Mr. Matthew O'Neill reports

ITAFOS CONFIRMS DECLARATION OF SPECIAL DIVIDEND

Itafos Inc. has confirmed its previously announced declaration of a five-cent-per-share special cash dividend, approved by its board of directors on March 19, 2025, payable on April 25, 2025, to shareholders of record at the close of business on April 9, 2025.

Registered shareholders who are Canadian residents, as reflected in the company's shareholder register, will receive their dividend in Canadian dollars. Registered shareholders who are resident outside of Canada, as reflected in the company's shareholder register, including the United States, will receive their dividend in U.S. dollars, based on the spot price exchange rate calculated on April 25, 2025. Intermediaries who are CDS participants may elect to have the dividend paid in U.S. dollars. Shareholders who hold their shares through a broker or intermediary should contact their broker or intermediary directly for further details.

Dividend payments to shareholders will generally be subject to Internal Revenue Service withholding tax, unless reduced through the completion of tax election forms and/or in accordance with the provisions of an applicable tax treaty. Both U.S.-resident and non-U.S.-resident registered shareholders should complete the appropriate tax forms and submit them to Itafos's transfer agent, TSX Trust Company, to be entitled to a reduced withholding tax rate. Shareholders who hold their shares through a broker or intermediary should contact their broker or intermediary directly for further details.

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 the following production capacity:
  • Approximately 550,000 tonnes per year of MAP, 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 the following production capacity:
  • Approximately 500,000 tonnes per year of single superphosphate and SSP with micronutrients;
  • 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.

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