2024 in Review: BIFOX’s achievements and what’s next in 2025

There is no doubt that 2024 has been a positive year for BIFOX, as we successfully brought all areas of the organization into operation—from mining, production, and marketing to the development of new projects—. A key factor has been the consolidation of a talented and committed team to face the multiple challenges ahead for the company.

In an interview with Ernesto Lima, our COO & Director, he shared insights about 2024’s achievements and outlined the objectives for 2025.

Talking about the Bahía Inglesa operation, what have been the main achievements this year?

The most important milestone of 2024 was obtaining the paleontological excavation permit associated with mining exploitation from the CNM (National Council of Monuments), allowing us to resume phosphate extraction operations from the mine.

In recent years, our operations were limited to processing phosphates remaining from past mining extractions. This imposed a cap on our resource exploitation and processing capacity. With the CNM permits in place, we are now bringing our operations up to the designed production capacity of 60 K tpa.

Another fundamental achievement is confirming that our paleontological management program is well-designed to meet its primary goal: enabling responsible phosphate rock extraction to coexist with the preservation of the rich paleontological heritage of our region.

Alongside permit management, we accomplished the following tasks at the production site:

• Comprehensive maintenance of all production equipment.
• Total replacement of the ball mill and comprehensive renovation of the vertical mill.
• Renewal of the electrical installation.
• Installation of a lighting system to enable nighttime operations.
• Dismantling of the abandoned phosphoric acid plant.
• Conditioning of a warehouse for maintenance activities and as a space for geologists to process exploration samples.
• Dismantling of a non-operational granulation plant, closure, and remediation of that area.
• Cleaning of the scrapyard and proper disposal of waste.
• Construction of new changing rooms and a dining facility for staff.
• Construction and commissioning of a temporary storage warehouse and laboratory for the preparation of paleontological specimens.

From a mining perspective, a new contractor was mobilized to handle trenching operations, mineral extraction, trench remediation, and transfer of ROM material to the processing plant.

Currently, the production plant operates in one shift, and we are preparing to increase the number of work shifts and mining equipment to reach maximum production capacity.

How has the growth of Bifox-20 been in the market?

Bifox-20 is our star product: a phosphorite for direct application as fertilizer, containing 20% P2O5 and 30% CaO. In 2024, our focus was on further developing our regional distribution network and exploring alternative uses for our phosphate rock.

The increased production reliability we achieved this year allows us to move forward with stronger commercial commitments and new formulations based on phosphate rock.

In terms of target markets, our product is highly competitive due to favorable logistics conditions in Chile and Argentina. In both countries, our efforts focused on:

• Expanding the distribution network to cover regions with the highest potential for our product.
• In Chile, the emphasis is on pastures for meat and milk production in Osorno, Valdivia, and Puerto Mont, areas with a long-standing tradition of using phosphate rock. We’re also expanding into Temuco and Los Angeles, where cereal production is more prominent, but phosphate rock use is less common.
• In Argentina, our focus is on Córdoba, Buenos Aires, and Santa Fe, targeting pastures, soybeans, wheat, and corn. Specifically, Bifox-20’s phosphorus (P) and calcium (Ca) content make it ideal for alfalfa and soybeans. For example, we partnered with Cadaf, a company specializing in compressed mega alfalfa bales, as a Bifox-20 distributor in Córdoba and Santa Fe.
• To generate demand, we used traditional promotion channels and social media:
  • Direct contact with end-users: We held over 12 technical lectures attended by 180+ farmers and technical advisors, showcasing the benefits of Bifox-20 as a natural, highly available source of plant nutrients.
  • Digital presence: We launched a bilingual website, established LinkedIn and Instagram accounts, and shared technical and commercial posts.
  • Email campaigns: These campaigns reached 7,500+ farmers and technical advisors, achieving an average open rate of over 40% and meaningful engagement.
• Additionally, we worked on new formulations containing phosphate rock, including granulated mineral blends, granulated organo-mineral blends, and formulations with beneficial microorganisms. Notably, field trials on soybean and corn crops using a granulated blend of phosphate rock and gypsum delivered yields comparable to those achieved with soluble fertilizers.

Are you thinking about the potential growth of BIFOX in other areas in the region?

In 2024, BIFOX acquired mining tenements in another phosphate rock deposit called Mariela and Ignacia, located in the Antofagasta Region, near Chañaral. This site, approximately 200 km northeast of Bahía Inglesa, contains igneous phosphate rock reserves—distinct from Bahía Inglesa’s sedimentary deposits.

This mineral characteristic opens the possibility of producing phosphate rock with high P2O5 content, suitable for phosphoric acid production, including high-purity phosphoric acid. This could integrate us into both the fertilizer value chain and the LFP (Lithium, Iron, and Phosphorus) battery market, a key technology for electric vehicles.

We are also actively exploring investment opportunities in phosphate resource projects across the region, with a focus on Peru and Brazil.

Which are the main challenges facing 2025?

Our challenges can be grouped into four main areas: Corporate, Bahía Inglesa Operations, Mariela Operations, and Commercial & Marketing.

Corporate

• Our most important milestone to 2025 will be the pre-IPO and IPO process to list BIFOX on the Australian Stock Exchange (ASX). This milestone will help finance projects in Bahía Inglesa and Mariela and fund future acquisitions.
• Identifying regional expansion opportunities in Brazil, Peru, and Chile, seeking projects at various stages, from exploration to production.

Bahía Inglesa Operation 

• Stabilizing and increasing mine and plant production, transitioning to 24/7 operations to maximize output.
• Advancing exploration activities to prepare a resource estimation report under JORC guidelines.
• Completing beneficiation tests and developing engineering for a 1 MM tpa production plant.
• Starting the Environmental Impact Assessment (EIA).

Mariela Operation

• Preparing a JORC-compliant resource estimation report using existing samples.
• Installing a 60 K tpa production plant.
• Completing beneficiation tests and engineering for a 500 K tpa production plant.
• Initiating the EIA process and producing a Preliminary Economic Assessment (PEA).

Commercial and marketing

• Consolidating our distribution network in Chile and Argentina.
• Intensifying promotional efforts for phosphate rock applications.
• Launching new phosphate rock-based products, particularly granulated blends with other minerals and organic materials.

Definitely BIFOX continues to grow, aiming to lead the phosphate industry in Latin America and beyond. While 2024 was a major step forward, 2025 will be the year of expansion.