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    Jason Ursaner

    General Partner and Portfolio Manager at Bumbershoot Holdings

    Jason Ursaner is a General Partner and Portfolio Manager at Bumbershoot Holdings, specializing in value-oriented investment research with an emphasis on small- and mid-cap companies. He has notably covered firms such as Viking Therapeutics and Intrepid Potash, generating significant outperformance exemplified by a 500%+ return in Viking shares from mid-2017 onward. Ursaner previously served as Managing Director at CJS Securities before joining Bumbershoot Holdings, and holds a Bachelor of Applied Science in Computer Science from the University of Pennsylvania. His professional background also includes analytics-driven investment leadership and rigorous research standards, though specific securities licenses or FINRA registration details are not publicly listed.

    Jason Ursaner's questions to Intrepid Potash (IPI) leadership

    Jason Ursaner's questions to Intrepid Potash (IPI) leadership • Q2 2025

    Question

    Jason Ursaner from Bumbershoot Holdings asked for a long-term perspective on production, questioning how current injection rates and brine grade declines fit into the company's strategy. He also pressed on the timing for a more formal capital allocation strategy given the rapidly accumulating cash balance.

    Answer

    CFO Matt Preston explained that lower brine grades are a result of reduced overall residence time from pulling harder on existing caverns without the new Amax source. CEO Kevin Crutchfield stated that capital allocation is a constant board discussion, and while stabilizing operations is the current priority, the growing cash position will bring the topic 'to the fore'.

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    Jason Ursaner's questions to Intrepid Potash (IPI) leadership • Q2 2025

    Question

    Jason Ursaner asked for a longer-term view on production and brine grades following the Amax news and previous CapEx investments. He also questioned the company's capital allocation strategy, noting the rapidly accumulating cash balance and asking when shareholder returns might become a primary focus.

    Answer

    CFO Matt Preston explained that the lower 2026 brine grade is due to pulling harder on existing caverns, which reduces brine residence time. CEO Kevin Crutchfield addressed capital allocation, stating it is 'always relevant' and a frequent topic for the board. He emphasized the current priority is stabilizing core operations but acknowledged that the growing cash balance and potential future events would bring the capital return discussion 'to the fore'.

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    Jason Ursaner's questions to Intrepid Potash (IPI) leadership • Q2 2025

    Question

    Jason Ursaner asked for a longer-term view on production, inquiring about injection rates, the cause of declining brine grades, and the company's capital allocation strategy. He highlighted the rapidly growing cash balance and questioned at what point returning capital to shareholders would become a primary focus.

    Answer

    CFO Matthew Preston explained that the brine grade will decline in the near term because the company must pull harder on existing caverns, reducing brine residence time, due to the lack of an available Amax cavern. CEO Kevin Crutchfield addressed capital allocation, stating it is 'always relevant' and a frequent board topic. He emphasized that while the current focus is on strengthening core operations, the accumulating cash and potential external events would bring the capital return discussion 'to the fore' for a 'very robust discussion.'

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    Jason Ursaner's questions to Intrepid Potash (IPI) leadership • Q1 2025

    Question

    Jason Ursaner asked for clarification on the significant cash flow generation in April, seeking to understand the timing of cash conversion during the spring season. He also requested an update on the XTO land deal within the Oilfield Solutions segment and questioned the company's capital allocation strategy given its growing cash balance.

    Answer

    CFO Matt Preston confirmed that Q2 is seasonally the strongest cash flow quarter and the early May cash balance likely represents a high point for the year, with a drawdown expected in H2 for capital spending. Zachry Adams, VP of Sales and Marketing, stated there was no new insight into Exxon's (XTO) drilling plans. Regarding capital allocation, Matt Preston reiterated the focus on strengthening core assets to ensure consistent performance, after which a board discussion on deploying excess cash would become more pertinent.

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    Jason Ursaner's questions to Intrepid Potash (IPI) leadership • Q4 2024

    Question

    Jason Ursaner of Bumbershoot Holdings asked for clarification on unit cost trends, brine grade improvements, the strategic value of the Oilfield Solutions segment given recent M&A in the Permian, and the rationale for delaying a capital return program.

    Answer

    CFO Matt Preston clarified that the next major drop in unit costs is expected in H2 2025 with improvements at the Wendover facility and confirmed that brine grades are strong following recent capital projects. CEO Kevin Crutchfield addressed the oilfield assets, stating that while valuable, the company is open to discussions if another party sees greater value. He also emphasized that establishing consistent free cash flow from core assets is the primary focus and a prerequisite before the board will consider a capital return program.

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    Jason Ursaner's questions to Intrepid Potash (IPI) leadership • Q3 2024

    Question

    Jason Ursaner of Bumbershoot Holdings asked about the impact of potential global supply shifts on the U.S. market, distributor inventory levels, the role of byproduct sales in cost calculations, and sought clarification on the potash production pull-forward from 2025 into 2024.

    Answer

    CFO Matt Preston noted that potential global production cuts highlight how balanced the current market is. VP Zachry Adams added that distributors are managing capital carefully by not carrying excess inventory between seasons, but demand for spring fill is expected to be strong. Preston clarified that byproduct sales are accounted for separately and do not directly reduce potash production costs; the cost improvements are purely from higher production volumes over a fixed cost base. He also confirmed that the higher 2024 production forecast is partly due to pulling forward tons that were previously expected in H1 2025.

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    Jason Ursaner's questions to Orion Group Holdings (ORN) leadership

    Jason Ursaner's questions to Orion Group Holdings (ORN) leadership • Q3 2024

    Question

    Jason Ursaner of Bumbershoot Holdings asked about management's confidence in achieving long-term profitability and margin targets, especially in the Marine segment, given the strong demand outlook. He also requested a reminder of the specific margin goals for the Marine business.

    Answer

    Executive Travis Boone affirmed his confidence is higher than ever, attributing it to the company's improved operational performance and ability to scale. CFO Scott Thanisch added that the company is different than it was two years ago due to investments in operations and business development. Boone reiterated the target for the Marine business is low double-digit EBITDA margins, achievable once the company scales to over $1 billion in revenue.

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    Jason Ursaner's questions to CHARLES & COLVARD (CTHR) leadership

    Jason Ursaner's questions to CHARLES & COLVARD (CTHR) leadership • Q1 2024

    Question

    The analyst asked about the ongoing costs related to the cybersecurity issue, the roadmap and success metrics for the 'Made' brand, how it integrates with other company brands, the status of the moissanite outlet, and if the brand persona of Charles & Colvard has changed recently.

    Answer

    The executive responded that the bulk of cybersecurity expenses are behind them and they expect an insurance recovery. The 'Made Shopping' platform is a separate destination to create content and sell a wider range of products, including those not fitting the premium charlesandcolvard.com standard. It's currently in early stages, streaming to various social platforms. The moissanite outlet is a separate channel for end-of-life inventory. The core Charles & Colvard brand persona has been elevated to be more upmarket, leveraging the affordability of lab-grown diamonds for higher-end designs.

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