Core Viewpoint - Itafos Inc. reported strong financial results for Q3 2025, highlighting significant growth in adjusted EBITDA and net income, driven by robust phosphate market conditions and operational efficiencies. Financial Highlights - Adjusted EBITDA for Q3 2025 increased by over $17 million from the prior quarter and by almost $11 million year-over-year, reaching nearly $49 million, the highest since Q4 2022 [3][6]. - Revenues for Q3 2025 were $152.8 million, compared to $120.0 million in Q3 2024, marking a year-over-year increase of 27% [8]. - Net income for Q3 2025 was $36.2 million, up from $18.3 million in Q3 2024, reflecting a significant year-over-year growth [8]. - For the first nine months of 2025, revenues totaled $415.4 million, compared to $353.1 million in the same period of 2024, an increase of 17.7% [14]. Operational Updates - The company completed mining at the Rasmussen Valley and initiated reclamation processes, with expected reclamation costs between $80 million and $100 million over the next 48 months [4][27]. - The Husky 1/North Dry Ridge infrastructure build-out is mechanically complete, supporting continued production at the Conda plant [4]. - A resource delineation drilling program has commenced, aimed at extending the mine life beyond the current plan of 2037 [4][30]. Market Outlook - Phosphate fertilizer prices have moderated from recent highs but remain supported by tight supply and demand dynamics, with prices above the historical five-year average [17][19]. - Despite strong global demand, affordability challenges persist for U.S. farmers due to low grain and oilseed prices, impacting phosphate purchasing power [18][21]. Special Dividend Announcement - The Board of Directors approved a special dividend of CAD$0.17 per share, payable on December 11, 2025, with a record date of November 17, 2025 [5][12].