Mr. David Delaney reports

ITAFOS PARTIALLY MONETIZES EQUITY INTEREST IN ST GEORGE MINING LIMITED

Itafos Inc. has partially monetized its ownership interest in St. George Mining Ltd. that it acquired as consideration for the sale of its Araxa project, announced in February of this year. On Oct. 13 and Oct. 14, 2025, Itafos sold 277,893,103 ordinary shares of St. George and expects to receive total gross proceeds of approximately $18.3-million (U.S.) on Oct. 16 or Oct. 17, 2025, based on current exchange rates and before certain fees and applicable taxes. On Oct. 16, 2025, Itafos issued an exercise notice to exercise 86,111,025 options at four Australian cents per share.

Together with the initial payment received by Itafos in February, 2025, of $10-million (U.S.) (less withholding tax payable), Itafos has received total gross proceeds of approximately $28.3-million (U.S.) (less applicable taxes and fees) from St. George for the sale of its Araxa project. Under the terms of the sale agreement with St. George, a further $11-million (U.S.) is payable in two instalments. Additionally, future value is attributable to the shares issued on exercise of the option, given the options were in the money. This financial result demonstrates the company's commitment to monetize its non-core assets, strengthen its balance sheet and deliver value to shareholders.

David Delaney, chief executive officer of the company, commented: "The partial monetization of the ownership interest in St. George that we acquired from the divestiture of our Araxa rare earth project earlier this year is another indication of our intentions to deliver long-term value to our shareholders by focusing on our core businesses. The equity interest in St. George that we received as a portion of the total consideration for the sale of Araxa had appreciated significantly since the sale closing date as St. George has been able to derisk and advance the development of the project. As a result, we were able to recognize meaningful value from the sale of the SGQ shares at this time."

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; and
  • Approximately 27,000 t 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; and
  • 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; and
• 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 shares trade on the TSX Venture Exchange under the ticker IFOS. The company's shares also trade in the United States on the OTCQX Best Market under the ticker symbol ITFS. The company's principal shareholder is CL Fertilizers Holding LLC. CLF is an affiliate of global private investment firm Castlelake LP.

We seek Safe Harbor.