Itafos Reports Outstanding Operational and Financial Q4 and FY 2024 Results
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TSX-V: IFOS
News Release
ITAFOS REPORTS OUTSTANDING OPERATIONAL AND FINANCIAL Q4 AND FY 2024 RESULTS
HOUSTON, TX – March 19, 2025 – Itafos Inc. (TSX-V: IFOS) (the “Company”) today reported its Q4 2024 and full year 2024 financial
results and provided a corporate update. The Company’s financial statements and management’s discussion and analysis for the three
months and year ended December 31, 2024 are available under the Company’s profile at www.sedarplus.ca and on the Company’s
website at www.itafos.com. All figures are in thousands of US Dollars except as otherwise noted.
CEO Commentary
Chief Executive Officer David Delaney commented, “2024 marked another year of outstanding performance from both operational a nd
financial perspectives. Conda production exceeded 2023 production levels, despite an additional 12 days of planned maintenanc e and
at Arraias sulfuric acid production increased by 26.6% compared to last year. This was achieved while maintaining our culture of safety,
recording a TRIFR for the year of 0.89. These factors allowed us to record revenues of $491.2 million and adjusted E BITDA1 of $159.5
million, increases of 6% and 21% compared to 2023, respectively.
Looking forward, we expect our mine life extension program at Husky 1 / North Dry Ridge to deliver first ore shipments to the Conda plant
in the second half of 2025. This year we have actively commenced work on identifying incremental opportunities to exte nd our mining
operations in Southeast Idaho to take advantage of the abundant phosphate resources in the basin where we operate. These nea rfield
opportunities have the potential to provide further utilization of the H1/NDR infrastructure.
We are committed to creating long-term shareholder value, and following the sale of the Araxa project we are pleased to announce that
our Board of Directors has approved a CAD$0.05 per share special dividend payable on April 25, 2025 with a record date of April 9, 2025.
The Board continues to evaluate all alternatives to return capital to our shareholders considering current fertilizer markets , future capital
requirements and the overall financial liquidity of the company. The special dividend has been made possible by the sale of our non-core
Araxa asset and our continued success in generating cash from our operations, all while reducing our net debt and increasing our financial
liquidity.”
Q4 2024 Financial Highlights
For Q4 2024, the Company’s financial highlights were as follows:
▪ Revenues of $138.2 million in Q4 2024 compared to $119.0 million in Q4 2023;
▪ Adjusted EBITDA1 of $45.5 million in Q4 2024 compared to $29.5 million in Q4 2023;
▪ Net income of $29.6 million in Q4 2024 compared to $(48.6) million in Q4 2023;
▪ Basic earnings of C$0.22/share in Q4 2024 compared to C$(0.35)/share in Q4 2023; and
▪ Free cash flow1 of $17.1 million in Q4 2024 compared to $4.7 million in Q4 2023.
The increase in the Company’s Q4 2024 financial performance compared to the corresponding period in the prior year was primarily due
to higher realized prices and higher sales volumes at Conda.
The Company’s total capex1 spend in Q4 2024 was $13.5 million compared to $21.2 million in Q4 2023 with the decrease primarily due
to the timing of development activities spend at H1/NDR.
FY 2024 Financial Highlights
For FY 2024, the Company’s financial highlights were as follows:
▪ Revenues of $491.2 million in FY 2024 compared to $465.5 million in FY 2023;
▪ Adjusted EBITDA of $159.5 million in FY 2024 compared to $131.8 million in FY 2023;
▪ Net income of $87.8 million in FY 2024 compared to $3.1 million in FY 2023;
▪ Basic earnings of C$0.63/share in FY 2024 compared to C$0.02/share in FY 2023; and
▪ Free cash flow of $54.8 million in FY 2024 compared to $41.4 million in FY 2023.
1Adjusted EBITDA, free cash flow and total capex are each a non-International Financial Reporting Standards (“IFRS”) financial measure. The Company
reports non-IFRS financial measures to manage and evaluate its business. See “Non -IFRS Financial Measures” section below for more information on
non-IFRS measures and a reconciliation to the most comparable IFRS financial measures.
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The increase in the Company’s FY 2024 financial performance compared to FY 2023 was primarily due to higher realized prices at Conda
and higher sulfuric acid and dry product sales at Arraias, which were partially offset by slightly lower sales volumes at Conda which are
a result of the planned large scope turnaround at Conda in Q2 2024.
The Company’s total capex spend in FY 2024 was $71.2 million compared to $58.4 million in FY 2023 with the increase primarily due to
development activities at H1/NDR and the large scope turnaround at Conda, as well as the sulfuric acid plant turnaround at Arraias.
As of December 31, 2024, the Company’s financial highlights were as follows:
▪ Trailing 12 months Adjusted EBITDA2 of $159.5 million
▪ Net debt2 of $26.8 million; and
▪ Net leverage ratio2 of 0.2x.
Recent Developments
Sale of the Araxá Project
On August 5, 2024, the Company entered into an agreement to sell its 100% interest in the Araxá project to a wholly -owned subsidiary
of St George Mining Limited (“St George”) (ASX: SGQ) in exchange for a cash payment of $21 million and securities of St George (the
“Transaction”). As a result of the Transaction, St George indirectly acquired all of the outstanding securities of Itafos Ara xá Mineração e
Fertilizantes S.A (“Itafos Araxá”). The Transaction closed on February 26, 2025.
Special Dividend
The Board of Directors has approved a CAD$0.05 per share special dividend payable on April 25, 2025 to shareholders of record as of
the close of business on April 9, 2025. Shareholders should contact their respective brokers or intermediaries for the appro priate tax
election forms regarding this dividend. Shareholders may elect to receive their dividend in Canadian or U.S. dollars by conta cting their
broker or, where applicable, TSX Trust Company, the Company’s registrar and transfer agent.
Exploration and Appraisal Program at Conda
As capital work at H1/NDR continues with first ore shipments expected in 2H 2025, the Company is focused on identifying and pursuing
opportunities to add additional resources and reserves to the project to extend the mine life beyond the current estimate of mid-2037. To
pursue this objective, the Company has commenced a multi-year exploration, resource evaluation and permitting program at Conda with
an expected annual cost of approximately $6-8 million.
The program is focused on further delineating upside potential of the Husky 1 Lease through resource delineation appraisal drilling at
250ft spacing (current spacing at 500ft), delineation drilling on the Dry Ridge Lease on 2000’ centers to gain crucial geolog ic and
metallurgical information to be used in resource modeling that will drive future mine planning resource estimation and permitting baseline
studies, and core drilling and geologic modeling of the Husky 3 and 4 Leases permits to identify resource potential for futur e mine
development along the current mine trend.
In addition to these activities, work will commence on baseline resource studies required for future NEPA permitting and regulatory
approvals. These near field opportunities have the potential to extend the mine life beyond the current NI 43-101 estimate of mid 2037 in
an efficient manner with the objective of utilizing the current infrastructure being built out at H1/NDR.
2Trailing 12 months Adjusted EBITDA, net debt and net leverage ratio are each a non-IFRS financial measure. See “Non-IFRS Financial Measures” section
below for more information on non-IFRS measures and a reconciliation to the most comparable IFRS financial measures.
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FY 2024 Market and Financial Outlook
Market Outlook
Phosphate pricing decreased marginally in Q4 2024 consistent with seasonal factors. This followed a strong rebound in pricing in late Q2
/ Q3 2024 that began with an early summer reset. Domestic MAP prices have moved off highs achieved during the second half of the
year, while DAP prices have remained relatively firm, bringing the products close to parity. Global phosphat e prices have remained
consistent since the middle of 2024 and remain constructive compared to historical levels.
Crop fundamentals improved over the past quarter, however, uncertainty around the impact of tariffs with US trading partners has seen
increased volatility and recent price declines. The United States Department of Agriculture reduced its estimates for ending stocks for
corn and soybeans based on lower yields and total production. Global inventories of grains and oilseeds outside of China are expected
to decrease over the course of the current crop year, resulting in a declining stock to use ratio that is projected to fall near a 20-year low.
Moving forward, the Company expects relatively flat phosphate pricing through 2025, with risk to the upside supported by the following
factors:
▪ low inventory levels in the North American market and continued strength in global demand; and
▪ ongoing export restrictions from China.
Financial Outlook
The Company’s guidance for 2025 is as follows:
(in millions of US Dollars Projected
except as otherwise noted) FY 2025
Sales Volumes (thousands of tonnes P2O5)3 340-360
Corporate selling, general and administrative expenses4 $17-20
Maintenance capex4 $13-23
Growth capex4 $63-83
Environmental and asset retirement obligations payments $5-7
Q4 and FY 2024 Market Highlights
MAP New Orleans (“NOLA”) prices averaged $623/st in Q4 2024 compared to $614/st in Q4 2023, up 1% year-over-year, and averaged
$610/st in FY 2024 compared to $574/st in FY 2023, up 6% year-over-year.
Specific factors driving the year-over-year increase in MAP NOLA prices were as follows:
▪ limited supply due to weather in the Southeast US impacting phosphate producers;
▪ continuing export restrictions from China; and
▪ an increase in US exports and a decrease in imports.
December 31, 2024, Highlights
As of December 31, 2024, the Company had trailing 12 months Adjusted EBITDA of $159.5 million compared to $131.8 million at the end
of 2023 with the increase primarily due to the same factors that resulted in higher Adjusted EBITDA.
As of December 31, 2024, the Company had net debt of $26.8 million compared to $61.3 million at the end of 2023 , with the reduction
primarily due to higher cash and cash equivalents, which was partially offset by higher debt due to the refinancing in Q3 2024 . The
Company’s net debt as of December 31, 2024 was comprised of $74.4 million in cash and $101.2 million in debt (gross of deferred
financing costs). As at December 31, 2024 and the end of 2023, the Company’s net leverage ratio was 0.2x
As of December 31, 2024, the Company had liquidity 5 of $154.4 million comprised of $74.4 million in cash and $80 million in undrawn
borrowing capacity under its $80 million asset-based revolving credit facility.
3Sales volumes reflect quantity in P2O5 of Conda sales projections
4Corporate selling, general and administrative expenses; maintenance capex, and growth capex are each a non-IFRS financial measure. See “Non-IFRS
Financial Measures” section below for more information on non-IFRS measures and a reconciliation to the most comparable IFRS financial measures.
5Liquidity is a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures”
below.
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Operations Highlights and Mine Development
Environmental, Health, and Safety (“EHS”)
▪ For Q4 2024, strong EHS performance, including no reportable environmental releases and one recordable incident, which
resulted in a consolidated total recordable incident frequency rate (“TRIFR”) of 0.89.
▪ For FY 2024, strong EHS performance, including no reportable environmental releases and nine recordable incidents, which
resulted in a consolidated TRIFR of 0.89.
Conda
In Q4 2024, Conda
▪ Produced 97,307 tonnes P2O5 compared to 95,719 tonnes P2O5 in Q4 2023 with the increase driven by production efficiencies
resulting from the successful large scope turnaround maintenance completed in Q2 2024;
▪ Generated revenues of $132.4 million compared to $112.4 million in Q4 2023 with the increase primarily due to higher realized
prices resulting from improved market dynamics and higher sales volumes; and
▪ Generated Adjusted EBITDA of $48.7 million compared to $32.4 million in Q4 2023 with the increase primarily due to higher
cash margin per tonne P2O5.
In FY 2024, Conda:
▪ Produced 349,396 tonnes P2O5 compared to 349,030 tonnes P2O5 in FY 2023 despite an additional 14 days of planned downtime
in 2024 due to the large scope turnaround maintenance. The success of the turnaround maintenance drove higher recoveries,
reduced downtime, and correspondingly higher throughput;
▪ Generated revenues of $467.8 million compared to $448.1 million in FY 2023 with the increase primarily due to higher realized
prices resulting from improved market dynamics, partially offset by the discontinuation of APP in Q2 2024; and
▪ Generated Adjusted EBITDA of $170.1 million compared to $148.1 million in FY 2023 with the increase primarily due to higher
cash margin per tonne P2O5.
Arraias
In Q4 2024, Arraias:
▪ Produced 25,267 tonnes of sulfuric acid compared to 34,087 tonnes in Q4 2023 with the decrease primarily due to short
turnaround taking place in November 2024;
▪ Produced 1,635 tonnes P2O5 of Direct Application Phosphate Rock (“DAPR”) and Partially Acidulated Phosphate Rock (“PAPR”)
compared to 643 tonnes P2O5 in Q4 2023, with the increase due to the full quarter of DAPR and PAPR production and sales per
Fertilizer Restart Program; and
▪ Generated Adjusted EBITDA of $0.8 million compared to $1.1 million in Q4 2023 with the decrease primarily due to lower sulfuric
acid production and sales volume, which were partially offset by sulfuric acid gross margin improvement and positive contribution
from the start of PAPR sales in 2024.
In FY 2024, Arraias:
▪ Produced 112,785 tonnes of sulfuric acid compared to 89,075 tonnes in FY 2023 with the increase due to higher customer
demand and acid consumption with the start of PAPR production;
▪ Produced 18,147 tonnes P 2O5 of DAPR and PAPR compared to 5,196 tonnes P 2O5 in FY 2023, with the increase due to the
launch of PAPR sales in 2024; and
▪ Generated Adjusted EBITDA of $4.3 million compared to $0.4 million in FY 2023 with the increase due to higher sulfuric acid
sales volumes and the launch of PAPR sales in 2024.
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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 the following production capacity:
- approximately 550kt per year of MAP, MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade
phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”)
- approximately 27kt per year of hydrofluorosilicic acid (“HFSA”)
▪ Arraias – a vertically integrated phosphate fertilizer business located in Tocantins,Brazil, with the following production capacity:
- approximately 500kt per year of single superphosphate (“SSP”) and SSP with micronutrients (“SSP+”)
- 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 and
▪ Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil.
The Company is a Delaware corporation headquartered in Houston, Texas. The Company’s shares trade on the TSX-V under the ticker
“IFOS”. The Company’s principal shareholder is CL Fertilizers Holding LLC (“CLF”) . CLF is 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.
Forward-Looking Information
Certain information contained in this news release constitutes forward -looking information, including statements with respect to: the
Company’s planned operations and strategies; the timing for the commencement of operations, infrastructure and civil works at H1 / NDR;
the expected resource life of H1 / NDR; exploration activities to extend mine life; and economic and market trends with respect to the
global agriculture and phosphate fertilizer markets. All information other than information of historical fact is forward-looking information.
Statements that address activities, events or developments that the Company believes, expects or anticipates will or may occu r 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 the date the statements are made. Those opinions, assumptions an d
estimates are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual
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 mi neral
reserves and resources; risk that timing of expected permitting will not be met; changes to mine development and completion; foreign
operations risks; changes to regulation; environmental risks; the impact of weather and climate change; risks related to asse t retirement
obligations, general economic changes, including inflation and foreign exchange rates; the act ions of the Company’s competitors and
counterparties; financing, liquidity, credit and capital risks; the loss of key personnel; impairment risks; cybersecurity ri sks; risks relating
to transportation and infrastructure; changes to equipment and suppliers; concentration risks, adverse litigation; changes to permitting
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 shareholder and other conflicts of interest; risks related to repu tational 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 affecting the forward -looking information contained in this 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 -looking statements if circumstances 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, including statements regarding expected Adjusted EBITDA, net income, basic earnings per share,
maintenance capex, growth capex and free cash flow. 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 management’s expectations regarding
anticipated activities and results, and such information may not be appropriate for other purposes. The Company and managemen t
believe that the FOFI has been prepared on a reasonable basis, reflecting management’s reasonable estim ates and judgements;
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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 upda te 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.
Contacts:
For Investors:
Matthew O’Neill
Executive Vice President & Chief Financial Officer
713-242-8446
For Media:
Alliance Advisors IR
Fatema Bhabrawala
Director, Media Relations
647-620-5002
Scientific and Technical Information
The scientific and technical information contained in this news release related to Mineral Resources for Conda has been revie wed and
approved by Jerry DeWolfe, Professional Geologist (P.Geo.) with the Association of Professional Engineers and Geoscientists of Alberta.
Mr. DeWolfe is a full -time employee of WSP Canada Inc. and is independent of the Company. The scientific and technical information
contained in this news release related to Mineral Reserves for Conda has been reviewed and approved by Terry Kremmel, Professional
Engineer (P.E.) licensed by the States of Missouri and North Carolina. Mr. Kremmel is a full -time employee of WSP USA, Inc. and is
independent of the Company. The Company’s latest technical report in respect of Conda is entitled, “NI 43 -101 Technical Report Itafos
Conda Project, Idaho, USA,” with an effective date of July 1, 2023 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 measures that management considers 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 included or excluded from the most directly comparable 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 the 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 measure s are
included below.
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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
EBITDA Earnings before interest, taxes,
depreciation, depletion and
amortization
Net income (loss) and operating income
(loss)
EBITDA is a valuable indicator of
the Company’s ability to generate
operating income
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 E BITDA as useful
supplemental information to
investors, analysts, lenders, and
others
Trailing 12
months Adjusted
EBITDA
Adjusted EBITDA for the current and
preceding three quarters
Net income (loss) and operating income
(loss) for the current and preceding three
quarters
The Company uses the trailing 12
months Adjusted EBITDA in the
calculation of the net leverage
ratio (non-IFRS measure)
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.
Net debt Debt less cash and cash equivalents
plus deferred financing costs (does not
consider lease liabilities)
Current debt, long -term debt and cash
and cash equivalents
Net debt is a valuable indicator of
the Company’s net debt position
as it removes the impact of
deferring financing costs.
Net leverage ratio Net debt divided by trailing 12 months
Adjusted EBITDA
Current debt, long -term debt and cash
and cash equivalents; net income (loss)
and operating income (loss) for the
current and preceding three quarters
The Company’s net leverage ratio
is a valuable indicator of its ability
to service its debt from its core
operating activities.
Liquidity Cash and cash equivalents plus
undrawn committed borrowing
capacity
Cash and cash equivalents Liquidity is a valuable indicator of
the Company’s liquidity
Free cash flow Cash flows from operating activities,
which excludes payment of interest
expense, plus cash flows from
investing activities
Cash flows from operating activities and
cash flows from investing activities
Free cash flow is a valuable
indicator of the Company’s ability
to generate cash flows from
operations after giving effect to
required capital expenditures to
sustain operations at existing
levels. Free cash flow is a
valuable indicator of the
Company’s ca sh flow available
for debt service or to fund growth
opportunities. The Company
provides guidance on free cash
flow as useful supplemental
information to investors, analysts,
lenders, and others.
Corporate selling,
general and
administrative
expenses
Corporate selling, general and
administrative less share -based
payments expense.
Selling, general and administrative
expenses
The Company uses corporate
selling, general and
administrative expenses to
assess corporate performance.
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EBITDA, ADJUSTED EBITDA AND TRAILING 12 MONTHS ADJUSTED EBITDA
For the three months ended December 31, 2024 and 2023
For the three months ended December 31, 2024, the Company had EBITDA and Adjusted EBITDA by segment as follows:
(in thousands of US Dollars) Conda Arraias
Development
and
exploration Corporate Total
Net income (loss) $ 34,081 $ 638 $ 19 $ (5,156 ) $ 29,582
Finance (income) expense, net 745 (117 ) — 2,212 2,840
Current and deferred income tax expense
(recovery) 6,153 — — (1,676 ) 4,477
Depreciation and depletion 7,439 731 — 80 8,250
EBITDA $ 48,418 $ 1,252 $ 19 $ (4,540 ) $ 45,149
Unrealized foreign exchange (gain) loss — 1,309 (268 ) — 1,041
Share-based payment expense — — — 640 640
Transaction costs — — — 134 134
Other (income) expense, net 265 (1,756 ) 1 (1 ) (1,491 )
Adjusted EBITDA $ 48,683 $ 805 $ (248 ) $ (3,767 ) $ 45,473
(in thousands of US Dollars) Conda Arraias
Development
and
exploration Corporate Total
Operating income (loss) $ 41,452 $ 74 $ (248 ) $ (4,623 ) $ 36,655
Depreciation and depletion 7,439 731 — 80 8,250
Realized foreign exchange gain (208 ) — — 2 (206 )
Share-based payment expense — — — 640 640
Transaction costs — — — 134 134
Adjusted EBITDA $ 48,683 $ 805 $ (248 ) $ (3,767 ) $ 45,473
For the three months ended December 31, 2023, the Company had EBITDA and Adjusted EBITDA by segment as follows:
(in thousands of US Dollars) Conda Arraias
Development
and
exploration Corporate Total
Net income (loss) $ 19,065 $ (65,126 ) $ (341 ) $ (2,221 ) $ (48,623 )
Finance (income) expense, net 1,827 (182 ) (1 ) 3,176 4,820
Current and deferred income tax expense
(recovery) 4,801 — — (5,394 ) (593 )
Depreciation and depletion 5,892 648 5 60 6,605
EBITDA $ 31,585 $ (64,660 ) $ (337 ) $ (4,379 ) (37,791 )
Unrealized foreign exchange (gain) loss — (157 ) 48 — (109 )
Share-based payment recovery — — — 492 492
Impairments — 66,000 — — 66,000
Transaction costs — — — 199 199
Other (income) expense, net 788 (71 ) 1 — 718
Adjusted EBITDA $ 32,373 $ 1,112 $ (288 ) $ (3,688 ) $ 29,509
(in thousands of US Dollars) Conda Arraias
Development
and
exploration Corporate Total
Operating income (loss) $ 26,476 $ (65,536 ) $ (293 ) $ (4,436 ) $ (43,789 )
Depreciation and depletion 5,892 648 5 60 6,605
Realized foreign exchange gain 5 — — (3 ) 2
Share-based payment recovery — — — 492 492
Impairments — 66,000 — — 66,000
Transaction costs — — — 199 199
Adjusted EBITDA $ 32,373 $ 1,112 $ (288 ) $ (3,688 ) $ 29,509