Intrepid Potash is the only domestic U.S. producer of potash (also called muriate of potash), a fertilizer used to improve crop yield. Intrepid also produces Trio, a specialty fertilizer derived from langbeinite ore that delivers potassium, magnesium, and sulfur in a single particle — making it attractive for chloride-sensitive crops. Trio has grown to become Intrepid's largest revenue segment and is produced exclusively at Intrepid's East mine in Carlsbad, New Mexico. Potash is sold primarily into agriculture (~75% of volume), with smaller volumes going into animal feed and industrial uses. Intrepid sells to distributors, cooperatives, retailers, and dealers concentrated in the central and western U.S. Intrepid also operates an Oilfield Solutions business that sells water, brine, and surface rights to oil and gas operators near the Permian Basin, though Intrepid is actively pursuing a sale of this asset. Intrepid's core financial levers are volume and price: volume growth spreads fixed mine costs over more tons, improving per-unit economics, while pricing is largely set by global commodity markets. Intrepid argues its proximity to U.S. customers reduces freight costs and results in higher net realized prices compared to Canadian peers. Potash production is seasonal, relying on solar evaporation, while Trio production from a conventional underground mine runs year-round. Intrepid carries no debt and is focused on growing production volumes at both core fertilizer assets.