REG - Iofina PLC - Q3 2024 Update

IofinaAnnouncement

18/10/2024 07:00

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RNS Number : 6779I  Iofina PLC  18 October 2024

18 October 2024

 

Iofina plc

("Iofina", the "Company" or the "Group")

(AIM: IOF)

 

Q3 2024 Update

 

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 Q3 2024 (the "Period").

 

Iofina Resources produced 163.9 metric tonnes (MT) of crystalline iodide
during Q3 2024 (Q3 2023: 156.9 MT) from its six IOsorb® plants in western
Oklahoma. Our seventh operating plant, IO#10, began concentrating iodide
towards the end of the Period and is now producing crystalline iodine. As
total production ramps up in Q4 2024, as it stands, second-half production
remains on track to achieve within the forecast range of 355-380 MT.

 

Iodine demand remains high, with the average H2 2024 iodine sales prices for
crystalline iodine currently higher than the average in the first half of the
year (H1 2024: $66.84/kg 100% basis). This trend is expected to continue into
2025 as the demand for iodine is expected to exceed supply in the medium term.

 

The Company's plants continue to perform well. Iofina continues to work with
our partners regarding brine flow supply to each plant and has recently seen
supply increase at two of our plants late in the Period.

 

Looking ahead, the announcement of IO#11 in the Period with an existing
partner further demonstrates the Company's execution of its accelerated growth
strategy. IO#11 will commence construction in Q4 2024, and developments will
be disclosed as it progresses. Plans for further plants beyond IO#11 are
already underway and those discussions will be relayed to the market in due
course.

 

President and CEO, Dr. Tom Becker, stated:

"The Group has delivered an excellent performance in the Period, with major
milestones achieved. Not only did we commission IO#10, but by utilising a
strong relationship with one of our existing brine suppliers, we managed to
finalise an agreement for IO#11.

 

"We continue to execute our business plan of prudent but accelerated growth of
our iodine production. Additionally, our restructured and favourable loan
terms have enabled us the flexibility to achieve faster growth.

 

"We expect to meet the crystalline iodine production range of 355-380 MT for
H2 2024. The Company continues to experience strong sales, driven by sustained
demand and increasing iodine prices. We look forward to reporting on further
progress in our Q4 2024 update."

 

Enquiries:

 

Iofina plc

Dr. Tom Becker

CEO & President

Tel: +44 (0)20 3006 3135

 

Nomad & Broker:

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor/Harry Rees

Tel: +44 (0)20 7523 8000

 

Financial PR and Media Contact:

Yellow Jersey PR Limited

Charles Goodwin/Shivantha Thambirajah/Zara McKinlay

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 operates seven IOsorb®
plants in Oklahoma and consistently uses 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. Iofina
Chemical celebrated its 40(th) anniversary in 2023 as a preeminent
halogen-based specialty chemicals company.

 

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

 

 

 

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