Itronics Updates Investors; Revenues Up 34 Percent

Rhea-AI Summary

Itronics Inc. (OTC: ITRO) reported a 34% increase in total revenues for 2022, reaching $2,089,780, compared to $1,559,109 in 2021. The company's GOLD'n GRO fertilizer sales also rose by 33.2% to $2,016,363 despite drought conditions in California that affected farmers' water access. The company plans to expand its GOLD'n GRO sales into nursery markets, potentially reducing seasonal revenue impacts.

In addition, Itronics is progressing in its Rock Kleen testing program with plans for a Phase 2 program and has successfully tested recovering iron from tailings. The company has refinanced its manufacturing facility debt favorably and is working toward acquiring the Wabuska property by September 2023. Itronics aims to complete its financial audit by mid-year 2023.

Positive

• Total revenues increased by 34% to $2,089,780 in 2022.
• GOLD'n GRO fertilizer sales rose by 33.2%, reaching $2,016,363.
• Plans to enter nursery markets may diversify sales and stabilize revenue.
• Successful Phase 1 testing of Rock Kleen leads to a planned Phase 2 program.
• Refinanced manufacturing facility debt under favorable terms.

Negative

• Drought conditions in California could have limited potential sales growth.
• Dependent on successful financing for Rock Kleen pilot plant development.

RENO, Nev., April 25, 2023 /PRNewswire/ -- Itronics Inc. (OTC: ITRO) today reported on current Company progress to its investors. 

• Total Revenues for the 12 months ended December 31, 2022, were $2,089,780 compared to $1,559,109 in the same period in 2021, a 34 percent increase over the prior year. Full year GOLD'n GRO fertilizer sales in 2022 were $2,016,363 compared to $1,513,852 in the prior year, a 33.2 percent increase over 2021. "In spite of persistent drought conditions in California which severely limited farmer's access to water, we saw an increase in GOLD'n GRO sales that we believe could have been much higher under normal conditions," said Dr. John Whitney, Founder and CEO. 
• Itronics has begun work to expand its GOLD'n GRO sales into nursery markets nationwide. Entrance into the nursery markets will help expand GOLD'n GRO sales, while reducing the seasonal impact on revenues. The following example demonstrates that GOLD'n GRO may be especially beneficial for nursery growers. 

A tree propagating nursery has been using GOLD'n GRO 8-8-8+4% S for more than 15 years. The use of GOLD'n GRO has demonstrated important benefits, including 1) time to grow salable product reduced from 4 years to 2 years; 2) 70 percent less fertilizer required; 3) 70 percent less water required; 4) major reduction in labor cost by using fertilizer injection into the drip irrigation system. All major water soluble and slow-release fertilizers were tried and compared but were found to be less satisfactory. The young trees' foliage is green and healthy, showing strong plant vigor. The increase in production and reduction in costs using GOLD'n GRO doubled revenues and significantly increased sales margins for the nursery. 

• After a successful Phase 1 Rock Kleen testing program, which was announced in a November 2022 Press Release, Itronics and the operating gold mining company are planning a Phase 2 program. The Phase 2 program would become part of a plan to develop the project through pilot testing, engineering, and feasibility, to be followed by construction and start-up of a tailings processing operation. This would be completed over several years, inclusive of permitting. 
• Ongoing testing work on the Auric Fulstone iron mine tailings has successfully proven the ability to use Rock Kleen to recover iron from the tailings in the correct chemical form to be used in GOLD'n GRO production. This presents an opportunity for Auric Gold & Minerals, Inc., a majority owned subsidiary of Itronics, to begin producing revenues, while directly benefiting Itronics with a cost-effective supply of raw materials. 
• Itronics has recently performed successful testing work on zinc-manganese-graphite "black mass" battery paste. More testing will need to be completed; however, the initial tests show significant recovery of zinc and manganese, and the potential to recover graphite. The zinc is usable as a raw material in GOLD'n GRO production. The Company believes it may be able to utilize all the "black mass" to produce saleable products. Zinc, manganese, and graphite are designated as United States Critical Minerals. 
• In the 1^st Quarter 2023, Itronics successfully refinanced its Stead manufacturing facility, restructuring the remaining debt under favorable terms. 
• Itronics recently restructured its Contract of Sale purchase agreement on the Wabuska property in Yerington, Nevada, which will become the Itronics Cleantech Materials Campus (ICMC). The Company has until September 30, 2023, to complete the property acquisition. 
• After receiving the completed Intellectual Property (IP) valuation report in February, work has been started to put a project financing package together to fund a Rock Kleen pilot/demonstration plant to be located at the Wabuska property (ICMC). This financing is intended to provide Itronics with non-dilutive, project loan-based funding. The value of the IP will be used as part of the loan security. Auric Fulstone iron mine tailings will be used as feed material for the new plant. 
• The Company continues to make progress towards completing the audit of its financial statements. The Company's goal is to have this completed by the middle of the year. 

"We would like to thank our investors for their continued support," said Dr. Whitney. "Our portfolio of 'Zero Waste Energy Saving Technologies' is making the world cleaner and greener and is positioned to enhance the Company's continued drive to profitability." 

About Itronics 

Headquartered in Reno, Nevada, Itronics Inc. is a 'Zero Waste Energy Saving Technology' Company that produces GOLD'n GRO multi-nutrient liquid fertilizers, silver bullion, and silver-bearing glass.  The Company's environmentally friendly award winning GOLD'n GRO liquid fertilizers are used extensively in agriculture in California. 

Follow Itronics on Facebook: https://www.facebook.com/itronicsinc 
Follow Itronics on Twitter: https://twitter.com/itronicsinc 

VISIT OUR WEB SITE: http://www.itronics.com 
Contact us (775) 689-7696 

("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates.  The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission.  The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.) 

Contact: 
Paul Knopick
+1 (888) 795-6336

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SOURCE Itronics Inc.

FAQ

What were Itronics' total revenues for 2022?

Itronics reported total revenues of $2,089,780 for the 12 months ended December 31, 2022.

How much did GOLD'n GRO sales increase in 2022?

GOLD'n GRO fertilizer sales increased by 33.2% to $2,016,363 in 2022.

What is Itronics' plan for nursery markets?

Itronics plans to expand its GOLD'n GRO sales into nursery markets nationwide.

What is the status of the Rock Kleen program?

Following successful Phase 1 testing, Itronics is planning a Phase 2 program for Rock Kleen.

When is Itronics expected to complete its financial audit?

Itronics aims to complete its financial audit by mid-year 2023.