Intrepid Selected for USDA Matching Grant Award to Support Carlsbad Sulfate of Potash Project

DENVER--(BUSINESS WIRE)--Intrepid Potash, Inc. (“Intrepid” or “the Company”) (NYSE:IPI), a leading diversified mineral company serving the agriculture and animal feed markets, and the only U.S. producer of muriate of potash, today announced that the U.S. Department of Agriculture (“USDA”) selected Intrepid’s sulfate of potash (SOP) project for approximately $139 million in proposed matching funding to support the construction of a SOP manufacturing facility near Carlsbad, New Mexico, through its Fertilizer Investment & Expansion for Long-Term Domestic Supply (“FIELDS”) program. If constructed, the SOP plant would introduce a new product to Intrepid’s portfolio, further diversifying the Company’s product offerings and expanding its presence in specialty fertilizer markets by complementing its Trio^® and potash fertilizer products.

Based on current project plans, the facility would have annual production capacity of approximately 220,000 tons. While the project is in the advanced stages of planning, engineering and evaluation, the estimates and plans remain subject to completion of final engineering, completion of the award process, the fulfillment of all applicable grant conditions, and a final investment decision, which is currently targeted for late 2027.

“We are pleased that the USDA selected Intrepid’s proposed SOP project for funding under its FIELDS Grant program,” stated Kevin Crutchfield, Intrepid’s Chief Executive Officer. “This possible future project could be a pivotal one for Intrepid by allowing us to turn American minerals into a fertilizer product American farmers need. As we continue to evaluate the project ahead of a final investment decision, we remain committed to our broader capital allocation priorities, with a focus on disciplined capital deployment and generating attractive long-term return on invested capital. We look forward to sharing additional details as the project advances.”

ABOUT INTREPID POTASH, INC.

Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, and salt products essential for customer success in the agriculture and animal feed industries. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio^®, which delivers a low-chloride source of three key nutrients, potassium, magnesium, and sulfate, in a single particle.

Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio^® mine.

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Forward-Looking Statements

This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause our actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting Intrepid is contained in our Annual Report on Form 10-K for the year ended December 31, 2025, and other quarterly and current reports filed with the Securities and Exchange Commission from time to time. Any forward-looking statements in this press release are made as of the date of this press release, and Intrepid undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.