Itafos Inc. announced the results of the updated Feasibility Study (FS or feasibility study) for the Farim Phosphate Project (the Farim Project), a high-grade phosphate mine project located in Guinea-Bissau, West Africa. After-tax net present value (NPV) (10%) of $572 million at a base case life-of-mine (LOM) average rock price of $197.5 per tonne concentrate. After-tax internal rate of return (IRR) of 34.9% and after-tax payback on pre-production capital expenditures of 4.2 years.

High-grade, free-dig open-pit mine with an average run-of-mine (ROM) P2O5 grade (dry basis) of 30.0% and an overall ROM strip ratio of 10.09 bank cubic meters (bcm) per tonne of ROM phosphate matrix. LOM production of approximately 2.19 million tonnes per annum (Mt/a) of ROM phosphate matrix on an as-received basis (at approximately 20% moisture) or 1.75 Mt/a ROM phosphate matrix on a dry basis. The process plant is designed to achieve an annual throughput of 1.75 Mt/a. The material from the south and north pits are expected to produce 1.36 Mt/a and 1.30 Mt/a of dried concentrate product annually, respectively.

Estimated pre-production capital expenditures (CAPEX) of $308 million, yielding after-tax NPV:CAPEX ratio of 1.9:1 LOM all-in Operating Cost of $70.9/tonne rock concentrate loaded Free on Board (FOB) basis. Proven and Probable Mineral Reserves of 43.8 million tonnes at 30.0% P2O5. Data Verification: The Mineral Resource Qualified Person (QP), Jerry DeWolfe, P.Geo.

considers sample preparation, analytical, and security protocols employed by the Farim Project to be acceptable. The QP has reviewed the QA/QC procedures used by the Company including the use of certified reference materials, blank, duplicate, and umpire data, and considers the assay database to be adequate for Mineral Resource estimation. The QP also carried out data verification both on site and on the database.

This included a review of the assay database and collar locations.