Record Trio sales volumes of 303,000 tons and a 20% increase in combined fertilizer sales driven by steady demand and market share gains.

Unit economics improved through higher production scale, with Trio COGS per ton decreasing by over 10% and potash COGS by approximately 5%.

Trio pricing served as a significant tailwind, with fourth-quarter realized prices increasing 20% compared to the 2025 average.

Management attributes the strong 2025 results to best-in-class safety performance and operational execution across 1.1 million hours worked.

Global potash markets are characterized as mostly balanced, with resilient international demand expected to absorb upcoming large-scale supply additions.

Strategic capital discipline led to the deferral of the Amex cavern project until at least 2027 to ensure complete geological and mineralogical understanding.

Trio production is projected to grow approximately 7% at the midpoint in 2026, supported by the deployment of a new continuous miner.

Potash production for 2026 is expected to be flat to slightly down due to below-average evaporation at the HB facility during the previous summer.

Management anticipates a recovery to 300,000-310,000 tons of potash production by 2027 as HB output stabilizes and Wendover contributions increase.

The lithium project at Wendover is moving toward a definitive feasibility study in late 2026, supported by a maiden resource estimate of 119,000 tons of LCE.

Agricultural demand for the spring season is supported by a 50% increase in corn exports and $12 billion in expected government bridge payments to farmers.

The company is under exclusivity with a potential buyer for the South Ranch asset, holding an $8 million deposit with an expected close in 2026.

A new primary pond at Wendover is planned for 2026, with an expected contribution to production beginning in 2028.

Management flagged a slight expected degradation in potash unit economics for 2026 due to the temporary production dip.

The lithium project remains subject to technical execution risks involving direct lithium extraction (DLE) processes currently being tested with partners.

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Management stated they are almost fully committed for the first quarter on potash with no evidence of demand destruction.

Potash is viewed as a high-value proposition for growers at current price points, especially with strong corn acreage expected.

Management declined to provide specific cost metrics at this stage, noting that data will be shared as engineering work progresses.

While global sulfate values have risen due to Middle East conflicts, these costs have not yet fully rolled through to Trio pricing.

Management is monitoring these values closely as they enter the peak Trio application season.

Primary focus remains on restoring core operations to a resilient, cash-flow-positive state and maintaining liquidity for market shocks.

Management explicitly deferred specific commentary on dividends or buybacks, stating those discussions are currently with the Board of Directors.

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