Mr. David Delaney reports

ITAFOS ENTERS INTO MONOAMMONIUM PHOSPHATE OFFTAKE AGREEMENT

Itafos Inc. has entered into a monoammonium phosphate sales agreement (the MAP offtake agreement) with J.R. Simplot Company, an international food and agriculture company.

Pursuant to the MAP offtake agreement, Itafos will sell J.R. Simplot Company 100 per cent of the monoammonium phosphate (MAP) produced by the company at its manufacturing facility located in Conda, Idaho, during the term of the MAP offtake agreement which will commence on Jan. 1, 2024, with a term of five years.

"We are very excited to announce this agreement, which marks a significant milestone for Itafos," said G. David Delaney, chief executive officer of Itafos.

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.

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