Intrepid Potash, Inc

Thank you for standing by. This is the conference operator. Welcome to Intrepid Potash Incorporated first quarter 2026 results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Ryan Schultz, Interim Investor Relations Manager. Please go ahead.

Good morning, everyone. Thank you for joining us to discuss and review Intrepid's first quarter 2026 results. With me today is Intrepid's CEO, Kevin Crutchfield, our Chief Accounting Officer, Chris Engold, our VP of Sales and Marketing, Zachary Adams, and our VP of Operations, Rick Hem. Please be advised that comments we will make today include forward-looking statements as defined by U.S. securities laws. These are based upon information available to us today, are subject to risk and uncertainties that are described in the reports we file with the SEC, and could cause our actual results to be different from those currently anticipated, and we assume no obligation to update them. During today's call, we will also refer to certain non-GAAP financial and operational measures. Reconciliations to the most directly comparable GAAP measures are included in today's press release, and, along with our SEC filings, SEC filings are available at intrepidpotash.com. I'll now turn the call over to our CEO, Kevin Crutchfield.

Thank you, Ryan, and good morning, everyone. We appreciate your interest and attendance for today's earnings call. I'm pleased to report that 2026 is off to a strong start with solid first quarter results. Our adjusted net income from continuing operations for the first quarter of $8.2 million and adjusted EBITDA of $19 million is a significant improvement from last year's first quarter adjusted net income of 3.9 million and adjusted EBITDA of 14.6 million. And we're looking forward to capitalizing on this momentum for the rest of the year. Our performance is a reflection of the hard work of all of our employees, and I'd like to thank our entire team for their commitment to safety and consistent execution across our core fertilizer business. Our first quarter performance was driven by several factors. First, supportive pricing, and resilient demand across our fertilizer products. In the first quarter, our average potash net realized sales price was $353 per ton, and our average trio net realized sales price was $387 per ton. This represents a 13% increase year over year for potash, up from $312 a ton, and a 12% increase for trio, up from $345 per ton. Second, sales volumes remained strong with our second highest quarterly sales total since idling the west mine in 2016. Combined potash and trio sales volumes were 211,000 tons in the first quarter, with potash sales volumes of 105,000 tons and trio sales volumes of 106,000 tons. Finally, successful execution on key projects and operational efficiencies supported improved cost margins. TRIO delivered its highest quarterly segment margin since 2022 and per ton cost improved 5% compared to the fourth quarter. Before I pass the call to Zach, I want to highlight a few key developments and operational updates. On April 1st, 2026, we sold the majority of the assets of the Intrepid South Ranch to Hydrosource Logistics LLC for total consideration of $70 million which included the $8 million deposit we received in December 2025. We were able to transact on the ranch at a favorable valuation, unlocking decades worth of cash flows in a single transaction that will allow us to refocus our efforts exclusively on our fertilizer assets. The sale will also allow us to utilize a portion of our sizable deferred tax assets to offset the tax impact of the one-time gain. On lithium, Our partners continue to advance FEO3 engineering and associated permitting. We remain confident in this project and look forward to sharing further details of the project economics as they develop. Overall, we're looking forward to a strong year. Continued steady support for our core business and solid cash position will allow us to capitalize on our unique position in the market and capture additional upside from opportunities like lithium, among others. I'll now pass the call to Zach to provide some commentary on the market. Go ahead, Zach.