16 July
2024
Iofina plc
("Iofina", the "Company" or the "Group")
(AIM:
IOF)
H1 2024 Corporate
Update
14.3% Increase in Crystalline
Iodine Produced v H1 2023
IO#10 on Track for Q3
2024
Iodine Prices Remain
Strong
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 H1 2024 (the
"Period").
The Company continued to perform as expected
during the Period, with Iofina Resources producing 276.1 metric
tonnes ("MT") of crystalline iodine from its six IOsorb® iodine
plants in Oklahoma as output is traditionally lower in the first
half of the year due to less favourable weather conditions. The
Company did experience an increase of 14.3% on H1 2023 (241.5 MT)
and was within the Company's target range of crystalline iodine
production.
The Company was able to bring longer-term brine
supply stability, with multi-year agreements for the supply of
iodide-rich water to two of Iofina Resources' current IOsorb®
plants in the Period, enabling consistent iodine production at both
plants. Iofina is now working with this partner to potentially
bring additional brine to these plants.
Iofina's latest build, IO#10 continues to
progress well and is on track to be operational in the latter part
of Q3 2024. IO#10 is expected to make a material contribution to
crystalline iodine production in the second half of the year, with
the capacity to produce 100-150MT per annum.
Negotiations with the Company's preferred
partner for IO#11 are advancing well, with the current aim of
commencing the new plant's foundation work before the end of
2024.
Based on current production levels and the
addition of IO#10 in Q3 2024, the Company anticipates production in
the second half of 2024 to be in the range of 355 MT - 380 MT. The
total production for 2024 will be dependent on both the start-up
date and the rate of ramp-up for IO#10.
Demand for Iofina's iodine remained strong
throughout the Period and was supported by the customer base. The
Company's sales channels remain robust in the current economic
market with crystalline iodine, iodine derivatives and non-iodine
derivatives products all performing in line with the Board's
expectations. The iodine spot price has remained steady in the
mid-sixties USD per kg and current indications are that prices are
likely to modestly rise in H2 2024, with present iodine demand
exceeding supply.
Commenting,
President and CEO, Dr. Tom Becker, stated:
"The management team has been focused throughout the period on
delivering the planned step-change in growth, so we are pleased
that IO#10 remains on track to be switched on in the third quarter,
whilst also advancing negotiations with our preferred partner for
IO#11.
"At the same time, we have been working to ensure consistent
output from our existing plants, with production up 14.3% in the
first half compared to the same period last year. Additionally, we
are working with multiple partners on projects to possibly improve
brine supply at several existing plants.
"By executing our growth plans combined with the encouraging
news in the expected strength in iodine prices, we are excited by
the outlook for the rest of the year."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Nomad & Broker:
Henry Fitzgerald-O'Connor/Harry
Rees
Canaccord Genuity Limited
Tel: +44 (0)20 7523 8000
Media Contact:
Charles Goodwin/Shivantha
Thambirajah/Zara McKinlay
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. Iofina Chemical
celebrated its 40th anniversary in 2023 as a
preeminent halogen-based specialty chemicals company.
www.iofina.com