This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Securities Act of 1933, as amended. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this Quarterly Report other than statements of historical fact are forward-looking statements. Forward-looking statements include statements about, among other things, our future results of operations and financial position, our business strategy and plans, our expected capital investments and our objectives for future operations. In some cases, you can identify these statements by forward-looking words, such as "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," and "continue." Forward-looking statements are only predictions based on our current knowledge, expectations, and projections about future events. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including the following: •changes in the price, demand, or supply of our products and services; •challenges and legal proceedings related to our water rights; •our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio®, byproducts, and other non-potassium related products or other revenue diversification activities; •the costs of, and our ability to successfully execute, any strategic projects; •declines or changes in agricultural production or fertilizer application rates; •declines in the use of potassium-related products or water by oil and gas companies in their drilling operations; •our ability to prevail in outstanding legal proceedings; •our ability to comply with the terms of our revolving credit facility, including any underlying covenants; •write-downs of the carrying value of assets, including inventories; •circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; •changes in reserve estimates; •currency fluctuations; •adverse changes in economic conditions or credit markets; •the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; •the impact of trade tariffs and any potential changes to them we are unable to mitigate; •adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines; •increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; •changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel; •changes in the prices of raw materials, including chemicals, natural gas, and power; •our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; •interruptions in rail or truck transportation services, or fluctuations in the costs of these services; •our ability to fund necessary capital investments; •the impact of global conflicts including the conflict involving Iran and the blockage of the Strait of Hormuz; •the timing, amount and impact of any repurchases under our stock repurchase program; 29 Table of Contents •the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and •the other risks, uncertainties, and assumptions described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, this Quarterly Report and in other reports we file with the SEC. In addition, new risks emerge from time to time. It is not possible for our management to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in these forward-looking statements. As a result, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements to conform those statements to actual results or to reflect new information or future events. Throughout this Quarterly Report, we refer to average net realized sales price per ton, which is a non-GAAP financial measure. More information about this measure, including a reconciliation of this measure to the most directly comparable GAAP financial measure, is below under the heading "Non-GAAP Financial Measure." 30 Table of Contents Company Overview We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride, KCl or 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, we produce a specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, magnesium chloride, brine, and various oilfield products and services. 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 owned certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico, which we collectively referred to as "Intrepid South." Intrepid South generated revenue primarily from sales of various oilfield-related products and services, including water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche. In March 2026, our Board of Directors ("Board") approved the sale of Intrepid South, and we determined that the business met the criteria for classification as held for sale and discontinued operations. We received aggregate consideration of $70.0 million related to the transaction, consisting of an $8.0 million deposit received in December 2025 and a $62.0 million payment received at closing on April 1, 2026. Following customary adjustments and the satisfaction of closing conditions, the final sales price was $68.9 million. As a result of the transaction, we recorded a gain on sale in discontinued operations, net of taxes, of $13.2 million during the three months ended June 30, 2026. We currently have two reportable segments: potash and Trio®. Through December 31, 2025, our oilfield solutions segment was also a reportable segment. Following the sale of Intrepid South, the oilfield solutions segment is no longer reported as a reportable segment, and all prior-period segment disclosures presented in this Quarterly Report on Form 10-Q have been recast to conform to the current presentation. We account for the sale of byproducts as revenue in the potash or Trio® segment based on which segment generated the byproduct. Intersegment sales are recorded at market-based prices and eliminated in consolidation. 31 Table of Contents Significant Business Trends and Activities Our financial results have been, or are expected to be, impacted by several significant trends and activities, which are described below. We expect that the trends described below may continue to impact our results of operations, cash flows, and financial position. • Sale of Intrepid South. In March 2026, our Board of Directors approved the sale of Intrepid South, a component of our business. Intrepid South's assets and liabilities were classified as held for sale, and its results of operations are presented as discontinued operations. On April 1, 2026, we completed the sale of Intrepid South and received gross proceeds of $70.0 million. Following customary adjustments and the satisfaction of closing conditions, the final sales price was $68.9 million. We recorded a gain on sale in discontinued operations, net of tax, of $13.2 million during the three months ended June 30, 2026. • Tariffs and tensions in the Middle East. The operating environment continues to be affected by evolving trade policies, including tariffs, together with heightened geopolitical tensions in the Middle East. These developments have contributed to higher input costs, increased freight and logistics expenses, volatility in energy markets, supply chain disruptions and broader macroeconomic uncertainty. • Potash pricing and demand. Our average net realized potash sales price per ton(1) increased to $391 for the three months ended June 30, 2026, from $361 for the same period in 2025, primarily reflecting a higher percentage of sales into feed markets. Potash sales volumes declined 14% compared to the corresponding period in 2025 as demand weakened during the latter half of the quarter amid economic uncertainty resulting from global geopolitical events. Our average net realized sales price per ton increased to $365 for the six months ended June 30, 2026, from $332 for the corresponding period in 2025. Winter fill program pricing for 2026 was $355 per ton, compared to $315 per ton for the 2025 program. Following the successful completion of the winter fill program, list prices increased by $20 per ton in late January 2026 and by an additional $10 per ton in late April. In June 2026, we launched a summer fill program at $385 per ton, with list prices increasing to $395 per ton upon completion of the program. Customer participation in the summer fill program was good, with customers placing orders covering a considerable portion of their third quarter needs. Potash pricing continues to be supported by healthy agricultural demand, balanced global supply fundamentals, and the recent India contract settlement, which is supportive of U.S. market prices. As a small producer, domestic pricing of our potash is influenced principally by the price established by our competitors. The interaction of global potash supply and demand, ocean, land, and barge freight rates, currency fluctuations, and crop commodity values and outlook, also influence pricing. Our price expectations could be affected by, among other things, tariffs, weather, planting decisions, rail car availability, commodity price decreases and the price and availability of other potassium products. Various factors affect potash sales and shipments, which increases the volatility of sales volumes from quarter to quarter and season to season. We experience seasonality in potash demand, with more purchases historically occurring in February through May and September through November when purchasers are looking to have product on hand for the spring and fall application seasons in the U.S. The specific timing of when farmers apply potash remains highly weather dependent and varies across the numerous growing regions within the U.S. The timing of potash sales is also significantly influenced by the marketing programs of potash producers, as well as storage volumes closer to the farm gate. • Trio® pricing and demand. Our Trio® average net realized sales price per ton(1) increased to $389 for the three months ended June 30, 2026, compared to $368, respectively for the same period in 2025, as pricing for the individual components of Trio® particularly sulfate and potassium remained supportive. Sales volumes in the three months ended June 30, 2026, were unchanged from the same period in 2025, as customers saw value in the individual components of Trio®, particularly sulfate and low chloride potassium. Our Trio® average net realized sales price per ton increased to $388 during the six months ended June 30, 2026, from $352 in the corresponding period in 2025, reflecting continued favorable market pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. Supported by favorable demand from customers for remaining spring needs, we increased our list price for Trio® by $15 per ton to $420 per ton in late March 2026. Effective July 1, 2026, we increased our list price for Trio® by an additional $10 per ton, bringing our Trio® list price to $430 per ton. We expect the July price increases to be reflected in spot and rail sales during the third quarter of 2026. 32 Table of Contents We also experience seasonality in domestic Trio® demand, with more purchases coming in the first and second quarters in advance of and during the spring application season in the U.S. In turn, we generally have increased inventory levels in the third and fourth quarters in anticipation of expected demand for the following year. • Byproduct sales. We sell byproducts that are derived from our potash and Trio® operations. Byproduct sales were $5.4 million and $9.9 million, respectively, during the three and six months ended June 30, 2026, compared to $6.2 million, and $12.6 million, respectively, for the same periods of 2025. Byproduct sales decreased in both periods in 2026, compared to 2025, due to lower sales of salt and magnesium chloride. Byproduct sales of salt and magnesium chloride during the three months and six months ended June 30, 2026, were negatively impacted by the mild winter and historically low snowfall levels across the western U.S., which reduced demand for deicing products and resulted in higher customer inventory levels entering the second quarter. These elevated inventory levels adversely affected shipments during the early part of the second quarter. • Water sales and other oilfield products and services. Following the sale of Intrepid South, we expect sales of source water and other oilfield products and services to decline substantially during the remainder of 2026, and in future periods. Excluding Intrepid South, sales of other oilfield products totaled $0.4 million during the six months ended June 30, 2026, compared to total oilfield services sales of $8.7 million during the corresponding 2025 period, which primarily reflected the contribution of Intrepid South prior to its sale. See Note 3 of our unaudited Condensed Consolidated Financial Statements included in "Item 1. Condensed Consolidated Financial Statements (Unaudited)" of this Quarterly Report on Form 10-Q regarding the presentation of Intrepid South as discontinued operations. • Water Rights Easement with New Mexico State Land Office. The majority of the water we use for our HB and East operations is derived from wells located on state lands, which we access through an easement issued by the New Mexico State Land Office (NMSLO). We are currently operating under a temporary renewal of our water rights easement and are working collaboratively with the NMSLO toward a long‑term renewal of the easement. Based on our ongoing engagement with the NMSLO and the history of our operations, we believe we will be successful in obtaining a long‑term renewal of the easement. • HB AMAX Cavern. Last July, we successfully drilled a sample well into one of the lowest sections of the AMAX mine; unfortunately, the brine pool that we anticipated encountering based on our imaging was not present. Given this outcome, we are continuing our evaluation of options to pursue an injection well and pipeline that would connect the AMAX mine to our HB injection system. Timing of construction will depend on further technical review and quantifying permitting requirements. We expect to continue permitting and technical evaluation of AMAX throughout 2026, and we have made the decision to defer additional capital investment until at least 2027. While the AMAX cavern remains a key part of our HB mine and we remain confident in the potash reserve in place, we have adequate brine sources to maintain production at our HB facility for the next few years. Before committing additional capital, we are working to ensure we have adequate brine injection volumes to flood the AMAX cavern, which will be the largest cavern in the HB system, and the necessary bitterns management system in place to maximize the full potential of this additional cavern. (1) Average net realized sales price per ton is a non-GAAP financial measure. More information about this non-GAAP financial measure is below under the heading "Non-GAAP Financial Measure." 33 Table of Contents Consolidated Results (in thousands, except per ton amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Sales1 $ 66,685 $ 67,536 $ 165,370 $ 162,063 Cost of goods sold $ 35,670 $ 40,631 $ 95,287 $ 99,521 Gross Margin $ 16,649 $ 12,361 $ 34,321 $ 25,682 Selling and administrative $ 10,022 $ 8,925 $ 21,295 $ 18,080 Net Income from Continuing Operations $ 2,395 $ 1,376 $ 9,276 $ 4,804 Net Income from Discontinued Operations, Net of Tax $ 13,182 1,887 13,719 3,065 Net Income $ 15,577 $ 3,263 $ 22,995 $ 7,869 Average net realized sales price per ton2 Potash $ 391 $ 361 $ 365 $ 332 Trio® $ 389 $ 368 $ 388 $ 352 1Sales include sales of byproducts which were $5.4 million and $6.2 million for the three months ended June 30, 2026, and 2025, respectively, and $9.9 million and $12.6 million for the six months ended June 30, 2026, and 2025, respectively. 2Average net realized sales price per ton is a non-GAAP financial measure. More information about this non-GAAP financial measure is below under the heading "Non-GAAP Financial Measure." Consolidated Results for the Three Months Ended June 30, 2026, and 2025 Sales Our total sales for the three months ended June 30, 2026, decreased $0.9 million, or 1%, compared to the same period in 2025, as potash segment sales decreased $3.4 million, partially offset by an increase in Trio® segment sales of $2.5 million and an increase of $0.1 million in water sales recorded in the other segment. As noted above, the Intrepid South sale is classified as discontinued operations, and we no longer consider the oilfield solutions segment to be a reportable segment. Our total potash segment sales decreased $3.4 million during the three months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $2.5 million decline in potash sales and a $0.8 million decline in potash segment byproduct sales. The decline in potash sales was primarily due to a 14% decrease in tons of potash sold, partially offset by an 8% increase in our average net realized sales price per ton for potash. Potash tons sold decreased compared to the prior-year period as grower sentiment was pressured by the economic effects of global geopolitical events and incremental demand softened during the latter half of the quarter. Our Trio® segment sales increased $2.5 million, or 8%, in the three months ended June 30, 2026, compared to the same period in 2025. The increase was driven by a $2.5 million increase in Trio® sales, while Trio® segment byproduct sales were flat. Trio® sales increased due to an increase of 6% in our Trio® average net realized sales price per ton, compared to the same period in 2025, driven by continued supportive pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. Trio® sales volumes were unchanged compared to the prior-year period. Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $0.8 million in the three months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $1.0 million decline in salt sales and a $0.6 million decline in magnesium chloride sales, partially offset by a $0.8 million increase in brine sales. Salt and magnesium chloride sales decreased primarily because mild winter weather and historically low snowfall in the western U.S. resulted in customers beginning the second quarter with higher on-hand inventory levels. Brine sales increased due to increased oilfield activities near our mining facilities in New Mexico. Cost of Goods Sold Our total cost of goods sold decreased $5.0 million during the three months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $2.0 million decrease in our potash segment cost of goods sold, a $2.0 34 Table of Contents million decrease in our Trio® segment cost of goods, and a $0.9 million decrease in our other nonreportable segment cost of goods sold. Our potash segment cost of goods sold decreased $2.0 million, or 9%, during the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a 14% decrease in tons of potash sold. In addition, potash tons produced increased 17% compared to the prior-year period. Because a significant portion of our potash production costs are fixed, higher production volumes decreased our per-ton production costs and lowered our weighted-average carrying cost per ton sold. Our Trio® segment cost of goods sold decreased 12% during the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a lower Trio® weighted average carrying cost per ton sold. The decrease in weighted average carrying cost per ton sold was primarily driven by the mix of products sold as we sold fewer premium tons, which have a higher weighted-average carrying cost. In addition, Trio® production volume was 7% higher during the three months ended June 30, 2026, compared to the same period in 2025, due to the new continuous miner commissioned in early 2026, and ongoing plant optimization projects. Lower of Cost or Net Realizable Value Inventory Adjustments During the three months ended June 30, 2026, we incurred $0.3 million of lower of cost or net realizable value inventory adjustments in our potash segment because the weighted-average carrying costs for certain potash products exceeded the expected average net realized sales price for those products. During the three months ended June 30, 2025, we recorded $0.4 million in lower of cost or net realizable value inventory adjustments in our potash segment. Gross Margin During the three months ended June 30, 2026, we generated gross margin of $16.6 million compared to gross margin of $12.4 million during the same period in 2025. As discussed above, the increase in gross margin was primarily due to higher average net realized sales prices per ton for both potash and Trio® and lower weighted-average carrying costs for potash and Trio® tons sold. Selling and Administrative Expenses Selling and administrative expenses increased $1.1 million during the three months ended June 30, 2026, compared to the corresponding period in 2025. The increase was primarily driven by higher bonus expense of $0.5 million, employee safety awards of $0.3 million, and increased professional services expense of $0.2 million. The increase in bonus expense reflected stronger performance relative to the metrics underlying incentive compensation programs, while the employee safety awards recognized the Company's outstanding safety record in 2025. Professional services expense increased due to greater use of external consultants. Impairment Expense For the three months ended June 30, 2026, we recorded no impairment expense. For any Trio® segment capital spending during the three months ended June 30, 2025, we estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets and recorded an impairment of $1.2 million in the three months ended June 30, 2025. Discontinued Operations In March 2026, our Board approved the sale of our Intrepid South business. The transaction closed on April 1, 2026, and we received gross proceeds of $70 million. Following customary post-closing adjustments and the satisfaction of closing conditions, the final sales prices was $68.9 million. As result of the transaction, we recognized a gain on sale in discontinued operations, net of taxes, of $13.2 million during the three months ended June 30, 2026. See Note 3 to the Condensed Consolidated Financial Statements for further information. Income Tax Expense Income tax expense from continuing operations was approximately $0.1 million during the three months ended June 30, 2026, compared to an immaterial amount during the corresponding period in 2025. Since December 31, 2024, we have maintained a full valuation allowance against our deferred tax assets. Net Income from Continuing Operations We generated net income from continuing operations of $2.4 million during the three months ended June 30, 2026, compared to net income from continuing operations of $1.4 million in the same period in 2025, due to the factors discussed above. 35 Table of Contents Consolidated Results for the Six Months Ended June 30, 2026, and 2025 Sales Our total sales increased $3.3 million, or 2%, during the six months ended June 30, 2026, compared to the same period in 2025. The increase was driven by a $5.2 million increase in Trio® segment sales, partially offset by a $0.9 million decrease in potash segment sales and a $1.1 million decrease in water sales. As discussed above, following the sale of Intrepid South, we no longer report oilfield solutions as a reportable segment. Our Trio® segment sales increased $5.2 million, or 6%, in the six months ended June 30, 2026, compared to the same period in 2025. The increase was driven by a $5.1 million increase in Trio® sales and a $0.1 million increase in Trio® segment byproduct sales. Trio® sales increased primarily due to a 10% increase in our Trio® average net realized sales price per ton, driven by continued supportive pricing for the individual nutrient components of Trio®, particularly sulfate and potassium. The increase in Trio® sales was partially offset by a 3% decrease in tons of Trio® sold. Our total potash segment sales decreased $0.9 million during the six months ended June 30, 2026, compared to the same period in 2025. Potash segment byproduct sales decreased $2.9 million, primarily due to mild winter weather during the first quarter of 2026, which resulted in customers beginning the second quarter of 2026 with higher inventory levels. The decrease in potash segment byproduct sales was partially offset by a $2.0 million increase in potash, driven primarily by a 10% increase in our potash average net realized sales price per ton, as potash list prices to begin 2026 were higher than to begin 2025. The increase in potash sales was partially offset by 4% decrease in tons of potash sold. Our total byproduct sales, which are recorded in either our potash segment or Trio® segment, decreased $2.8 million during the six months ended June 30, 2026, compared to the same period in 2025. The decrease was driven by a $1.7 million decrease in salt sales and a $1.2 million decrease in magnesium chloride sales, partially offset by an increase of $0.2 million in brine sales. Salt and magnesium chloride sales decreased primarily because mild winter weather and historically low snowfall in the western U.S. reduced demand during the three months ended March 31, 2026, and resulted in customers beginning the second quarter with higher inventory levels. Cost of Goods Sold For the six months ended June 30, 2026, total cost of goods sold decreased $4.2 million compared to the same period in 2025. This decrease was primarily driven by a $3.6 million decrease in Trio® segment cost of goods sold and a $1.4 million decrease in other nonreportable segment cost of goods sold, partially offset by a $0.7 million increase in potash segment cost of goods sold. Cost of goods sold in the Trio® segment decreased 8% for the six months ended June 30, 2026, compared to the same period in 2025. This decrease was driven primarily by a 3% decline in Trio® sales volumes and a decline in Trio® weighted average carrying cost per ton sold. The decrease in weighted average carrying cost per ton sold was primarily driven by the mix of products sold as we sold fewer premium tons, which have a higher weighted-average carrying cost. In addition, Trio® production volume was 9% higher during the six months ended June 30, 2026, compared to the same period in 2025, due to the new continuous miner commissioned in early 2026 and ongoing plant optimization projects. Because a significant portion of our Trio® production costs are fixed, higher production volumes decreased our per-ton production costs and lowered our weighted-average carrying cost per ton sold. Cost of goods sold in the potash segment increased $0.7 million, or 1%, during the six months ended June 30, 2026, compared to the corresponding period in 2025, notwithstanding a 4% decline in potash sales volumes. This increase was primarily attributable to higher production costs, including depreciation and depletion expense. Cost of goods sold in the nonreportable other segment decreased by $1.4 million, or 81%, during the six months ended June 30, 2026, compared to the corresponding period in 2025. The decrease was primarily attributable to lower water sales from our Caprock water rights, which resulted in a 73% decline in sales within the nonreportable other segment. Lower of Cost or Net Realizable Value Inventory Adjustments During the six months ended June 30, 2026, we recorded $1.1 million of lower of cost or net realizable value inventory adjustments in our potash segment, compared to $1.8 million during the corresponding period in 2025. These adjustments were recorded because the weighted-average carrying cost of certain potash products exceeded their estimated net realizable value. Gross Margin 36 Table of Contents During the six months ended June 30, 2026, gross margin increased by $8.6 million to $34.3 million, compared to $25.7 million during the corresponding period in 2025. The increase was primarily driven by higher average net realized sales prices per ton for both potash and Trio®. Selling and Administrative Expenses During the six months ended June 30, 2026, selling and administrative expenses increased $3.2 million compared to the corresponding period in 2025. The increase was primarily driven by a $1.4 million increase in severance related costs, a $1.4 million increase in professional services, and a $0.7 million increase in bonus expense, partially offset by a decrease in legal fees. The increase in professional services expense reflected greater use of external consultants, while the increase in bonus expense was attributable to stronger performance relative to the metrics underlying the bonus program. Impairment Expense No impairment expense was recognized during the six months ended June 30, 2026. During the corresponding period in 2025, we recognized impairment expense of $1.9 million related to certain assets within our Trio® segment. The fair value of these assets was estimated using the expected proceeds received in an orderly sale of the assets. Discontinued Operations In March 2026, our Board approved the sale of our Intrepid South business. The transaction closed on April 1, 2026, and we received gross proceeds of $70 million. Following customary post-closing adjustments and the satisfaction of closing conditions, the final sales prices was $68.9 million. As result of the transaction, we recognized a gain on sale in discontinued operations, net of taxes, of $13.2 million during the six months ended June 30, 2026. See Note 3 to the Condensed Consolidated Financial Statements for further information. Income Tax Expense Income tax expense from continuing operations was approximately $0.1 million during each of the six months ended June 30, 2026, and 2025. Since December 31, 2024, we have maintained a full valuation allowance against our deferred tax assets. Net Income from Continuing Operations Net income from continuing operations was $9.3 million during the six months ended June 30, 2026, compared to $4.8 million for the corresponding period in 2025. The increase was primarily driven by the factors discussed above. 37 Table of Contents Potash Segment Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per ton amounts) 2026 2025 2026 2025 Sales1 $ 30,602 $ 33,994 $ 76,721 $ 77,571 Less: Freight costs 2,591 3,660 8,077 9,446 Warehousing and handling costs 1,632 1,818 3,339 3,529 Cost of goods sold 21,191 23,239 56,228 55,481 Lower of cost or net realizable value inventory adjustments 270 419 1,092 1,754 Gross Margin $ 4,918 $ 4,858 $ 7,985 $ 7,361 Depreciation, depletion, and amortization incurred2 $ 7,727 $ 7,302 $ 16,163 $ 15,553 Potash sales volumes (in tons) 59 69 165 172 Potash production volumes (in tons) 52 44 157 137 Average potash net realized sales price per ton3 $ 391 $ 361 $ 365 $ 332 1 Sales include sales of byproducts which were $5.4 million and $6.2 million for the three months ended June 30, 2026, and 2025, respectively, and $9.6 million and $12.4 million for the six months ended June 30, 2026, and 2025, respectively. 2 Depreciation, depletion, and amortization incurred excludes depreciation, depletion, and amortization amounts absorbed in or (relieved from) inventory. 3Average net realized sales price per ton is a non-GAAP financial measure. More information about this measure is below under the heading "Non-GAAP Financial Measure." Three Months Ended June 30, 2026, and 2025 Potash segment sales decreased $3.4 million in the three months ended June 30, 2026, compared to the corresponding period in 2025. The decrease was driven by a $2.5 million decrease in potash sales and a $0.8 million decline in byproduct sales generated by the segment. Potash sales declined during the three months ended June 30, 2026, compared to the corresponding period in 2025, as a 14% reduction in potash sales volumes more than offset an 8% increase in average net realized sales prices. The increase in average net realized sales price per ton was primarily driven by higher winter fill program pricing, with 2026 program prices exceeding those offered under the 2025 winter fill program by approximately $40 per ton. The favorable pricing environment continued through to the second quarter of 2026. Byproduct sales within our potash segment decreased $0.8 million during the three months ended June 30, 2026, compared to the corresponding period in 2025. The decrease resulted primarily from lower salt sales of $1.0 million and lower magnesium chloride sales of $0.6 million, partially offset by an increase in brine sales of $0.8 million. Salt and magnesium chloride sales decreased primarily because mild winter weather and historically low snowfall in the western U.S. resulted in customers beginning the second quarter with higher on-hand inventory levels. Brine sales increased due to increased oilfield activities near our mining facilities in New Mexico. Freight expense within our potash segment decreased 29% in the three months ended June 30, 2026, compared to the corresponding period in 2025, primarily due to lower sales volumes, including a 14% decrease in potash tons sold and a 17% decrease in salt tons sold. Freight expense is also impacted by the geographic mix of sales, the percentage of customers arranging for and paying their own freight costs, and the relative proportion of shipments transported by rail and truck. Potash segment cost of goods sold decreased by $2.0 million, or 9%, during the three months ended June 30, 2026, compared to the same period in 2025. Lower sales volumes, reflected by a 14% decline in potash tons sold contributed to the decrease in cost of goods sold. This benefit was partially offset by a 5% increase in production costs during the 2026 period. During the three months ended June 30, 2026, we recognized $0.3 million of lower of cost or net realizable value inventory adjustments in our potash segment, compared to $0.4 million during the corresponding period in 2025. The 2026 adjustment was attributable to the weighted-average carrying cost per ton of certain potash inventory at our Wendover facility exceeding its forecasted net realizable sales value. Our potash segment gross margin increased $0.1 million in the three months ended June 30, 2026, compared to the same period in 2025, primarily as a result of the factors discussed above. 38 Table of Contents Six Months Ended June 30, 2026, and 2025 Total sales in the potash segment decreased $0.9 million in the six months ended June 30, 2026, compared to the corresponding period in 2025, as a $2.9 million decrease in potash segment byproduct sales was partially offset by a $2.1 million increase in potash sales. Our potash sales increased in the six months ended June 30, 2026, compared to the corresponding period in 2025, as a 10% increase in average net realized sales price more than offset a 4% decrease in sales volumes. Average net realized sales prices benefited from higher potash list prices to begin 2026 relative to potash list prices to begin 2025. Potash segment byproduct sales decreased $2.9 million during the six months ended June 30, 2026, compared to the corresponding period in 2025, reflecting decreases of $1.8 million in salt sales and $1.2 million in magnesium chloride sales, partially offset by a $0.2 million increase in brine sales. Mild winter weather and historically low snowfall in the western U.S. reduced demand for salt and magnesium chloride during the first quarter of 2026, and resulted in higher customer inventory levels entering the second quarter. Increased oil and gas activities near our Carlsbad, New Mexico mining facilities contributed to higher brine sales during the period. Potash segment freight expense decreased 14% in the six months ended June 30, 2026, compared to the corresponding period in 2025, reflecting lower shipment volumes, including a 4% decrease in potash sales volumes and a 22% decrease in salt sales volumes. Freight expense within the potash segment is also affected by the geographic distribution of sales, the percentage of customers arranging for and paying their own freight costs, and the relative mix of rail and truck transportation. Potash segment cost of goods sold increased $0.7 million, or 1%, during the six months ended June 30, 2026, compared to the same period in 2025, even though we sold 4% fewer tons of potash in the six months ended June 30, 2026, compared to the same period in 2025. The increase reflects a higher cost per ton sold in 2026, as results for the six months ended June 30, 2025, benefited from greater lower of cost or net realizable value inventory adjustments than those recorded in the current-year period, as discussed below. During the six months ended June 30, 2026, we recorded lower of cost or net realizable value inventory adjustments of $1.1 million in our potash segment because the weighted average carrying cost per ton for inventoried potash products at our Wendover facility exceeded their forecasted average net realizable sales. This compares to $1.8 million in lower of cost or net realizable value inventory adjustments recorded in the corresponding period in 2025. Potash segment gross margin increased $0.6 million during the six months ended June 30, 2026, compared to the corresponding period in 2025, due to the factors discussed above. Additional Information Relating to Potash The table below shows our potash sales mix for the three and six months ended June 30, 2026, and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Agricultural 68% 75% 77% 80% Industrial 6% 5% 4% 3% Feed 26% 20% 19% 17% 39 Table of Contents Trio® Segment Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per ton amounts) 2026 2025 2026 2025 Sales1 $ 35,723 $ 33,212 $ 88,261 $ 83,054 Less: Freight costs 8,459 7,409 19,703 19,173 Warehousing and handling costs 1,414 1,296 3,551 3,075 Cost of goods sold 14,407 16,421 38,726 42,286 Gross Margin $ 11,443 $ 8,086 $ 26,281 $ 18,520 Depreciation, depletion, and amortization incurred2 $ 992 $ 871 $ 1,951 $ 1,715 Sales volumes (in tons) 70 70 176 181 Production volumes (in tons) 75 70 144 132 Average Trio® net realized sales price per ton3 $ 389 $ 368 $ 388 $ 352 1 Sales include sales of byproducts which were immaterial for both the three months ended June 30, 2026, and 2025, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2026, and 2025, respectively. 2 Depreciation, depletion, and amortization incurred excludes depreciation, depletion, and amortization amounts absorbed in or (relieved from) inventory. 3Average net realized sales price per ton is a non-GAAP financial measure. More information about this measure is below under the heading "Non-GAAP Financial Measure." Three Months Ended June 30, 2026, and 2025 Trio® segment sales increased 8% during the three months ended June 30, 2026, compared to the corresponding period in 2025, primarily due to a $2.5 million increase in Trio® sales, while byproduct sales remained flat. Trio® average net realized sales price per ton increased 6% for the three months ended June 30, 2026, compared to the same period in 2025, due to continued supportive prices of the individual nutrient components of Trio®, particularly sulfate and potassium. Trio® sales volumes were unchanged from the prior-year period. Trio® freight costs increased 14% during the three months ended June 30, 2026, compared to the corresponding period in 2025, notwithstanding flat sales volumes. The increase was primarily driven by higher fuel surcharge expenses on rail shipments and the geographic distribution of sales. Freight expense within the Trio® segment is also impacted by the percentage of customers arranging for and paying their own freight costs. Trio® cost of goods sold decreased 12% during the three months ended June 30, 2026, compared to the corresponding period in 2025, notwithstanding flat sales volumes. The decrease was driven by a lower weighted-average carrying cost per ton, reflecting the benefit of higher Trio® production volumes. Trio® production volume was 7% higher during the three months ended June 30, 2026, compared to the same period in 2025, due to the new continuous miner commissioned in early 2026, and ongoing plant optimization projects. Because a significant portion of our production costs is fixed, increased production volumes reduced our per-ton production costs. Trio® segment gross margin increased to $11.4 million in the three months ended June 30, 2026, from $8.1 million in the corresponding period in 2025, primarily reflecting higher average net realized sales price per ton and lower cost of goods sold per ton. Six Months Ended June 30, 2026, and 2025 Trio® segment sales increased 6% during the six months ended June 30, 2026, compared to the corresponding period in 2025, driven by a $5.1 million increase in Trio® sales. The increase in Trio® sales primarily reflected a 10% increase in average net realized sales price per ton due to continued supportive prices of the individual nutrient components of Trio®, particularly sulfate and potassium. The benefit of higher pricing was partially offset by a 3% decline in sales volumes. Trio® freight costs increased 3% during the six months ended June 30, 2026, compared to the same period in 2025, notwithstanding a 3% decline in Trio® sales volumes. Freight expense within the Trio® segment is affected by the geographic distribution of sales and the percentage of customers arranging for and paying their own freight costs. Trio® cost of goods sold decreased 8% during the six months ended June 30, 2026, compared to the corresponding period in 2025, primarily reflecting lower sales volumes and a reduction in cost per ton sold. The lower cost per ton sold resulted from a decline in the weighted-average carrying cost per ton, as Trio® production volume was 9% higher during the three months ended June 30, 2026, compared to the same period in 2026, due to the new continuous miner commissioned in 40 Table of Contents early 2026 and ongoing plant optimization projects. Because a significant portion of our production costs is fixed, an increase in tons produced lowers our per-ton production costs. Trio® segment gross margin increased $7.8 million during the six months ended June 30, 2026, compared to the corresponding period in 2025, primarily due to higher average net realized sales prices and lower cost of goods sold per ton, as discussed above. Additional Information Relating to Trio® The table below shows the percentage of Trio® tons sold into the domestic and export markets during the three and six months ended June 30, 2026, and 2025. United States Export For the Three Months Ended June 30, 2026 93% 7% For the Six Months Ended June 30, 2026 87% 13% For the Three Months Ended June 30, 2025 88% 12% For the Six Months Ended June 30, 2025 90% 10% Corporate and Other Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Sales $ 360 $ 330 $ 388 $ 1,438 Less: Elimination of freight expenses — (58) — (117) Less: Cost of goods sold 72 971 333 1,754 Gross Margin (Deficit) $ 288 $ (583) $ 55 $ (199) Depreciation, depletion, and amortization incurred $ 581 $ 773 $ 1,137 $ 1,534 Three And Six Months Ended June 30, 2026, and 2025 In March 2026, our Board of Directors approved the sale of Intrepid South, a component of our business. Intrepid South's assets and liabilities were classified as held for sale, and its results of operations are presented as discontinued operations. The sale closed on April 1, 2026, and we received gross proceeds of $70.0 million. Following customary post-closing adjustments and the satisfaction of closing conditions, the final sales prices was $68.9 million. As result of the transaction, we recognized a gain on sale in discontinued operations, net of taxes, of $13.2 million during the three and six months ended June 30, 2026. See Note 3 to the Condensed Consolidated Financial Statements for further information. Our other category, which is not a reportable segment, includes sales of water from out Caprock water rights for the three and six months ended June 30, 2026, and 2025. Cost of goods sold primarily consists of costs associated with selling water from our Caprock water rights, including depreciation expense related to water transportation infrastructure. Specific Factors Affecting Our Results Sales Our gross sales are derived from the sales of potash, Trio®, water, salt, magnesium chloride, and brine water. Total sales are determined by the quantities of products we sell and the sales prices we realize. For potash, Trio®, and salt, we quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. We incur freight costs on most of our potash, Trio® and salt sales, but some customers arrange and pay for their own freight directly. When we arrange and pay for freight, our quotes and billings are based on expected freight costs to the points of delivery. When we calculate our potash and Trio® average net realized sales price per ton, we deduct any freight costs included in sales before dividing by the number of tons sold. We believe the deduction of freight costs provides a more representative measure of our performance in the market due to variations caused by ongoing changes in the proportion of customers paying for their own freight, the geographic distribution of our products, and freight rates. Freight rates have been increasing, and if we are unable to pass the increased freight costs on to the customer, our average net realized sales price per ton is negatively affected. We manage our 41 Table of Contents sales and marketing operations centrally, and we work to achieve the highest average net realized sales price per ton we can by evaluating the product needs of our customers and associated logistics and then determining which of our production facilities can best satisfy these needs. The volume of products we sell is determined by demand for our products and by our production capabilities. We operate our potash and Trio® facilities at production levels that approximate expected demand and consider current inventory levels and expect to continue to do so for the foreseeable future. Cost of Goods Sold Our cost of goods sold reflects the costs to produce our products. Many of our production costs are largely fixed and, consequently, our cost of sales per ton on a facility-by-facility basis tends to move inversely with the number of tons we produce, within the context of normal production levels. Our principal production costs include labor and employee benefits, maintenance materials, contract labor, and materials for operating or maintenance projects, natural gas, electricity, operating supplies, chemicals, depreciation and depletion, royalties, and leasing costs. Certain elements of our cost structure associated with contract labor, consumable operating supplies, reagents, and royalties are variable, but these variable elements make up a smaller component of our total cost structure. Our costs often vary from period to period based on the fluctuation of inventory, sales, and production levels at our facilities. Our production costs per ton are also impacted when our production levels change due to factors such as changes in the grade of ore delivered to the plant, levels of mine development, plant operating performance, and downtime. Because all of our potash is produced using solar evaporation, weather has a significant impact on our potash production. We expect that our labor and contract labor costs in Carlsbad, New Mexico, will continue to be influenced most directly by the demand for labor in the local region where we compete for labor with another fertilizer company, companies in the oil and gas industry, and a nuclear waste processing and storage facility. We pay royalties to federal, state, and private lessors under our mineral leases. These payments typically equal a percentage of sales (less freight) of minerals extracted and sold under the applicable lease. In some cases, federal royalties for potash are paid on a sliding scale that varies with the grade of ore extracted. For the three and six months ended June 30, 2026, our average royalty rate for potash and Trio® combined sales (less combined freight expenses) was 5.0% and 4.6%, respectively. For the three and six months ended June 30, 2025, our average royalty rate for potash and Trio® sales combined (less combined freight expenses) was 5.2% and 5.0%, respectively. Income Taxes We are subject to federal and state income taxes on our taxable income. Our effective tax rate from continuing operations for the six months ended June 30, 2026, was 1.2%. Our effective tax rate from continuing operations differed from the statutory rate during this period due to the valuation allowance established to offset our deferred tax assets. Our effective tax rate from continuing operations for the six months ended June 30, 2025, was 2.3%. Our effective tax rate from continuing operations differed from the statutory rate during this period due to the valuation allowance established offset our deferred tax assets. Our federal and state income tax returns are subject to examination by federal and state tax authorities. For the six months ended June 30, 2026, we incurred $0.1 million of income tax expense from continuing operations. For the six months ended June 30, 2025, we incurred $0.1 million of income tax expense from continuing operations. We evaluate our deferred tax assets and liabilities each reporting period using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. The estimated statutory income tax rates that are applied to our current and deferred income tax calculations are impacted most significantly by the states in which we conduct business. Changing business conditions for normal business transactions and operations, as well as changes to state tax rates and apportionment laws, potentially alter our apportionment of income among the states for income tax purposes. These changes in apportionment laws result in changes in the calculation of our current and deferred income taxes, including the valuation of our deferred tax assets and liabilities. The effects of any such changes are recorded in the period of the adjustment. These adjustments can increase or decrease the net deferred tax asset on our Condensed Consolidated Balance Sheets and thus increase or decrease the deferred tax benefit or deferred income tax expense on the income statement. As of June 30, 2026, we were in a cumulative three-year loss position. The cumulative three-year loss position is significant negative evidence when evaluating the realizability of our deferred tax assets and we have concluded it is more likely than not the deferred tax assets will not be realized. Thus, we continue to have a full valuation allowance as of June 30, 2026. However, if positive evidence trends, such as sustained profitability, were to continue then this conclusion could change. If we were to determine that we would be able to realize our deferred tax assets for which a valuation allowance has been 42 Table of Contents recorded, then an adjustment would be made to the deferred tax valuation allowance which would result in a reduction to the provision for income taxes or the recording of an income tax benefit. 43 Table of Contents Capital Investments During the six months ended June 30, 2026, cash paid for property, plant, equipment, mineral properties, intangible and other assets was $13.6 million. We expect to make capital investments in 2026 of approximately $40 million, with the majority of this being sustaining capital. We may adjust our investment plans as our expectations for 2026 change. We anticipate our 2026 operating plans and capital programs will be funded out of operating cash flows and existing cash. We may also use our revolving credit facility, to the extent available, to fund capital investments. Liquidity and Capital Resources As of June 30, 2026, we had cash and cash equivalents of $185.0 million, compared to $83.5 million at December 31, 2025. The increase in our cash balance during the first half of 2026 was primarily due to the sale of Intrepid South in April, the proceeds of which are included in cash flows from discontinued operations, together with improved operating cash flows resulting from higher average net realized sales prices for both potash and Trio®. Our operations have primarily been funded from cash on hand, cash generated by operations, borrowings under our revolving credit facility, and proceeds from debt and equity offerings. We continue to evaluate our expected sources and uses of cash and may modify our capital as determined by our Board. We may also seek additional liquidity through debt or equity financings, subject to market conditions and the terms of our existing revolving credit facility, although there can be no assurance that such financing will be available on acceptable terms, or at all. Based on our current cash balances, availability under our revolving credit facility, and the expected cash flows from operations, we believe we have sufficient liquidity to meet our obligations for at least the next twelve months. The following summarizes our cash flow activity from continuing operations for the six months ended June 30, 2026, and 2025 (in thousands): Six Months Ended June 30, 2026 2025 Cash flows provided by continuing operating activities $ 55,339 $ 42,889 Cash flows used in continuing investing activities (13,584) (6,601) Cash flows used in continuing financing activities $ (2,809) $ (1,318) Operating Activities Net cash provided by continuing operating activities increased to $55.3 million during the six months ended June 30, 2026, from $42.9 million during the corresponding period in 2025. The increase was primarily driven by higher average net realized sales prices per ton for both potash and Trio®. Investing Activities Net cash used in investing activities from continuing operations increased by $7.0 million during the six months ended June 30, 2026, compared to the corresponding period in 2025, primarily due to lower proceeds from asset sales and redemptions and maturities of investments, partially offset by lower capital expenditures. Financing Activities Net cash used in financing activities from continuing operations increased by approximately $1.5 million during the six months ended June 30, 2026, compared to the corresponding period in 2025. The increase was primarily attributable to higher payments on finance lease obligations, $0.7 million of capitalized debt fees incurred in connection with the amendment and extension of our revolving credit facility, and higher employee tax withholding payments related to vesting of restricted stock awards. 44 Table of Contents Revolving Credit Facility—In March 2026, we and certain of our subsidiaries entered into the Successor Agent Amendment and Third Amendment to the Restated Credit Agreement (the "Third Amendment") with a syndicate of lenders, Bank of Montreal, as original administrative agent, and BMO Bank N.A., as successor administrative agent, which amended certain terms of the Amended and Restated Credit Agreement, dated August 1, 2019 (as amended, the "Credit Agreement"). Pursuant to the Third Amendment, the Credit Agreement was amended to, among other things, (i) appoint such duties, rights, and obligations of the Administrative Agent (as defined in the Credit Agreement) to BMO Bank N.A., (ii) extend the maturity date of the Credit Agreement to March 30, 2031, (iii) amend certain provisions relating to dispositions to facilitate the sale of Intrepid South, and (iv) update certain other provisions, including financial covenants, to be more favorable to the Company. The amount available under the Third Amendment remains the same at $150 million. Borrowings under the revolving credit facility bear interest at the Secured Overnight Financing Rate ("SOFR") plus an applicable margin of 1.50% to 2.25% per annum, based on our leverage ratio as calculated in accordance with the revolving credit facility. Borrowings under the revolving credit facility are secured by substantially all of our current and non-current assets, and the obligations under the revolving credit facility are unconditionally guaranteed by several of our subsidiaries. We occasionally borrow and repay amounts under the revolving credit facility for near-term working capital needs or other purposes and may do so in the future. During the three and six months ended June 30, 2026, we made no borrowings and made no repayments under the revolving credit facility. During the three and six months ended June 30, 2025, we made no borrowings and made no repayments under the revolving credit facility. As of June 30, 2026, we had no borrowings outstanding and $0.2 million in outstanding letters of credit under this facility. As of December 31, 2025, we had no borrowings outstanding and no outstanding letters of credit under this facility. As of July 31, 2026, we had approximately $181.4 million in cash and cash equivalents, no borrowings under the revolving credit facility, and $0.2 million in outstanding letters of credit under the revolving credit facility. We have $149.8 million of remaining availability under the revolving credit facility as of July 31, 2026. As of June 30, 2026, we were in compliance with all applicable covenants under the revolving credit facility. Share Repurchase Program—In February 2022, our Board of Directors approved a share repurchase program authorizing up to $35 million of repurchases of our outstanding common stock, of which approximately $13 million remained available as of March 31, 2026. In June 2026, the Board approved an increase in its existing share repurchase program, authorizing the repurchase up to $50 million of its common stock from the date of authorization. Under the share repurchase program, we may repurchase our common stock from time to time in the open market or through privately negotiated transactions. Any repurchases will be made at our discretion and will depend on market conditions, liquidity, applicable securities laws, and other factors. We may suspend or discontinue the program at any time. For the three months ended June 30, 2026, we did not repurchase any shares under the share repurchase program. Previously, we repurchased 608,657 shares totaling $22.0 million from August 2022 through December 2022. As of the date hereof, the full $50 million remains available for repurchases under the share repurchase program. Critical Accounting Policies and Estimates Our Annual Report on Form 10-K for the year ended December 31, 2025, describes the critical accounting policies that affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. We have not made any significant changes to our critical accounting policies since December 31, 2025. 45 Table of Contents Non-GAAP Financial Measure To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, from time to time we use "average net realized sales price per ton," which is a non-GAAP financial measure. This non-GAAP financial measure should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of this non-GAAP financial measure varies among companies, our presentation of this non-GAAP financial measure may not be comparable to similarly titled measures used by other companies. We believe average net realized sales price per ton, when used in conjunction with GAAP financial measures, provides useful information to investors for analysis of our business and operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to the key metric we use in our financial and operational decision making. We use this non-GAAP financial measure as one of our tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. We believe this non-GAAP financial measure is used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. 46 Table of Contents Average Net Realized Sales Price per Ton We calculate average net realized sales price per ton for each of potash and Trio®. Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio® is calculated as Trio® segment sales less Trio® segment byproduct sales and Trio® freight costs and then dividing that difference by Trio® tons sold. We consider average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows our potash and Trio® average per-ton pricing without the effect of certain transportation and delivery costs. When we arrange transportation and delivery for a customer, we include in revenue and in freight costs the costs associated with transportation and delivery. However, some of our customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in our revenue and freight costs. We use average net realized sales price per ton as a key performance indicator to analyze potash and Trio® sales and price trends. Below is a reconciliation of average net realized sales price per ton to segment sales, the most directly comparable GAAP financial measure for the three and six months ended June 30, 2026, and 2025: Three Months Ended June 30, 2026 2025 (in thousands, except per ton amounts) Potash Trio® Potash Trio® Total Segment Sales $ 30,602 $ 35,723 $ 33,994 $ 33,212 Less: Segment byproduct sales 5,381 27 6,195 20 Freight costs 2,132 8,459 2,859 7,409 Subtotal $ 23,089 $ 27,237 $ 24,940 $ 25,783 Divided by: Tons sold 59 70 69 70 Average net realized sales price per ton $ 391 $ 389 $ 361 $ 368 Six Months Ended June 30, 2026 2025 (in thousands, except per ton amounts) Potash Trio® Potash Trio® Total Segment Sales $ 76,721 $ 88,261 $ 77,571 $ 83,054 Less: Segment byproduct sales 9,570 291 12,449 184 Freight costs 6,962 19,703 7,996 19,173 Subtotal $ 60,189 $ 68,267 $ 57,126 $ 63,697 Divided by: Tons sold 165 176 172 181 Average net realized sales price per ton $ 365 $ 388 $ 332 $ 352 47 Table of Contents