REG - Iofina PLC - Q4 2021 Update

IofinaAnnouncement

17/01/2022 07:05

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RNS Number : 5452Y  Iofina PLC  17 January 2022

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.

 

 

17 January 2022

 

Iofina Plc

("Iofina" or the "Company")

(LSE AIM: IOF)

 

Market 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 the fourth quarter of 2021 ("Q4" or
the "Period").

 

As highlighted in Iofina's update on 29 December 2021, demand for the
Company's iodine and iodine derivatives is strong whilst the iodine spot price
has climbed to $50/Kg, a 25% increase on where it stood in October 2021. The
Board expects to see these positive trends continue through H1 2022.

 

During H2 2021, the Company produced 268.8 metric tonnes ("MT") of crystalline
iodine from its five operating IOsorb® plants in Oklahoma, meeting its
production target of 260-275MT for the half year. The production figure for
the year totalled 518.2MT. IOsorb® plant efficiencies remain strong, however
as stated in our 2021 interim report, two plants continue to receive lower
brine volumes compared to pre-pandemic levels, due to less reinvestment by our
partner in their oil operations.  Iofina is aware of future increased
spending on oil production wells by our partner as oil prices continue to be
robust. The Company has a forecasted production figure of 225-240MT for H1
2022.

 

Further progress has been made towards finalising an agreement for the
construction of IO#9. The Company has begun to order long lead time items to
minimise the total construction time for the plant and expects to provide
further news in the coming weeks.

 

Commenting, President and CEO of Iofina Dr. Tom Becker, stated: "As
highlighted in our last update, with production stabilised, our specialty
chemical business performing well, and the iodine market fundamentals turning
increasingly favourable, the outlook for 2022 is certainly encouraging. We
have taken further steps forward to finalising an agreement with a new brine
partner and expect to have this completed soon, with our plant construction
team ready to start immediately."

 

Enquiries:

 

Dr. Tom Becker

CEO & President

Iofina plc

Tel: +44 (0)20 3006 3135

 

Christopher Raggett/Tim Harper (corporate finance)

Tim Redfern (ECM)

finnCap Ltd

Tel: +44 (0)20 7220 0500

 

Media Contact:

Charles Goodwin/Annabel Atkins

Yellow Jersey PR Limited

Tel: +44 (0)7747 788 221

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)

 

 

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