Agreement with Western Midstream

Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, announces that it has signed an agreement with Western Midstream Partners, LP ("Western Midstream") (NYSE: WES) to develop the Group's next IOsorb® plant in the Permian Basin, a large sedimentary basin between Western Texas and Southeastern New Mexico.

Highlights of the new IOsorb® plant:

• The agreement will use the Company's WET IOsorb® technology, along with Western Midstream's produced water, to extract iodine for commercial sale.
• The new plant will be built, funded and operated by Iofina, with the ability to process c.50,000 barrels of brine water per day, twice the capacity of the current IOsorb® plants.
• Iofina expects this new facility, which it estimates will cost between $8-9m, to become the Company's largest producing plant with a target annual production range between 170-220 metric tonnes of crystalline iodine.
• Western Midstream will supply up to 50,000 Bbls/d of produced water in exchange for a royalty fee on the plant's production. Once the iodine is extracted, the produced water will be returned to Western Midstream to dispose of, transport, and/or recycle.
• Western Midstream has significant expertise in produced water infrastructure, handling and disposal, and through its recent acquisition of Aris Water Solutions, produced water recycling and beneficial reuse, making it an ideal partner for the Company.
• The world's largest oil basin, the Permian Basin, accounted for 48% of total U.S. crude oil production in 2024, and has water-to-oil ratios ranging from 3-times to up to 11-times, resulting in a significant amount of produced water that needs to be handled to ensure flow assurance.
• Groundwork is anticipated to start by the end of 2025, with the plant expected to come online in H2 2026.

President and CEO, Dr. Tom Becker, commented:

"We are delighted to be partnering with Western Midstream, given their respected expertise in produced water handling and recycling solutions. They are the ideal partner for our latest plant construction, given the size and scale of their produced-water infrastructure in the Permian Basin, which is a new area for Iofina. This agreement provides the framework for potential further expansion in the Permian."

"The ability to double the brine water capacity to 50,000 barrels per day will be a step-change for Iofina and will help accelerate our crystalline iodide production growth strategy. Based on our current timeline, we expect the new IOsorb® plant to be fully operational in the second half of 2026."

Oscar K. Brown, President and Chief Executive Officer of Western Midstream, commented:

"We are excited to be partnering with Iofina to accelerate our commitment to scaling produced-water beneficial reuse technologies in the Permian Basin with the first iodine extraction plant in the basin. The magnitude of produced water coming from the Permian Basin will require an 'all-of-the-above' approach to solutions, and this agreement is a critical step forward in sustainably addressing the challenges within the basin. Currently handling more than 2.7 million barrels of water per day, Western Midstream is one of the largest produced-water midstream service providers in the basin and is keenly focused on providing our producer customers with integrated solutions to the produced-water challenges within West Texas and New Mexico."

Iofina Resources

Iofina Chemical

About Western Midstream

Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilising, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts.

For more information about WES, please visit www.westernmidstream.com.