Slide 1: Powering Growth, Nourishing the Planet
TSX-V: IFOS; OTCQX: ITFS POWERING GROWTH, NOURISHING THE PLANET August 2025
Slide 2: Disclaimer
DISCLAIMER FORWARD-LOOKING INFORMATION (“FLI”) MINERAL RESERVES AND MINERAL RESOURCES This presentation contains FLI within the meaning of applicable Canadian securities legislation regarding future events or the future performance of Itafos Inc. This presentation uses Mineral Reserve and Mineral Re
Slide 3: Our Business, Our Purpose
CONDA (flagship vertically integrated OUR BUSINESS phosphate fertilizer production) A pure-play phosphate and FARIM specialty fertilizer company. (phosphate mine project) SANTANA (phosphate mine project) OUR PURPOSE ARRAIAS (vertically integrated phosphate Our purpose is to feed a growing fertilizer
Slide 4: Itafos continues to focus on creating long-term shareholder value
Itafos continues to Operational Excellence Disciplined Investment High-Grading Portfolio focus on creating long- term shareholder value High utilization Diligently maintaining Maximizing value of to close valuation gap assets to drive foreign assets to peers. Long-term offtake and performance supply
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Top-tier execution that drives best in class operating margins Utilization(1) Adjusted EBITDA Margin(2,3) 120% 45% 2022 2023 2024 TTM4 40% 2022 100% 2024 2022 35% 2023 TTM 2023 2022 2024 80% TTM 30% 2022 2023 2023 2024 2022 TTM 2024 2023 2024 TTM 25% 60% TTM 20% 40% 15% 10% 20
Slide 6: Disciplined Investment
DISCIPLINED INVESTMENT Fortress balance sheet and ample liquidity to support current business and high-grade portfolio Net Debt and Net Leverage Ratio(1) Liquidity (1) Profile CAPEX(1) Net Debt ($ MM) Leverage Ratio Cash ($MM) Undrawn ABL Facility ($MM) Maintenance ($ MM) Growth ($ MM) $200 $200 $25
Slide 7: Valuation Gap
VALUATION GAP Itafos trades at a significant multiple discount to peers EV / 2025E Adj. EBITDA Multiple vs. Peers (1) 10.0x Peer Average: 7.4x (4.3x) difference 8.0x 6.0x 4.0x 8.7x 7.5x 7.6x 5.9x 2.0x 3.1x 0.0x 1. Source: Company Management, Bloomberg, Raymond James as of July 24, 2025. TSX-V: IFOS
Slide 8: Market Dynamics
MARKET DYNAMICS TSX-V: IFOS | 8
Slide 9: Crop Fundamentals
CROP FUNDAMENTALS Growth in U.S. planted acres and increasing government spending to support U.S. farmers help to mitigate near-term affordability concerns Total Estimated U.S. Planted Acres – Corn, Soybeans, Wheat U.S. Government Spending • Total planted acres forecast inline with trailing five-yea
Slide 10: Stock:Use Ratio Remains Bullish
STOCK:USE RATIO REMAINS BULLISH World (Less China) Grain and Oilseed Stock:Use Stocks S:U Percentage Bearish Bullish Mil Tonnes % of use 500 20.0% Global S:U ratio 450 (excluding China) is 19.0% 400 350 forecast to be ~16.1% 300 18.0% through 25/26 crop 250 17.0% year, well below 200 150 16.0% histo
Slide 11: Phosphate Supply Constrained
PHOSPHATE SUPPLY CONSTRAINED U.S. production continuing downward trend, step changes in Chinese export supply U.S. Phosphate Production1 Chinese Phosphate Exports2 • Declining phos rock supply • Focus on domestic markets • Prohibitive capital cost for incremental projects • Shift to non-fertilizer a
Slide 12: 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 Global Capacity, Production and Opera
Slide 13: U.S. Trade Policy Creates Uncertainty
U.S. TRADE POLICY CREATES UNCERTAINTY Tariffs on imports could alter global trade flows or create knock-on impacts to downstream markets DAP and MAP imports to U.S. by Country of Origin U.S. crop exports could face reciprocal tariffs % Current Tariff Rates as of August 11, 2025 U.S. Corn Exports by
Slide 14: Phosphate Fertilizer Prices
PHOSPHATE FERTILIZER PRICES Underlying market fundamentals and global trade trends support current prices and longer-term forecasts U.S. MAP and DAP Prices (fob NOLA) DAP MAP 800 750 700 650 $/st 600 550 500 450 400 Source: CRU, MMRC Source: Argus TSX-V: IFOS | 14
Slide 15: Raw Material Costs
RAW MATERIAL COSTS Sulfur prices have increased more quickly than fertilizer prices year-to-date, but appear to have plateaued; Ammonia prices have eased from highs last winter Sulfur Price (fob Vancouver Spot) Ammonia Price (cfr Tampa) Sulfur fob Vancouver Spot Ammonia cfr Tampa 500 1,800 450 1,600
Slide 16: Our Assets
OUR ASSETS TSX-V: IFOS | 16
Slide 17: Conda: Flagship Business
CONDA: FLAGSHIP BUSINESS Flagship vertically integrated phosphate fertilizer business • Situated in Idaho, a mining-friendly jurisdiction • Itafos owns 100% • In operation for over 30 years • Strategic location offers multiple options to deliver P2O5 value to North America fertilizer markets • Husky
Slide 18: Conda: Husky 1 / North Dry Ridge Development
CONDA: HUSKY 1 / NORTH DRY RIDGE DEVELOPMENT Expanding mine life through 2037, ensuring stable ore supply for fertilizer production • May 8, 2023: received Notice to Proceed for the H1/NDR mine development project, initiating capital activities • April 29, 2024: filed the Conda Technical Report in a
Slide 19: Conda: Two-Phased Exploration Approach
CONDA: TWO-PHASED EXPLORATION APPROACH Targeting additional resources beyond 2037 Short to Medium Term – Dry Ridge / Husky 3 and 4 1 • Multi-year program including exploration and 2 delineation drilling and environmental studies • Resource delineation drilling on Dry Ridge to 2 commence in Q3 2025 •
Slide 20: Arraias: Poised for Growth
ARRAIAS: POISED FOR GROWTH PHOTO: Arraias Business Vertically integrated phosphate fertilizer business in Tocantins, Brazil • Strategically located in Tocantins, Brazil, one of the world’s fastest growing fertilizer markets • Successfully completed the 2025 capital program, on time and on budget, wi
Slide 21: Arraias: Volume Growth Drives EBITDA Improvement
ARRAIAS: VOLUME GROWTH DRIVES EBITDA IMPROVEMENT Phased re-start of plant and introduction of new products create value Production Optionality Positive EBITDA Momentum • Dry fertilizer products have been well received in local markets • Re-start of sulfuric acid plant generated positive adjusted EBI
Slide 22: High-Grading Portfolio
HIGH-GRADING PORTFOLIO Opportunistically monetizing assets, with intention of returning excess cash to shareholders over the long-term Sold (closed in February 2025) SANTANA Araxá, Brazil ARRAIAS • Combination of cash payments and future upside from retained minority interest • Initial proceeds of $
Slide 23: Financial Results
FINANCIAL RESULTS TSX-V: IFOS | 23
Slide 24: Q2 2025 Results
Q2 2025 RESULTS Consolidated results Revenues ($MM) Net Income ($MM) Adjusted EBITDA1 $126.8 $24.8 $31.8 Environmental, Health, and Safety Fertilizer Production (000s Tonnes P2O5)3 TRIFR2 100 1.00 0.92 0.89 0.89 79.6 80 69.5 0.80 0.58 60 0.60 0.47 40 0.40 0.20 20 0.00 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 25: 2025 Guidance
2025 GUIDANCE Financial outlook Metric (in $MM unless otherwise noted) FY 2025 Projection Conda Sales Volumes (000s tonnes P2O5) 340 - 360 Corporate Selling, General and Administrative Expenses1 $17 - 20 Maintenance CAPEX1 $13 - 23 Growth CAPEX1 $63 - 83 Environmental and Asset Retirement Obligation
Slide 26: A Pure-Play Phosphate and Specialty Fertilizer Company
A PURE-PLAY PHOSPHATE AND SPECIALTY FERTILIZER COMPANY Itafos continues to focus on creating long-term shareholder value to close valuation gap to peers Operational Excellence Disciplined Investment High-Grading Portfolio High utilization Diligently maintaining assets Maximizing value of foreign to
Slide 27: Appendix
APPENDIX TSX-V: IFOS | 27
Slide 28: Management Team with a Proven History of Delivering Stakeholder Value
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 29: Mineral Reserves and Mineral Resources Overview: Conda, U.S.
MINERAL RESERVES AND MINERAL RESOURCES OVERVIEW: CONDA, U.S. Rasmussen Valley Item Dry Tons (Mt) Grade (%) P2O5 (Mt) Mineral reserves 5.8 26.4 1.5 Measured and indicated mineral resources (including mineral reserves)i 5.9 25.9 1.5 Inferred mineral resources 0.02 26.7 0.01 H1/NDR Item Dry Tons (Mt) G
Slide 30: Mineral Reserves and Mineral Resources Overview: Brazil
MINERAL RESERVES AND MINERAL RESOURCES OVERVIEW: BRAZIL ARRAIAS Near Mine Domingos Item Tons (Mt) Grade (%) P2O5 (Mt) Item Tons (Mt) Grade (%) P2O5 (Mt) Measured and Indicated Mineral Resources 24.6 4.3 1.1 Measured and Indicated Mineral Resources 34.0 5.1 1.7 Inferred Mineral Resources 3.8 4.0 0.2
Slide 31: Mineral Reserves and Mineral Resources Overview: Farim, Guinea Bissau
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 32: Public Market Snapshot
PUBLIC MARKET SNAPSHOT Trading Metrics TSV –V OTCQX Ticker IFOS ITFS Share Price(1) C$2.89 US$2.13 Market Capitalization (millions) (1) C$558.4 US$411.1 Average Daily Trading Volume (thousands)(1) 43.6 10.0 Share Data Total Shares Outstanding(2) 193,234,714 RSU’s Outstanding(2) 1,919,619 Shareholder
Slide 33: Adjusted EBITDA Margin Reconciliation
ADJUSTED EBITDA MARGIN RECONCILIATION ($MMs) FY 2022 FY 2023 FY 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 TTM Itafos (Conda Segment) Adjusted EBITDA1 240 148 170 38 49 41 33 160 Revenues 571 448 468 111 132 128 117 488 Adjusted EBITDA Margin 42.1% 33.1% 36.4% 34.0% 36.8% 31.9% 28.2% 32.8% (Adjusted EBITD
Slide 34: Net Debt and Net Leverage Ratio Reconciliation
NET DEBT AND NET LEVERAGE RATIO RECONCILIATION ($000s) FY 2021 FY 2022 FY 2023 FY 2024 Q2 2025 Current Debt 52,838 29,217 29,127 11,163 11,011 Long-term Debt 187,010 98,907 61,411 86,804 82,142 Cash and Cash Equivalents (31,565) (42,811) (30,753) (74,372) (98,055) Deferred Financing Costs Related to
Slide 35: Liquidity Reconciliation
LIQUIDITY RECONCILIATION ($000s) FY 2022 FY 2023 FY 2024 Q2 2025 Cash and Cash Equivalents 42,811 30,753 74,372 98,055 ABL Facility Undrawn Borrowing Capacity 21,447 40,000 80,000 80,000 Liquidity 66,258 70,753 154,372 178,055 1: Non-IFRS measures; refer to disclaimer, appendix and the Company’s MD&
Slide 36: Itafos Corporate Office / Investor Relations
ITAFOS CORPORATE OFFICE 5151 San Felipe Street, Suite 2015 Houston, TX 77056 United States of America INVESTOR RELATIONS TSX-V: IFOS investor@itafos.com itafos.com TSX-V: IFOS | 36