Bifox Acquires Peru Bayovar 9 Project

Bifox Limited has entered into agreements with Fossal S.A.A. to acquire Fosfatos del Pacífico S.A., which owns the 550 million tonne Bayovar 9 phosphate rock project in northern Peru. Bifox Limited paid US$10 million for an initial 16.667% stake and secured a call option for the remaining 83.333% for US$50 million, contingent on a pre-IPO capital raise. This acquisition is a key part of Bifox Limited's strategy to become a leading global supplier of phosphate rock, particularly to Latin American, US, and Asian markets, addressing an anticipated supply shortfall. The Bayovar 9 project, with its significant resource and strategic location, is planned to initially produce 2.5 million tonnes per annum, with potential expansion to 5 million tonnes per annum. Bifox Limited is also reapplying for environmental approval from the Peruvian government.