Overview of Intrepid’s water rights 22 (1) Caprock and Intrepid South wells are limited by system infrastructure, which is expected to increase with future development with minimal capital investment (2) These rights are currently in the administrative hearing process. Currently negotiating with the protestants on an approach to settle during the administrative or adjudication process (3) Gathered pump data on Intrepid South designed to show lack of impairment to neighboring water rights. Awaiting hearings to review data (4) Water pricing per barrel ranges are based on the diverse set of agreements under which Intrepid has sold water in 2019 (1) (2) (3) (2) (3) (4) Water Balance (acre feet) Pecos Caprock Intrepid South Total Total rights 19,836 16,090 2,646 38,572 Under development - 5,033 617 5,650 Current capacity 19,836 11,057 2,029 32,922 Internal use - 4,000 - 4,000 Current capacity for sale 19,836 7,057 2,029 28,922 Under protest 14,136 - 1,000 15,136 Current available for sale 5,700 7,057 1,029 13,786 Barrels per acre foot 7,758 7,758 7,758 7,758 Current barrels for sale 44,217,396 54,748,206 7,982,982 106,948,584 Range of pricing per barrel $0.40 - $0.50 $0.30 - $0.62 $1.00 - $2.00 N/A Potential Additions to Available Water Water Balance (acre feet) Pecos Caprock Intrepid South Total Current available for sale 5,700 7,057 1,029 13,786 Potential through development - 5,033 617 5,650 Potential through protest resolution 14,136 - 1,000 15,136 Potential available for sale 19,836 12,090 2,646 34,572 Barrels per acre foot 7,758 7,758 7,758 7,758 Potential barrels available for sale 153,884,484 93,794,220 20,527,668 268,206,372