Intrepid Engages Pickering Energy Partners as Lithium Advisor
13 December 2023 - 8:45AM
Intrepid Potash, Inc. ("Intrepid," "we," or "our") (NYSE:IPI) today
announced it engaged Pickering Energy Partners LP (“Pickering” or
“PEP”) to advise on maximizing the value of the lithium resource at
its mine in Wendover, Utah.
Management Commentary Bob Jornayvaz, Intrepid's
Executive Chairman and CEO commented: “I am excited to announce our
engagement with Pickering to help us evaluate our options to
capitalize on the value of the lithium that we have long known to
be present in the brine at our Wendover mine. Pickering has
established itself as a leader and trusted advisor in the energy
space and we are excited to partner together and evaluate promising
new direct lithium extraction (“DLE”) technologies to recover
lithium from our brine and create value for Intrepid and our
shareholders."
“The opportunity for Intrepid to develop its lithium resource is
compelling as its existing potash operation and infrastructure
provide a clear path to production in the rapidly growing lithium
industry,” said Dan Pickering, Chief Investment Officer of PEP.
Diego Kuschnir, who helps lead Pickering’s Energy Transition
Banking practice, added “The majority of the lithium Intrepid
currently extracts from its deep brine wells as part of its potash
operation is on fee land and Intrepid’s existing, large-scale
evaporative assets greatly simplify the story. We are excited to
represent Intrepid on this unique energy transition project and
look forward to helping Intrepid expand the domestic supply of
lithium and achieve maximum value for its lithium brine.”
Wendover Brine Recovery Mine and Lithium
ResourcePotash is produced at the Wendover brine recovery
mine by collecting brines from the shallow-brine aquifer through
ditches and from deep-brine wells that target the deep-brine
aquifer. Brine is initially collected in a primary storage pond and
then sequenced through the Wendover system to concentrate the
potassium before depositing potash and salt in a series of harvest
ponds for eventual processing in our mill. In addition to potash
and salt, our brine resource also contains magnesium, lithium, and
other associated minerals. The Wendover evaporative area is over
11,000 acres and we’ve measured lithium concentrations at over
1,500 parts per million in our final byproduct brine.
About IntrepidIntrepid is a diversified mineral
company that delivers potassium, magnesium, sulfur, salt, and water
products essential for customer success in agriculture, animal feed
and the oil and gas industry. Intrepid is the only U.S. producer of
muriate of potash, which is applied as an essential nutrient for
healthy crop development, utilized in several industrial
applications and used as an ingredient in animal feed. In addition,
Intrepid produces a specialty fertilizer, Trio®, which delivers
three key nutrients, potassium, magnesium, and sulfate, in a single
particle. Intrepid also provides water, magnesium chloride, brine,
and various oilfield services.Intrepid serves diverse customers in
markets where a logistical advantage exists and is a leader in the
use of solar evaporation for potash production, resulting in lower
cost and more environmentally friendly production. Intrepid’s
mineral production comes from three solar solution potash
facilities and one conventional underground
Trio® mine.Intrepid routinely posts important information,
including information about upcoming investor presentations and
press releases, on its website under the Investor Relations tab.
Investors and other interested parties are encouraged to enroll
at intrepidpotash.com, to receive automatic email alerts or
RSS feeds for new postings.
About Pickering Energy PartnersPickering Energy
Partners LP is an energy-focused financial services platform. At
its core, PEP is a trusted energy advisor, investor, and partner
alongside its clients, bringing to bear decades of experience in
the energy sector. Headquartered in Houston, Texas, PEP delivers an
experienced, opportunistic team providing guidance and long-term
value for clients. View more on PEP’s website at
https://www.pickeringenergypartners.com/. Pickering Energy
Partners LP is an SEC Registered Investment Advisor. Affiliated PEP
Advisory LLC is a registered broker-dealer, member FINRA/SIPC.
Forward-Looking StatementsThis press release
includes certain statements concerning expectations for the future
that are forward-looking within the meaning of the federal
securities laws. Forward-looking statements contain known and
unknown risks and uncertainties (many of which are difficult to
predict and beyond management's control) that may cause our actual
results in future periods to differ materially from anticipated or
projected results. An extensive list of specific material risks and
uncertainties affecting Intrepid is contained in our Annual Report
on Form 10-K for the year ended December 31, 2022, and other
quarterly and current reports filed with the Securities and
Exchange Commission from time to time. Any forward-looking
statements in this press release are made as of the date of this
press release, and Intrepid undertakes no obligation to update or
revise any forward-looking statements to reflect new information or
events.
ContactEvan Mapes, CFA, Investor Relations
ManagerPhone:
303-996-3042Email: evan.mapes@intrepidpotash.com
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