Iofina Plc Annual Report 2024

FY2024 Annual Report · Iofina Plc

Loading PDF…

Iofina plc
Annual Report &
Accounts 2024

Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F
NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O
HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I
C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN
CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI
NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2
CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O
HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I
C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl
C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2
C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2
CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I
C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3
Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F
NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O
HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 NaI C8H12INO2 C3H3N6Cl3 NaIO4
C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3
IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
2024: Record Iodine Production
2023
Highlights:
●
Revenue up 18.5% to $50.0m, sixth successive year of revenue growth
●
Completion of the IO#9 plant in June 2023
●
IO#10 signed and construction in progress
●
Further debt reduction moved the Company into a net cash position of $1.2m
2024
Highlights:
●
Record Crystalline iodine production of 634MT
●
Seventh consecutive year of record revenue.
●
IO#10 online in Q3 with seven iodine producing plants operating
●
Construction of IO#11 started in Q4
●
Iodine pricing firm
●
Iodine derivative sales at Iofina Chemical increased by 31% YOY
2025
Expectations:
●
IO#11 online in Q3
●
Record iodine production
●
New iodine derivatives added to Iofina Chemical’s growing product portfolio
●
IO#12 under construction before year-end
●
Further growth of the global iodine market
●
Iodine spot price to stay above $70/kg
IOsorb® plant IO#10, Western Oklahoma, USA

IOFINA PLC

Contents

COMPANY INFORMATION ................................................................................................................. ..2
CHAIRMAN’S STATEMENT.................................................................................................................. ..3
FINANCIAL REVIEW ............................................................................................................................ ..8
DIRECTORS' BIOGRAPHIES…… … ......................................................................................................... 10
STRATEGIC REPORT ............................................................................................................................ 12
S172 STATEMENT………………………………………………………………………………………………………………………….23
CORPORATE GOVERNANCE……………………………………………………………………………………………………………25
DIRECTORS’ REPORT .......................................................................................................................... 26
CORPORATE GOVERNANCE STATEMENT ........................................................................................... 28
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”)…………………………………………………………………35
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF IOFINA PLC ............................................ 39
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ........................................................... 52
CONSOLIDATED BALANCE SHEET ...................................................................................................... 53
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY .......................................... 54
CONSOLIDATED CASH FLOW STATEMENT ........................................................................................ 55
COMPANY BALANCE SHEET .............................................................................................................. 56
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY .................................................. 57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ................................................................ 58

IOFINA PLC

COMPANY INFORMATION

Directors
L J Baller

T M Becker

M T Lewin

J F Mermoud

M Fallin Christensen

Secretary
Simon Holden

Company number
05393357

Registered office
48 Chancery Lane

London WC2A 1JF

Auditor
UHY Hacker Young LLP

Quadrant House

4 Thomas More Square

London E1W 1 YW

Nominated Adviser and Broker Canaccord Genuity Limited

88 Wood Street

London EC2V 7QR

Solicitors
Keystone Law Limited

48 Chancery Lane

London WC2A 1JF

Registrar
MUFG Corporate Markets (UK) Limited

Central Square

29 Wellington Street

Leeds LS1 4DL

Financial PR

Yellow Jersey PR Limited

Thanet House

231-232 Strand

London WC2R 1DA

IOFINA PLC

CHAIRMAN’S STATEMENT
Introduction

In 2024 (the “Period”), Iofina continued to execute its strategic business objectives, resulting in record
revenues for the seventh consecutive year, the highest iodine production volume in the Group’s
history, and the successful commissioning of IOsorb® plant IO#10 in September 2024. Revenues rose
by 9%, reaching $54.5 million (2023: $50m). However, adjusted EBITDA1 decreased by 30% to $7.6m
(2023: $10.8m), due to a combination of factors including the normalisation of fees in a key supply
agreement, increased costs for chemicals and payroll, and delayed end of year shipments beyond
Iofina’s control. Despite these challenges, Iofina achieved a 13% YoY increase in iodine production,
producing 634.1MT of crystalline iodine across our seven operating IOsorb® plants.
Our financial position remains strong, ending the year with a cash balance of $6.8m, representing a
$0.3m increase despite substantial reinvestment into the business. Capital expenditures totalled
$9.5m, primarily for developing IO#10, while $1.4m in term loan payments and $0.9m in taxes were
also accounted for. Looking ahead, tax outlays are expected to increase as we have almost entirely
utilised prior years’ tax losses and other credits.
The Group continues to monitor its key performance indicators (“KPIs”) closely, including our bank
debt-to-EBITDA ratio, which remains at a healthy 0.52. This low ratio reflects our solid financial
standing, and is well below the industry standard. To support our ambitious growth plans, we have
also secured a $10m loan facility for new projects, which is currently undrawn, however we anticipate
using to further expand iodine production in the coming years.
Commitment to Safety
At Iofina, safety is not just a priority; it’s a core value. As a specialty chemical manufacturer handling
hazardous materials, our commitment to the safety and well-being of our employees and communities
is paramount. We are proud to report that Iofina achieved another year without any Lost Time
Incidents (“LTIs”) in 2024, marking a continued record of operational safety that dates to April 2021.
While we celebrate this achievement, we remain vigilant in our efforts to improve safety systems and
prevent any incidents in the future.
Iodine Market
Iodine remains a key focus for Iofina, with approximately 86% of our sales coming from iodine or its
derivatives. The global iodine market expanded significantly in 2024, with consumption rising by an
estimated 7-8% YoY. Notably, iodine-based X-ray contrast media applications continue to be a major
growth driver, now accounting for over 35% of global iodine consumption. Other iodine applications
also showed strong improvement in 2024, and the outlook for market growth in both existing and new
technologies remains positive.
The price of iodine has seen fluctuations, but demand remains robust. The average realised price per
kilogram of iodine for Iofina in 2024 was $68.6, slightly lower than in 2023. However, in the latter half
of the year, iodine prices increased, with the average realised price in H2 2024 reaching $70.14/kg. As

1 see page 52 for calculation of adjusted EBITDA

IOFINA PLC

we enter 2025, we are seeing healthy demand, and prices are expected to remain strong, despite
ongoing geopolitical risks.
Iofina Resources
Iofina Resources (“IR”) is the division of the Group that manufactures iodine from brine waters. IR’s
mission is to explore for iodine sources, improve its IOsorb® WET® technologies, economically produce
iodine from brines, and continually grow production volumes. The developed technologies that IR
utilises for iodine production are proven and are being used at seven production facilities in Oklahoma,
USA. The unique nature of IR’s production and business plan is that we isolate iodine from brines co-
produced from oil and gas operations. Without Iofina, the iodine in these streams would not be
realised. By isolating iodine from waters already being produced, Iofina’s operation has minimal
environmental impact and arguably is the most environmentally friendly iodine operation in the
world.
In 2024, the Group invested and grew IR’s operations, which resulted in numerous milestones for the
Company. In September of 2024, IR commissioned IO#10 in our new core area in Oklahoma with a
new brine supply partner. This resulted in IR operating seven IOsorb® plants producing commercial
quantities of iodine, the most iodine-producing plants in operation in the Company’s history. The
business strategy of Iofina is to have multiple iodine plants in operation with multiple brine supply
partners. This diversifies the Company’s iodine production operations and reduces the risk of
production losses. It also provides other expansion opportunities with these various brine supply
partners.
In 2024, IR produced 634.1MT of crystalline iodine, a 13.4% increase YoY and a record for the
Company. Additionally, IR signed an agreement with a brine supply partner for its next IOsorb® plant,
IO#11, and construction started late in the year. This plant is in our new core area of central Oklahoma,
and with an existing partner that supplies brine to two of our plants in the NW Oklahoma region. We
expect IO#11 to be online and producing iodine in Q3 2025. With eight plants expected to be
producing iodine in 2025, Iofina anticipates another record year of iodine production.
IR is committed to growing its iodine production. Once operational in Q3 2025, IR’s newest facility,
IO#11, will mark the third consecutive year that Iofina has built a new IOsorb® plant, all in a new core
area in central Oklahoma. IO#11 is expected to add over 100MT of crystalline iodine production on an
annualised basis. Further growth of our iodine production operations is planned. We have invested
and continue to invest in exploration efforts for new iodine plants utilising our geological and business
development teams. We are assessing multiple opportunities for additional iodine production
facilities in both our current core area and in a new region for Iofina. We are evaluating the water
chemistries for these projects and the economics of iodine production at these sites and anticipate
having a commercial agreement soon for another IOsorb® facility. These opportunities are likely to
result in larger projects than our existing operations and a step-change for Iofina’s iodine production
growth, with IR expecting to start construction on IO#12 before year-end.
To facilitate the expected accelerated growth of iodine production, IR is adding to its construction
team to improve construction planning, investigate potential cost savings, and improve timelines to
construct future IOsorb® facilities. Also, the recent expansion of our bank debt facilities for future
plants provides additional funding sources to execute the expected growth plans.

IOFINA PLC

IR’s five plants in the NW Oklahoma core area performed as expected in 2024. The total production of
these plants between 2022-2024 has essentially been flat. During the first half of 2024, we
renegotiated a supply agreement with a partner that supplies two of these plants. This agreement
rebased fees to current market levels, resulting in higher overall costs. However, this agreement has
facilitated a longer supply and has incentivised our partner to be more active in supplying the
maximum brine possible to our plants. The positive relationships we have with our partners are
essential to ensure consistent volumes and flow of brine to our plants. As our oil and gas partners’
fields change, Iofina must have a good working relationship to ensure adjustments are made to their
brine water gathering systems to maximise iodine production. New well drilling is uncommon in this
area, but well workover programs are ongoing from our partners, and in conjunction with them we
strive to maintain production quantities in the NW Oklahoma area.
IR has not had a LTI since April of 2021 but remains committed to improving its safety standards. IR
has a dedicated Environmental Health and Safety (“EH&S”) manager in Oklahoma who works directly
with the operations teams to identify and correct potential safety issues. When incidents do occur,
they are thoroughly evaluated to identify the root cause so corrective actions can be taken to prevent
future incidents. As a specialty chemical manufacturer which handles hazardous chemicals, we are
continually training our team on safety and best practices and providing engineering solutions where
appropriate.
Iofina Chemical
Iofina Chemical (“IC”) is a halogen-centric specialty chemical manufacturer that produces -iodo, -
fluoro and -chloro based compounds. IC sells these compounds and the Group’s produced crystalline
iodine globally. Record sales of $54.5m (2023: $50.0m) were realised in 2024. Sales of the Company’s
crystalline iodine were essentially flat with respect to 2023 ($24.7m vs $24.9m), and the realised
average price per kg on a 100% basis was slightly lower YoY ($68.6 vs $69.19). However, H2 2024
pricing rose and averaged $70.14/kg. Iodine derivative sales jumped 31% to $16.9m in the Period
compared to 2023.
In 2023, IC reported lower than expected sales of Hydriodic acid (“HI”) and Iodopropynyl
butylcarbamate (“IPBC”), partly due to larger inventories carried by customers early in that year. Both
of these compounds saw higher sales in 2024, with strong demand coming from agricultural and
biocidal applications, respectively. Methyl iodide sales in the Period were slightly lower due to a highly
competitive market, with prices for some opportunities at levels at which we chose not to participate.
As previously communicated, changes in product mixes year over year are common, and we will
continue to drive sales of all IC products as appropriate. Overall, more of the Group’s crystalline iodine
was sold through value-added iodine derivatives in 2024, equating to 206MT (2023: 185 MT) and we
expect this trend to continue through 2025.
IC production and sales of non-iodine halogen derivatives remain a strategic segment of the Group.
These compounds add to the diversity of our offerings and support various applications, including
biocides and semiconductor etchant uses. Non-iodine sales accounted for 14% of the Group’s total
sales in 2024. The Company expects semiconductor demand to be the key driver of sales for our non-
iodine derivatives moving forward, as this sector continues to strengthen.

IOFINA PLC

Safety and quality programs at IC remain a top priority to safely and efficiently produce our products
with the consistency demanded by our customers. IC is an ISO 9001:2015 certified company and
continues to measure its performance metrics, including the timely delivery of our goods that meet
or exceed our customers’ expectations. All of the internal quality objectives set by IC were met in
2024. IC has not had a LTI since November 2020 and our safety programs continue to be emphasised
daily. We continually strive to be proactive versus reactive regarding safety improvements. We
thoroughly evaluate any incidents or near misses to prevent negative events from occurring in the
future. General chemical handling training, as well as IC-specific training scenarios are a significant
part of our safety program. Through employee engagement, together we are continually improving
our safety culture and performance.
Research and Development (“R&D”), process improvements, and new product offerings are essential
to the growth of IC. R&D efforts at IC in 2024 included work on new iodine compounds, fluorinated
gases, and iodine recovered from industrial waste streams. Specific application areas we are targeting
are for agricultural, automotive and pharmaceutical applications, to name a few. Late in 2024, we
successfully began producing commercial quantities of an iodine-based animal feed additive, which
will add to the IC iodine derivative sales mix in 2025. Capex for the commercialisation of this animal
feed product was a significant cash outflow at IC in 2024. We have invested in our laboratories at IC
and added a Ph.D. scientist to the team to enhance our ability to bring these projects to market. R&D
and sales work together to identify new product opportunities within our core chemistries. Process
improvements for IPBC and methyl fluoride resulted in both cost savings and safer processes. We are
also investing in our ageing infrastructure at IC, whose manufacturing buildings are over 25 years old.
Increased investments in sales and marketing, which began in 2023, continued into 2024 with positive
results. As Iofina continues to expand and produce more iodine, a key goal is to expand our customer
base to ensure excess demand for our increasing production. Investment in the Company’s website
and digital marketing initiatives has driven increased sales enquiries and new product opportunities.
We continue to attend targeted trade events, and we regard our website as a ‘constant tradeshow’ to
market our products and capabilities to specific audiences worldwide. IC expects to increase sales of
value-added iodine-based derivatives in 2025 as the Group’s iodine production continues to increase.
Outlook
Looking ahead to 2025 and beyond, Iofina is poised for continued growth. The commissioning of IO#11
and the planned expansion into additional iodine production projects will drive higher production
volumes. We also expect the iodine market to continue to grow, driven by both established and
emerging applications, including in solar technologies and refrigerants.
We are optimistic about the future as we accelerate our growth plans. Our strong relationships with
brine supply partners and customers, combined with our proven IOsorb® technology, position us well
to become the largest iodine producer in North America over the next few years. The Company is
evaluating several promising expansion opportunities, both within and outside our current
operational areas, and we are confident that these projects will allow us to achieve a step-change in
growth.

IOFINA PLC

In closing, I would like to extend my gratitude to our employees, business partners, and shareholders
for their continued support. Together, we are building a strong foundation for Iofina’s future, and I
am excited about the opportunities ahead.

Lance J Baller
Non-Executive Chairman
Iofina plc
9 May 2025

IOFINA PLC

FINANCIAL REVIEW

Summary 2024 v 2023

Seventh successive year of record revenue

Iodine production increased by 74.8MT (13%) to 634.1MT

Revenue increased by 9% from $50.0m to $54.5m

Gross profit decreased by 15% from $15.7m to $13.2m

Adjusted EBITDA declined by 30% from $10.8m to $7.6m

Profit before tax decreased by 42% from $8.3m to $4.8m

Net cash increased by $1.7m from $1.2m to $2.9m*

Capital investment into chemical and iodine plants was $9.5m (2023: $6.2m)
*excludes lease liabilities

Trading results

Turnover
Crystallised
2024

Crystallised
2023
Iodine 85%
Sales
Iodine 85%
Sales
MT
$m
MT
$m
Crystallised iodine
423
24.7
423
24.9
Iodine Derivatives
206
16.9
185
12.9
Prilled iodine
5.1
4.1
Total iodine sales
629
46.7
608
41.9
Non-iodine

7.8

8.1
Total sales

$54.5

$50.0

Revenue increased by 9% from $50.0m to $54.5m, driven by the demand for the Company’s iodine
derivatives products. Sales of crystallised iodine were on par with 2023 at 423MT for $24.7m (2023
423MT for $24.9m). The average realised price per kg (based on 100% prilled price equivalent) was
$68.60 (2023: $69.19).
Derivative compounds turnover increased by 31% from $12.9m to $16.9m, mainly reflecting stronger
demand for mainstream products. Sales of non-iodine products fell back slightly by 4%, mainly due to
a 5% volume decline in orders for the principal product (etchant gas).
The overall sales of 629MT of crystallised iodine were in line with the increased plant production of
634MT. Production increased by 13% from 559MT in 2023 to 634MT in 2024. The increase was driven
by the two newest built plants; with a full year’s production from IO#9 plant (commenced in July 2023)
and three months’ production from IO#10 plant (commenced in October 2024).
Gross profit fell by 15% ($2.5m) from $15.7m in 2023 to $13.2m. Product selling prices were similar to
2023 across the board, but the costs of iodine production per kg increased by some 15%. Of that, some
4% is attributable to inflationary increases in chemicals and payroll costs, while the remaining 11%
relates to increases in fees paid mainly to oil and gas operators, in particular the rebasing exercise
with one operator that was reported previously.

IOFINA PLC

Adjusted EBITDA fell by $3.2m (30%) from $10.8m (22% of sales) to $7.6m (14% of sales). As well as
the factors mentioned above, administrative expenses increased by $0.7m (16%) with some
investment in personnel and programmes to support the planned expansion of the business.
Interest swap derivative asset
The swap contract that pegs interest on 70% of the bank loan to 3.99% continues to deliver benefits
in the continuing higher interest rate environment. The swap rebate for 2024 amounted to $125k
(2023: $152k). The derivative asset resulting from the swap contract has been revalued at $92k as at
31 December 2024 (31 December 2023: $161k) by reference to market expectations for future SOFR
rates, and an amount of $68k has been charged against 2024 income to reflect the unwinding of the
benefit (2023 $88k).
Profit before tax
Profit before tax decreased by $3.5m (42%) from $8.3m to $4.8m. In addition to the factors set out
above, there was also an increase of $0.4m in depreciation charges reflecting the addition of new
plants such as IO#9 from July 2023 and IO#10 from October 2024.
Tax
All prior year tax reliefs and allowances available to the group have now been utilised except for $0.2m
business credits still carried forward. Tax payments in the year totalled $901k (2023 $40k). The total
tax charge for 2024 is $1.9m (2023 $1.8m), of which $0.7m (2023 $0.1m) is current tax and $1.2m
(2023 $1.7m) is deferred tax.
Capital investment
The Group invested $9.5m in capital projects and equipment in the year (2023: $6.2m). Approximately
$5.1m relates to the construction of the IO#10 plant in Oklahoma, with a further $0.7m spent on
acquiring landowner leases for the same plant. $0.3m was spent on preliminary construction for the
upcoming IO#11 plant in Oklahoma, and $0.6m on leasing activity with respect to the IO#9 plant. A
further $0.7m is related to upgrades and improvements of the Oklahoma plants. $2.0m was spent on
new projects, process improvements and replacements at the Iofina Chemical plant.
Cash flow
Cash started the year at $6.5m and ended $0.3m higher at $6.8m, after paying off $1.4m of the bank
term loan in accordance with the borrowing schedule, investing $9.5m in capital projects and paying
$901k tax. The previous net cash position of $1.2m improved by $1.7m to $2.9m. Net cash inflow from
operating activities was $11.5m (2023 $8.6M) after taking into account $4.7m of favourable working
capital movements.

Malcolm Lewin
Chief Financial Officer, Iofina plc
9 May 2025

IOFINA PLC

DIRECTORS’ BIOGRAPHIES
Lance J. Baller, Non-Executive Chairman
Mr. Baller was co-founder, CEO and President of Iofina Plc prior to his departure for health reasons in
June 2013. Mr. Baller was the Group’s Finance Director from 2007 until his appointment as CEO in
2010. Mr. Baller returned as Chairman in April 2014. Mr. Baller currently serves as a director and as
sole or principal shareholder of several privately owned businesses, including Baller Enterprises, Inc.
(personal holding company), Titan Au, Inc, Empire Leasing LLC, Valdez Au, Inc, Extrac Technologies
Limited, Extrac, Inc, Wyoming Sand Company LLC (which all are in gold, sand, rock, SiO2 and gravel
mining), Ultimate Investment (personal investment company) and Baller Family Foundation, Inc.
(personal family foundation) plus many others that he has founded and successfully sold over the
years. He is the former managing partner of Shortline Equity Partners, Inc., a mid-market merger and
acquisitions consulting and investment company. Mr. Baller is also the former Managing Partner of
Elevation Capital Management, LLC and is the former alternative investment hedge fund manager of
the Elevation Fund. He is also a former Vice-President of Corporate Development and Communications
of Integrated Biopharma, Inc. and prior to that a vice-president of the investment banking firms UBS
and Morgan Stanley. Mr. Baller has been a CEO, interim CEO, Chairman, CFO and secretary of various
private and public listed companies throughout his career. He has served as Chairman to various
companies and has led successful restructurings. Mr. Baller has had extensive experience in all aspects
of corporate finance. Mr. Baller currently is on the board of trustees of Index Fund and Digital Funds
where he serves as the chairman of the audit committee and as the audit committee financial expert
under Sarbanes-Oxley.
Dr. Thomas M. Becker, Chief Executive Officer
Dr. Becker has served as President/CEO of Iofina plc since 2014 and has led Iofina Chemical since
March 2010. Previously, Dr. Becker was the Vice President of Research and Development at
H&S/Iofina Chemical. Iofina bought H&S in July 2009. Dr. Becker has conducted extensive research in
both inorganic and organic halogen-based chemistry. Dr. Becker has written a magnitude of published
technical papers in his career. Prior to H&S Dr. Becker worked as an Oak Ridge Scholar on behalf of
the US EPA and for various other chemical manufacturing companies. Dr. Becker earned a BS in
Chemistry from Indiana University, and a PhD in Chemistry from the University of Cincinnati. He has
extensive experience in scale-up of chemical processes from laboratory to pilot to full scale
production. Dr. Becker is a former member of the Board of Governors of the Society of Chemical
Manufacturers and Affiliates (“SOCMA”).
Malcolm T. Lewin, Chief Financial Officer
Mr. Lewin was named CFO and a director of the Group in November 2016 after having joined Iofina
as interim CFO in February 2016. Mr. Lewin is based in the UK and has over 30 years of experience in
finance and accounting for both public and private companies. As well as being a partner in a chartered
accounting firm for 11 years, he has acted for various companies listed on AIM and other exchanges.
In particular, from 2000 to 2003, he was the Finance Director of Oxford Metrics plc, an AIM company
supplying motion capture and visual geometry systems. From 2004 to 2006, he was the Finance
Director of Real Estate Investors plc, an AIM property investment company with interests in quality
commercial and industrial properties. From 2006 to 2011, he was a Director and CFO of Hunter Bay

IOFINA PLC

Minerals plc, a junior mining company listed on the Toronto Venture Exchange with interests in South
America and Canada. From 2011 to 2014, he was CFO and Treasurer of VolitionRX Limited, an OTC life
sciences company focused on developing blood tests for a broad range of cancer types and other
conditions. Mr. Lewin has an MA in Classics from Oxford University and qualified as a chartered
accountant with Coopers & Lybrand.
J. Frank Mermoud, Non-Executive Director
Mr. Mermoud has more than 30 years’ experience in international business, facilitating trade and
investment in both the public and private sectors. He has held senior international, economic and
commercial policy positions within the United States Government, having served as the Secretary of
State’s Special Representative for Commercial and Business Affairs at U.S. Department of State from
2002 to 2009. Mr. Mermoud has served as a Non-Executive Director of Cub Energy Inc. an oil and gas
company headquartered in Houston, Texas, Director of ATC Communications and as a Senior Advisor
to TD International
Mary Fallin Christensen, Non-Executive Director
Mary Fallin Christensen has served the State of Oklahoma for over 30 years. She was elected the first
female Governor of the State in 2010 and was re-elected for a second term in 2014. Prior to serving
as Governor, she held several state and federal positions, including serving as US Congresswoman for
Oklahoma’s 5th district between 2007-2011 and serving as Lieutenant Governor of Oklahoma
between 1995-2006. Mary has been a major contributor to natural resources industries in Oklahoma,
and implemented the State’s first comprehensive energy plan as well as its state-wide water plan. She
has held several positions, including Chair of the Southern State Energy Board, Chair of the Interstate
Oil & Gas Compact Commission, and has served on the natural resource committee of the National
Governors Association (NGA). Previously, she also served on the United States House of
Representatives Committee on Small Business, was Small Business Chairman on the Republican Policy
Committee, and was named the “Guardian of Small Business” by the National Federation of
Independent Business. Mary has also served on numerous Boards of Directors for both commercial
organisations and non-profits.

IOFINA PLC

STRATEGIC REPORT
Principal activities and review of the business
Iofina plc (“Iofina” or the “Company”) is the holding company of a group of companies (the “Group”)
involved in the exploration and isolation of iodine and the production of specialty chemicals. Iofina
Resources, Inc. is the Group’s wholly owned subsidiary, which uses proprietary Wellhead Extraction
Technology® (WET®) and WET® IOsorb® methods to produce iodine from brine. Large volumes of
brine water are sourced from partnerships with oil and gas operators and saltwater disposal (“SWD”)
operators in the United States, and these brines are used as a raw material to produce iodine at the
Group’s multiple IOsorb® plants. The Group’s unique business model isolates a resource, iodine, from
a produced waste stream that, without Iofina’s technology, would be lost. The Company’s WET®
IOsorb® technology has unique elements that allow Iofina to handle brines which contain residual
hydrocarbons and efficiently produce high-quality iodine. The Directors of the Company believe that
Iofina’s production process, which utilises brine water from third-party oil and gas production, is
advantageous for long-term sourcing of the raw material, minimises production and expansion costs,
and is the most environmentally friendly iodine production process. Iofina has an active geological
team which models and explores for economically viable sources of brines for iodine production.
Compounds containing iodine or other specialty chemicals are produced at and sold through the
Company’s wholly owned subsidiary, Iofina Chemical, Inc., with the major raw material being the
Group’s produced iodine. Additionally, the Group’s crystalline IOflo® iodine is sold directly to other
iodine end-users.
Iodine is a rare element that is produced only in a few countries in the world, with approximately 90
per cent of global production coming from Chile (~60%) and Japan (~30%, including recycled waste
streams). Iodine and its compounds have many human health-related applications, including X-ray
contrast agents, pharmaceuticals, antiseptics, thyroid function, and others. Additional high-volume
uses of iodine include LCD screen technology, material heat stabilisation, animal feed additives,
biocides, catalysts and more. The Group produces iodine in the United States, where the overall global
iodine production is approximately 5.5% of the world’s total production, but where there is a large
consumption of the world’s iodine by various American users. Iofina believes it is the second-largest
producer of iodine in North America.
The ability of the Group to expand its iodine production quickly, at a low cost, differentiates Iofina
from other iodine producers. This has been proven by the expansion of production and opening of
new IOsorb® plants such as IO#9, where brine water flowed in June 2023, IO#10, which opened in
September 2024, and IO#11, which is currently under construction and is scheduled to open in Q3
2025. Additionally, the Directors believe that the Group’s technology to produce iodine is far more
environmentally friendly compared to other producers. By using a produced water waste stream from
the oil and gas industry to isolate iodine versus isolating iodine from ores, Iofina’s process is
considered ecologically efficient in obtaining a valuable product from a waste stream versus the
environmentally intensive processes of mining iodine from ores by Chilean producers.

IOFINA PLC

Economically viable iodide-rich brine co-produced during oil and gas production is not common, and
the Group’s proprietary geological model to locate and anticipate iodide-rich sources is unique. The
Directors of Iofina are committed to producing its products in a sustainable and environmentally
friendly manner, and to improving communications regarding our long-term strategy in respect of
Iofina’s sustainable practices and other ESG tenets.
The focus of Iofina’s current business model is the production of iodine from brine and the creation
and sales of specialty chemicals through Iofina Chemical. The Directors feel strongly that
diversification within the business whilst focusing on our core expertise is important. Iofina Resources
diversifies its iodine production through multiple IOsorb® production plants, with multiple brine
supply partners in western Oklahoma. The technology the Group has developed, which utilises a
waste resource already being produced, allows Iofina the ability to expand its operations quickly with
minimal capital expenditure. Continued prudent growth in the number of IOsorb® plants increases
production, profit, and diversification. Continued expansion of the Group’s geological model provides
opportunities for Iofina outside of its current core areas.
Iofina Chemical produces a wide range of iodine-based products with applications in various
industries including agricultural, pharmaceutical, biocides and others, whilst additional diversification
is realised by the production of non-iodine-based products. The demand for various products can
change, and Iofina Chemical’s ability to produce a variety of products allows the Group to take
advantage of growing markets while not being as affected by temporarily depressed or declining
markets.
Iodine spot prices rose significantly between 2021 through mid-year 2022, exceeding $70/kg by July
2022, and since that time, the iodine spot price has fluctuated between the mid-sixties and upper
seventies dollars per kilogram. Supply and demand changes, as well as manufacturing cost increases,
are the major factors influencing the iodine price. As an iodine manufacturer, iodine prices have a
significant impact on the Group’s gross profit margins.
During 2024, Iofina believes the total global demand for iodine rebounded significantly from the prior
year, and likely grew between 7-8% compared to 2023 levels. A significant factor in this increase was
some inventory corrections contributing to the relatively high YoY growth. Demand for X-ray contrast
media applications continued to lead the growth for iodine consumption, however, demand in most
other iodine applications also increased YoY. In 2024, prices in H1 were lower than prices in H2,
though the current spot iodine prices are comfortably above $70/kg. Contracted iodine prices for
large customers are generally slightly lower than spot prices. Demand for Iofina’s iodine and most of
our iodine derivatives was robust in 2024, with Iofina Chemical seeing mixed demand for some of its
iodine derivatives but strong demand for Iofina’s crystalline iodine. Although it is difficult to predict,
we expect demand for iodine to slightly increase in 2025 in comparison to H2 2024 levels. A recession
in the USA or other major markets would likely have a negative effect on demand and prices. We
expect 2025 iodine prices to remain steady to slightly higher compared to year-end 2024 levels. The
inflation rate in 2024 has remained relatively high, but the rate has decreased. However, rising costs
for Iofina’s raw materials, labour and energy have increased our iodine production costs YoY. The Bull
Mine project from Chilean producer S.C.M. Cosayach may be producing iodine in H2 2025, but it is
our view that production from this mine will more likely commence in 2026. Iofina believes that any

IOFINA PLC

increased production from this mine will not cause an imbalance in supply but simply take on some
of the industry’s growth requirements.
The Directors recognised that, as the Company built its IOsorb® plants, Iofina’s iodine production costs
needed to be amongst the lowest in the industry to be competitive. Between 2014 and 2017,
numerous initiatives were successfully implemented to optimise Iofina’s technology and lower
production costs. Once most of these goals were achieved and iodine market conditions became more
favourable, the Directors commenced the next phase of Iofina’s business plan with a focus on growth.
In early 2018, the Group’s newest iodine plant at the time, IO#7, was completed. By expanding our
operations and building IO#7, the Group successfully lowered its overall iodine production costs with
its most efficient plant at that time. The next major growth development occurred in Q2 2019 when
the Company performed an equity raise to reduce debt and provide working capital for expansion
projects. The result was the construction of IO#8, which began in late 2019 and was completed in
early April 2020. The Group has continued its expansion efforts and successfully opened IO#9 in June
2023, IO#10 in September 2024, and is currently constructing IO#11, which is expected to open in Q3
2025.
The Group is committed to establishing new routes to growth and is investigating new locations and
partnerships to expand iodine production. Lessons learned from past expansion play a role in
management’s iodine plant growth. Building of future IOsorb® plants will be done prudently to
ensure, to the best of our knowledge, that Iofina has a long-term, low-cost iodine production. With
an expanding iodine market and Iofina’s improved balance sheet, Iofina will likely embark on
additional iodine plants after IO#11 completion, although this will only be done with the correct
evaluations of potential future sites and market conditions.
The Directors are aware of the risk of declining brine availability if our partners do not maintain or
increase their hydrocarbon production in areas that supply the Group’s IOsorb® plants. The Group
continues to investigate the economics and the technology to have better control of the iodide-rich
brine supplies that feed the current and future plants.
Iofina Chemical continues to be recognised as a world-renowned halogen specialty chemical
producer. Vertical integration of the Group’s iodine into iodine derivatives gives Iofina’s customers
stability of supply in addition to the long-standing quality and technical support to Iofina’s global
customers for the goods sold to them. Additionally, the non-iodine-based halogen derivatives
produced by Iofina Chemical give the Group further diversity. Iofina Chemical invested in multiple
projects in 2024 and will continue to invest in areas to expand current products and develop new
products for Iofina using the Company’s core expertise.

IOFINA PLC

Key Performance Indicators
The Directors review a range of financial indicators to assess and manage the Group’s performance,
including the following relating to revenue and iodine production:

Year ended

31 December

2024
2023

$’000
$’000

Revenue from sales of iodine and iodine derivatives

$46,664
$41,940
Revenue from non-iodine products

$7,801
$8,096
Total revenue

$54,465
$50,036
Total pounds of product shipped (LBS ‘000)
2,052
1,824
Crystallised iodine produced (Metric Tonnes)

634
559
IOsorb® plants in operation (year-end)

7
6

Commentary on some of the above indicators is in the Chairman’s Statement on pages 3 to 7.
Further commentary on the results for the year and the financial position at the year-end is in the
Financial Review on pages 8 to 9.
Objectives
At the end of 2024, the Group had seven operating IOsorb® iodine production facilities in the two core
areas of Oklahoma and an eighth under construction. While the theoretical capacity of these plants is
very high, the practical capacity of the plants is somewhat lower. Practical capacity considers multiple
causes of downtime, including weather, repairs and maintenance, inadequate brine (low parts per
million of iodine, heavily contaminated brine or little to no supply), power outages and other
conditions. As we have proven our technology and continue to improve operations at current facilities,
more accurate practical capacity operating targets have been realised, as well as improvements for
maximising practical capacity.
Iofina Resources’ unique business model allows the Group to determine sites for new iodine
production plants utilising existing brine produced from oil and gas production and quickly bring these
sites into production. The execution of a prudent growth strategy continued with the start of
construction of IO#8 in late 2019, which was completed in April 2020, and we continue to open new
iodine plants, including IO#9 which opened in June of 2023 and IO#10 which opened in September
2024. While technology and efficiency improvements at current facilities remain an ongoing priority,
the Company continues to explore new iodine production opportunities. This objective of strategic
expansion is focused on sites that will continue to improve Iofina’s output with low production costs.
As previously stated, the Group expects to continue its iodine production expansion and expects to
double iodine production from 2021 levels soon. In late 2024, the Group began construction on IO#11
with an expectation to complete this plant in Q3 2025.
Brine supply to our IOsorb® plants can be affected by regulatory changes and adjustments to our
partners’ saltwater disposal systems and oil production programs. Iofina continues to work with its
partners to implement plans to maximise brine input and iodine output at each of our existing sites.

IOFINA PLC

The mutually beneficial relationship between Iofina and its brine supply partners, which allows Iofina
to create iodine and for the brine suppliers to realise value from a waste stream, is a key component
for existing projects and potentially for future sites. Continued efforts by our business development
and geological teams have identified numerous further expansion opportunities. The Company will
continue to evaluate and potentially execute these with current and new potential brine supply
partners when management determines the proper timing for new sites.
The timing of future iodine production growth will be dependent on a series of factors. These include
the stability or increase of iodine prices, global demand, Company cash flow, availability and cost of
production at new sites, partnership agreements, oil prices, and production in areas with high iodide
content brines, and the regulatory landscape concerning brine injection. Lower oil prices can lead to
lower oil production if certain wells become uneconomical, which in turn can affect brine supplies
from our partners. Therefore, the Group is increasingly focused on evaluating alternative brine
sourcing opportunities to have better control of brine supply at future sites. Whilst the Directors are
focused on expanding production capacity in the right manner, it is also important to maintain the
Company’s strong balance sheet and cash flow. Expansion in 2025 will occur with the completion of
IO#11, and we expect to begin construction on IO#12 this year. The Directors will evaluate market
conditions and detailed information on potential future plant sites before spending capital on new
IOsorb® plants.
Iofina Chemical has continued its progress to improve current processes, ensure capacity meets
demand, and continue R&D efforts to bring new product lines in line with our core chemistries. These
include investments in both iodine-based products and other non-iodine specialty chemicals.
Significant capital investment projects in 2024 at Iofina Chemical included reconfiguration and
enhancements to produce a new feed additive and improvements to the methyl iodide and methyl
fluoride production processes. In 2024, Iofina Chemical continued its efforts to improve the marketing
of the organisation and its products, including improvements to the corporate website. Iofina is now
actively selling, in significant quantities, an iodine-based animal feed additive. We are also actively
pursuing multiple R&D projects aimed at new iodine and halogen-based compounds, many of which
are for new applications. The Company proactively attended trade shows to help provide
opportunities for both new customers and partnership building. It is also expected that Iofina
Resources’ expansion plans over the next few years will result in the need for expansion of our
customer base for our iodine derivative products, and we have expanded our customer base in 2024.
Safety is a high priority for the Group. Iofina handles and manufactures specialty chemicals, some of
which are hazardous. We are proud of our safety record and make a concerted effort to continually
improve our safety systems and culture. The Group has not had a LTI in over four years.
Lastly, the Directors are committed to employee retention whilst controlling costs. Employee safety
and training are also key objectives for the Group. A key component for the Group is the high
operational gearing whereby the Group’s business model allows for the control of administrative and
fixed expenses whilst expanding operations.

IOFINA PLC

Principal risks and uncertainties
Iofina plc is subject to a number of risks and uncertainties, which could have a material effect on its
business, operations or future performance, including but not limited to:
Raw Materials: Brine water produced from oil and gas operations is the raw material source
for Iofina’s iodine production. The Group continues to evaluate opportunities to integrate its
IOsorb® process into produced brine water streams associated with hydrocarbon operations
in the USA and occasionally other brine stream sources throughout the world. However, there
is significant risk and no guarantee as to the volume of commercial quantities of iodide-rich
brine available to our current and future IOsorb® plants. Oil and gas prices and demand for
these hydrocarbons generally will dictate whether our partners continue to expand their
production or possibly reduce hydrocarbon output. Changes in hydrocarbon production by
our partners will change the total brine availability to isolate iodine and thus the iodine output
of our IOsorb® plants. The saltwater disposal wells that our partners operate may have
temporary or permanent issues, which would likely affect the brine supply to IOsorb® plants.
In the past, reduction of capital spent by our partners for new drilling and completion of wells
in our core area resulted in a decline in the total amounts of brine co-produced with oil and
gas in our key areas. Current brine volume availability to existing plants is relatively steady to
slightly declining and could reduce further. Contract terms regarding brine supply are a risk to
our iodine source. Iofina strives to maintain good relationships with our partners who provide
the brine water to our existing IOsorb® plants. Maintaining a positive, mutually beneficial
relationship with our brine suppliers is a top priority for the Group. In 2024, Iofina
renegotiated a brine supply contract with an existing partner to normalise fees to the current
market rates, which resulted in higher costs of production but a longer-term supply
commitment. By continuing an aggressive water testing program, active exploration utilising
geology and data analytics, and incorporating reservoir and production engineering, we are
constantly evaluating new potential locations for iodine extraction in our core area and other
locations.
Iofina Chemical sources raw materials throughout the globe. Understanding the supply chain
of these materials is important to minimise supply disruptions. Global supply chain
disruptions, tariffs, and logistic bottlenecks can adversely affect the ability to obtain key raw
materials and may result in increased costs for these materials. Iofina Chemical has long-term
relationships with many of its suppliers. Additionally, when possible, Iofina Chemical sources
materials from multiple suppliers to reduce risk. Increased regulations can adversely affect
the availability and cost of materials. Prices of raw materials and energy can change, and if
increases in these prices are not able to be passed on to our customers, it would negatively
affect margins for our products.
Global Crises: Global crises, while rare, can impact businesses significantly. The COVID-19
pandemic was an example of such an event. Similar events in the future could have a negative
effect on the markets we operate in and on the Group’s profits. For instance, COVID-19
resulted in a global economic slowdown and a reduced demand for many of Iofina’s products.
These types of events can also result in delays in shipping, worker limitations, business
closures and other challenges which may negatively affect the Group. The diversity of Iofina’s

IOFINA PLC

products, along with the uses of products in areas like human health applications makes Iofina
less susceptible than many other businesses. During the COVID-19 pandemic, Iofina quickly
implemented many protocols to minimise any adverse impact on the business, but these
protocols only reduce risk and cannot eliminate it. COVID-19 or other events such as political
unrest, acts of aggression (wars), other health crises, major weather events or others would
likely have an impactful effect on the Group.
Currently, Russia’s invasion of Ukraine and the current Middle East conflicts have not directly
affected Iofina’s operations. Additional political sanctions or negative impacts on global
economies because of these conflicts may adversely impact our business. Iofina does not have
any current sales exposure with Russia, Ukraine, or in or around the Middle East. Other
geopolitical events could negatively affect the Group. Issues such as the current USA
government’s implementation of tariffs may influence Iofina’s ability to source materials at
current pricing levels and may impact the ability of Iofina to sell its goods competitively in
certain countries.
Environmental: The Group’s operations are subject to the environmental risks inherent in the
exploration and chemical industries. The Group is subject to environmental laws and
regulations in connection with all its operations. Although the Group intends to comply in
respect of all applicable environmental laws and regulations, there are certain risks inherent
to its activities, such as accidental spills, leakages or other circumstances that could expose
the Group to extensive liability. Accordingly, the Group promotes, wherever possible,
environmental sustainability in its working practices and seeks to minimise, mitigate, or
remedy any harmful effects from the Group’s operations on the environment at each of its
operational sites. Regulations on brine injections in the state of Oklahoma into the Arbuckle
geological formation in the Group’s core area due to seismic activity were implemented
mainly in late 2015 to early 2016 and have affected Iofina’s partners’ brine disposal into this
formation near some of our sites. This reduced some brine availability to Iofina at some sites.
The Group and its partners have implemented and continue to implement strategies to
minimise the effect on the availability of iodine-rich brine to Iofina due to these regulations.
Moving forward, the Group and its partners will continue to monitor these risks and act
accordingly. While the frequency and intensity of earthquakes have significantly reduced in
Oklahoma, and this reduction is likely a result of regulated changes in brine disposal into the
Arbuckle formation, there is still a risk of additional earthquakes and regulation moving
forward. Changes in laws or regulations of brine streams could affect brine availability or the
cost of producing iodine.
As a specialty chemical manufacturer, new regulations based on chemical uses, adverse
human health or environmental impact are a risk and may lead to higher costs or controlled
production. Greenhouse Gas (‘GHG’) regulations in the USA have not impacted Iofina’s ability
to produce products it currently manufactures; however, if production allocations are reduced
in the future, this would likely negatively affect Iofina’s production output. Other
environmental regulations that restrict the manufacturing of chemicals that Iofina produces
would also cause a similar effect. The Group has a robust Environmental, Health and Safety
program and strives for continual improvement in this area. Additionally, Iofina Chemical is a
certified Chemstewards® facility and has obtained ISO 9001:2015 certification.

IOFINA PLC

Changes in Markets and Competition: Iofina is diversified in the markets we serve. As a result,
small changes to these markets generally will not materially affect our business. However,
major disruptions in key markets that use iodine or the other specialty compounds we
manufacture could have a material negative effect on the Group. There is still a relatively high-
interest rate global environment implemented by central banks to combat inflation, and
whilst these rates have generally ebbed, the higher rates may slow down global economies.
The current tariff changes may cause both risk and reward for Iofina depending on the final
policies of the US government and the markets we sell into and source from. Also, higher
tariffs may result in an economic slowdown and supply chain disruptions. A significant
contraction in global economies may cause less demand for and pricing of the Group’s goods.
Additionally, increased competition in the markets we serve could negatively impact prices or
the ability to sell our goods. In particular, large increases in iodine production from
competitors could negatively affect iodine prices and the Group’s market share. Future
planned expansions of iodine production in Chile may change the market’s supply and demand
dynamics. However, the exact change is subject to several factors, the scale of expansion, the
timing of increased supply and the overall global demand for iodine at the time of new
supplies coming onstream.
Iodine Price volatility: Iodine’s price and demand are highly dependent on a variety of factors,
including international supply and demand, the level of consumer product demand, the price
and availability of alternatives, actions taken by governments and global economic and
political developments. Increases in current iodine producers’ production capacities or new
iodine producers entering the market could impact prices. Fluctuations in iodine prices and a
material decline in the price of iodine would have a material adverse effect on the Group’s
business, financial condition and operations. After a lull in demand during the COVID-19
pandemic, demand for iodine rose significantly in H1 2021. Continued substantial demand for
iodine and iodine-incorporated products has continued through today. As a result, iodine
prices rose significantly between H1 2021 and mid-year 2022. During H2 2022, iodine prices
rose above $70/kg and have fluctuated between the mid-sixties and upper seventies per
kilogram. Current spot iodine prices are in the seventies per kilogram. The costs to produce
iodine have also significantly increased since the pandemic.
Key customers: There are a limited number of potential customers who purchase many of the
products of the Group’s chemical business, which makes relationships with these customers,
as well as the success of those customers’ businesses, critical to the Group’s success. These
customers are in many different countries. The loss of one or more major customers could
harm the business, operating results and financial condition of the Group. Iofina is continuing
to diversify its customer base in its Chemical subsidiary. In addition, Iofina works closely with
all its customers to develop strong relationships, with a significant focus on ensuring that its
products and services meet the needs of its customers and are of the highest quality. In 2024
Iofina had five customers which each contributed over 5% of sales, with ongoing positive
relations with these customers.

IOFINA PLC

Key Partners: Iofina partners with third-party oil and gas producers and saltwater disposal
operators to process iodine-rich brine they extract with oil and gas production. Fluctuations
of oil and gas prices in the US can affect the financial stability of oil and gas producers. Any
changes in operator status or the financial strength of our partners are a risk to brine
production and availability. The Group has agreements with our partners to reduce any risk
of change in status. Material changes in these brine supply contracts with our partners may
affect the Group. In 2024, Iofina renegotiated a brine supply agreement with an existing
supplier to reflect market rates for two of our sites. In 2024, Iofina also executed a new
agreement for IO#11 with a current brine supply partner.
Regulation and Trade: Iofina’s businesses are subject to various significant international,
federal, state, and local regulations currently in effect, including but not limited to
environmental, health and safety, and import/export regulations. These regulations are
complex, change frequently, can vary from country to country, state to state and have
generally increased over time. Iofina may incur significant expenses to comply with these
regulations or to remedy violations of them. The current federal administration in the USA is
likely to reduce regulatory burdens in our industries versus the previous administration,
however, this has not been verified. Any new regulation in the USA or elsewhere that would
increase the cost of raw materials the Group uses, reduce the availability of these raw
materials or cap production of products the Group produces would likely reduce margins.
Any failure by Iofina to comply with applicable government regulations could result in non-
compliant portions of our operations being shut down, product recalls or impositions of civil
and criminal penalties and, in some cases, prohibition from distributing our products or
performing our services until the products and services are brought into compliance, which
could significantly affect our operations.
The Group closely monitors regulations across its businesses to ensure that it complies with
the relevant laws and regulations. While Iofina believes that it is compliant with all laws and
regulations, any instances of non-compliance would be brought to the attention of the
appropriate authorities as soon as possible.
Trade relationships between the USA and other areas of the world have deteriorated
significantly in early 2025. Increased tariffs implemented by the USA and retaliatory tariffs
imposed by other governments against the USA have the potential to adversely affect both
raw material cost and supply, and final product sales for Iofina in certain areas of the world.
Iofina has been proactive in reducing the impact of tariffs, which directly impact the
Company’s supply and sales lines; however, the latest USA tariffs are more encompassing than
anticipated and may provide risk in sales margins and may also cause a global economic
downturn, which may affect the iodine market.
Inventory Fluctuations: Inventory level changes can cause financial instability. High
inventories negatively affect cash flow, while low inventories can negatively affect sales
volumes and customer relationships. In 2021, the Group started the year with larger-than-
normal iodine inventories and ended the year with lower-than-normal iodine inventories. In
2022, the Group ended the year with more normalised iodine inventories and slightly higher
than ideal specialty chemical derivative end products and in-process goods. By the end of

IOFINA PLC

2023, the total inventory levels declined slightly from 31 December 2022 levels. Inventories
at the end of 2024 were flat relative to the end of 2023, and the Group actively works to
maintain a proper inventory of goods to achieve its business goals. Inventories are cyclical
within our business, and management closely tracks these inventories along with known and
anticipated demand for products to maintain appropriate inventories.
Insurance may not cover all material losses: The Group strives to carry standard insurance
for our industry that would minimise loss when events occur. However, certain scenarios or
events may not be covered by insurance and could have a negative material impact on the
Group. For example, cyber-attacks have increased globally, and while the Group has increased
measures to thwart potential cyber-attacks, we cannot guarantee these measures will prevent
a cyber-attack for which we do not carry specific insurance.
Taxes: The Group has tax obligations, which have become more significant as tax losses
utilised against US Federal tax liabilities have diminished. Any increases in federal or local
taxes could have a negative effect on cash flows of the organisation.
Personnel: As a small technical organisation, the loss of key technical or senior management
employees could negatively affect the business. Additionally, the USA labour market remains
tight. This could result in increased labour costs and a risk of delays or inability to produce
products due to labour shortages.
Significant Shareholders: Significant shareholders may have the ability to effect changes that
result in a material adverse effect on the organisation, including a change in senior
management or control of the Group or its Board of Directors.
Interest Rates and Inflation: As a result of the 2020 debt changes that served to significantly
reduce both overall debt and interest rates for the Group, a significant portion of the debt
carries variable interest rates. While overall debt has continued to decline, interest rates
remain relatively high and have negatively impacted debt costs. Any interest rate increases
from current levels would negatively impact debt costs for the Group. In 2024, the Group
adjusted its capital improvement credit line to a $10 million term loan with a drawdown period
through to 13 March 2026, to be used for expenditures for the current IO#10 & IO#11 plants
and the forthcoming IO#12 plant, as well as other Capex projects as appropriate. This line
carries variable interest rates.
Inflation in the USA continued to decline in 2024 but remains relatively high. The costs of
goods, energy, and labour for Iofina have increased substantially in the last few years, and
while the inflation rate is declining, cost increases are still a risk for the Group moving forward,
especially during a period where new tariffs are increasingly prevalent. The ability to maintain
margins in an increasingly inflationary environment is uncertain. Additionally, as prices rise,
there is a risk that some products the Group sells may be replaced by cheaper alternatives,
which could result in an adverse effect on the business.
Litigation: While the Group has no pending litigation matters, there are possibilities that
future judgements or settlements could result in an adverse effect on our business.

IOFINA PLC

Going concern
The Group has performed well in 2024 and is performing as anticipated in 2025. In 2024, the Group
achieved a profit before taxation of $4.8m and a net cash inflow from operating activities of $11.5m.
Net cash of $1.2m at the end of 2023 improved to net cash of $2.9m as of 31 December 2024. The
markets into which the Group sells its products continue to experience good demand. Iofina has
obtained additional and appropriate credit facilities to fund current business growth objectives. The
Group has prepared forecasts and projections that indicate there are adequate resources to continue
in operational existence for the foreseeable future. The Directors consider it appropriate to continue
to adopt the going concern basis in preparing the financial statements.
On behalf of the Board

Dr. Thomas M. Becker
Chief Executive Officer and President
9 May 2025

IOFINA PLC

STATEMENT IN ACCORDANCE WITH SECTION 172 OF THE COMPANIES ACT 2006

As required by section 172 of the Companies Act 2006, a director of a company must act in a way they
consider, in good faith, would most likely promote the success of the company for the benefit of its
shareholders. In doing this, the Director must have regard, amongst other matters, to the:
(a)
likely consequences of any decision in the long-term;
(b)
interests of the company’s employees;
(c)
need to foster the company’s business relationships with suppliers, customers, and others;
(d)
impact of the company’s operations on the community and the environment;
(e)
company’s reputation for high standards of business conduct; and
(f)
need to act fairly as between members of the company.

As a Board our aim is always to uphold the highest standards of governance and business conduct,
taking decisions in the interests of the long-term sustainable success of the Group, generating value
for our shareholders and contributing to wider society. We recognise that our business can only grow
and prosper over the long term by understanding the views and needs of our stakeholders. Engaging
with stakeholders is key to ensuring the Board has informed discussions and factors stakeholder
interests into decision-making.
The Directors insist on high operating standards and fiscal discipline and routinely engage with
management and employees of the Group to understand the underlying issues within the
organization. Additionally, the Board looks outside the organization at macro factors affecting the
business. The Directors consider all known facts when developing strategic decisions and long-term
plans, taking into account their likely consequences for the Group.
The Directors and management are committed to the interests and well-being of Iofina’s employees.
Iofina is committed to the highest levels of integrity and transparency possible with employees and
other stakeholders. Safety initiatives, consistent training, strong benefits packages and open dialogue
between all employees are just some of the ways the Group ensures its employees improve skill sets
and work hand-in-hand with management to improve all aspects of the Group’s performance.
Other stakeholders include customers, suppliers, lenders, industry associations, government and
regulatory agencies, media, local communities and shareholders. The Board, both individually and
together, consider that they have acted in the way they consider would be most likely to promote the
success of the Group as a whole. To do this, there is a process of dialogue with stakeholders to
understand the issues that they might have. Iofina believes that any supplier/customer relationship
must be mutually beneficial, and the Group is known for its commitment to details to its customers.
Communications with the Group’s lenders and shareholders occur on an ongoing basis and as
questions arise. The Group also communicates through media interviews and social media platforms.
The Directors are committed to positive involvement in the local communities where we operate. Part
of this commitment is our program ’Iofina Gives Back’, where Iofina supports local charities by
donating time and goods. Additionally, Iofina adheres to environmental regulations at its sites and
supports sustainability practices where possible.

IOFINA PLC

Integrity is a key tenet for the Directors and the Company’s employees. The Company believes that
any partnership must benefit both parties. We strive to provide our stakeholders with timely and
informative responses and are always striving to meet or exceed customers’ needs.
The Board recognises its responsibilities under section 172 as outlined above and has acted at all times
in a way consistent with promoting the success of the Company with regard to all stakeholders.

IOFINA PLC

CORPORATE GOVERNANCE
The Board considers that good corporate governance is a key driver for the success of the business.
Accountability to the Company’s stakeholders, including shareholders, customers, suppliers and
employees is a vital element in that governance. The Board’s commitment to robust governance
practices remains key, ensuring that Iofina operates in a manner that is consistent with the highest
corporate governance standards.
The Board is committed to effective corporate governance as the basis for delivering long-term value
growth and for meeting shareholder expectations for proper leadership and oversight of the business.
To help ensure that the Company has an effective corporate governance model, the Board has
adopted the Quoted Companies Alliance Corporate Governance Code (the “QCA Code”). Iofina applies
the principles of the QCA Code as the Board believes that adherence to the QCA Code provides a
strong foundation for delivering shareholder value and serves to mitigate and minimise risks.
This Statement, in conjunction with the corporate governance statement published on our website
(see: https://iofina.com/investors/aim-rule-26/corporate-governance/), follows the 10 principles of
the QCA Code and how we have applied it. The following sections of the Corporate Governance
Statement explain how the QCA Code is applied by the Company.
The Board comprises five Directors: the Non-Executive Chairman, two full time Executive Directors
and two Non-Executive Directors (each of whom is considered by the Board to be independent),
reflecting a blend of different experiences and backgrounds. The function of the Chairman is to
supervise and manage the Board and to ensure its effective control of the business. The Board believes
that its composition brings a desirable range of skills and experience given the Group’s challenges and
opportunities as a publicly quoted company, while at the same time ensuring that no individual (or
group of individuals) can dominate the Board’s decision-making.
The Board meets regularly to review, formulate and approve the Group’s strategy, budgets, corporate
actions and oversee the Group’s progress towards its goals. The Board has established the following
committees to fulfil specific functions, each with formally delegated duties and responsibilities: the
Audit Committee and the Remuneration Committee. These committees meet on a regular basis and
at least two times a year. The Board has elected not to constitute a dedicated nomination committee,
instead retaining such decision making with the Board as a whole. This approach is considered
appropriate to enable all Board members to take an active involvement in the consideration of Board
candidates and to support the Chair in matters of nomination and succession.
From time to time, separate committees may also be set up by the Board to consider specific issues
when the need arises.

IOFINA PLC

DIRECTORS' REPORT
The Directors present their report and financial statements for the Group for the year ended 31
December 2024.
Strategic report
Included in the Strategic Report on pages 12 to 22 is the review of the business and principal risks and
uncertainties.
Post balance sheet events
There were no significant post balance sheet events.
Directors’ responsibilities for the preparation of the financial statements
The Directors are responsible for preparing the Strategic Report and the Directors’ Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and Company financial statements for each
financial year. The Directors are required by the AIM Rules for Companies (as published by the London
Stock Exchange) to prepare Group financial statements in accordance with UK adopted International
Accounting Standards, and have elected under company law to prepare the Company financial
statements in accordance with International Accounting Standards.
The financial statements are required by law and UK adopted International Accounting Standards to
present fairly the financial position of the Group and the Company and the financial performance of
the Group. The Companies Act 2006 provides, in relation to such financial statements, that references
in the relevant part of that Act to financial statements giving a true and fair view are references to
their achieving a fair presentation.
Under company law the directors must not approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of the Group and the Company and of the
profit or loss of the Group for that period.
In preparing the Group and Company financial statements, the directors are required to:
a.
select suitable accounting policies and then apply them consistently;
b.
make judgements and accounting estimates that are reasonable and prudent;
c.
state whether they have been prepared in accordance with UK adopted International Accounting
Standards; and
d.
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Group and the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any time
the financial position of the Group and the Company and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the Group and the Company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.

IOFINA PLC

The directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Iofina plc website.
Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Results and dividends
The results for the year are set out in the consolidated statement of comprehensive income and
detailed in the Financial Review.
The directors do not recommend payment of a dividend.
Financial instruments and risk management
Note 14 details the risk factors for the Group and how these risks are managed, including the degree
to which it is appropriate to use financial instruments to mitigate risks.

Directors
The directors who served during the year and subsequently were as follows:
Lance J. Baller, Non-Executive Chairman
Dr. William D. Bellamy, Non-Executive Director (resigned June 2024)
J. Frank Mermoud, Non-Executive Director
Mary Fallin Christensen, Non-Executive Director
Dr. Thomas M. Becker, Chief Executive Officer and President
Malcolm T. Lewin, Chief Financial Officer

Statement as to disclosure of information to the auditor
The directors who were in office on the date of approval of these financial statements have confirmed
that, as far as they are aware, there is no relevant audit information of which the auditor is unaware.
Each of the directors has confirmed that they have taken all the steps that they ought to have taken
as directors in order to make themselves aware of any relevant audit information and to establish that
it has been communicated to the auditor.
Auditor
UHY Hacker Young were appointed as auditors to the Company and in accordance with Section 485
of the Companies Act 2006 a resolution proposing that they be reappointed will be put to the next
Annual General Meeting.
On behalf of the Board

Dr. Thomas M. Becker
Chief Executive Officer and President
9 May 2025

IOFINA PLC

CORPORATE GOVERNANCE STATEMENT
The Board is committed to effective corporate governance as the basis for delivering long-term value
growth and for meeting shareholder expectations for proper leadership and oversight of the business.
The Board is responsible for the overall leadership, strategy, development and control of the Group in
order to achieve its strategic objectives.
The Company applies the principles of the QCA Code as the Board believes that adherence to the QCA
Code provides a strong foundation for delivering shareholder value and serves to mitigate and
minimise risks. The Directors are also required to comply with certain duties that are contained in the
Companies Act 2006, and the Directors comply with those duties.
The Group is led and controlled by the Board which currently consists of two Executive Directors and
three Non-Executive Directors. Board meetings are held on a regular basis and no significant decision
is made other than by the Directors. All Directors participate in the key areas of decision making.
Business model, strategy and approach to risk
The Group focuses on the exploration and production of iodine and halogen-based specialty chemical
derivatives. We identify, develop, build, own and operate iodine extraction plants, currently focused
in North America, based on Iofina’s Wellhead Extraction Technology® (WET®) IOsorb® technology. The
Group has complete vertical integration from the production of iodine in the field to the manufacture
of the chemical end-products derived from iodine to the consumer, and the recycling of iodine using
iodinated side-streams from waste chemical processes. We use patented or proprietary processes
throughout all business lines. Together these allow us to be the Technology Leaders in Iodine®. The
Group’s strategy is to continue to focus on the exploration and production of iodine and iodine
specialty chemical derivatives, delivering growth throughout our operations. Growth is intended to be
achieved with the continued upgrading and expanding of our plants, which in turn will boost the level
of iodine production.
All the Group’s activities involve an ongoing assessment of risks, and the Group seeks to mitigate such
risks where possible. The Board has undertaken an assessment of the principal risks and uncertainties
facing the Group, including those that would threaten its business model, future performance,
solvency and liquidity. Further, the Board has considered the longer-term viability of the Group,
including factors such as the prospects of the Group and its ability to continue in operation for the
foreseeable future. The Board considers that the disclosures outlined in the Strategic Report on pages
12 to 22 are appropriate. The Board considers that these disclosures provide the information
necessary for shareholders and other stakeholders to assess the Group’s future viability and potential
requirements for further capital to fund its operations.
Having carried out a review of the level of risks that the Group is taking in pursuit of its strategy, the
Board is satisfied that the level of retained risk is appropriate and commensurate with the financial
rewards that should result from achievement of its strategy.
Board of Directors
As of the date of this Report the Board comprises five Directors in total: the Non-Executive Chairman,
two Executive Directors (being the Chief Executive Officer (“CEO”) and the Chief Financial Officer

IOFINA PLC

(“CFO”)) and two Non-Executive Directors (each of whom are considered by the Board to be
independent), reflecting a blend of different experiences and backgrounds. The skills and experience
of the Board are set out in their biographical details on pages 10 and 11. The experience and
knowledge of each of the Directors give them the ability to challenge strategy constructively and to
scrutinize performance.
The Board is responsible to the shareholders for the proper management of the Group. The Board and
the Group’s management team are responsible for reviewing and evaluating risk and the Executive
Directors meet at least monthly to review ongoing trading performance, discuss budgets and forecasts
and new risks associated with ongoing trading. The Board typically meets monthly to set the overall
direction and strategy of the Group, review operational and financial performance and advise on
management appointments (if necessary). All key operational and investment decisions are subject to
Board approval. The Company Secretary is responsible for ensuring that Board procedures are
followed and applicable rules and regulations are complied with. The number of meetings attended
by each Director can be found on page 31.
There is a clear separation of the roles of CEO and Chairman. The Chairman is responsible for
overseeing the running of the Board, ensuring that no individual or group dominates the Board’s
decision making and ensuring the Non-Executive Directors are properly briefed on matters. The CEO
has the responsibility for implementing the strategy of the Board and managing the day-to-day
business activities of the Group.
Time commitment
On joining the Board, Non-Executive Directors receive a formal appointment letter, which identifies
the terms and conditions of their appointment and, in particular, the time commitment expected of
them. A potential Director candidate (whether an Executive Director or Non-Executive Director) is
required to disclose all significant outside commitments prior to their appointment. The Board is
satisfied that both the Chairman and the other Non-Executive Directors can devote sufficient time to
the Group’s business.
Independence of Directors
The Directors acknowledge the importance of the principles of the QCA Code which recommends that
a company should have at least two independent non-executive directors. The Board considers it has
sufficient independence on the Board and that all the Non-Executive Directors are of sufficient
competence and calibre to add strength and objectivity to the Board, and bring considerable
experience in industry, operational and financial development of chemical products and companies.
Specifically, the Board has considered and determined that since the date of their respective
appointments J. Frank Mermoud and Mary Fallin Christensen are independent in character and
judgement, specifically that they:

have not been employees of the Company within the last five years;

do not have a material business relationship with the Group;

have no close family ties with any of the Group’s advisers, Directors or senior employees;

IOFINA PLC


do not hold cross-directorships or have significant links with other Directors through
involvement in other companies or bodies; and

do not represent any shareholder.
The Board notes that the Non-Executive Directors have received share options in the Company. The
Board does not believe the issue of options affects their independence as they are of a modest amount
and not deemed material to the individual.
The Company Secretary maintains a register of outside interests and any potential conflicts of interest
are reported to the Board.
If they so wish, the Non-Executive Directors have opportunities to meet without Executive Directors
being present (including after Board and Committee meetings). Because the Board is spread out
geographically, the majority of communications between Directors is conducted by video. However,
the Board does convene in person at least once a year, and this presents an opportunity (before, after
and between management and operational meetings) for the Non-Executive Directors to meet in
person without the Executive Directors being present.
Professional development
Throughout their period in office, the Directors are continually updated on the Group’s business, the
competitive and regulatory environments in which it operates, corporate social responsibility matters
and other changes affecting the Group and the industry it operates in as whole. The updates are
usually provided by way of written briefings and meetings with senior management. Directors are also
advised on appointment of their legal and other duties and obligations as a director of an AIM quoted
company both in writing and in communications (being face-to-face meetings whenever possible) with
the Company’s Nominated Adviser. The Directors also have recourse to the Company Secretary, a
qualified and practising solicitor, who is a recognised practitioner within the AIM community.
All the Directors are subject to election by shareholders at the first Annual General Meeting of the
Company (“AGM”) after their appointment to the Board. Each Director is required, under the
Company’s articles of association, to seek re-election at least once every three years.
Board Committees
There are two committees – the Audit Committee and the Remuneration Committee. The role of each
committee is set out in a terms of reference document.
Audit Committee
During the financial period under review, the members of the Audit Committee were Lance Baller, Dr
William Bellamy (until his resignation in June 2024), J. Frank Mermoud and Mary Fallin Christensen.
Mr Baller is the Chair of the Audit Committee. The responsibilities of the committee include the
following:

ensuring that the financial performance of the Group is properly monitored, controlled and
reported on;

reviewing accounting policies, accounting treatment and disclosures in the financial reports;

IOFINA PLC


meeting the auditors and reviewing reports from the auditors relating to accounts and internal
control systems; and

overseeing
the
Group’s
relationship
with
external
auditors,
including
making
recommendations to the Board as to the appointment or re-appointment of the external
auditors, reviewing their terms of engagement, and monitoring the external auditors’
independence, objectivity and effectiveness.
During the year, the committee met to review audit planning and findings. In addition, it reviewed the
appointment of auditors, and agreed unanimously to re-elect UHY Hacker Young LLP.
Remuneration Committee
During the financial period under review, the members of the Remuneration Committee were Dr
William Bellamy (until his resignation in June 2024), Lance Baller, Mary Fallin Christensen and J. Frank
Mermoud. Dr Bellamy was the Chair of the Remuneration Committee until his resignation in June 2024
and was succeeded by Mary Fallin Christensen. The responsibilities of the committee include the
following:

reviewing the performance of the Executive Directors and setting the scale and structure of
their remuneration with due regard to the interest of shareholders;

overseeing the evaluation of the Executive Directors; and

determining the vesting of awards, including the setting of any performance criteria in relation
to the exercise of share options, granted under the Company’s share option plan.
During the year, the committee met to discuss remuneration and bonuses for the Executive Directors,
and share option awards for the Directors and senior management.
The Directors’ remuneration information is presented on page 33.
Attendance at meetings
The Board meets regularly, typically on a monthly basis, together with further meetings as required.
The Audit and Remuneration Committees meet as required, and try to hold a minimum of two
meetings each year.
The Directors attended the following meetings during the year:

Board
Audit
Remuneration
Lance Baller
13
1
1
Dr Thomas Becker
13
-
-
Malcolm Lewin
13
-
-
Dr William Bellamy
5
1
-
J. Frank Mermoud
12
1
1
Mary Fallin Christensen
13
1
1

IOFINA PLC

Risk management and internal control
The Board is responsible for the systems of internal controls and for reviewing their effectiveness. The
internal controls are designed to manage rather than eliminate risk and provide reasonable but not
absolute assurance against material misstatement or loss. The Board reviews the effectiveness of
these systems annually by considering the risks potentially affecting the Group.
Iofina employs strong financial and management controls within the business. Examples of control
procedures include:

an annual budget set by the Board with regular review of progress;

regular meetings of Executive Directors and senior management to review management
information and follow up on operational issues or investigate any exceptional circumstances;

clear levels of authority, delegation and management structure; and

Board review and approval of significant contracts and overall project spend.
The Company’s system of internal control is designed to safeguard the Company’s assets and to ensure
the reliability of information used within the business. The system of controls manages appropriately,
rather than eliminates, the risk of failure to achieve business objectives and provides reasonable, but
not absolute, assurance against material misstatement or loss. The Group does not consider it
necessary to have an internal audit function due to the small size of the administrative function.
Instead, there is a detailed monthly review and authorisation of transactions by the CFO and the CEO.
The independent auditors do not perform a comprehensive review of internal control procedures, but
do report to the Audit Committee on the outcomes of its annual audit process. The Board confirms
that the effectiveness of the system of internal control, covering all material controls including
financial, operational and compliance controls and risk management systems, has been reviewed
during the year under review and up to the date of approval of the Annual Report.
The Group maintains appropriate insurance cover in respect of actions taken against the Directors
because of their roles, as well as against material loss or claims against the Group. The insured values
and type of cover are comprehensively reviewed on a periodic basis.
Board effectiveness and performance evaluation
The Board is mindful that it needs to continually monitor and identify ways in which it might improve
its performance and recognises that board evaluation is useful for enhancing a board’s effectiveness.
The individual contributions of each of the members of the Board are regularly assessed to ensure
that: (i) their contribution is relevant and effective; (ii) that they are committed; and (iii) where
relevant, they have maintained their independence. The Board intends to review the performance of
the team as a unit to ensure that the members of the Board collectively function in an efficient and
productive manner. As required pursuant to the Company’s articles of association, one-third of the
Directors must stand for re-election by shareholders annually in rotation and all Directors must stand
for re-election at least once every three years.

IOFINA PLC

The Company considers that the Board and its individual members continue to perform effectively,
that the Chairman performs his role appropriately and that the process for evaluation of his
performance has been conducted in a professional and rigorous manner.
Corporate Social Responsibility
The Board recognises the growing awareness of social, environmental and ethical matters and it
endeavours to take into account the interest of the Group’s stakeholders, including its investors,
employees, suppliers and business partners, when operating the business.
Employment
The Group endeavours to appoint employees with appropriate skills, knowledge and experience for
the roles they undertake and thereafter to develop and incentivise staff. The Board recognises its legal
responsibility to ensure the wellbeing, safety and welfare of its employees and maintain a safe and
healthy working environment for them and for its visitors.
Investor Relations
The Board recognises the importance of communication with the Company’s shareholders to ensure
that its strategy and performance is understood and that it remains accountable to shareholders. Our
website has a section dedicated to investor matters and provides useful information for the
Company’s shareholders (see: http://iofina.com/investors/). The Board as a whole is responsible for
ensuring that a satisfactory dialogue with shareholders takes place, while the Chairman and the CEO
ensure that the views of the shareholders are communicated to the Board as a whole. The Board
ensures that the Group’s strategic plans have been carefully reviewed in terms of their ability to
deliver long-term shareholder value. Fully audited Annual Reports are published, and Interim Results
notified via Regulatory News Service announcements. All financial reports and statements are
available on the Company’s website (see: http://iofina.com/investors/financial-results).
There is an opportunity at the Annual General Meeting for individual shareholders to question the
Chairman and the Executive Directors. Notice of the meeting is sent to shareholders at least 21 clear
days before the meeting. Shareholders are given the opportunity to vote on each separate issue. The
Company counts all proxy votes and indicates the level of proxies lodged on each resolution, after it
has been dealt with by a show of hands.
Directors’ remuneration

Remuneration provided to each Director was as follows:
2024
2023

Salary
Bonus
Total $

Salary
Bonus
Total $
Lance Baller
122,120
-
122,120

122,120
-
122,120
Dr. Thomas Becker
303,400
-
303,400

286,388
45,000
331,388
Malcolm Lewin
196,425
-
196,425

181,020
35,000
216,020
William Bellamy
21,250
-
21,250

42,500
-
42,500
Frank Mermoud
42,500
-
42,500

42,500
-
42,500
Mary Fallin Christensen
42,500
-
42,500

42,500
-
42,500
Total
$728,195
-
$728,195

$717,028
$80,000
$797,028

IOFINA PLC

No pension contributions were paid on behalf of the directors in 2023 or 2024.

Directors’ and officers’ insurance is in place on a Group-wide basis.

The interests of the Directors in office as at 31 December 2024 in the shares of the Company at the
end of the financial year and the beginning of the financial year or date of appointment, if later, were
as follows:

31 December 2024
1 January 2024
L J Baller
5,500,000
5,500,000
Dr. T M Becker
139,430
139,430
M T Lewin
93,750
93,750
J F Mermoud
23,750
23,750

All outstanding options over shares granted to Directors up to 31 December 2024 are set out in the
table below. No further options have been granted between 31 December 2024 and the date of
signing these financial statements. No Directors exercised options in 2024.
Name
2018
Options
granted
2019
Options
granted
2020
Options
granted
2022
Options
granted
2023
Options
granted
Dr T Becker
660,000
242,000
266,200
266,200
266,200
M Lewin
330,000
165,000
181,500
181,500
181,500
L Baller
220,000
165,000
165,000
165,000
165,000
JF Mermoud
-
82,500
82,500
82,500
82,500
M Fallin
Christensen
-
-
82,500

82,500

1,210,000
654,500
777,700
777,700
777,700
Exercise price
16.2p
21.3p
12.5p
17.6p
31.8p
Lapse date
13/06/28
24/07/29
15/12/30
8/3/32
27/4/33

On behalf of the Board

Dr. Thomas M. Becker
Chief Executive Officer and President
9 May 2025

IOFINA PLC

Environmental, Social, and Governance (‘ESG’)
The Group has continually maintained a philosophy and commitment to perform its operations in a
safe, responsible manner regarding all stakeholders including, but not limited to, staff, shareholders,
customers and our communities.
The Group has long applied ESG tenets even before the term ESG became commonplace across global
industries. Iofina chose to produce our iodine from a brine water source that is a by-product of the oil
and gas industry. By partnering with oil & gas operators, Iofina produces iodine from this brine water,
and this iodine would not be realised if Iofina was not operating its iodine manufacturing plants. Iofina
does not drill brine wells or brine disposal wells but instead relies on sourcing brines which are already
being lifted. Most of the world’s iodine is manufactured from iodate deposits in ores in Chile through
processes we believe are much more negatively intensive to the environment than our WET® IOsorb®
technology. The Group also manufactures specialty chemicals through the Iofina Chemical division. IC
has held a long-established business philosophy to develop its processes in aqueous-based
chemistries, whenever possible, to reduce the use of organic solvents, with the vast majority of IC’s
processes being performed in aqueous media.
The iodine compounds the Group produces have a positive impact on society, with iodine being
essential for human and animal health. Whether it is directly through the ingestion of foods containing
iodides or fortified salt as a micro-nutrient to ensure proper thyroid function and to stimulate proper
human and animal development; or by using iodine-containing compounds in medical uses, such as
iodinated X-ray contrast agents, production of pharmaceuticals or the use of PVP-I in antiseptic
applications, iodine plays many important roles in a healthy society.
Environmental
The Group is committed to minimising its energy consumption and waste generation. Energy use and
environmental impacts are key criteria when ordering and replacing equipment at our manufacturing
sites. In 2024, Iofina Resources replaced lighting systems which are now more energy efficient and
replaced older HVAC systems to more energy efficient units. Iofina Chemical, in a new production
process, is reusing water which reduces freshwater use, and is using a more efficient heating source
saving energy consumption. Iofina continues to implement strategies to reduce the environmental
impacts of current operations, as well as continually evaluating the minimisation of emissions from
new plants and processes. Upgrades and new processes undergo a review which comprises
evaluations to minimise energy use and environmental impact.
The Group’s total energy consumption at our manufacturing facilities in 2024 was:
Electricity (kWh) 13,612,900; Natural gas (CCF) 73,721; for the 1272 MT of goods produced in 2024 by
the Group. In 2023, consumption was: Electricity (kWh) 11,404,278; Natural gas (CCF) 67,281; for the
1267 MT of goods produced in 2023 by the Group.
Company and Group information
Iofina plc is a company incorporated in England and Wales; company number 05393357, with a
registered office at 48 Chancery Lane, London WC2A 1JF (c/o Keystone Law, Attn: Simon Holden). SECR
is prepared for the Group’s UK activities and reported below.

IOFINA PLC

Streamlined energy and carbon reporting (SECR)
Group’s greenhouse gas emission data

Year Ended
31December 2024
Year Ended
31December 2023
Base Year
Scope 3

Emissions in MT CO2e from
business travel involving trips
where the journey started or
ended in the UK including
emissions from air, taxi, hotel
stays, etc.
40.79
28.67
28.67
Intensity ratio MT CO2e per
$m of income
0.749
0.573
0.573

Reporting Period
The reporting period for SECR data is 1 January 2024 through 31 December 2024.
Methodology and Discussion
We have followed the 2019 UK Government Environmental Reporting Guidelines and have calculated
emissions based on 2024 UK Government Conversion Factors. The SECR data lists 2024 levels and 2023
will be considered the ‘base year’ for future reporting as 2023 is the first year that Iofina was required
to communicate this SECR information. Scope 3 emissions are listed as required in the reporting
guidelines. We have chosen to report the ratio of CO2e per $m of income, as this is a reasonable
reflection of the business activities. The Scope 3 emissions reported only reflect the impact on UK
travel activities. The company is committed to reducing environmental impacts, as discussed in the
previous section of this report, as well as minimising the impact of UK travel. Some initiatives to reduce
impacts due to UK travel include taking direct flights when available and affordable, holding virtual
meetings with stakeholders to minimise frequency of trips to the UK from Iofina’s USA based
employees, and using public transportation in the UK whenever possible.
Targets
Iofina continues to prioritise the minimisation of environmental impacts of our UK operations by
minimising any trips to and from the UK and holding virtual meetings when appropriate. We will
continue to utilise public transportation in the UK on trips whenever practical. We feel that our
current travel actions in the UK are appropriate and will continue to maintain these policies. Total
emissions are very small for the group and the increase in emissions Year-on-Year is attributable to an
increase in trips by the UK based CFO to the USA. We expect that the Group’s total Scope 3 emissions
per $m of income to reduce by 10% from the base year by 2028 although this reduction may be
dependent on CFO travel as the base year was abnormally low.

IOFINA PLC

Social
Health and Safety
The safety and health of Iofina’s employees is the top priority for the Group. This also extends to our
contractors, visitors, and communities. Processing and creating specialty chemicals have inherent
risks. Through engineering designs, extensive training and procedures, and PPE to name a few, our
culture insists that as a group we work together to ensure everyone’s safety. We are proud of our
safety record but recognize that continual improvement is always necessary as we evolve. Iofina is
proud to report that in 2024 there were zero Lost Time Incidents (‘LTI’) for the Group. In fact, the
Group has not experienced a LTI in over four years.
Iofina Lost Time Incidents

2023
2024
Lost Time Incidents
0
0
Incident Rate
0
0

Lost Time Incidents (‘LTIs’) are incidents where the person is unable to work the next day of the
incident. Incident rate is the number of LTIs per 200,000 hrs. worked.
Many other health and safety metrics are evaluated, and corrective actions performed to continually
improve our systems in order to reduce incident occurrences and severity. These health and safety
matrices are routinely reviewed and discussed with upper management.
Community
Iofina is committed to being a socially responsible organization. Our program, ‘Iofina Gives Back’, is an
employee-driven program designed to support our local communities. Some of the program’s
initiatives include the donation of items and funds for disaster relief, local schools, toy/food drives,
and sponsorships that benefit first responder equipment and STEM scholarships.
Additionally, for many years, Iofina Resources has partnered with Northwestern Oklahoma State
University and the OCAST Intern Partnership Program, which is designed to advance science and
technology opportunities and provide experience and educational opportunities for undergraduate
students. Multiple students involved in these internships with Iofina have gone on to achieve
advanced level science degrees.
Diversity
Iofina is an Equal Opportunity Employer and all employment decisions at Iofina are based on individual
qualifications, particular job responsibilities, and business needs without regard to race, color,
religion, national origin, age, gender, disability, or any other status protected by laws where we
operate. A culture of respect at Iofina is our commitment to all our employees and we demand that
our team treats our fellow workers and business partners in a professional and non-discriminatory
manner. Historically, the job applicants that Iofina receives tend to underrepresent minorities and
females when compared to the general population. Iofina continues to investigate ways to find a more
diverse pool of job applicants.

IOFINA PLC

Governance
The following are summaries of some of Iofina’s Governance data and practices and Board
composition as at 31 December 2024. Corporate policies are reviewed by the Board.

Total
Board
Members
%Male
%Female
%Non-
executive
%
Executive
CEO/Chairman
separate roles
Board of
Directors
5
80%
20%
60%
40%
Yes


The Group has adopted the QCA Corporate Governance Code

The Group has adopted several policies including but not limited to:
o Whistleblowing Policy
o Anti-Fraud Policy
o Anti-Corruption and Bribery Policy
o Share Dealing Code
o AIM Rules Compliance Policy
Further detail regarding Corporate Governance practices can be found on pages 23 and 25 of this
report.

IOFINA PLC

Independent auditor’s report to the members of Iofina PLC

Opinion
We have audited the financial statements of Iofina PLC (the ‘Parent Company’) and its subsidiaries
(the ‘Group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of
Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in
Shareholders’ Equity, the Consolidated Cash Flow Statement, the Company Balance Sheet, the
Company Statement of Changes in Shareholders’ Equity and notes to the financial statements,
including the significant accounting policies. The financial reporting framework that has been applied
in the preparation of the Group’s financial statements is applicable law and UK adopted International
Accounting Standards. The financial reporting framework that has been applied in the preparation of
the Parent Company’s financial statements is FRS 101 ‘Reduced Disclosure Framework applicable in
the UK and Republic of Ireland’ (‘FRS 101’ or ‘UK GAAP’) and in accordance with the provisions of the
Companies Act 2006.
In our opinion:

the financial statements give a true and fair view of the state of the Group’s and of the Parent
Company’s affairs as at 31 December 2024 and of the Group’s profit for the year then ended;

the Group financial statements have been properly prepared in accordance with UK adopted
International Accounting Standards;

the Parent Company financial statements have been properly prepared in accordance with
FRS 101 and as applied in accordance with the provisions of the Companies Act 2006; and

the Group financial statements have been prepared in accordance with the requirements of
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We are independent of
the Group and Parent Company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed
entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director’s use of the going concern
basis of accounting in the preparation of the financial statement is appropriate.
Our evaluation of the director’s assessment of the entity’s ability to continue to adopt the going
concern basis of accounting included:

IOFINA PLC

Evaluation of management assessment
Key observations
Management
have
prepared
detailed
consolidated cash flow forecasts incorporating
all entities within the Group covering the period
to 31 December 2026. These are based on their
expectation of future costs, including budgeted
operating and capital expenditure on all the
group’s operating plants licence areas and
expectations of future iodine production levels
and commodity price.
Our review included:

Assessing
the
transparency,
completeness and accuracy of the
matters covered in the going concern
disclosure and management's cash flow
projections;

Reviewing the cash flow forecasts, the
methodology behind these, challenging
the assumptions with management and
corroborating them with our historical
knowledge of the Group;

Performing a sensitivity analysis on the
budgets provided to assess the change
in revenue and iodine prices that would
need to occur to push the Group into a
cash negative position;

Ensuring arithmetic accuracy of the
model;

Obtaining post year end management
information and comparing these to
forecasts to assess whether budgeting is
reasonable and the results are in line
with expectations; and

Comparing the prior year budgeted cash
flow with actual results to assess
management’s ability to budget.

The cash flow forecasts demonstrates that the
Group will have a cash flow surplus throughout
the forecast period. These incorporated all
budgeted and committed expenditure, the
schedule of repayment for the term loan and
movements in working capital.
We challenged management on assumptions
used including iodine prices, iodine production
and sales, inflation and various other costs. In
reviewing the cash flow forecasts, we separately
sensitised the commodity price to determine the
maximum the price of iodine could fall by,
assuming a constant volume, in order for the
cash to be depleted to Nil by the end of the
forecast period. Overall, the price of iodine
would need to decrease by 57% in 2025 and 59%
in 2026 in order for EBITDA to be Nil for both
years of the forecasts. Given the price of iodine
has been increasing since 2018, this is not
considered likely.
We have further sensitised the demand for
crystallised iodine, reducing it to Nil. The results
of this still showed a positive EBITDA for the
group as a result of the flex in variable costs.
We compared managements forecast to actual
results post year end and noted timing
differences and no other material variances.
We have compared the prior year cash flow
projection with the current year actual results
and noted some differences noted in demand of
lower gross margin products and the remaining
differences for cash flow due to timing only.
Finally, we have recalculated loan covenant
ratios for 31 December 2025 and 2026 showing
no breaches based on budgeted figures.

IOFINA PLC

Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability
to continue as a going concern for a period of at least twelve months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
Our approach to the audit
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we looked at where the directors made
subjective judgements, for example in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain.
We tailored the scope of our audit to ensure that we performed enough work to be able to give an
opinion on the financial statements as a whole, taking into account an understanding of the structure
of the Company and the Group, their activities, the accounting processes and controls, and the
industry in which they operate. Our planned audit testing was directed accordingly and was focused
on areas where we assessed there to be the highest risk of material misstatement.
Our Group audit scope includes all of the group companies. At the Parent Company level, we also
tested the consolidation procedures. The audit team communicated regularly throughout the audit
with the Chief Financial Officer (CFO) in order to ensure we had a good knowledge of the business of
the Group. During the audit we reassessed and re-evaluated audit risks and tailored our approach
accordingly.
The audit testing included substantive testing on significant transactions, balances and disclosures,
the extent of which was based on various factors such as our overall assessment of the control
environment, the effectiveness of controls and the management of specific risk.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant findings, including any significant deficiencies in internal
control that we identify during the audit.

Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) we identified, including those which had
the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing
the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.

IOFINA PLC

Key audit matters
How our audit addressed the key audit matters
Revenue Recognition
(applicable to the Group financial statements
only)

Under IFRS 15, the entity shall recognise
revenue to depict the transfer of goods or
services to customers in an amount that reflects
the consideration to which the entity expects to
be entitled in exchange for those goods or
services.

The revenue stream for the group is derived
from sale of iodine derivatives, iodine chemicals
and ancillary products, all of which are
fundamental to the financial statements and a
systematic error in the calculation could lead to
a material error.

ISA(UK) 240 requires us to presume that there
are risks of fraud in revenue recognition.

In this regards, we therefore consider that there
is a significant risk over the cut off, occurrence
and accuracy of revenue recognition.
Our audit work included, but was not restricted
to:

Documenting our understanding of
management’s process for evaluating
revenue recognition and assessing the
design
effectiveness
and
implementation of related key controls;

Testing a sample of transactions
throughout the year by tracing from the
general ledger to the sales invoices,
purchase order to the shipping log to
ensure the recognition is in line with
IFRS 15, the Group accounting policy
and to ensure the accuracy and
occurrence of revenue;

Tested a sample of transactions pre and
post year end to assess whether sales
are accounted for in the correct period;

Tested a sample of post year end credit
notes to ensure no large credit notes
were issued post year end relating to
2024 sales; and

Using our data analytics software to
assess
the
correlations
between
revenue entries, trade receivables and
subsequent cash receipt. This would
identify
whether
any
subsequent
reversal of trade receivables should
have impacted the recognition of the
revenue.
The Group’s accounting policy on revenue
recognition is shown in the Accounting Policies
for the consolidated financial statements and
related disclosures are included in note 1d.
Key observations
As a result of the audit procedures we
performed
and,
after
considering
management’s disclosures of the judgements
applied by them, we have concluded that
revenue recognition is materially complete,

IOFINA PLC

accurate, has occurred and recognised on an
appropriate basis.

Valuation and Impairment review of property
plant and equipment
(applicable to the Group financial statements
only)

Under International Accounting Standard 36
‘Impairment of Assets’ (IAS 36), companies are
required to assess whether there is any
indication that an asset may be impaired at
each reporting date.

Property, plant and equipment represent a
significant balance in the financial statements
with a combined net book value of $31.8m
(2023 - $24.8m). The balance is primarily
comprised of the IOSorb plants, equipment and
machinery and construction in progress.

The estimated recoverable amount of these
balances is subjective due to the inherent
uncertainty
involved
in
forecasting
and
probability of the related future cash flows
which is based on expected future cash flows of
the IOSorb plants.

Significant
management
judgement
and
estimation uncertainty is involved in this area,
where the primary inputs are:
• Estimating cash flow forecasts; and
• Selecting appropriate assumptions such as
growth rate, Iodine prices and discount rate.

Our audit work included, but was not restricted
to:

Reviewing Management’s assessment
of forecasted cash flows and challenged
significant movements in forecasted
cash flows compared to historic
performance;

Reviewing Management’s forecasted
cash
flows
that
feed
into
the
discounted cash flow model and
challenged
significant
assumptions
with reference to historic results,
market trends, appropriateness of
discount rates and future expectations
of commodity prices and sales growth;

Critically analysing whether or not the
IOSorb plants should be viewed as one
Cash Generating Unit (“CGU”) or
multiple CGU’s;

Challenging management and gained
an understanding of what is considered
a cash generating unit; and

Performing a downside sensitivity
analysis and held discussions with
Management to assess the likelihood of
certain circumstances crystallising.
The Group’s accounting policy on Impairment is
shown in the Accounting Policies for the
consolidated financial statements and related
disclosures are included in note 1m.
Key observations
As a result of the audit procedures we
performed
and,
after
considering
management’s disclosures of the judgements
applied by them, we have concluded that no
impairments are required.

IOFINA PLC

We therefore identified the risk over the
valuation of property plant and equipment as a
significant risk.

We have confirmed the estimates and
judgements utilised within the models applied
in relation to the impairment of property, plant
and equipment are within acceptable ranges.
We are also satisfied that the plants should be
considered one CGU.

Valuation of Inventory
(applicable to the Group financial statements
only)

Inventory primarily consists of iodine and
iodine derivatives. Inventory should be held at
the lower of cost and net realisable value.
The net realisable value is the estimated selling
price in the ordinary course of business less any
applicable selling expenses. As at 31 December
2024, the inventory is valued at $10.1m (2023 -
$10.1m). There is a risk that the carrying value
in the Group accounts is higher than the
recoverable amount and therefore materially
misstated. Further, there is the added risk of
the complexity of the measurement of the costs
of conversion of the inventory and the
estimates and judgements around this.

We therefore identified the valuation of
inventory as a key audit matter, which was one
of the most significant assessed risks of material
misstatement.

Our audit work included, but was not restricted
to:

Reviewed the inventory valuation on a
sample basis to assess whether it is held
at the lower of cost and net realisable
value;

Considered the inputs used and
accuracy of the billable of materials
calculation to value the initial cost per
unit of the inventory; and

Considered the inputs used and
accuracy of calculations of the value of
overheads absorbed into inventory. We
challenged these assumptions with
management to ensure they are
appropriate.
The Group’s accounting policy on Inventories is
shown in the Accounting Policies for the
consolidated financial statements and related
disclosures are included in note 1o.
Key observations
As a result of the audit procedures we
performed
and,
after
considering
Management’s disclosures of the judgements
applied by them, we have concluded that the
valuation of inventory is materially accurate
and recognised on an appropriate basis.

We have confirmed the estimates and
judgements utilised within the models applied
in relation to the valuation of inventory are
within acceptable ranges.

IOFINA PLC

Valuation
and
Impairment
review
of
investments in subsidiaries and intercompany
balances
(applicable to the Parent Company financial
statements only)
Due to the material size of the investments in,
and loans to, the subsidiaries the directors
should critically consider if any indicators of
impairment exist in relation to the balances.
The estimated recoverable amount of these
balances is subjective due to the inherent
uncertainty
involved
in
forecasting
the
profitability of the subsidiaries.
Where indicators of impairment have been
identified a robust review of the investments
held by the Parent Company and any amounts
due from subsidiaries to the Parent Company
should be undertaken by the directors to
confirm the value in use of these amounts and
that there are no indications, or requirements
for, impairments of the amounts.
Significant
management
judgement
and
estimation uncertainty is involved in this area,
where the primary inputs are:
• Estimating cash flow forecasts;
• Selecting an appropriate assumption such as
growth rate and discount rate.

We therefore identified the valuation of
investments in subsidiaries and intercompany
balances as a key audit matter, which was one
of the most significant assessed risks of material
misstatement.
Our audit work included, but was not restricted
to:

Obtaining and reviewing the director’s
assessment of impairment with regards
to investment and loans due from its
subsidiaries to assess whether the
treatment of the balances was in line
with IAS 36;

Reviewing
the
results
of
the
impairment reviews undertaken by the
directors and critically assess and
challenge
management
for
the
assumptions
used
within
the
impairment review to ensure they are
appropriate;

Reviewing the 2024 forecasts against
actual
results
to
determine
the
Directors’ historic forecasting accuracy;

Performing a sensitivity analysis on the
key inputs mentioned above with the
key being the decline in Iodine prices
and sales growth; and

Calculating the enterprise value of the
company and compared to net book
value (“NBV”) of the investment and
loans due to subsidiaries.
The Group’s accounting policy on impairment is
shown in the Accounting Policies for the
consolidated financial statements and related
disclosures are included in note 1m.

Key observations
As a result of the audit procedures we
performed
and,
after
considering
management’s disclosures of the judgements
applied by them, we have concluded that no
impairments are required.

IOFINA PLC

We have confirmed the estimates and
judgements utilised within the models applied
in relation to the valuation and impairment of
investments in subsidiaries and intercompany
balances are within acceptable ranges.

Our application of materiality
The scope and focus of our audit was influenced by our assessment and application of materiality. We
apply the concept of materiality both in planning and performing our audit, and in evaluating the
effect of misstatements on our audit and on the financial statements.
We define financial statement materiality as the magnitude by which misstatements, including
omissions, could reasonably be expected to influence the economic decisions taken on the basis of
the financial statements by reasonable users.
In order to reduce to an appropriately low level the probability that any misstatements exceed
materiality, we use a lower materiality level, performance materiality, to determine the extent of
testing needed. Importantly, misstatements below these levels will not necessarily be evaluated as
immaterial as we also take account of the nature of identified misstatements, and the particular
circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.

Materiality Measure
Group
Parent
Overall materiality
We determined materiality for the
financial statements as a whole to
be $385,700 (2023: $415,700).

We determined materiality for the
financial statements as a whole to
be $358,300 (2023: $366,700).

How we determine it
For 2024 materiality is based 5% of
the last 3 years average Profit
Before Tax (“PBT”) for the Group.
The 2023 materiality was based on
5% of Profit before Tax for that
year.
As the Parent is a holding company,
materiality was based on 1% of
gross assets.
Rationale
for
benchmarks applied
As a trading group, materiality
based on average PBT is an
appropriate
factor
given
the
group’s profitability in the past few
years has been decreasing and
profitability being one of the key
As a holding company, materiality
is based on 1% of the total assets of
the group. This is appropriate as
the company is a holding company.

IOFINA PLC

drivers of the business and is a key
KPI for stakeholders.
Performance
materiality
On the basis of our risk assessment, together with our assessment of the
Group and Company’s control environment, our judgement is that
performance materiality for the financial statements should be 75% of
materiality for the Group and 60% for the Company:
$289,300 (2023: $311,800)
$268,700 (2023: $220,000)
Specific materiality
We also determine a lower level of specific materiality for certain areas
such as directors’ remuneration and related party transactions of $2,000.
Reporting threshold

We agreed with the Audit Committee that we would report to them all
misstatements over 5% of Group and Company materiality identified
during the audit, as well as differences below that threshold that, in our
view, warrant reporting on qualitative grounds.
We also report to the Audit Committee on disclosure matters that we
identified when assessing the overall presentation of the financial
statements.
$19,300 (2023: $20,750)
$18,400 (2023: $16,600)

Other information
The other information comprises the information included in the annual report other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other
information contained within the annual report. Our opinion on the financial statements does not
cover the other information and, except to the extent otherwise explicitly stated in our report, we do
not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives
rise to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.

IOFINA PLC

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

the information given in the strategic report and the directors’ report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and

the strategic report and the directors’ report have been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and Parent Company and its
environment obtained in the course of the audit, we have not identified material misstatements in
the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Parent Company, or returns adequate
for our audit have not been received from branches not visited by us; or

the Parent Company financial statements are not in agreement with the accounting records
and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the statement of directors’ responsibilities set out on page 26, the directors
are responsible for the preparation of the financial statements and for being satisfied that they give a
true and fair view, and for such internal control as the directors determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the directors are responsible for assessing the Group’s and the
Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to
liquidate the group or Parent Company or to cease operations, or have no realistic alternative but to
do so.

IOFINA PLC

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed
below:
Based on our understanding of the Group and the industry in which it operates, we identified that the
principal risks of non-compliance with laws and regulations related to the use of regulated chemicals,
tax legislation, employment and health and safety regulations, anti-bribery, corruption and fraud and
we considered the extent to which non-compliance might have a material effect on the financial
statements.
We also considered those laws and regulations that have a direct impact on the preparation of the
financial statements such as the Companies Act 2006, UK adopted International Accounting Standards
and United Kingdom Generally Accepted Accounting Practice. We evaluated management’s incentives
and opportunities for fraudulent manipulation of the financial statements (including the risk of
override of controls), and determined that the principal risks were related to posting manual journal
entries to manipulate financial performance, management bias through judgements and assumptions
in significant accounting estimates, in particular in relation to revenue recognition, and significant one-
off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance
with laws and regulations (irregularities) and the QCA’s Code on Corporate Governance and fraud that
are material to the financial statements. Our audit procedures included but were not limited to:

Review of the financial statement disclosures to underlying supporting documentation;

Review of reports from the regulators, including correspondence with SOCMA (Society of
Chemical Manufacturers and Affiliates), DEA (Drug Enforcement Administration), US tax
authorities and OSHA (Occupational Safety & Health Administration);

Discussing with management their policies and procedures regarding compliance with laws
and regulations;

Enquiring of management as to actual and potential litigation and claims;

Review of relevant legal or professional costs within the accounting records for any evidence
of previously un-detected or un-reported instances of non-compliance;

Communicating identified laws and regulations throughout our engagement team and
remaining alert to any indications of non-compliance throughout our audit; and

IOFINA PLC


Considering the risk of acts by the Group which were contrary to the applicable laws and
regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:

Making enquiries of the management on whether they had knowledge of any actual,
suspected or alleged fraud;

Gaining an understanding of the internal controls established to mitigate risks related to
fraud;

Substantively testing of revenue and testing of journals to identify unusual transactions and
evaluating whether there was evidence of bias by the Directors that represented a risk of
material misstatement due to fraud;

Performed analytical procedures to identify any unusual or unexpected relationships;

Assessed whether judgements and assumptions made in determining the accounting
estimates were indicative of potential bias;

Investigated the rationale behind any significant or unusual transactions;

Discussing amongst the engagement team the risks of fraud; and

Addressing the risks of fraud through management override of controls by performing journal
entry testing.
There are inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or
through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.

IOFINA PLC

Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with part 3 of
Chapter 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state
to the Parent Company’s members those matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Parent Company and the Parent Company’s members as a
body, for our audit work, for this report, or for the opinions we have formed.

Colin Wright
(Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
Chartered Accountants and Statutory Auditor

UHY Hacker Young
4 Thomas More Square
London E1W 1YW

9 May 2025

IOFINA PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Year ended

31 December
31 December

2024

2023

Note
$’000

$’000
Revenue
3
54,465
50,036
Cost of sales
4
(41,228)
(34,382)
Gross profit

13,237
15,654

Administrative expenses
4
(5,670)
(4,873)
Depreciation and amortisation
4
(2,610)
(2,187)
Operating profit

4,957
8,594

Finance income
7
176
135
Finance expense
6
(266)
(327)
Interest swap derivative asset
19
(68)
(88)
Profit before taxation
4
4,799
8,314

Taxation
8
(1,881)
(1,750)
Profit for the year attributable to owners of the
parent

$2,918
$6,564

Earnings per share attributable to owners of the
parent:

-
Basic
9
$0.015
$0.034
-
Diluted
9
$0.015
$0.033

2024
2023
Adjusted EBITDA:

$’000
$,000
Operating profit

4,957
8,594
Depreciation and amortisation

2,610
2,187
EBITDA

7,567
10,781
Net other income

-
-
Adjusted EBITDA

$7,567
$10,781

All activities are classed as continuing.
The accompanying notes form part of these financial statements.

IOFINA PLC

CONSOLIDATED BALANCE SHEET

31 December

31 December
2024
2023

Note
$’000

$’000
Assets

Non-current assets

Intangible assets
10
-
103
Goodwill
11
3,087
3,087
Property, plant and equipment
12
31,790
24,784
Deferred tax asset
23
-
240
Term loan – interest swap asset
19
92
161
Total non-current assets

34,969
28,375

Current assets

Inventories
13
10,060
10,138
Trade and other receivables
15
11,896
15,491
Cash and cash equivalents
16
6,857
6,518
Total current assets

28,813
32,147
Total assets

$63,782
$60,522

Equity and liabilities

Current liabilities

Trade and other payables
17
10,800
9,933
Term loan – due within one year
19
1,429
1,429
Lease liabilities
18
160
141
Total current liabilities

12,389
11,503

Non-current liabilities
Term loan – due after one year
19
2,500
3,928
Lease liabilities
18
170
341
Deferred tax liability
23
932
-
Total non-current liabilities

3,602
4,269
Total liabilities

$15,991
$15,772

Equity attributable to owners of the parent

Issued share capital
21
3,107
3,107
Share premium

60,687
60,687
Share-based payment reserve
22
2,411
2,367
Retained losses
(12,470)
(15,467)
Foreign currency reserve

(5,944)
(5,944)
Total equity

$47,791
$44,750
Total equity and liabilities

$63,782
$60,522

The financial statements on pages 49 to 85 were approved and authorised for issue by the Board and were
signed on its behalf on 9 May 2025.

Dr. Thomas M. Becker - Chief Executive Officer and President
The accompanying notes form part of these financial statements. Company number 05393357

IOFINA PLC

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Attributable to owners of the parent

Share
Share
Share-
based
Retained
Foreign
Total
capital
premium
payment
losses
currency
equity

reserve

$’000
$’000
$’000
$’000
$’000
$’000

Balance at 1 January 2023
$3,107
$60,687
$2,253
$(22,031)
$(5,944)
$37,972
Transactions with owners

Share-based expense
–
–
214
–
–
214
Total transactions with owners
–
–
214
–
–
214
Profit for the year attributable to
owners of the parent
–
–
–
6,564
–
6,564
Total comprehensive income
attributable to owners of the
parent
–
–
–
6,564
–
6,564
Balance at 31 December 2023
$3,107
$60,687
$2,367
$(15,467)
$(5,944)
$44,750

Transactions with owners

Share-based expense
–
–
123
–
–
123
Share options forfeited
–
–
(79)
79
–
–
Total transactions with owners
–
–
44
79
–
123

Profit for the year attributable to
owners of the parent
–
–
–
2,918
–
2,918
Total comprehensive income
attributable to owners of the
parent
–
–
–
2,918
–
2,918
Balance at 31 December 2024
$3,107
$60,687
$2,411
$(12,470)
$(5,944)
$47,791

IOFINA PLC

CONSOLIDATED CASH FLOW STATEMENT

Year ended

Year ended
31 December
31 December

2024

2023

Note
$’000

$’000
Cash flows from operating activities
Profit before taxation
4,799

8,314
Adjustments for:

Depreciation
12
2,484

1,966
Loss on disposal of fixed asset
4
23

41
Amortisation of intangible assets
10
103

180
Share-based payments
22
123

214
Revaluation of derivative asset
19
68

88
Lease finance
-

199
Finance expense
6
265

327
Finance income
7
(177)
(135)
Operating cash inflow before changes
in working capital and tax paid
7,688

11,194

Changes in working capital

Decrease/(increase) in trade and other receivables
3,825

(5,004)
Decrease in inventories
13
78

46
Increase in trade and other payables
838

2,376
Net cash inflow from operating activities before tax paid
12,429

8,612
Tax paid
(901)

(40)
Net cash inflow from operating activities after tax paid
11,528
8,572

Cash flows from investing activities
Interest received
7
177

135
Additions to property, plant and equipment
12
(9,513)

(6,234)
Net cash outflow from investing activities
(9,336)

(6,099)

Cash flows from financing activities

Term loan repayments
19
(1,429)

(1,429)
Interest paid
(246)
(309)
Lease payments
18
(178)

(144)
Net cash outflow from financing activities
(1,853)

(1,882)

Net increase in cash and cash equivalents
339

591

Cash and cash equivalents at beginning of year
6,518

5,927
Cash and cash equivalents at end of year
$6,857

$6,518

IOFINA PLC

COMPANY BALANCE SHEET

31 December

2024

2023

Note

$’000

$’000
Assets

Non-current assets

Investment in subsidiary undertakings
26
17,199
17,199
Total non-current assets

17,199

Current assets

Due from subsidiaries
26
18,395

19,286
Trade and other receivables
15
8

6
Cash and cash equivalents
16
224

179
Total current assets

18,627

19,471
Total assets

$35,826

$36,670

Equity and liabilities

Current liabilities

Trade and other payables
17
258

203
Total current liabilities

258

203

Equity attributable to the owners of the
parent

Issued share capital
21
3,107

3,107
Share premium

60,687

60,687
Share-based payment reserve
22
2,411

2,367
Retained losses

(24,878)

(23,935)
Foreign currency reserve

(5,759)

(5,759)
Total equity

35,568

36,467
Total equity and liabilities

$35,826

$36,670

The directors have taken advantage of the exemption offered by section 408 of the Companies Act
2006 not to present a separate statement of comprehensive income for the parent company.
The parent company has also taken advantage of certain disclosure exemptions conferred by FRS
101 and has not provided a Cash Flow Statement.
The loss for the financial year dealt with in the financial statements of the parent company was
$1,022k (2023 loss $1,002k).

The financial statements on pages 49 to 85 were approved and authorised for issue by the Board and
were signed on its behalf on 9 May 2025

Dr. Thomas M Becker
Chief Executive Officer and President
Company number: 05393357

IOFINA PLC

COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Attributable to equity holders of the parent

Share
Share
Share based
Retained
Foreign
Total

capital
premium
payment
losses
currency
equity

reserve

$’000
$’000
$’000
$’000
$’000
$’000
Balance at 1 January 2023
$3,107
$60,687
$2,153
$(22,933)
$(5,759)
$37,255

Transactions with owners

Share-based expense
–
–
214
–
–
214
Total transactions with
owners
–
–
214
–
–
214

Loss attributable to owners
of the parent
–
–
–
(1,002)
–
(1,002)
Total comprehensive income
for the year
–
–
–
(1,002)
–
(1,002)
Balance at 31 December 2023
$3,107
$60,687
$2,367
$(23,935)
$(5,759)
$36,467
Transactions with owners

Share-based expense
–
–
123
–
–
123
Share options forfeited
–
–
(79)
79
–
–
Total transactions with
owners
–
–
44
79
–
123

Loss attributable to owners
of the parent
–
–
–
(1,022)
–
(1,022)
Total comprehensive income
for the year
–
–
–
(1,022)
–
(1,022)
Balance at 31 December 2024
$3,107
$60,687
$2,411
$(24,878)
$(5,759)
$35,568

IOFINA PLC
58

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Accounting policies
The Company is a public limited company incorporated and domiciled in the United Kingdom. The
Company is listed on the AIM Market of the London Stock Exchange.
The registered office is located at 48 Chancery Lane, London, WC2A 1JF. The principal activities of the
Company have been and continue to be investment in subsidiaries engaged in the production of iodine
and iodine derivatives, including the arrangement of finance for and the provision of management
services to subsidiaries.
a) Statement of compliance
These consolidated financial statements have been prepared in accordance with UK adopted
International Accounting Standards (‘IFRS’) and IFRS Interpretations Committee (‘IFRIC’) and the
Companies Act 2006 applicable to companies reporting under IFRS. The accounts of the parent
company, Iofina plc, have been prepared in accordance with FRS101 ‘Reduced Disclosure Framework
applicable in the UK and Republic of Ireland’ (FRS 101). The company has taken advantage of certain
disclosure exemptions conferred by FRS101, including not presenting a Company Cash Flow
Statement.
The accounting policies set out below have been applied consistently to all periods presented in these
consolidated financial statements.
b) New standards, interpretations and amendments
Management continues to evaluate standards, amendments and interpretations which are applicable
and effective for reporting periods beginning after the date of these financial statements and have
not been adopted early, including:
-
Lack of Exchangeability (Amendments to IAS 21)
-
Classification and Measurement of Financial Instruments (Amendments to IFRS9 and IFRS7)
-
Annual Improvements to IFRS Accounting Standards – Volume 11 (IFRS1, IFRS7, IFRS9 and IFRS10)
-
IFRS 18 Presentation and Disclosure in Financial Statements
-
IFRS19 Subsidiaries without Public Accountability: Disclosures

Implementation of the above is not expected to have a material effect on the Group’s financial
statements in the future.
c) Basis of preparation of financial statements
The financial statements have been prepared on the historical cost convention as modified by the
revaluation of financial liabilities at fair value through profit and loss.
The financial statements are presented in US Dollars, which is also the Group’s functional currency.
Amounts are stated in thousands of US Dollars, unless otherwise stated.

IOFINA PLC
59

As permitted by Section 408 of the Companies Act 2006, the parent company’s income statement has
not been included in these financial statements.

d) Revenue recognition

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring
goods or providing services, and is recognized when performance obligations are satisfied under the
terms of contracts with our customers. A performance obligation is deemed to be satisfied when
transfer of benefit of the product or service is transferred to our customer. The transaction price of a
contract, or the amount we expect to receive upon satisfaction of all performance obligations, is
determined by reference to the contract’s terms and includes adjustments, if applicable, for any
variable consideration, such as customer rebates or commissions, although these adjustments are
generally not material. Costs incurred to obtain contracts with customers are expensed immediately.

Revenue consists of sales of iodine derivatives, iodine, chemicals and ancillary products. All of our
revenue is derived from contracts with customers, and almost all of our contracts with customers
contain one performance obligation for the transfer of goods where such performance obligation is
satisfied at a point in time. Transfer of benefit of a product is deemed to be transferred to the
customer upon shipment or delivery. Significant portions of our sales are sold free on board shipping
point or on an equivalent basis, while delivery terms of other transactions are based upon specific
contractual arrangements. Our standard terms of delivery are generally included in our contracts of
sale, order confirmation documents and invoices, while the timing between shipment and delivery
generally ranges between 1 and 45 days. Costs for shipping and handling activities, whether
performed before or after the customer obtains control of the goods, are accounted for as fulfilment
costs.

e) Research and development expenditures
Expenditure on research (or the research phase of an internal project) is recognised as an expense in
the period in which it is incurred. Costs that are directly attributable to the development phase of a
new customised chemical manufacturing process or development of a new iodine project are
recognised as intangible assets provided they meet the following recognition requirements:

completion of the intangible asset is technically feasible so it will be available for use or sale;

the Group intends to complete the intangible asset and use or sell it;

the Group has the ability to use or sell the intangible asset;

the intangible asset will generate probable future economic benefits;

there are adequate technical, financial and other resources to complete the development and
to use or sell the intangible asset; and

the expenditure attributable to the intangible asset during its development can be measured
reliably.

Among other things, this requires that there is a market for the output from the intangible asset or for
the intangible asset itself, or, if it is to be used internally, the asset will be used in generating such
benefits.

IOFINA PLC
60

Development costs not meeting these criteria for capitalisation are expensed as incurred. In 2023, all
research and development expenditures were expensed as incurred.
f) Going concern
The Group considers that it is now well placed financially in light of recent reductions in debt,
generation of profits and free cash flows, and sustained upwards trends in iodine pricing. On that basis
the Group has prepared forecasts and projections that indicate there are adequate resources to
continue in operational existence for the foreseeable future. However, the Group recognises that
there can be no certainty where these predictions are concerned. After due consideration of the
foregoing, the Directors consider it appropriate to continue to adopt the going concern basis in
preparing the financial statements.
g) Basis of consolidation and investments in subsidiary undertakings
The consolidated financial statements incorporate the financial statements of the Company and its
subsidiaries made up to 31 December 2024. Subsidiaries are entities over which the Group has the
power to control the financial and operating policies so as to obtain benefits from their activities. The
Group obtains and exercises control through voting rights. The acquisition method of accounting is
used to account for the purchase of subsidiaries by the Group. On acquisition, the subsidiary’s assets
and liabilities are recorded at fair value, reflecting their condition at the date of acquisition.
The financial statements of subsidiaries are included in the consolidated financial statements from the
date control commences until the date control ceases.
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-
Group transactions are eliminated in preparing the consolidated financial statements, unless the
losses provide an indication of impairment of the assets transferred.
Amounts reported in the financial statements of the subsidiaries are adjusted where necessary to
ensure consistency with the accounting policies adopted by the Group.
Investments in subsidiary undertakings are stated in the parent company balance sheet at cost less
provision for any impairment losses.
h) Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The acquisition method
involves the recognition of the acquiree's identifiable assets and liabilities, including contingent
liabilities, regardless of whether they were recorded in the financial statements prior to acquisition.
On initial recognition, the assets and liabilities of the acquired subsidiary are included in the
consolidated balance sheet at their fair values, which are also used as the basis for subsequent
measurement in accordance with the Group’s accounting policies. Acquisition costs are expensed as
incurred.
Goodwill represents the excess of the fair value of consideration payable in a business combination
over the fair value of the Group's share of the identifiable net assets of the acquiree at the date of

IOFINA PLC
61

acquisition. Any excess of identifiable net assets over the fair value of consideration is recognised in
profit or loss immediately after acquisition.
As described in Note 1m) below, goodwill is tested for impairment at least annually.
i) Foreign currency
The vast majority of the Group’s business is denominated in U.S. Dollars, which is the functional
currency of the main operating subsidiaries. U.S. Dollars is the presentational currency for the Group
financial statements.
Transactions denominated in foreign currencies are translated at the rates of exchange ruling at the
date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates
of exchange ruling at the balance sheet date. Non-monetary items that are measured at historical cost
in a foreign currency are translated at the exchange rate at the date of transaction. Non-monetary
items that are measured at fair value in a foreign currency are translated using the exchange rates at
the date the fair value was determined.
Any exchange differences arising on the settlement of monetary items or on translating monetary
items at rates different from those at which they were initially recorded are recognised in profit and
loss in the period in which they arise. Exchange differences on non-monetary items are recognised in
other comprehensive income to the extent that they relate to a gain or loss on that non-monetary
item taken to the statement of changes in equity, otherwise such gains and losses are recognised in
profit and loss.
The results and financial position of foreign operations (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation currency
are translated into the presentation currency as follows:
• assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet;
• income and expenses for each statement of profit or loss and statement of comprehensive income
are translated at average exchange rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses
are translated at the dates of the transactions); and
• all resulting exchange differences are recognised in other comprehensive income.
On disposal of a foreign operation for which the presentational and functional currencies were
different in previous periods, the cumulative translation differences are transferred to profit and loss
as part of the gain or loss on disposal. The US Dollar/Pounds Sterling exchange rate averaged 1.278 in
2024 (2023 1.2436), and at 31 December 2024 was 1.253 (2023: 1.273).

IOFINA PLC
62

j) Intangible assets
Undeveloped leasehold costs
Undeveloped leasehold costs relate to the costs of acquiring brine leases in respect of the surface and
mineral rights of landowners in areas of interest outside of those currently connected to the Group’s
operating plants.
These costs are capitalised as exploration and evaluation assets and are carried at historical cost less
any impairment losses recognised. If areas leased provide brine to operating plants, the related costs
are transferred to the relevant plants and amortized over the lives of those plants.
Other intangible assets
Other identifiable intangible assets arose from the acquisition of H&S Chemical in 2009. These assets
were valued by an external, independent valuation firm. Based on the type of asset, the useful life of
each asset was estimated. The value of each identifiable intangible asset is amortised evenly over its
useful life. The following useful lives are applied:

WET® patent: 15 years

Customer relationships: 10 years

Patent portfolio: 8 years

EPA registrations: 2 years

Goodwill
Goodwill represents the excess of the fair value of consideration in a business combination over the
fair value of the Group’s share of the identifiable net assets acquired. Goodwill is carried at cost less
accumulated impairment losses.
k) Property, plant and equipment
Property, plant and equipment are stated at historical cost, net of depreciation and any provision for
impairment. Cost includes purchase price and costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended by
management, such as costs relating to construction, site preparation, installation and testing.
Costs relating to assets put into service at a later date are accumulated as construction in progress,
and depreciation only commences once such assets are put into use.
Depreciation is provided at rates calculated to write off the depreciable amount of each asset on a
straight line basis over its expected useful life, as follows:

IOFINA PLC
63


Buildings: 2.5 percent per annum

Office lease: term of the lease (28 months)

Vehicle finance leases: term of the leases (57 months)

Equipment and machinery:
o IOsorb® plants - 5 percent per annum
o Other plant and equipment – 5 to 7 years
o Vehicles and office equipment - 20 percent per annum
o Computer equipment - 33 percent per annum

Reviews of the estimated remaining lives and residual values of individual assets are made at least
semi-annually, and adjustments are made where appropriate. Construction in progress is also
reviewed for impairment.
Freehold land and construction in progress are not depreciated.
l) Financial instruments
1) Financial liabilities
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently measured at
amortised cost using the effective interest rate method.
Loan notes
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the Group after deducting all of its liabilities.
Interest-bearing loans are recorded initially at their fair value, net of direct transaction costs. Such
instruments are subsequently carried at their amortised cost and finance charges, including premiums
payable on settlement, redemption or conversion, are recognised in profit or loss over the term of the
instrument using the effective rate of interest.
2) Financial assets

Cash and cash equivalents represent short term, highly liquid investments with an original maturity of
fewer than three months that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value. At the end of 2024 and 2023, all cash amounts were in 100
percent liquid accounts.
The Group uses the ‘simplified method of expected credit losses’. Trade receivables are recognised
initially at fair value and subsequently measured at amortised cost using the effective interest rate
method, less provision for expected credit losses. Expected credit losses are based on the Group’s
historical credit losses experienced, then adjusted for current and forward looking information on
factors affecting the Group’s customers.

IOFINA PLC
64

m) Impairment
Whenever events or changes in circumstances indicate that the carrying value of an asset may not be
recoverable, that asset is reviewed for impairment. An asset's carrying value is written down to its
estimated recoverable amount (being the higher of the fair value less costs to sell and value in use) if
that is less than the asset's carrying amount.
Goodwill is allocated to those cash-generating units that are expected to benefit from synergies of the
related business combinations and represent the lowest level within the Group at which management
monitors goodwill.
Cash-generating units to which goodwill has been allocated are tested for impairment at least
annually. An impairment loss is recognised for the amount by which the asset's or cash generating
unit's carrying amount exceeds its recoverable amount, which is the higher of fair value less costs to
sell and value in use. To determine the value in use, management estimates expected future cash
flows from each cash-generating unit and determines a suitable discount rate in order to calculate the
present value of those cash flows. The data used for impairment testing procedures are directly linked
to the Group's latest approved budget, adjusted as necessary to exclude the effects of future
reorganisations and asset enhancements. Discount factors are determined individually for each cash-
generating unit and reflect their respective risk profiles as assessed by management.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated
to that cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in
the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for
indications that an impairment loss previously recognised may no longer exist. An impairment charge
is reversed if the cash-generating unit’s recoverable amount exceeds its carrying amount.
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost. The impairment methodology applied depends on whether
there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires
expected lifetime losses to be recognised from initial recognition of the receivables. Intercompany
loans due to the parent company from its subsidiaries are tested for impairment as part of the overall
investment in those subsidiaries, by reference to the present values of estimated future cash flows of
the subsidiaries, as further described in Note 2d.
n) Equity
Equity comprises the following:

“Share capital” represents the nominal value of equity shares.

“Share premium” represents the excess over nominal value of the fair value of consideration
received for equity shares, net of expenses for the share issue.

“Share-based payment reserve” represents the cumulative fair value of options and warrants
issued by the Company and recognised in profit and loss.

"Retained losses" represents accumulated losses.

IOFINA PLC
65


"Foreign currency reserve" represents the cumulative differences arising from translation of
foreign operations.

o) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all expenses directly
attributable to the manufacturing process as well as suitable portions of related production
overheads, based on normal operating capacity. Costs of ordinarily interchangeable items are assigned
using the first in, first out cost formula. Cost excludes unrealised gains arising from intra-Group
transactions. Net realisable value is the estimated selling price in the ordinary course of business less
any applicable selling expenses. When inventory is sold the cost is included in Cost of Sales on the
Statement of Comprehensive Income.
p) Taxation
Tax expense recognised in profit or loss is the tax currently payable based on taxable profit for the
year and deferred tax not recognised directly in equity.
Deferred income taxes are calculated using the balance sheet liability method. Deferred tax is
generally provided on the difference between the carrying amounts of assets and liabilities and their
tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial
recognition of an asset or liability unless the related transaction is a business combination or affects
tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries
is not provided if reversal of these temporary differences can be controlled by the Group and it is
probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be
carried forward, as well as other income tax credits to the Group, are assessed for recognition as
deferred tax assets according to the likelihood of their recoverability in the foreseeable future.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to
the extent that it is probable that the underlying deductible temporary differences will be able to be
offset against future taxable income. Current and deferred tax assets and liabilities are calculated at
tax rates that are expected to apply to their respective period of realisation, provided they are enacted
or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in profit or
loss, except where they relate to items that are charged or credited directly to equity in which case
the related deferred tax is also charged or credited directly to equity.
q) Leases
The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group
recognises a right-of-use asset and a lease liability on the balance sheet at the lease commencement
date. The right-of-use asset is initially measured at cost. This comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date and an estimate
of any costs to restore the underlying asset to the site on which it is located, less any lease incentives
received.

IOFINA PLC
66

The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right-of-use-asset or the end of
the lease term. Amounts relating to such assets are disclosed separately in note 12. In addition, the
Group assesses the right-of-use asset for impairment when such indicators exist.
At the commencement date, the lease liability is initially measured at the present value of the lease
payments discounted using the Group’s incremental borrowing rate at the date of transition as the
interest rate implicit in the lease could not be readily determined. Interest is charged at the same
discount rate used to calculate the present value of the lease.
The lease liability is re-measured if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option. When the lease liability is re-measured in this way, a
corresponding adjustment is made to the carrying amount for the right-of-use asset, or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases
that have a lease term of 12 months or less and leases of low value operating value. These are charged
to profit and loss on a straight-line basis over the period of the lease. At 31 December 2024 the Group
had four leases, one for office space and three for vehicles.
r) Share-based payments
The cost of equity settled transactions is measured at fair value at the grant date as measured by use
of the Black Scholes model. If vesting periods or other vesting conditions apply, the expense is
allocated over the vesting period, based on the best available estimate of the number of share options
expected to vest. Non-market vesting conditions are included in assumptions about the number of
options that are expected to become exercisable. Estimates are subsequently revised if there is any
indication that the number of share options expected to vest differs from previous estimates. Any
cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to
any expense recognised in prior periods if share options ultimately exercised are different to those
estimated on vesting.
Charges made to profit or loss, in respect to share-based payments, are credited to the share-based
payment reserve.
s) Segment reporting (Note 3)

In identifying its operating segments, management follows the Group's service lines, which represent
the main products provided by the Group and are based on the information presented to the chief
operating decision maker, which is the Board.

2. Significant judgements and estimates

Judgements and estimates are regularly evaluated based on historical experience, current
circumstances and expectations of future events.

IOFINA PLC
67

The critical estimates made in the preparation of the financial statements are set out below. The
resulting accounting estimate may not equal the related actual result, and management must also
make judgements about current circumstances and expectations of future events. Significant
judgements made by management include:
a. Intangible and tangible assets are tested for impairment where there is an indication that they
may be impaired. In accordance with IAS 36 - Impairment of Assets, an intangible or tangible asset
is considered impaired when its carrying amount exceeds its recoverable amount on an individual
cash generating unit basis. The recoverable amounts of relevant cash generating units are based
on value in use calculations using management's best estimate of future business performance.
For this purpose management regards all the iodine production plants as a single cash generating
unit given their mutual dependence on centralised management, financial, maintenance and sales
and marketing functions. In carrying out impairment testing, management makes a number of
significant estimates in relation to the assumptions incorporated into their calculations. These will
include factors such as growth rates and discount rates. Cash flow projections over the next five
years were used and a discount rate of 7.58% was applied. Details and carrying values of intangible
assets, goodwill and property, plant and equipment are provided in notes 10, 11 and 12.
b. Management reviews the useful lives of depreciable and amortisable assets at each reporting
date. The carrying amounts are analysed in notes 10 and 12. Management’s estimate of the useful
lives of plant and equipment as detailed in note 1k are common life expectancies for the industry.
In particular, the expected useful life attributed to each IOsorb® plant is 20 years. Changes in the
expected level of usage or other technological developments could impact the life and residual
value of these assets.
c. Management applies the accounting polices set out in Note 1o) Inventories to determine the
carrying value of raw materials, work in progress and finished goods (Note 13). Based on historical
experience and current market intelligence, judgements are made as regards net realisable value,
which may include but are not limited to obsolescence, usage in alternative formulations,
production needs, market demand, costs to complete production, condition, regulatory
requirements and limitations, and allocations of production overheads to the cost of work in
progress and finished goods. Based on these assessments no requirement for provisions against
the carrying value of inventories was identified.
d. The carrying amount of the parent company’s investment in its subsidiaries of $35.6m (2023:
$36.4M) has been evaluated for impairment. The investment amounts include debts due from
subsidiaries of $18.4m (2023 $19.2m). For this purpose the two operating subsidiaries have been
treated as one unit, given the vertical integration of the Group’s operating activities. The carrying
amount of the parent company’s investment of $35.6m (2023: $36.4M) compares to carrying
amounts of the subsidiaries’ net assets, excluding loans from the parent company, of $47.8m
(2023: $44.5m). An assessment has been made of the present values of the future cash flows
related to the operating activities of the subsidiaries to determine whether any impairment losses
should be recognised. The assessment took into account cash flow projections of the subsidiaries
over the next five years, and applied a discount rate of 7.58%. The Group has concluded that no
impairment provision is required.

IOFINA PLC
68

3. Segment reporting

a. Business segments - The Group’s operations comprise the exploration and production of iodine
with complete vertical integration into its specialty chemical halogen derivatives business, and are
therefore considered to fall within one business segment.

31 December
31 December
2024
2023

$’000

$’000
Assets

Halogen Derivatives and Iodine
63,782

60,522
Total
$63,782

$60,522
Liabilities

Halogen Derivatives and Iodine
15,991
15,772
Total
$15,991
$15,772

b. Geographical segments - The Group reports by geographical segment. The Group's activities are
related to exploration for, and development of, iodine in certain areas of the USA and the
manufacturing of specialty chemicals in the USA with support provided by the UK office. In
presenting information on the basis of geographical segments, segment assets and the cost of
acquiring them are based on the geographical location of the assets.

31 December
31 December

2024

2023

$’000

$’000
Assets

UK
232

185
USA
63,550

60,337
Total
$63,782
$60,522
Liabilities

UK
258
204
USA
15,733
15,568
Total
$15,991
$15,772

Revenue
North America
27,100
17,448
Asia
19,578
25,952
South America
4,057
4,131
Europe
3,677
2,379
Other
53
126
Total
$54,465
$50,036

c. Significant customers – in 2024 Iofina Chemical had five customers in excess of 5% of sales (2023
seven customers). 2024 percentages were 9%, 8%, 7%, 6%, 6% (2023 percentages were13%, 8%, 8%,
8%, 6%, 6%, 6%). The amounts in excess of 10% of sales for individual customers were: 2024 $Nil (0%)
and 2023 $6,448,680 (13%).

IOFINA PLC
69

4. Profit before taxation
Profit before taxation is stated after charging:

Year ended

Year ended
31 December
31 December

2024

2023

$’000

$’000
Depreciation expense
2,484
1,966
Deficit on disposal of fixed asset
23
41
Amortisation expense
103
180
Other:

Annual audit fees for audit of parent company and
consolidated financial statements (excluding expenses)
134
140

Cost of sales – analysis by nature

Year ended

31 December

2024

2023
$’000
$’000
Raw materials
18,753
15,345
Freight
567
530
Sales commission
454
806
Labour, manufacturing overhead and royalties
21,454
17,701

$41,228
$34,382

Administrative expenses – analysis by nature

Year ended

31 December

31 December
2024
2023

$’000

$’000
Remuneration and benefits
3,762
3,194
Share-based payments
123
214
Office expenses
243
283
Professional services
971
658
Travel
267
227
Rent
(44)
31
Other
348
266

$5,670
$4,873

Research and development expenses recognised during the period were $208k (2023: $237k), and
are included in administrative expenses above.

IOFINA PLC
70

5. Staff numbers and costs
The average number of Group employees, including executive directors, and their costs were:
Year ended
Year ended
31 December
31 December
2024
2023

Number

Number
Production
96
91
Administrative
18
15
Sales
2
2
Total staff
116
108

Year ended

31 December

31 December
2024
2023

$’000

$’000
Wages and salaries
9,364
8,306
Social security costs
1,551
1,385

$10,915
$9,691

Of the total staff costs above, $7,375k (2023: $6,746k) is included within cost of sales and $3,540k
(2023: $2,946k) is included within administrative expenses.

Payments to executive directors and senior officers of subsidiaries (considered to be key management
personnel) for their services during the year were as follows:

Year ended

31 December

2024
2023

$’000
$’000
Wages and salaries
1,013
1,029
Social security costs
118
112
Total key management cost
$1,131
$1,141

Included within wages and salaries above is $303k (2023: $331k) in respect of the highest paid
director. No options were exercised by a director in 2024 (2023 Nil).
6. Finance expense

Year ended

31 December

2024

2023

$’000

$’000
Term loan interest
239
309
IFRS16 lease interest
27

18
Total finance expense
$266
$327

IOFINA PLC
71

7. Finance income

Year ended

31 December

2024

2023

$’000

$’000
Interest income
176
135

$176
$135

8. Taxation

Year ended

31 December

2024

2023

$’000

$’000
Current tax
708
60
Deferred tax (Note 23)
1,173
1,690

$1,881
$1,750

Tax reconciliation:
Profit on ordinary activities before tax
4,799
8,314

Tax at UK income tax rate of 25% (2023: 23.5%)
1,200
1,954
Effects of:

UK losses not recognised
230
259
Temporary differences
(527)
968
Differences in tax rates
(229)
(185)
State/local taxes payable
439
60
State tax deductions benefit
(97)
-
State prior year allowances adjusted
277
(277)
Prior year allowances utilised/(recognised)
588
(1,029)
Total tax charge
$1,881
$1,750

All prior year tax reliefs and allowances available to the group have now been utilised with the
exception of credits of $172,584 still carried forward.
9. Earnings per share
The calculation of earnings per ordinary share is based on the profit after tax attributable to
shareholders of $2,918k (2023 profit $6,564k) and the weighted average number of ordinary shares
outstanding of 191,858,408 (2023: 191,858,408). After including the weighted average effect of
dilutive share options of 3,773,400 (2023: 5,000,400) the diluted weighted average number of
ordinary shares outstanding was 195,631,808 (2023 196,858,808).

IOFINA PLC
72

10. Intangible assets (Group)
Details of intangible assets are set out below:
Intangible assets
WET® patent
Customer
relationships
Patent
portfolio
EPA
registrations
Total

$’000
$’000
$’000
$’000
$’000
Cost

At 1 January 2023
2,700
661
187
271
3,819
At 31 December 2023 &
2024
$2,700
$661
$187
$271
$3,819
Accumulated amortization
At 1 January 2023
2,417
661
187
271
3,536
Charge for the year
180
-
-
-
180
At 31 December 2023
2,597
661
187
271
3,716
Charge for the year
103
–
–
-
103
At 31 December 2024
$2,700
$661
$187
$271
$3,819
Carrying amounts

At 31 December 2022
$283
–
–
–
$283
At 31 December 2023
$103
–
–
–
$103
At 31 December 2024
–
–
–
–
–

Intangible assets were acquired in the acquisition of H&S Chemical in 2009, and are now fully
amortized.
WET® Patent
The WET® Patent technology employs two different iodine extraction methods depending on brine
chemistry for optimal efficiency. We utilised a with and without analysis, a variation of the discounted
cash-flow method, to estimate the fair value of a WET® Patent at date of acquisition. The methodology
compared the cash flow generating capacity of Iofina Chemical assuming it was operating without the
benefit of the WET® Patent to the projected cash flow with the benefit of the patent. The contractual
life of the patent is in excess of 20 years; however, the useful life of the patent was estimated at 15
years based on the following:

Management’s expectation for the expected viability of the technology

Management’s expectations regarding the timing of significant substitute technology

The lack of comparable substitute technologies as of the valuation date.

11. Goodwill (Group)
Carrying amounts

$’000
At 31 December 2022, 31 December 2023 and 31 December 2024

$3,087

Goodwill arose on the acquisition of H&S Chemical in 2009 and is wholly allocated to Iofina Chemical.
Goodwill impairment testing is conducted annually, based on projected cash flow to be generated.

IOFINA PLC
73

The Chemical business has been in operation for 40 years, and much of its products and customer
base are long established. For impairment testing, a long term growth rate of 1.00% per annum was
applied to budgeted and projected cash flows over the next five years and a discount rate of 7.58%
per annum was used. On this basis the net present value of cash flow exceeded the goodwill amount
of $3,087k.
Sensitivity analysis
Projections based on the above assumptions show headroom of $13.3m between the value in use of
the business of $22.7m and the carrying value of $9.5m, comprising goodwill of $3.1m and fixed assets
of $6.4m. In order for the value in use to equal the carrying value it would be necessary for the discount
rate to rise to 17.1% or the long term growth rate to be 19.3% negative or projected EBITDA to be
lower by 27.9%. Based on the results of this impairment testing management are satisfied that a
reasonably possible change in assumptions would not lead to an impairment.

IOFINA PLC
74

12. Property, plant and equipment (Group)

Freehold
Land
Buildings

Equipment
and
Machinery
Construction
in Progress
Total

Right of
use

$’000
$’000
$’000
$’000
$’000
$’000
Cost

At 1 January 2023
$209
$2,025
$752
$26,610
$3,524
$33,120
Additions
–
(20)
–
230
6,024
6,234
Transfers
–
765
–
6,785
(7,763)
(213)
Disposals
–
–
–
(57)
–
(57)
At 31 December 2023
$209
$2,770
$752
$33,568
$1,785
$39,084
Additions
–
(30)
–
1,484
8,080
9,534
Transfers
–
469
–
7,976
(8,445)
–
Disposals
–
–
–
(257)
(43)
(300)
At 31 December 2024
$209
$3,209
$752
$42,771
$1,377
$48,318

Accumulated
depreciation

At 1 January 2023
–
$610
$405
$11,548
–
$12,563
Charges for the year
–
107
104
1,755
–
1,966
Transfers

–
–
(213)
–
(213)
Disposals
(16)
(16)
At 31 December 2023
–
$717
$509
$13,074
–
$14,300
Charges for the year
–
131
104
2,250
–
2,485
Disposals

(257)

(257)
At 31 December 2024
–
$848
$613
$15,067
–
$16,528

Carrying amounts

At 31 December 2022
$209
$1,415
$346
$15,062
$3,524
$20,557
At 31 December 2023
$209
$2,054
$242
$20,495
$1,785
$24,784
At 31 December 2024
$209
$2,361
$139
$27,704
$1,377
$31,790

Right-of-use assets

Right-of-use assets relate to the Group’s lease on office premises in Denver, Colorado, which expires
in April 2026. Liabilities for future payments are shown in Note 18.

IOFINA PLC
75

13. Inventories
Group
31 December
31 December

2024

2023

$’000

$’000
Raw materials
6,546

5,672
Work in progress
3,449

4,431
Finished goods
65
35
$10,060
$10,138

At year end, there were no provisions against the carrying value of inventories (2023: nil). During the
year, the cost of inventories recognised as expense and included in ‘cost of sales’ amounted to
$40,207k (2023: $33,044k).

14. Financial instruments
The Board of directors determines, as required, the degree to which it is appropriate to use financial
instruments to mitigate risks. The main risks for which such instruments may be appropriate are
interest rate risk, foreign currency risk, credit risk, investment risk, liquidity risk and commodity risk.
The Group's principal financial asset is cash, which is invested with major banks. The Group has a term
loan and no other borrowings currently drawn (see Note 19).
Financial assets and liabilities
Group
Loans and
receivables at
amortised cost
Financial
liabilities at
amortised cost

Swap asset at
fair value

Total
2024
$’000
$’000
$’000
$’000
Cash and cash equivalents
6,857

6,857
Trade receivables
10,640

10,640
Interest rate swap asset

$17,589

Trade payables

2,962

2,962
Accrued liabilities

7,837

7,837
Lease liabilities
330

330
Term loan

3,928

$15,057
2023

Cash and cash equivalents
6,518

6,518
Trade receivables
14,638

14,638
Interest rate swap asset

161

$21,317

Trade payables

3,146

3,146
Accrued liabilities
6,788

6,788
Lease liabilities
482

482
Term loan

5,357

$15,773

IOFINA PLC
76

14. Financial instruments (continued)
Company
Loans and
receivables at
amortised cost
Financial
liabilities at
amortised cost

Total
2024
$’000
$’000

$’000
Cash and cash equivalents
224

224
Other receivables
8

8
Due from subsidiaries
18,395

18,395

$18,627

Accruals

258

$258
2023

Cash and cash equivalents
179

179
Other receivables
6

6
Due from subsidiaries
19,286

19,286

$19,471

Accruals

203

$203

The interest rate swap liability at fair value is valued on the basis of Level 2 inputs as defined in IFRS
13.
Interest rate risk
Surplus funds are held within the Group’s checking and savings accounts. The benefit of fixing rates
for the longer term is kept under review, having regard to forecast cash requirements and the levels
of return available. Given the short-term nature of Iofina’s surplus funds, the Group has limited
interest rate risk. As of 31 December 2024, all surplus funds were invested in checking and savings
accounts that had no terms and were 100% liquid. Bank facilities have variable interest rate terms and
therefore there is an exposure to increases in interest rates. This is mitigated by the use of an interest
rate swap to fix the rate on the majority of the term loan. Also, the interest on the revolving credit
facility (if drawn) is reduced by arrangements to sweep surplus funds into that account.
Foreign currency risk
The Group has potential transactional currency exposure in respect of items denominated in foreign
currencies relating to the Group's administration in the UK. The balance of cash held in foreign
currency was $224k (GBP £178k) as of year-end, and provides a hedge against GBP denominated UK
expenses.
Sales transactions are denominated in US Dollars, which is the operating currency. Other impacts of
foreign currency risk are not deemed material to these financial statements.

IOFINA PLC
77

14. Financial instruments (continued)
Credit risk
The maximum exposure is reflected by the carrying amount of financial assets. Because the
counterparties to Iofina’s holdings of cash and cash equivalents are prime financial institutions, Iofina
does not expect any counterparty to fail to meet its obligations. Additionally, the Group is exposed to
marginal credit risk in the form of receivables for product sales. Credit risk in this regard is mitigated
through long-term customer payment history, extensive credit analysis of large purchasers, use of
letters of credit, and the requirement for partial or total payment prior to shipment for some
customers.
Liquidity risk
The Group raises funds as required on the basis of forecast expenditure and cash inflows over the next
12 months. When necessary, the scope and rate of activity are adjusted to take account of the funds
available. There is a risk that the Group may not be able to raise sufficient funds to repay loans at their
maturity.
The following table sets out the contractual maturities (representing undiscounted contractual cash
flows) of financial liabilities:
Group
Up to 3
months
Between 3
and 12
months
Between 1
and 2 years
Between 2
and 6 years
At 31 December 2024:
$’000
$’000
$’000
$’000
Trade payables
2,962
–
–
–
Accrued liabilities
2,788
3,947
1,101
–
Lease liabilities
40
120
160
10
Term loan
357
1,071
1,429
1,071

$6,147
$5,138
$2,690
$1,081

Group
Up to 3
months
Between 3
and 12
months
Between 1
and 2 years
Between 2
and 6 years
At 31 December 2023:
$’000
$’000
$’000
$’000
Trade payables
3,146
–
–
–
Accrued liabilities
2,864
3,925
–
–
Lease liabilities
35
106
141
200
Term loan
357
1,071
1,429
2,499
$6,402
$5,102
$1,570
$2,699

Commodity risk
The Group is exposed to movements in the price of raw iodine. Sales of iodine based products were
$46,663k (2023: $41,940k). The effects of changes in the price of iodine on 2024 revenue and profits
are set out in the Financial Review on pages 8 to 9. Iodine is produced internally and is the most
significant cost component for iodine based products.

IOFINA PLC
78

15. Trade and other receivables
Group

31 December

31 December
2024
2023

$’000

$’000
Trade receivables
10,640

14,638
Prepayments and other receivables
1,256

853

$11,896

$15,491
Company

31 December
31 December

2024

2023
$’000
$’000
Prepayments and other receivables
8

All receivables and prepayments are short term in nature. The carrying values are considered a
reasonable approximation of fair value. There are no expected credit losses.
The Group and the Company have not received a pledge of any assets as collateral for any receivable
or asset.

16. Cash and cash equivalents

Group

31 December
31 December

2024

2023
$’000
$’000
Cash in US Dollar accounts
6,633

6,339
Cash in GB Pound Sterling accounts
224
179
$6,857
$6,518

Company

31 December
31 December

2024

2023

$’000

$’000
Cash in GB Pound Sterling accounts
224

179

$224

$179

IOFINA PLC
79

17. Trade and other payables

Group
31 December
31 December

2024

2023
$’000
$’000
Trade payables
2,962

3,146
Accrued expenses and deferred income
7,838

6,787

$10,800

$9,933

Company
31 December
31 December

2024

2023

$’000

$’000
Accrued expenses
258

203

$258

$203

All trade and other payables are considered short term. The carrying values are considered to be a
reasonable approximation of fair value.
Except as regards the bank facilities described in Note 19, the Group and Company have not pledged
any assets as collateral for any liabilities or contingent liabilities.
18. Lease liabilities
Group

31
December

2024
2023

$’000
$’000
$’000

Total
Office
Lease
Vehicles

Total
Office
Lease
Vehicles
Lease liabilities – current
160
124
36

141
108
33
Lease liabilities – non-current
(due in 2-5 years)

170

121

341

183

158

$330
$173
$157

$482
$291
$191

Movements:

2024

2023

$’000
$’000
$’000

$’000
$’000
$’000
Total
Office
Lease
Vehicles
Total
Office
Lease
Vehicles
Opening balance
482
291
191

410
410
-
Payments
(178)
(127)
(51)

(145)
(132)
(13)
Lease finance
-
-
-

199
-
199
Interest accrued
26
9
17

18
13
5

$330
$173
$157

$482
$291
$191

Lease liabilities relate to:
1) The Group’s lease on office premises in Denver, Colorado, which runs till 30 April 2026;
2) The acquisition of vehicles on credit terms over the five years to 15 September 2028 for use at
the Group’s Oklahoma plants.

IOFINA PLC
80

19. Term loans and other facilities
Group
Term loan

$’000
At 1 January 2023
$6,785
Term loan instalment repayments
(1,429)
At 31 December 2023
$5,357
Term loan instalment repayments
(1,429)
At 31 December 2024
$3,928

Due within one year
$1,429
Due after one year
$2,500

The above bank facilities, with First Financial Bank of Ohio, are fully secured by fixed and floating
charges and the principal terms are:
Term loan
a) The term loan balance of $3.9m (2023 $5.4m) relates to a $10.0m loan drawn down in September
2020 and repayable in full by equal monthly instalments over the seven years to 30 September 2027.
The interest rate on $7 million of the loan has been fixed to maturity by a swap contract at 3.99%, and
the interest rate on the balance is variable monthly at 2.50% above the one month Secured Overnight
Financing Rate (“SOFR”), subject to a minimum SOFR rate of 1.00%. Repayment of all or part of the
loan may be made at any time without penalty.
Revolving loan facility
b) The revolving loan facility is for $6.0m over the period to 31 December 2026, and may be drawn
and repaid in variable amounts at the Group’s discretion. Amounts that may be drawn are subject to
a borrowing base of sufficient eligible discounted monthly values of receivables and inventory. The
interest rate is variable monthly at 2.11% above SOFR, subject to a minimum SOFR rate of 1.00%. No
amounts were drawn and outstanding at 31 December 2024.
Project loan facilities
c) There is a term loan facility of up to $10 million on the basis of phased drawdowns to fund
construction and other capital expenditure on plants IO#10, IO#11 and IO#12. The drawdown period
runs from September 13, 2024 through to March 13, 2026, and a seven-year term with even monthly
repayments begins from March 13, 2026. The interest rate is 2.25% above SOFR (1 month Secured
Overnight Financing Rate) subject to a minimum SOFR rate of 1%. Repayment of all or part of the loan
may be made at any time without penalty. No drawings have as yet been made on this loan facility.

Bank covenants

d) Compliance in respect of all amounts outstanding in respect of the above facilities is required on a
quarterly basis in respect of trailing 12 months financial covenant ratios of 1) a maximum multiple of
2.5 total debt to EBITDA, and 2) a minimum multiple of 1.2 EBITDA net of unfinanced capital
expenditure, dividends and cash taxes to the total of principal and interest payments on the total debt.

IOFINA PLC
81

19. Term loans and Revolving loan facility (continued)

Swap contract
e) The derivative asset resulting from the swap contract described above has been revalued at $92k
as at 31 December 2024 (2023: $161k) by reference to market expectations for future SOFR rates, and
included in the balance sheet. An amount of $68k has been charged to comprehensive income (2023
$88k). During the year the swap contract generated a net reduction of interest otherwise payable of
$125k (2023: $152k).
20. Net cash
Net cash excludes lease liabilities totalling $330k (2023 $482k) and is made up as follows:
Group
2024

2023

$’000

$’000
Term loan
(3,928)

(5,357)
Cash and cash equivalents
6,857

6,518
Net cash at 31 December
$2,929

$1,161

21. Share capital

31 December

2024

2023
Authorised:
Ordinary shares of £0.01 each
- number of shares
1,000,000,000
1,000,000,000

- nominal value
£10,000,000
£10,000,000

Allotted, called up and fully paid:
Ordinary shares of £0.01 each
- number of shares
191,858,408
191,858,408

- nominal value
£1,918,584
£1,918,584

There was no change in share capital or share premium in 2024.

22. Share based payments

No options were granted in 2024 nor have been to date in 2025. Options over 520,000 shares were
forfeited in the year, reducing total options outstanding from 6,197,000 to 5,677,100, which
represents 2.96% of shares in issue. The total options expense for 2024 was $122,676 (2023 $214,199).

IOFINA PLC
82

22. Share based payments (continued)

Options granted to directors and key employees and outstanding at 31 December 2024 are as follows:
Date of Grant
Number
of
Options
Vesting
Date
Share
Price
Exercise
Price
Exercise
Price
2024
Exercise
Price
2023
£
£
$
$
13 June 2018
825,000
13 June 2019
0.162
0.162
0.20
0.21
13 June 2018
825,000
13 June 2020
0.162
0.162
0.20
0.21
25 July 2019
409,750
25 July 2020
0.213
0.213
0.27
0.27
25 July 2019
409,750
25 July 2021
0.213
0.213
0.27
0.27
16 December 2020
519,600
16 December 21
0.125
0.125
0.16
0.16
16 December 2020
519,600
16 December 22
0.125
0.125
0.16
0.16
9 March 2022
542,100
9 March 2023
0.176
0.176
0.22
0.22
9 March 2022
542,100
9 March 2024
0.176
0.176
0.22
0.22
27 April 2023
542,100
27 April 2024
0.318
0.318
0.40
0.40
27 April 2023
542,100
27 April 2025
0.318
0.318
0.40
0.40

5,677,100
£0.19
£0.19
$0.24
$0.25

The weighted average contractual life of options outstanding at 31 December 2024 was 5.7 years
(2023 6.7 years).

Exercise prices for 2024 shown in USD are based on the US Dollar/Pounds Sterling exchange rate at 31
December 2024 of 1.25 (2023 1.27). Options outstanding at 31 December 2024 expire the earlier of
ten years from grant date or 90 days after the termination of service to the Company.

2024
Number of
Options
Weighted
average
exercise price
2023
Number of
Options
Weighted
average exercise
price

£
$
£
$
Options outstanding

At 1 January
6,197,100
£0.20
$0.25
5,000,400
£0.17
$0.21
Granted
-
-
-
1,196,700
£0.32
$0.40
Forfeited
(520,000)
£0.20
$0.25
-
-
-
At 31 December
5,677,100
£0.19
$0.24
6,197,100
£0.20
$0.25

Options exercisable

At 1 January
4,402,050
£0.16
$0.20
3,803,700
£0.16
$0.21
Vested
1,197,700
£0.25
$0.31
598,350
£0.18
$0.22
Forfeited
(463,750)
£0.20
$0.25
-
-
-
At 31 December
5,135,000
£0.16
$0.21
4,402,050
£0.16
$0.21

IOFINA PLC
83

22. Share based payments (continued)

Movements in the Share-based payment reserve were as follows:

31 December

2024

2023

$’000

$’000
Balance 1 January
2,367
2,153
Share-based payment charge
123

214
Forfeited options transferred to retained losses
(79)

-
Balance 31 December
$2,411

$2,367

23. Deferred tax
Group
2024

2023

$’000

At 1 January asset
240

1,932
Fixed asset timing differences
1,108

(2,557)
Other timing differences
(595)

938
Prior years’ tax losses utilized against US Federal tax
liability
(552)

(1,379)
R&D business credits (utilized)/recognised
(856)

1,029
State loss adjustments
(277)

277
At 31 December (liability)/asset
$(932)

$240

24. Related party transactions
Transactions between group companies were as follows:

2024

2023

$’000

$’000
Iofina Resources to/(from) Iofina Chemical:
Crystallised iodine sales
30,460

28,913
Expenses recharged
(1,271)

(969)
Iofina Plc to/(from) Iofina Resources:

Management fee
50

50
Funding payments
(1,000)

(1,000)
Expenses recharged
(4)

(8)
Share based payments contribution
14

37
Iofina Plc to/(from) Iofina Chemical:

Management fee
50
50
Expenses recharged
(25)

(18)
Share based payments contribution
23

In both 2023 and 2024 all iodine produced by Iofina Resources was sold to Iofina Chemical.

IOFINA PLC
84

24. Related party transactions (continued)
Related party transactions with directors, who are considered to be key management personnel, are
set out in the Corporate Governance Statement on page 33. Option grants as described in note 22 are
to employees and Directors.
The Company has entered into a number of unsecured related party transactions with its subsidiary
undertakings. The most significant transactions carried out between the Company and its subsidiary
undertakings are financing.
25. Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a
going concern, to provide returns for shareholders and to maintain an optimal capital structure to
reduce the cost of capital. The Group defines capital as being share capital plus reserves as shown in
the balance sheet. The Directors continue to monitor the level of capital as compared to the Group’s
commitments and adjust the level of capital as is determined to be necessary by issuing new shares.
Iofina plc is not subject to any externally imposed capital requirements. The Directors consider the
capital of the Group to be the total equity attributable to the equity holders of the parent of $47.8
million as at 31 December 2024 (2023: $44.8 million).
26. Subsidiary undertakings
Investment in subsidiaries

Investment in

subsidiaries

$’000
Company

Balance at 31 December 2022, 2023 and 2024
$17,199

Due from subsidiaries
2024
2023

$’000

$’000
Company

At 1 January
19,286

20,112
Management fees
100

100
Funding from subsidiaries
(1,000)

(1,000)
Expenses recharged to Plc
(28)

(26)
Share based payments contributions
37
100
At 31 December
$18,395

$19,286

The Group’s debt arrangements are on a joint and several basis with all Group companies excluding
dormant subsidiaries. The principal beneficiary of these arrangements is Iofina Resources, Inc., and
therefore the debt is accounted for in that company and in the consolidated balance sheet, and does
not appear in the balance sheet of Iofina Plc.

IOFINA PLC
85

26. Subsidiary undertakings (continued)
Company
Country of
incorporation and
operation
Principal activity
Interest in
ordinary shares
and voting rights
Iofina, Inc.
United States/CO
Holding company
100%
Iofina Resources, Inc.
United States/CO
Iodine production
100%
Iofina Chemical, Inc.
United States/DE
Specialty chemical
100%
IofinaEX, Inc.
United States/KY
Dormant
100%
Iofina Resources, LLC
United States/CO
Dormant
100%
Iofina Resources, LLC
United States/TX
Dormant
100%

Iofina, Inc. was established in February 2006 and is a wholly owned subsidiary of Iofina plc. Iofina, Inc.
owns the whole of the issued share capital of Iofina Resources, Inc., Iofina Chemical, Inc. and IofinaEX,
Inc. Other entities are subsidiaries of Iofina Resources, Inc., the iodine production company.

The registered offices of the above companies are as follows:

Company
Registered office
Iofina, Inc.
8480 East Orchard Road, Greenwood Village CO 80111, USA
Iofina Resources, Inc.
8480 East Orchard Road, Greenwood Village CO 80111, USA
Iofina Chemical, Inc.
306 W. Main Street, Frankfort, KY 40601, USA
IofinaEX, Inc.
212 N 2nd St., Suite 100, Richmond, KY 40475
Iofina Resources, LLC (CO)
8480 East Orchard Road, Greenwood Village CO 80111, USA
Iofina Resources, LLC (TX)
815 Brazos Street, Austin TX 78701, USA

27. Capital commitments
At 31 December 2024 the Group had capital commitments amounting to approximately $5m in
respect of the construction of IO#11 plant.

28. Post balance sheet events
There were no significant post balance sheet events.
29. Contingent liabilities
The Group considers that a contingent liability exists in respect of overdue interest on amounts that
may be due in relation to certain iodine related property rights. The theoretical exposure is estimated
at approximately $800k, but in light of considerable past experience the Company believes that
amounts actually paid will be a very small proportion of that amount.

30. Ultimate controlling party
There is no ultimate controlling party of the Group.

IOFINA PLC
86

Iofina and the environment
Iofina promotes, wherever possible, environmental sustainability in its working practices and seeks to
minimise, mitigate, or remedy any harmful effects from the Group’s operations on the environment
at each of its operational sites. To continue that effort through all aspects of business, this report has
been produced to minimise its effect on the environment by using thinner paper, fewer pages, smaller
type set, and non-colour printing as much as possible. As part of this effort Iofina is trying to move
attention to its online annual reports available at www.iofina.com. By being a better steward of the
environment, Iofina saves valuable shareholder funds instead of producing glossy magazine pages
throughout the whole document.

This page does not form part of the statutory financial statements.

Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F
NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O
HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I
C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I
LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI
NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN
CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI
NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2
CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O
HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I
C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3
NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6
KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl
C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2
C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2
CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I
C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3
Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F
NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O
HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 NaI C8H12INO2 C3H3N6Cl3 NaIO4
C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3
IKO4 AgI NaIO3 Ca(IO3)2 C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3
C6H6FN CH2I2 CH3F NH4I CH2BrI C2H5I ICl C4H9I C3H7I LiI C4H4ClNO2 CF3I H5IO6 KIO3 IKO4 AgI NaIO3 Ca(IO3)2
C7H7ClNO2SNa3H2O HI3 KI NaI C8H12INO2 C3H3N6Cl3 NaIO4 C6H6FN CH3I C3H3N6Cl3 C6H6FN CH2I2 CH3F NH4I
Iodine is essential for life and industry.
Iodine compounds improve imaging
contrast in the body when used with CT
scans, MRI's and X-rays to help doctors
diagnose patients more eﬀectively. The
use of contrast is thought to have
revolutionised diagnostic medicine and is
subsequently the reason contrast material
is the largest single use of Iodine worldwide.
Iodine compounds are added to cosmetics
products for the prevention of growth and
transfer of harmful bacteria.
Iodine formulations protect dairy cows and
humans from infections that can be
transferred through milk.
Iodine compounds are used to manufacture
high-tech LCD displays allowing for
superior image quality.
Iodine derivatives are used to produce
many essential pharmaceuticals which
provide doctors with powerful new drugs
to fight diseases.
Iodine compounds are used as catalysts in
a variety of industrial transformations. One
example of this is the use of iodine species
in the production of acetic acid which is
diluted and used as household vinegar or
can be transformed into other compounds
such as polyvinyl acetate which has many
adhesive applications.
Iodine is supplemented to table salt thereby
insuring adequate daily intake of this vital
micro nutrient.
Insuﬃcient iodine causes Iodine Deficiency
Disorder (IDD). IDD has been medically
proven
to
cause
cretinism,
goiter
(enlargement of the thyroid gland) and
depressed intellectual function in children
and adults which aﬀects more than
600 million people worldwide.
Iodine is an essential element touching our
lives everyday.

Iofina plc
Iofina Resources, Inc.
Registered Oﬃce
8480 East Orchard Road
48 Chancery Lane
Suite 4900
London WC2A 1JF
Greenwood Village, CO 80111
(c/o Keystone Law;
+1 303-222-1215
Attn: Simon Holden)
Iofina, Inc.
Iofina Chemical, Inc.
8480 East Orchard Road
1025 Mary Laidley Drive
Suite 4900
Covington, Kentucky 41017
Greenwood Village, Colorado 80111
+1 859-356-8000
+1 303-222-1215
Email: information@iofina.com • Website: www.iofina.com