Mr. Matthew O'Neill reports

ITAFOS FILES UPDATED FEASIBILITY STUDY FOR THE FARIM PHOSPHATE PROJECT

Itafos Inc., further to its news release on May 17, 2023, has filed the National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical report for the Farim phosphate project, a high-grade phosphate mine project located in the northern part of central Guinea-Bissau, West Africa.

The technical report, entitled "Farim Phosphate Project -- NI 43-101 Technical Report and Feasibility Study," with an effective date of May 17, 2023, was prepared for the company by Ausenco Engineering Canada Inc. in accordance with NI 43-101. The Farim technical report was prepared to summarize the results of an updated feasibility study for the Farim project, and consolidate all project derisk work conducted between 2015 and 2022. Ausenco was supported by KEMWorks Technology Inc., WSP/Golder, Knight Piesold Ltd., WF Baird & Associates, and Kristal Font Inc.

The report is available on SEDAR under the company's issuer profile and on the company's website.

About Itafos Inc.

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, United States, with production capacity as follows:
  • Approximately 550,000 tonnes per year of monoammonium phosphate (MAP), MAP with micronutrients (MAP+), superphosphoric acid (SPA), merchant grade phosphoric acid (MGA) and ammonium polyphosphate (APP);
  • Approximately 27,000 tonnes per year of hydrofluorosilicic acid (HFSA).
• Arraias -- a vertically integrated phosphate fertilizer business located in Tocantins, Brazil, with production capacity as follows:
  • Approximately 500,000 tonnes per year of single superphosphate (SSP) and SSP with micronutrients (SSP+);
  • Approximately 40,000 tonnes per year of excess sulphuric acid (220,000 tonnes per year gross sulphuric 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 Para, Brazil;
• Araxa -- a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas Gerais, Brazil.

In addition to the businesses and projects described above, the company also owns Mantaro (Junin, Peru), a phosphate mine project that is in the process of being wound down.

The company is a Delaware corporation that is headquartered in Houston, Tex. The company's principal shareholder is CL Fertilizers Holding LLC (CLF). CLF is an affiliate of Castlelake LP, a global private investment firm.

We seek Safe Harbor.