Itafos Announces Notice to Proceed for Husky 1/North Dry Ridge; Solidifying the Potential for Mineral Resource Life Through 2037(1) - Seite 2

The Company’s shares trade on the TSX Venture Exchange (“TSX-V”) under the ticker symbol “IFOS”.

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Scientific and Technical Information

Note (1) – Timeline for Husky 1 / North Dry Ridge based on management estimates and subject to certain assumptions, including successful permitting and development activities. The Husky 1 / North Dry Ridge mine life extension is based on a Preliminary Economic Assessment (“2019 PEA”) included in the Conda Technical Report (as defined below). The 2019 PEA on the H1 and NDR properties is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2019 PEA will be realized. Readers are referred to the Conda Technical Report for the applicable qualifications and assumptions in connection with its 2019 PEA.

The scientific and technical information contained in this news release related to Mineral Resources for Conda has been reviewed and approved by Jerry DeWolfe, Professional Geologist (P.Geo.) with the Association of Professional Engineers and Geoscientists of Alberta. Mr. DeWolfe is a full-time employee of WSP Canada Inc. and is independent of the Company. The scientific and technical information contained in this news release related to Mineral Reserves for Conda has been reviewed and approved by Edward Minnes, Professional Engineer (P.E.) licensed by the State of Missouri. Mr. Minnes is a part-time employee of WSP USA Inc. and is independent of the Company. The Company’s latest technical report in respect of Conda is entitled, “NI 43-101 Technical Report on Itafos Conda and Paris Hills Mineral Projects, Idaho, USA,” with an effective date of July 1, 2019 (the “Conda Technical Report”) and is available under the Company’s website at www.itafos.com and under the Company’s profile on SEDAR at www.sedar.com.

Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information, including statements with respect to the timing for commencement of operations at H1 / NDR, the expected resource life of H1 / NDR and the sources of funding to be used for the development of H1 / NDR. All information other than information of historical fact is forward- looking information. The use of any of the words “intend”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward- looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.