Itafos Announces Restricted Share Unit Grants

HOUSTON, April 11, 2024 (GLOBE NEWSWIRE) -- Itafos Inc. (TSX-V: IFOS) (“Itafos” or the “Company”) announced today that the Company has granted, in the aggregate, 1,005,987 restricted share units (“RSUs”) to directors and officers of the Company effective as of March 26, 2024. The RSUs vest on a one-third per annum basis for a three-year period. Certain grants are also subject to the fulfilment of additional conditions. Each vested RSU entitles the holder to receive one share of the Company or a cash payment equal to the equivalent of one share. All grants of RSUs are subject to the Company’s restricted share unit plan. The grants were made as part of Itafos’ annual compensation process and are intended to appropriately reward past and ongoing contributions and to incentivize contributions to Itafos’ success in the future.

About Itafos

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, US with production capacity as follows:
  • approximately 550kt per year of monoammonium phosphate (“MAP”), MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”); and
  • approximately 27kt per year of hydrofluorosilicic acid (“HFSA”);
• Arraias – a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with production capacity as follows:
  • approximately 500kt per year of single superphosphate (“SSP”) and SSP with micronutrients (“SSP+”); and
  • approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric 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 Pará, Brazil; and
• Araxá – a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas Gerais, Brazil.
  

As at December 31, 2023 the Company has completed the wind down process of the Mantaro mine project (located in Junin, Peru).

The Company is a Delaware corporation that is headquartered in Houston, TX. The Company’s shares trade on the TSX Venture Exchange (“TSX-V”) under the ticker symbol “IFOS”. The Company’s principal shareholder is CL Fertilizers Holding LLC (“CLF”). CLF is an affiliate of Castlelake, L.P., a global private investment firm.