Itafos Inc. has received the Notice to Proceed ("NTP") for the Husky 1 /North Dry Ridge ("H1 /NDR") mine development project. Upon receipt of the NTP, the Company has begun capital activities associated with the mine development project. The H1 /NDR project is expected to be internally funded and is comprised primarily of infrastructure and mine related development, while continuing to utilize the Conda plant for processing and fertilizer production.

Mineral resources from H1 /NDR are expected in 2026,(1) providing an uninterrupted supply as the Rasmussen Valley Mine reaches the end of its useful life.