Itafos Announces Notice of Intent FOR Conda MINE Life Extension
ITAFOS ANNOUNCES NOTICE OF INTENT FOR CONDA MINE LIFE EXTENSION
TORONTO, ON – December 23, 2020 – Itafos (TSX-V: IFOS) (the “Company”) announced today the
achievement of a key milestone regarding Conda’s mine life extension following the publication of the Notice
of Intent (“NOI”) to prepare an Environmental Impact Statement (“EIS”) for the Husky 1/North Dry Ridge
(“H1/NDR”) mine development project. The Company previously def ined H1/NDR as the path forward for
Conda’s mine life extension following completion of the independent technical report encompassing Conda
and Paris Hills deposits during 2019.
“The initiation of the EIS process is a significant step toward s executing on our key objective of extending
Conda’s mine life through permitting and developing H1/NDR. Conda has a more than 30 year track record
of safe and reliable operations and we look forward to continuing to serve our customers for many years to
come,” said Tim Vedder, General Manager of Conda.
The NOI formally commences the National Environmental Policy Act (“NEPA”) EIS preparation and public
engagement process by the U.S. Department of the Interior Burea u of Land Management and the U.S.
Department of Agriculture Forest Service. The NEPA process is designed to help public officials complete
permitting decisions that are protective of the environment and includes a public engagement process. The
NOI states the intended schedule is to complete the final EIS by November 2021 and associated Records
of Decision by February 2022.
On October 30, 2019, the Company announced the results of the i ndependent technical report
encompassing Conda and Paris Hills deposits and defined H1/NDR as the Company’s path forward for
mine life extension. The independent technical report was compi led by Golder Associates Ltd. and titled
“NI 43-101 Technical Report on the Itafos Conda and Itafos Pari s Hills Mineral Projects, Idaho, USA” (the
“Conda Technical Report”). On D ecember 16, 2019, the Company an nounced the conversion of Mineral
Resources to Mineral Reserves related to Conda’s existing mines , which are expected to extend Conda’s
mine life through mid-2026. The Conda Technical Report is avail able under the Company’s profile on
SEDAR at www.sedar.com and on the Company’s website at www.itafos.com.
About Itafos
The Company is a pure play phosphate and specialty fertilizer p latform with an attractive portfolio of
strategic businesses and projects located in key fertilizer markets, including North America, South America
and Africa.
The Company’s businesses and projects are as follows:
Conda – a vertically integrated phosphate fertilizer business with production capacity of
approximately 550kt per year of monoammonium phosphate (“MAP”), MAP with micronutrients
(“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium
polyphosphate (“APP”) located in Idaho, US;
Arraias – a vertically integrated phosphate fertilizer busines s with production capacity of
approximately 500kt per year of single superphosphate (“SSP”), SSP with micronutrients (“SSP+”)
and approximately 40kt per year of excess sulfuric acid located in Tocantins, Brazil;
Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau;
Paris Hills – a high-grade phos phate mine project located in Idaho, US;
Santana – a vertically integrated high-grade phosphate mine an d fertilizer plant project located in
Pará, Brazil;
Mantaro – a phosphate mine proj ect located in Junin, Peru; and
Araxá – a vertically integrated rare earth elements and niobiu m mine and extraction plant project
located in Minas Gerais, Brazil.
The Company’s principal shareholder is CL Fertilizers Holding LLC (“CLF”). CLF is an affiliate of Castlelake,
L.P., a global private investment firm.
The Company’s shares trade on the TSX Venture Exchange (“TSX-V” ) under the trading symbol “IFOS”.
The Company’s registered office is at Ugland House, Grand Cayman, Cayman Islands KY1-1104.
For more information, or to join the Company’s mailing list to receive notification of future news releases,
please visit the Company’s website at www.itafos.com.
Forward Looking Information
Certain information contained in this news release constitutes forward looking information. All information
other than information of historical fact is forward looking information. The use of any of the words “intend”,
“anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”,
“predict” and “potential” and s imilar expressions are intended to identify forward looking information. This
information involves known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated i n such forward looking information. No
assurance can be given that this information will prove to be correct and such forward looking information
included in this news release should not be unduly relied upon.
Forward looking information is subject to a number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such for ward looking information. Although the
Company has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be oth er factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected
results described in forward-looking statements include, but are not limited to, those risk factors set out in
the Company’s management’s discussion and analysis of operation s and financial condition and other
disclosure documents available under the Company’s profile at www.sedar.com and on the Company’s
website at www.itafos.com. Readers are cautioned that the foregoing list of risks, uncer tainties and
assumptions are not exhaustive. The forward-looking information included in this news release is expressly
qualified by this cautionary statement and is made as of the da te of this news release. The Company
undertakes no obligation to publicly update or revise any forward-looking information except as required by
applicable securities laws.
NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQU ACY OR ACCURACY
OF THIS NEWS RELEASE.
For further information, please contact:
Itafos Investor Relations
www.itafos.com