Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CA$2.95, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 14x in the Chemicals industry in Canada. Total returns to shareholders of 76% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$0.01 (down from US$0.19 in 1Q 2025). Revenue: US$142.2m (up 4.8% from 1Q 2025). Net income: US$1.73m (down 95% from 1Q 2025). Profit margin: 1.2% (down from 26% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 87%. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Aankondiging • Apr 21
Itafos Inc., Annual General Meeting, Jun 18, 2026 Itafos Inc., Annual General Meeting, Jun 18, 2026. Aankondiging • Apr 18
Itafos Inc. to Report Q1, 2026 Results on Apr 29, 2026 Itafos Inc. announced that they will report Q1, 2026 results After-Market on Apr 29, 2026 Reported Earnings • Mar 19
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.60 (up from US$0.46 in FY 2024). Revenue: US$558.0m (up 14% from FY 2024). Net income: US$116.1m (up 32% from FY 2024). Profit margin: 21% (up from 18% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CA$3.78, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 16x in the Chemicals industry in Canada. Total returns to shareholders of 151% over the past three years. Aankondiging • Mar 05
Itafos Inc. to Report Q4, 2025 Results on Mar 18, 2026 Itafos Inc. announced that they will report Q4, 2025 results After-Market on Mar 18, 2026 Aankondiging • Feb 12
Itafos Inc. Provides Production guidance for Fiscal Year 2026 Itafos Inc. Provided Production guidance for Fiscal Year 2026. For the year, the company projected sales volumes to be 335,000 tonnes P2O5 to 355,000 tonnes P2O5. Aankondiging • Jan 27
Itafos Inc. Completes Updated Preliminary Economic Assessment for the Arraias Phosphate Project Itafos Inc. announced the results of the updated Preliminary Economic Assessment ("PEA") for its Arraias Phosphate Project (the "Arraias Project"), a phosphate mine project located in Tocantins, Brazil. Arraias Project 2026 PEA Highlights: Targeting high grade phosphate rock layers in breccia and conglomerate; Four individual deposits at the Arraias Project were evaluated for Mineral Resources: Domingos, Cana Brava, Coite, and Near Mine; 2 Mt Measured and Indicated Resource plus 3 Mt Inferred Mineral Resources including: Measured Mineral Resources include 1.1 Mt of breccia at an in-situ grade of 17.7% P2O5 and 0.5 Mt of conglomerate at an in-situgrade of 12.1% P2O5. Itafos has been successfully mining breccia and conglomerate at the Domingos deposit since 2023 and selling a direct application product ("DAPR") as well as a partially acidulated product ("PAPR"). A technical report, entitled "NI 43-101 Technical Report Preliminary Economic Assessment Arraias Phosphate Operations, Tocantins, Brazil" (the "Arraias PEA") was prepared for the Company by WSP Canada Inc. ("WSP") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The QP is not aware of any material changes between the November 14, 2025, effective date of the Mineral Resource estimate and the January 27, 2026 publication date of this news release that would affect the resource model or Mineral Resource estimate. The analysis revealed that the project is most sensitive to changes in product sales price. The results of the sensitivity analysis are presented graphically. It is recommended to continue developing the project through mineral resource infill drilling and expansion, and more advanced mining studies to support further investment decisions; Conduct infill drilling to upgrade inferred mineral resources to indicated or measured mineral resources. Each of these qualified persons has reviewed and approved the respective scientific and technical disclosure on the Arraias Project contained in this news release. Further information about the Arraias Project, including a description of the key assumptions, parameters, description of sampling methods, data verification and QA/QC programs, methods relating to resources and reserves and factors that may affect those estimates will be contained in the Arraias Technical Report. Aankondiging • Jan 17
Itafos Inc. Announces Board Changes Itafos Inc. announced the appointment of Joseph McConnell to its Board of Directors, effective January 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. Mr. McConnell is a Partner at Castlelake, L.P. (“Castlelake”), 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 B.S.B. in finance and accounting from the Carlson School of Management at the University of Minnesota, summa cum laude. Recent Insider Transactions • Dec 31
Independent Director recently bought CA$59k worth of stock On the 24th of December, Stephen Shapiro bought around 20k shares on-market at roughly CA$2.96 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 20% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 20% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Upcoming Dividend • Nov 10
Upcoming dividend of CA$0.17 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 11 December 2025. Trailing yield: 1.5%. Lower than top quartile of Canadian dividend payers (5.9%). Lower than average of industry peers (3.6%). Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$0.19 (vs US$0.095 in 3Q 2024) Third quarter 2025 results: EPS: US$0.19 (up from US$0.095 in 3Q 2024). Revenue: US$152.8m (up 27% from 3Q 2024). Net income: US$36.2m (up 98% from 3Q 2024). Profit margin: 24% (up from 15% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Aankondiging • Oct 29
Itafos Inc. to Report Q3, 2025 Results on Nov 05, 2025 Itafos Inc. announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.13 (up from US$0.084 in 2Q 2024). Revenue: US$126.8m (up 21% from 2Q 2024). Net income: US$24.8m (up 53% from 2Q 2024). Profit margin: 20% (up from 15% in 2Q 2024). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 160%. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Aug 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Aankondiging • Aug 07
Itafos Inc. Maintains Production Guidance for the Fiscal Year 2025 Itafos Inc. maintained production guidance for the fiscal year 2025. The company projected sales volumes to be 340,000 tonnes P2O5 to 360,000 tonnes P2O5. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.19 (up from US$0.12 in 1Q 2024). Revenue: US$135.7m (up 6.0% from 1Q 2024). Net income: US$35.9m (up 51% from 1Q 2024). Profit margin: 26% (up from 19% in 1Q 2024). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Aankondiging • May 08
Itafos Inc. Maintains Production Guidance for the Fiscal 2025 Itafos Inc. maintained production guidance for the fiscal 2025. The company projected sales volumes to be 340,000 tonnes P2O5 to 360,000 tonnes P2O5. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Director Isaiah Toback was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 21
Itafos Inc., Annual General Meeting, Jun 18, 2025 Itafos Inc., Annual General Meeting, Jun 18, 2025. Reported Earnings • Mar 20
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$0.46 (up from US$0.02 in FY 2023). Revenue: US$491.2m (up 5.5% from FY 2023). Net income: US$87.8m (up US$83.9m from FY 2023). Profit margin: 18% (up from 0.8% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 20
Itafos Inc. Approves Special Dividend, Payable on April 25, 2025 Board of Directors of Itafos Inc. approved CAD 0.05 per share special dividend payable on April 25, 2025 with a record date of April 9, 2025. This dividend was announced following the sale of the Araxa project. Aankondiging • Feb 28
Niobium Dragon Pty Ltd completed the acquisition of Itafos Arraias Mineração e Fertilizantes S.A. from Itafos Inc. (TSXV:IFOS). Niobium Dragon Pty Ltd entered into a binding Share Sale Agreement to acquire Itafos Arraias Mineração e Fertilizantes S.A. from Itafos Inc. (TSXV:IFOS) for $26.9 million on August 5, 2024. Under the terms of the Agreement, St George will make a cash payment to Itafos of $10 million at closing of the Transaction and will make deferred cash payments of $6 million nine months after closing, and $5 million 18 months after closing (collectively, the “Deferred Payments”). 266,782,003 fully paid ordinary shares in St George (ASX: SGQ), upon closing of the Transaction, St George will also issue to Itafos: (a) ordinary shares of St George (“SGQ Shares”) representing 10% of St George’s outstanding share capital immediately following closing; (b) 9,999,990 options to acquire SGQ Shares at an exercise price of AUD$0.05, expiring three years from the date of issue; and (c) 11,111,100 performance rights, convertible into SGQ Shares for no additional consideration upon satisfaction of (i) the closing of the Transaction and (ii) St George reporting an Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC”) compliant inferred resource of no less than 25Mt @ 3.5% total rate earth oxide (“TREO”) at a cut-off of 2% TREO within five years from the date of issue. Use of Funds; Payment of Stage 1 cash consideration ($10 million), St George’s inaugural drill program at Araxa, Working capital including costs relating to acquisition completion, The issue of the SGQ Shares, options and performance rights are subject to receipt of shareholder approval. The closing of the transaction is subject to the completion (or waiver) of certain conditions by November 3, 2024. The Transaction is expected to close in late September 2024/early October 2024. As of November 5, 2024, St George Mining Limited has agreed to has agreed to an extension
of time to finalize the acquisition of the Araxá Project. The transaction is now expected to close in Q1 2025.
Steinepreis Paganin acted as legal advisor to St George Mining Limited.
Niobium Dragon Pty Ltd completed the acquisition of Itafos Arraias Mineração e Fertilizantes S.A. from Itafos Inc. (TSXV:IFOS) on February 27, 2025. Aankondiging • Feb 04
Itafos Inc. Provides Production Guidance for the Fiscal 2025 Itafos Inc. provided production guidance for the fiscal 2025. The company projected sales volumes to be 340,000 tonnes P2O5 to 360,000 tonnes P2O5. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.10 (up from US$0.016 in 3Q 2023). Revenue: US$120.0m (up 8.3% from 3Q 2023). Net income: US$18.3m (up 494% from 3Q 2023). Profit margin: 15% (up from 2.8% in 3Q 2023). Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.08 (down from US$0.11 in 2Q 2023). Revenue: US$105.1m (down 9.5% from 2Q 2023). Net income: US$16.2m (down 21% from 2Q 2023). Profit margin: 15% (down from 18% in 2Q 2023). Revenue exceeded analyst estimates by 46%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Aankondiging • Aug 08
Itafos Inc. Maintains Operating Guidance for the Year 2024 Itafos Inc. maintained operating guidance for the year 2024. For the year, the company expects Sales Volumes of 320,000 tonnes P2O5 to 340,000 tonnes P2O5. Aankondiging • Aug 06
Niobium Dragon Pty Ltd entered into a binding Share Sale Agreement to acquire Itafos Arraias Mineração e Fertilizantes S.A. from Itafos Inc. (TSXV:IFOS) ) for $14.9 million. Niobium Dragon Pty Ltd entered into a binding Share Sale Agreement to acquire Itafos Arraias Mineração e Fertilizantes S.A. from Itafos Inc. (TSXV:IFOS) for $14.9 million on August 5, 2024. Niobium Dragon Pty Ltd entered into a binding Share Sale Agreement to acquire Itafos Arraias Mineração e Fertilizantes S.A. from Itafos Inc. (TSXV:IFOS) on August 6, 2024. Under the terms of the Agreement, St George will make a cash payment to Itafos of $10million at closing of the Transaction and will make deferred cash payments of $6 million nine months after closing, and $5 18 months after closing (collectively, the “Deferred Payments”). 221,226,715 fully paid ordinary shares in St George (ASX: SGQ), upon closing of the Transaction, St George will also issue to Itafos: (a) ordinary shares of St George (“SGQ Shares”) representing 10% of St George’s outstanding share capital immediately following closing; (b) 9,999,990 options to acquire SGQ Shares at an exercise price of AUD$0.05, expiring three years from the date of issue; and (c) 11,111,100 performance rights, convertible into SGQ Shares for no additional consideration upon satisfaction of (i) the closing of the Transaction and (ii) St George reporting an Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC”) compliant inferred resource of no less than 25Mt @ 3.5% total rate earth oxide (“TREO”) at a cut-off of 2% TREO within five years from the date of issue. Use of Funds; Payment of Stage 1 cash consideration ($10 million), St George’s inaugural drill program at Araxa, Working capital including costs relating to acquisition completion, The issue of the SGQ Shares, options and performance rights are subject to receipt of shareholder approval. The closing of the transaction is subject to the completion (or waiver) of certain conditions by November 3, 2024. Completion of acquisition will be on 24 September 2024. Aankondiging • Jun 19
Itafos Inc. Announces Elena Viyella De Paliza Did Not Stand for Re-Election as Director Itafos Inc. announced Elena Viyella de Paliza did not stand for re-election as director at the Meeting. Reported Earnings • May 09
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.12 (down from US$0.15 in 1Q 2023). Revenue: US$128.0m (up 7.0% from 1Q 2023). Net income: US$23.7m (down 16% from 1Q 2023). Profit margin: 19% (down from 24% in 1Q 2023). Revenue exceeded analyst estimates by 57%. Earnings per share (EPS) also surpassed analyst estimates by 106%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 30
Itafos Inc. Announces Results of Updated Itafos Conda Technical Report Itafos Inc. announced that it has filed an updated technical report for Itafos’ Conda project, a vertically-integrated phosphate fertilizer project in Idaho (Conda Project). The Conda Technical Report demonstrates increased Mineral Reserves and the opportunity for continued operations at the Conda Project through 2037. Technical report highlights for Conda Project: The mine schedule shows ore production for the Conda Project through 2037. The Mineral Resource estimate for Husky1-South Maybe Canyon (H1SMC) and North Dry Ridge (NDR) (collectively “H1/NDR”) increased from 38.1 million short tons (dry) at ~24.3% - ~27.0% P2O5 to 40.5 million short tons (dry) at ~24.2% - 26.7% P2O5; The total estimated Mineral Reserves for Conda increased from 14.4 million short tons (dry) at ~26.6% P2O5 (as of July 1, 2019) to 33.7 million short tons (dry) at ~25.0% P2O5 (as of July 1, 2023); and The Rasmussen Valley Mine (“RVM”) block model did not change based on the results from reconciliation between the 2019 model estimates and the production results up to the effective date of the Conda Technical Report (July 1, 2023). The estimated remaining Mineral Resource after the effective date of July 1, 2023 is 5.9 million short tons (dry) at ~25.9% P2O5. The estimated remaining Mineral Reserve after the effective date of July 1, 2023 is 4.3 million short tons (dry) at ~26.0% P2O5. The Conda Technical Report includes Mineral Reserve estimates for RVM and H1/NDR, all of which are wholly-owned by Itafos Conda. The Mineral Reserve estimates for these deposits were prepared by WSP and this news release is the initial public disclosure of such Mineral Reserve estimates. The effective date for the Mineral Reserve estimate is July 1, 2023. Aankondiging • Apr 23
Itafos Inc., Annual General Meeting, Jun 19, 2024 Itafos Inc., Annual General Meeting, Jun 19, 2024. Reported Earnings • Mar 22
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.02 (down from US$0.61 in FY 2022). Revenue: US$465.5m (down 22% from FY 2022). Net income: US$3.86m (down 97% from FY 2022). Profit margin: 0.8% (down from 19% in FY 2022). Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) missed analyst estimates by 91%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Feb 28
CEO & Director exercised options to buy CA$84k worth of stock. On the 22nd of February, George Delaney exercised options to buy 70k shares at a strike price of around CA$1.22, costing a total of CA$86k. This transaction amounted to 16% of their direct individual holding at the time of the trade. Since March 2023, George's direct individual holding has increased from 419.64k shares to 437.09k. Company insiders have collectively bought CA$224k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: US$0.016 (vs US$0.043 in 3Q 2022) Third quarter 2023 results: EPS: US$0.016 (down from US$0.043 in 3Q 2022). Revenue: US$110.8m (down 28% from 3Q 2022). Net income: US$3.08m (down 62% from 3Q 2022). Profit margin: 2.8% (down from 5.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 21% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 77% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 10
Itafos Inc. Narrows its Earnings Guidance for 2023 Itafos Inc. narrowed its financial guidance for 2023. For the period, company expects net income guidance of $50 million - $60 million. Basic earnings guidance of $0.34-$0.41/share. Buying Opportunity • Oct 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be CA$1.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 37% in a year. Earnings is forecast to decline by 58% in the next year. Buying Opportunity • Sep 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be CA$1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 37% in a year. Earnings is forecast to decline by 58% in the next year. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$1.63, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Chemicals industry in North America. Total returns to shareholders of 409% over the past three years. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.11 (down from US$0.23 in 2Q 2022). Revenue: US$116.1m (down 25% from 2Q 2022). Net income: US$20.4m (down 54% from 2Q 2022). Profit margin: 18% (down from 29% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) also surpassed analyst estimates by 169%. Revenue is forecast to decline by 25% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 10
Itafos Inc. Provides Earnings Guidance for the Year 2023 Itafos Inc. provided earnings guidance for the year 2023. For the year, the company expects net income guidance of $45 million -60 million. Aankondiging • Jun 29
Itafos Files Updated Feasibility Study for the Farim Phosphate Project Itafos Inc. announced that, further to its news release on May 17, 2023, it has filed the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report for the Farim Phosphate Project (the "Farim Project"), a high-grade phosphate mine project located in the northern part of central Guinea-Bissau, West Africa. The technical report, entitled "Farim Phosphate Project - NI 43-101 Technical Report and Feasibility Study," with an effective date of May 17, 2023 (the "Farim Technical Report"), was prepared for the Company by Ausenco Engineering Canada Inc. ("Ausenco") in accordance with NI 43-101. The Farim Technical Report was prepared to summarize the results of an updated Feasibility Study for the Farim Project and consolidate all project de-risk work conducted between 2015 and 2022. Ausenco was supported by KEMWorks Technology Inc., WSP/Golder, Knight Piésold Ltd., WF Baird & Associates and Kristal Font Inc. Aankondiging • May 18
Itafos Inc. Completes Updated Feasibility Study for the Farim Phosphate Project Itafos Inc. announced the results of the updated Feasibility Study (FS or feasibility study) for the Farim Phosphate Project (the Farim Project), a high-grade phosphate mine project located in Guinea-Bissau, West Africa. After-tax net present value (NPV) (10%) of $572 million at a base case life-of-mine (LOM) average rock price of $197.5 per tonne concentrate. After-tax internal rate of return (IRR) of 34.9% and after-tax payback on pre-production capital expenditures of 4.2 years. High-grade, free-dig open-pit mine with an average run-of-mine (ROM) P2O5 grade (dry basis) of 30.0% and an overall ROM strip ratio of 10.09 bank cubic meters (bcm) per tonne of ROM phosphate matrix. LOM production of approximately 2.19 million tonnes per annum (Mt/a) of ROM phosphate matrix on an as-received basis (at approximately 20% moisture) or 1.75 Mt/a ROM phosphate matrix on a dry basis. The process plant is designed to achieve an annual throughput of 1.75 Mt/a. The material from the south and north pits are expected to produce 1.36 Mt/a and 1.30 Mt/a of dried concentrate product annually, respectively. Estimated pre-production capital expenditures (CAPEX) of $308 million, yielding after-tax NPV:CAPEX ratio of 1.9:1 LOM all-in Operating Cost of $70.9/tonne rock concentrate loaded Free on Board (FOB) basis. Proven and Probable Mineral Reserves of 43.8 million tonnes at 30.0% P2O5. Data Verification: The Mineral Resource Qualified Person (QP), Jerry DeWolfe, P.Geo. considers sample preparation, analytical, and security protocols employed by the Farim Project to be acceptable. The QP has reviewed the QA/QC procedures used by the Company including the use of certified reference materials, blank, duplicate, and umpire data, and considers the assay database to be adequate for Mineral Resource estimation. The QP also carried out data verification both on site and on the database. This included a review of the assay database and collar locations. Major Estimate Revision • May 17
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$334.6m to US$354.9m. EPS estimate increased from US$0.23 to US$0.267 per share. Net income forecast to shrink 54% next year vs 13% growth forecast for Chemicals industry in Canada . Consensus price target of CA$5.25 unchanged from last update. Share price was steady at CA$1.80 over the past week. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: US$0.15 (vs US$0.18 in 1Q 2022) First quarter 2023 results: EPS: US$0.15 (down from US$0.18 in 1Q 2022). Revenue: US$119.6m (down 20% from 1Q 2022). Net income: US$28.2m (down 14% from 1Q 2022). Profit margin: 24% (up from 22% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 32% p.a. on average during the next 2 years compared to a 3.8% decline forecast for the Chemicals industry in Canada. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Aankondiging • May 11
Itafos Announces Notice to Proceed for Husky 1/North Dry Ridge Itafos Inc. has received the Notice to Proceed ("NTP") for the Husky 1 /North Dry Ridge ("H1 /NDR") mine development project. Upon receipt of the NTP, the Company has begun capital activities associated with the mine development project. The H1 /NDR project is expected to be internally funded and is comprised primarily of infrastructure and mine related development, while continuing to utilize the Conda plant for processing and fertilizer production. Mineral resources from H1 /NDR are expected in 2026,(1) providing an uninterrupted supply as the Rasmussen Valley Mine reaches the end of its useful life. Reported Earnings • Mar 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.61 (up from US$0.27 in FY 2021). Revenue: US$593.3m (up 44% from FY 2021). Net income: US$114.7m (up 125% from FY 2021). Profit margin: 19% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CA$1.99, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Chemicals industry in Canada. Total returns to shareholders of 765% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$1.71, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 13x in the Chemicals industry in North America. Total returns to shareholders of 307% over the past three years. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$461.7m to US$440.9m. EPS estimate also fell from US$0.57 per share to US$0.42 per share. Net income forecast to shrink 37% next year vs 14% growth forecast for Chemicals industry in Canada . Consensus price target of CA$5.25 unchanged from last update. Share price fell 12% to CA$1.70 over the past week. Price Target Changed • Nov 16
Price target decreased to CA$5.25 Down from CA$5.75, the current price target is provided by 1 analyst. New target price is 171% above last closing price of CA$1.94. Stock is up 35% over the past year. The company is forecast to post earnings per share of US$0.48 for next year compared to US$0.27 last year. Aankondiging • Nov 15
Itafos Inc. Provides Earnings Guidance for Fiscal Year 2022 Itafos Inc. provided earnings guidance for Fiscal Year 2022. For the year, the company expects net income to be between $100 million to $105 million and basic earnings guidance of CAD 0.69 per share to CAD 0.72 per share. Price Target Changed • Nov 12
Price target decreased to CA$5.25 Down from CA$5.75, the current price target is provided by 1 analyst. New target price is 175% above last closing price of CA$1.91. Stock is up 43% over the past year. The company is forecast to post earnings per share of US$0.48 for next year compared to US$0.27 last year. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CA$1.99, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Chemicals industry in Canada. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 17% share price gain to CA$2.33, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Chemicals industry in Canada. Total returns to shareholders of 55% over the past three years. Major Estimate Revision • Aug 18
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$460.0m to US$477.8m. EPS estimate increased from US$0.50 to US$0.59 per share. Net income forecast to shrink 18% next year vs 22% decline forecast for Chemicals industry in Canada. Consensus price target of CA$5.75 unchanged from last update. Share price rose 3.4% to CA$2.15 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.23 (up from US$0.051 in 2Q 2021). Revenue: US$155.0m (up 50% from 2Q 2021). Net income: US$44.3m (up 362% from 2Q 2021). Profit margin: 29% (up from 9.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Over the next year, revenue is expected to shrink by 17% compared to a 9.9% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CA$1.56, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Chemicals industry in Canada. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 20% share price decline to CA$1.80, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Chemicals industry in Canada. Total returns to shareholders of 80% over the past three years. Aankondiging • Jul 01
Itafos Inc. Announces Production and Sales of Hydrofluorosilicic Acid at Conda Itafos Inc. announced that Conda has begun production and sales of hydrofluorosilicic acid (“HFSA”). The Company previously identified the extraction and commercialization of HFSA as an organic growth opportunity to monetize the fluoride contained in Conda’s ore. Conda’s existing phosphoric acid evaporation process was modified so as to have the capacity to extract up to 30,000 wet short tons per year of HFSA. The modifications were completed as part of Conda’s scheduled plant turnaround during 2022. Following completion of the modifications and turnaround, Conda returned to full production capacity and began production of HFSA. Conda has also completed its first commercial delivery of the new product under a long-term offtake agreement. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 16% share price gain to CA$3.10, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Chemicals industry in Canada. Total returns to shareholders of 308% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.18 (up from US$0.01 in 1Q 2021). Revenue: US$149.9m (up 66% from 1Q 2021). Net income: US$33.0m (up US$31.1m from 1Q 2021). Profit margin: 22% (up from 2.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 57%. Over the next year, revenue is expected to shrink by 8.3% compared to a 28% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Board Change • May 09
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Ron Wilkinson was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 07
Itafos Inc., Annual General Meeting, Jun 24, 2022 Itafos Inc., Annual General Meeting, Jun 24, 2022. Aankondiging • Apr 19
Itafos Inc. Announces Board Changes Itafos Inc. announced the appointment of Stephen Shapiro and Isaiah Toback to its Board of Directors, effective April 14, 2022. Mr. Toback replaces Rory O’Neill 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. Mr. Shapiro is Chief Financial Officer at Cellview Imaging Inc. Prior to joining Cellview, Mr. Shapiro had a 30 year career in investment banking, most recently leading the Canadian Industrials and Consumer Group for Wells Fargo Securities Canada. Prior to joining Wells Fargo, Mr. Shapiro spent 13 years with BMO Capital Markets, where he started and led the Agriculture and Fertilizer Group. Mr. Toback is a partner at Castlelake and is deputy co-chief investment officer. Mr. Toback is responsible for guiding and executing the firm’s global investment strategy across asset classes, overseeing the firm’s value and income fund portfolios and supporting the growth and development of its investment teams. He is also a voting member of the firm’s Investment Review Committee. Mr. Toback became a partner of the firm in 2020 and previously served in portfolio management and investment roles. He has particular experience with investments in dislocated industries and corporate special situations, including leading the firm’s renewables and commodity shipping strategies. Aankondiging • Feb 09
Itafos Inc. Announces Resumption of Sulfuric Acid Production at Arraias Itafos Inc. announced the resumption of sulfuric acid production and sales at Arraias. The recommissioning of the previously idled sulfuric acid plant was completed on schedule, within budget and with no reportable environmental releases or recordable incidents. Arraias’ sulfuric acid plant has production capacity of 220kt per year. The Company expects to operate the sulfuric acid plant at Arraias with a base load capacity of approximately 10.5kt per month. Arraias has secured short-term sulfuric acid offtake agreements for its base load capacity with pricing linked to sulfur benchmarks. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 20% share price decline to CA$1.18, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Chemicals industry in Canada. Total returns to shareholders of 48% over the past three years. Board Change • Dec 31
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ron Wilkinson was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman Tony Cina was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 09
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman Tony Cina was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman Tony Cina was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.