Itafos Announces Notice to Proceed for Husky 1/North Dry Ridge; Solidifying the Potential for Mineral Resource Life Through 2037(1)

• All approvals were received for the Notice to Proceed (“NTP”) for the Husky 1/North Dry Ridge(“H1/NDR”) mine development project, which marks the final step in a multi-year process working collaboratively with federal, state and local stakeholders
  
• The NTP approval solidifies the potential for long-lived operations, with mineral resource mine life through 2037 and potential for additional mineral resources thereafter through leases and third-party agreements⁽¹⁾
• Activities commenced on the requisite infrastructure and civil works required for the mine development upon receipt of the NTP
  

HOUSTON, May 10, 2023 (GLOBE NEWSWIRE) -- Further to the April 24^th announcement regarding the Record of Decision, Itafos Inc. (TSX-V: IFOS) (“Itafos” or the “Company”) has received the Notice to Proceed (“NTP”) for the Husky 1 / North Dry Ridge (“H1 / NDR”) mine development project. Upon receipt of the NTP, the Company has begun capital activities associated with the mine development project. The H1 / NDR project is expected to be internally funded and is comprised primarily of infrastructure and mine related development, while continuing to utilize the Conda plant for processing and fertilizer production. Mineral resources from H1 / NDR are expected in 2026,⁽¹⁾ providing an uninterrupted supply as the Rasmussen Valley Mine reaches the end of its useful life.

David Delaney, Chief Executive Officer, commented, “The Notice to Proceed is the final approval step to allow us to achieve our strategic goal of extending Conda’s mine life with H1 / NDR. Itafos, and the Conda community, would like to thank the Bureau of Land Management, the U.S. Forest Service and all the other regulatory agencies for their diligent and collaborative work on this project. The Itafos team at Conda is quickly mobilizing resources and operations to begin the development of H1/NDR.”

About Itafos

The Company is a phosphate and specialty fertilizer company. The Company’s businesses and projects are as follows:

• Conda – a vertically integrated phosphate fertilizer business located in Idaho, US with production capacity as follows:
  • approximately 550kt per year of monoammonium phosphate (“MAP”), MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”); and
  • approximately 27kt per year of hydrofluorosilicic acid (“HFSA”);
• Arraias – a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with production capacity as follows:
  • approximately 500kt per year of single superphosphate (“SSP”) and SSP with micronutrients (“SSP+”); and
  • approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric acid production capacity);
• Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau;
• Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil; and
• Araxá – a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas Gerais, Brazil.