Diagram	55
Figure 15-1. Site Infrastructure Layout	57
Figure 19-1. Estimated Annual Pre-Tax Cash Flow	66
Figure 19-2. Estimated Annual After-Tax Cash Flow	67
Figure 19-3. Pre-Tax NPV Sensitivity to Price and Costs (APR 8%)	68
Figure 19-4. After-Tax NPV Sensitivity to Price and Costs (APR 8%)	69
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List of Abbreviations

° degree

Agapito Agapito Associates, Inc.

APR Annual Percentage Rate

BLM United States Bureau of Land Management

CFR Code of Federal Regulations

cfs cubic feet per second

CMC carboxy-methyl cellulose

DRGW Denver and Rio Grande Western Railroad

DSM Dutch State Mines

EOY end of year

F Fahrenheit

ft feet or foot

gpm gallons per minute

Intrepid Intrepid Potash, Inc.

Intrepid-Moab Intrepid Potash–Moab, LLC

IRR Internal Rate of Return

K2O potassium oxide

KCl sylvite or potassium chloride

M million

Ma mega annum (one-million years)

mm millimeter

MOP Muriate of Potash

MSL mean sea level

mm millimeter

Mt million tons

NaCl sodium chloride

NPV Net Present Value

NaCl halite

% percent

PFD process flow diagrams

QP Qualified Person

RESPEC RESPEC Company, LLC

SEC United States Securities Exchange Commission

SITLA Utah School and Institutional Lands Administration

SME Society for Mining, Metallurgy & Exploration

SOE statement of earnings

t ton

tpd tons per day

tpy tons per year

TRS Technical Report Summary

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REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Moab

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1Executive Summary

RESPEC Company, LLC (RESPEC) was commissioned by Intrepid Potash, Inc. (Intrepid) to revise the Technical Report Summary (TRS) prepared by Agapito Associates, Inc. (Agapito) filed as Exhibit 96.2 with the Intrepid Potash 10-K for end-of-year (EOY) 2021 for the Intrepid Potash–Moab, LLC (Intrepid-Moab) property. The revision adds clarification to the reserve tables by adding estimation methodology descriptions in Sections 1.5 and 12.2, clarifies the operating cost source and adds capital estimation of reclamation costs in Section 1.6 and 18, replaces a stratigraphic column that was based on geophysical logs to a standard stratigraphic column in Section 6, updates the cross section figure in Section 6, adds an opinion on sample preparation from the QP in Section 8, adds a mine plan in tabular format to Section 13, adds an accuracy discussion to Section 18, updates the cash flow in Section 19 to include the reclamation costs, and updates the economic analysis in Section 19 using the revised cash flows. Resources and reserves are estimated according to United States (US) Securities and Exchange Commission (SEC) S-K 1300 regulations.

1.1Property Description and Ownership

Intrepid-Moab’s Cane Creek Mine is located approximately 20 miles west of Moab, Utah, which is 234 miles southeast of Salt Lake City, Utah. The Colorado River runs north–south along the eastern operations boundary. Intrepid-Moab’s property covers an area of approximately 14,100 acres of land. Intrepid-Moab’s potash leases include 10,100 acres from the State of Utah and approximately 200 acres from the US federal government through the U.S. Bureau of Land Management (BLM).

1.2Geology and Mineralization

1.3Status of Exploration, Development and Operations

The property has been in continuous operation by Intrepid-Moab since 1999. Confirmation drilling and mine development are an integral part of the mine operations.

1.4Mineral Resource Estimates

The resource model created from the exploration and sampling database served as the basis for the mineral resource estimate. The resources reported as mineralized rock in place, exclusive of mineral reserves effective December 31, 2021, are shown in Table 1-1.

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Table 1-1. Sylvinite In Situ Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site

		Resources								Processing
	Sylvinite1		Grade		Contained K2O		Cutoff2		Recovery
	(Mt)		(%K2O)		(Mt)				(%)
Measured Mineral Resources		113		26		30		Minimum of 3-ft and 18.95%K2O		83
Indicated Mineral Resources		190		25		47		Minimum of 3-ft and 18.95%K2O		83
Measured + Indicated Mineral Resources		303		25		77
Inferred Mineral Resources		38		23		9		Minimum of 3-ft and 18.95%K2O		83
1Sylvinite is a mixed evaporite containing NaCl and KCl. Pure KCl equates to 63.17% K2O by mass.
2Solution mining resource cut-off for flooded old workings is the mining extents boundary.
Mineral Resources were initially prepared by Agapito Associates, Inc for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide, ft = feet

1.5Mineral Reserve Estimates

Using the mineral resource grids and applying modifying factors to a 25-year cavern mining plan EOY 2021 reserves were estimated. Table 1-2 shows the estimated reserve summaries for EOY 2021.

Table 1-2. Potash Mineral Reserve Estimate effective December 31, 2021 based on 325 $/Product Ton Mine Site

Beds 5 and 9				In-Situ				Brine Cutoff Grade3		Processing
	In-Place KCl		Grade1		Product2		Recovery
	(Mt)		(%K2O)		(Mt)		(%K2O)		(%)
Proven Mineral Reserve		2.6		27.2		1.9		1.9		83
Probable Mineral Reserve		0.8		27.8		0.6		1.9		83
Total Mineral Reserves		3.4		27.5		2.5
1In-situ grade is the amount of K2O in the remaining pillars of the old works and is used to calculate the In-Place KCl.
2Product tons are calculated by multiplying In-Place KCl by a dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and product purity of 1/95%<br><br>3Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the costs of production.
Mineral Reserves were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide,
RESPEC
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1.6Summary of Capital and Operating Cost Estimates

The operating cost per potash product ton from solution mining is estimated at $130/t.

Capital investment necessary to complete the mine plan includes the development of additional caverns at a cost of $8M. This investment is in addition to the ongoing sustaining capital requirements and occurs approximately every 10 years. Reclamation costs in Year 25 are estimated to be $23M.

1.7Economic Analysis

1.8Permitting

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

1.9Conclusions and Recommendations

There are significant potash resources within the area under the control of Intrepid-Moab such that the property can support a 100,000 ton per year (tpy) production rate for the foreseeable future.

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2Introduction

This document was prepared to report the Intrepid-Moab mineral reserves in terms of saleable product at Intrepid-Moab under the SEC S-K 1300 rules (2018). The Society for Mining, Metallurgy & Exploration (SME) Guide for Reporting Exploration Information, Mineral Resources and Mineral Reserves (SME 2017) (The SME Guide) supplements the modifying factors used to convert mineral resources to mineral reserves. This report is a revision to the TRS prepared by Agapito (2022) filed as Exhibit 96.2 with the Intrepid Potash 10-K for EOY 2021. The revision adds clarification to the reserve tables by adding estimation methodology descriptions in Sections 1.5 and 12.2, clarifies the operating cost source and adds capital estimation of reclamation costs in Section 1.6 and 18, replaces a stratigraphic column that was based on geophysical logs to a standard cross section in Section 6, adds an opinion on sample preparation from the QP in Section 8, adds a mine plan in tabular format to Section 13, adds an accuracy discussion to Section 18, updates the cash flow in Section 19 to include the reclamation costs, and updates the economic analysis in Section 19 using the revised cashflows.

According to 17 Code of Federal Regulations (CFR) § 229.1301 (2021), the following definitions are included for reference:

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

A proven mineral reserve is the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high

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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 K2O and KCl. Historically, assay data have been reported in terms of % K2O and reserves in equivalent tons of K2O. Sylvite is potassium chloride (KCl) and, in many historical reports, reserve tons or product tons are recorded in terms of tons of KCl. Pure KCl equates to 63.18% K2O by mass.

2.1Sources of Information

Agapito has previously completed reserve estimations and analyses for the property as shown in Table 2-1. Previous reserve estimates for annual 10-K filings with the SEC were completed under SEC (2008) Industry Guide 7 rules and guidance. The TRS by Agapito for reporting EOY 2021 Reserves (2022) is the subject of this revision.

Table 2-1. Summary of Reports

Effective EOY	Title	Reference
2007	2007 Resource and Reserve Estimate for Solution Mine at Cane Creek Mine	Agapito 2007a
2007	Determination of Estimated Proven and Probable Reserves at Intrepid Potash—Moab, LLC	Agapito 2007b
2009	Determination of Estimated Proven and Probable Potash Reserves at Intrepid Potash—Moab, LLC	Agapito 2010
2012	Determination of Estimated Proven and Probable Potash Reserves at Intrepid Potash—Moab, LLC	Agapito 2013
2015	Determination of Estimated Proven and Probable Potash Reserves at Intrepid Potash—Moab, LLC	Agapito 2016
2018	2018 Determination of Estimated Proven and Probable Reserves at Intrepid Potash—Moab, LLC	Agapito 2019
2021	Technical Report Summary, 2021 Estimated Resources and Reserves at Intrepid Potash-Moab	Agapito 2022

2.2Personal Inspection

Personal inspection of the properties has occurred over the years by the QP. The most recent inspection by the QP took place on May 17, 2021. The inspection began with a tour of the tailings lake then the solar evaporating ponds. In addition, the wellfields (injection and extraction), processing plant, product packaging and shipping areas were all inspected. During the site visit, harvesting was occurring, and the plant was operating. The plant is typically idle during the peak evaporation season from June 1 to September 1.

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3Property Description

3.1Location and Area of the Property

Intrepid-Moab’s Cane Creek Mine is located approximately 20 miles west of Moab, Utah, which is 234 miles southeast of Salt Lake City, Utah (Figure 3-1). The Colorado River runs north–south along the eastern operations boundary. Intrepid-Moab’s property covers an area of approximately 14,100 acres of land.

3.2Mineral Rights

Intrepid leases approximately 10,100 acres from the State of Utah and approximately 200 acres from the U.S. federal government through the BLM. Intrepid-Moab owns approximately 3,800 surface acres overlying and adjacent to portions of the mining leases with the State of Utah as shown in Figure 3-2 and as described in the lease and property access in Table 3-1.

3.3Significant Encumbrances

There are no significant encumbrances to the property, including current and future permitting requirements and associated timelines, permit conditions, and violations and fines.

3.4Significant Factors

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

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Figure 3-1. Intrepid-Moab Location Map

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Figure 3-2. Intrepid-Moab Lease Map

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Table 3-1. Leases and Property Rights

Federal Land Lease Number		Lessee		Lease Type		Mine		Date		Royalty Rate	Readjustment Due		Acres <br>(BLM)		Amount <br>Paid
UTU0143659		Intrepid Potash-Moab, LLC		Pot Fringe Acre NC Lse		Moab		1959		Minimum royalty 3/acre	8/1/2039		200
State of Utah Land Lease Number
	Lessee		Lease Type		Mine		Date		End Date			Acres <br>(SITLA)		Rental <br>Amount
ML9638		Intrepid Potash-Moab, LLC		Potash		Moab		1955		12/31/2024	1/1/2021–12/31/2021		440		$1,760
ML11800		Intrepid Potash-Moab, LLC		Potash		Moab		1956		12/31/2024	1/1/2021–12/31/2021		699		$2,796
ML52611OBA		Intrepid Potash-Moab, LLC		Potash		Moab		2013		9/30/2023	10/1/2021–9/30/2021		3,030		$21,217
UO486ST		Intrepid Potash-Moab, LLC		Potash		Moab		1959		12/31/2024	1/1/2021–12/31/2021		818		$3,276
UO10797ST		Intrepid Potash-Moab, LLC		Potash		Moab		1959		12/31/2024	1/1/2021–12/31/2021		2,040		$8,160
UO13167ST		Intrepid Potash-Moab, LLC		Potash		Moab		1960		12/31/2024	1/1/2021–12/31/2021		1,800		$7,200
UO13223ST		Intrepid Potash-Moab, LLC		Potash		Moab		1960		12/31/2024	1/1/2021–12/31/2021		238		$956
UO16133ST		Intrepid Potash-Moab, LLC		Potash		Moab		1960		12/31/2024	1/1/2021–12/31/2021		885		$3,540
UO18249ST		Intrepid Potash-Moab, LLC		Potash		Moab		1960		12/31/2024	1/1/2021–12/31/2021		180		$724
SITLA = Utah School and Institutional Lands Trust Administration
NOTE—Coordinate System: Utah South Zone State Plane, NAD83

All values are in US Dollars.

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4Accessibility

4.1Topography, Elevation, and Vegetation

The Intrepid-Moab property is a unique high-altitude desert landscape formed from the sandstone of ancient seafloors and sand dunes. Elevations range from 3,900 feet (ft) to 4,400 ft above mean sea level (MSL).

The sandy loam soil supports sparse perennial bunchgrasses such as galleta, alkali sacaton, three-awn, inland saltgrass, Indian ricegrass, and sand dropseed. Native plants include cold hardy agave, cactus, and yucca.

4.2Property Access

Access to the property is predominantly via state highway 191 and state road 279, locally referred to as Potash Road. A Union Pacific/Denver and Rio Grande Western Railroad (DRGW) rail spur services the property. The nearest town to the Intrepid PotashMoab property is Moab, Utah (with an estimated population of about 5,250). Salt Lake City, Utah (population of 198,000) and Grand Junction, Colorado (population of 62,000), are located approximately 240 and 120 miles to the west and east, respectively, by road, and are the nearest major industrial and commercial airline terminals. Moab also has a commercial airline terminal with scheduled flights to Salt Lake City. Figure 4-1 shows the means of access to the property.

4.3Climate

Average temperatures range between a low of approximately 10 degrees Fahrenheit (°F) during winter months and a high of approximately 100°F during summer months. The area experiences about 300 days of sunshine and an average of 5 percent (%) relative humidity. The semi-arid climate experiences an annual rainfall at the mine site of about 7.3 inches, distributed evenly throughout the year. Most precipitation occurs in late summer and early autumn months. Much of this precipitation comes in the form of sudden summer thunderstorms and is lost in runoff to the Colorado River. The climate is favorable for year-round solution mining operations. The precipitation history has been recorded on site since 1988 and is included in Figure 4-2.

4.4Infrastructure Availability

The nearby Colorado River provides the Intrepid-Moab mining operation with make-up water under existing water rights with the State of Utah for a water supply of 9 cubic feet per second (cfs).

The Intrepid-Moab mine has been in operation (solution mining) since 1970 and, as a result, has the infrastructure and available personnel. The local area population is sufficient to support the Intrepid-Moab mine.

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Figure 4-1. Property Access

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Figure 4-2. Site Precipitation Record

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5History

Conventional underground mining began in Bed 5 in 1964 by Texasgulf, Inc. (Texasgulf), but various mining problems caused management to convert to a system combining solution mining and solar evaporation in 1971. Prior to 1970, approximately 6.5 million tons (Mt) of sylvinite ore was mined and from that, 1.7 Mt of potash produced. Mining was by continuous miners and made difficult by the irregular floor, gas, and high rock temperatures. The height mined was typically 8 ft. The dip of the ore was such that maintaining the miners in the seam was difficult. The seam floor rolls and folds resulted in an irregular mine plan with many large areas left unmined as pillars. In some areas, secondary mining resulted in high extraction.

The Moab Salt operation was purchased by Intrepid in 1999. In 2000, Intrepid drilled two new recovery wells to revitalize production from Bed 5. Production from Bed 5 had declined from near 100,000 t in 1994 to 60,000 t in 1999 (see Figure 5-1). After completion of the two new recovery wells, the brine concentration improved, and production increased to near 100,000 t in 2001. Maintaining production at or near the target rate of 100,000 tpy was difficult from Bed 5 because of declining product concentration. It was believed that solution mining over the prior 32 years had solution mined most of the remnant pillars in the old workings and that active solution mining was restricted to the updip faces of the mine ribs.

Figure 5-1. Historical Product Tons of KCl from Beds 5 and 9

Methods to enhance the production rate were evaluated by Intrepid-Moab and resulted in the decision to develop solution mining in Bed 9. Bed 9 is located 800 to 1,000 ft below Bed 5 and is of higher KCl content. Bed 9 had not been solution mined previously, although, some test mining was completed by the prior owners in the late-1960s. A novel method of solution mining was adopted for recovery of potash from Bed 9. Moab Salt-27 and Moab Salt-28 were drilled “horizontally” in 2002 in Bed 9 to connect and provide pathways for

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the liquor injected in Moab Salt-27 to contact the sylvinite and differentially dissolve the sylvite before being lifted from Moab Salt-28. Currently, Moab Salt-29 connects Moab Salt-27 and -28 and serves as an alternative to Moab Salt-27 for injection. Figure 5-1 presents the total (Beds 5 and 9) historical potash production KCl tons from 1965 to 2007. Also shown in Figure 5-1 are the types of mining activities for a particular time period.

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6Geologic Setting

6.1Regional Geology

The depositional history of eastern Utah’s vast salt and potash resources begins during the regionally arid Pennsylvanian Period, 330–310 million years ago. An immense block of the Earth’s crust, in what is today western Colorado, was thrust upward to form the Uncompahgre Highlands and identified as the westernmost expression of the Ancestral Rocky Mountains. As is common throughout geologic history, dramatic uplift was coupled with subsidence in an adjoining area. In this instance, the adjacent landscape to the southwest experienced significant down-warping. The subsequent topographical basin was inundated by seawater as it subsided. Throughout the Pennsylvanian Period, sea levels rose and fell with stunning regularity as reflected by Pennsylvanian strata worldwide. With each retreat of the sea, the Paradox Basin, as it is called, became devoid of fresh sea water, allowing the process of evaporation to dominate which resulted in widespread precipitation of chloride minerals. This retreat/inflow cycle is known to have occurred a minimum of 29 times, with each marked by a specific and predictable sequence of sedimentary deposition. This series of depositional cycles is collectively known as the Paradox Formation. Potash is documented to exist in 17 of the 29 cycles, and it is from these formational cycles that commercial production of potash occurs.

The Paradox Formation is bounded above by the Honaker Trail Formation and by the Pinkerton Trail Formation below. Collectively, these three units form the Hermosa Group and provide a comprehensive record of Pennsylvanian deposition within the Paradox Basin. Along the northeastern and eastern margins, the Hermosa Group is undifferentiated due to the considerable amount of uninterrupted alluvial fan and fluvial clastics sourced from the Uncompahgre Highlands.

The majority of the Paradox Basin lies in southeastern Utah and far southwestern Colorado, with minor extents into northwestern New Mexico and northeastern Arizona (Figure 6-1). The elongate, northwest–southeast trending basin is roughly 100 miles wide by 200 miles long and is broadly defined by the lateral extent of the formation for which it is named. The Paradox Basin gradually shallows to the southwest generating thickness patterns for Pennsylvanian sediments that are strongly asymmetric when viewed along a northeast to southwest transect (Figure 6-2). Along the northeast basin margin that abuts the Uncompahgre Highlands, thicknesses can exceed 18,000 ft, with compositions of coarse sandstones and clastic detritus eroded off the adjacent highlands. A short distance southwest, at roughly the basin center, exists the evaporite sequences described above. Continuing southwest, the Basin thins gradually with an increasing prevalence of carbonate rocks indicative of a shallow marine depositional environment.

Exploration of the carbonate sequences mentioned above and their potential as hydrocarbon reservoirs in the southern Paradox Basin, led petroleum geologists to informally subdivide the Paradox Formation into five vertically sequenced zones that include, from bottom to top, the Alkali Gulch, Barker Creek, Akah, Desert Creek, and Ismay zones. The five zones are

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Figure 6-1. Regional Paradox Basin (after Doelling 1985)

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Figure 6-2. Paradox Basin Cross Section (after Stevenson and Barrs 1986)

defined by marker beds at their top and/or base that, in many instances, correlate well with equivalent beds in the central basin. These shelf carbonate cycles, like their evaporite counterparts to the north, record a regular rise and fall of sea levels. Similarities beyond the shared marker beds are few; nevertheless, many of the designated zones and their given name may be used when grouping evaporite cycles. Figure 6-3 illustrates how the depositional cycles identified by Hite (1960) correlate with the five named zones.

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Figure 6-3. Evaporite Cycles, 29 Cycles, 5 Zones (after Hite 1960)

6.2Local Geology

Locally, the documented stratigraphy ranges from Paleoproterozoic (2,500–1,500 mega annum [Ma]) igneous and metamorphic rocks to the surficial Mesozoic Era sedimentary units which form the majestic arches and monoliths commonly associated with nearby national parks. The following section describes this stratigraphic succession, beginning with the deepest occurring units and ascending through to those exposed at the surface.

The oldest, and deepest, rock unit within the Intrepid lease boundary is often referred to as the ‘Precambrian Basement Complex.’ This unit is Early- to Mid-Proterozoic in age and likely composed of biotite-quartz monzonite, a feldspathic gneiss and/or schist, or a related variety of coarse granitic rock based on surface outcrops to the east and through deep drillholes located within the Paradox Basin (Joesting et al. 1966). Resting unconformably upon the Precambrian Basement is a series of Cambrian and Devonian sedimentary and meta-

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sedimentary units with an aggregate thickness ranging from 1,100 to 1,800 ft. These are, from oldest to youngest, the Tintic Quartzite, the Ophir Formation, the Maxfield Limestone, the Lynch Dolomite, and the Ignacio Quartzite. Next, the Mississippian Leadville Limestone ranges in thickness from 500 to 700 ft. The upper surface of Mississippian strata was exposed for a considerable time prior to further deposition and is therefore marked by substantial karstic erosional features. The subsequent Pennsylvanian Era was ushered in by deposition of the widespread Molas Formation. When present, the Molas Formation is composed of limestone, shale, dolomite, and sandstone that ranges in thickness from 0 to 150 ft.

Continuing up through the sequence, the Pennsylvanian Pinkerton Trail consists of varied rock types, but is dominated by gray, fossiliferous limestone, and gray-black, marine shales with a thickness up to 200 ft. Analysis of drill core recovered from the central Paradox Basin indicate the uppermost part of the Pinkerton Trail contains several thick beds composed of anhydrite. In terms of deposition, these beds are an indicator of increasing aridity and pose as a chronological precursor to the evaporitic deposits of the overlying Paradox Formation. Stratigraphically, the anhydrite beds serve as useful geologic markers for delineating formation boundaries.

Resting conformably upon the Pinkerton Trail is the unit of economic interest, the Paradox Formation. The depositional thickness of the Paradox exceeds 7,000 ft in the center of the Lisbon Valley anticline (Hite 1978) and gradually thins toward the west where it either pinches out entirely or interfingers with shallow-marine carbonate sequences of chronological equivalency. The Paradox Formation records multiple depositional cycles driven by climatic oscillations and their coincident sea level fluctuations throughout the middle Pennsylvanian Era. As large glacial events began in the polar regions, global sea levels fell, thereby restricting the flow of fresh sea water into the Paradox Basin from the open sea to the west. It was during these periods that evaporation dominated, resulting in prolific precipitation of evaporite minerals. Following each glacial maximum, as temperatures and sea levels rose, the isolated brines of the Paradox Basin were inundated with fresh sea water. These interglacial periods are marked by deposition of organic-rich black shale.

The late-Pennsylvanian Honaker Trail Formation conformably overlies the Paradox Formation and is the uppermost member of the Hermosa Group. Like the Pinkerton Trail, the Honaker Trail primarily consists of marine carbonates and shale, with the added presence of fluvial and eolian sandstones. Within the Intrepid lease boundary, the Honaker Trail-Paradox contact is placed at the top of the uppermost halite bed of the Paradox Formation. The Honaker Trail is further differentiated from the Paradox Formation by the generally recognized color differences between the red-, brown-, and buff-colored strata of the Honaker Trail and the predominantly gray, black, and occasional orange of the Paradox. The upper Honaker Trail marks the filling of the structural Paradox Basin. By the late-Pennsylvanian Age, an uninterrupted, low-relief slope extended from the topographic high of the Uncompahgre Highlands westward to the seashore in central Utah. In the central basin, the Honaker Trail has an average thickness of 0–5,000 ft.

Continuing up sequence, the Late Pennsylvanian-Permian Cutler Formation is predominantly composed of arkosic sandstones and conglomerates. Because the source of clastic material continued from the Uncompahgre Highlands throughout the Permian, the Cutler exhibits a general fining-westward of clast and grain size as distance from the highlands increases. As was true with the Pennsylvanian Hermosa Group, the depositional zone immediately adjacent to the Uncompahgre Highlands accumulated a thick homogeneous succession of coarse conglomerates and sandstones, leading the Cutler Formation in this area to be termed undifferentiated. However, with added westward distance from the high-relief source area, the Cutler becomes easily subdivided and is then referred to as the Cutler Group.

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Within the Intrepid lease boundary, the Cutler Group usually contains, in ascending order, the Lower Cutler Beds, the Cedar Mesa Sandstone, the Organ Rock Formation, and the White Rim Sandstone. Typical thickness of the Cutler Group in this area ranges from 0 to 8,000 ft.

Continuing up sequence, the brown to deeply reddish-colored Moenkopi and Chinle Formations of Triassic age are largely composed of mudstones, siltstones, and sandstones. The early-Jurassic Wingate Sandstone is a prominent cliff-forming unit whose large-scale cross-bedding marks a period of eolian deposition. The Wingate is capped by the Kayenta Sandstone, a ledge and bench-forming unit deposited by fluvial processes. The mid-Jurassic Navajo Sandstone marks yet another eolian period of deposition and may be up to 740 ft thick. The Navajo is bounded above by the San Rafael Group, which may or may not contain its basal Dewey Bridge Member. The Dewey Bridge Member, if present, is overlain by the reddish-orange Entrada Sandstone. Within the Intrepid lease boundary, one is not likely to encounter competent layers younger than the Entrada Sandstone, however, isolated occurrences of the late-Jurassic Morrison Formation may be found.

Perhaps the most significant aspect of local geology is the degree of structural deformation caused by the buoyancy of Paradox Formation salts. Soon after the thick evaporite sequences were deposited, the increasing load of overlying sediments caused lateral and vertical migration of the lower density salt bodies. Local upward movement predominantly occurred along elongate, northwest-trending zones resulting in large anticlines cored by rising salt. Vertical extension of overlying strata along the limbs of some anticlines has resulted in normal faulting and fault block rotation, as well as extremely high-angle bedding, and in some instances, overturned beds.

The soluble nature of the rising salt makes it particularly susceptible to dissolution by groundwater, which eventually leads to the collapse of overlying sedimentary layers. The Cane Creek anticline, which dominates the landscape of Intrepid-Moab’s property, is one such structure.

6.3Property Geology

Intrepid-Moab’s mine operation boundary includes 7,656 acres straddling the Cane Creek anticline and is centered roughly 5 miles southwest of the town of Moab, Utah. The Cane Creek anticline is one of a series of northwest-trending anticlines with salt at the core that make up the fold fault belt of the north and northeast part of the Paradox Basin. Intrepid-Moab’s property overlies the Paradox Basin salts, which are up to 7,000 ft thick. The Colorado River runs approximately north–south along the eastern property boundary. The Intrepid-Moab property is a high-altitude desert landscape formed of sedimentary rock units, originally deposited in a wide range of environments and processes. Actual elevations range from 3,900 ft to 4,400 ft MSL.

Within the Intrepid lease boundary, the Paradox Formation consists primarily of halite rock with occasional potash salts and smaller amounts of anhydrite, dolomite, silty dolomite, limestone, siltstone, and shale. Hite (1960) identified 29 depositional cycles within the Paradox Formation. A typical evaporite cycle consists of, in ascending order, basal anhydrite, dolomite, carbon-rich black mudstone, dolomite, anhydrite, and finally halite (Figure 6-4). A singular evaporite cycle is often referred to as a ‘bed’ (i.e., there are 29 beds). When potash occurs, it often overlies the halite to form the top of the cycle, or it may be interbedded within the halite. Each cycle is marked, top and bottom, by sharp contacts interpreted as disconformities. The potash-bearing ore, sylvinite, is a mixture of sylvite or potassium chloride (KCl) and halite or sodium chloride (NaCl).

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Figure 6-4. Evaporative Cycle (after Fillmore 2010)

6.4Significant Mineralized Zones

Potash is documented to exist in 17 of the 29 evaporite cycles that comprise the Paradox Formation. Of these 17, two are principally targeted by Intrepid for commercial potash production: Bed 5 and Bed 9. Figure 6-5 stratigraphically illustrates the presence of potash beds 5 and 9 when depicted via a gamma-ray log.

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Figure 6-5. Stratigraphic Type Section (from Intrepid 2007)

Based on locally recovered drill core, geophysical logs, and on historical mining data, Bed 5 has an average thickness of 10.24 ft. Average depth to the top of Bed 5 is 3,113 ft and the average K2O grade is 22.98%. Likewise, Bed 9 has an average thickness of 8.1 ft, an average depth of 4,013 ft, and an average K2O grade of 29.75%. Although K2O, or potassium oxide, is not the preferred chemical form used in commercial consumption, potash grades are typically reported as ‘K2O equivalent’ to allow for a standard unit of comparison. In addition, it should be noted that K2O is approximately 83% potassium by weight, whereas KCl is 52% potassium by weight. Thus, KCl provides less potassium than an equal amount of K2O.

6.5Mineral Deposit

Evaporite cycles within the Paradox Formation exhibit a lateral extent of over 11,000 square miles in southeastern Utah and southwestern Colorado (Hite 1960). The Pennsylvanian-age Paradox Formation records multiple episodes of evaporitic deposition, predominantly consisting of massive, crystalline halite with economically attractive occurrences of potash. Deposition of the evaporites occurred in a vast, flat basin resulting in each additional layer, or bed, being originally deposited in a horizontally planar orientation. Subsequent deposition of overlying sediments provided enough lithostatic pressure to initiate lateral and vertical migration of the more buoyant salt deposits. In many instances, salt flowed toward linear subsurface structures, such as a fault, and then upward to form what is known as a salt wall. The rising salt typically forms an anticline in overlying strata with surficial expressions of 30 to 75 miles long and 2 to 4 miles wide (Doelling 1985). This collection of northwest-trending, elongate structures is referred to as the Paradox Basin fold and fault belt. Due to the highly deformed nature of the evaporite deposits, it is not uncommon to encounter very high-angle

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and even overturned strata in exploratory drillholes. The Intrepid lease area is in the southwestern portion of the fold and fault belt where broad salt anticlines are more common than high-angle salt walls. Local examples of these domal salt-cored anticlines include the Big Flat, Cane Creek, and Lisbon Valley anticlines. Because strata within the Intrepid lease boundary have experienced considerably less movement of salt bodies compared to areas to the northeast, the potash deposits of economic interest are significantly less deformed and therefore more suitable for economic extraction.

Intrepid-Moab commercially produces potash from two zones, referred to as Bed 5 and Bed 9. These beds are part of a thick sequence of evaporite cycles predominantly composed of halite interspersed with sedimentary layers of black shale and anhydrite. Within Beds 5 and 9, the sylvinite is bounded above and below by occurrences of halite. Sylvite and halite are both water-soluble by nature. By using water already saturated with sodium, it is possible to selectively dissolve a greater amount of the potassium chloride ore. The term ‘potash’ is used to describe a number of potassium-bearing compounds. Of these, the mineral sylvite commands the greatest economic interest. Sylvite is commonly found mixed with halite, or sodium-chloride (NaCl), to form the mineral sylvinite. Sylvinite is known to have a K2O content of up to 62% in its purest form.

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7Exploration

7.1Exploration Other than Drilling

No exploration other than drilling has taken place.

7.2Drilling Exploration

Exploration information is available from cored holes, drilled holes with geophysical logs, and from the experience gained from mining within Bed 5. The data has been collected over many years, but primarily prior to commencement of underground mining in 1964. The corehole data was collected by Behre Dolbear & Company, Inc. (1961) for the original pre-mining feasibility studies. The original source data, such as assay data sheets, are generally not available. Comprehensive and detailed reports are available and form the basis of this report. Tables 7-1 and 7-2 list the corehole location, elevation, depth intervals, thickness, and grade for holes in Beds 5 and 9, respectively. The locations of the exploration holes are shown on a map in Figure 7-1.

The bed thicknesses listed in Tables 7-1 and 7-2 are from drillholes as reported by Intrepid-Moab, Agapito, or referenced sources; mining experience in the underground mine indicates that the seam thickness varies significantly over short distances. In the area of the Cane Creek anticline, the base of the seam is contorted, with areas where overthrusting is evident. In such areas, the apparent bed thickness can be significantly overestimated, and Intrepid-Moab and Agapito have used professional judgement to modify those thicknesses. For example, in Cane Creek 14, Bed 9 thickness was estimated to be 40 ft from the gamma log. However, the core assay indicates a thickness of 11.8 ft, but the source assay data are not available. It is possible that the core may have intersected a fault.

Potash is easily identified in the gamma log. In four cases, estimates of bed thickness and potash grade are based on geophysical logs. This reflects the high level of confidence in the logs and is particularly important because it provides a Bed 9 thickness in the area of active solution mining to the north of the data provided by Cane Creek 8 and Well 19. For more detail on estimating grade from gamma logs, see Nelson (2007) and Schlumberger (1989).

No usable exploration data are available from within the Bed 5 old mine workings. The floor structure has been used for flow direction estimation, but no channel sampling or bed thickness data were used. Albertson (1972) lists the grade and bed thicknesses in panels and mains for the old workings. Although data from the recently drilled wells into the old workings of Bed 5 indicate that additional resource could be located at the roof of the old workings, no attempt has been made to estimate this resource.

Agapito elected to exclude data from the geophysical logs and data from Government White Cloud 1. This hole is located approximately 4,000 ft north of the north lease boundary and

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Table 7-1. Grade and Thickness Data for Bed 5

Operator				Elevation (ft)		Total Depth (ft)	Collar Coordinates		Top<br>(ft)	Base<br>(ft)	Assay Thickness (ft)	K2O Grade<br><br>(%)	Data Source*
	Well Name		Easting <br>(ft)		Northing (ft)
Delhi-Taylor Oil Corp.		Cane Creek 1		3,964		2,805	2,526,652	675,049	2,678.4	2,690.8	12.33	27.56	1
Delhi-Taylor Oil Corp.		Cane Creek 2		4,223		2,968	2,522,913	672,932	2,764.3	2,780.2	15.87	28.69	1
Delhi-Taylor Oil Corp.		Cane Creek 3		4,115		3,378	2,522,011	680,646	3,244.6	3,249.8	5.23	24.13	1
Delhi-Taylor Oil Corp.		Cane Creek 4		4,127		4,297	2,523,864	668,532	2,658.2	2,662.7	4.50	24.89	1
Delhi-Taylor Oil Corp.		Cane Creek 5		4,148		3,653	2,528,066	668,040	2,617.8	2,623.2	5.42	27.75	1
Delhi-Taylor Oil Corp.		Cane Creek 6		4,563		4,082	2,519,798	675,445	3,175.0	3,187.5	12.50	25.37	2, 3
Delhi-Taylor Oil Corp.		Cane Creek 6W		4,564		4,014	2,519,798	675,445	3,207.6	3,216.8	8.73	29.56	1
Delhi-Taylor Oil Corp.		Cane Creek 7		4,215		3,553	2,532,098	671,106	2,715.5	2,728.1	12.60	8.41	3
Delhi-Taylor Oil Corp.		Cane Creek 8		4,049		4,080	2,525,307	678,492	3,140.7	3,147.7	7.02	27.45	1
Delhi-Taylor Oil Corp.		Cane Creek 9		4,275		3,851	2,524,410	676,115	3,044.8	3,061.9	17.10	26.30	1
Delhi-Taylor Oil Corp.		Cane Creek 10		4,239		3,719	2,525,456	672,215	2,881.8	2,899.0	17.23	28.00	1
Delhi-Taylor Oil Corp.		Cane Creek 11-A		4,571		4,314	2,517,119	680,144	3,415.5	3,431.4	15.89	24.04	1, 3
Delhi-Taylor Oil Corp.		Cane Creek 12		4,412		3,996	2,516,867	677,146	3,192.0	3,202.0	10.00	28.76	1, 2
Delhi-Taylor Oil Corp.		Cane Creek 13		4,342		4,025	2,519,273	670,115	3,199.0	3,202.0	3.00	10.00	1
Delhi-Taylor Oil Corp.		Cane Creek 14		4,394		4,265	2,520,679	672,576	3,292.8	3,303.7	10.87	27.84	1, 3
Delhi-Taylor Oil Corp.		Cane Creek 15		4,168		3,220	2,526,092	669,419	2,977.5	2,987.3	9.83	27.88	1, 3
Delhi-Taylor Oil Corp.		Cane Creek 17		4,101		3,928	2,532,165	672,825	3,052.8	3,060.4	7.60	19.77	1, 3
Texasgulf		Cane Creek 18		4,040		3,830	2,526,389	680,533	3,542.9	3,553.9	11.00	21.05	3
Texasgulf		Federal 1X		4,196		8,005	2,528,063	671,389	2,449.3	2,461.3	12.00	29.22	1, 2
Texasgulf		Test Well 17		3,991		3,533	2,528,501	678,540	3,472.0	3,483.0	11.00	22.00	8
Texasgulf		Test Well 18		4,001		3,522	2,528,508	678,589	3,488.0	3,498.0	10.00	21.50	8
Texasgulf		Well 19		3,961		4,192	2,528,421	677,817	3,326.0	3,336.5	10.45	19.90	7
Texasgulf		Well 21		3,996		3,560	2,527,998	679,249	3,554.5	3,560.4	5.87	12.70	4
Texasgulf		Well 22		4,010		3,603	2,527,338	679,700	3,553.3	3,574.0	20.69	20.87	5
Texasgulf		Well 23		4,011		3,842	2,527,840	680,492	3,789.4	3,798.0	8.51	21.65	6
Intrepid Mining		26-30		4,549		6,530	2,519,875	675,082	3,123.8	3,137.7	14.10	20.96	9
Intrepid Mining		IM-031		4,400		4,100	2,524,734	674,335	3,081.5	3,090.0	8.60	28.86	9
Intrepid Mining		IM-035		4,274		3,003	2,524,657	672,216	2,851.3	2,865.5	11.20	29.54	9
Intrepid Mining		IPI-037V		4,133		4,145	2,523,134	678,195	3,045.8	3,055.7	9.9	22.45	9
Intrepid Mining		IPI-038C		4,075		4,540	2,525,432	680,580			0.0		9
Intrepid Mining		IPI-039H		4,064		8,477	2,522,032	680,613	3,593.2	3,601.8	8.60	8.50	9
Intrepid Mining		IPI-041C		4,159		3,695	2,523,054	668,790	2,765.4	2,772.5	7.00	22.00	9
Intrepid Mining		IPI-042H		4,133		5,218	2,523,095	678,210	3,031.9	3,041.2	9.30	21.50	9
Intrepid Mining		IPI-043C		4,240		3,951	2,522,192	673,170	2,835.8	2,847.1	11.40	20.00	9
Intrepid Mining		IPI-044C		3,975		5,000	2,525,903	683,564	3,823.0	3,836.8	13.70	22.30	9
Notes:
NS = no survey data.
*Sources:
1. Behre Dolbear & Co. (1961).
2. Texasgulf Sulphur Company, Potash Occurrences in the Paradox Basin, K.J. Kutz, June 24, 1966.
3. Recapitulation sheets submitted to Hugh Harvey from Bob Hite, April 1, 1998.
4. Texasgulf Chemicals, Geology of Well 21, letter from D.A. Gahr to J.H. Huizingh, October 29, 1982.
5. Texasgulf Chemicals, Geology of Well 22, letter from D.A. Gahr to J.H. Huizingh, October 29, 1982.
6. Texasgulf Chemicals, Geology of Well 23, letter from D.A. Gahr to J.H. Huizingh, October 29, 1982.
7. Texasgulf Chemicals, Cane Creek Solution Mining Hole No. 19, memo from K.J. Kutz to K.O. Linn, September 10, 1979.
8. Texasgulf Chemicals, Geology of Wells 17 and 18, memo from E.L. Follis to C.H. Huff, August 18, 1976.
9. Drilled by Intrepid														RESPEC
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Figure 7-1. Plan View of Property Showing Drilling and Sample Locations

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Table 7-2. Grade and Thickness Data for Bed 9

Operator		Well Name		Elevation (ft)	Total Depth (ft)	Collar Coordinates		Top<br>(ft)	Base<br>(ft)	Assay Thickness (ft)	K2O Grade (%)
	Easting <br>(ft)		Northing (ft)
Delhi-Taylor Oil Corp.		Cane Creek 9		4,275	3,851	2,524,410	676,115	4,002.90	4,016.00	13.0	26.50
Delhi-Taylor Oil Corp.		Cane Creek 8		4,049	4,080	2,525,307	678,492	3,945.36	3,949.87	5.0	19.90
Delhi-Taylor Oil Corp.		Cane Creek 6		4,538	4,085	2,519,798	675,445	3,931.70	3,941.00	8.0	26.00
Delhi-Taylor Oil Corp.		Cane Creek 5		4,148	3,653	2,528,066	668,040	3,554.33	3,569.75	14.9	28.00
Delhi-Taylor Oil Corp.		Cane Creek 17		4,124	3,928	2,532,165	672,825	3,901.00	3,913.00	10.7	30.40
Delhi-Taylor Oil Corp.		Cane Creek 14		4,368	4,265	2,520,679	672,576	4,265.00	4,273.00	11.8	33.10
Delhi-Taylor Oil Corp.		Cane Creek 12		4,412	3,996	2,516,867	677,146	3,973.88	3,983.60	9.7	30.80
Delhi-Taylor Oil Corp.		Cane Creek 10		4,239	3,719	2,525,456	672,215	3,696.00	3,711.00	12.9	31.60
Texasgulf		Well 19		3,961	4,192	2,528,421	677,817	4,132.44	4,138.50	6.0	31.60
Texasgulf		Federal 1-X		4,196	8,005	2,528,063	671,389	3,302.46	3,309.54	6.0	34.80
Utah Southern Oil Company		Frank Shafer 1		3,954	5,000	2,527,349	676,033	3,763.00	3,772.50	8.9	30.00
Delhi-Taylor Oil Corp.		Cane Creek 4		4,127		2,523,864	668,530			0.0
Delhi-Taylor Oil Corp.		Cane Creek 7		4,215		2,532,099	671,107			0.0
Moab Salt		Well 28		4,021	6,896	2,528,070	680,176	4,980.00	4,998.50	6.2	37.50
Intrepid Mining		26-30		4,549	6,530	2519875	675,082	3,958.00	3,969.84	11.8	24.40
Intrepid Mining		IM-031		4,400	4,100	2524734	674,335	3,861.22	3,863.06	1.8	20.02
Intrepid Mining		IPI-037V		4,133	4,145	2523133.6	678,195	3,886.78	3,882.78	8.00	31.28
Intrepid Mining		IPI-038C		4,075	4,540	2525431.6	680,580	4,337.30	4,345.80	8.50	30.30
Intrepid Mining		IPI-043C		4,240	3,951	2522192	673,170	3,700.40	3,711.50	10.10	30.12
Intrepid Mining		IPI-044C		3,975	5,000	2525903	683,564	4,589.95	4,598.46	7.00	34.60
Intrepid Mining		IPI-040H		4,134	6,817	2523101	678,239	4,470.00	4,445.01	10.20	34.26

16,000 ft from the nearest cored hole. Bed 9 is reported to be 13 ft thick, and Bed 5 is 9 ft thick. Data from this hole was not used because it strongly influences the estimates of bed thickness in areas to the north where data are sparse.

There are a limited number of holes that contain the thickness and grade values outside the property boundary. Such holes are desirable to provide control of grade and thickness beyond the existing data points. Artificial holes, designated Agapito1 through Agapito10, located outside the property boundary, were assigned zero thickness and grade for Beds 5 and 9. These artificial holes do not influence the grade and thickness within the existing drillholes nor influence the reserve within the mine plan. The artificial holes were created to conservatively estimate the resource within the property limits, recognizing that there is no known limit to the extent of Beds 5 and 9.

7.3Characterization of Hydrogeology Data

No hydrogeology data was evaluated.

7.4Characterization of Geotechnical Data

No geotechnical data was evaluated.

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8Sample Preparation

Intrepid-Moab has an internal protocol that provides for well-defined, safe practices and uniform guidelines for gamma-ray logging, core handling, and sample collection. The cores are collected and analyzed for ore zone identification. Cores are compared to the gamma-ray log to determine sampling intervals. Duplicate samples are collected with one sample sent to the on-site lab and the other stored with the corresponding core box from which the sample was sourced.

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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9Data Verification

The property is and has been in production for many years which verifies the exploration data.

9.1Data Verification Procedure

Exploration data is used as a guide during the construction of the horizontal caverns by directional drilling. The successful construction and operation of the caverns validates the data.

9.2Limitations on Verification

No limitations on the data verification process.

9.3Adequacy of the Data

It is the opinion of the Qualified Person (QP) that the data is adequate for geologic modeling, mine planning, and production. The successful experience with current and historical production validates the data.

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10Mineral Processing and Metallurgical Testing

Solution mining test work was conducted in the early 1970s. This included test ponds, saturation tests, crystal habitat and product size, soil tests, solar evaporation product flotation testing, KCl–NaCl brine shale reaction test, NaCl face blinding test, and clastic strength test salt (Higgins 1970).

The conclusion of the solution mining test work was that solution mining the Cane Creek Potash deposit was feasible but dependent to a great extent on keeping the injection water out of the overlying salt. The test also concluded that the hard anhydrite layer continuous throughout the formation provides a good stable shield against dissolution of the overlying salt (Higgins 1970). Higgins also concluded that it was highly improbable that fluids would be lost to the formation through open fractures.

Between 1975 and 1982, Texasgulf started extensive work on expanding the potash reserves by drilling vertical holes along the periphery of the old mine workings in Bed 5 to test and gain experience in solution mining and to connect newly created cavities with the old workings to extend the life of the mine (Gruschow 2000).

It is the opinion of the QP that the mineral processing data is adequate for purposes of estimating reserves.

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11Mineral Resource Estimates

According to 229.1301 (Item 1301), the following definitions of mineral resource categories are included for reference:

11.1Key Assumptions, Parameters and Methods

The exploration drillhole and channel sample data were compiled to form the database that serves as the basis for estimating the resources. The geologic setting was evaluated, and zone assignments reviewed. All the core holes used in this resource estimation report both bed thickness and grade values that lie within the mine lease boundary. As an exception to this, the two potash exploration Wells 28 and IPI-037, which report bed thicknesses with no assay data, are included in the resource estimate for thickness modeling.

The rationale for the measured, indicated, and Inferred limits is based on industry practice in the potash industry. Measured resources are within ¼ of a mile (1,320 ft) of a hole, conveying the highest level of confidence. In addition, the indicated resources are selected to be within ¾ of a mile (3,960 ft) of a hole and the inferred resources are selected to be within 1½ miles (7,920 ft) of a hole. Indicated tons exclude measured tons, inferred tons exclude the indicated and measured tons. This convention is considered reasonable for the geologic characteristics of the Cane Creek potash deposit.

The mineral resource for the Cane Creek Mine was estimated using Carlson Software 2020 (Carlson 2020), a commercially available geology and mine modeling software package. The resources within the property were segregated in the model into 100-ft by 100-ft blocks. The resource estimates included in this report are based on the 2018 modeling.

A deterministic estimate of the potash mineral resource was made using the inverse distance-squared (ID2) method. Invoking the theory that closer samples should be better predictors than those further away, the method assigns weights to samples inversely proportional to the separation distance between the estimation point and the sample point. The ID2 method is useful for providing unbiased estimates of the overall resources (Society of Mining, Engineering, and Exploration, Inc. [SME] 1990).

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The block grade and heights were generated within a 1.9-mile search radius. The 1.9-mile search radius was selected to capture more than one core hole in estimating block values in the areas of interest. The maximum number of drill holes for block estimation was limited to the 20 nearest drill holes. ID2 behaves as an exact interpolator. When calculating a block value, the weights assigned to the data points are fractions, and the sum of all the weights is equal to 1.0. An average unit density of 130 pounds per cubic foot (pcf) was used to convert in-place volume to tons. NaCl (salt) is not reported.

The proportion of the mineral deposit that is considered a resource depends on the following key factors: deposit thickness, deposit grade, and geologic factors. Areas where a bed thickness and potassium oxide (K2O) grade do not meet a 3-ft and 18.95% K2O cutoff are excluded from the resource. The minimum thickness cutoff is used because sufficient recovery in thin beds by selective solution mining has not been demonstrated and because of difficulties in locating/maintaining horizontal holes within the bed. The grade cutoff is used because of the difficulty in selective mining in beds with less than 30% KCl content (18.95% K2O), as described by Taylor et al. (1967).

11.2Mineral Resource Estimate

The gross in-place sylvinite tonnage for each resource block was calculated by multiplying the net area of the block by the thickness of the bed and the density. The Measured, Indicated, and Inferred Mineral Resource tonnages were estimated within the prescribed radius from the sampling location.

11.2.1Mineral Resource Estimates for Bed 5

The mineral resources for Bed 5 have been estimated using the EOY 2018 geologic model. Measured, Indicated, and Inferred resources were estimated by sampling blocks within a 1,320-ft, 3,960-ft, and 7,920-ft radius of influence (ROI), respectively, from a sample location (drill hole). Grade (% K2O) and thickness block values for the Intrepid-Moab property are presented in Figures 11-1 and 11-2, respectively. The maps show the 100-ft by 100-ft blocks lying both within the area of influence of drill holes containing grade and thickness data and the property boundary. Figure 11-3 shows the Measured, Inferred, and Indicated Mineral Resources for Bed 5. Mineral Resources for Bed 5 are presented exclusive of Reserves in Table 11-1.

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Figure 11-1. Bed 5 % K2O Grade Blocks

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Figure 11-2. Bed 5 Thickness Blocks

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Figure 11-3. Mineral Resources for Bed 5

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Table 11-1. Bed 5 Sylvinite Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site

	Resources				Processing
Bed 5	Sylvinite1	Grade	Contained K2O	Cutoff2	Recovery
	(Mt)	(%K2O)	(Mt)		(%)
Measured Mineral Resources	70	25	18	Flooded mine extent	83
Indicated Mineral Resources	102	22	23	Flooded mine extent	83
Measured + Indicated Mineral Resources	172	23	41
Inferred Mineral Resources	10	21	2	Flooded mine extent	83
1Sylvinite is a mixed evaporite containing NaCl and KCl.
2Solution mining resource cutoff for flooded old workings is the mining extents boundary.
Mineral Resources were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash..
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods.
Mt = million tons, % = percent, K2O = potassium oxide

11.2.2Mineral Resource Estimates for Bed 9

The resource estimate for Bed 9 is based on cored intervals and assay data from 21 holes (19 with grade and thickness). A similar methodology used for the Bed 5 resource estimation was used in the resource estimate for Bed 9. The maps show the 100-ft by 100-ft blocks lying both within the radius of influence of drill holes containing grade and thickness data and the lease boundary. Measured, Indicated, and Inferred resources were estimated by sampling blocks within a 1,320-ft, 3,960-ft and 7,920-ft ROI, respectively, from the drill hole sample point. Bed 9 grade (% K2O) and thickness grids for the property boundary are presented in Figures 11-4 and 11-5, respectively. Figure 11-6 shows ROIs for Measured, Inferred, and Indicated Mineral Resources for Bed 9. Measured, Indicated, and Inferred Mineral Resources for Bed 9 are presented in Table 11-2.

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Table 11-2. Bed 9 Sylvinite Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site

Bed 9		Sylvinite1		In-Situ Grade		Contained K2O	Cutoff2		Processing Recovery
	(Mt)		(%K2O)		(Mt)			(%)
Measured Mineral Resources		43		29		13	Minimum of 3-ft and 18.95% K2O		83
Indicated Mineral Resources		89		27		24	Minimum of 3-ft and 18.95% K2O		83
Measured + Indicated Resources		132		28		37
Inferred Mineral Resources		28		24		7	Minimum of 3-ft and 18.95% K2O		83
1Sylvinite is a mixed evaporite containing NaCl and KCl.
2Solution mining cutoff is the operational limitations.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods.
Mt = million tons, % = percent, K2O = potassium oxide
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Figure 11-4. Bed 9 Resource % K2O Grade Blocks

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Figure 11-5. Bed 9 Resource Thickness Blocks

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Figure 11-6. Mineral Resources for Bed 9

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11.3Mineral Resource Summary Bed 5 and Bed 9

Table 11-3 shows the summary of the mineral resources for Beds 5 and 9 for the Cane Creek Mine. Mineral resources are reported exclusive of mineral reserves with an effective date of December 31, 2021.

Table 11-3. Sylvinite Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site

		Resources								Processing
	Sylvinite1		Grade		Contained K2O		Cutoff2		Recovery
	(Mt)		(%K2O)		(Mt)				(%)
Measured Mineral Resources		113		26		30		Minimum of 3-ft and 18.95%K2O		83
Indicated Mineral Resources		190		25		47		Minimum of 3-ft and 18.95%K2O		83
Measured + Indicated Mineral Resources		303		25		77
Inferred Mineral Resources		38		23		9		Minimum of 3-ft and 18.95%K2O		83
1Sylvinite is a mixed evaporite containing NaCl and KCl. Pure KCl equates to 63.17% K2O by mass.
2Solution mining resource cutoff for flooded old workings is the mining extents boundary.
Mineral Resources were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide

11.4Qualified Persons Opinion – Further Work

No further work is needed to establish the mineral resources. Ongoing extraction from the deposit verifies the resource.

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12Mineral Reserve Estimates

Mineral reserves that are mined using solution mining methods are not subject to the traditional application of a cutoff grade but instead of operational limitations. According to 17 CFR § 229.1301 (2021), the following definitions are included for reference:

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

12.1Key Assumptions, Parameters, and Methods

By definition, modifying factors are the factors applied to a mine plan for the indicated and measured mineral resources and then evaluated in order to establish the economic viability of mineral reserves. The factors for Intrepid-Moab are solution mining parameters, mineral processing, and lease boundaries as shown in Table 12-1.

Intrepid has a long history of sales and marketing of their products. Sales are managed for all properties through the corporate office. Intrepid provided the historical demand and sales pricing through the statements of earnings (SOE) from 2007 to 2020. Forward-looking pricing was provided by Intrepid marketing and the sales price outlook was reviewed in The World Bank Report Pink Sheets (2021). The product sale prices selected for analysis of brine cutoff grade is $325/product ton and a freight cost of $50/product ton. A cost of goods sold was estimated to be $130/t of product. Economic modeling indicates brine grade equivalent to the production tonnage just to cover the cash expenses of 3.1% KCl, or in other words break-even.

The reserve estimate is based on a mine plan developed for the Cane Creek Mine. The estimate is based on the geologic model and assigned thicknesses and grades for the flooded old mine workings updip boundary (Bed 5) mapped to the decline curve and the individual caverns (Bed 9). The production plan is included in Section 13. The plan is extended for 25 years. During that time, one set of new caverns will need to be constructed.

12.2Mineral Reserves

12.2.1Mineral Reserve Estimates for Bed 5

Neuman (2000) developed the estimated area of reserves that have been depleted through solution mining inside and around the perimeter of the old mine workings, with the exception of a large pillar within the perimeter. As such, this perimeter area has been excluded

from the reserve estimates for Bed 5. Reserves were estimated for updip and horizontal areas outside of Neuman’s 2000 perimeter. The mineral reserves were estimated as the difference between the reserves from the resource area and the net KCl tons extracted since 2001.

Though Bed 5 resources can be solution mined with additional horizontal caverns, the reserves estimate in this report only focuses on the net reserves remaining in the old mine as

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the planned horizontal caverns in Bed 9 are more than enough to support the required mine life for this report. The sylvinite volume, tonnage, KCl grade, and average bed thickness within proven and probable reserve areas are included in Table 12-3.

Table 12-3. Potash Reserves Remaining Updip of Solution Mining from Bed 5 Old Workings effective December 31, 2021 based on 325 $/Product Ton Mine Site

Bed 5				In-Situ				Brine Cutoff Grade3		Processing
	In-Place KCl		Grade1		Product2		Recovery
	(Mt)		(%K2O)		(Mt)		(%K2O)		(%)
Proven Mineral Reserve		0.8		25.5		0.6		1.9		83
Probable Mineral Reserve
Total Mineral Reserves		0.8		25.5		0.6
1In-situ grade is the amount of K2O in the remaining pillars of the old works and is used to calculate the In-Place KCl.
2Product tons are calculated by multiplying In-Place KCl by: dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and product purity of 1/95%.<br><br>3Brine cutoff grade is the amount of K2O n the extracted brine necessary to cover the cash costs of production.
Mineral Reserves were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide

The dissolution factor assumes that the concentration of pregnant brine solution remaining in the caverns will be approximately 7.2% KCl by weight, the average historical value for the Bed 5 cavern.

The areal extraction factor assumes that some potash will not be recovered because of pillars left between caverns and potash not recovered from either the roof or the floor because of channeling, stagnant areas, or gas build-ups in the beds. The 97.5% areal extraction factor used to reduce the in-place tons of reserves for Bed 9 are based on a 200-ft dissolution boundary based on the mining experience at Intrepid-Moab.

The volume and tonnage of ore as listed in Table 12-3 represents the reserves from the measured and indicated resource area on the horizontal plane and updip areas of the old workings as shown in Figure 12-1.

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12.2.2Mineral Reserve Estimates for Bed 9

Figure 12-2 shows the proven and probable reserves for Bed 9 with three existing operating caverns and three additional planned caverns. Table 12-4 presents an estimate of the reserves within the current and future well system area using grade and thickness drillhole data and production to date. No estimate was made of the ore tons, average thickness, and average grade for the previously solution-mined areas from Bed 9, only the equivalent tons of K2O and KCl were estimated. To date, about 950,000 t of KCl have been mined from Bed 9. The modifying factors required to convert the in-place tons into reserve tons are also listed. These factors are the same as those listed for Bed 5 with the exception of the dissolution factor. The Bed 9 dissolution factor was estimated using a concentration of 7.42% KCl by weight.

Table 12-4. Potash Reserve Estimate for the Current and Planned Bed 9 Well System Area effective December 31, 2021 based on 325 $/Product Ton Mine Site

Bed 9		In-Place KCl		In-Situ Grade1		Product2		Brine Cutoff Grade3		Processing Recovery
	(Mt)		(%K2O)		(Mt)		(%K2O)		(%)
Proven Mineral Reserve		1.8		28.7		1.3		1.9		83
Probable Mineral Reserve		0.8		28.8		0.6		1.9		83
Total Mineral Reserves		2.6		28.8		1.9
1In-situ grade is the amount of K2O in the remaining pillars of the old works and is used to calculate the In-Place KCl.
2Product tons are calculated by multiplying In-Place KCl by: dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and product purity of 1/95%.<br><br>3Brine cutoff grade is the amount of K2O n the extracted brine necessary to cover the cash costs of production.
Mineral Reserves were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mt = million tons, % = percent, K2O = potassium oxide

12.3Reserve Summary

The estimated Bed 5 and Bed 9 reserves of the Intrepid-Moab property to be mined using in-situ dissolution are shown in Table 12-5.

12.4Qualified Persons Opinion – Further Work

It is the opinion of the QP that no further work is needed to determine reserves. The mine is currently and has been historically successful at production of potash.

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Figure 12-1. Bed 5 Proven and Probable Reserves

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November 27, 2023 46

Figure 12-2. Bed 9 Proven and Probable Reserves

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November 27, 2023 47

Table 12-5. Potash Mineral Reserve Estimate effective December 31, 2021 based on 325 $/Product Ton Mine Site

Beds 5 and 9				In-Situ				Brine Cutoff Grade2		Processing
	In-Place KCl		Grade1		Product		Recovery
	(Mt)		(%K2O)		(Mt)		(%K2O)		(%)
Proven Mineral Reserve		2.6		27.2		1.9		1.9		83
Probable Mineral Reserve		0.8		27.8		0.6		1.9		83
Total Mineral Reserves		3.4		27.5		2.5
1In-situ grade is the amount of K2O in the remaining pillars of the old works and is used to calculate the In-Place KCl.
2Product tons are calculated by multiplying In-Place KCl by a dissolution factor of 89%, areal recovery of 94%, geologic factor of 94%, plant recovery of 83%, and product purity of 1/95%<br><br>3Brine cutoff grade is the amount of K2O in the extracted brine necessary to cover the costs of production.
Mineral Reserves were initially prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021. RESPEC is a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
Mineral Reserves are reported based on a solution mine plan, dissolution factor of 89%, areal recovery of 94%, geologic factor 94%, plant recovery of 83%, product purity of 95%.
Mt = million tons, % = percent, K2O = potassium oxide
RESPEC
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13Mining Methods

Mining at Intrepid-Moab is by the solution mining technique referred to as “selective solution mining.” Selective solution mining dissolves only the KCl component of the sylvinite and leaves the sodium chloride component underground. Intrepid-Moab employs 61 people.

Brine saturated in NaCl and partially saturated in KCl is injected into either the old mine workings of Bed 5 or the horizontal Bed 9 caverns via injection wells. Brine that is near saturation with KCl (pregnant brine solution) is withdrawn via extraction wells. The old works solution is essentially an underground lake. The horizontal caverns operate under pressure, thus requiring the injection and extraction to take place simultaneously. The pregnant brine solution is piped to shallow evaporation/solar ponds with an aerial expanse of approximately 400 acres.

KCl production is a function of brine grade and the well extraction rate and is limited by the solar ponds’ evaporation rate. Brine grade is a function of retention time within each bed.

13.1Solution Mining Bed 5

The production history for solution mining from the flooded workings in Bed 5 is presented in Figure 13-1. Since 1971, solution mining from Bed 5 has produced approximately 5.5 Mt of KCl.

Figure 13-1. Solution Mining Product Tons of KCl by Bed

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Since 2015, extracted brine from Bed 5 is a mixture of KCl from both beds and therefore, it is not possible to determine exactly how much of each bed’s KCl is being produced. For this estimation, the assumption is made that all injected KCl is extracted on an annual basis. Therefore, Bed 5 KCl production is the difference in KCl extracted from the wells and Bed 9 injection. Extraction brine is currently sourced from seven wells.

Future production plans for the Intrepid-Moab operation include continued production from Bed 5 and Bed 9. In 2021, Bed 5 contributed approximately 41% of the total KCl produced by the Intrepid-Moab operation. Table 13-1 summarizes the net KCl tons sent to the evaporation ponds per year by bed from 2001 to 2021. Detailed allocation of where tons have been recovered within the footprint of the old workings is not possible with the available data.

Table 13-1. Comparison of Net Extraction KCl Tons for Beds 5 and 9 from 2001 to 2021*

Year	Bed 5<br>(tons)	Bed 9<br>(tons)	Total Net of KCl <br>(tons)	Production by Bed 5<br>(%)	Production by Bed 9<br>(%)
2001	137,486	0	137,486	100.0	0.0
2002	139,855	0	139,855	100.0	0.0
2003	92,739	14,822	107,561	86.2	13.8
2004	101,873	20,061	121,934	83.5	16.5
2005	69,318	19,440	88,758	78.1	21.9
2006	57,723	29,758	87,481	66.0	34.0
2007	64,590	30,259	94,849	68.1	31.9
2008	63,816	28,044	91,860	69.5	30.5
2009	93,467	26,283	119,750	78.1	21.9
2010	82,125	31,139	113,264	72.5	27.5
2011	77,789	29,952	107,741	72.2	27.8
2012	84,671	34,664	119,335	71.0	29.0
2013	71,255	44,802	116,057	61.4	38.6
2014	43,238	70,463	113,701	38.0	62.0
2015	8,518	109,798	118,317	7.2	92.8
2016	28,488	68,883	97,371	29.3	70.7
2017	68,153	79,131	147,285	46.3	53.7
2018	20,178	93,843	114,020	17.7	82.3
2019	1,866	72,884	74,750	2.5	97.5
2020	56,033	84,098	140,131	40.0	60.0
2021	41,674	59,036	100,710	41.4	58.6
	1,404,855	947,360	2,352,215
*Tonnages from Intrepid-Moab mass balance table.
Annual tons represent annual evaporation cycle (2021 = Sept. 2020 - Aug. 2021)

Future recovery of potash from solution mining in the existing Bed 5 cavern is possible from both updip and horizontal locations from the existing mine perimeter and from new Bed 5 horizontal caverns. The estimated solution mine perimeter is shown in Figure 13-2.

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13.2Solution Mining Bed 9

Solution mining in Bed 9 began on July 30, 2002, with the drilling of two horizontal wells. An additional well was drilled into this system in 2005. This series of three wells make up Cavern 1. An additional horizontal well was drilled into Cavern 1 in 2012 to stimulate additional production from this cavern. Two new caverns, Caverns 2 and 3, were drilled in 2012–2013 and consist of four wells. Injection into Cavern 2 began in early 2013. Cavern 3 injection began in 2014. Approximately 950,000 t of KCl have been produced from Bed 9 since 2003.

The development of horizontal caverns for solution mining in Bed 9 was novel and unprecedented in 2002 in the potash industry when Intrepid-Moab drilled the first wells. The horizontal holes were drilled with the intent of maintaining contact with Bed 9 and developing caverns laterally by selective solution mining. The net KCl tons sent from Bed 9 since 2003 are listed in Table 13-1 and indicate that, on average, 48,000 t of KCl have been extracted per annum. The proportion of tons extracted from Bed 9 is approximately 70% of total extracted tons since 2013. Since 2015, approximately 25% of the extraction from Bed 9 has been injected into the Bed 5 old workings cavern. The estimated solution mine perimeter is shown in Figure 13-2. Mine life is in excess of 25 years.

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Table 13-2. 25-Year Mine Plan

		R	S	T	U	V	W
Year	Timing	Brine Extracted (gallons)	Brine Grade <br>(%K2O)	K2O <br>(tons)	Product KCl<br>(tons)	Handling Losses (tons)	MOP<br>(tons)
2022	Year 1	340,000,000	4.1	61,400	101,500	2,500	99,000
2023	Year 2	340,000,000	4.3	64,100	106,000	2,700	103,300
2024	Year 3	340,000,000	4.5	66,900	110,600	2,800	107,800
2025	Year 4	340,000,000	4.4	66,500	109,900	2,700	107,200
2026	Year 5	340,000,000	4.4	65,500	108,300	2,700	105,600
2027	Year 6	340,000,000	4.3	65,000	107,400	2,700	104,700
2028	Year 7	340,000,000	4.3	65,000	107,400	2,700	104,700
2029	Year 8	340,000,000	4.3	64,600	106,800	2,700	104,100
2030	Year 9	340,000,000	4.2	63,300	104,600	2,600	102,000
2031	Year 10	340,000,000	4.2	63,600	105,100	2,600	102,500
2032	Year 11	340,000,000	4.0	59,800	98,800	2,500	96,300
2033	Year 12	340,000,000	3.9	59,300	98,000	2,500	95,500
2034	Year 13	340,000,000	4.2	62,400	103,100	2,600	100,500
2035	Year 14	340,000,000	4.3	65,000	107,400	2,700	104,700
2036	Year 15	340,000,000	4.3	65,000	107,400	2,700	104,700
2037	Year 16	340,000,000	4.3	64,600	106,800	2,700	104,100
2038	Year 17	340,000,000	4.3	64,200	106,100	2,700	103,400
2039	Year 18	340,000,000	4.3	64,100	106,000	2,700	103,300
2040	Year 19	340,000,000	4.2	63,600	105,100	2,600	102,500
2041	Year 20	340,000,000	4.2	63,600	105,100	2,600	102,500
2042	Year 21	340,000,000	4.2	63,600	105,100	2,600	102,500
2043	Year 22	340,000,000	4.2	63,600	105,100	2,600	102,500
2044	Year 23	340,000,000	4.2	63,600	105,100	2,600	102,500
2045	Year 24	340,000,000	4.2	63,100	104,300	2,600	101,700
2046	Year 25	340,000,000	4.2	63,100	104,300	2,600	101,700
*Numbers rounded for clarity
Extraction brine density - 1.24
KCl plant recovery - 86%
Product purity - 96%
Pure KCl equates to 63.17% K2O by mass
Handling losses - 3%
T= R(S/100)1.248.34/20000.86
U = T/0.6317/0.96
V = U*0.03
W = U-V								RESPEC
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Figure 13-2. Footprint of Underground Workings for 25-Year Plan Bed 5 and Bed 9

RESPEC

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14Processing and Recovery Methods

Mining by solution methods ends with the delivery of the brine to the evaporation ponds. Mineral processing begins with pond sequencing to enhance crystallization of the potash. The crystals remaining in the ponds after solar evaporation are harvested and processed through the mill where the potash is separated from other salts, then concentrated by flotation. The concentrates are then dried, compacted, and screened into premium grades of white potash. Both potash and salt products are processed at the plant facility at a rate of 400 to 1,200 tons per day (tpd).

14.1Process Description

The Intrepid-Moab processing plant uses nominally 350M gallons per year of river water to produce 350M gallons per year of NaCl-saturated (21% by weight) evaporation pond feed solution at 6.5–7.5% KCl. The injection liquor typically contains 2% KCl and is near NaCl saturation (21%). The evaporation ponds (Figure 14-1) concentrate and crystallize the brine to produce about 530,000 tpy of crystal at 15% K2O (2224% KCl) with the remainder being largely halite. As cavern development progresses, the overall production is projected to stay relatively consistent around 100,000 tpy.

A simplified processing flow diagram is included in Figure 14-2. The pond crystals are mechanically harvested, 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.

Dried product material is granulated using a roll compactor and resulting flakes are further reduced in size with a crusher. Product is then sent to the curing dryer and screened before being sent to the final product storage. The product is shipped to market in trucks or rail cars.

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Figure 14-1. Evaporation Ponds at Intrepid-Moab

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Figure 14-2. Intrepid-Moab Process Flow Diagram

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15Infrastructure

The Intrepid-Moab mine has a robust infrastructure in place. They have adequate water rights on the Colorado River. The mining operation is accessible by a paved county road and accessible by rail. Electric power is fed from local utilities to a recently upgraded substation. The infrastructure layout is shown in Figure 15-1.

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Figure 15-1. Site Infrastructure Layout

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16Market Studies

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17Environmental Studies, Permitting, and Plans

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

The solar ponds are lined to prevent brine from leaking into the ground and the Colorado River. A series of cutoff structures (ditches) have been constructed in drainages to intercept any seepage and return potassium-rich brine to the ponds.

17.1Environmental Studies

Hydrologic modeling was conducted to evaluate the impact of potential releases from the solar ponds to the Colorado River. There is limited vertical permeability across the site. Cutoffs with pumps are in place to limit sediment releases during operation.

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

The property had legacy NaCl waste stored on site from the previous owner. This NaCl is being removed and replaced back into the underground during the solution mining process. The solution mining process in use at the mine does not generate waste. Regular monitoring is conducted per the permit.

17.3Permitting Status and Reclamation Bonds

The property is in active production and holds all necessary permits. The permits and bond are listed in Table 17-1.

17.4Agreements with Local Individuals

There are no specific agreements with local individuals. Hiring is typically done locally if the expertise is available.

17.5Closure Plans

The closure plan includes plugging and abandoning wells, a disposal well to dispose of brine impacted waters followed by complete structure demolition, salt impacted media treatment, and reseeding. The post-mining site will be returned to pre-mine land use consideration. The final reclaimed site will contain no structural evidence of past mining operations.

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Table 17-1. Permit Listing with Bond Values

Common Name	Issuing Agency	Permit ID	Effective Date	Expiration Date	Bond Value	Note
Air Permit	Utah Division of Air Quality	Approval Order #: DAQE-AN102510004-13	1-Oct-13	None
UIC Permit	Utah Division of Water Quality	Underground Injection Control Program Permit No.: UTU-19-AP-1C3C2E8	6-May-15	Division to review after 5 years	$ 1,709,898	Application for renewal submitted July 6, 2020—still awaiting new permit.
Class IIIb Landfill Permit	Utah Division of Waste Management and Radiation Control	Waste Management and Radiation Control Board Permit# 0401R1	17-Feb-10	17-Feb-20	$ 190,540	Application for renewal submitted February 13, 2020—still awaiting new permit
Radioactive devices	Utah Division of Waste Management and Radiation Control	Radioactive Material License No.: UT 1000019, Amendment #12	30-Jun-14	30-Sep-19		Application for renewal submitted July 30, 2019—<br>still awaiting new permit
Storm Water Pollution Prevention Plan	Utah Division of Water Quality	General Permit No.: UTR000000	Dec-12	Dec-21		Permit renews annually with payment of annual fee
SPCC Plan	Self-issued	Spill Prevention, Control and Countermeasure Plan	1-Jun-16	Review by Jun 1, 2021		5-year review is underway
Fugitive Dust Control Plan	Utah Division of Air Quality	Fugitive Dust Control Plan	Jan-14	None
Solid and Hazardous Waste Management Plan	Self-issued	[Not a permit, IPM is a Very Small Quantity Generator]	21-Jan-04	None
Mine and Reclamation Plan	Utah Division of Oil Gas and Mining	Notice of Intentions to Revise Mining Operations, File No.: M/019/005	20-Jun-16	20-Jun-21	$ 6,304,000	Applicaton for renewal submitted April 30, 2021—awaiting approval
Stockpile Dam	Utah Division of Water Rights	Emergency Action Plan for Dam ID# UT00438	13-Apr-15	16-Sep-25		Revised September 16, 2020	RESPEC
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17.6Adequacy of Current Plans and Compliance

It is the opinion of the QP that the current plans are sufficient, and operations are maintaining compliance.

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18Capital and Operating Costs

18.1Capital Cost Estimate

Future capital outlays will be required to maintain production at the Intrepid-Moab mine. The mine plan provided by Intrepid-Moab indicates that additional horizontal well sets are planned similar to wells drilled in 2013. Future needs call for caverns to be drilled approximately every 10 years. With that timing in mind, one cavern is planned for construction to begin around 2022. The actual timing for construction of the next caverns depends on the performance of the existing caverns. New cavern capital cost is estimated at $8 Million in year 2022, 2032, and 2041. The reclamation cost is included in year 2046 as $23 Million.

The evaporative capacity of the ponds and the net concentration of the pregnant brine solution in the ponds limit the production rate from the facility. Future plans call for an average production of 100,000 tpy from Beds 5 and 9 combined, which will not require any evaporative pond expansions.

18.2Operating Cost Estimate

Intrepid-Moab has been providing income statements for review since 2007. These income statements serve as the basis for establishing the operating cost as shown in Table 18-1.

Table 18-1. Unit Operating Cost Estimate

Cost Category	$/Product Ton	Cost Distribution
Labor including Benefits	$43	33%
Maintenance Supplies	$13	10%
Operating Supplies including Reagents	$13	10%
Natural Gas, Electricity, and Fuel	$24	18%
Leases, Property Tax, Insurance etc.	$19	14%
Subtotal	$112	86%
Warehouse	$11	8%
Royalties	$7	6%
Cost of Goods Sold	$130	100%

18.3Accuracy Discussion

Operating costs, including warehouse, handling and royalty expenses are based on historical actual expenses. The operating costs are at an accuracy of at least +/- 15%.

Our 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%.

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

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19Economic Analysis

To evaluate the viability of continued mining of the Intrepid--Moab potash 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)	$325/t
Shipping Potash	$50/t
Potash Production Target	100,000 tpy
Interest Rate	0–12% APR
Income Taxes (State and Federal)	40%
Severance Tax	2.60%
APR = Annual Percentage Rate

19.2Economic Analysis

For a property in operation, the economic viability may be implied. The cash flow was developed using the mine plan and is listed in Table 19-2. The after-tax cash flow is listed in Table 19-3. The cashflows are shown graphically in Figures 19-1 and 19-2 for pre- and after-tax, respectively. 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.

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 graphically in Figures 19-3 and 19-4 for pre- and after-tax, respectively.

19.4Discussion

Economic analysis using the price and cost assumptions show the operation is expected to continue to be profitable over the reserve life.

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Table 19-2. Estimated Pre-Tax Cash Flow

		2022–	2027–	2032–	2037–	2042–
		2026	2031	2036	2041	2046
MOP	Production (-000 tons MOP/year)	104.6	103.6	100.3	103.2	102.2
	Sale Price MOP ($/product ton/year)	$325	$325	$325	$325	$325
	Shipping ($/product ton/year)	$50	$50	$50	$50	$50
	Net Sale Price/year	$275	$275	$275	$275	$275
REVENUE	($-million/year)	$28.76	$28.49	$27.59	$28.37	$28.10
EXPENSES
	Cost of Goods Sold
	Expenses ($-million/year)	$13.60	$13.47	$13.04	$13.41	$13.28
	Income before Taxes ($-million/year)	$15.16	$15.02	$14.55	$14.96	$14.82
	Major Capital ($-million/year)	$1.60	$0.00	$1.60	$1.60	$4.61
	Pre-tax Cash Flow ($-million/year)	$13.56	$15.02	$12.95	$13.36	$10.21
RESPEC
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Table 19-3. Estimated After-Tax Cash Flow

		2022–	2027–	2032–	2037–	2042–
		2026	2031	2036	2041	2046
MOP	Production (-000 tons MOP/year)	104.6	103.6	100.3	103.2	102.2
	Sale Price MOP ($/product ton/year)	$325	$325	$325	$325	$325
	Shipping ($/product ton/year)	$50	$50	$50	$50	$50
	Net Sale Price/year	$275	$275	$275	$275	$275
REVENUE	($-million/year)	$28.76	$28.49	$27.59	$28.37	$28.10
EXPENSES
	Cost of Goods Sold
	Expenses ($-million/year)	$13.60	$13.47	$13.04	$13.41	$13.28
	Income before Taxes ($-million/year)	$15.16	$15.02	$14.55	$14.96	$14.84
	Depreciation ($-million/year)	$0.53	$0.53	$1.07	$0.53	$0.53
	Depletion ($-million/year)	$4.03	$3.99	$3.86	$3.97	$3.93
	Taxable Income ($-million/year)	$10.60	$10.50	$9.62	$10.45	$10.35
	Fed and State ($-million/year)	$4.24	$4.20	$3.85	$4.18	$4.14
	Severance Tax ($-million/year)	$0.75	$0.74	$0.72	$0.74	$0.73
	Major Capital ($-million/year)	$1.60	$0.00	$1.60	$1.60	$4.61
	After-tax Cash Flow ($-million/year)	$8.57	$10.08	$8.38	$8.44	$5.34
RESPEC
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Figure 19-1. Estimated Annual Pre-Tax Cash Flow

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Figure 19-2. Estimated Annual After-Tax Cash Flow

RESPEC

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Table 19-4. NPV Pre-Tax Estimate

Interest Rate	NPV
(% APR)	($M)
0	$326
5	$198
8	$155
10	$135
12	$118

Table 19-5. NPV After-Tax Estimate

Interest Rate	NPV
(% APR)	($M)
0	$204
5	$126
8	$99
10	$86
12	$76

Figure 19-3. Pre-Tax NPV Sensitivity to Price and Costs (APR 8%)

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Figure 19-4. After-Tax NPV Sensitivity to Price and Costs (APR 8%)

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20Adjacent Properties

Adjacent properties are not applicable.

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21Other Relevant Data and Information

No additional data or information is included.

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22Interpretation and Conclusions

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

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

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23Recommendations

Geophysical data and regional geology suggest that faulting may occur in Beds 5 and 9 in the vicinity of Cane Creek 14 with an orientation parallel to the Cane Creek anticline. The cavern plan accounts for areas where Bed 9 is expected to have excessive dip, bed undulations, or unfavorable geology. These areas are subject to modification as more geologic data is collected and evaluated.

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24References

Agapito Associates, Inc. (2007a), “2007 Resource and Reserve Estimate for Solution Mine at Cane Creek Mine,” prepared for Intrepid Potash, April 24.

Agapito Associates, Inc. (2007b), “Determination of Estimated Proven and Probable Reserves at Intrepid Potash—Moab, LLC,” prepared for Intrepid Potash.

Agapito Associates, Inc. (2010), “Determination of Estimated Proven and Probable Potash Reserves at Intrepid PotashMoab, LLC,” prepared for Intrepid Potash, February 4.

Agapito Associates, Inc. (2013), “Determination of Estimated Proven and Probable Potash Reserves at Intrepid PotashMoab, LLC,” prepared for Intrepid Potash, February 12.

Agapito Associates, Inc. (2016), “Determination of Estimated Proven and Probable Potash Reserves at Intrepid PotashMoab, LLC,” prepared for Intrepid Potash, January 22.

Agapito Associates, Inc. (2019), “2018 Determination of Estimated Proven and Probable Potash Reserves at Intrepid PotashMoab, LLC,” prepared for Intrepid Potash, January 21.,45 pp.

Agapito Associates, Inc. (2022), “Technical Report Summary of 2021 Estimated Resources and Reserves at Intrepid Potash-Moab,” prepared for Intrepid Potash, February 23, 64 pp.

Albertson, F. A. (1972), “Special Report on Study of Underground Operations in Solution Mining at Cane Creek Mine,” May.

Behre Dolbear & Company, Inc. (1961), “Estimates—Ore Reserves-Ore Recovery in Mining Development and Mining Plan Underground Capital Requirements and Operating Costs Depreciation on Underground Equipment,” prepared for Texas Gulf Sulphur Company, February.

Carlson Software, Inc. (2015), “Carlson Mining 2015” software package, available at <http://www.carlsonsw.com/>.

Doelling, H. H. (1985), “Geologic Map of Arches National Park and Vicinity, Grand County, Utah,” Utah Geological Survey, Map 74, scale: 1:50,000.

Fillmore (2010), “Geological Evolution of the Colorado Plateau of Eastern Utah and Western Colorado, Including the San Juan River, Natural Bridges, Canyonlands, Arches, and the Book Cliffs,” University of Utah Press, Salt Lake City, 495 pp.

Gruschow, N. (2000), “Cane Creek Potash Mine, Moab, Horizontal Pilot Test Cavern-Leaching Concept,” prepared for Intrepid Mining, LLC, August.

Higgins, R. S. (1970), “Solution Mining Test Work Report for February 1970,” Memorandum prepared for G.W. Gay, Texas Gulf Sulphur Company, March 19.

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Hite, Robert J. (1960), “Stratigraphy of the Saline Facies of the Paradox Member of the Hermosa Formation of Southeastern Utah and Southwestern Colorado,” USGS, September 19, 17 pp.

Hite, Robert J. (1968), “Salt Deposits of the Paradox Basin, Southeast Utah and Southwest Colorado,” The Geological Society of America, Inc., Special Paper 88, USGS, Denver, Colorado.

Hite, Robert J. (1978), “The Geology of the Lisbon Valley Potash Deposits,” Open-File Report 78-148, USGS, 24 pp.

Joesting, H. R., J. E. Case and Donald Plouff (1966), “Regional Geophysical Investigations of the Moab-Needles Area, Utah,” Washington: US Government Printing Office, Geological Survey Professional Paper 516-C, 28 pp.

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

Neuman, Tom (2000a), “Perimeter Mining in the Old Mine,” letter from Neuman Consulting to Hugh Harvey of Intrepid Mining, LLC, September 27.

Schlumberger (1989), Log Interpretations Principles/Applications, SMP-7017, March, 241 pp.

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

The World Bank (2021), “Commodity Markets,” available at <https://www.worldbank.org/en/ research/commodity-markets> (accessed 8/6/2021).

Society for Mining, Metallurgy, and Exploration, Inc. (1990), Surface Mining, 2nd Edition, Ed. Bruce A. Kennedy, PT Pelsart Management Services, Jakarta, Indonesia, Cosponsored by Seeley W. Mudd Memorial Fund of AIME, Port City Press, Inc., Baltimore, MD.

Stevenson, G.M. and Barrs, D.L. (1986), “The Paradox: A pull-apart basin of Pennsylvanian age,” in Peterson, J.A., ed., Paleotectonics and Sedimentation in the Rocky Mountain Region, United States: American Association of Petroleum Geologists Memoir 41:513539.

Taylor, J. B., M. R. Hunter, G. J. Despault and A. H. Agyako (1967), “Selective Extraction of Potassium Chloride from Saskatchewan Sylninite Ore,” The Canadian Journal of Chemical Engineering, 45:105–109, April.

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25Reliance on Information

Agapito relied on information provided by Intrepid and Intrepid-Moab for this reserve evaluation in the legal interpretation of lease agreements and permitting.

RESPEC

Document

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover

Prepared for Intrepid Potash, Inc.

November 27, 2023 i

Technical Report Summary

Revised 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover

Prepared for:

Intrepid Potash–Wendover, LLC

Report Date:

Revised November 27, 2023

Effective Date:

December 31, 2021

Prepared by:

RESPEC

660 Rood Avenue, Suite A

Grand Junction, Colorado 81501

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover

Prepared for Intrepid Potash, Inc.

November 27, 2023 ii

Date and Signature Page

This report titled “Technical Report Summary of Revised 2021 Estimated Resources and Reserves at Intrepid Potash – Wendover” is effective as of December 31, 2021 and was prepared and signed by RESPEC, LLC, acting as a Qualified Person Firm.

Signed and Dated November 27, 2023

(signed/sealed) RESPEC LLC

RESPEC

REVISED 2021 Estimated Resources and Reserves at Intrepid Potash-Wendover

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Technical Report Summary

Revised 2021Estimated Resources and Reserves at Intrepid Potash-Wendover

Table of Contents

Page

1 Executive Summary	1
1.1 Property Description, Mineral Rights, and Ownership	1
1.2 Geology and Mineralization	1
1.3 Status of Exploration, Development, and Operations	1
1.4 Mineral Resource Estimates	1
1.5 Mineral Reserve Estimates	2
1.6 Summary of Capital and Operating Cost Estimates	3
1.7 Economic Analysis	3
1.8 Permitting Requirements	3
1.9 Conclusions and Recommendations	3
2 Introduction	4
2.1 Purpose and Basis of Report	4
2.2 Terms of Reference	4
2.3 Sources of Information	5
2.4 Personal Inspection	5
3 Property Description	6
3.1 Location and Area of the Property	6
3.2 Mineral Rights	6
3.3 Significant Encumbrances	6	RESPEC
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4 Accessibility	11
4.1 Topography, Elevation, and Vegetation	11
4.2 Property Access	11
4.3 Climate	11
4.4 Infrastructure Availability	11
5 History	13
6 Geologic Setting	6-1
6.1 Regional, Local, and Property Geology	15
6.1.1 Regional Geology	15
6.1.2 Local Geology	15
6.1.3 Property Geology	16
6.2 Significant Mineralized Zones	19
6.3 Mineral Deposit	19
7 Exploration	21
7.1 Exploration Other than Drilling	21
7.2 Drilling Exploration	21
7.3 Characterization of Hydrology Data	21
7.4 Characterization of Geotechnical Data	25
8 Sample Preparation	26
9 Data Verification	27
9.1 Data Verification Procedure	27
9.2 Limitations on Verification	27
9.3 Adequacy of the Data	27
10 Mineral Processing and Metallurgical Testing	28	RESPEC
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10.1 Adequacy of the Data	28
11 Mineral Resource Estimates	29
11.1 Introduction	29
11.2 Key Assumptions, Parameters, and Methods	29
11.3 Mineral Resource Estimate	30
11.3.1 Potash Resources in the Shallow-Brine Aquifer	30
11.3.2 Potash Resources in the Deep-Brine Aquifer	36
11.4 Qualified Persons Opinion – Further Work	42
11.5 Resource Statement	42
11.6 Discussion	42
12 Mineral Reserve Estimates	44
12.1 Key Assumptions, Parameters, and Methods	44
12.2 Mineral Reserves Estimate	45
12.2.1 Mineral Reserve Estimates for the Shallow-Brine Aquifer	45
12.2.2 Mineral Reserve Estimates for the Deep-Brine Aquifer	46
12.3 Qualified Persons Opinion – Further Work	46
12.4 Reserve Summary	46
13 Mining Methods	48
13.1 Relevant Hydrogeology	48
13.2 Production Rates, Expected Mine Life, and Mining Dilution and Recovery <br>Factors	50
13.3 Equipment Fleet and Personnel Required	50
14 Processing and Recovery Methods	53	RESPEC
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14.1 Process Description	53
14.2 Energy, Water, Process Materials, and Personnel Requirements	55
15 Infrastructure	56
16 Market Studies	58
17 Environmental Studies, Permitting, and Plans	59
17.1 Environmental Studies	59
17.2 Waste and Tailings Disposal, Site Monitoring, and Water Management during and after Mine Closure	59
17.3 Permitting Status and Reclamation Bonds	59
17.4 Agreements with Local Individuals	59
17.5 Closure Plans	59
17.6 Adequacy of Current Plans and Compliance	59
18 Capital and Operating Costs	61
18.1 Capital Cost Estimate	61
18.2 Operating Cost Estimate	61
18.3 Accuracy Discussion	61
19 Economic Analysis	62
19.1 Key Assumptions, Parameters, and Methods	62
19.2 Economic Analysis	62
19.3 Sensitivity Analysis	62
19.4 Discussion	62
20 Adjacent Properties	67
21 Other Relevant Data and Information	68
22 Interpretation and Conclusions	69	RESPEC
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23 Recommendations	70
24 References	71
25 Reliance on Information	73
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List of Tables

Page

Table 1-1. Sylvinite Brine Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site	2
Table 1-2. Potash Mineral Reserves effective December 31, 2021 based on 325 $/Product Ton Mine Site	3
Table 2-1. Summary of Reports	5
Table 3-1. Property Lease Details, Intrepid-Wendover	9
Table 7-1. Shallow-Brine Aquifer Sampling by Turk (1969)	21
Table 7-2. Shallow Well Monitoring Data, June 2016 to July 2020	24
Table 11-1. Resource Analysis to Estimate Cutoff KCl Grade	30
Table 11-2. Shallow-Brine Aquifer KCl Resource Estimate	36
Table 11-3. Historical Deep Well and Shallow Aquifer Production, 1968–2021	37
Table 11-4. Sylvinite Brine Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site	43
Table 12-1. Cutoff Cost Estimate	45
Table 12-2. Potash Mineral Reserves effective December 31, 2021 based on 325 $/Product Ton Mine Site	47
Table 13-1. Mine Production Schedule Calendar	52
Table 17-1. Permits and Bonds	60
Table 18-1. Operating Cost Estimate	61
Table 19-1. Economic Analysis Assumptions	62	RESPEC
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Table 19-2. Estimated Pre-Tax Cash Flow	63
Table 19-3. Estimated After-Tax Cash Flow	64
Table 19-4. NPV Pre-Tax Estimate	65
Table 19-5. NPV After-Tax Estimate	65
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List of Figures

Page

Figure 3-1. Location and Lease Area of Intrepid-Wendover Mine Operation	7
Figure 3-2. Sample Locations Intrepid-Wendover Mine Operation	8
Figure 4-1. Mine Location showing Property Access	12
Figure 5-1. Historical Brine Concentration Pumped into Primary Pond	13
Figure 5-2. Historical KCl Production at Intrepid-Wendover, 1968–2021	14
Figure 6-1. Geology of the BSF and Pilot Valley Region (after Lines 1979)	17
Figure 6-2. Salt Crust and Other Geomorphic Features on the BSF, Fall of 1975 (after Lines 1979)	18
Figure 6-3. Conceptual Stratigraphic Column	19
Figure 6-4. Typical cross section of the brines.	20
Figure 11-1. Isoconcentration Map of KCl in Shallow-Brine Aquifer 1965–1967	32
Figure 11-2. Isoconcentration Map of KCl in Shallow-Brine Aquifer 2021	33
Figure 11-3. Isoconcentration Map of KCl Depletion in Shallow-Brine Aquifer between 1967 and 2021	34
Figure 11.4 Historical Brine Concentration Pumped into Primary Pond	35
Figure 11-5. Historical KCl Production at Intrepid-Wendover, 1968–2021	35
Figure 11-6. Deep-Brine Well Locations Thickness Isopach of Deep-Brine Aquifer	39
Figure 11-7. DBW-21 Pump History and Water Level Below Surface	40
Figure 11-8. DBW-22, DBW-23, and DBW-24 Pump History	40	RESPEC
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Figure 11-9. Historical KCl Grade at Deep-Brine Aquifer	41
Figure 11-10. Historical KCl Grade at Deep-Brine Aquifer Since 2007	41
Figure 11-11. KCl Grades at DBW-21, DBW-22, DBW-23, and DBW-24	42
Figure 13-1. Intrepid-Wendover Hydrogeologic Setting (after Lines 1979 and Mason 1998)	49
Figure 13-2. Final Mine Outline	51
Figure 14-1. Simplified Process Flow Chart	53
Figure 14-2. Solar Evaporation Pond Layout	55
Figure 15-1. Layout of the Infrastructure	57
Figure 19-1. Pre-Tax NPV Sensitivity to Price and Costs (APR 8%)	65
Figure 19-2. After-Tax NPV Sensitivity to Price and Costs (APR 8%)	19-5
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List of Abbreviations

Agapito Agapito Associates, Inc.

APR Annual Percentage Rate

BLM United States Bureau of Land Management

BSF Bonneville Salt Flats

CFR Code of Federal Regulations

CMC carboxy-methyl cellulose

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

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

NaCl halite

% percent

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

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1Executive Summary

RESPEC Company, LLC (RESPEC) was commissioned by Intrepid Potash, Inc. (Intrepid) to revise the Technical Report Summary (TRS) prepared by Agapito Associates, Inc. (Agapito) filed as Exhibit 96.3 with the Intrepid Potash 10-K for end-of-year (EOY) 2021 for the Intrepid Potash–Wendover, LLC (Intrepid-Wendover) property. The revision adds clarification to the reserve tables by adding estimation methodology descriptions in Sections 1.5 and 12.4, clarifies the operating cost source and adds capital estimation of reclamation costs in Section 1.6 and 18, a cross section was added to Section 6, updated Section 11 to better explain the resource estimation methodology, adds a mine plan in tabular format to Section 13, adds an adequacy of compliance with environmental rules to Section 17, adds an accuracy discussion to Section 18, updates the operating cost table in Section 18 to call out the royalties, updates the cash flow in Section 19 to include the reclamation costs, and updates the economic analysis in Section 19 using the revised cashflows. Resources and reserves are estimated according to United States (US) Securities and Exchange Commission (SEC) S-K 1300 regulations.

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 and can be collected. Harvested solids 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.

1.1Property Description, Mineral Rights, 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 30,300 acres owned by the U.S. Bureau of Land Management (BLM) and the State of Utah are leased to Intrepid-Wendover

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 potassium-rich brines to the surface 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. Because the potash is derived from subsurface brines, the mineral deposit is best represented by characteristics of the aquifer(s) containing the brine.

1.3Status of Exploration, Development, and Operations

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

1.4Mineral Resource Estimates

The ore resource model created from the database brine sampling data beginning in 2007 serves as the basis for this evaluation. The sampling data includes brine samples from the

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active mining horizon. The resources reported, exclusive of mineral reserves effective December 31, 2021, are shown in Table 1-1.

Table 1-1. Sylvinite Brine Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site

	Resources			Cutoff3	Processing Recovery
	K2O Brine1	Grade	Contained K2O2
	(Mt)	(%K20)	(Mt)	(%K2O)	(%)
Measured Mineral Resources
Indicated Mineral Resources	250	0.50	1.2	0.19	85
Measured + Indicated Mineral Resources	250	0.50	1.2	0.19
Inferred Mineral Resources	1360	0.50	6.8	0.19	85
1Sylvinite brine is NaCl and KCl in solution at average concentrations by weight.
2Contained K2O is calculated by multiplying K2O Brine by the Grade
3Solution mining resource cutoff is grade at which production covers operating costs.
Mineral Resources were prepared by Agapito Associates, Inc. for EOY 2021 and revised by RESPEC for EOY 2021, a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods
Mt = million tons, % = percent, K2O = potassium oxide

1.5Mineral Reserve Estimates

Table 1-2 shows the estimated reserve summaries for EOY 2021 with reserves reported exclusive of mineral resources.

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Table 1-2. Potash Mineral Reserves effective December 31, 2021 based on 325 $/Product Ton Mine Site

	Brine1	In-Situ Grade2	Product3	Brine Cutoff Grade4	Processing Recovery
	(Mt)	(%K2O)	(Mt)	(%K2O)	(%)
Proven Mineral Reserves
Probable Mineral Reserves	850	0.5	1.8	0.3	85
Total Mineral Reserves	850	0.5	1.8	0.3
1Brine advanced through the pond system.
2In-situ grade is the amount of K2O contained in the brine.
3Potash 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%, and a product purity factor of 105%.<br><br>4Solution mining reserve cutoff is the grade at which production covers operating costs.
Mineral Reserves were initially prepared by Agapito Associates, Inc for EOY 2021 and revised by RESPEC a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
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 $133/t.

No major capital investment is necessary to complete the mine plan. To better control leakage through pond berms and manage pond flow, an investment of approximately $2M could be made in the future if desired.

1.7Economic Analysis

1.8Permitting Requirements

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

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. 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.

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2Introduction

2.1Purpose and Basis of Report

This document was prepared to report the Intrepid-Wendover 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. This report is a revision to the TRS prepared by Agapito (2022) filed as Exhibit 96.1 with the Intrepid Potash 10-K for EOY 2021 The revision adds clarification to the reserve tables by adding estimation methodology descriptions in Sections 1.5 and 12.4, clarifies the operating cost source and adds capital estimation of reclamation costs in Section 1.6 and 18, a cross section was added to Section 6, updated Section 11 to better explain the resource estimation methodology, adds a mine plan in tabular format to Section 13, adds an adequacy of compliance with environmental rules to Section 17, adds an accuracy discussion to Section 18, updates the operating cost table in Section 18 to call out the royalties, updates the cash flow in Section 19 to include the reclamation costs, and updates the economic analysis in Section 19 using the revised cashflows.

2.2Terms of Reference

According to 17 Code of Federal Regulations (CFR) § 229.1301 (2021), the following definitions are included for reference:

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

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

2.3Sources 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.

Table 2-1. Summary of Reports

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

2.4Personal 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.

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3Property Description

3.1 Location 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 87,834 acres (approximately 137 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 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. The site boundaries, property ownership, the former and active evaporation ponds, harvest ponds, process facility location; roads, the general distribution of the ditches, and all drillholes and wells are shown on Figure 3-2.

Approximately 30,300 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 24,700 acres adjoining the Intrepid-Wendover property to the east. Intrepid-Wendover also leases 5,600 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 on $8.9M in place for Intrepid-Wendover is calculated to cover the cost of site reclamation.

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

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

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

Privately Owned Lands					Acres
Intrepid Lands					57,534
State of Utah Lease	Section	Description	Township	Range	Acres	Lease Date	Effective Date	Readjustment Date
ML-18959	36	W2	1N	17W	320	8/21/1961	1/1/2014	12/31/2023
ML-18960	2	Lots 3, 4, S2NW4, SW4	1S	17W	318		1/1/2014	12/31/2023
ML-18961	16	All	1S	17W	640		1/1/2014	12/31/2023
ML-18962	32	All	1S	17W	640		1/14/2014	12/31/2023
ML-18963	16	W2	2S	17W	320		1/14/2014	12/31/2023
ML-18964	36	S2SE4, NE4SE4, E2NW4SE4,E2SE4NE4	1S	18W	160		1/1/2014	12/31/2023
ML-18965	16	S2	2S	18W	320		1/1/2014	12/31/2023
ML-18966	32	All	2S	18W	640		1/1/2014	12/31/2023
ML-18967	2	Lots 1, 2, 3, 4, S2N2	3N	19W	320		1/1/2014	12/31/2023
ML-19781	16	All	2S	19W	640		1/1/2014	12/31/2023
ML-19782	32	All	2S	19W	640		1/1/2014	12/31/2023
ML-19783	36	All	2S	19W	640		1/1/2014	12/31/2023
ML-52989	19,20,30,31	All	1S	16W	2,500		12/1/2014	12/31/2023
					8,099
Royalty on all state leases is 4% of the gross value of leased substances, 1/1/2023-12/31/2023 - 4.5%, 1/1/2024 thru end of term - 5%
Federal Lease	Section	Description	Township	Range	Acres		Effective Date	Readjustment Date
UTU-087811	4	Lots 2-4, SW4NE4, S2NW4, SW4, W2SE4	2S	17W	2,551		1/1/2003	1/1/2023
UTU-087813	20	E2, SW4	1S	17W	2,560		1/1/2003	1/1/2023
UTU-087815	35	S2	1N	17W	2,558		1/1/2003	1/1/2023
	3	Lots 1-3, S2NE4, SE4NW4, S2	1S	17W
	8	E2SE4	1S	17W
	9	S2	1S	17W
	10	All	1S	17W
	11, 15	W2	1S	17W
UTU-087817	18	Lots 3, 4, E2SW4	1N	16W	2,519		1/1/2003	1/1/2023
	19	Lots 1, 2, E2NW4	1N	16W
	13	S2	1N	17W
	14	SE4, E2SW4, SW4SW4	1N	17W
	22	E2	1N	17W
	23,24	All	1N	17W
UTU-087810	7	All	2S	17W	2,527		1/1/2003	1/1/2023
	8, 17	W2	2S	17W
	18	All	2S	17W
	12,13	E2	2S	18W
UTU-087812	7	Lots 1, 2, E2NW4, E2SW4, E2NW4SW4	1S	17W	2,489		1/1/2003	1/1/2023
	18	E2E2NW4, E2	1S	17W
	19	E2, E2SE4NW4, E2NE4SW4, SE4SW4	1S	17W
	30	Lot 4, E2, E2W2, E2SW4NW4, E2NW4SW4	1S	17W
	31	All	1S	17W
	6	Lots 1-5, SE4NW4, S2NE4	2S	17W
UTU-087814	34	E2SE4	1N	17W	2,120		1/1/2003	1/1/2023
	3	Lot 4, SW4NW4	1S	17W					RESPEC
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	4	SE4	1S	17W
	7	S2NE4, SE4	1S	17W
	8	E2NE4, SW4N4E, S2NW4, SW4, W2SE4	1S	17W
	9	N2	1S	17W
	17	All	1S	17W
	20	NW4	1S	17W
UTU-087816	19	Lots 3, 4, E2SW4	1N	16W	2,319	1/1/2003	1/1/2023
	30	Lots 1-4, E2W2	1N	16W
	25	All	1N	17W
	26	All	1N	17W
	27	E2E2	1N	17W
	34	E2NE4	1N	17W
	35	N2	1N	17W

Table 3-1. Property Lease Details, Intrepid-Wendover (continued)

Federal Lease	Section	Description	Township	Range	Acres	Effective Date	Readjustment Date
UTU-087818	6	Lots 5-7, SE4NW4, E2SW4	1N	16W	2,557	1/1/2003	1/1/2023
	7	Lots 1-4, E2W2	1N	16W
	18	Lots 1, 2, E2NW4	1N	16W
	1	SE4NE4, SE4	1N	17W
	11	SE	1N	17W
	12	All	1N	17W
	13	N2	1N	17W
	14	N2, NW4SW4	1N	17W
	15	SE4	1N	17W
UTU-087809	1	Lots 1, 2, S2NE4, SE4NW4, E2NW4SW4, NE4SW4, S2SW4, SE4	2S	18W	2,500	1/1/2003	1/1/2023
	11	E2NE4NE4, E2SW4NE4, SE4NE4, E2NE4SW4, E2SW4SW4, SE4SW4, SE4	2S	18W
	12, 13	W2	2S	18W
	14	All	2S	18W
	15	E2NE4NE4, E2SW4NE4, SE4NE4, S2	2S	18W
					24,700
Royalty on all federal leases is 3% gross value at point of shipment
RESPEC
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4Accessibility

4.1Topography, Elevation, and Vegetation

The topography of the area is flat at an approximate elevation of 4,219-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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Figure 4-1. Mine Location showing Property Access

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5History

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 shallow-brine and deep-brine aquifers from 1968 to 2021.

Figure 5-1. Historical Brine Concentration Pumped into Primary Pond

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Figure 5-2. Historical KCl Production at Intrepid-Wendover, 1968–2021

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6Geologic 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-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 15M 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).

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

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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 (0200 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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Figure 6-1. Geology of the BSF and Pilot Valley Region (after Lines 1979)

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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 potash-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 potash-bearing and occurs stratigraphically between the other two, is the alluvial-fan aquifer. A cross section is included in Figure 6-4.

The shallow-brine aquifer is a near-surface aquifer and serves as the primary source of potash-rich brine. It is contained in the highly permeable salt and gypsum crust and underlying fractured carbonate muds. The alluvial-fan aquifer, the middle of the three, resides in the sand and gravel interbedded with the lacustrine sediments remnant of Lake Bonneville that underlie the playa deposits of the BSF. The alluvial-fan aquifer is brackish, yet is not a source of potassium salts. The deep-brine aquifer exists within the volcaniclastics and conglomerates of the Salt Lake Formation. This aquifer typically occurs at depths greater than 250–300 ft.

6.3Mineral Deposit

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Figure 6-4. Typical cross section of the brines.

The shallow-brine aquifer, as it is called, exists within the near-surface carbonate mud layer. The carbonate mud transitions to the less-permeable lacustrine deposits at 20–30 ft depth. Brine extraction involves excavating a network of ditches, which allow the natural inflow of aquifer fluids, thereby exposing the brine to dry atmospheric conditions.

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7Exploration

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. A total of 27 monitoring wells were drilled in October 2005 and have been sampled at least yearly to evaluate brine quality in the shallow-brine aquifer. 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.

7.3Characterization of Hydrology Data

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.

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%, 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 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 economic 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).

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

Well No.	Eastings	Northings	Date	Depth Interval (ft)	Sampling Method	Specific Gravity	KCl %
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
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	RESPEC
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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

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

Well<br>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.

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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.

7.4Characterization of Geotechnical Data

No geotechnical data is applicable to support this mining method.

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8Sample 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).

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9Data 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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10Mineral 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 resources and reserves. The deposit has historically and continues to be processed into product that is successfully sold on a commercial scale.

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11Mineral 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.

11.1Introduction

According to 17 CFR § 229.1301 (2021), the following definitions of mineral resource categories are included for reference:

11.2Key Assumptions, Parameters, and Methods

The estimating method for potash resources in the shallow-brine aquifer was 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 basis of the analysis averaged costs based on statements or earnings provided by Intrepid and the forecasted long-term sale price of $406/t. These values are 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 2020. Forward-looking pricing was provided by Intrepid marketing and the sales price outlook was reviewed in The World Bank Report Pink Sheets (The World Bank 2021).

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 0.30 wt% KCl. The brine pumped into the primary pond was assumed to have a grade of 0.82% KCl based on the KCl grade monitored in 27 wells in 2020.

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

Cost
Warehouse and handling costs ($)	1,500,000
Total production costs (excluding depreciation) ($)	12,700,000
Environmental remediation costs ($)	37,000
Cost of goods sold, non-inventory ($)	2,030,000
Byproducts
MgCl2, MRS, salt and miscellaneous ($)	(6,970,000)
Total Cost ($)	9,297,000
Potash
Price per ton less shipping ($)	356
Production (t)	70,000
Net potash sales ($)	24,920,000
Cutoff Analysis
Cost per ton ($)	133
Cutoff production (t)	26,000
Average grade pumped into primary pond (% KCl) based on data from 27 wells	0.82
Cutoff grade (% KCl)	0.30
Cutoff grade (% K2O)	0.19

11.3Mineral Resource Estimate

Resources are estimated by shallow- and deep-brine aquifers. Because of the unconventional nature of the deposit, no measured resources are estimated.

11.3.1Potash 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 1.26%. Although the current ditch system collects brine from most of the 137-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.

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One important parameter to determine potash 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 137 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 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 137-square-mile ditch catchment area was 1.32% for the 1965–1967 data. The average KCl grade estimated over the 137-square-mile ditch catchment area was 0.78% for the 2020 data. The calculated difference in brine concentration through the catchment area (Figure 11-3) indicates that after 57 years of mining, the average KCl grade has declined by 0.54%; this is equivalent to 3.644 Mt of KCl depletion over the ditch catchment area using a 60% recovery factor in the ponds.

There is no change in trend of KCl grade to the primary pond or in potash production. Figure 11-4 shows the average brine grade as it was pumped to the primary pond for years 1962 to 2020. The brine grade has held steady at about 0.97% for 58 years without declining. Annual production of KCl from the shallow-brine aquifer varies from year to year. Figure 11-5 shows the

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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. Historical Brine Concentration Pumped into Primary Pond

Figure 11-5. Historical KCl Production at Intrepid-Wendover, 1968–2021

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KCl production history of the shallow- and deep-brine aquifers between 1968 and 2021. The average yearly production (58,800 t) was close to the median yearly production (57,500 t), indicating that there has been no clear declining trend for KCl production from 1968 to 2021.

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)		2,152,518,168
92 drillhole control inferred area (ft2) (Q)		2,915,597,689
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)		0.30
Recovery factor (G)		60%
Product purity (H)		95%
Plant efficiency		85%
Product per year (tpy) (I)		70,000
Resource Calculation (in thousand tons)
In-place KCl in 1967 (J)	J=ABCD/100E/2000000	7,960
KCl depletion from 1967 to 2020 (K)		1,981
KCl under cutoff grade (L)	L=(J-K)/D*F	1,442
Remaining in-place KCl above cutoff grade (M)	M=J-K-L	4,537
Recoverable KCl (N)	N=M*G	2,722
25-year plan (P)		1,550
Indicated resource exclusive of reserve (O)	O=M-(P/G)	1,954
Inferred resource (R)	R= QBCD/100E/2000000	10,782

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.

11.3.2Potash 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 562,000 t of KCl have been produced from the deep-brine aquifer from 1968 to 2021.

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Table 11-3. Historical Deep Well and Shallow Aquifer Production, 1968–2021

Full Calendar Year1	Wendover KCl<br><br>Production<br><br>(kt)	Deep Aquifer KCl Production <br>(kt)	Shallow Aquifer KCl Production <br>(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
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	RESPEC
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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
Total	3,706.9	561.8	3,145.2

The potash resource estimate for the deep-brine aquifer in this report was based on current deep well draw-down, pumping rates, and historical brine concentration variations. The estimated resource for the deep-brine aquifer was classified as indicated resource due to hydrogeologic uncertainty of the aquifer.

Currently four deep wells, DBW-21, DBW-22, DBW-23, and DBW-24 (previously named Test Well 1), are being used at Intrepid-Wendover to aid in brine collection. The location of DBW-22 is close to DBW-13, where an aquifer of 254 vertical feet was encountered. DBW-23 is located near DBW-16 and DBW-10 where transmissivity ranges from 75,000 to 118,000 gpd/ft and the aquifer thickness is 48 ft. The aquifer thickness is approximately 88 ft at DBW-24.

DBW-21 pumped at about 812M gallons per year from 2004 to 2021; DBW-22 pumped at about 663M gallons per year from 2008 to 2021; DBW-23 pumped at about 880M gallons per year from 2009 to 2021; and DBW-24 pumped at about 188M gallons per year from 2013 to 2021. 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 0.42% KCl by weight from 1967 to 2021.

Typically, the deep-brine wells were constructed to a depth of 1,000 to 1,500 ft with a useful life expectancy of approximately 1520 years with maintenance of the pumps every 24 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 and the monitored brine level. Figure 11-8 shows the pump histories for DBW-22, DBW-23, and DBW-24 (TW-1) up to 2015. Reliable draw-down data are not available in these wells. However, relatively 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 11-9 shows KCl grade in the deep-brine aquifer from 1967 to 2021. 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 11-10). This could be due to the lifespan of the currently producing wells of 10 or more years. Figure 11-11 shows KCl grades in the four deep-brine wells that have been monitored since pumping commenced. Over the pumping life of these four 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 Pump History and Water Level Below Surface

Figure 11-8. DBW-22, DBW-23, and DBW-24 Pump History

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Figure 11-9. Historical KCl Grade at Deep-Brine Aquifer

Figure 11-10. Historical KCl Grade at Deep-Brine Aquifer Since 2007

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*Three outliers greater than 1.2% grade have been removed from the figure.

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

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

11.4Qualified Persons Opinion – Further Work

The QP is of the opinion that no further work is needed to determine the resource.

11.5Resource Statement

Table 11-4 shows the summary of the mineral resources for Intrepid-Wendover effective December 31, 2021, exclusive of mineral reserves.

11.6Discussion

Historical production data shows that total production for the shallow-brine aquifer from 1968 to 2021 was 3.145 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 “resource”; therefore, referring these 27 wells across the 137-square-mile 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.

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Table 11-4. Sylvinite Brine Mineral Resource Estimate effective December 31, 2021 based on 406 $/Product Ton Mine Site

	Resources			Cutoff3	Processing Recovery
	K2O Brine1	Grade	Contained2 K2O
	(Mt)	(%K20)	(Mt)	(%K2O)	(%)
Measured Mineral Resources
Indicated Mineral Resources	250	0.50	1.2	0.19	85
Measured + Indicated Mineral Resources	250	0.50	1.2	0.19
Inferred Mineral Resources	1360	0.50	6.8	0.19	85
1K2O Brine is the recovered KCl bearing brine in solution at average concentrations by weight.
2Contained K2O is calculated by multiplying K2O Brine by the Grade.
3Solution mining resource cutoff is grade at which production covers operating costs.
Mineral Resources were initially prepared by Agapito Associates, Inc for EOY 2021 and revised by RESPEC for EOY 2021 a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Resources are reported exclusive of Mineral Reserves, on a 100% basis.
Mineral Resources are reported using Inverse Distance Squared (ID2) estimation methods
Mt = million tons, % = percent, K2O = potassium oxide
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12Mineral 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 selected for this analysis of cutoff grade is $325/t. Intrepid has a long history of sales and marketing of their products. Intrepid provided the historical demand and sales pricing through their SOE’s from 2012 to 2020. Forward-looking pricing was provided by Intrepid marketing and the sales price outlook was reviewed in The World Bank Report Pink Sheets (The World Bank 2021).

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

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Table 12-1. Cutoff Cost Estimate

Cost
Warehouse and handling costs ($)	1,500,000
Total Production Costs (excluding depreciation) ($)	12,700,000
Environmental remediation costs ($)	37,000
Cost of goods sold, non-inventory ($)	2,030,000
Byproducts
MgCl2, MRS, salt and miscellaneous ($)	(6,970,000)
Total Cost ($)	9,297,000
Potash
Price per ton less shipping ($)	275
Production (tons)	70,000
Net potash sales ($)	19,250,000
Cutoff Analysis
Cost per ton ($)	133
Cutoff production (t)	34,000
Average grade pumped into primary pond (% KCl) based on data from 27 wells	0.82
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.

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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 “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 of 2 Mt since 1968 over the 92 drillhole control area was estimated using the KCl production from 1968 to 2021 over the 137-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 of 0.40%, and an overall recovery factor of 60%. The total MOP reserve for the shallow-brine aquifer is 1.55 Mt.

12.2.2Mineral Reserve Estimates for the Deep-Brine Aquifer

Based on well draw-down, pumping rates, and KCl grade records, Agapito predicts that the deep-brine aquifer can be relied upon to support production of 8,000 tpy of MOP for over 25 years. The total MOP reserve for the deep-brine aquifer is 0.19 Mt.

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. Agapito believes that these estimates are conservative and reliable, and no further work is recommended at this time.

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 New Mining Rules.

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Table 12-2. Potash Mineral Reserves effective December 31, 2021 based on 325 $/Product Ton Mine Site

	Brine1	In-Situ Grade2	Product3	Brine Cutoff Grade4	Processing Recovery
	(Mt)	(%K2O)	(Mt)	(%K2O)	(%)
Proven Mineral Reserves
Probable Mineral Reserves	850	0.5	1.8	0.3	85
Total Mineral Reserves	850	0.5	1.8	0.3
1Brine advanced through the pond system.
2In-situ grade is the amount of K2O contained in the brine.
3Potash 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%, and a product purity factor of 105%.<br><br>4Solution mining reserve cutoff is the grade at which production covers operating costs.
Mineral Reserves were initially prepared by Agapito Associates, Inc for EOY 2021 and revised by RESPEC a qualified firm for the estimate and independent of Intrepid Potash.
Mineral Reserves are reported exclusive of Mineral Resources, on a 100% basis.
1Brine advanced through the pond system.
Mt = million tons, % = percent, K2O = potassium oxide
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13Mining Methods

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 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 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 ponded brine so that evaporation may proceed. As the brine is concentrated to a point just short of potash precipitation in the primary pond, 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 carnallite 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)

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.

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

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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.

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.

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 (56 personnel) when compared to conventional mining.

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Figure 13-2. Final Mine Outline

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Table 13-1. Mine Production Schedule Calendar

Year				A		B		C		D		E		F
	Plan Year		Brine Volume (Million Gallons)		Brine Grade <br>(%K2O)		K2O <br>(Tons)		Product KCl<br>(Tons)		Handling Losses (Tons)		MOP<br>(Tons)
2022		Year 1		7,000		0.5		43,200		72,000		2,000		70,000
2023		Year 2		7,000		0.5		43,200		72,000		2,000		70,000
2024		Year 3		7,000		0.5		43,200		72,000		2,000		70,000
2025		Year 4		7,000		0.5		43,200		72,000		2,000		70,000
2026		Year 5		7,000		0.5		43,200		72,000		2,000		70,000
2027		Year 6		7,000		0.5		43,200		72,000		2,000		70,000
2028		Year 7		7,000		0.5		43,200		72,000		2,000		70,000
2029		Year 8		7,000		0.5		43,200		72,000		2,000		70,000
2030		Year 9		7,000		0.5		43,200		72,000		2,000		70,000
2031		Year 10		7,000		0.5		43,200		72,000		2,000		70,000
2032		Year 11		7,000		0.5		43,200		72,000		2,000		70,000
2033		Year 12		7,000		0.5		43,200		72,000		2,000		70,000
2034		Year 13		7,000		0.5		43,200		72,000		2,000		70,000
2035		Year 14		7,000		0.5		43,200		72,000		2,000		70,000
2036		Year 15		7,000		0.5		43,200		72,000		2,000		70,000
2038		Year 17		7,000		0.5		43,200		72,000		2,000		70,000
2039		Year 18		7,000		0.5		43,200		72,000		2,000		70,000
2040		Year 19		7,000		0.5		43,200		72,000		2,000		70,000
2041		Year 20		7,000		0.5		43,200		72,000		2,000		70,000
2042		Year 21		7,000		0.5		43,200		72,000		2,000		70,000
2043		Year 22		7,000		0.5		43,200		72,000		2,000		70,000
2044		Year 23		7,000		0.5		43,200		72,000		2,000		70,000
2045		Year 24		7,000		0.5		43,200		72,000		2,000		70,000
2046		Year 25		7,000		0.5		43,200		72,000		2,000		70,000
*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 = A1,000,0001.168.34/2000(B/100)0.850.3
D = C/0.6317/0.95
E = D*0.03<br><br>F = D-E
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14Processing and Recovery Methods

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 potash processing facility, where they are dried, sized, and stored for shipment as potash, MRS, and NaCl. MgCl2-rich brines are transferred to the MgCl2 ponds and processed in the Carnallite Plant.

14.1Process Description

The Intrepid-Wendover potash plant processes a nominal 5 billion gallons per year of deep-well and near-surface brines. The combined brines are estimated to contain 0.8–0.9 wt% KCl, 18 wt% NaCl, 4.2 wt% MgCl2 and 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

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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. Anecdotally a wet winter increases potash production but produces diluted MgCl2, which limits production of Road Saver brine. The annual rainfall ranges from 2.8 inches to 10.4 inches with an average of 5.4 inches. Low rainfall levels result in a drop in the lake brine level and result in low flows of brine

Pond operation is challenging. 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 Pond 6 and therefore, reducing evaporation time.

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 Pond 6 returns to the lake via leakage. With a mill recovery of 80%, it is estimated that only 20% of the KCl entering Pond 6 is recovered as final product. Leakage becomes more costly as the brine concentrates. The downstream ponds have clay berms, and Harvest 2 has a liner.

As brine advances towards the Harvest ponds, KCl and MgCl2 concentrations increase, while NaCl is being salted out primarily by MgCl2. 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 Harvest ponds, KCl falls to 3%, NaCl to 1.5%, and MgCl2 rises to 21%. Approximately 265,000 t of crystal are harvested at 28% KCl. The harvesting is conducted for 10 months of the year and 5 days per week, which matches the mill operating schedule.

The brine leaving the Harvest ponds is delivered to the Carnallite ponds. 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. 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 car loads.

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 95.5% KCl with 60.5% K2O. The solids are dried, sampled, and conveyed to storage bins prior to the granulation circuit. Dried product is granulated and sent to the final product storage. The product is shipped to market in trucks or rail cars. Typical KCl production is 50,000 to 80,000 tpy.

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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 requirement. 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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15Infrastructure

A robust set of infrastructure is in place for Intrepid-Wendover. Natural gas, 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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16Market Studies

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17Environmental 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 filled 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 the 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. Permits and Bonds

Common Name	Issuer	Permit ID	Effective Date	Expiration Date	Bond Value
Air Permit	Utah Division of Air Quality	Approval Order #: DAQE-AN107420014-19	22-Jul-19	None
Storm Water Pollution Prevention Plan	Utah Division of Water Quality	General Permit No.: UTR000000	1-Dec-12	31-Dec-17
Spill Response Plan	Self-Issued	Spill Response Plan	23-Feb-10	Next Review due March 2025
Fugitive Dust Control Plan	Utah Division of Air Quality	Fugitive Dust Control Plan	29-Jun-15	None
Solid and Hazardous Waste Management Plan	Self-Issued		Dec-12	None
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	Next Review due in 2024	8,904,000
XRF license	Utah Division of Waste Management and Radiation Control	X-Ray Registration No. 3084	31-Dec-21	Division to inspect every 5 years

All values are in US Dollars.

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18Capital and Operating Costs

18.1Capital Cost Estimate

The only major capital project proposed for the future is the subdivision of Pond 6 into three smaller ponds with clay-sealed berms, keyed into the bottom clay layer. The cost of this project is estimated at $2M and will offer two primary benefits of greater control over the evaporative area and reduced seepage of brine which would minimize rehandling. This is not a required capital expense and therefore has not been included in the economic analysis Reclamation costs are included as capital in Year 25 of $16.5M.

18.2Operating Cost Estimate

The operating cost at Intrepid-Wendover,based on historic actual expenses, is estimated to be $133/t as shown in Table 18-1. The largest operating cost is labor at 52% of the annual operating cost. Natural gas, electricity, and fuel represents less than 15% of the total operating cost.

Table 18-1. Operating Cost Estimate

	Unit Cost per Ton	Percent of Total
Labor with Benefits	$69	50%
Maintenance	$2	1%
Energy and Fuels	$22	16%
Operating Supplies	$27	20%
Other	$9	10%
Subtotal	129	97%
Royalties	4	3%
Operating Cost	$133	100.0%

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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19Economic 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)	$325/t
Shipping Potash	50/t
Potash Production Target	70,000 tpy
Interest Rate	0–12% APR
Income Taxes (State and Federal)	40%
Severance Tax	2.60%

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. The cashflows are shown graphically in Figures 19-1 and 19-2 for pre- and after-tax, respectively. 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.

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 graphically for pre-tax and after-tax evaluations in Figures 19-1 and 19-2, 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

	2022–	2027–	2032–	2037–	2042–
	2026	2031	2036	2041	2046
Brine Volume	7,000	7,000	7,000	7,000	7,000
Brine Grade	0.5	0.5	0.5	0.5	0.5
K2O w recovery	43.2	43.2	43.2	43.2	43.2
Product KCl w purity	72.0	72.0	72.0	72.0	72.0
Handling Losses	2.0	2.0	2.0	2.0	2.0
MOP	70.0	70.0	70.0	70.0	70.0
	$325	$325	$325	$325	$325
	$50	$50	$50	$50	$50
	$275	$275	$275	$275	$275
REVENUE (-million/year)	$19.3	$19.3	$19.3	$19.3	$19.3
EXPENSES

	$9.31	$9.31	$9.31	$9.31	$9.31
	$9.94	$9.94	$9.94	$9.94	$9.94
					$3.29
	$9.94	$9.94	$9.94	$9.94	$6.65

All values are in US Dollars.

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Table 19-3. Estimated After-Tax Cash Flow

	2022–	2027–	2032–	2037–	2042–
	2026	2031	2036	2041	2046
Brine Volume	7,000	7,000	7,000	7,000	7,000
Brine Grade	0.5	0.5	0.5	0.5	0.5
K2O w recovery	43.2	43.2	43.2	43.2	43.2
Product KCl w purity	72.0	72.0	72.0	72.0	72.0
Handling Losses	2.0	2.0	2.0	2.0	2.0
MOP	70.0	70.0	70.0	70.0	70.0
MOP	70.0	70.0	70.0	70.0	70.0
	$325	$325	$325	$325	$325
	$50	$50	$50	$50	$50
	$275	$275	$275	$275	$275
REVENUE (-million/year)	$19.3	$19.3	$19.3	$19.3	$19.3
EXPENSES

	$9.31	$9.31	$9.31	$9.31	$9.31
	$9.94	$9.94	$9.94	$9.94	$9.94
	$2.70	$2.70	$2.70	$2.70	$2.70
	$7.25	$7.25	$7.25	$7.25	$7.25
	$2.90	$2.90	$2.90	$2.90	$2.90
	$0.50	$0.50	$0.50	$0.50	$0.50
					$3.29
	$6.54	$6.54	$6.54	$6.54	$3.25

All values are in US Dollars.

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Table 19-4. NPV Pre-Tax Estimate
Interest Rate	NPV
(% APR)	($M)
0	$232
5	$142
8	$112
10	$98
12	$86
Table 19-5. NPV After-Tax Estimate
---	---
Interest Rate	NPV
(% APR)	($M)
0	$147
5	$92
8	$73
10	$64
12	$56

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Figure 19-1. Pre-Tax NPV Sensitivity to Price and Costs (APR 8%)

Figure 19-2. After-Tax NPV Sensitivity to Price and Costs (APR 8%)

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20Adjacent Properties

Adjacent properties are not applicable at Intrepid-Wendover.

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21Other Relevant Data and Information

No additional information is provided.

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22Interpretation 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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23Recommendations

No further work is recommended.

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24References

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

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

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

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

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

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

AAI (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.

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.

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

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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.

The World Bank (2021), “Commodity Markets,” available at <https://www.worldbank.org/en/ research/commodity-markets> (accessed 8/6/2021).

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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25Reliance on Information

The QPs have relied on information provided by Intrepid and Intrepid-Wendover.

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