REG - Iofina PLC - Production Update

IofinaAnnouncement

12/04/2023 07:00

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RNS Number : 8601V  Iofina PLC  12 April 2023

12 April 2023

 

Iofina Plc

("Iofina" or the "Company")

(AIM: IOF)

 

Q1 2023 Corporate Update

 Iodine Production Matching Expectations and IO#9 on Track

 

Iofina plc, specialists in the exploration and production of iodine and
manufacturers of specialty chemical products, today provides a brief update to
the market regarding its activities during Q1 2023 (the "Period").

 

The Company continued to perform well during the Period, with Iofina Resources
producing 107.1 metric tonnes (MT) of crystalline iodine from its IOsorb®
iodine plants in Oklahoma.  This was an increase of 3.3MT from Q1 2022,
despite Q1 2023 experiencing cool temperatures and weather-related downtimes.

 

Demand for Iofina's iodine remained strong throughout the Period, which was
supported by a further expansion in the customer base. The iodine spot price
has remained steady at around $70/kg and prices are expected to stay at these
levels into the second half of 2023.  The Company's sales channels remain
robust which is encouraging as it executes its production expansion plans.

 

IO#9 is firmly on track to be operational before the end of Q2 2023, as
outlined in the previous market update. The Company has finalised the
exteriors of the buildings and is currently working on the interiors. The
tower system was migrated from IO#5, with the external steel already
implemented. The final steps for completion will focus on the tower
installation, plumbing, electricals and tying into our partner's brine
system.

 

The Company continues to work on other growth projects and is in advanced
dialogue with potential partners after receiving the initial geologist reports
about supplying brine water for the next plant, IO#10. Negotiations continue
to progress positively in line with Iofina's commitment to further expanding
its iodine production capacity in the short term.

 

The expectation remains that Iofina Resources will produce 235-250 MT of
crystalline iodine during H1 2023 from its five existing plants (H1 2022: 234
MT). On the current timetable, IO#9 should make a small additional
contribution for the H1 period. Once operating, IO#9 is expected to produce
100-150MT of crystalline iodine per annum.

 

The Company notes that it expects to publish its Full Year 2022 financial
results in late April.

 

Commenting, President and CEO of Iofina Dr. Tom Becker, stated: "It has been a
good start to the year in terms of both Iodine production and sales of our
products. Importantly, we remain on track to have IO#9 operating before the
end of June, which is anticipated to boost our iodine production in the second
half. We are also encouraged by the progress we are making on IO#10 in terms
of the negotiations we are having with several potential brine partners as we
continue to execute our growth plans."

 

Construction image of IO#9:

 

 

Enquiries:

 

Dr. Tom Becker

CEO & President

Iofina plc

Tel: +44 (0)20 3006 3135

 

Nomad & Broker:

Henry Fitzgerald-O'Connor/Patrick Dolaghan

Canaccord Genuity Limited

Tel: +44 (0)20 7523 8000

 

Financial Adviser:

Kingsley Wilson

Chrystal Capital Partners LLP

Tel: +44 (0)20 7850 4761

 

Media Contact:

Charles Goodwin/Shivantha Thambirajah/Jazmine Clemens

Yellow Jersey PR Limited

Tel: +44 (0)7747 788 221/+44 (0)7983 521 488

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 will celebrate
its 40(th) anniversary in 2023.

 

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

 

 

 

 

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