Mr. David Delaney reports

ITAFOS FILES AND ANNOUNCES RESULTS OF UPDATED ITAFOS CONDA TECHNICAL REPORT, INCREASING MINERAL RESERVES AND SUCCESSFUL MINE LIFE EXTENSION THROUGH 2037

Itafos Inc. has filed an updated technical report for Itafos's Conda project, a vertically integrated phosphate fertilizer project in Idaho. The Conda technical report demonstrates increased mineral reserves and the opportunity for continued operations at the Conda project through 2037.

The Conda technical report, titled "NI 43-101 Technical Report Itafos Conda Project Idaho, USA," with an effective date of July 1, 2023, was prepared for Itafos by WSP USA Inc. in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The Conda technical report is available on SEDAR+ under the company's issuer profile and on the company's website.

Technical report highlights for Conda project:

• The mine schedule shows ore production for the Conda project through 2037.
• The mineral resource estimate for Husky1-South Maybe Canyon and North Dry Ridge increased from 38.1 million short tons (dry) at approximately 24.3 per cent to approximately 27.0 per cent P2O5 to 40.5 million short tons (dry) at approximately 24.2 per cent to 26.7 per cent P2O5.
• The total estimated mineral reserves for Conda increased from 14.4 million short tons (dry) at approximately 26.6 per cent P2O5 (as of July 1, 2019) to 33.7 million short tons (dry) at approximately 25.0 per cent P2O5 (as of July 1, 2023).
• The Rasmussen Valley mine block model did not change based on the results from reconciliation between the 2019 model estimates and the production results up to the effective date of the Conda technical report (July 1, 2023). The estimated remaining mineral resource after the effective date of July 1, 2023, is 5.9 million short tons (dry) at approximately 25.9 per cent P2O5. The estimated remaining mineral reserve after the effective date of July 1, 2023, is 4.3 million short tons (dry) at approximately 26.0 per cent P2O5.

David Delaney, the company's chief executive officer, commented: "The updated Conda technical report validates and updates the proven and probable reserve estimates that support the H1/NDR project with proven mine life through 2037. Following the notice to proceed in May, 2023, we have been working diligently on capital activities associated with the H1/NDR project with H1/NDR ore recovery expecting to start in late 2024. The Conda technical report and associated capital activities are the culmination of our strategic objective of extending Conda's mine life."

The Conda technical report includes mineral reserve estimates for RVM and H1/NDR, all of which are wholly owned by Itafos Conda. The mineral reserve estimates for these deposits were prepared by WSP, and this news release is the initial public disclosure of such mineral reserve estimates.

The effective date for the mineral reserve estimate is July 1, 2023. There have been no material changes in the available information for the deposits between the effective date of the mineral reserve estimate and the date of this news release.

About the deposits

The phosphate mineralization encountered at the deposits considered in the Conda technical report occurs as stratigraphically controlled sedimentary phosphate mineralization within the Meade Peak member of the early Permian phosphoria formation. The Meade Peak member is further subdivided into an upper phosphate zone and a lower phosphate zone, separated by an unmineralized centre interburden zone. The mineral reserve estimates include mineralization from both the upper phosphate zone and lower phosphate zone.

Project risks

Project risks have been outlined in the Conda technical report, along with mitigation plans to derisk the Conda project. Costs have been estimated to a level of accuracy suitable for a preliminary feasibility study. Overall economic risks include financing, price escalation, inflation, commodity sales price variability and general global economic conditions. General technical risks include project construction timeline, surface water management, geotechnical uncertainty, mining productivity, achieving optimum P2O5 grade and recovery, and waste management.

Conda technical report and qualified persons

Readers are encouraged to read the Conda technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the preliminary feasibility study. The Conda technical report is intended to be read as a whole, and sections should not be read, or relied upon, out of context.

Scientific and technical information contained in this news release was reviewed and verified by:

• Jerry DeWolfe, PGeo, WSP Canada Inc. (formerly WSP Golder), geology and mineral resources;
• Terry L. Kremmel, PE, WSP USA (formerly WSP Golder), mineral reserves and mining methods;
• Mitchell J. Hart, PE, Arcadis Inc., environmental, permitting, and social or community impact;
• Luc Adjanor, MIMMM, Adjanor and Associates Ltd., metallurgy and mineral processing.

Each of these persons is a qualified person as defined by National Instrument 43-101 for the Conda project, has the ability and authority to verify the authenticity and validity of the data, and is independent from the company. Each of these qualified persons has reviewed and verified the respective scientific and technical disclosure contained in this news release.

Further information about the Conda project, including a description of the key assumptions, description of sampling methods, data verification and quality assurance/quality control programs, methods relating to resources and reserves, and factors that may affect those estimates will be contained in the Conda technical report.

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 with micronutrients, superphosphoric acid, merchant-grade phosphoric acid and ammonium polyphosphate;
  • Approximately 27,000 tonnes per year of hydrofluorosilicic acid;
• Arraias: a vertically integrated phosphate fertilizer business located in Tocantins, Brazil, with production capacity as follows:
  • Approximately 500,000 t per year of single superphosphate and SSP with micronutrients;
  • Approximately 40,000 t per year of excess sulphuric acid (220,000 t 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 element and niobium mine and extraction plant project located in Minas Gerais, Brazil.

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 is an affiliate of Castlelake LP, a global private investment firm.

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