Q2 2026 Iofina PLC Earnings Call

Speaker #2: Good afternoon, and welcome to the Iofina PLC Investor Presentation. Throughout this recorded meeting, investors will be in a listen-only mode. Questions can be submitted at any time via the Q&A tab situated in the right-hand corner of your screen.

[Company Representative] (Investor Meet Company): Good afternoon and welcome to the Iofina plc investor presentation. Throughout this recorded meeting, investors will be in listen-only mode. Questions can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself, however, the company can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we submit the following poll. We do apologize for the slight delay in starting today. I would now like to hand you over to Tom Becker, CEO. Good afternoon, sir.

[Company Representative] (Investor Meet Company): Good afternoon and welcome to the Iofina plc investor presentation. Throughout this recorded meeting, investors will be in listen-only mode. Questions can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself, however, the company can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we submit the following poll. We do apologize for the slight delay in starting today. I would now like to hand you over to Tom Becker, CEO. Good afternoon, sir.

Speaker #2: Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself, however, the company can review all questions submitted today and publish responses where appropriate to do so.

Speaker #2: Before we begin, let me submit the following poll. I do apologize for the slight delay in starting today. I'd now like to hand you over to Tom Becker, CEO. Good afternoon, sir.

Speaker #3: Thank you very much. Hope everybody's doing well today. Happy to present an update on Iofina, especially focusing on the first half year results, which came out earlier this week.

Thomas M. Becker: Thank you very much. Hope everybody is doing well today. Happy to present an update on Iofina, especially focusing on the H1 results, which came out earlier this week, and really an outlook for the future, which we are very excited about. Go through what we are going to be looking at from the presentation standpoint here as a general agenda. Just talk about the company in quick terms. I think most of the people that are listening to this call are familiar with Iofina, but there may be some that are not. So we will give a quick overview of what Iofina is and what we do, and the market that we are mainly in, and that is the iodine market.

Thomas Becker: Thank you very much. Hope everybody is doing well today. Happy to present an update on Iofina, especially focusing on the H1 results, which came out earlier this week, and really an outlook for the future, which we are very excited about. Go through what we are going to be looking at from the presentation standpoint here as a general agenda. Just talk about the company in quick terms. I think most of the people that are listening to this call are familiar with Iofina, but there may be some that are not. So we will give a quick overview of what Iofina is and what we do, and the market that we are mainly in, and that is the iodine market.

Speaker #3: And really an outlook for the future which we're very excited about. Go through what we're going to be looking at from the presentation standpoint here.

Speaker #3: As a general agenda, I'll just talk about the company in brief terms. I think most of the people listening to this call are familiar with Iofina, but there may be some who are not.

Speaker #3: So we'll give a quick overview of what Iofina is and what we do. And in the market that we're mainly in, and that is the iodine market.

Speaker #3: So, I'll give a brief history of supply, demand, and pricing for iodine. Also, I'll talk about the types of markets iodine is entering and how those markets are growing.

Thomas M. Becker: We will give a little bit of history of the supply and demand and pricing of iodine, and also what kind of markets that iodine is going into and how those markets are growing. Then we will get into what we did in the H1 of this year, both from a business standpoint and a financial standpoint. Then we will get into what I think is. And those H1 numbers, I think, we are very excited about and proud of what we were able to accomplish in the H1. Then we will get into what I think is even the more exciting aspect of it, and that is our pathway to 2000, our growth of our iodine production that we were planning to roll out.

Thomas Becker: We will give a little bit of history of the supply and demand and pricing of iodine, and also what kind of markets that iodine is going into and how those markets are growing. Then we will get into what we did in the H1 of this year, both from a business standpoint and a financial standpoint. Then we will get into what I think is. And those H1 numbers, I think, we are very excited about and proud of what we were able to accomplish in the H1. Then we will get into what I think is even the more exciting aspect of it, and that is our pathway to 2000, our growth of our iodine production that we were planning to roll out.

Speaker #3: And then we'll get into what we've kind of done in the first half of this year, both from a business standpoint and a financial standpoint.

Speaker #3: And then we'll get into what I think is and those first half of the year, numbers I think we're very excited about and proud of what we're able to accomplish in the first half of the year.

Speaker #3: And then we'll get into what I think is even the more exciting aspect of it, and that's our pathway to 2000, our growth of our iodine production that we were planning to roll out.

Speaker #3: And why, as a successful iodine company with a growing business, the investment case for Iofina, in my opinion, is a real upside potential, and where we think we're going to be moving here down the road.

Thomas M. Becker: And why, as a successful iodine company with growing business, why the investment case for Iofina, in my opinion, has a real upside potential and where we think we are going to be moving here down the road. To jump right in and talk about the company a little bit itself and just talk about our operations. We are a specialty chemical company with an expertise in halogen-based chemistry, so iodo-, chloro-, fluoro-based chemistries with a real focus on iodine and iodine production. To do this, we have developed technology over the course of the last 20 years in order to build the business that we have today. All of our operations for Iofina are in the United States. So, two divisions, Iofina Chemical and Iofina Resources.

Thomas Becker: Why, as a successful iodine company with growing business, why the investment case for Iofina, in my opinion, has a real upside potential and where we think we are going to be moving here down the road. To jump right in and talk about the company a little bit itself and just talk about our operations. We are a specialty chemical company with an expertise in halogen-based chemistry, so iodo-, chloro-, fluoro-based chemistries with a real focus on iodine and iodine production. To do this, we have developed technology over the course of the last 20 years in order to build the business that we have today. All of our operations for Iofina are in the United States. So, two divisions, Iofina Chemical and Iofina Resources.

Speaker #3: So, to jump right in and talk about the company a little bit itself and just discuss our operations, we are a specialty chemical company with expertise in halogen-based chemistry—that is, iodo-, chloro-, and fluoro-based chemistries—with a real focus on iodine and iodine production.

Speaker #3: And to do this, we've developed technology over the course of the last 20 years in order to build the business that we have today.

Speaker #3: And all of our operations for Iofina are in the United States. We have two divisions: Iofina Chemical and Iofina Resources. Iofina Resources is the arm of the business that has basically two goals, two functions.

Thomas M. Becker: Iofina Resources is the arm of the business that has basically two goals, two functions. One is to explore for and develop potential for where we can produce iodine from waste brine water in the United States. Then once those opportunities are identified, the second portion is to build and produce iodine from these particular sites. So very focused operation. Where is the iodine? Where can we economically produce iodine? How can we use a resource that is already being produced from oil and gas in order to extract a valuable resource from a waste stream? Then build and operate these plants on a very low cost basis. All those kind of things are done in the core areas that are shown in the map here. So there are two core areas in the state of Oklahoma.

Thomas Becker: Iofina Resources is the arm of the business that has basically two goals, two functions. One is to explore for and develop potential for where we can produce iodine from waste brine water in the United States. Then once those opportunities are identified, the second portion is to build and produce iodine from these particular sites. So very focused operation. Where is the iodine? Where can we economically produce iodine? How can we use a resource that is already being produced from oil and gas in order to extract a valuable resource from a waste stream? Then build and operate these plants on a very low cost basis. All those kind of things are done in the core areas that are shown in the map here. So there are two core areas in the state of Oklahoma.

Speaker #3: And one is to explore for and develop potential for where we can produce iodine from brine water, waste brine water in the United States.

Speaker #3: And then once those opportunities are identified, the second portion is to build and produce iodine from these particular sites. So very focused operation. Where's the iodine?

Speaker #3: Where can we economically produce iodine? How can we use a resource that's already being produced from oil and gas in order to extract a valuable resource from a waste stream?

Speaker #3: And then build and operate these plants on a very low cost basis. And all those kind of things are done in the core areas that are shown in the map here.

Speaker #3: So, there are two core areas in the state of Oklahoma: one in the northwest core area, where we have five plants in operation currently, and one core area in central Oklahoma, where we have our latest three plants in operation.

Thomas M. Becker: One in the northwest core area, which we have five plants in operation currently. One core area in the central Oklahoma area, where we have our latest three plants in operation. We are very excited about the new third core area in the Permian Basin, which few weeks. To support the Iofina Resources division, we do have an office in Denver, Colorado, to support those kind of activities. The Iofina Chemical side is also a very major portion, a functional unit of our organization. It is located in Covington, Kentucky, just outside of Cincinnati, Ohio. What Iofina Chemical does is it takes all the iodine that Iofina Resources creates. Either takes that iodine and creates value-added derivatives that go into various applications, or is our total sales arm of the organization that sells that crystalline iodine that is produced at Iofina Resources throughout the world into various markets that need iodine.

Thomas Becker: One in the northwest core area, which we have five plants in operation currently. One core area in the central Oklahoma area, where we have our latest three plants in operation. We are very excited about the new third core area in the Permian Basin, which few weeks. To support the Iofina Resources division, we do have an office in Denver, Colorado, to support those kind of activities. The Iofina Chemical side is also a very major portion, a functional unit of our organization. It is located in Covington, Kentucky, just outside of Cincinnati, Ohio. What Iofina Chemical does is it takes all the iodine that Iofina Resources creates. Either takes that iodine and creates value-added derivatives that go into various applications, or is our total sales arm of the organization that sells that crystalline iodine that is produced at Iofina Resources throughout the world into various markets that need iodine.

Speaker #3: And we're very excited about the new third core area in the Permian Basin, which, weeks. To support the Iofina Resources division, we do have an office in Denver, Colorado, to support those kind of activities.

Speaker #3: The Iofina Chemical side is also a very major, functional unit of our organization. It's located in Covington, Kentucky, just outside of Cincinnati, Ohio.

Speaker #3: What Iofina Chemical does is it takes all the iodine that Iofina Resources creates—either taking that iodine and creating value-added derivatives that go into various applications, or serving as our total sales arm of the organization that sells the crystalline iodine produced at Iofina Resources throughout the world into various markets that need iodine.

Speaker #3: And to jump into those markets that need iodine, let's talk about the iodine market a little bit, how we view the iodine market. Its current pricing and demand, situation of where iodine goes.

Thomas M. Becker: To jump into those markets that need iodine, let us talk about the iodine market a little bit, how we view the iodine market, its current pricing and demand situation, and where iodine goes. So a little bit of a history of where iodine comes from, who manufactures it. About 60% of the world's iodine, maybe a little bit more than that, comes from Chile. They mine iodine from ores in the Atacama Desert. This is a pretty labor and rock-moving intensive process, energy-intensive process to extract iodates from ores and then refine it in order to get iodine. There are four major manufacturers in Chile, SQM being the largest, which produces about a little over a third of the world's iodine.

Thomas Becker: To jump into those markets that need iodine, let us talk about the iodine market a little bit, how we view the iodine market, its current pricing and demand situation, and where iodine goes. So a little bit of a history of where iodine comes from, who manufactures it. About 60% of the world's iodine, maybe a little bit more than that, comes from Chile. They mine iodine from ores in the Atacama Desert. This is a pretty labor and rock-moving intensive process, energy-intensive process to extract iodates from ores and then refine it in order to get iodine. There are four major manufacturers in Chile, SQM being the largest, which produces about a little over a third of the world's iodine.

Speaker #3: So a little bit of history of where iodine comes from, who manufactures it—about 60% of the world's iodine, maybe a little bit more than that, comes from Chile.

Speaker #3: They mine iodine from ores in the Atacama Desert. This is a pretty labor- and rock-moving-intensive, energy-intensive process to extract iodates from ores and then refine it in order to get iodine.

Speaker #3: There are four major manufacturers in Chile: SQM being the largest, which produces a little over a third of the world's iodine. The rest of the world's iodine comes from brines, but what makes Iofina unique from the rest of the world is we are the only one that's using oilfield-produced brines from third parties.

Thomas M. Becker: The rest of the world's iodine comes from brines, but what makes Iofina unique from the rest of the world is we are the only one that is using oily or produced brines from third parties. We go to where these brines are already coming up with oil and gas operations. We are not drilling our own wells or our own disposal wells for this brine. We partner with oil and gas companies, extract the iodine from them, give it back the water, and everybody benefits from the iodine that Iofina manufactures, and without Iofina would never be realized. The market itself continues to grow. In 2026, we expect the iodine market to be at or around 40,000 metric tons of production on an annualized basis. This chart also gives you an idea of how pricing has been.

Thomas Becker: The rest of the world's iodine comes from brines, but what makes Iofina unique from the rest of the world is we are the only one that is using oily or produced brines from third parties. We go to where these brines are already coming up with oil and gas operations. We are not drilling our own wells or our own disposal wells for this brine. We partner with oil and gas companies, extract the iodine from them, give it back the water, and everybody benefits from the iodine that Iofina manufactures, and without Iofina would never be realized. The market itself continues to grow. In 2026, we expect the iodine market to be at or around 40,000 metric tons of production on an annualized basis. This chart also gives you an idea of how pricing has been.

Speaker #3: We go to where these brines are already coming up with oil and gas operations, so we are not drilling our own wells or our own disposal wells for this brine.

Speaker #3: We partner with oil and gas companies extract the iodine from them, give it back to water, and everybody benefits from the iodine that Iofina manufactures and without Iofina would never be realized.

Speaker #3: The market itself continues to grow. In 2026, we expect the iodine market to be at or around 40,000 metric tons of production on an annualized basis.

Speaker #3: And this chart also gives you an idea of how pricing has been and pricing over the last four years has been fairly stable. Generally, over $70 a kilo on 100% basis of sale price of iodine.

Thomas M. Becker: Pricing over the last four years has been fairly stable, generally over $70 a kilo on a 100% basis of sale price of iodine. We believe this firm pricing is a more normalized price that we are going to see here moving forward. Can never predict the future, but right now for what we are seeing in the market from the demand from customers that we associate with, the information that is in the market about supply, we do believe that the supply and demand for iodine is fairly well in equilibrium. What this also means is that as you can see from the chart, the iodine market continues to grow. We will talk about the applications in particular that are looking to grow.

Thomas Becker: Pricing over the last four years has been fairly stable, generally over $70 a kilo on a 100% basis of sale price of iodine. We believe this firm pricing is a more normalized price that we are going to see here moving forward. Can never predict the future, but right now for what we are seeing in the market from the demand from customers that we associate with, the information that is in the market about supply, we do believe that the supply and demand for iodine is fairly well in equilibrium. What this also means is that as you can see from the chart, the iodine market continues to grow. We will talk about the applications in particular that are looking to grow.

Speaker #3: And we believe this firm pricing is a more normalized price that we're going to see here moving forward. Can never predict the future, but right now, for what we're seeing in the market from the demand from customers that we associate with the information that's in the market about supply, we do believe that the supply and demand for iodine is fairly well and equilibrium.

Speaker #3: But what this also means, as you can see from the chart, is that the iodine market continues to grow. We'll talk about the applications in particular that are looking to grow, but if this iodine market, which has on average over the last number of years grown at about 3%, that means there's an additional 1,200 metric tons of capacity, thereabouts, that needs to come into the market in order to meet demand.

Thomas M. Becker: If this iodine market, which has on average over the last number of years grows at about 3%, that means there is an additional 1,200 metric tons of capacity or thereabouts that needs to come into the market in order to meet demand. Iofina's ambition to continue to accelerate our iodine production and just meet a fraction of that ongoing demand, we believe is the right action in a growing market, which also would not disrupt the supply and demand equilibrium. Just from a demand standpoint, demand in Asia is especially growing compared to the rest of the world. In particular, some of these are the major applications that iodine goes into. The one I will really focus on a little bit is X-ray contrast media, although you can see there is a number of different areas that iodine is used for around the world.

Thomas Becker: If this iodine market, which has on average over the last number of years grows at about 3%, that means there is an additional 1,200 metric tons of capacity or thereabouts that needs to come into the market in order to meet demand. Iofina's ambition to continue to accelerate our iodine production and just meet a fraction of that ongoing demand, we believe is the right action in a growing market, which also would not disrupt the supply and demand equilibrium. Just from a demand standpoint, demand in Asia is especially growing compared to the rest of the world. In particular, some of these are the major applications that iodine goes into. The one I will really focus on a little bit is X-ray contrast media, although you can see there is a number of different areas that iodine is used for around the world.

Speaker #3: So Iofina's ambition to continue to accelerate our iodine production and just meet a fraction of that ongoing demand, we believe, is the right action in a growing market, which also wouldn't disrupt the supply and demand equilibrium.

Speaker #3: Just from a demand standpoint, demand in Asia is especially growing compared to the rest of the world. And in particular, these are the major applications that iodine goes into.

Speaker #3: The one I'll really focus on a little bit is X-ray contrast media, although you can see there are a number of different areas that iodine is used for around the world.

Speaker #3: X-ray contrast media, these are injectable drugs. That go to help create more of an image in CT scans, especially it goes to focus on soft materials.

Thomas M. Becker: X-ray contrast media, these are injectable drugs that go to help create more of an image in CT scans especially. It goes to focus on soft materials in your body. If in certain application contrast media drugs are injected into the body, that way these images pop and these X-rays or CT scans can be much more easily interpreted by the doctors and the technicians. That is a very much growing application for a few different reasons. One is that the aging population around the world need seeing more of these X-rays and CT scans. The other major aspect is that global populations are getting more access to what I will call Western medicine or modern medicine techniques. Especially in Asia, where some of these medical techniques were not available or have not been available in the past, are becoming more and more readily available to their populations.

Thomas Becker: X-ray contrast media, these are injectable drugs that go to help create more of an image in CT scans especially. It goes to focus on soft materials in your body. If in certain application contrast media drugs are injected into the body, that way these images pop and these X-rays or CT scans can be much more easily interpreted by the doctors and the technicians. That is a very much growing application for a few different reasons. One is that the aging population around the world need seeing more of these X-rays and CT scans. The other major aspect is that global populations are getting more access to what I will call Western medicine or modern medicine techniques. Especially in Asia, where some of these medical techniques were not available or have not been available in the past, are becoming more and more readily available to their populations.

Speaker #3: In your body. So if, in certain applications, contrast media drugs are injected into the body, that way these images pop, and these X-rays and CT scans can be much more easily interpreted by the doctors and the technicians.

Speaker #3: And that's a very much growing application, for a few different reasons. One is that with the aging population around the world, we've seen more of these X-rays and CT scans.

Speaker #3: The other major aspect is that global populations, they're getting more access to what I'll call Western medicine or modern medicine techniques. So especially in Asia, where some of these medical techniques weren't available or haven't been available in the past or becoming more and more readily available to their populations.

Speaker #3: But X-ray contrast is only a portion of that. There are a number of other applications, which do have some human health tie-ins, including iodine compounds that are used to manufacture certain pharmaceuticals.

Thomas M. Becker: X-ray contrast is only a portion of that. There is a number of other applications which do have some human health tie-ins, including iodide compounds are used to manufacture certain pharmaceuticals. Everybody needs a little iodide in their diet in order to control thyroid function. There is also some other industrial and other applications. Iofina Chemical produces a biocide that goes into paints and coatings to prevent mold and mildew in the can itself and on the wall. We manufacture things that can catalyze citric acid manufacturing, animal health additives as a micronutrient in animal health applications to help cows and other farm animals grow bigger and fatter and provide more value to the farmer when sold. There are other industrial applications as well, such as heat stabilizers in certain automotive applications.

Thomas Becker: X-ray contrast is only a portion of that. There is a number of other applications which do have some human health tie-ins, including iodide compounds are used to manufacture certain pharmaceuticals. Everybody needs a little iodide in their diet in order to control thyroid function. There is also some other industrial and other applications. Iofina Chemical produces a biocide that goes into paints and coatings to prevent mold and mildew in the can itself and on the wall. We manufacture things that can catalyze citric acid manufacturing, animal health additives as a micronutrient in animal health applications to help cows and other farm animals grow bigger and fatter and provide more value to the farmer when sold. There are other industrial applications as well, such as heat stabilizers in certain automotive applications.

Speaker #3: Everybody needs a little iodine in their diet in order to control thyroid function. But there's also some other industrial and other applications, Iofina Chemical produces a bioside that goes into paints and coatings to prevent mold and mildew and in the can itself and on the wall.

Speaker #3: We manufacture things that can catalyze acetic acid manufacturing. Animal health additives, too, as a micronutrient in animal health applications to help cows and other farm animals grow bigger and fatter, providing more value to the farmer when sold.

Speaker #3: But there are other industrial applications as well, such as heat stabilizers in certain automotive applications. So I guess the message is, Iofina is an iodine manufacturer with a focus on some iodine derivatives.

Thomas M. Becker: The message is, Iofina is an iodine manufacturer with a focus on some iodine derivatives, and we believe we are in a nice growing market with expanding applications. Just to jump into H1 2026, which we are very proud of the results that came out earlier this week. You can see a number of bullet points here, especially at the top, which on the next slide are kind of reiterated, and I will allow Malcolm to review some of those. I just want to focus on the H2 of our operations that we have done year to date in 2026. So in the H1 of the years and then between the end of June and currently.

Thomas Becker: The message is, Iofina is an iodine manufacturer with a focus on some iodine derivatives, and we believe we are in a nice growing market with expanding applications. Just to jump into H1 2026, which we are very proud of the results that came out earlier this week. You can see a number of bullet points here, especially at the top, which on the next slide are kind of reiterated, and I will allow Malcolm to review some of those. I just want to focus on the H2 of our operations that we have done year to date in 2026. So in the H1 of the years and then between the end of June and currently.

Speaker #3: And we believe we're in a nice, growing market with expanding applications. And just to jump into the first half of 2026, which we're very proud of—the results came out earlier this week—you can see a number of bullet points here.

Speaker #3: Especially at the top, which on the next slide are kind of reiterated, and I'll allow Malcolm to review some of those. But I just want to focus on the second half of our operations that we have done year-to-date in 2026.

Speaker #3: So in the first half of the year, and then between the end of June and currently, some big operational accomplishments that we've done are: we announced in 2026 an agreement with a new brine supplier to add additional brine supply to our I-11 facility.

Thomas M. Becker: Some big operational accomplishes that we have done is we announced, in 2026, an agreement with a new brine supplier to add additional brine supply to our IO-11 facility. We will talk about that here a little bit of what that really means, which is likely to increase production at that particular plant by about 50%. We have been building IO-12 throughout the H1 of this year and into the Q3 of this year as well. It should be online here in the next few weeks. Earlier this week, we very excited to announce the next rollout of plants, the agreements for what we are going to be doing next after IO-12, and we will talk about that here in a second.

Thomas Becker: Some big operational accomplishes that we have done is we announced, in 2026, an agreement with a new brine supplier to add additional brine supply to our IO-11 facility. We will talk about that here a little bit of what that really means, which is likely to increase production at that particular plant by about 50%. We have been building IO-12 throughout the H1 of this year and into the Q3 of this year as well. It should be online here in the next few weeks. Earlier this week, we very excited to announce the next rollout of plants, the agreements for what we are going to be doing next after IO-12, and we will talk about that here in a second.

Speaker #3: And we'll talk about that here a little bit of what that really means. Which is likely to increase production at that particular plant by about 50%.

Speaker #3: We've been building I-012 throughout the first half of this year and into the third quarter as well, and it should be online here in the next few weeks.

Speaker #3: And earlier this week, we were very excited to announce the next rollout of plants, the agreements for what we're going to be doing next after I-012.

Speaker #3: And we'll talk about that here in a second. But right now, I think what I'll do is throw it to Malcolm, change to the next slide, and he can go through some of the key performance indicators that we had in the first half of 2026, and the, I think, pretty outstanding numbers that our business was able to achieve.

Thomas M. Becker: Right now, I think what I will do is throw it to Malcolm and change it to the next slide, and he can go through some of the key performance indicators that we had in H1 2026 and the, I think, pretty outstanding numbers that our business was able to achieve.

Thomas Becker: Right now, I think what I will do is throw it to Malcolm and change it to the next slide, and he can go through some of the key performance indicators that we had in H1 2026 and the, I think, pretty outstanding numbers that our business was able to achieve.

Speaker #1: Okay, thanks, Tom. So, working from the top, the most important driver for our business, unsurprisingly, is iodine production. That increased by 29% in 2026 versus 2025.

Malcolm T. Lewin: Okay. Thanks, Tom. Working from the top, the most important driver for our business, unsurprisingly, is iodine production, and that increased by 29% 2026 versus 2025. That 29% increase represented 88 metric tons additional in 2026 compared to the H1 of 2025. Of that 88 additional metric tons, 50 metric tons came from plant number IO-11, which only came online after HY25. There was another specific plant that actually surprised us by producing significantly more than we had anticipated due to the way that the oil and gas partner chose to bring on new wells and results of some fresh drilling. That gave us an extra 18 metric tons over and above what we thought. Those two things together add to about 68 out of the total 88.

Malcolm Lewin: Okay. Thanks, Tom. Working from the top, the most important driver for our business, unsurprisingly, is iodine production, and that increased by 29% 2026 versus 2025. That 29% increase represented 88 metric tons additional in 2026 compared to the H1 of 2025. Of that 88 additional metric tons, 50 metric tons came from plant number IO-11, which only came online after HY25. There was another specific plant that actually surprised us by producing significantly more than we had anticipated due to the way that the oil and gas partner chose to bring on new wells and results of some fresh drilling. That gave us an extra 18 metric tons over and above what we thought. Those two things together add to about 68 out of the total 88.

Speaker #1: And that 29% increase represented an additional 88 metric tons in '26 compared to the first half of '25. Of that 88 additional metric tons, 50 metric tons came from plant number I-011, which only came online after AGED Y-25.

Speaker #1: And there was another specific plant that actually kind of surprised us by producing significantly more than we’d anticipated due to the way that the oil and gas partner chose to bring on new wells and the results of some fresh drilling.

Speaker #1: And that gave us an extra 18 metric tons over and above what we thought. So, those two things together add up to about 68 out of the total 88.

Speaker #1: In addition, the first half of our usual expectation is that the first half numbers, production, will not be as good as the second half.

Malcolm T. Lewin: In addition, our usual expectation is that the H1 production numbers will not be as good as the H2 because the H1 includes the winter period, especially January and February, which in Oklahoma can be pretty cold and cause issues. In fact, HY25 did have that type of winter in Oklahoma, in fact, quite a severe version of it. The consequences that are cold means our chemical reactions do not work as well as they do when it is warmer. It also can mean that our oil and gas partners' pumps down their wells, for example, start to ice up and they have to take some of our water supply offline while they repair and that type of thing. Whereas for HY26, the weather was surprisingly clement, and to be frank, everything went very well.

Malcolm Lewin: In addition, our usual expectation is that the H1 production numbers will not be as good as the H2 because the H1 includes the winter period, especially January and February, which in Oklahoma can be pretty cold and cause issues. In fact, HY25 did have that type of winter in Oklahoma, in fact, quite a severe version of it. The consequences that are cold means our chemical reactions do not work as well as they do when it is warmer. It also can mean that our oil and gas partners' pumps down their wells, for example, start to ice up and they have to take some of our water supply offline while they repair and that type of thing. Whereas for HY26, the weather was surprisingly clement, and to be frank, everything went very well.

Speaker #1: Because the first half includes the winter period, especially January and February, which in Oklahoma can be pretty cold and cause issues. And, in fact, HY-25 did have that type of winter in Oklahoma.

Speaker #1: In fact, quite a severe version of it. And the consequence is that the cold means our chemical reactions don't work as well as they do when it's warmer.

Speaker #1: It also can mean that our oil and gas partners’ pumps down their wells, for example, start to ice up, and they have to take some of our water supply offline while they repair.

Speaker #1: And that type of thing. Whereas for HY-26, the weather was surprisingly clement and, to be frank, everything went very well. The amount of production from the legacy plants, never mind the couple I mentioned already, was by and large better than we'd expect—better than we'd expected.

Malcolm T. Lewin: The amount of production from the legacy plants, never mind a couple I mentioned already, was by and large better than we had expected. The pricing. Sorry, beg your pardon. Move down to revenue. We have $31.3 for 2026 against $29.2 for 2025, 7% up. If you look down at the bottom line, you will see that the average iodine price, frankly, barely moved. It shifted up just a little bit, 2025 $74.27, 2026 $74.69. That revenue number, to the extent it includes iodine sales, which is mainly what it does, is a reflection of additional volume rather than any pricing effects. The gross profit came in at $10.2 against $6.3 for 2025. That is a big increase, and it is a reflection really of, well, a couple of things.

Malcolm Lewin: The amount of production from the legacy plants, never mind a couple I mentioned already, was by and large better than we had expected. The pricing. Sorry, beg your pardon. Move down to revenue. We have $31.3 for 2026 against $29.2 for 2025, 7% up. If you look down at the bottom line, you will see that the average iodine price, frankly, barely moved. It shifted up just a little bit, 2025 $74.27, 2026 $74.69. That revenue number, to the extent it includes iodine sales, which is mainly what it does, is a reflection of additional volume rather than any pricing effects. The gross profit came in at $10.2 against $6.3 for 2025. That is a big increase, and it is a reflection really of, well, a couple of things.

Speaker #1: The pricing, so sorry, beg your pardon, moved down to revenue. We've got 31.3 for 26 against 29.2 for 25, 7% up. If you look down at the bottom line, you'll see that the average iodine price frankly barely moved.

Speaker #1: It shifted up just a little bit 25, 74 dollars 27, 26, 74 dollars 69. So that revenue number to the extent it includes iodine sales, which is mainly what it does, is a reflection of additional volume rather than any pricing effects.

Speaker #1: The gross profit came in at 10.2, compared to 6.3 for Q2 '25. That's a big increase, and it's really a reflection of, well, a couple of things.

Speaker #1: One, the amount of production—which was, I could say, perhaps about as high as it reasonably could have been—and also the fact that our direct production costs were held pretty low.

Malcolm T. Lewin: One, the amount of production, which was, one could say, perhaps about as high as it reasonably could have been, and also the fact that our direct production costs were held pretty low, and the numbers came in on budget, if not slightly better. We are able to make some savings with the cost of chemicals through some new negotiations with suppliers. The overall effect was that our total direct costs of iodine production went up by 10%, whereas the volume produced went up by 29%, and therefore the average cost per kilo of our iodine fell by 15%. That generated a significantly lower cost of sales, and that in turn resulted in a larger gross profit and fed down to a larger EBITDA number.

Malcolm Lewin: One, the amount of production, which was, one could say, perhaps about as high as it reasonably could have been, and also the fact that our direct production costs were held pretty low, and the numbers came in on budget, if not slightly better. We are able to make some savings with the cost of chemicals through some new negotiations with suppliers. The overall effect was that our total direct costs of iodine production went up by 10%, whereas the volume produced went up by 29%, and therefore the average cost per kilo of our iodine fell by 15%. That generated a significantly lower cost of sales, and that in turn resulted in a larger gross profit and fed down to a larger EBITDA number.

Speaker #1: And the numbers came in on budget, if not slightly better. We were able to make some savings with the cost of chemicals through new negotiations with suppliers.

Speaker #1: And the overall effect was that our total direct costs of iodine production went up by 10%, whereas the volume produced went up by 29%.

Speaker #1: Therefore, the average cost per kilo of our iodine fell by 15%, which generated a significantly lower cost of sales. In turn, this resulted in a larger gross profit.

Speaker #1: And fed down to a larger EBITDA number. So in fact, with EBITDA, we wind up with a 6.6 million, which is double the 25 number of 3.3.

Malcolm T. Lewin: So in fact, with EBITDA, we wind up with USD 6.6 million, which is double the 2025 number of USD 3.3 million, and we are very pleased with that. Post-tax earnings, not a lot to say about that, but the USD 2.5 million for 2025 is kind of flattered because it includes a government grant, not a trading item, but we will come to that in a later slide. Net cash we are also happy with in the sense that it is USD 7.2 million positive. Last year, it was USD 1.8 million negative. Although, I would mention that we still have USD 3.5 million or USD 4 million of CapEx costs still to feed through from the construction of the latest plant, IO-12. That money is getting spent, or some of it has been spent by now, and I think the rest of it will be out in the next month or two. Okay, Tom.

Malcolm Lewin: So in fact, with EBITDA, we wind up with USD 6.6 million, which is double the 2025 number of USD 3.3 million, and we are very pleased with that. Post-tax earnings, not a lot to say about that, but the USD 2.5 million for 2025 is kind of flattered because it includes a government grant, not a trading item, but we will come to that in a later slide. Net cash we are also happy with in the sense that it is USD 7.2 million positive. Last year, it was USD 1.8 million negative. Although, I would mention that we still have USD 3.5 million or USD 4 million of CapEx costs still to feed through from the construction of the latest plant, IO-12. That money is getting spent, or some of it has been spent by now, and I think the rest of it will be out in the next month or two. Okay, Tom.

Speaker #1: And we're very pleased with that. Post-tax earnings, we'll not say about that, but the two and a half million for 25 is kind of flattered because it includes a government grant not a trading item, but we'll come to that in a later slide.

Speaker #1: Net cash—we're also happy with, in the sense that it's $7.2 million positive. Last year, it was $0.8 million negative. Although, I would mention that we still have three and a half or four million dollars of capex costs still to feed through from the construction of the latest plant, I-012.

Speaker #1: And that money is getting spent well. Some of it has been spent by now, and I think the rest of it will be out in the next month or two.

Speaker #1: Okay, Tom.

Speaker #2: Okay, great. And I'll just point out one other thing before we get off the slide: there's a reason why this chart is on this slide.

Thomas M. Becker: Okay, great. I will just point one other thing before we get off this slide is that there is a reason why this chart is on this slide. We are very proud of the growth trend that we have had over the last three years, and it is mainly driven by the execution on the Iofina Resources side by increasing the production year over year, building new plants. With IO-12 coming online here in the next few weeks, that will be our fourth plant in four years, and we are really proud of the execution that our teams have done. Just to get into a little bit more detail about the first half of the year on either side of the business, a lot of this we have covered already. But as Malcolm mentioned, our H1 2026 production even exceeded our revised upward target.

Thomas Becker: Okay, great. I will just point one other thing before we get off this slide is that there is a reason why this chart is on this slide. We are very proud of the growth trend that we have had over the last three years, and it is mainly driven by the execution on the Iofina Resources side by increasing the production year over year, building new plants. With IO-12 coming online here in the next few weeks, that will be our fourth plant in four years, and we are really proud of the execution that our teams have done. Just to get into a little bit more detail about the first half of the year on either side of the business, a lot of this we have covered already. But as Malcolm mentioned, our H1 2026 production even exceeded our revised upward target.

Speaker #2: We're very proud of the growth trend that we've had over the last three years, and it's mainly driven by the execution on the iodine resource side by increasing production year over year, building new plants, with I-012 coming online here in the next few weeks.

Speaker #2: That'll be our fourth plant in four years, and we're really proud of the execution that our teams have delivered. Just to get into a little bit more detail about the first half of the year on either side of the business—a lot of this we've covered already.

Speaker #2: But as Malcolm mentioned, our H-1 2026 production even exceeded our revised upward target. So we had things really work our way in the first half of the year.

Thomas M. Becker: We had things really work our way in the first half of the year. Malcolm mentioned this in the last slide, but I think it is pretty important to point out the third bullet on this slide is that our average production cost is 15% lower. Some of it was luck from the weather, but really some of it was things that we have done to improve water volumes, work with our suppliers to try to increase the amount of water. But really, our sourcing department did a really great job in chemical sourcing. One of the things we did note in the earnings result commentary that we just put out earlier this week is that while we saw improved chemical costs in the first half of the year, we have seen a little bit of creep of these chemical costs moving into the second half of the year.

Thomas Becker: We had things really work our way in the first half of the year. Malcolm mentioned this in the last slide, but I think it is pretty important to point out the third bullet on this slide is that our average production cost is 15% lower. Some of it was luck from the weather, but really some of it was things that we have done to improve water volumes, work with our suppliers to try to increase the amount of water. But really, our sourcing department did a really great job in chemical sourcing. One of the things we did note in the earnings result commentary that we just put out earlier this week is that while we saw improved chemical costs in the first half of the year, we have seen a little bit of creep of these chemical costs moving into the second half of the year.

Speaker #2: Malcolm mentioned this in the last slide, but I think it's pretty important to point out the third bullet on this slide is that our average production cost of 15% lower.

Speaker #2: And some of it was luck from the weather, but really some of it was things that we've done to improve water volumes—working with our suppliers to try to increase the amount of water.

Speaker #2: But really, our sourcing department did a really great job in chemical sourcing. One of the things we did note in the result commentary that we just put out earlier this week is that, while we saw improved chemical costs in the first half of the year, we have seen a little bit of creep of these chemical costs moving in the second half of the year.

Speaker #2: And that's mainly due to increased raw material costs, primarily influenced by rising fuel costs and some other materials that are manufactured in the Middle East.

Thomas M. Becker: That is mainly due to increased raw material costs, mainly influenced by fuel cost increases and some other things that are manufactured in the Middle East. There is a little bit shortage of supply around the world, and of course, you would imagine that is going to creep chemical costs up. But we do a really good job in trying to contract these major chemicals that we use, especially on the Iofina Resources side, to try to minimize any kind of cost changes that we see here in the future. We did spend USD 5.8 million in CapEx in the first half of the year. As Malcolm mentioned, we have not fully paid for IO-12 or the IO-11 project that we started in 2026. So there is a little more than half of the IO-11 project was paid in this USD 5.8 million, and I think, what, around USD 4 million of IO-12 costs were-

Thomas Becker: That is mainly due to increased raw material costs, mainly influenced by fuel cost increases and some other things that are manufactured in the Middle East. There is a little bit shortage of supply around the world, and of course, you would imagine that is going to creep chemical costs up. But we do a really good job in trying to contract these major chemicals that we use, especially on the Iofina Resources side, to try to minimize any kind of cost changes that we see here in the future. We did spend USD 5.8 million in CapEx in the first half of the year. As Malcolm mentioned, we have not fully paid for IO-12 or the IO-11 project that we started in 2026. So there is a little more than half of the IO-11 project was paid in this USD 5.8 million, and I think, what, around USD 4 million of IO-12 costs were-

Speaker #2: There's a little bit of a shortage of supply around the world, and of course, you would imagine that's going to creep chemical costs up. What we do a really good job at is trying to contract these major chemicals that we use, especially on the iodine resource side, to try to minimize any kind of cost changes that we see here in the future.

Speaker #2: We did spend $5.8 million in capex in the first half of the year. And as Malcolm mentioned, we haven't fully paid for I-012 or the I-011 project that we started in 2026.

Speaker #2: So there's about half of the I-011, a little more than half of the I-011 project was paid in this 5.8 million dollars. And I think what, around four million dollars of I-012 costs for were spent in the first half of the year.

Malcolm T. Lewin: Exactly right. Yes.

Malcolm Lewin: Exactly right. Yes.

Thomas M. Becker: were spent in the H1 of the year. As we have already mentioned, we are in the final stages of our new biggest plant to date in the Permian Basin. It is up to the Iofina Resources business development team to have a pipeline of future plants after this in order to meet our pathway to 2000 kind of goals. Very proud that we announced the next plants in our line of increases of our iodine production capacity here announced earlier this week, or last week for IO-13 and IO-14. To summarize a little bit on the Iofina Chemical side as well. Again, all the iodine funnels through Iofina Chemical, and it is important and imperative as the Iofina Resources side grows, that the sales team on the Iofina Chemical side continues to expand our customer base in order to ensure sales of our iodine-based products.

Thomas Becker: were spent in the H1 of the year. As we have already mentioned, we are in the final stages of our new biggest plant to date in the Permian Basin. It is up to the Iofina Resources business development team to have a pipeline of future plants after this in order to meet our pathway to 2000 kind of goals. Very proud that we announced the next plants in our line of increases of our iodine production capacity here announced earlier this week, or last week for IO-13 and IO-14. To summarize a little bit on the Iofina Chemical side as well. Again, all the iodine funnels through Iofina Chemical, and it is important and imperative as the Iofina Resources side grows, that the sales team on the Iofina Chemical side continues to expand our customer base in order to ensure sales of our iodine-based products.

Speaker #2: As we've already mentioned, we're in the final stages of our new, biggest plant to date in the Permian Basin. And it's up to the Iofina Resource business development team to have a pipeline of future plants after this in order to meet our pathway to 2,000 kind of goals.

Speaker #2: And very proud that we announced the next plants in our line of increases of our iodine production capacity here, announced earlier this week or last week for I-013 and I-014.

Speaker #2: And to summarize a little bit on the Iofina Chemical side as well, again, all the iodine funnels through Iofina Chemical, and it's important and imperative that as the Iofina Resource side grows, the sales team on the Iofina Chemical side continues to expand our customer base in order to ensure sales of our iodine-based products.

Speaker #2: And we have long-term customers, good customers that are looking to grow with Iofina's growth as well. So, I'm excited about the work our sales team has done.

Thomas M. Becker: We have long-term customers, good customers that are looking to grow with Iofina's growth as well. So excited about the work our sales team has done. We basically have sales in hand for all of the projected production of Iofina Resources crystalline iodine that we plan to sell into the open market throughout the rest of the year. So the demand for Iofina iodine is strong. Our customer base is solid, and we will be start selling our iodine or taking purchase orders for iodine into 2027 here shortly. Some other things about Iofina Chemical. Again, we make iodine and non-iodine derivatives besides selling the crystalline iodine itself. Last year, we announced that we were adding a new product to our line of iodine derivatives, and that is a feed additive, so a micronutrient to help specifically cattle, but some other aspects as well.

Thomas Becker: We have long-term customers, good customers that are looking to grow with Iofina's growth as well. So excited about the work our sales team has done. We basically have sales in hand for all of the projected production of Iofina Resources crystalline iodine that we plan to sell into the open market throughout the rest of the year. So the demand for Iofina iodine is strong. Our customer base is solid, and we will be start selling our iodine or taking purchase orders for iodine into 2027 here shortly. Some other things about Iofina Chemical. Again, we make iodine and non-iodine derivatives besides selling the crystalline iodine itself. Last year, we announced that we were adding a new product to our line of iodine derivatives, and that is a feed additive, so a micronutrient to help specifically cattle, but some other aspects as well.

Speaker #2: We basically have sales in hand for all of the projected production of Iofina Resource crystalline iodine that we've planned to sell into the open market throughout the rest of the year.

Speaker #2: So, the demand for Iofina iodine is strong. Our customer base is solid, and we'll start selling our iodine, or taking purchase orders for iodine, into 2027 here shortly.

Speaker #2: Some other things about Iofina Chemical. Again, we make iodine and non-iodine derivatives besides selling the crystalline iodine itself. Last year, we announced that we were adding a new product to our line of iodine derivatives, and that is a feed additive.

Speaker #2: So, a micronutrient to help specifically cattle, but some other aspects as well. And it was our largest revenue derivative in the first half of 2026.

Thomas M. Becker: It was our largest revenue derivative in the H1 of 2026. We continue to have about 10% of our sales into non-iodine derivatives, and those are focused on some specialty gases. One other application that goes into the Great Lakes, which did not have realized sales in the H1 of the year but will have realized sales in the H2 of the year. We continue to focus on research and development for new derivatives for Iofina Chemical, especially for those applications that may be growing in the future. If you remember back in our annual report, we mentioned some potential new applications for iodine in the solar cell industry and the refrigerant gas industry, and we are working hard at Iofina Chemical to be a player in those areas if those applications end up taking off. So we do have some summaries of the financial reviews.

Thomas Becker: It was our largest revenue derivative in the H1 of 2026. We continue to have about 10% of our sales into non-iodine derivatives, and those are focused on some specialty gases. One other application that goes into the Great Lakes, which did not have realized sales in the H1 of the year but will have realized sales in the H2 of the year. We continue to focus on research and development for new derivatives for Iofina Chemical, especially for those applications that may be growing in the future. If you remember back in our annual report, we mentioned some potential new applications for iodine in the solar cell industry and the refrigerant gas industry, and we are working hard at Iofina Chemical to be a player in those areas if those applications end up taking off. So we do have some summaries of the financial reviews.

Speaker #2: We continue to have about 10% of our sales in non-iodine derivatives. These are focused on some specialty gases and one other application that goes into the Great Lakes, which didn't have realized sales in the first half of the year but will have realized sales in the second half of the year.

Speaker #2: And we continue to focus on research and development for new derivatives for Iofina Chemical, especially for those applications that may be growing in the future.

Speaker #2: If you remember, back in our annual report, we mentioned some potential new applications for iodine in the solar cell industry and the refrigerant gas industry.

Speaker #2: And we're working hard at Iofina Chemical to be a player in those areas if those applications end up taking off. So, we do have some summaries of the financial reviews.

Speaker #2: Malcolm covered a lot of this, but he's going to point out a few more things on the next few slides that we feel are important to mention.

Thomas M. Becker: Malcolm covered a lot of this, but he is going to point out a few more things on the next few slides that we feel are important to mention.

Thomas Becker: Malcolm covered a lot of this, but he is going to point out a few more things on the next few slides that we feel are important to mention.

Speaker #1: Okay, so here we are with the income statement. As Tom just mentioned, the non-iodine figure on the second line of $2.9 million for '26 is, we would suggest, understated, because we were expecting to make a delivery to Great Lakes Fisheries, in particular product.

Malcolm T. Lewin: Okay, so here we are on the income statement. As Tom just mentioned, the non-iodine figure on the second line of USD 2.9 million for 2026 is kind of, we would suggest, understated because we were expecting to make a delivery to Great Lakes Fisheries for a particular product before 30 June, but they decided to delay it, and it has gone into the second half of the year. So that USD 2.9 million could well have been at least USD 3.5 million, probably more, in fact. We have talked about cost of sales and EBITDA and what led to the significant improvement there. Going down a bit, you can see Tom is highlighting it as government grants ERTC. ERTC stands for Employee Retention Tax Credits.

Malcolm Lewin: Okay, so here we are on the income statement. As Tom just mentioned, the non-iodine figure on the second line of USD 2.9 million for 2026 is kind of, we would suggest, understated because we were expecting to make a delivery to Great Lakes Fisheries for a particular product before 30 June, but they decided to delay it, and it has gone into the second half of the year. So that USD 2.9 million could well have been at least USD 3.5 million, probably more, in fact. We have talked about cost of sales and EBITDA and what led to the significant improvement there. Going down a bit, you can see Tom is highlighting it as government grants ERTC. ERTC stands for Employee Retention Tax Credits.

Speaker #1: Before June 30, but they decided to delay it, and it's gone into the second half of the year. So that $2.9 million could well have been at least $3.5 million—probably more, in fact.

Speaker #1: We've talked about cost of sales and EBITDA and what led to the significant improvement there. Going down a bit, yeah, you can see Tom's highlighting it as government grants, ERTC, ERTC stands for employee retention tax credits.

Speaker #1: This is a US government COVID-era scheme for support and relief, where people have kept—I should say, did keep—employees on, even though their businesses were adversely affected by COVID and they had less coming in to finance their payroll.

Malcolm T. Lewin: This is a US government COVID era scheme for support and relief where people have kept, or I should say, did keep employees on, even though their businesses were adversely affected by COVID and they had less coming in to finance their payroll. It has taken a heck of a long time to come through, but that is just the way this scheme has played out because there were a great number of claims made under it, and it took the US government a while to decide what approach it was taking to validate them. Apart from that, I think we could move on to the next slide. Okay, balance sheet. Property, plant equipment, 41.7 is up, whatever it is, 6.2, and that is a reflection of the additional capital expenditure less depreciation. That USD 5.8 million you have just seen, I think. Working capital, USD 13 million net versus USD 13.8 million in FY25.

Malcolm Lewin: This is a US government COVID era scheme for support and relief where people have kept, or I should say, did keep employees on, even though their businesses were adversely affected by COVID and they had less coming in to finance their payroll. It has taken a heck of a long time to come through, but that is just the way this scheme has played out because there were a great number of claims made under it, and it took the US government a while to decide what approach it was taking to validate them. Apart from that, I think we could move on to the next slide. Okay, balance sheet. Property, plant equipment, 41.7 is up, whatever it is, 6.2, and that is a reflection of the additional capital expenditure less depreciation. That USD 5.8 million you have just seen, I think. Working capital, USD 13 million net versus USD 13.8 million in FY25.

Speaker #1: It's taken a heck of a long time to come through, but that's just the way this scheme has kind of played out, because there were a great number of claims made under it, and it took the US government a while to decide what approach it was taking to validate them.

Speaker #1: Apart from that, I think we could move on to the next slide. Okay, balance sheet. Probably plant equipment, $41.7 million. It's up, whatever it is, $6.2 million.

Speaker #1: And that's a reflection of the additional capital expenditure less depreciation. At $5.8 million, you've just seen, I think. Working capital: $13 million net versus $13.8 million in HY25.

Speaker #1: Not a lot of change there. We do get some fluctuations in the overall numbers, depending, I think above all, on when particular sales are invoiced.

Malcolm T. Lewin: Not a lot of change there. We do get some fluctuations in the overall numbers depending, I think, above all, on when particular sales are invoiced. We can have, and frequently do, pretty large amounts on individual invoices, possibly as much as, let us say, USD 1.2 million for a full 18 metric ton container load of iodine. If two or three of those invoices get slightly out of sync or into a different period, that can swing the movement in working capital. But this is a pretty consistent set of numbers, one period versus the other. Down below, we have got bank debt of USD 5.7 million. Of that, USD 4 million relates to a drawdown on a CapEx facility that we made last year to support the capital expenditure that we were laying out on IO-11 plant.

Malcolm Lewin: Not a lot of change there. We do get some fluctuations in the overall numbers depending, I think, above all, on when particular sales are invoiced. We can have, and frequently do, pretty large amounts on individual invoices, possibly as much as, let us say, USD 1.2 million for a full 18 metric ton container load of iodine. If two or three of those invoices get slightly out of sync or into a different period, that can swing the movement in working capital. But this is a pretty consistent set of numbers, one period versus the other. Down below, we have got bank debt of USD 5.7 million. Of that, USD 4 million relates to a drawdown on a CapEx facility that we made last year to support the capital expenditure that we were laying out on IO-11 plant.

Speaker #1: We can have, and frequently do, pretty large amounts on individual invoices—possibly as much as, let's say, $1.2 million for a full 18-metric-ton container load of iodine.

Speaker #1: And if two or three of those invoices get slightly out of sync, or into a different period, that can swing the movement in working capital.

Speaker #1: But this is a pretty consistent set of numbers, one period versus the other. Down below, we've got bank debt of $5.7 million. Of that, $4 million relates to a drawdown on a capex facility that we made last year to support the capital expenditure that we were laying out on the I-011 plant.

Speaker #1: And the other 1.7 making up 5.7 is the remainder of a terminal area of 10,000 of 10 million, I beg your pardon, dollars, but we took out in September 2020 when we did a we paid off by the middle to late next year.

Malcolm T. Lewin: The other 1.7 making up the 5.7 is the remainder of a term loan of $10 million, I beg your pardon, that we took out in September 2020 when we did our. It will be paid off by the middle to late next year. So net cash rounds up at 7.2 versus a negative net debt position of 0.8 previous year. Lease liabilities are up at 0.7 from 0.2. The reason for that is that the lease we had on the office in Denver where our Iofina Resources, which runs the iodine production, where they are headquartered, their lease ran out. The way the lease is accounted for under IFRS, International Financial Reporting Standards 16, is that the total outlay on the lease over the whole period is capitalized and then it is depreciated, and last year we were down to very little time remaining.

Malcolm Lewin: The other 1.7 making up the 5.7 is the remainder of a term loan of $10 million, I beg your pardon, that we took out in September 2020 when we did our. It will be paid off by the middle to late next year. So net cash rounds up at 7.2 versus a negative net debt position of 0.8 previous year. Lease liabilities are up at 0.7 from 0.2. The reason for that is that the lease we had on the office in Denver where our Iofina Resources, which runs the iodine production, where they are headquartered, their lease ran out. The way the lease is accounted for under IFRS, International Financial Reporting Standards 16, is that the total outlay on the lease over the whole period is capitalized and then it is depreciated, and last year we were down to very little time remaining.

Speaker #1: So net cash wound up at 7.2 versus a negative net debt position of 0.8 previous year. At least liabilities were up at 0.7 from 0.2.

Speaker #1: The reason for that is that the lease we had on the office in Denver where our Iofina resources which runs the iodine production where their headquartered their lease ran out.

Speaker #1: And the way the lease is accounted for under IFRS, International Financial Reporting Standards, number 16, is that the total outlay on the lease over the whole period is capitalized.

Speaker #1: And then it's depreciated. And last year, we were down to very little time remaining. We've now got a new lease and a bigger figure that will in turn get depreciated down over the next two or three years.

Malcolm T. Lewin: We have now got a new lease and a bigger figure that will in turn get depreciated down over the next two or three years. Finally, on this slide, we have deferred tax of USD 5 million. That reflects tax that we have, if you like, saved because we have been able to claim a lot of capital expenditure against what would otherwise be taxable profit. That was considerably assisted by the arrival of the One Big Beautiful Bill Act in the States under President Trump that was signed into law last July, and that has made it significantly more possible to effectively have 100% write-off of capital expenditure, subject to certain limits, against tax. That has assisted our cash flow. Okay. Can we move on, Tom?

Malcolm Lewin: We have now got a new lease and a bigger figure that will in turn get depreciated down over the next two or three years. Finally, on this slide, we have deferred tax of USD 5 million. That reflects tax that we have, if you like, saved because we have been able to claim a lot of capital expenditure against what would otherwise be taxable profit. That was considerably assisted by the arrival of the One Big Beautiful Bill Act in the States under President Trump that was signed into law last July, and that has made it significantly more possible to effectively have 100% write-off of capital expenditure, subject to certain limits, against tax. That has assisted our cash flow. Okay. Can we move on, Tom?

Speaker #1: Finally, on this slide, we've got deferred tax of 5 million. That reflects tax that we've, if you like, saved because we've been able to claim a lot of capital expenditure against what would otherwise be taxable profit.

Speaker #1: And that was considerably assisted by the arrival of the OBBBA bill in the States, under President Trump, that was signed into law last July.

Speaker #1: And that has made it significantly more possible to effectively have a 100% write-off of capital expenditure subject to certain limits against tax. So that saved us that has helped assisted our cash flow.

Speaker #1: Okay. I'm going to move on, Tom. So here's the cash flow itself. Kicks off with the EBITDA. Working capital in our favor for this period as a not particularly significant matter for reasons I've already mentioned.

Thomas M. Becker: Yeah.

Thomas Becker: Yeah.

Malcolm T. Lewin: Here is the cash flow itself. It kicks off with the EBITDA. Working capital in our favor for this period is, again, not a particularly significant matter to us for reasons I have already mentioned. So we generated USD 7.8 million from operations. We spent USD 5.8 on CapEx. It demonstrates that the capital expenditure that is in the books for the first half was entirely funded out of operating cash flow. That left us with USD 2 million. Then we have bank repayments, and we wind up with USD 12.9 million of cash as opposed to USD 6.4 half last year. Just as a little addendum, we are currently still at about USD 12 million cash level as of the last week or two. I am pleased with that.

Malcolm Lewin: Here is the cash flow itself. It kicks off with the EBITDA. Working capital in our favor for this period is, again, not a particularly significant matter to us for reasons I have already mentioned. So we generated USD 7.8 million from operations. We spent USD 5.8 on CapEx. It demonstrates that the capital expenditure that is in the books for the first half was entirely funded out of operating cash flow. That left us with USD 2 million. Then we have bank repayments, and we wind up with USD 12.9 million of cash as opposed to USD 6.4 half last year. Just as a little addendum, we are currently still at about USD 12 million cash level as of the last week or two. I am pleased with that.

Speaker #1: So we generated 7.8 million from operations. We spent 5.8 on capex. Demonstrates that the capital expenditure as in the books for the first half was entirely funded out of cash out of operating cash flow.

Speaker #1: That left us with 2 million. Then we have bank repayments. And we wind up with 12.9 million of cash as opposed to 6.4, a half last year.

Speaker #1: And just as a little addendum, we are currently still at about $12 million cash level as of the last week or two.

Speaker #1: We're pleased with that.

Speaker #3: Great. Thanks for that review. And I'm going to switch gears here a little bit. We've talked about where we've kind of been and what our plans are.

Thomas M. Becker: Great. Thanks for that review. I am going to switch gears here a little bit. We have talked about where we have kind of been and what our plans are, and now we are going to detail a little bit about how we are putting that into action. So give a little bit more detail on IO-12, which we provided this information to the market, but maybe a little bit more detail here. Again, it is a bigger plant than we have ever built. Most of our plants in Oklahoma have the capacity to take in about 25,000 barrels of water per day. This particular plant is being built in order to be able to take in about 50,000 barrels per day of water. It is in the Permian Basin, where it is the largest producing hydrocarbon basin in the world.

Thomas Becker: Great. Thanks for that review. I am going to switch gears here a little bit. We have talked about where we have kind of been and what our plans are, and now we are going to detail a little bit about how we are putting that into action. So give a little bit more detail on IO-12, which we provided this information to the market, but maybe a little bit more detail here. Again, it is a bigger plant than we have ever built. Most of our plants in Oklahoma have the capacity to take in about 25,000 barrels of water per day. This particular plant is being built in order to be able to take in about 50,000 barrels per day of water. It is in the Permian Basin, where it is the largest producing hydrocarbon basin in the world.

Speaker #3: And now we're going to detail a little bit about how we're putting that into action. So I'll give a little bit more detail on I-012, which we've provided this information to the market. There may be a little bit more detail here.

Speaker #3: Again, it's a bigger plant that we've ever built. Most of our plants in Oklahoma have the capacity to do to take in about 20,000 25,000 barrels of water per day.

Speaker #3: And this particular plant is being built in order to be able to take in about 50,000 barrels per day of water. It's in the Permian Basin where it's the largest hydro producing hydrocarbon basin in the world.

Speaker #3: There's it's hard for me to even imagine there's 20 million barrels of brine water produced in the Permian Basin every day. And our partner that we're partnering with here is handling over two and a half million barrels of water per day.

Thomas M. Becker: It's hard for me to even imagine there's 20 million barrels of brine water produced in the Permian Basin every day. Our partner that we're partnering with here is handling over 2.5 million barrels of water per day. Not all of that water, in our view, has economic amounts of iodine in the water to be able to extract iodine economically. But our exploration team has done a really good job in identifying areas in the Permian Basin, such as where we're putting IO-12 and for future sites that we believe are going to be a real opportunity for expansion for the organization. Again, the timing of this. In the next few weeks, we expect IO-12 to be moving water through the facility and ramp up in production shortly thereafter.

Thomas Becker: It's hard for me to even imagine there's 20 million barrels of brine water produced in the Permian Basin every day. Our partner that we're partnering with here is handling over 2.5 million barrels of water per day. Not all of that water, in our view, has economic amounts of iodine in the water to be able to extract iodine economically. But our exploration team has done a really good job in identifying areas in the Permian Basin, such as where we're putting IO-12 and for future sites that we believe are going to be a real opportunity for expansion for the organization. Again, the timing of this. In the next few weeks, we expect IO-12 to be moving water through the facility and ramp up in production shortly thereafter.

Speaker #3: Now, not all of that water, in our view, has economic amounts of iodine in the water to be able to extract iodine economically.

Speaker #3: But our exploration team has done a really good job in identifying areas in the Permian Basin such where we're putting I-012 and for future sites that we believe are going to be a real opportunity for expansion for the organization.

Speaker #3: Again, the timing of this in the next few weeks, we expect I-012 to be moving water through the facility. And ramp up in production shortly thereafter.

Speaker #3: The plant capital costs—when we first started this plant, we thought it would be between $8 and $9 million. And it looks like it's going to come in right around $8.8 million.

Thomas M. Becker: The plant capital costs, when we first started this plant we thought it would be between $8 million and $9 million, and it looks like it's going to come in right around $8.8 million. So within the budget of what we expected in this area. Again, we have a strong partner who is working with us to try to get this thing online as soon as possible. We are very confident they're going to try to maximize this 50,000 barrels of water to our site as soon as possible. So excited about this plant, excited about possible expansion opportunities in this particular area as well. Not only with our current partner, Western Midstream, but we have other people that handle large amounts of barrels of water that have good iodine concentrations discussing future sites of Iofina also.

Thomas Becker: The plant capital costs, when we first started this plant we thought it would be between $8 million and $9 million, and it looks like it's going to come in right around $8.8 million. So within the budget of what we expected in this area. Again, we have a strong partner who is working with us to try to get this thing online as soon as possible. We are very confident they're going to try to maximize this 50,000 barrels of water to our site as soon as possible. So excited about this plant, excited about possible expansion opportunities in this particular area as well. Not only with our current partner, Western Midstream, but we have other people that handle large amounts of barrels of water that have good iodine concentrations discussing future sites of Iofina also.

Speaker #3: So within the budget of what we expected in this area. And again, we have a strong partner who is working with us to try to get this thing online as soon as possible.

Speaker #3: And we are very confident they're going to try to maximize this 50,000 barrels of water to our site as soon as possible. So excited about this plant.

Speaker #3: Excited about possible expansion opportunities in this particular area as well. Not only with our current partner, Western Midstream, but we're in we have other people that handle large amounts of barrels of water that have good iodine concentrations discussing future sites with Iofina also.

Speaker #3: Additionally, the other exciting thing that has come recently announced I believe it was last week was the agreements that we put in place for I-013 and 14.

Thomas M. Becker: Additionally, the other exciting thing that has come recently announced, I believe it was last week, was the agreements that we put in place for IO-13 and 14, and also the iodine pipeline project that we completed on 26 August. Let me go back to a project that we completed in 2026. If you all remember, IO-11 came online in 2025. It was expected to be about 100 metric ton kind of capacity plant in an area of Central Oklahoma. It's a plant that has lower brine volumes but higher concentrations. A good plant by itself in all respects. What we were able to do is partner with another brine operator in the area. Working with our existing partner came to agreements to allow for an additional water supply coming into IO-11.

Thomas Becker: Additionally, the other exciting thing that has come recently announced, I believe it was last week, was the agreements that we put in place for IO-13 and 14, and also the iodine pipeline project that we completed on 26 August. Let me go back to a project that we completed in 2026. If you all remember, IO-11 came online in 2025. It was expected to be about 100 metric ton kind of capacity plant in an area of Central Oklahoma. It's a plant that has lower brine volumes but higher concentrations. A good plant by itself in all respects. What we were able to do is partner with another brine operator in the area. Working with our existing partner came to agreements to allow for an additional water supply coming into IO-11.

Speaker #3: And also the iodine pipeline project that we completed on August 26th. So let me go back to the project that we completed in 2026.

Speaker #3: You'll remember I-011 came online in 2025. It was expected to be about a 100 metric ton capacity plant in an area of central Oklahoma.

Speaker #3: It is a it's a plant that has lower brine volumes but higher concentrations. A good plant by itself in all respects. What we were able to do is partner with another brine operator in the area and working with our existing partner came to agreements to allow for an additional water supply coming into I-011.

Speaker #3: So once we got those agreements arranged, our partner our new partner built a pipeline from their water source to our plant and back. We funded that project.

Thomas M. Becker: Once we got those agreements arranged our new partner built a pipeline from their water source to our plant and back. We funded that project and what that's going to do is be able to get another about 50% capacity to the particular plant. So 100 metric ton plant now it's going to be somewhere between 145 and 160 metric tons of production at that site. So we're working hard to try to maximize the amount of water to every one of these sites. These kind of projects aren't easy to do. The more likely things that we do to our existing plants is work with our existing operator to try to maximize the amount of water that they can provide to our individual plants without over-pressurizing their system.

Thomas Becker: Once we got those agreements arranged our new partner built a pipeline from their water source to our plant and back. We funded that project and what that's going to do is be able to get another about 50% capacity to the particular plant. So 100 metric ton plant now it's going to be somewhere between 145 and 160 metric tons of production at that site. So we're working hard to try to maximize the amount of water to every one of these sites. These kind of projects aren't easy to do. The more likely things that we do to our existing plants is work with our existing operator to try to maximize the amount of water that they can provide to our individual plants without over-pressurizing their system.

Speaker #3: And what that's going to do is be able to get another about 50% capacity to the particular plant. So 100 metric ton plant now is going to be somewhere between 145 and 160 metric tons of production at that site.

Speaker #3: So we're working hard to try to maximize the amount of water to every one of these sites. These kind of projects aren't easy to do.

Speaker #3: The more likely things that we do to our existing plants is work with our existing operator to try to maximize the amount of water that they can provide to our individual plants.

Speaker #3: Without overpressurizing their system. And I think the real important news that we announced is an agreement last week to build I-013 and I-014. And again, this will be in the central Oklahoma area, an area that we're very familiar with, familiar with the water familiar with contractors and builders to build these operations that we've done on I-09, I-010, and I-011.

Thomas M. Becker: I think the real important news that we announced is an agreement last week to build IO-13 and IO-14. Again, this will be in the Central Oklahoma area, an area that we are very familiar with. Familiar with the water, familiar with contractors and builders to build these operations that we have done on IO-9, IO-10, and IO-11. Signed a few weeks ago. We can provide more details a little bit later. Overall, the iodine plants in Oklahoma are somewhere between 100 and 150 metric ton kind of plants on average. We anticipate that the total volume from these two new plants is likely to be higher than the average amounts of plants in Oklahoma. On average, a bigger plant in Oklahoma.

Thomas Becker: I think the real important news that we announced is an agreement last week to build IO-13 and IO-14. Again, this will be in the Central Oklahoma area, an area that we are very familiar with. Familiar with the water, familiar with contractors and builders to build these operations that we have done on IO-9, IO-10, and IO-11. Signed a few weeks ago. We can provide more details a little bit later. Overall, the iodine plants in Oklahoma are somewhere between 100 and 150 metric ton kind of plants on average. We anticipate that the total volume from these two new plants is likely to be higher than the average amounts of plants in Oklahoma. On average, a bigger plant in Oklahoma.

Speaker #3: Signed a few weeks ago. We can provide more details a little bit later. But overall, the iodine plants in Oklahoma are somewhere between 100 and 150 metric ton kind of plants on average.

Speaker #3: We anticipate that the total volume from these two new plants is likely to be higher than the average amounts of plants in Oklahoma. So, on average, a bigger plant in Oklahoma.

Speaker #3: So, looking forward to providing more details when those are available and final details are worked out with our partner, to give a little bit more insight into the production and timeline of this.

Thomas M. Becker: Looking forward to provide more details when those are available and final details are worked up with our partner to give a little bit more insight in the production and timeline of this. We are very ambitious that we believe we are going to get these plants online in the H1 of next year. We will be updating the market on that progress. What does this all mean? Malcolm reviewed a lot of our financials in the H1 of the year. If you look back at our financials from 2025, we are very proud of the continued. The management and the board of Iofina laid out our route to 2000, the pathway to 2000. We went from 500 metric tons of production to once IO-12 is opened up, we will be at about 1,000 metric ton run rate of our iodine production.

Thomas Becker: Looking forward to provide more details when those are available and final details are worked up with our partner to give a little bit more insight in the production and timeline of this. We are very ambitious that we believe we are going to get these plants online in the H1 of next year. We will be updating the market on that progress. What does this all mean? Malcolm reviewed a lot of our financials in the H1 of the year. If you look back at our financials from 2025, we are very proud of the continued. The management and the board of Iofina laid out our route to 2000, the pathway to 2000. We went from 500 metric tons of production to once IO-12 is opened up, we will be at about 1,000 metric ton run rate of our iodine production.

Speaker #3: But we're very ambitious that we believe we're going to get these plants online and the first half of next year. And we'll be updating the market on that progress.

Speaker #3: So, what does this all mean? Malcolm reviewed a lot of our financials in the first half of the year. If you look back at our financials from 2025, we're very proud of the continued management and the board of Iofina laying out our route to 2000—the pathway to 2000.

Speaker #3: We went from 500 metric tons of production to once I-012 is opened up, we'll be at about 1,000 metric ton run rate of our iodine production.

Speaker #3: But we feel with the growing iodine market, our expertise in this area, the opportunities that we have in not only the Permian Basin, but as you can see with I-013 and 14 in Oklahoma, that we have the right opportunities to continue to increase the capacity of our iodine production.

Thomas M. Becker: We feel with the growing iodine market, our expertise in this area, the opportunities that we have in not only the Permian Basin, but as you can see with IO-13 and 14 in Oklahoma, that we have the right opportunities to continue to increase the capacity of our iodine production. We worked hard on our balance sheet. We have net cash, as Malcolm pointed out, at $7.2 million in 30 June. We worked hard and maybe Malcolm, can you mention the debt facilities that we have?

Thomas Becker: We feel with the growing iodine market, our expertise in this area, the opportunities that we have in not only the Permian Basin, but as you can see with IO-13 and 14 in Oklahoma, that we have the right opportunities to continue to increase the capacity of our iodine production. We worked hard on our balance sheet. We have net cash, as Malcolm pointed out, at $7.2 million in 30 June. We worked hard and maybe Malcolm, can you mention the debt facilities that we have?

Speaker #3: We worked hard on our balance sheet. We had net cash, as Malcolm pointed out, of $7.2 million as of June 30th. We worked hard, and maybe Malcolm, can you mention the debt facilities that we have?

Speaker #4: Oh, I'm sorry. So that.

Malcolm T. Lewin: I am sorry. I should have done that.

Malcolm Lewin: I am sorry. I should have done that.

Thomas M. Becker: that we have in place in order to help fund these future sites as well?

Thomas Becker: that we have in place in order to help fund these future sites as well?

Speaker #3: ...that we have in place in order to help fund these future sites as well?

Speaker #4: Yeah, okay. So, we've got a $10 million facility without the bank, which is to be used on, well, not 12, but in fact, probably I-013 and 14.

Malcolm T. Lewin: Well, we've got a $10 million facility with our bank which is to be used on, not IO-12, but in fact probably IO-13 and IO-14. In addition to that facility which takes the form of a term loan with a draw down period up to the end of next year, and then after the draw down's finished then it's repayable over 7 years, and the interest rate is SOFR secured overnight financing rate plus 2%, which we think is a rate that applies to various other arrangements we have with the bank. We also have a $6 million revolving line of credit, which is effectively a kind of overdraft. We've had that in place ever since the refinancing back in September 2020.

Malcolm Lewin: Well, we've got a $10 million facility with our bank which is to be used on, not IO-12, but in fact probably IO-13 and IO-14. In addition to that facility which takes the form of a term loan with a draw down period up to the end of next year, and then after the draw down's finished then it's repayable over 7 years, and the interest rate is SOFR secured overnight financing rate plus 2%, which we think is a rate that applies to various other arrangements we have with the bank. We also have a $6 million revolving line of credit, which is effectively a kind of overdraft. We've had that in place ever since the refinancing back in September 2020.

Speaker #4: And in addition to that, facility which takes the form of a term loan with a drawdown period up to the end of next year.

Speaker #4: And then after the drawdown is finished, then it's repayable over seven years. And the interest rate is so far SOFR, secured overnight financing rate plus 2%, which we think is well, it's a rate that applies to various other arrangements we have with the bank.

Speaker #4: We also have a $6 million revolving line of credit, which is effectively a kind of overdraft. We've had that in place ever since the refinancing back in September 2020.

Speaker #4: We've never used any of it. And going forward, it may be something that we will bring into action if needed depending on how the spend on new sites goes versus money that comes in all the time from normal trading operations.

Malcolm T. Lewin: We've never used any of it, and going forward, it may be something that we will bring into action as needed depending on how the spend on new sites goes versus money that comes in all the time from normal trading operations.

Malcolm Lewin: We've never used any of it, and going forward, it may be something that we will bring into action as needed depending on how the spend on new sites goes versus money that comes in all the time from normal trading operations.

Speaker #3: Yeah. Thanks for that update. So I guess the point I think we're trying to make is that in order to obtain this goal of the road to 2000 in the next few years, not only do we have to have the projects and opportunities to do that, but we have to be smart in having a healthy balance sheet, good banking partners to help fund these kind of operations.

Thomas M. Becker: Thanks for that update. I guess the point I think we're trying to make is that in order to obtain this goal of the pathway to 2000 in the next few years, not only do we have to have the projects and opportunities to do that, but we have to be smart and have a healthy balance sheet, good banking partners to help fund these kind of operations. Once these kind of plants get up and going and start generating cash our projections look very enticing here in future once we start getting plants like IO-12, IO-13, IO-14, and the next generation of likely larger plants IO-15 and IO-16 online. The last couple bullet points, we expect to exceed the production capacity of 1,000 metric tons once IO-12 comes online.

Thomas Becker: Thanks for that update. I guess the point I think we're trying to make is that in order to obtain this goal of the pathway to 2000 in the next few years, not only do we have to have the projects and opportunities to do that, but we have to be smart and have a healthy balance sheet, good banking partners to help fund these kind of operations. Once these kind of plants get up and going and start generating cash our projections look very enticing here in future once we start getting plants like IO-12, IO-13, IO-14, and the next generation of likely larger plants IO-15 and IO-16 online. The last couple bullet points, we expect to exceed the production capacity of 1,000 metric tons once IO-12 comes online.

Speaker #3: And once these kinds of plants get up cash, our projections look very enticing here in the future, once we start getting plants like I-012, I-013, I-014, and the next generation of likely larger plants, I-015 and I-016, online.

Speaker #3: So the last couple of bullet points, we expect to exceed the production capacity of 1,000 metric tons once I-012 comes online. And this pathway to 2000 with I-013, I-014, and the pipeline of ongoing sites with multiple brine suppliers that we're in negotiations with is really exciting for Iofina and its growth story.

Thomas M. Becker: This pathway to 2,000 with IO-13, IO-14, and the pipeline of ongoing sites with multiple brine suppliers that we are in negotiations with is really exciting for Iofina and its growth story. To summarize a few things of why we think Iofina is a great place to invest and personally, I think we are not getting enough credit for what we have not only done, but the prospects that we have in the future, the opportunities to build plants with rapid payback and what that is going to mean down the road not only from cash generation, but actually profits of the organization. We continue to expand our output, especially the capacity for iodine by building new plants with IO-12 coming online. That is four plants in four years with IO-13 and 14 coming online in 2025. Just for those plants that will be six plants in five years.

Thomas Becker: This pathway to 2,000 with IO-13, IO-14, and the pipeline of ongoing sites with multiple brine suppliers that we are in negotiations with is really exciting for Iofina and its growth story. To summarize a few things of why we think Iofina is a great place to invest and personally, I think we are not getting enough credit for what we have not only done, but the prospects that we have in the future, the opportunities to build plants with rapid payback and what that is going to mean down the road not only from cash generation, but actually profits of the organization. We continue to expand our output, especially the capacity for iodine by building new plants with IO-12 coming online. That is four plants in four years with IO-13 and 14 coming online in 2025. Just for those plants that will be six plants in five years.

Speaker #3: So just to summarize a few things and why we think basically, Iofina is a great place to invest in. Personally, I think we're not getting enough credit for what we not only done, but the prospects that we have in the future.

Speaker #3: The opportunities, the build plants with rapid payback, and what that's going to mean down the road for not only from cash generation but actually profits of the organization.

Speaker #3: So we have we continue to expand our output, especially the capacity for iodine by building new plants with I-012 coming online. That's four plants in four years.

Speaker #3: With I-013 and 14 coming online, in 2025, just so those plants that'll be six plants in five years. So with this excess capacity and strong financial discipline that we've had, we really have a balance sheet that supports this growth.

Thomas M. Becker: With this excess capacity and the strong financial discipline that we have had, we really have a balance sheet that supports this growth. With an iodine market that is expanding, Malcolm and I personally and our board really think it is the right time to increase that growth that we have seen over the last number of years and put our technology into action in new core areas like the Permian Basin. We invest into these plants that have rapid paybacks, and this will eventually cause this tremendous amount of cash generation in the future. We do our very best due diligence to ensure as best we can that these new plants we estimate the cost and the long-term capabilities of having supply at these particular plants. There has not been any kind of shutdown of any plants that we have built over the last 10 years of Iofina's growth.

Thomas Becker: With this excess capacity and the strong financial discipline that we have had, we really have a balance sheet that supports this growth. With an iodine market that is expanding, Malcolm and I personally and our board really think it is the right time to increase that growth that we have seen over the last number of years and put our technology into action in new core areas like the Permian Basin. We invest into these plants that have rapid paybacks, and this will eventually cause this tremendous amount of cash generation in the future. We do our very best due diligence to ensure as best we can that these new plants we estimate the cost and the long-term capabilities of having supply at these particular plants. There has not been any kind of shutdown of any plants that we have built over the last 10 years of Iofina's growth.

Speaker #3: And with an iodine market that is expanding, Malcolm and I personally and our board really think it's the right time to increase that growth that we've seen over the last number of years, and put our technology into action in new core areas like the Permian Basin.

Speaker #3: We invest in these plants that have rapid paybacks. And this will eventually cause a tremendous amount of cash generation in the future. We do our very best due diligence to ensure, as best we can, that these new plants—we estimate the cost and the long-term capability of having supply at these particular plants. There hasn't been any kind of shutdown of any plants that we've built over the last 10 years of iodine, of Iofina's growth.

Speaker #3: So we're very proud of the due diligence that we have in putting plants where these water really congregate. So we're executing these pathway to 2000.

Thomas M. Becker: We are very proud of the due diligence that we have in putting plants where these water really congregate. We are executing this pathway to 2000 both optimizing the existing plants, but really building the new larger facilities to maximize our production is really going to get us to that 2,000 metric ton goal that we have in mind. What are we looking at here in the near future where we have covered a lot of this? As we continue to expand our iodine production, we expect to achieve record results like we did in the first half of the year. We expect increases in iodine production all the time. The increases in iodine production as long as we can control costs and the iodine market continues to expand profitability should increase at the same time as well.

Thomas Becker: We are very proud of the due diligence that we have in putting plants where these water really congregate. We are executing this pathway to 2000 both optimizing the existing plants, but really building the new larger facilities to maximize our production is really going to get us to that 2,000 metric ton goal that we have in mind. What are we looking at here in the near future where we have covered a lot of this? As we continue to expand our iodine production, we expect to achieve record results like we did in the first half of the year. We expect increases in iodine production all the time. The increases in iodine production as long as we can control costs and the iodine market continues to expand profitability should increase at the same time as well.

Speaker #3: Both optimizing the existing plants, but really building the new larger facilities to maximize our production is really going to get us to that 2000 metric ton goal that we have in mind.

Speaker #3: So, what are we looking at here in the near future? We've covered a lot of this. As we continue to expand our iodine production, we expect to achieve record results like we did in the first half of the year.

Speaker #3: We expect increases in iodine production all the time. And the increases in iodine production as long as we can control costs and the iodine market continues to expand, profitability should increase at the same time as well.

Speaker #3: We are executing these new plants the I-011 pipeline project, the Permian Basin I-012 project, and the new plants at I-013 and 14, which were agreed to in terms in a few months ago or sorry, a few weeks ago, will be once they're online, will be our sixth plan in five years.

Thomas M. Becker: We are executing these new plants, the IO-11 pipeline project, the Permian Basin IO-12 project, and the new plants at IO-13 and 14 which were agreed to in terms a few weeks ago. Once they are online, will be our sixth plant in five years. As I mentioned in the previous slide, we do have a lot of opportunities for additional plants, even these bigger Permian-based plants, which should really accelerate our growth here moving forward. With the good iodine market economics, steady prices, we are on track to meet market expectations in fiscal year 2026, and really excited about what 2027, 2028, and 2029 looks like. We continue to develop chemical derivatives and our customer bases in order to support this expansion on the Iofina Resources side. We are really just excited about the future of Iofina and the growth that we expect to achieve.

Thomas Becker: We are executing these new plants, the IO-11 pipeline project, the Permian Basin IO-12 project, and the new plants at IO-13 and 14 which were agreed to in terms a few weeks ago. Once they are online, will be our sixth plant in five years. As I mentioned in the previous slide, we do have a lot of opportunities for additional plants, even these bigger Permian-based plants, which should really accelerate our growth here moving forward. With the good iodine market economics, steady prices, we are on track to meet market expectations in fiscal year 2026, and really excited about what 2027, 2028, and 2029 looks like. We continue to develop chemical derivatives and our customer bases in order to support this expansion on the Iofina Resources side. We are really just excited about the future of Iofina and the growth that we expect to achieve.

Speaker #3: So, as I mentioned in the previous slide, we do have a lot of opportunities for additional plants, even these bigger Permian-based plants, which should really accelerate our growth here moving forward.

Speaker #3: So with a high with a good iodine market economics, steady prices, we're on track to meet market expectations and fiscal year 2026. And really excited about what 2027, 2028, and 2029 looks like.

Speaker #3: So we continue to develop chemical derivatives and our customer bases in order to support this expansion on the Iofina resource side. And we're really just excited about the future of Iofina and the growth that we expect to achieve.

Speaker #3: And with that, it's been a pleasure presenting to all of you. And I'll throw it back to IMC.

Thomas M. Becker: With that, it has been a pleasure presenting to all of you. I will throw it back to Investor Meet Company.

Thomas Becker: With that, it has been a pleasure presenting to all of you. I will throw it back to Investor Meet Company.

Speaker #1: Fantastic.

Speaker #2: Absolutely fantastic. Thank you very much indeed for the presentation. Ladies and gentlemen, please continue to submit your questions using the Q&A tab in the right-hand corner of the screen.

[Company Representative] (Investor Meet Company): Absolutely. Fantastic. Thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using the Q&A tab on the right-hand corner of the screen. Just while the team take a few moments to review those questions submitted today, I would like to remind you that a recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via our investor dashboard. As you can see, guys, we have had a number of questions throughout today's presentation. If I may just ask you to click on that Q&A tab. Where appropriate to do so, just read out the question, give your response. I will just bring your cameras back up as well, if I may.

[Company Representative] (Investor Meet Company): Absolutely. Fantastic. Thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using the Q&A tab on the right-hand corner of the screen. Just while the team take a few moments to review those questions submitted today, I would like to remind you that a recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via our investor dashboard. As you can see, guys, we have had a number of questions throughout today's presentation. If I may just ask you to click on that Q&A tab. Where appropriate to do so, just read out the question, give your response. I will just bring your cameras back up as well, if I may.

Speaker #2: But just while the team takes a few moments to review those questions submitted today, I'd like to remind you that we're recording the presentation. Along with a copy of the slides, the published Q&A can be accessed via our investor dashboard.

Speaker #2: As you can see, guys, we've had a number of questions throughout today's presentation. If I may, just ask you to click on that Q&A tab.

Speaker #2: Where appropriate to do so, just read out the question and give your response. I'll just bring your cameras back up as well, if I may.

Speaker #3: Yep.

Thomas M. Becker: Yep.

Thomas Becker: Yep.

Speaker #2: There we go. Cameras back up. Yeah, if you could just read out the questions where appropriate, and I'll pick up from you at the end.

[Company Representative] (Investor Meet Company): There we go. Cameras back up. If you could just read out the questions where appropriate, I will pick up from you at the end. Thank you.

[Company Representative] (Investor Meet Company): There we go. Cameras back up. If you could just read out the questions where appropriate, I will pick up from you at the end. Thank you.

Speaker #2: Thank you.

Speaker #3: Yeah. So we'll go through the questions. Not sure we can give answers to all these questions, but we'll pick and choose some. And these other questions that we can answer, outside of this outside of this presentation time, we'll try to provide written answers where appropriate.

Thomas M. Becker: Yeah. We will go through the questions. Not sure we can give answers to all of these questions. We will pick and choose some, and these other questions that we can answer outside of this presentation time, we will try to provide written answers where appropriate. The first two questions you have seen already, and can talk about those a little bit. The first one is, at what point in the journey do you feel that a maiden dividend will be paid? The quick answer to that is, we keep reinvesting the cash generation into new plants and other CapEx things within the organization at existing plants and now Iofina Chemical. Right now, with the pipeline of opportunities and our growth ambitions, we feel like that is the best use of cash.

Thomas Becker: Yeah. We will go through the questions. Not sure we can give answers to all of these questions. We will pick and choose some, and these other questions that we can answer outside of this presentation time, we will try to provide written answers where appropriate. The first two questions you have seen already, and can talk about those a little bit. The first one is, at what point in the journey do you feel that a maiden dividend will be paid? The quick answer to that is, we keep reinvesting the cash generation into new plants and other CapEx things within the organization at existing plants and now Iofina Chemical. Right now, with the pipeline of opportunities and our growth ambitions, we feel like that is the best use of cash.

Speaker #3: So the first two questions we've seen already, and can talk about those a little bit in the first one. So at what point in the journey do you feel that it may be dividend will be paid?

Speaker #3: The quick answer to that is, we keep reinvesting the cash generation into new plants and other capex items within the organization, as well as at existing plants in the Iofina Chemical.

Speaker #3: And right now, with the pipeline of opportunities and our growth ambitions, we feel like that's the best use of cash. Now, if and well, when the company gets to a point where we're generating tremendous amount of cash, I think at that particular time, while the board always talks about dividends and buybacks and things like that, I think that would be a more appropriate time to talk about dividends at that point.

Thomas M. Becker: Now, when the company gets to a point where we are generating a tremendous amount of cash, I think at that particular time, while the board always talks about dividends and buybacks and things like that, I think that would be a more appropriate time to talk about dividends at that point. Secondly, a few months ago at the AGM, I said building two plants would cause sales issues, coping with the increase in production. What is changed? I think the opportunity that we have in Oklahoma here for these two particular plants is an important opportunity that we wanted to take advantage of. We met with our sales team and challenged them to be able to continue to expand our customer base for iodine sales around the world.

Thomas Becker: Now, when the company gets to a point where we are generating a tremendous amount of cash, I think at that particular time, while the board always talks about dividends and buybacks and things like that, I think that would be a more appropriate time to talk about dividends at that point. Secondly, a few months ago at the AGM, I said building two plants would cause sales issues, coping with the increase in production. What is changed? I think the opportunity that we have in Oklahoma here for these two particular plants is an important opportunity that we wanted to take advantage of. We met with our sales team and challenged them to be able to continue to expand our customer base for iodine sales around the world.

Speaker #3: And then secondly, a few months ago at the AGM, I said building two plants would cause sales issues. Coping with the increase in production was changed.

Speaker #3: I think the opportunity that we have in Oklahoma here for these two particular plants is a important opportunity that we wanted to take advantage of.

Speaker #3: We met with our sales team and challenged them to be able to continue to expand our customer base for iodine sales around the world.

Speaker #3: After surveying the market a bit, we're comfortable that maybe there's a little bit more of acceleration of growth would be available to be able to sell into the marketplace.

Thomas M. Becker: After surveying the market a bit, we are comfortable that maybe there is a little bit more of acceleration of growth would be available to be able to sell into the marketplace. So we are comfortable that we will have the sales avenue for the iodine that we are producing by building two plants at once. The other thing I will say with respect to building two plants at once, I am not sure if there is another question about it, but we are working hard. Our construction team is making sure that we have the resources in place to be able to do two plants at once, which is a little out of the ordinary for us. But since we are moving back to Oklahoma for these particular sites, we have a good set of contractors, similar kind of engineering drawings, and we understand the regulatory environment to build these plants.

Thomas Becker: After surveying the market a bit, we are comfortable that maybe there is a little bit more of acceleration of growth would be available to be able to sell into the marketplace. So we are comfortable that we will have the sales avenue for the iodine that we are producing by building two plants at once. The other thing I will say with respect to building two plants at once, I am not sure if there is another question about it, but we are working hard. Our construction team is making sure that we have the resources in place to be able to do two plants at once, which is a little out of the ordinary for us. But since we are moving back to Oklahoma for these particular sites, we have a good set of contractors, similar kind of engineering drawings, and we understand the regulatory environment to build these plants.

Speaker #3: So we're comfortable that we'll have the sales avenue for the iodine that we're producing by building two plants at once. And the other thing I'll say with respect to building two plants at once—and I'm not sure if there's another question about it—but we are working hard.

Speaker #3: Our construction team is making sure that we have the resources in place to be able to do two plants at once, which is a little out of the ordinary for us.

Speaker #3: But since we're moving back to Oklahoma for these particular sites, we have a good set of contractors similar kind of engineering drawings, and we understand the regulatory environment to build these plants.

Speaker #3: The next question can give some more guidance on the likely annualized tonnage at I-013 and 14 as so far as been a little bit vague.

Thomas M. Becker: The next question, can you give some more guidance on the likely annualized tonnage at IO-13 and IO-14? So far it has been a little bit vague. Yes, it has been a little bit vague. We are working out the fine details with our new partner for IO-13 and IO-14. We hope to be able to give some more direct numbers here in the near future, and we will get that into the market as appropriate when we have those numbers finalized. Let me look at some other things. Malcolm, this is something I think you addressed, so you may be a little bit more apt to talk about it, and it has to do with a little bit of year-over-year differences. But the question is, Hi, Tom. Nice interim.

Thomas Becker: The next question, can you give some more guidance on the likely annualized tonnage at IO-13 and IO-14? So far it has been a little bit vague. Yes, it has been a little bit vague. We are working out the fine details with our new partner for IO-13 and IO-14. We hope to be able to give some more direct numbers here in the near future, and we will get that into the market as appropriate when we have those numbers finalized. Let me look at some other things. Malcolm, this is something I think you addressed, so you may be a little bit more apt to talk about it, and it has to do with a little bit of year-over-year differences. But the question is, Hi, Tom. Nice interim.

Speaker #3: And yes, it's been a little bit vague. We're working out the fine details with our new partner for I-013 and I-014. We hope to be able to give some more direct numbers here in the near future.

Speaker #3: And we'll get that into the market as appropriate when we have those numbers finalized. Let's go on to—let me look at some other things.

Speaker #3: Malcolm, this is something I think you addressed that you may be a little bit more apt to talk about and has to do with a little bit of year-over-year differences.

Speaker #3: But the question is, "Hi, Tom. Nice interims. Crystal and Iodine sales were up 31% derivative sales were up 17%. Iodine prices were marginally up, but revenue was up only 7%." It's something been deferred.

Thomas M. Becker: Crystalline iodine sales were up 31%, derivative sales are up 17%, iodine prices were marginally up, but revenue was up only 7%. Has something been deferred? Well, Malcolm can help me with this, I would not say anything has been deferred, but 2025 had some carryover sales from 2024 that enhanced the sales in 2025. So when you look on a year-over-year comparison, the 2025 sales were enhanced. Is that an accurate thing to say?

Thomas Becker: Crystalline iodine sales were up 31%, derivative sales are up 17%, iodine prices were marginally up, but revenue was up only 7%. Has something been deferred? Well, Malcolm can help me with this, I would not say anything has been deferred, but 2025 had some carryover sales from 2024 that enhanced the sales in 2025. So when you look on a year-over-year comparison, the 2025 sales were enhanced. Is that an accurate thing to say?

Speaker #3: Well, I wouldn't say and Malcolm can help me with this. I wouldn't say anything has been deferred, but 2025 had some carryover sales from 2024 that enhanced the sales in 2025.

Speaker #3: So when you look on a year-over-year comparison, the 2025 sales were enhanced. Is that an accurate thing to say?

Malcolm T. Lewin: That's correct. Yes, that's entirely accurate.

Malcolm Lewin: That's correct. Yes, that's entirely accurate.

Speaker #4: That's correct. Yep. That's entirely accurate.

Speaker #3: Okay. So that's the main driver for why revenue increased year on year was a little bit less than you would expect, basically because they were carryover sales into the early part of 2025.

Thomas M. Becker: Okay. That's the main driver for why revenue increase year-on-year was a little bit less than you would expect, basically because there were carryover sales into the early part of 2025. IO-12 is pushing water through in the next few weeks. Please expand on this delay. The next question is very similar to that. We are within weeks of where we thought this would be, so we're pretty pleased by how this build has gone through. One of the things that we didn't anticipate in building in a new area is increased regulatory requirements. Having inspectors coming through and approving certain of the build applications has caused some delays. Building the buildings that are occupied by people, the area in which we're building in now is a little bit more strict than where we were in Oklahoma.

Thomas Becker: Okay. That's the main driver for why revenue increase year-on-year was a little bit less than you would expect, basically because there were carryover sales into the early part of 2025. IO-12 is pushing water through in the next few weeks. Please expand on this delay. The next question is very similar to that. We are within weeks of where we thought this would be, so we're pretty pleased by how this build has gone through. One of the things that we didn't anticipate in building in a new area is increased regulatory requirements. Having inspectors coming through and approving certain of the build applications has caused some delays. Building the buildings that are occupied by people, the area in which we're building in now is a little bit more strict than where we were in Oklahoma.

Speaker #3: I-012 pushing water through in the next few weeks. Please expand on this delay. So in the next question is very similar to that. So we are within weeks of where we thought this would be.

Speaker #3: So we're not we're pretty pleased by how this build has gone through. One of the things that we didn't anticipate in building in a new area is increased regulatory requirements having inspectors coming through and approving certain of the build applications has caused some delays.

Speaker #3: So, building the buildings that are occupied by people, the area in which we're building now is a little bit more strict than where we were in Oklahoma.

Speaker #3: So the major components of what we're building in the Permian Basin have all gone as planned. Some of these fine little things have caused a little bit of delay.

Thomas M. Becker: The major components of what we're building in the Permian Basin of Volcon is planned. Some of these fine little things have caused a little bit of delay. A little bit of lesson learned, so that when we build our next plan in this particular area, we should be more apt to be able to handle those kind of different construction criteria in that area. The most likely to be successfully developed in the next few years. We mentioned a few things. I can't remember if we did in the annual report, but I know we did in the interim report, I know we did in the annual report. That's the potential new iodine applications in solar cells, refrigerants, and potentially even semiconductor use.

Thomas Becker: The major components of what we're building in the Permian Basin of Volcon is planned. Some of these fine little things have caused a little bit of delay. A little bit of lesson learned, so that when we build our next plan in this particular area, we should be more apt to be able to handle those kind of different construction criteria in that area. The most likely to be successfully developed in the next few years. We mentioned a few things. I can't remember if we did in the annual report, but I know we did in the interim report, I know we did in the annual report. That's the potential new iodine applications in solar cells, refrigerants, and potentially even semiconductor use.

Speaker #3: A little bit of lesson learned. So that when we build our next plan in this particular area, we should be more apt to be able to handle those kind of different construction criteria in that area.

Speaker #3: The most likely to be successfully developed in the next few years. We mentioned a few things. I can't remember if we did in the annual before, but I know we did in the interim report.

Speaker #3: I know we did in the annual report. That's a potential new iodine application in solar cells, refrigerants, and potentially even semiconductor use. For me, from what we understand in the market, the most likely application that could cause significant increases or significant use of iodine—not significant increases—is likely refrigerant gases for use in electric vehicles.

Thomas M. Becker: For me, from what we understand in the market, the most likely application that could cause significant increases or significant use of iodine, not significant increases, is likely refrigerant gases for use in electric vehicles. We don't think it's going to be a significant new use in the next 18 to 24 months, but we could see some significant quantities start moving into that particular area soon thereafter. Let me pick out a question or two more. I think we've covered most of these and some of the other ones, I can't really do this. I think maybe we'll leave it there and try to answer some of the other questions as best we can through written answers. Again, I appreciate everybody's time today. I'll throw it back to Investor Meet Company.

Thomas Becker: For me, from what we understand in the market, the most likely application that could cause significant increases or significant use of iodine, not significant increases, is likely refrigerant gases for use in electric vehicles. We don't think it's going to be a significant new use in the next 18 to 24 months, but we could see some significant quantities start moving into that particular area soon thereafter. Let me pick out a question or two more. I think we've covered most of these and some of the other ones, I can't really do this. I think maybe we'll leave it there and try to answer some of the other questions as best we can through written answers. Again, I appreciate everybody's time today. I'll throw it back to Investor Meet Company.

Speaker #3: We don't think it's going to be a significant new use in the next 18 to 24 months, but we could see some significant quantities start moving into that particular area soon thereafter.

Speaker #3: And then let me pick out a couple of questions or two more. I think we've covered most of these, and some of the other ones I can't really do at this time.

Speaker #3: I think maybe we'll leave it there and try to answer some of the other questions as best we can through written answers. So, again, I appreciate everybody's time today.

Speaker #3: I'll throw it back to IMC.

Speaker #2: Fantastic. Thanks indeed for updating investors today. Please ask investors not to close this session. It should be automatically redirected to provide your feedback. In order the team can better understand your views and expectations, this will only take a few moments to complete.

[Company Representative] (Investor Meet Company): Fantastic. Thanks indeed for updating investors today. Can I please ask investors not to close this session should be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This will only take a few moments to complete and is greatly valued by the company. On behalf of the management team of Iofina plc, we'd like to thank you

[Company Representative] (Investor Meet Company): Fantastic. Thanks indeed for updating investors today. Can I please ask investors not to close this session should be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This will only take a few moments to complete and is greatly valued by the company. On behalf of the management team of Iofina plc, we'd like to thank you

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