Iofina PLC (AIM:IOF, OTC:IOFNF) told investors it produced a record 74.3 metric tonnes of crystalline iodine in the month of August, the highest monthly total recorded by the company.
The increase was attributed to efficient plant operations and the contribution of IO#11, the newest plant in the Iofina Resources portfolio.
A $1.8 million increase in cash reserves was reported, following receipt of Employee Retention Tax Credit refunds related to the COVID-19 period.
"We continue to execute our growth strategy, recently adding IO#11 to our portfolio, and it is performing as expected," said chief executive Tom Becker.
"Moving ahead, the company is focused on maximising production in our core areas and is looking to expand into new areas in the future as site contracts are being concluded, along with the completion of plant designs and enhancements for future iodine production."
Iofina currently operates eight IOsorb plants in Oklahoma, five in the northwest and three in the central region. And, it plans to expand into new areas once site contracts and plant design work are completed.