Mr. Matthew O'Neill reports

ITAFOS FILES TECHNICAL REPORT FOR UPDATED PRELIMINARY ECONOMIC ASSESSMENT FOR THE ARRAIAS PHOSPHATE PROJECT

Further to the news release on Jan. 27, 2026, Itafos Inc. has filed the National Instrument 43-101 (Standards of Disclosure for Mineral Projects) technical report to support the updated preliminary economic assessment for the Arraias phosphate project, a phosphate mine project located in Tocantins, Brazil.

The technical report, entitled "NI 43-101 Technical Report Preliminary Economic Assessment, Arraias Phosphate Operations, Tocantins, Brazil," with an effective date of Jan. 30, 2026, was prepared for the company by WSP Canada Inc. in accordance with NI 43-101. The Arraias technical report was prepared to summarize the results of the PEA and consolidate all project work to date. WSP was supported by Millcreek Engineering.

The report is available on SEDAR+ under the company's issuer profile and on the company's website.

About Itafos Inc.

The company is a phosphate and specialty fertilizer company with businesses and projects spanning three continents:

• 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 270,000 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 SSP 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; 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.