Mr. Matthew O'Neill reports

ITAFOS ANNOUNCES APPOINTMENT OF NEW DIRECTOR

Itafos Inc. has appointed Joseph McConnell to its board of directors, effective Jan. 16, 2026. Mr. McConnell replaces Isaiah Toback as a nominee to the company's board of directors by its principal shareholder, CL Fertilizers Holding LLC (CLF), pursuant to an investor rights agreement between the company and CLF.

"We are pleased to announce the appointment of Joe to the board of directors. His experience and expertise will strengthen the board's ability to provide oversight and guidance, bringing valuable skills and new perspectives as the company advances its business objectives and strategic initiatives," stated Anthony Cina, chairman of the company's board of directors. Mr. Cina added, "On behalf of the board, I would also like to thank Isaiah for his contributions to the company."

Mr. McConnell is a partner at Castlelake LP, an affiliate of CLF, and is deputy co-chief investment officer. Mr. McConnell joined Castlelake in 2007 and is responsible for guiding and executing the firm's global investment strategy across asset classes, overseeing the firm's opportunistic asset solutions and aviation fund portfolios, and supporting the growth and development of its investment teams. He is also a member of the firm's executive committee and its investment review committee, and is a director of Castlelake's aircraft securitizations.

Mr. McConnell became a partner of the firm in 2017 and has previously served in portfolio management and investment roles, including co-head of the firm's aviation and real assets businesses. Prior to joining Castlelake, Mr. McConnell worked in Piper Sandler's investment banking division. Mr. McConnell received his BSB in finance and accounting from the Carlson School of Management at the University of Minnesota, summa cum laude.

About Itafos Inc.

The company is a phosphate and specialty fertilizer company with businesses and projects spanning three continents:

• Conda -- a vertically integrated phosphate fertilizer business located in Idaho, with the following production capacity: approximately 550,000 tonnes (t) per year of MAP, MAP with micronutrients (MAP+), superphosphoric acid (SPA), merchant-grade phosphoric acid (MGA) and ammonium polyphosphate (APP), and approximately 27,000 t per year of hydrofluorosilicic acid (HFSA);
• Arraias -- a vertically integrated phosphate fertilizer business located in Tocantins, Brazil, with the following production capacity: approximately 500,000 t per year of single superphosphate (SSP) and SSP with micronutrients (SSP+), and approximately 40,000 t per year of excess sulphuric acid (220,000 t per year gross sulphuric 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 Para, Brazil.

The company is a Delaware corporation headquartered in Houston, Tex. The company's shares trade on the TSX Venture Exchange under the ticker IFOS. The company's shares also trade in the United States on the OTCQX Best Market under the ticker symbol ITFS. The company's principal shareholder is CLF. CLF is an affiliate of global private investment firm Castlelake.

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