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 40th anniversary in 2023 as a
preeminent halogen-based specialty chemicals company.
www.iofina.com