Intrepid Potash Inc

ITEM 1A.RISK FACTORS

Our future performance is subject to a variety of risks and uncertainties that could materially and adversely affect our business, financial condition, results of operations, and the trading price of our common stock. These risks and uncertainties are described in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025. Except as set forth below, there have been no material changes to these risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Changes in laws and regulations affecting our business, or changes in enforcement practices, could adversely affect our financial condition or results of operations.

We are subject to numerous federal, state, and local laws and regulations covering a wide variety of business practices. Changes in these laws or regulations could require us to modify our operations, objectives, or reporting practices in ways that adversely impact our financial condition or results of operations. In addition, new laws and regulations, including economic sanctions, or new interpretations of or enforcement practices with respect to existing laws and regulations, could similarly impact our business. For example, the recent imposition of additional tariffs, or proposed tariffs, by the U.S. on various countries (as well as potential retaliatory tariffs against the U.S.), could increase our cost of doing business and may lead to further challenges for us in the various markets in which we operate.

Since February 2025, the U.S. governmeAdditionally, we are subject to significant has announced, implemented, modified, paused, and/or terminated variouregulation under MSHA and OSHA. High-profile mining accidents could prompt governmental authorities tariff measures, includingo enact new laws and reciprocal tariffs on imports fromgulations that apply to our operations or to most countries, the so-called traffickire strictly enforce existing tariffs on imports from Canada, Mexico laws and regulations. See also Environmental laws and China, and a number of new or modified tariffs on imports of specific classes of products (including, but not limited to, steel, aluminum,regulations could subject us to significant liability and require us to incur additional costs.

Geopolitical conflict and volatility and copper) under Section 232 of the Trade Expansion Act of 1962.

Imports from Canada and Mexico that meet the origin rulesustained increases in oil prices could adversely impact our results of the United States-Mexico-Canada Agreement (USMCA), are presently exempt from the reciprooperations or financial condition.

Geopolitical and trafficking tariffs, but notinstability in the Middle East, including the Section 232 tariffs. However the status ofongoing conflict involving Iran, as well as any actual or this exemption is uncertaireatened disruption, and the USMCA itself may be subject to renegotiation. Oclosure, or restricted transit of ther countries and customs unions Strait of Hormuz, including the United Kingdom, European Union, current closure, could adversely affect global oil and Japan, have negotiated separate trade agreements with the U.S. natural gas markets and materially impact our business, financial condition, resulting in lower tariffs that would have otherwise applied. However,s of operations and cash flows. Future escalation of these agreem Iran conflict, prolonged impairments are also subject to fur or closure of ther negotia Strait of Hormuz, addition.

The U.S. also continues to negotiate with addial sanctions or export restrictional trade partners, or further attacks on potentiaoil agreements, the outcomnd gas infrastructure of which remains uncertain. These tariffs anr shipping lanes in the region could reduce global supply, drive sustained other announcements has led,r extreme spikes in oil and may continue to lead, to retaliatory tariffs by onatural gas prices, and increase uncertainty in ther countrie energy markets. This activity is creating uncertaintyIn addition, heightened geopolitical tensions regarding the extent and impact of tariffs on our business lated to the Iran conflict may result in new or expand theed economy in general. Tic sanctions, export controls, tariffs, or othe potentir governmental for tariffs, may affect the costs and availability of raw materials,actions that could indirectly affect our customers' purchasing decisions, contribute to increases in operat, suppliers and financing costs through increases in product and equipmentsources, as well as broader macroeconomic costs, wages, and energy, or have other relatednditions. Such potential impacts on our business and the markets in which we opealso could include supply chain and logistics disruptions, volatility in foreign exchange rate.

Addis, inflationally, we are subject to significant regulation under MSHA ry pressures on raw materials and energy, and OSHA. Hheigh-profile mining accidents could prompt governmental authorities to enact new laws and regultened cybersecurity threats. These developments and impacts could negations that appvely to our operations affect demand for to more strictly enforce existing laws aour products and services, and regulations. See also Environmental laws and regulations could subject us to significant liability and require us to incur addcould adversely impact our results of operations or financial conditional costs.

4350