Iofina (IOF) Trading Update summary

Operational highlights

• Achieved record full-year 2024 iodine production of 634.1MT, up 13.4% from 2023, with Q4 output at 194.1MT, a quarterly record.

• IO #10 reached full production in September 2024; IO #11 construction underway, expected operational in Q3 2025.

• Preliminary planning for IO #12 progressing, supporting ongoing expansion strategy.

• No lost time incidents since April 2021, maintaining a strong safety record.

Financial performance and outlook

• 2024 adjusted EBITDA expected at $7.5m, below forecast due to $2m in delayed sales, now recognized in January 2025.

• Spot iodine prices remain above $70/kg, higher than H1 2024, with robust global demand expected to support prices in H1 2025.

• IPBC product sales significantly exceeded 2023 levels, driven by strong customer demand.

• H1 2025 iodine production forecasted at 320–355MT, up from 276.1MT in H1 2024.

Strategic initiatives and growth

• Growth strategy remains on track with ongoing investments in new plants and technology.

• IO #11 construction progressing, with major components being supplied and land work underway.

• Positive discussions for IO #12 indicate further expansion plans.

• Strategic investments at Iofina Chemical have strengthened specialty chemical sales.