Itafos Announces Appointment of Chief Strategy Officer

TORONTO, Feb. 02, 2021 - Itafos (TSX-V: IFOS) (the "Company") announced today the appointment of David Brush as Chief Strategy Officer, effective January 1, 2021. Mr. Brush has been serving as a consultant since December 1, 2020. In his role as Chief Strategy Officer, Mr. Brush will be responsible for strategy development and implementation, including related capital structuring and corporate development initiatives.

"We are pleased to bolster our management team by adding Dave's experience and expertise in strategy, finance and operations. Dave will be instrumental as we look to improve our capital structure and pursue growth opportunities in the agricultural sector," said G. David Delaney, CEO of Itafos.

Mr. Brush is a senior executive with over 30 years' experience in all aspects of global business operations, business development and strategic planning, financial management, personnel development, and general management. During his career, Mr. Brush has been involved in taking two companies public, led a significant amount of M&A transactions and managed billion dollar global business segments. Prior to joining Itafos, Mr. Brush was founder and Managing Partner of Idris Capital where he advised clients on M&A transactions and restructurings across a variety of sectors, including agriculture, fertilizer, packaging, building products and consumer products. Prior to Idris Capital, Mr. Brush held a number of senior executive positions, including, Chief Financial Officer at CPI Card Group Inc., Group Executive and President of the power transmission business at Rexnord Corporation and Vice President and General Manager of the specialty packaging division of Pactiv Corporation. Earlier in his career at Pactiv Corporation, Mr. Brush held numerous senior level financial roles and was instrumental in the company's acquisition strategy. Mr. Brush began his career as a certified public accountant with PricewaterhouseCoopers. Mr. Brush holds a Bachelor of Arts in Accounting from the University of Northern Iowa.

About Itafos

The Company is a pure play phosphate and specialty fertilizer platform with an attractive portfolio of strategic businesses and projects located in key fertilizer markets, including North America, South America and Africa.

The Company's businesses and projects are as follows:

• Conda - a vertically integrated phosphate fertilizer business with production capacity of approximately 550kt per year of monoammonium phosphate ("MAP"), MAP with micronutrients ("MAP+"), superphosphoric acid ("SPA"), merchant grade phosphoric acid ("MGA") and ammonium polyphosphate ("APP") located in Idaho, US;
• Arraias - a vertically integrated phosphate fertilizer business with production capacity of approximately 500kt per year of single superphosphate ("SSP"), SSP with micronutrients ("SSP+") and approximately 40kt per year of excess sulfuric acid located in Tocantins, Brazil;
• Farim - a high-grade phosphate mine project located in Farim, Guinea-Bissau;
• Paris Hills - a high-grade phosphate mine project located in Idaho, US;
• Santana - a vertically integrated high-grade phosphate mine and fertilizer plant project located in Par?, Brazil;
• Mantaro - a phosphate mine project located in Junin, Peru; and
• Arax? - a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas Gerais, Brazil.
  

The Company's principal shareholder is CL Fertilizers Holding LLC ("CLF"). CLF is an affiliate of Castlelake, L.P., a global private investment firm.

The Company's shares trade on the TSX Venture Exchange ("TSX-V") under the trading symbol "IFOS". The Company's registered office is at Ugland House, Grand Cayman, Cayman Islands KY1-1104.

For more information, or to join the Company's mailing list to receive notification of future news releases, please visit the Company's website at www.Itafos.com.

Forward Looking Information

Certain information contained in this news release constitutes forward looking information. All information other than information of historical fact is forward looking information. The use of any of the words "intend", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "would", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this news release should not be unduly relied upon.

Forward looking information is subject to a number of risks and other factors that could cause actual results and events to vary materially from that anticipated by such forward looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to, those risk factors set out in the Company's management's discussion and analysis of operations and financial condition and other disclosure documents available under the Company's profile at www.sedar.com and on the Company's website at www.Itafos.com. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. The forward-looking information included in this news release is expressly qualified by this cautionary statement and is made as of the date of this news release. The Company undertakes no obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.

NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

For further information, please contact:

Itafos Investor Relations
investor@Itafos.com
www.Itafos.com