Itafos Inc · TSXV:IFOS
Itafos — Investor Presentation (August 2026)
46 slides from Itafos's investor presentation, August 2026
Slide 1: Powering Growth, Nourishing the Planet
POWERING GROWTH, NOURISHING THE PLANET TSX-V: IFOS | OTCQX: ITFS August 2026
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 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 long-term shareholder 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: Top-tier execution
OPERATIONAL EXCELLENCE Top-tier execution that drives best in class operating margins Utilization(1) Adjusted EBITDA Margin(2) 110% 40% 2023 2024 2025 TTM 2024 100% 2023 2025 90% 2023 TTM 2025 30% 2024 80% 2023 2024 TTM 70% 2023 2024 2025 TTM 2023 2024 2025 60% 2025 20% 50% TTM 40% TTM 30% 10% 20% 1
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) $70 1.0x $160 $60 $140 0.8x $120 $50 $100 0.6x $40 $80 $30 0.4x $60 $20 $40 0.2x $10 $20 $0 0.0x $0 2023 20
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 Supporting US farmers with continuous supply of phosphate fertilizer by investing in our operations Investment at Conda to Improve Assets1, Maximize Fertilizer Production2 , and Extended Operating Runway Maintenance CAPEX Growth CAPEX MAP Production - Conda US Market Share Husky 1 / N
Slide 9: Valuation Gap
VALUATION GAP Itafos trades at a significant multiple discount to peers EV / 2027E Adj. EBITDA Multiple vs. Peers(1) 8.0x PEER AVERAGE 6.1x (2.0x difference) 6.0x 4.0x 2.0x 0.0x 1. TSX, Bloomberg, Raymond James as of August 12, 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 and supply agreements Record Setting, Consistent Production Adjusted EBITDA(1) Engine Long-term Agreements Mitigate Volatility • Itafos P2O5 production record in FY2025 • Funds internal capital requirements • Ratable o
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 (Farim)
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 (Santana)
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: Q2 2026 Results
Q2 2026 RESULTS Consolidated results ($MM) $144.0 Revenues ($5.6) Net Income $17.8 Adjusted EBITDA(1) Environmental, Health, and Safety Fertilizer Production (000s Tonnes P2O5)(3) TRIFR(2) 80 1.00 70 60 0.80 0.62 50 0.60 0.54 0.54 0.53 0.47 40 0.40 30 20 0.20 10 0.00 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
Slide 22: 2026 Guidance
2026 GUIDANCE Financial outlook Metric (in $MM unless otherwise noted) FY 2026 Projection Conda Sales Volumes (000s tonnes P2O5) 340 - 355 Corporate Selling, General and Administrative Expenses1 $16 - 20 Maintenance CAPEX(1) $23 - 28 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 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 26: Mineral Reserves and Mineral 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 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 29: Public Market Snapshot
PUBLIC MARKET SNAPSHOT Trading Metrics TSX - V OTCQX Ticker IFOS ITFS Share Price(1) C$2.25 US$1.62 Market Capitalization (millions) (1) C$438.3 US$315.5 Average Daily Trading Volume (thousands)(1) 239.5 58.9 Share Data Total Shares Outstanding(2) 194,780,281 RSU’s Outstanding(2) 2,466,357 Sharehold
Slide 30: Adjusted EBITDA Margin Reconciliation
ADJUSTED EBITDA MARGIN RECONCILIATION ($MMs) FY 2023 FY 2024 FY 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 TTM Itafos (Conda Segment) Adjusted EBITDA1 148 170 164 46 44 22 18 129 Revenues 448 468 512 134 133 130 127 524 Adjusted EBITDA Margin 33.1% 36.4% 32.0% 34.5% 32.7% 16.9% 13.8% 24.7% (Adjusted EBITD
Slide 31: Net Debt & Net Leverage Ratio Reconciliation
NET DEBT & NET LEVERAGE RATIO RECONCILIATION ($000s) FY 2022 FY 2023 FY 2024 FY 2025 Q2 2026 Current Debt 29,217 29,127 11,163 11,033 10,952 Long-term Debt 98,907 61,411 86,804 77,428 73,056 Cash and Cash Equivalents (42,811) (30,753) (74,372) (70,489) (53,287) Deferred Financing Costs Related to th
Slide 32: Liquidity Reconciliation
LIQUIDITY RECONCILIATION ($000s) FY 2023 FY 2024 FY 2025 Q2 2026 Cash and Cash Equivalents 30,753 74,372 70,489 53,287 ABL Facility Undrawn Borrowing Capacity 40,000 80,000 80,000 80,000 Liquidity 70,753 154,372 150,489 133,287 1. Non-IFRS measures; refer to disclaimer, appendix and the Company’s MD
Slide 33: Market Dynamics
MARKET DYNAMICS ITAF@®S
Slide 34: 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 35: 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 36: 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 37: 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 50 600 20.0% 45 500 19.0% 40 35 400 18.0% 30
Slide 38: U.S. Corn Crop Statistics
U.S. CORN CROP STATISTICS Planted acres expected to decrease in 2026 providing 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 96.7 -2% decrease, but still well above historical nor
Slide 39: 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 86.8 7% year through 2028 Area Harvested 82.3 86.2 80.
Slide 40: 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 41: 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) DAP MAP MAP 5 - Year Average 850 850 Reciprocal tariffs on phosphate lifted
Slide 42: Raw Material Costs
RAW MATERIAL COSTS Sulfur prices have spiked well 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 1,200 1,800 1,600 1,000 1,400 800
Slide 43: Impacts of Conflict in Iran
IMPACTS OF CONFLICT IN IRAN Significant percentages of the global trade of sulfur and phosphate has been unable to transit the Strait of Hormuz, creating supply shortages and increasing prices Sulfur Phosphates 39.2 Hormuz 28.2 Hormuz Mt Rest of World Mt Rest of World Source: CRU, full 2025 data TSX
Slide 44: Sulfur Market Dynamics
SULFUR MARKET DYNAMICS Phosphoric acid primary demand driver, imports expected to increase as share of global market Demand by Use Global Trade Mil Tons Phos Acid Share Mil Tons Import Share 90 58% 90 60% 80 57% 80 58% 56% 70 70 55% 56% 60 60 54% 50 50 54% 53% 40 40 52% 52% 30 30 51% 50% 20 20 50% 4
Slide 45: Sulfur Market Participants
SULFUR MARKET PARTICIPANTS China and Morocco drive demand, bulk of exports originate from Middle East Import Demand Export Supply United States United States China Middle East Morocco Kazakhstan Indonesia Canada Brazil South Korea India India Other Other Source: CRU, MMRC; Average of 2023 – 2025 ann
Slide 46: 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