Itafos Provides Preliminary Q4 2025 and Full Year 2025 Operational Results and 2026 Guidance

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TSX-V: IFOS, OTCQX: ITFS

News Release

ITAFOS PROVIDES PRELIMINARY Q4 2025 AND FULL YEAR 2025 OPERATIONAL RESULTS AND 2026 GUIDANCE

HOUSTON, TX – February 11, 2026 – Itafos Inc. (TSX-V: IFOS) (OTCQX: ITFS) (the “Company”) today announces its preliminary,

unaudited Q4 2025 operational highlights and guidance for 2026.

CEO Commentary

“2025 marked another exceptional year for Itafos. Operating in a sa fe manner is our first priority, and I am proud to report th at the

Company had no reportable environmental releases and a Total Recordable Incident Frequency Rate (“TRIFR”) of 0.56, down from 0.86

in 2024”, said David Delaney, Chief Executive Officer of the Company.

“At Conda, we maintained our US industry-leading operating rates, increasing production on a P2O5 basis compared to 2024 and setting

a new full-year plant production record under Itafos ownership. We finished mining at our Rasmussen Valley mine and achieved

mechanical completion of the infrastructure at Husky 1 / North Dry Ridge (“H1/NDR”), delivering first ore from the new mine to the plant

resulting in a seamless transition from our Rasmussen Valley Mine to H1/NDR.”

“At Arraias, we generated record levels of adjusted EBITDA 1, increasing production of sulfuric acid by 11% and dry fertilizers by 170%

on a P2O5 basis compared to 2024. We successfully restarted the granulation plant at the facility and produced a new granulated version

of our SuperForte Duo product, which accounted for nearly $8 million in incremental sales during the year.”

“We completed the sale of our Araxá Project and successfully monetized the equity interest received as partial consideration for the sale,

generating nearly $43 million in pre-tax proceeds over the course of the year. As a result, we were able to return CAD$0.22 per share to

our shareholders via two special dividends.”

“As we look forward to 2026 and beyond, we are excited about new opportunities for our company and believe the industry is well

positioned to benefit from a str ong fundamental backdrop. At Conda, we have be gun work on the magnesium reduction project that will

allow us to maintain production rates at the plant as we consume the ore from the new mines. We will also continue our delineation drilling

program with the goal of defining additional resources to extend our mine life well beyond the current 2037 plan.”

“We recently announced the completion of t he Updated Preliminary Economic Assessment (“PEA”) of the Arraias Phosphate Project.

The corresponding technical report, filed on February 9, 2026, defi nes high-grade phosphate rock layers at the mine that suppor t plans

for upgrades to the beneficiation circuit at the plant, enabling us to produce SSP for sale to local markets. The PEA estimates sufficient

resources to establish a 14-year life-of-mine plan, with SSP pr oduction and sales planned to begin in 2027 following the planne d

refurbishment of the beneficiation circuit starting in 2H 2026 with restart of this circuit in 1H 2027.”2

“Additionally, we are also reviewing alternative development opt ions for our Farim Project in Guinea Bissau. This includes a st rategic

drilling program (scheduled to commence in 1H 2026) and asso ciated engineering for a phased development project. The objective of

the program is to identify if the project can be started in a phased manner lowering the initial capex before the commencement of

production.”

Preliminary Unaudited Operational Highlights

Conda

For the three months and years ended December 31, 2025 and 2024, Conda had preliminary operational highlights as follows:

For the three months ended December 31, For the year ended December 31,

(Unaudited) 2025 2024 2025 2024

Production volumes (tonnes P2O5) 90,815 97,307 352,841 349,396

MAP sales volumes (tonnes) 92,404 99,845 385,964 371,412

MAP revenues (in thousands of US Dollars) $ 78,270 $ 71,942 $ 294,991 $ 258,640

MAP realized price ($/tonne)1 $ 847 $ 721 $ 764 $ 696

1Adjusted EBITDA and MAP realized price are ea ch a non-IFRS financial measure. For additi onal information on non-IFRS measures, see “Non-IFRS

Financial Measures” below.

2 The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to h ave the economic

considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

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In Q4 2025, Conda:

 Produced 90,815 tonnes P 2O5 compared to 97,307 tonnes P2O5 in Q4 2024 driven by unplanned downtime in Q4 2025;

 Monoammonium phosphate (“MAP”) realized price 3 averaged $847/t in Q4 2025 compared to $721/t in Q4 2024, up 18% year-

over-year basis, driven by higher contract reference prices.

In FY 2025, Conda:

 Produced 352,841 tonnes P 2O5 compared to 349,396 tonnes P2O5 in FY 2024 driven by higher MAP and superphosphoric acid

(“SPA”) sales volumes offset by the discontinuation of ammonium polyphosphate (“APP”) and lower MAP with micronutrients

(“MAP+”) volumes;

 MAP realized price averaged $764/t in 2025 compared to $696/t in 2024, an increase of 10% y ear-over-year basis, driven by

higher contract reference prices.

Arraias

For the three months and years ended December 31, 2025 and 2024 Arraias had preliminary production volumes as follows:

For the three months ended December 31, For the year ended December 31,

(Unaudited) 2025 2024 2025 2024

Excess sulfuric acid (tonnes) 31,900 34,774 124,712 112,785

Production volumes (tonnes P2O5) 8,628 1,635 48,919 18,147

In Q4 2025, Arraias:

 Produced 31,900 tonnes of excess sulfuric ac id compared to 34,774 tonnes of excess sulfuric acid in Q4 2024 driven by higher

acid consumption from fertilizer production and lower customer demand

 Produced 8,628 tonnes P 2O5 of Direct Application Phosphate Rock (“DAPR”), Partially Acidulated Phosphate Rock (“PAPR”),

and Granulated Partially Acidulated Phosphate Rock (“G-PAPR) compared to 1,635 tonnes P 2O5 in Q4 2024, an increase of

over 428% driven by the ramp up of DAPR and PAPR production and the restart of the granulation plant to produce G-PAPR

following the fertilizer restart program.

In FY 2025, Arraias:

 Produced 124,712 tonnes of excess sulfuric acid compared to 112,785 tonnes of e xcess sulfuric acid in FY 2024 driven by

higher production with no plant turnaround downtime and higher customer demand;

 Produced 48,919 tonnes P 2O5 of DAPR, PAPR, and G-PAPR compared to 18,147 tonnes P2O5 in FY 2024, an increase of over

170%, benefitting from full-year production of DAPR, PAPR and the introduction of G-PAPR during the year.

All operational and financial information included in this press release is preliminary and is inherently uncertain due to a number of factors,

and remains subject to review by the Company’s management, au dit committee and board of directors and the completion of regular

financial closing and review procedures and audit procedures for Q4 FY2025 and fiscal 2025. The preliminary unaudited figures disclosed

herein should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting

principles. Additional adjustments to the preliminary unaudited figures presented above may be identified, and final results for the relevant

fiscal periods may differ materially from these preliminary unaudited figures and will not be finalized until after the Company completes

its normal year-end accounting procedures, including execution of internal controls over financial reporting. These preliminary unaudited

figures are intended to provide informati on about management’s current expectations r egarding certain aspects of the Company’s

financial performance. Reliance on the information presented herein may not be appropriate for other purposes.

FY 2026 Market and Financial Outlook

Market Outlook

Phosphate fertilizer prices declined in Q4 2025 compared to the previous quarter, prim arily driven by the lifting of reciprocal tariffs on

phosphate fertilizers by the US government in November 2025. Diammonium phosphate (“DAP”) and MAP prices were also pressured

by farmer affordability concerns, as fertilizer prices remained relatively high compared to crop prices during the quarter. While prices have

moderated off the Q3 2025 highs, current levels remain near the historical five-year average price.

Relatively low grain and oilseed prices continue to impact phosphate affordability and demand. Although affordability has improved with

the recent pullback in fertilizer prices, DAP and MAP prices relative to crop values remain above historical averages. To help offset margin

pressure on farmers from lower commodity prices, the US government has already announced a $12 billion federal farm subsidy program.

This program, and any further farm assistance programs in 2026, are expected to support US phosphate demand.

3 This is a non-IFRS measure. For additional information, see “Non-IFRS Financial Measures” below.

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Through the first quarter of 2026, MAP prices have improved from the recent lows as China has announced a suspension through August

2026 on all exported phosphate fertilizer products, expanding beyond MAP and DAP. In addition, US production remains constrained and

global demand is expected to remain relatively strong.

Margin suppression continues to be one of the most vocal topics amongst phosphate producers. Global and domestic sulfur prices have

loitered around $500 per tonne in most major indexes, with the ratio of sulfur price to phosphate fertilizer price at all-time high levels. The

increase in sulfur prices has resulted in some phosphate production being taken offline, particularly in Brazil and China.

Looking ahead, the Company anticipates a modest improvement in phosphate prices through Q1 2026 due to:

 ongoing export restrictions from China;

 seasonal increases in US demand moving into the spring planting season; and

 limited incremental MAP and DAP supply fr om the US and other global suppliers.

Financial Outlook

The Company’s guidance for 2026 is as follows:45

(Unaudited in millions of US Dollars Projected Unaudited

except as otherwise noted) FY 2026 FY 2025

Sales Volumes (thousands of tonnes P2O5)4 335-355 349

Corporate selling, general and administrative expenses5 $16-20 $16

Maintenance capex5 $23-33 $16

Growth capex5 $63-83 $64

Environmental and asset retirement obligations payments $25-30 $6

About Itafos

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

 Conda – a vertically integrated phosphate fertilizer business lo cated in Idaho, US, with the following production capacity:

- approximately 550kt per year of MAP, MAP+, SPA, merchant grade phosphoric acid (“MGA”) and APP

- approximately 27kt per year of hydrofluorosilicic acid (“HFSA”)

 Arraias – a vertically integrated phosph ate fertilizer business located in Tocant ins, Brazil, with the following production ta rgets

(following the proposed restart of the beneficiation circuit:

- approximately 275kt per year of singl e superphosphate (“SSP”), PAPR and DAPR

 approximately 170kt per year of SSP, 60kt per year of PAPR and 45kt per year of DAPR

- approximately 40kt per year of excess sulfuric acid (220 kt per year gross sulfuric acid production capacity)

 Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau; and

 Santana – a vertically integrated hi gh-grade phosphate mine and fertilizer plant project located in Pará, Brazil

The Company is a Delaware corporation headquartered in Houston, Texas, with shares trading on the TSX Venture Exchange under the

ticker “IFOS”. The Company’s shares also trade in the US on the OTCQX® Best Market (“OTCQX”) under the ticker symbol “ITFS”. The

Company’s principal shareholder is CL Fertilizers Holding LLC (“CLF”), an affiliate of global private investment firm Castlelake, L.P.

For more information, or to join the Company’s mailing list, please visit www.itafos.com.

4Sales volumes reflect quantity in P2O5 of Conda sales projections.

5Corporate selling, general and administrative expenses, maintenance capex, and growth capex are each a non-IFRS financial measure. For additional

information on non-IFRS measures, see “Non-IFRS Financial Measures” below.

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Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information, including statements with respect to: Company

guidance; the Company’s planned operations, strategies and projects, including the magnesium reduction project; the planned restart of

the beneficiation circuit; H1/NDR; explor ation activities including the delineation drilling program to extend mine life; the Farim Project;

the Company’s 2026 guidance; and economic and market trends with respect to the global agriculture and phosphate fertilizer markets.

All information other than information of historical fact is fo rward-looking information. Stat ements that address activities, e vents or

developments that the Company believes, expects or anticipates will or may occur in the future include, but are not limited to, statements

regarding estimates and/or assumptions in respect of the Company’s financial and business outlook are 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 similar expressions are intended to identify forward-looking information.

The forward-looking information contained in this news release is based on the opinions, assumptions and estimates of management set

out herein, which management believes are reasonable as at t he date the statements are made. Those opinions, assumptions and

estimates are inherently subject to a variety of risks and uncert ainties and other known and unknow n factors that could cause a ctual

events or results to differ materially from those projected in the forward-looking information. These include the Company’s expectations

and assumptions with respect to the following: commodity prices; operating results; safety risks; changes to the Company’s mine ral

reserves and resources; risk that timing of expected permitting will not be met; changes to mine development and completion; fo reign

operations risks; changes to regulation; environmental risks; the impact of weather and climate change; risks related to asset retirement

obligations, general economic changes, including inflation and forei gn exchange rates; the actions of the Company’s competitors and

counterparties; financing, liquidity, credit and capital risks; t he loss of key personnel; impairment risks; cybersecurity risk s; risks relating

to transportation and infrastructure; changes to equipment and s uppliers; concentration risks, adver se litigation; changes to p ermitting

and licensing; geo-political risks; loss of land title and access rights; changes to insurance and uninsured risks; the potential for malicious

acts; market and stock price volatility; changes to technology, innovation or artificial intelligence; changes to tax laws; the risk of operating

in foreign jurisdictions; the risks posed by a controlling shareho lder and other conflicts of interest; risks related to reputa tional damage,

the risk associated with epidemics, pandemics and public health; the risks associated with environmental justice; and any risks related to

internal controls over financial reporting risks. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions is not

exhaustive.

Although the Company has attempted to identify crucial factors that could cause actual actions, events or results to differ materially from

those described in the forward-looking information, there may be other factors that cause actions , events or results not to be as

anticipated, estimated or intended. Additional risks and uncertainties affecti ng the forward-looking info rmation contained in t his news

release are described in greater detail in the Company’s Annual Information Form and current Management’s Discussion and Analysis

available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.itafos.com. There can

be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from

those anticipated in such information. The reader is cautioned not to place undue reliance on forward-looking information. The Company

undertakes no obligation to update forward-l ooking statements if circumst ances or management’s estimates, assumptions or opinions

should change, except as required by applicable securities law. The forward-looking information included in this news release is expressly

qualified by this cautionary statement and is made as of the date of this news release.

This news release contains future-oriented financial information and financial outlook information (together, “FOFI”) about the Company’s

prospective results of operations. FOFI is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the

above paragraph. The Company has included the FOFI to provide an outlook of managem ent’s expectations regarding anticipated

activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the

FOFI has been prepared on a reasonable basis, reflecting management’s reasonable estimates and judgements; however, actual results

of operations and the resulting financial results may vary from the amounts set forth herein. Any financial outlook information speaks only

as of the date on which it is made and the Company undertakes no obligation to publicly update or revise any financial outlook 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 ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

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Contacts:

For Investor Relations:

Matthew O’Neill

Executive Vice President & Chief Financial Officer

[email protected]

713-242-8446

For Media:

Alliance Advisors IR

Fatema Bhabrawala

Director, Media Relations

[email protected]

647-620-5002

Scientific and Technical Information

The scientific and technical information contained in this news release has been reviewed and verified by Jennifer Simper, P.Geo., WSP

Canada Inc., Geology and Mineral Resources, Terry L. Kremmel, P.E., WSP USA Inc. Mining Methods and Economic Analysis and

Rainer Stephenson, P.E., Millcreek Engineering, Mineral Processing and Metallurgical Testing, each a Qualified Person as defined in NI

43-101 and independent of the Company. The Arraias technical report, prepared in accordance with NI 43-101 and supporting the PEA,

is entitled, “NI 43-101 Technical Report Preliminary Economic A ssessment Arraias Phosphate Operations, Tocantins, Brazil”, with an

effective date of January 30, 2026 and is available under the Company’s website at www.itafos.com and under the Company’s profile on

SEDAR+ at www.sedarplus.ca.

Non-IFRS Financial Measures

This press release contains both IFRS and certain non-IFRS m easures that management consi ders to evaluate the Company’s

operational and financial performance. Non-IFRS measures are a numerical measure of a company’s performance, that either include or

exclude amounts that are not normally includ ed or excluded from the most directly co mparable IFRS measures. Management believes

that the non-IFRS measures provide useful supplemental information to investors, analysts, lenders and others. In evaluating non-IFRS

measures, investors, analysts, lenders and others should consider that non-IFRS measures do not have any standardized meaning under

IFRS and that the methodology applied by t he Company in calculating such non-IFRS measures may differ among companies and

analysts. Non-IFRS measures should not be considered as a substitute for, nor superior to, measures of financial performance prepared

in accordance with IFRS. Definitions and reconciliations of non-IFRS measures to the most directly comparable IFRS measures are

included below. These can also be found in the Company’s Management’s Discussion & Analysis for the three and nine months ended

September 30, 2025 and 2024 under Section 8 – Non-IFRS Measures which is available on SEDAR+ at www.sedarplus.ca.

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DEFINITIONS

The Company defines its non-IFRS measures as follows:

Non-IFRS

measure

Definition Most directly comparable IFRS

measure

Why the Company uses the

measure

Adjusted EBITDA EBITDA adjusted for non-cash,

extraordinary, non-recurring and other

items unrelated to the Company’s core

operating activities

Net income (loss) and operating income

(loss)

Adjusted EBITDA is a valuable

indicator of the Company’s ability

to generate operating income

from its core operating activities

normalized to remove the impact

of non-cash, extraordinary and

non-recurring items. The

Company provides guidance on

Adjusted EBITDA as useful

supplemental information to

investors, analysts, lenders, and

others

Total capex Additions to property, plant, and

equipment and mineral properties

adjusted for additions to asset

retirement obligations, additions to

right-of-use assets and capitalized

interest

Additions to property, plant and

equipment and mineral properties

The Company uses total capex in

the calculation of total cash capex

(non-IFRS measure)

Maintenance

capex

Portion of total capex relating to the

maintenance of ongoing operations

Additions to property, plant and

equipment and mineral properties

Maintenance capex is a valuable

indicator of the Company’s

required capital expenditures to

sustain operations at existing

levels

Growth capex Portion of total capex relating to the

development of growth opportunities

Additions to property, plant and

equipment and mineral properties

Growth capex is a valuable

indicator of the Company’s capital

expenditures related to growth

opportunities.

Total cash capex Total capex less accrued capex Additions to property, plant and

equipment and mineral properties

The Company uses total cash

capex in the calculation of cash

growth capex (non-IFRS

measure)

Cash

maintenance

capex

Maintenance capex less accrued

maintenance capex

Additions to property, plant and

equipment and mineral properties

The Company uses cash

maintenance capex in the

calculation of cash growth capex

(non-IFRS measure)

Cash growth

capex

Growth capex less accrued growth

capex

Additions to property, plant and

equipment and mineral properties

The Company uses cash growth

capex in the calculation of free

cash flow (non-IFRS measure).

Realized price Revenues divided by sales volumes Rev enues The Company uses realized price

to assess operational

performance

Corporate selling,

general and

administrative

expenses

Corporate selling, general and

administrative less share-based

payment expense.

Selling, general and administrative

expenses

The Company uses corporate

selling, general and

administrative expenses to

assess corporate performance

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EXPECTED RECONCILIATION OF TOTAL CAPEX

For the year ended December 31, 2025, the Company had expected capex by segment as follows:

(unaudited in thousands of US Dollars) Conda Arraias

Development

and

exploration Corporate Total

Additions to property, plant and

equipment $ 73,777 $ 7,054 $ 62 $ 17 $ 80,910

Additions to mineral properties 31,592 1,168 723 — 33,483

Additions to asset retirement obligations (9,131 ) (605 ) — — (9,736 )

Additions to right-of-use assets (17,244 ) (471 ) (15 ) — (17,730 )

Capitalized interest in property, plant, and

equipment and mineral properties (7,042 ) — — — (7,042 )

Total capex6 $ 71,952 $ 7,146 $ 770 $ 17 $ 79,885

Accrued capex (1,755 ) — — — (1,755 )

Total cash capex6 $ 70,197 $ 7,146 $ 770 $ 17 $ 78,130

Maintenance capex $ 15,851 $ 323 $ — $ 17 $ 16,243

Accrued maintenance capex (127 ) — — — (127 )

Cash maintenance capex6 $ 15,724 $ 323 $ — $ 17 $ 16,116

Growth capex $ 56,101 $ 6,823 $ 770 $ — $ 63,642

Accrued growth capex (1,628 ) — — — (1,628 )

Cash growth capex6 $ 54,473 $ 6,823 $ 770 $ — $ 62,014

EXPECTED RECONCILIATION OF CORPORATE SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

For the three months and years ended Dece mber 31, 2025 and 2024, the Company had ex pected corporate selling, general and

administrative expenses as follows:

For the three months ended December 31, For the year ended December 31,

(unaudited in thousands of US Dollars) 2025 2024 2025 2024

Selling, general and administrative expenses $ 6,321 $ 4,623 $ 22,560 $ 19,246

Share-based payments expense (1,554 ) (640 ) (6,089 ) (2,231 )

Corporate selling, general and administrative expenses $ 4,767 $ 3,983 $ 16,471 $ 17,015

6 Total capex, total cash capex, cash maintenance capex and cash growth capex are each a non-IFRS financial measure. For additional information on

non-IFRS measures, see “Non-IFRS Financial Measures” above.