Certain statements in this presentation, and other written or oral statements made by or on behalf of us, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, including statements regarding guidance, are forward-looking statements within the meaning of these laws. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that the expectations will be realized. These forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control that could cause actual results to differ materially and adversely from such statements. These risks and uncertainties are detailed in our filings with the U.S. Securities and Exchange Commission. Please refer to those filings for more information on these risk factors and uncertainties. All forward–looking statements are qualified in their entirety by such risk factors and uncertainties. These forward-looking statements speak only as of the date of this presentation, and, except as required by law we undertake no obligation to publicly update or revise any forward-looking statement, whether as the result of future events, new information or otherwise. Unless the context otherwise requires, when we use ‘‘Intrepid,’’ ‘‘our,’’ ‘‘we’’ or ‘‘us’’ during this presentation, we are referring to Intrepid Potash, Inc. and its consolidated subsidiaries. Cautionary Statements Regarding Forward-Looking Information 2

Intrepid Potash Strategically Located, Potash-Only Company Intense margin focus: Strategic marketing and production flexibility Capital investment is focused on production growth of incrementally lower per ton cash costs Capital investment execution excellence 3 Florida New Mexico Texas Oklahoma Kansas Nebraska South Dakota Montana Wyoming Colorado Utah Idaho Arizona Nevada Washington California Oregon Kentucky Maine New York Pennsylvania Michigan Vermont New Hampshire Virginia West Virginia Ohio Indiana Illinois North Carolina Tennessee South Carolina Alabama Mississippi Arkansas Louisiana Missouri Iowa Minnesota Wisconsin Georgia North Dakota Carlsbad Reserve Development Assets ® HB Solar Solution Mine Developmental Asset Operating Solar Evaporation Solution Mine Operating Conventional Mine

Company Overview 4 The largest U.S. producer of potash Only western world producer created and dedicated solely to potassium- related products Supplies ~1.5 percent of global demand and ~9.4 percent of U.S. demand 1 of 2 global producers of sulfate of potash magnesia, marketed as Trio® 5 active production facilities Balance sheet strength provides confidence to execute on robust capital investment program

Agricultural commodity prices continue to be supportive of farmer economics We believe farmers will seek to maximize yield with fertilization rates in-line with five year average application rates Steady fertilization rates and demand for potash is anticipated during fall application window Recharge of dealer and retail potash inventories expected prior to spring season Trio® market remains tight with stable pricing in all of our markets 5 Current Potash Market

Dec. 11 Dec. 12 Farm Price $5.51 $5.26 Gross Margin $1.31 $1.06 Input Costs Potash $0.20 $0.20 Nitrogen $0.57 $0.57 Phosphate $0.17 $0.17 Other Fertilizer $0.03 $0.03 Other Variable $1.35 $1.35 Non-Land $0.95 $0.95 Land $0.92 $0.92 Total $4.20 $4.20 Current Crop Economics Offer Historically Strong Returns for Farmers 6 - Non-land fixed costs include: labor, opportunity cost of unpaid labor, taxes, insurance, general overhead, and machine and equipment expenses. - Other variable costs include: seed, chemicals, fuel, lube, electricity, repairs, water, interest, custom operations, and drying. - Land costs are shown as the rental rate of land (opportunity cost). - Corn Farm Price is Dec. ‘11 and Dec. ‘12 for futures price minus $0.30 basis as of 12/06/11 - Potash consumption in shown in fertilizer years (2009/2010 included under 2009). Sources: USDA, Fertecon, Intrepid Potash®. Corn Farm Price Potash (5%) Land (23%) Non-Land Fixed Costs (26%) Other Variable Costs (32%) Phosphate (4%) Per Bushel Return Historical Corn Input Costs and Price US Potash Fertilizer Consumption $ per bushel Potash Consumption (KCL tons ‘000) Nitrogen (9%) Bottom line: fertilizer is a small part of a famer’s cost Percentage of fertilizer cost is near historical lows 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 1996/97 1999/2000 2002/03 2005/06 2008/09 2011/12F

Potash Deliveries Track Population Growth and Global Demand is Growing 7 Long-term correlation of potash deliveries to historical global population growth Population growth continues Utilizing the 1.1% growth rate in world population of 7 billion people: Each year there are approximately 77 million more people in the world, the equivalent of nine more New York Cities This would require an annual addition of 40 million acres of arable land (1.3x the farmland in Iowa)(2) A world yield increase of 1.1% per year to maintain current rates of arable land Sources: Fertecon, US Census Bureau. (1) Fertecon (2) State Data Center of Iowa; 2007 estimate. Collapse of Soviet Union Historical Global Population or Potash Delivery Trendline Potash Deliveries 5-Year Forward Compound Annual Growth Rates (2011 – 2015) Brazil 1.7% China 3.7% India 8.1% (1)

Fundamentals of Increasing Population Continue to Drive Grain and Ultimately Potash Demand Over the Long-Term 8 Note: Grains include corn, wheat, barley, oats and sorghum. Stocks to use ratio is average inventory / consumption for that year; data updated monthly. Sources: United Nations Food and Agriculture Organization (FAO), US Census Bureau, USDA, Potash & Phosphate Institute (PPI,) International Fertilizer Industry Association (IFA), Fertecon. (1) Futures prices based on closing price of Chicago Board of Trade futures contracts as of 12/06/11; futures prices for December delivery in forecast years. Hectares of Arable Land per Person Hectares per person Crop Prices Over Time(1) World Grain Production and Stocks-to-Use Ratios Grain Production Stocks-to-Use Ratio 5 Year Average Dec. 2011 Futures Soybeans: $9.65 $11.26 Wheat: $5.95 $6.01 Corn: $3.98 $5.81 2011 F Grain Production (Millions of Tons) Stocks-to-Use Ratio Trend line 10% 20% 30% 40% 50% 600 800 1,000 1,200 1,400 1,600 1,800 2,000 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010E

Strategically Located Assets 9 Average Potash Consumption in Intrepid’s Markets is Greater than 5x of Intrepid’s Average Production Low High Sources: Association of American Plant Food Control Officials (AAPFCO), The Fertilizer Institute (TFI), Intrepid Potash. (1) AAPFCO, Fertecon, USDA. New Mexico Texas Oklahoma Kansas Colorado Mississippi Arkansas Louisiana Idaho Washington Oregon Nebraska Missouri Iowa Illinois California Wyoming Utah Arizona Nevada Minnesota Intrepid Mine Location

2005 2006 2007 2008 2009 2010 2011 YTD Intrepid average net realized sales price $162 $179 $194 $486 $541 $363 $464 Intrepid advantage vs. N.A. competitors $29 $43 $39 $88 $151 $61 $86 Intrepid’s Potash Price Advantage: Strategically Located and Lower Royalties 10 Sources: Green Markets and Fertecon Notes: (1) Average net realized sales price advantage is an operating performance measure calculated as the difference between our average net realized sales price and the combined average net realized sales prices of Potash Corporation of Saskatchewan Inc., The Mosaic Company, and Agrium Inc. ("Agrium") based on publicly available information. (2) Cash COGS, net of by product credits is an operating performance measure defined as total cost of goods sold including royalties, and excluding depreciation, depletion and amortization. (3) Intrepid Q3 2011 government payments were $18/ton, North American competitor average was $29 / ton Intrepid vs. North American Competitors Q3 2011 ($ per potash ton) Intrepid’s Potash Advantage Q3 2011 ($ per potash ton) Intrepid’s average net realized sales price advantage has been approximately 20 percent Intrepid’s potash cash margin advantage has averaged $39 per ton over the last three years Intrepid’s four percent net sales royalty rate is significantly lower than royalty and resource tax burden of Intrepid’s principal competitors (2) (3) (1) (1) (2) (1) $79 ($54) $25 ($60) ($40) ($20) $0 $20 $40 $60 $80 Price Cash COGS Cash Margin Advantage

Industrial market primarily consists of oil and gas drillers Ability to granulate ~80% of current production, providing flexibility to meet end market demand Diversified Markets and Customer Base with Increased Flexibility in Product Mix 11 Potash Sales for 2011 YTD Industrial Agricultural Animal Feed Includes: Barley Corn Cotton Hay Nuts Rice Soybeans Vegetables Wheat Product Size FY 2008 FY 2009 FY 2010 FY 2011 YTD Agricultural Granular 62% 69% 82% 80% Industrial Standard 30% 18% 11% 14% Animal Feed Standard 8% 13% 7% 6%

Intrepid’s Capital Investment Strategy is Focused on Growth, Flexibility & Margin Flexibility via Additional Granulation Capacity Moab Compactor Wendover Compactor Langbeinite Granulation Plant North Compaction Upgrade 12 Growth in Mining Capacity HB Solar Solution Mine Additional Mine Panels Expansion of Moab Horizontal Potash Caverns Recovery Improvement Investments Langbeinite Dense Media Separation Plant Moab Brine Heater

Major 2012 Capital Investments HB Solar Solution Mine North Compaction Execution on Capital is Foundational to Intrepid’s Growth 13 Since Inception Intrepid has invested approximately $450 million into its mines and facilities Major Capital Projects Milestones Facility Year Completed Horizontal Potash Caverns Moab, UT 2001 Langbeinite Plant (Original Plant) Carlsbad, NM - East 2005 Wash Thickener Upgrade Carlsbad, NM - East 2009 Coarse Tails Recovery Circuit Carlsbad, NM - West 2009 Underground Stacker / Reclaim Carlsbad, NM - West 2010 New Compaction Circuit Moab, UT 2010 New Brine Heater Moab, UT 2010 Wendover Compaction Circuit / Warehouse Wendover, UT 2011/2012E Langbeinite Recovery Improvement Project / Granulation Plant Carlsbad, NM - East 2011/2012E

The Execution of Our 2011 Capital Investment Budget of $140 to $165 million Represents the Highest Level of Capital Investment in Our History Capital Projects are Focused on Growth, Flexibility & Margin 14 Growth Flexibility Margin Incrementally lower cost tons HB represents a 25 percent increase in potash production volumes Project Benefits Capability to respond to changing market and customer demands Produce products with best margin profile Increased recoveries from Langbeinite ore Lower per ton operating costs Modernization of plant assets Focus on cash cost component of production Langbeinite Granulation North Compaction Wendover Compaction HB Solar Solution Mine Langbeinite Recovery Improvement Project Major Capital Projects

Intrepid is focused on upgrading the capacity of its granulation capability throughout its operations Increased granulation efficiency and capacity provide flexibility of production between granular and standard and allow Intrepid to right size production to meet market demand This flexibility allows Intrepid to seek the highest returns on its products and improve profitability 15 Additional Granulation Capacity is Key to Marketing and Production Flexibility Granulation Projects Facility Product Anticipated Granulation Capacity Estimated In Service Date Moab, Utah Potash 100 percent of annual production In Service Wendover, Utah Potash 100 percent of annual production December 2011 Carlsbad, New Mexico East Facility Trio® 100 percent of annual Trio® in a granular form Early 2012 Carlsbad, New Mexico North Facility Potash 100 percent of annual production from West Mine and anticipated HB Solar Solution Mine production First Half 2013

Langbeinite Recovery Improvement Project – Focused on Capturing Growth & Margin Expected to increase Trio® recoveries to approximately 50 percent Grow production by 100,000 – 120,000 additional tons per year representing a ~75% increase in Trio® production Expected to reduce cash production cost per ton Designed to reduce process water consumption Capacity to granulate 100 percent of standard Trio® production, effectively tripling our granular capacity Ability to further increase production through additional recovery improvement opportunities Total project investment of approximately $85mm - $90mm Excellent IRR of ~25 percent 16 Project Benefits & Opportunities Project Economics

HB Solar Solution Mine expected to be among the lower-cost potash mines in North America 5 million tons of proven and probable reserves Capital investment of $200-$230 million Production cost per ton estimated to be $60 to $80 per ton Estimated annual production – 150,000-200,000 tons with higher volumes in earlier years On track to receive Record of Decision from the BLM in Q1 2012 Total area available to be flooded: 1.3x size of Manhattan Acreage considered in the EIS represents only a fraction of the total HB acreage 17 HB Solar Solution Mine – Production Growth through Incrementally Low-Cost Tons Potash Pillar HB Solar Solution Mine Injection Area

20 Solid Financial Performance Adjusted EBITDA(1) (In millions) Balance Sheet as of September 30, 2011 (1) This is a financial measurement not calculated based on U.S. Generally Accepted Accounting Principles (Non GAAP). Non-GAAP reconciliation available in the appendix to this presentation. Net Income (In millions) Earnings Per Share (Diluted) Cash and Investments $169 million Total Assets $914 million Debt Outstanding $ - Stockholders’ Equity $846 million Availability Under the Credit Line $250 million

Calculation of Adjusted EBITDA 21 Non-GAAP Reconciliation Adjusted Earnings before income taxes, interest, depreciation and amortization (“EBITDA”) is computed as net income adjusted for the add back of income tax expense, interest expense including derivatives, depreciation, depletion, amortization, asset retirement obligation liability accretion, write-off of term loan bank fee and impairment. This non-GAAP measure is presented since management believes that it provides useful additional information to investors for analysis of Intrepid’s ability to internally generate funds for capital investment. In addition, EBITDA is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry, and many investors use the published research of industry research analysts in making investment decisions. EBITDA should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, profitability, cash flow, or liquidity measures prepared under GAAP. Since EBITDA excludes some, but not all items that affect net income and net cash provided by operating activities and may vary among companies, the EBITDA amounts presented may not be comparable to similarly titled measures of other companies. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $9,520 $6,705 $11,846 $3,602 $11,659 $18,178 $28,279 $30,708 $25,507 6,392 2,294 7,661 2,490 8,187 11,420 18,851 20,068 16,547 4,270 5,310 6,539 6,687 6,60 7629 8,533 8,691 8,819 Total Adjustments 11,301 11,301 14,755 9,655 15,477 19,100 27,497 29,148 25,541 $20,821 $14,523 $26,601 $13,257 $27,136 $37,278 $55,776 $59,856 $51,048 51 639 2,147 2010 2011 2009 Add: Depreciation, depletion, amortization and accretion Adjusted Earnings Before Income Taxes, Interest 175 Depreciation, Depletion and Amortization 113 389 555 478 430 Net Income Add: Income tax expense Add: Interest Expense, including realized and unrealized derivative gains and/losses

Calculation of Adjusted Net Income 22 Non-GAAP Reconciliation Adjusted net income is calculated as net income adjusted for significant non-cash and unusual items. Examples of non-cash and unusual charges include insurance settlements from property and business losses, non-cash gains or losses associated with unrealized derivative adjustments, our abnormal production adjustment, and the write-off of costs associated with the delay in permitting for the HB Mine associated with contractor mobilization and demobilization. The non-GAAP measure of adjusted net income is presented because management believes it provides useful additional information to investors for analysis of Intrepid's fundamental business on a recurring normal basis. In addition, management believes that the concept of adjusted net income is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income should not be considered in isolation or as a substitute for net income, income from operations, cash provided by operating activities or other income, profitability, cash flow, or liquidity measures prepared under GAAP. Since adjusted net income excludes some, but not all items that affect net income and may vary among companies, the adjusted net income amounts presented may not be comparable to similarly titled measures of other companies. (1) Estimated effective tax rate of 39.6 percent for 2010 and 40.0 percent for 2009 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $9,520 $6,705 $11,846 $3,602 $11,659 $18,178 $28,279 $30,708 $25,507 (5) (1) - - - - (12,500) - - 117 (631) (89) (28) (56) (447) (321) (224) (368) 5,784 9,366 470 - - - - - - with the delay of the HB Mine - - - - - - - - - - - - (4,692) (3,230) 2,311 3,494 (151) 11 22 177 5,128 1,955 1,350 Total Adjustments 3,585 5,240 230 (17) (34) (270) (7,693) (2,956) (2,060) $13,105 $11,945 $12,076 $3,585 $11,625 $17,908 $20,586 $27,752 $23,447 2011 2009 Cost associated with abnormal production Write-off mobilization costs associated Other Calculated tax effect (1) Adjusted Net Income Unrealized derivative (gain) loss 2010 Net Income Adjustments Insurance settlements from property and business losses

23 Historical Quarterly Production and Sales Summary Quarter ended September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, September 30, Potash 200 201 137 131 112 124 172 165 166 224 234 209 173 Trio® 50 34 42 45 60 45 57 39 32 31 31 44 35 Potash 204 94 99 80 111 150 243 129 221 216 196 225 190 Trio® 50 17 38 45 40 25 70 63 45 27 52 39 54 Sales Volume (In thousands of short tons) 2008 2009 2010 Production Volume (In thousands of short tons) 2011

24 Intrepid Production Volume History & Outlook Tons (000’s) Intrepid’s Potassium Production Volume Growth Estimated Productive Capacity at Full Operating Rates(1) Historical ® ® Productive capacity is affected by operating rates, recoveries, mining rates and the amount of development work that Intrepid performs and, therefore, actual production rates for mining companies tend to be lower than estimated total productive capacity. 0 200 400 600 800 1,000 1,200 1,400 1,600 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Potash Production Trio Production Current Estimated Potash Productive Capacity Current Estimated Trio Productive Capacity LRIP Production HB Production

25 Why Potash Only? (1) Potash Corp. (2) Potash percentage represents 2007, nitrogen and phosphate percentages represent 2005 figures from Integer Research Ltd. (3) Estimated by Intrepid Potash based on publicly available historic production data. Operating capacity rates for nitrogen and phosphate expressed as percentage of nameplate capacity. Productive capacity for potash estimated based on publicly available historic production data. (4) Includes infrastructure outside the plant gates (e.g. rail, road networks, utility systems). (5) Includes all types of phosphate fertilizer production. Market Structure for Key Fertilizer Nutrients Potash Nitrogen Phosphate (5) Producing Countries 12 ~60 ~40 Key Inputs Potash ore Natural gas Phosphate rock Sulfuric acid Ammonia % of Overall Fertilizer Market (1) 17% 59% 24% Market Share of Top 5 Producers(2) 64% 13% Ammonia 39% Urea 41% Phosphoric Acid 49% Phosphate Rock % of Production Government Controlled(1) 19% 51% 50% Industry Nameplate Operating Rate (2) 85% Potash (93% Productive Capacity)(3) 86% Ammonia 89% Urea 81% Phosphoric Acid 82% Phosphate Rock Time for Greenfield Minimum 7 years 3 years 3 – 4 years Logistics for Greenfield Most Difficult Least Difficult More Difficult Estimated Cost for Greenfield (1,4) $6.5 Bn for 2.2MM Tons $1.4Bn for 1.0MM Tons $1.5Bn for 1.0MM Tons

26 Depleted Conventional Mines Mines Currently With Less than 15 Years Reserve Life Theodore, Amelie, Marie Louis mines- France Pasquasi and San Cataldo mines - Italy Salzdetfurth, Friedrichshall, Bergmannssegen-Hugo, Siegfried-Giesen, and Niedersachen-Riedel - Germany Trona, California Horizon-Amax, Wills-Weaver, Saunders – Carlsbad, NM Hersey, United States - Mosaic Boulby, England – ICL Soligorsk I, Belarussia - Belaruskali Taquari, Brazil – Vale sources: Fertecon, Intrepid Potash®, and public filings Global Industry Susceptible to Production Interruptions & Supply “Shocks” Mine Closures Due to Water Inflows PCA (Patience Lake) (0.8MM tons KCL / yr) Potacan mine (0.8MM tons KCL / yr) Mines with Water Inflows K2 Mine Esterhazy Penobsquis Mine, Sussex Belaruskali Mine #2 St. Paul mine(Congo) (0.8MM tons KCL / yr) 1980 1984 1988 1996 2000 2011 2004 1992 1976 Berezniki I (1.3MM tons KCL / yr) Berezniki 3 mine (1.8MM tons KCL / yr) Mine Closures Due to Depletion Due to geology, in the 70 plus years of potash mining in the Carlsbad area, there has never been a mine lost to flooding or a water incursion

United States Potash Consumption 27 Sources : Fertecon, United States Department of Agriculture (USDA). Potash consumption is shown in fertilizer years (July – June). Grains stocks include: Barley, Corn, Oats, Sorghum, Wheat Potash fertilizer consumption has remained relatively constant, with an annual volatility of approximately eight percent, over the past 27 years Corn acres planted in the U.S. in the years 2007 through 2010 were 93.5, 86.0, 86.4 and 88.2 million acres. 2011 planted acreage is estimated at 92.3MM acres. 1982: Recession leads to lower consumption; Payment In Kind program reduces planted acres 1991-1997: Low grain stocks lead to increased consumption 1998: Russian financial crisis impacts world markets 2001- mid 2008: Global economic expansion leads to increased demand (2006 delayed Chinese negotiations) 2010: Strong Recovery in US Agricultural Markets 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 2,000 4,000 6,000 8,000 10,000 12,000 Grains Stocks-to-Use Ratio KCL Tons ('000) FERTECON U.S. Potash Consumption and Grains Stocks-to-Use Ratio KCL Tons Average KCl Consumption Stocks-to-Use Ratio

28 Potash Production and North American Inventory Levels N. American Inventory (000s Tons KCL Equivalent) Sources: IPNI, Fertecon, Intrepid Potash®. Potash Production (000s Tons KCL Equivalent) Global Production North American Production 5,000 15,000 25,000 35,000 45,000 55,000 65,000 75,000 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 500 1000 1500 2000 2500 3000 3500 4000 Potash Inventory (000s tons KCl equivalent) North American Potash Inventory Since Jan. '09 Actual Inventory Level 5 yr avg. Monthly Inventory

29 To Reach Recommended Application Levels, Brazil, India and China Must Increase Demand China Brazil India sources: IPNI, Potash Corp. (MM Tons KCL) Goal to attain self-sufficiency of food supply History of under-application of potash Need to increase yields Increasing land use for agricultural purposes ~15MM ~7MM ~5MM 0 5 10 15 20 25 30 35 Current Potential 0 2 4 6 8 10 12 Current Potential 0 2 4 6 8 10 12 Current Potential

Return on Potash Investment for Corn & Soybeans 30 ROI assumes 146.7 bu/acre and $5.51/bu for corn, 41.3 bu/acre yield and $10.96 for soybeans, $565/ton KCL (crop prices based on Dec. 2011 futures price minus $0.30 basis as of 12/06/11) Input Costs for Corn ($/bu) Input Costs for Corn ($/acre) Return on Potash Investment Sources: USDA, IPNI, CME, & Intrepid Potash®. Corn Soybeans Input costs for corn use USDA estimate of 146.7 bu/acre for corn. Soil Test Level Application Rate Value of Cost of Return from ROI % of U.S. Fields (ppm) Classification Yield Response to K (lbs/acre K20) Response Potash Potash $/$ 15% 0-80 Very Low/Low 35% 115.64 165.08 $ 54.50 $ 110.57 $ 3.03 $ 23% 81-130 Medium 13% 57.82 61.31 $ 27.25 $ 34.06 $ 2.25 $ 15% 131-160 High 2% 28.91 9.43 $ 13.63 $ (4.19) $ 0.69 $ 47% 161+ Very High - 0.00 - - - - 2011/12 Revenue 808.90 $ Gross Margin 192.39 $ Input Costs Potash 29.69 $ 5% Total Fertilizer 143.56 $ 23% Other Variable 197.96 $ 32% Non-Land 139.67 $ 23% Land 135.32 $ 22% Total 616.51 $ % of Total Costs 2011/12 Revenue $5.51 Gross Margin $1.31 Input Costs Potash $0.20 5% Total Fertilizer $0.98 23% Other Variable $1.35 32% Non-Land $0.95 23% Land $0.92 22% Total $4.20 % of Total Costs