Mr. Matthew O'Neill reports

ITAFOS ANNOUNCES RESTRICTED SHARE UNIT GRANTS

Itafos Inc. has granted, in the aggregate, 1,005,987 restricted share units (RSUs) to directors and officers of the company, effective as of March 26, 2024. The RSUs vest on a one-third-per-annum basis for a three-year period. Certain grants are also subject to the fulfilment of additional conditions. Each vested RSU entitles the holder to receive one share of the company or a cash payment equal to the equivalent of one share. All grants of RSUs are subject to the company's restricted share unit plan. The grants were made as part of Itafos's annual compensation process and are intended to appropriately reward past and continuing contributions, and to incentivize contributions to Itafos's success in the future.

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, 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.

As at Dec. 31, 2023 the company has completed the wind down process of the Mantaro mine project (located in Junin, Peru).

The company is a Delaware corporation that is headquartered in Houston, Tex. The company's shares trade on the TSX Venture Exchange under the ticker symbol IFOS. 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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