Iofina plc announced that it has now signed an agreement with a new brine supply partner to construct its latest IOsorb® iodine plant, IO#10, in Western Oklahoma. This region of Western Oklahoma is an area of significant oil and gas development, with an established growing brine supply. The IO#10 plant will be situated within the same core area as IO#9,adjacent to a key junction in company's partner's water gathering system.

The Board believes the site is an excellent location for the new plant, which will deploy IOsorb® technology to isolate iodine from the iodine-rich brine stream. The Company is already working with its new partner on the design elements to deliver the maximum brine at the IO#10 site. The new plant will be financed through the Company's existing cash and loan facilities.

The Board expects the initial work of IO#10 to commence in Fourth Quarter 2023, and for brine water to flow through the plant near mid-year 2024. A more specific construction timeline will be shared with the market as appropriate. The design and production capacity of IO#10 is expected to be broadly comparable to that of IO#9.