What Intrepid Potash, Inc. told the SEC could break it.

Substantially all potash is sold in the U.S., with sales geographically concentrated in the central and western U.S. and production concentrated at New Mexico and Moab, Utah facilities — tying results to regional weather, planting and farmer economics.

“Substantially all of our potash is sold in the U.S. Our domestic potash sales are geographically concentrated in the central and western U.S.”

Intrepid has less product diversification than nearly all of its competitors (concentrated in potash and Trio), making it more exposed to those products' price and demand swings.

“We have less product diversification than nearly all of our competitors, which could have an adverse effect on our financial”

U.S. potash prices are sensitive to import volumes; the U.S. lifted its Belarusian-potash sanctions in December 2025 (Belarus historically ~7% of U.S. demand), potentially adding import competition, while Section 232/122/301 tariffs affect input costs and USMCA-qualifying flows.

“In 2022, the U.S. imposed sanctions on Belarusian potash imports, although in December 2025, the U.S. lifted these sanctions. Belarusian potash historically accounted for approximately 7% of annual demand in the U.S., although the overall impact of the removal of sanctions and Belarusian imports to the U.S. potash market remains uncertain.”