Property lies within the Rocky Mountain Physiographic Province in southeastern Idaho, United States of America. The geologic units within the study area are generally marine sedimentary deposits that range from Pennsylvania to recent in age.

The local and project geology of the deposits of the Itafos Conda projects are generally similar in that they are structurally dominated by a series of northwest / southeast trending anticlines and synclines with thrust and normal faults disrupting the strata.

The Meade Peak Member of the Phosphoria Formation contains the phosphate ore within the Conda Projects and is overlain by the Rex Chert member and underlain by the Park City Formation. The Quaternary Alluvium is not very extensive and where present, is only about 5 ft to 20 ft thick.

The Meade Peak Member is broken into five mining zones throughout the Conda Projects where the Upper Phosphate and Lower Phosphate Zones are the primary phosphate mineralized zones. The significant mineralized zones encountered on the property are shown below:
- Upper Overburden Zone (Hanging Wall mud).
- Upper Phosphate Zone - Low/medium to high grade phosphate zone. Interbedded phosphorite, mudstone, siltstone, limestone, and shale.
- Center Interburden Zone – Shale and mudstone.
- Lower Phosphate Zone – Low to high grade phosphate zone. Interbedded phosphorite, mudstone, siltstone, limestone, and shale.
- Lower Underburden Zone (Footwall mud) ........

A combined RVM and LCM mine production schedule was prepared to provide 548 Kt dry of P2O5 annually to the CPP. The mine production schedule includes the existing temporary LCM stockpile and the RVM/LCM combined stockpile located at the WV Tipple.

Rasmussen Valley Mine
During operations, direct placement of overburden as pit backfill (concurrent reclamation) reduces the volume of material requiring re-handle post mining. Direct placement of overburden is not always possible as the volume of overburden and available volumes of open pit space are not always fully synchronized. As such the RVM will create overfill piles that will be placed on backfill during mining.

During 2021, Conda sourced ore from RV, which is expected to continue to supply ore to Conda through mid2026. LC mine reached its end of mine life in July 2020.

The Company is actively working on extending Conda’s current mine life through the safe and responsible development of H1/NDR, which is located within 15 miles of Conda’s production facilities. H1/NDR’s property encompasses an area of more than 1,000 acres and consists of two federal and one state phosphate leases that are being permitted as a single mine. H1/NDR is located near the center of the western phosphate field, which comprises one of the most extensive phosphorite formations in the US.

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