# Itafos Completes Updated Preliminary Economic Assessment for the Arraias Phosphate Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f Original source: https://money.tmx.com/en/quote/IFOS/news/5120072543786703/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha Publisher: tmx Original announcement: 2026-01-27T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Itafos Inc. - Ticker: IFOS - Exchange: TSX - Region: Tocantins, Brazil - Primary commodity: Phosphate - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-12 07:16:03 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Itafos has completed an updated Preliminary Economic Assessment \(PEA\) for the Arraias Phosphate Project in Brazil, reporting a total Mineral Resource of 5 Mt \(2 Mt M&I and 3 Mt Inferred\). The PEA indicates a robust project with an 85% IRR and an after-tax NPV of $70.7 million USD. Reasoning: The updated PEA demonstrates strong economic potential for the Arraias Project with high IRR and NPV, supported by a substantial mineral resource estimate. - Positive factor: Robust economic indicators \(85% IRR, $70.7M NPV\) - Positive factor: Significant resource scale \(5 Mt total\) - Positive factor: NI 43-101 compliant PEA - Positive factor: Existing production at Domingos deposit - Negative factor: High sensitivity to product sales price - Negative factor: Inferred resource component is significant \(3 Mt\) - Negative factor: Technical risks regarding scale-up and hardness Facts used in scoring: 6 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA was prepared in accordance with NI 43-101 standards. Evidence · text > prepared... in accordance with National Instrument 43-101 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource \(3 Mt\) is in the Inferred category. Evidence · text > plus 3 Mt Inferred Mineral Resources **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Jennifer Simper, P.Geo. is named as the Mineral Resource Qualified Person. Evidence · text > The Mineral Resource Qualified Person \(“QP”\), Jennifer Simper, P.Geo. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f#fact-resource-facts-0) Arraias Phosphate Project · phosphate #### Identity - Project: Arraias Phosphate Project - Commodity: phosphate - Region: brazil - Reported Region: Tocantins, Brazil - Ticker: IFOS #### Resource scope - Estimate type: resource - Effective date: 2025-11-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jennifer Simper - Resource group id: resource:65ac0ad0e323c32aab1e - Deposit or zone: breccia - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 1100000 - Grade: 17.7 - Grade Unit: % P2O5 #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-27T00:00:00.000Z Reasoning: Measured resource component with high grade. - Positive factor: High grade intercept Evidence · text > Measured Mineral Resources include 1.1 Mt of breccia at an in-situ grade of 17.7% P 2 O 5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f#fact-resource-facts-1) Arraias Phosphate Project · phosphate #### Identity - Project: Arraias Phosphate Project - Commodity: phosphate - Region: brazil - Reported Region: Tocantins, Brazil - Ticker: IFOS #### Resource scope - Estimate type: resource - Effective date: 2025-11-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jennifer Simper - Resource group id: resource:898fe9461f205ab570cd - Deposit or zone: conglomerate - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 500000 - Grade: 12.1 - Grade Unit: % P2O5 #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-27T00:00:00.000Z Reasoning: Measured resource component. Evidence · text > 0.5 Mt of conglomerate at an in-situ grade of 12.1% P 2 O 5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f#fact-resource-facts-2) Arraias Phosphate Project · phosphate #### Identity - Project: Arraias Phosphate Project - Commodity: phosphate - Region: brazil - Reported Region: Tocantins, Brazil - Ticker: IFOS #### Resource scope - Estimate type: resource - Effective date: 2025-11-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jennifer Simper - Resource group id: resource:5a48a8311ad9905afe07 - Deposit or zone: breccia - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 400000 - Grade: 16.4 - Grade Unit: % P2O5 #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-27T00:00:00.000Z Reasoning: Indicated resource component. Evidence · text > Indicated Mineral Resources include 0.4 Mt of breccia at an in-situ grade of 16.4% P 2 O 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f#fact-resource-facts-3) Arraias Phosphate Project · phosphate #### Identity - Project: Arraias Phosphate Project - Commodity: phosphate - Region: brazil - Reported Region: Tocantins, Brazil - Ticker: IFOS #### Resource scope - Estimate type: resource - Effective date: 2025-11-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jennifer Simper - Resource group id: resource:d1fc62c71456ac17638d - Deposit or zone: conglomerate - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 89000 - Grade: 11.6 - Grade Unit: % P2O5 #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-27T00:00:00.000Z Reasoning: Indicated resource component. Evidence · text > 89,000 t of conglomerate at an in-situ grade of 11.6% P 2 O 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f#fact-resource-facts-4) Arraias Phosphate Project · phosphate #### Identity - Project: Arraias Phosphate Project - Commodity: phosphate - Region: brazil - Reported Region: Tocantins, Brazil - Ticker: IFOS #### Resource scope - Estimate type: resource - Effective date: 2025-11-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jennifer Simper - Resource group id: resource:11ed4ad9d168451a4b53 - Deposit or zone: breccia - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 2400000 - Grade: 15.4 - Grade Unit: % P2O5 #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-27T00:00:00.000Z Reasoning: Inferred resource component. - Negative factor: Speculative category Evidence · text > Inferred Mineral Resources for the four deposits include 2.4 Mt of breccia at an in-situ grade of 15.4% P 2 O 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--995c9349-61d5-4eab-a751-fb2974bd8c5f#fact-resource-facts-5) Arraias Phosphate Project · phosphate #### Identity - Project: Arraias Phosphate Project - Commodity: phosphate - Region: brazil - Reported Region: Tocantins, Brazil - Ticker: IFOS #### Resource scope - Estimate type: resource - Effective date: 2025-11-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jennifer Simper - Resource group id: resource:67896ba5cebc79736aca - Deposit or zone: conglomerate - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 12 - Grade Unit: % P2O5 #### Prior Estimate - Resource Date: 2025-11-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-01-27T00:00:00.000Z Reasoning: Inferred resource component. - Negative factor: Speculative category Evidence · text > 0.6 Mt of conglomerate at an in-situ grade of 12.0% P 2 O 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.