Phosphoric Acid, Phosphates & Fertilizers Experts

Itafos Provides Update on Itafos Farim Engineering and Construction, Announces EPCM Agreements with Lycopodium, Baird

TORONTO, ON – July 22, 2019 – Itafos (TSX VENTURE: IFOS) (the “Company”) today provided an update on the engineering and construction of Itafos Farim and announced that it has signed an engineering, procurement and construction management (“EPCM”) agreement for mine site development with Lycopodium Minerals Canada Limited (Toronto, Canada) (“Lycopodium”) and for port site development with W.F Baird and Associates Ltd. (Madison, USA) (“Baird”).

“Signing EPCM agreements with Lycopodium and Baird represent key milestones in the development of Itafos Farim, one of the highest grade undeveloped phosphate mine projects in the world,” said Dr. Mhamed Ibnabdeljalil, interim CEO of Itafos.

The EPCM agreement with Lycopodium is for services related to the development of Itafos Farim’s mine site, which is expected to produce 1.3Mt per year of phosphate rock. Lycopodium has a deep understanding of the project as it performed the technical report for Itafos Farim titled “NI 43-101 Technical Report on the Farim Phosphate Project” in 2015.

The EPCM agreement with Baird is for services related to the development of Itafos Farim’s port site, which is expected to load Itafos Farim’s mine site production for global export. Milestones achieved to date include advancing detailed design, completing geotechnical design for piling and soil profiles and advancing tendering of major procurement packages and long lead items.

In addition to the EPCM agreements with Lycopodium and Baird, the Company has been advancing other aspects of the construction and engineering of Itafos Farim including finalizing engineering, studies and fieldwork, completing the construction camp and hiring of owners’ team.