Itafos Inc · TSXV:IFOS
Itafos — Investor Presentation (March 2026)
44 slides from Itafos's investor presentation, March 2026
Slide 1: Powering Growth, Nourishing the Planet
POWERING GROWTH, NOURISHING THE PLANET TSX-V: IFOS | OTCQX: ITFS March 2026
Slide 2: Disclaimer
DISCLAIMER FORWARD-LOOKING INFORMATION (“FLI”) This presentation uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards set forth in Canadian National Instrument (“NI”) 43-101 for all public disclosure of scientific and technical information concerning mi
Slide 3: Our Business and Our Purpose
CONDA (flagship vertically integrated phosphate fertilizer production) OUR BUSINESS A pure-play phosphate and specialty fertilizer company. FARIM (phosphate SANTANA mine project) (phosphate mine project) OUR PURPOSE Our purpose is to feed a growing world population, nourish planet Earth’s soil, and
Slide 4: Seasoned management team focused on creating value
OPERATIONAL STRONG MARKET VALUE CREATION EXCELLENCE FUNDAMENTALS Itafos’ seasoned • Safety is the first • Incremental supply is • Diligently maintain management team is priority difficult and costly to assets to drive focused on creating • High utilization rates bring online performance long-term sh
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Top-tier execution that drives best in class operating margins Utilization(1) Adjusted EBITDA Margin(2) 110% 50% 2023 2024 2022 2025 100% 2022 90% 40% 2023 2022 2025 2024 2022 2024 80% 2023 2025 70% 2022 2023 2024 2025 30% 60% 2023 2024 2022 2023 2024 2025 50% 2025 20% 40% 30%
Slide 6: Balance Sheet is cornerstone of solid foundation
OPERATIONAL EXCELLENCE Balance Sheet is cornerstone of solid foundation Net Debt and Leverage Ratio(1) Liquidity(1) Profile Net Debt ($ MM) Leverage Ratio Cash ($MM) Undrawn ABL Facility ($MM) $100 0.5x $160 $90 $140 $80 0.4x $120 $70 $100 $60 0.3x $50 $80 $40 0.2x $60 $30 $40 $20 0.1x $20 $10 $0 0.
Slide 7: Strong Market Fundamentals
STRONG MARKET FUNDAMENTALS Structurally tight supply and demand balances are likely to persist for the next decade Short-term Supply Challenges Long-term Outlook Implies Historically High Utilization • No new Phosphoric Acid capacity additions likely until 2028 • Likely Phos Acid net capacity additi
Slide 8: Value Creation
VALUE CREATION Reduced net debt by over $200 million while funding assets to generate long-term value Consistent Investment in Existing Assets Solid Operating Cash Flow Through Cycles Extended Mine Life Maintenance CAPEX ($MM)(1) Operating Cash Flow ($MM)(2) New mines fully-funded $250 by operating
Slide 9: Valuation Gap
VALUATION GAP Itafos trades at a significant multiple discount to peers EV / 2026E Adj. EBITDA Multiple vs. Peers(1) 10.0x PEER AVERAGE 8.3% (3.3x difference) 8.0x 6.0x 4.0x 2.0x 0.0x 1. TSX, Bloomberg, Raymond James as of March 16, 2026. TSX-V: IFOS | 9
Slide 10: Our Assets
OUR ASSETS
Slide 11: Conda: Flagship Business
• Situated in Idaho, a mining- friendly jurisdiction CONDA: • Strategic location offers multiple Flagship Business options to deliver P2O5 value to North America fertilizer markets Vertically integrated • H1/NDR extends current mine life to phosphate fertilizer business 2037 Source: Company manageme
Slide 12: Conda: Workhorse Asset
CONDA: Workhorse Asset Industry-leading operations supported by long-term offtake agreement Record setting, consistent production Adjusted EBITDA(1) engine • Itafos P2O5 production record in FY2025 • Funds internal capital requirements • Ratable offtake minimizes working capital investment • Foundat
Slide 13: Conda: Husky 1 / North Dry Ridge
H1/NDR stockpile area CONDA: Husky 1 / North Dry Ridge Expanding mine life through 2037, ensuring stable ore supply for fertilizer production RECENT MILESTONES: • NDR mining commenced in 2024 • Mechanical completion of H1/NDR project in 2025 • First ore from new mine delivered to plant in 2025 MAGNE
Slide 14: Conda: Beyond H1/NDR
CONDA: Beyond H1/NDR Accelerating exploration of leases adjacent to currently permitted reserves to increase mine life beyond 2037 1 DRY RIDGE EXTENSION • 30+ reverse circulation and core holes totaling over 13,000 feet planned to be drilled Idaho in 2026 • Commencing environmental studies and prepa
Slide 15: Arraias: Solutions for Domestic Market
Arraias Business in Tocantins, Brazil ARRAIAS: Solutions for Domestic Market Vertically integrated business producing phosphate fertilizer and specialty products Strategically located in Tocantins, Brazil, one of the wo d’s fastest ow n fe t ze a ets Plant restart commenced in 2022 facilitating sale
Slide 16: Arraias: Fertilizer Restart Fuels Growth
ARRAIAS: Fertilizer Restart Fuels Growth Phased restart of plant and introduction of new products initiates operations turnaround Production Optionality Positive EBITDA Momentum • Dry fertilizer products have been well received in local markets • Re-start of sulfuric acid plant generated positive ad
Slide 17: Arraias: Return to SSP Creates Value
ARRAIAS: Return to SSP Creates Value Updated PEA measures ore quality and quantities to support plant upgrades Adjusted EBITDA(1) Ranges ($MM per year) • Addressed historical issues Updated Preliminary Economic • Made improvements to facility and operations Assessment of Arraias Phosphate Project co
Slide 18: Development Assets: High-Grading Portfolio
DEVELOPMENT ASSETS: High-Grading Portfolio Working to find means to supply high quality product to global customers while 10 DAYS FARIM delivering value to shareholders Products: Phosphate Rock 12 DAYS Capacity: 1.3Mt p.a. FARIM, GUINEA BISSAU 6 DAYS • Completed NI 43-101 in 2023 • World class undev
Slide 19: Development Assets: Long-term Optionality
DEVELOPMENT ASSETS: Long-term Optionality High quality resources in fastest SANTANA growing agricultural region SANTANA, BRAZIL • One of the highest-grade phosphate resources in Brazil with Measured and Indicated mineral resources of 60.4 Mt @12.0% P2O5 • Located in Pará, Brazil • Technical report s
Slide 20: Financial Results
FINANCIAL RESULTS
Slide 21: FY 2025 Results
FY 2025 RESULTS Consolidated results ($MM) $558.0 Revenues $108.6 Net Income $158.7 Adjusted EBITDA (1) Environmental, Health, and Safety Fertilizer Production (000s Tonnes P2O5)(3) TRIFR(2) 360 1.00 0.89 350 0.80 340 0.58 0.60 0.54 0.54 0.47 330 0.40 320 0.20 310 0.00 300 Q4 24 Q1 25 Q2 25 Q3 25 Q4
Slide 22: 2026 Guidance
2026 GUIDANCE Financial outlook Metric (in $MM unless otherwise noted) FY 2026 Projection Conda Sales Volumes (000s tonnes P2O5) 335 - 355 Corporate Selling, General and Administrative Expenses1 $16 - 20 Maintenance CAPEX(1) $23 - 33 Growth CAPEX(1) $63 - 83 Environmental and Asset Retirement Obliga
Slide 23: A Pure-Play Phosphate & Specialty Fertilizer Company
OPERATIONAL STRONG MARKET VALUE CREATION A PURE-PLAY EXCELLENCE FUNDAMENTALS PHOSPHATE & SPECIALTY FERTILIZER • Safety is the first priority • Incremental supply is • Diligently maintain assets COMPANY • High utilization rates drive difficult and costly to bring to drive performance operating margin
Slide 24: Appendix
APPENDIX
Slide 25: Management Team with a Proven History
MANAGEMENT TEAM WITH A PROVEN HISTORY OF DELIVERING STAKEHOLDER VALUE David Delaney Tim Vedder Chief Executive Officer VP Operations & GM of Conda • Itafos CEO since November 2020 • Conda GM since January 2014 • Oversaw 16 sites as COO & EVP of PotashCorp • Over 20 years of experience in operational
Slide 26: Mineral Reserves and Resources Overview: Conda, U.S.
MINERAL RESERVES AND MINERAL RESOURCES OVERVIEW: Conda, U.S. H1/NDR Rasmussen H1/NDR Valley Mine Stockpile Area Item Dry Tons (Mt) Grade (%) P2O5 (Mt) Mineral Reserves 27.9 24.7 6.9 Measured and indicated mineral resources 39.0 24.7 9.6 Lanes Creek Reclamation Inferred Mineral Resources 1.5 24.7 0.4
Slide 27: Mineral Resources Overview: Brazil
MINERAL RESOURCES OVERVIEW: Brazil ARRAIAS Breccia Conglomerate Tons Grade Tons Grade Deposit Item Deposit Item (Mt) (%) (Mt) (%) Domingos Measured 1.11 17.74 Domingos Measured 0.46 12.10 Domingos Indicated 0.13 15.82 Domingos Indicated 0.06 11.19 Coité Indicated 0.27 16.70 Coité Indicated 0.03 12.2
Slide 28: Mineral Reserves and Resources Overview: Farim
MINERAL RESERVES AND MINERAL RESOURCES OVERVIEW: Farim, Guinea Bissau Total Item Dry Tons (Mt) Grade (%) P2O5 (Mt) Mineral Reserves 43.8 30.0 13.1 Measured and indicated mineral resources 102.5 28.5 29.2 Inferred Mineral Resources 31.1 28.1 8.7 Construction of Farim Camp Farim Camp Source: Company m
Slide 29: Public Market Snapshot
PUBLIC MARKET SNAPSHOT Trading Metrics TSX - V OTCQX Ticker IFOS ITFS Share Price(1) C$4.16 US$3.06 Market Capitalization (millions) (1) C$808.0 US$594.3 Average Daily Trading Volume (thousands)(1) 241.0 52.0 Share Data Total Shares Outstanding(2) 194,217,983 RSU’s Outstanding(2) 2,790,696 Sharehold
Slide 30: Adjusted EBITDA Margin Reconciliation
ADJUSTED EBITDA MARGIN RECONCILIATION ($MMs) FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY2025 Itafos (Conda Segment) Adjusted EBITDA1 240 148 170 41 33 46 44 164 Revenues 571 448 468 128 117 134 133 512 Adjusted EBITDA Margin 42.1% 33.1% 36.4% 31.9% 28.2% 34.5% 32.7% 32.0% (Adjusted EB
Slide 31: Net Debt & Net Leverage Ratio Reconciliation
NET DEBT & NET LEVERAGE RATIO RECONCILIATION ($000s) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Current Debt 52,838 29,217 29,127 11,163 11,033 Long-term Debt 187,010 98,907 61,411 86,804 77,428 Cash and Cash Equivalents (31,565) (42,811) (30,753) (74,372) (70,489) Deferred Financing Costs Related to t
Slide 32: Liquidity Reconciliation
LIQUIDITY RECONCILIATION ($000s) FY 2022 FY 2023 FY 2024 FY 2025 Cash and Cash Equivalents 42,811 30,753 74,372 70,489 ABL Facility Undrawn Borrowing Capacity 21,447 40,000 80,000 80,000 Liquidity 66,258 70,753 154,372 150,489 1. Non-IFRS measures; refer to disclaimer, appendix and the Company’s MD&
Slide 33: Days Finished Goods Inventory
Days Finished Goods Inventory Metric FY 2022 FY 2023 FY 2024 FY 2025 Beginning Finished Goods Inventory ($MM) 22.0 21.0 13.2 14.9 Ending Finished Goods Inventory ($MM) 21.0 13.2 14.9 21.7 Average Finished Goods Inventory ($MM) 21.5 17.1 14.0 18.3 Cost of Goods Sold ($MM) 378.4 347.0 342.4 424.8 Aver
Slide 34: Market Dynamics
MARKET DYNAMICS ITAF@®S
Slide 35: Strong Market Fundamentals
POSITIVE GLOBAL SUPPORTIVE STRONG MARKET AGRICULTURAL GOVERNMENT FUNDAMENTALS INDICATORS POLICIES The global phosphate • Supply is constrained • World grain and • Phosphate added to supply and demand by declining traditional oilseeds stock to use U.S. critical minerals list balance is fundamentally
Slide 36: Phosphate Supply Constrained
PHOSPHATE SUPPLY CONSTRAINED U.S. production continuing downward trend, step changes in Chinese export supply U.S. Phosphate Production(1) Chinese Phosphate Exports(2) • Declining phosphate rock supply • Focus on domestic markets • Prohibitive capital cost for incremental projects • Shift to non-fer
Slide 37: Constructive Long-Term Phosphate Fundamentals
CONSTRUCTIVE LONG-TERM PHOSPHATE FUNDAMENTALS Global phosphoric acid supply and demand balance is expected to be tight through the decade Steady Demand Bolstered by Non-Fertilizer Applications Limited Incremental Supply Forces Elevated Operating Rates Mil Tonnes Mil Tonnes P2O5 P2O5 60 60 92% 50 50
Slide 38: Global Agricultural Indicators
GLOBAL AGRICULTURAL INDICATORS Fundamental market signals indicate positive long-term trends World (Less China) Grain and Oilseed Stock:Use Ratio Brazil Fertilizer Shipments Stocks S:U Percentage Bearish Bullish Mil Tonnes All products Mil Tonnes % of use 50 500 20.0% 45 19.0% 40 400 35 18.0% 300 30
Slide 39: U.S. Corn Crop Statistics
U.S. CORN CROP STATISTICS Planted acres expected to decrease in 2026 provide incremental support to prices USDA Data Projected Crop Year 2023 2024 2025 2026 F Change Planted and harvested acres expected to Area Planted (M Acres) 94.6 90.9 98.8 94.0 -5% decrease, but still well above historical norms
Slide 40: U.S. Soybean Crop Statistics
U.S. SOYBEAN CROP STATISTICS Chinese purchase agreement and biofuel growth positively impact prices USDA Data Projected Crop Year 2023 2024 2025 2026 F Change China has committed to buy 25 million tonnes per Area Planted (M Acres) 83.6 87.3 81.2 85.0 5% year through 2028 Area Harvested 82.3 86.2 80.
Slide 41: U.S. Fiscal Policy Supports Farmers
U.S. FISCAL POLICY SUPPORTS FARMERS Federal aid programs offset fertilizer affordability concerns U.S. Government Spending Ad Hoc/Emergency Market Facilitation Payments Conservation Reserve All Other Emergency Farm Aid extended 2018 Farm 50 Bill for one year 45 40 35 Direct government 30 payments fo
Slide 42: Phosphate Fertilizer Prices
PHOSPHATE FERTILIZER PRICES Underlying market fundamentals and global trade trends support current prices and longer-term forecasts Trailing 12-Months U.S. MAP and DAP Prices (fob NOLA) Historical U.S. MAP Prices (fob NOLA) Reciprocal DAP MAP MAP 5 - Year Average 850 tariffs on 850 phosphate announc
Slide 43: Raw Material Costs
RAW MATERIAL COSTS Sulfur prices have spiked above levels last seen in 2022 and have led to phosphate fertilizer production curtailments in China and Brazil Sulfur Price (fob Vancouver Spot) Ammonia Price (cfr Tampa) Sulfur fob Vancouver Spot Ammonia cfr Tampa 600 1,800 1,600 500 1,400 400 1,200 1,0
Slide 44: Itafos Corporate Office and Investor Relations
ITAFOS CORPORATE OFFICE 5151 San Felipe Street, Suite 2015 Houston, TX 77056 United States of America INVESTOR RELATIONS investor@itafos.com itafos.com TSX-V: IFOS | OTCQX: ITFS