# Itafos Completes Updated Preliminary Economic Assessment for the Arraias Phosphate Project

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f

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: 2026-08-21 02:50:01 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 5 Mt Mineral Resource \(2 Mt M&I, 3 Mt Inferred\). The PEA indicates robust economics with an 85% IRR and an after-tax NPV of $70.7 million USD.

Reasoning: The updated PEA provides a clear economic pathway for the Arraias Project with strong IRR and NPV, supported by a multi-category 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 technical report

- Positive factor: Existing production at Domingos deposit

- Negative factor: All resources are Inferred or M&I \(no reserves\)

- Negative factor: Project sensitivity to product sales price

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 by WSP Canada Inc. in accordance with NI 43-101 standards.

Evidence · text

> prepared for the Company by WSP Canada Inc. \(“WSP”\) 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 \(3 Mt\) of the total resource 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-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f#fact-resource-facts-0)

phosphate

#### Identity

- Commodity: phosphate
- Ticker: IFOS

#### Resource Data

- Category: measured
- Tonnes: 1100000
- Grade: 17.7
- Grade Unit: % P2O5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-27T00:00:00.000Z

Reasoning: Measured resource component of the breccia deposit.

- 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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f#fact-resource-facts-1)

phosphate

#### Identity

- Commodity: phosphate
- Ticker: IFOS

#### Resource Data

- Category: measured
- Tonnes: 500000
- Grade: 12.1
- Grade Unit: % P2O5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-27T00:00:00.000Z

Reasoning: Measured resource component of the conglomerate deposit.

Evidence · text

> 0.5 Mt of conglomerate at an in-situ grade of 12.1% P 2 O 5

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f#fact-resource-facts-2)

phosphate

#### Identity

- Commodity: phosphate
- Ticker: IFOS

#### Resource Data

- Category: indicated
- Tonnes: 400000
- Grade: 16.4
- Grade Unit: % P2O5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-27T00:00:00.000Z

Reasoning: Indicated resource component of the breccia deposit.

Evidence · text

> Indicated Mineral Resources include 0.4 Mt of breccia at an in-situ grade of 16.4% P 2 O 5

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f#fact-resource-facts-3)

phosphate

#### Identity

- Commodity: phosphate
- Ticker: IFOS

#### Resource Data

- Category: indicated
- Tonnes: 89000
- Grade: 11.6
- Grade Unit: % P2O5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-27T00:00:00.000Z

Reasoning: Indicated resource component of the conglomerate deposit.

Evidence · text

> 89,000 t of conglomerate at an in-situ grade of 11.6% P 2 O 5

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f#fact-resource-facts-4)

phosphate

#### Identity

- Commodity: phosphate
- Ticker: IFOS

#### Resource Data

- Category: inferred
- Tonnes: 2400000
- Grade: 15.4
- Grade Unit: % P2O5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-27T00:00:00.000Z

Reasoning: Inferred resource component of the breccia deposit.

- Negative factor: Inferred 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/itafos-completes-updated-preliminary-economic-assessment-for-the-arraias-phospha--1f113485-7f22-4b36-9f44-c5049d12ae2f#fact-resource-facts-5)

phosphate

#### Identity

- Commodity: phosphate
- Ticker: IFOS

#### Resource Data

- Category: inferred
- Tonnes: 600000
- Grade: 12
- Grade Unit: % P2O5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-01-27T00:00:00.000Z

Reasoning: Inferred resource component of the conglomerate deposit.

- Negative factor: Inferred category

Evidence · text

> 0.6 Mt of conglomerate at an in-situ grade of 12.0% P 2 O 5

## 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.