First Phosphate Corp

First Phosphate Corp (CSE: PHOS) is a Quebec-based mineral development company specializing in high-purity phosphate extraction from anorthosite rock for Lithium Iron Phosphate (LFP) batteries. Utilizing advanced hydrometallurgical processes, they aim to become a leading North American supplier of battery-grade phosphoric acid, supporting sustainable energy storage solutions.

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First Phosphate Corp. is a mineral development company specializing in extracting and purifying phosphate for Lithium Iron Phosphate (LFP) battery production. Operating from Quebec’s Saguenay-Lac-Saint-Jean region, the company controls over 1,500 square kilometers of royalty-free district-scale land claims rich in anorthosite igneous phosphate rock. This specific phosphate type yields high-purity materials with minimal harmful elements, making it ideal for LFP battery manufacturing. First Phosphate aims to establish itself as a primary North American supplier of battery-grade phosphate materials, supporting the growing demand for sustainable energy storage solutions.

Battery Technology

First Phosphate’s technical focus centers on transforming high-purity phosphate concentrate into battery-grade purified phosphoric acid (PPA), an essential component for LFP batteries. Their process begins with extracting phosphate from igneous anorthosite rock, which naturally contains fewer contaminants compared to sedimentary sources. This advantage enables more efficient purification processes and results in superior-quality end products.

The company employs advanced hydrometallurgical techniques through its partnership with Prayon SA, a global leader in phosphoric acid technology. Their planned production facility will have a capacity of 600 metric tons per day of P2O5, utilizing state-of-the-art purification methods. The resulting battery-grade materials meet strict specifications required for LFP cathode active material production.

This technical approach aligns with increasing market demand for LFP batteries, particularly in electric vehicles and renewable energy storage systems. LFP technology offers several advantages, including enhanced safety, longer cycle life, and reduced production costs compared to other lithium-ion battery chemistries.

Recent Projects

In January 2024, First Phosphate completed a Preliminary Economic Assessment for the Bégin-Lamarche Phosphate Project, demonstrating the project’s economic viability. The company also secured two significant long-term offtake agreements with established partners for future production from their Quebec facilities. Additionally, First Phosphate successfully closed an oversubscribed private placement financing, raising $2,695,459 to advance their development plans.

Investors

First Phosphate’s investor base includes several significant stakeholders. John Passalacqua holds the largest position with 17.28% (13,167,529 shares), followed by 1320267 BC Ltd. with 8.663% (6,600,000 shares). Other major investors include Laurence Zeifman (6.067%), Bennett Kurtz as CFO (5.393%), and Peter Nicholson (2.796%). The company continues to attract investment through private placements and strategic partnerships.