REG - Iofina PLC - Business Update

IofinaAnnouncement

29/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211229:nRSc8187Wa&default-theme=true

RNS Number : 8187W  Iofina PLC  29 December 2021

 

29 December 2021

 

Iofina Plc

("Iofina" or the "Company")

(LSE AIM: IOF)

 

Business Update

 

Iofina plc, specialists in the exploration and production of iodine and
manufacturers of specialty chemical products, today provides the market with
the following end of year update.

 

Iofina is pleased to report that it will meet its H2 2021 crystalline iodine
production target of 260-275 metric tonnes ("MT"), which was projected at the
half year. The Company will provide further details in an update in January
2022 once numbers are finalised.

 

Additionally, the Company highlights that the demand for iodine and iodine
derivatives remains strong. In recent weeks the iodine spot price has
continued to climb and has reached $50/kg, up 25% since Iofina's Q3 update in
October 2021. In light of what are proving to be robust market trends, the
Directors expect the current pricing levels to be maintained into H1 2022.

 

Lastly, completion of the agreement with brine partners ahead of the
development of IO#9 has progressed since the Q3 update, but the latest
Covid-19 spike has caused the process to slow, pushing the timeline for the
execution of an agreement into Q1 2022. Construction planning is well advanced
in order to be ready to begin construction as quickly as possible once an
agreement is signed. Despite the delay, the Directors expect the new plant to
contribute to Iofina's iodine production in Q3 2022.

 

Commenting on the update, President and CEO of Iofina Dr. Tom Becker,
said: "Whilst the recent spike in Covid-19 has slowed the IO#9 process, we
expect to now finalise an agreement in early Q1 2022. We are advanced with our
construction planning, so will hit the ground running once we have access to
the new site.

 

"Importantly, market trends remain firmly in our favour, with demand for
iodine and related products strong and the iodine spot price now reaching
$50/kg. The Directors believe that the outlook moving into 2022 is certainly
encouraging."

 

 

Enquiries:

 

Dr. Tom Becker

CEO & President

Iofina plc

Tel: +44 (0)20 3006 3135

 

Christopher Raggett/Tim Harper (Corporate Finance)

Tim Redfern/Barney Hayward (ECM)

finnCap Ltd

Tel: +44 (0)20 7220 0500

 

Media Contact:

Charles Goodwin/Annabel Atkins

Yellow Jersey PR Limited

Tel: +44 (0)20 3004 9512

About Iofina:

Iofina plc (AIM: IOF) is a vertically integrated Company that specialises in
the production of Iodine and the manufacturing of specialty chemical products.
Iofina is the second largest producer of iodine in North America and operates
the manufacturing entities Iofina Resources and Iofina Chemical.

 

LEI: 213800QDMFYVRJYYTQ84

ISIN: GB00B2QL5C79

 

Iofina Resources

Iofina Resources develops, builds, owns and operates iodine extraction plants
using Iofina's WET® IOsorb® technology. Iofina currently operates five
producing IOsorb® plants in Oklahoma and is consistently using technology and
innovation to improve and expand its operations.

 

Iofina Chemical

Iofina Chemical has manufactured high quality halogen speciality chemicals
derived from raw iodine, as well as non-iodine based products for over 37
years.

 

www.iofina.com (http://www.iofina.com)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBBBDDUSDDGBI