HOUSTON, TX — February 11, 2026 — Leads & Copy —
Itafos Inc. (TSX-V: IFOS) (OTCQX: ITFS) has released its preliminary, unaudited Q4 2025 operational highlights and 2026 guidance.
According to CEO David Delaney, 2025 was an exceptional year for Itafos. He reported the company had no reportable environmental releases and a Total Recordable Incident Frequency Rate (TRIFR) decreased from 0.86 in 2024 to 0.56.
At Conda, the company maintained 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. The company finished mining at its 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 the Rasmussen Valley Mine to H1/NDR.
At Arraias, the company generated record levels of adjusted EBITDA, increasing production of sulfuric acid by 11% and dry fertilizers by 170% on a P2O5 basis compared to 2024. The company successfully restarted the granulation plant at the facility and produced a new granulated version of the SuperForte Duo product, which accounted for nearly $8 million in incremental sales during the year.
The company completed the sale of its 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, the company returned CAD$0.22 per share to its shareholders via two special dividends.
Looking forward to 2026, Itafos has begun work on the magnesium reduction project that will allow it to maintain production rates at the Conda plant as it consumes the ore from the new mines. It will also continue its delineation drilling program with the goal of defining additional resources to extend its mine life well beyond the current 2037 plan.
Itafos recently announced the completion of the Updated Preliminary Economic Assessment (PEA) of the Arraias Phosphate Project. The corresponding technical report, filed on February 9, 2026, defines high-grade phosphate rock layers at the mine that support plans for upgrades to the beneficiation circuit at the plant, enabling the company to produce SSP for sale to local markets. The PEA estimates sufficient resources to establish a 14-year life-of-mine plan, with SSP production and sales planned to begin in 2027 following the planned refurbishment of the beneficiation circuit starting in 2H 2026 with restart of this circuit in 1H 2027.
Additionally, the company is also reviewing alternative development options for its Farim Project in Guinea Bissau, including a strategic drilling program (scheduled to commence in 1H 2026) and associated 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.
Conda produced 90,815 tonnes P2O5 in Q4 2025, compared to 97,307 tonnes P2O5 in Q4 2024, and 352,841 tonnes P2O5 in FY 2025, compared to 349,396 tonnes P2O5 in FY 2024. MAP realized price averaged $847/t in Q4 2025, compared to $721/t in Q4 2024, and $764/t in 2025, compared to $696/t in 2024.
Arraias produced 31,900 tonnes of excess sulfuric acid in Q4 2025, compared to 34,774 tonnes in Q4 2024, and 124,712 tonnes in FY 2025, compared to 112,785 tonnes in FY 2024. Arraias produced 8,628 tonnes P2O5 of DAPR, PAPR and G-PAPR in Q4 2025, compared to 1,635 tonnes P2O5 in Q4 2024, and 48,919 tonnes P2O5 in FY 2025, compared to 18,147 tonnes P2O5 in FY 2024.
Itafos 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 from the US and other global suppliers.
The company’s guidance for 2026 includes sales volumes of 335-355 (thousands of tonnes P2O5), corporate selling, general and administrative expenses of $16-20 (millions of US Dollars), maintenance capex of $23-33 (millions of US Dollars), growth capex of $63-83 (millions of US Dollars), and environmental and asset retirement obligations payments of $25-30 (millions of US Dollars).
Itafos is a phosphate and specialty fertilizer company with businesses and projects spanning three continents. Its shares trade on the TSX Venture Exchange under the ticker “IFOS” and in the US on the OTCQX® Best Market (“OTCQX”) under the ticker symbol “ITFS”.
The Company is a Delaware corporation headquartered in Houston, Texas.
Scientific and technical information in this news release has been reviewed and verified by Jennifer Simper, P.Geo., WSP Canada Inc., Terry L. Kremmel, P.E., WSP USA Inc. and Rainer Stephenson, P.E., Millcreek Engineering, each a Qualified Person as defined in NI 43-101 and independent of the Company.
Adjusted EBITDA and MAP realized price are each a non-IFRS financial measure.
1 Adjusted EBITDA and MAP realized price are each a non-IFRS financial measure. For additional 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 have 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.
3 This is a non-IFRS measure. For additional information, see “Non-IFRS Financial Measures” below.
4 Sales volumes reflect quantity in P2O5 of Conda sales projections.
5 Corporate 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.
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 Financial Measures” above.
Source: Itafos
