As previously announced, on December 12, 2023,
Intrepid Potash Inc. entered into a Third Amendment to the Cooperative Development Agreement with XTO Holdings, LLC and XTO Delaware Basin, LLC, as successors in interest to BOPCO, L.P. . The Amendment has an effective date of January 1, 2024. As consideration under the Amendment, on January 2, 2024, Intrepid received a payment of $45 million from XTO, which was in addition to an initial payment of $5 million received from XTO on December 12, 2023. The Amendment also provides that Intrepid will receive an additional one-time payment equal to $50 million as an "Access Fee," which XTO will pay within 90 days upon the earlier occurrence of the approval of the first new or expanded drilling island within a specific area to be used by...