The following is a summary of the Intrepid Potash, Inc. (IPI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 adjusted EBITDA was $10 million, representing a sequential increase and a $7.8 million improvement year-over-year.

• Potash segment cost of goods sold per ton improved by 14% compared to the prior year.

• Trio segment achieved a positive gross margin of about $600,000, contrasting with a gross deficit of $4.3 million in the same quarter last year.

• Oilfield Solutions segment margin more than doubled year-over-year to $3.1 million.

Business Progress:

• Completed Phase 2 of the HB injection pipeline, concluding key projects tied to asset revitalization aimed at driving up future production rates.

• Adjusted full-year 2024 potash production expectations to 280,000 to 290,000 tons due to improved production conditions.

• Ongoing discussions on the lithium project at Wendover and permit initiating for drilling at the AMAX cavern.

Opportunities:

• The geographic advantage and sales diversification into specialty markets support resilience in potash demand despite market fluctuations.

• Expect enhanced margins and unit economics from operational improvements and increased production.

Risks:

• Reduced farmer incomes and potential cost-cutting on fertilizers could impact demand, although recent trends and pricing provide some buffer.

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