Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strengthening its strategic position. Resolution Minerals has been admitted into the U.S. Defense Industrial Base Consortium (DIBC), a Department of Defense-supported network focused on strengthening critical supply chains and industrial capabilities. Membership provides the company with direct access to government agencies, industry partners, research institutions, and funding opportunities that support U.S. national security objectives.
Advancing critical minerals development. The membership aligns closely with Resolution’s strategy to develop domestic sources of antimony and tungsten, two minerals designated as critical to defense, aerospace, energy, and advanced manufacturing industries. The company has already submitted a funding application for its tungsten development plans and is evaluating additional opportunities to advance its antimony initiatives.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2026 G7 Summit in France. First Phosphate Corp. announced that it has secured international investment support and formalized offtake agreements under the Critical Minerals Resilience and Production Alliance at the 2026 G7 Summit in Evian, France. The developments underscore the company’s strategic importance in the effort by G7 nations and allied partners to develop secure and diversified critical mineral supply chains, particularly for lithium iron phosphate (LFP) battery production.
International Investment Support. First Phosphate has secured a letter of interest (LOI) from the Export and Investment Fund of Denmark (EIFO) for up to C$275 million in guarantees to support development of the Begin-Lamarche mine. The company has also received letters of interest from the Italian Export Credit Agency (SACE), from Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP), and from the international growth partner for Italian companies (SIMEST). First Phosphate has also received support from the Italian engineering group MAIRE, with respect to First Phosphate’s phosphoric acid plant at Port Saguenay, to deploy Ballestra S.p.A (Italy) technology.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Private Placement Financing. On June 12, First Phosphate closed its oversubscribed financing to existing and other follow-on investors and raised a total of C$15,420,640 with the issuance of 1,432,750 hard dollar units at a price of C$2.00 per unit for gross proceeds of C$2,865,500 and 6,277,570 flow-through shares at a price of C$2.00 per share for gross proceeds of C$12,555,140. Hard dollar units included one common share and one common share purchase warrant that may be exercised for one common share at a price of C$2.50 per share until December 31, 2026, subject to an accelerated expiry date.
Use of proceeds. Proceeds will be used to strengthen the balance sheet, advance metallurgical development, and fund exploration activities across the Saguenay–Lac-Saint-Jean region, supporting First Phosphate’s objective of becoming the leading phosphate explorer in the area. Following Agnico Eagle Limited’s (TSX: AEM, NYSE: AEM) entry into the igneous phosphate sector through its subsidiary Avenir Minerals’ acquisition of Fox River Resources and the Martison Phosphate Project, management believes it is strategically important to secure additional exploration ground throughout the region.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Recent Drill Results. Power Metallic reported strong drill results from the Lion deposit, including high-grade near-surface copper intercepts, while metallurgical testing demonstrated excellent recoveries from lower-grade material. The results support resource growth potential and enhance confidence ahead of the upcoming NI 43-101 Mineral Resource Estimate (MRE) expected in late July and a Preliminary Economic Assessment (PEA) in December 2026.
Summer Exploration and Drilling Program. Power Metallic has expanded its summer exploration program at the Nisk Project with advanced geophysical surveys and more than 30,000 meters of planned drilling. The program is designed to identify extensions of known mineralization and generate new discovery targets across the company’s Nisk land package while supporting future resource growth.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Private Placement Financing. Aurania Resources Ltd. closed the first tranche of its previously announced non-brokered private placement, raising C$678,263.76 through the issuance of 3,768,132 units at C$0.18 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$0.35 per share for a period of 24 months following the close of the first tranche. The financing is part of a larger offering of up to 8,333,333 units that could generate total gross proceeds of up to approximately C$1.5 million. Dr. Keith Barron, Aurania’s Chief Executive Officer and President, participated in the financing by acquiring 1,666,666 units.
Use of Proceeds. The net proceeds will be used to fund exploration at the Thor’s Valley epithermal gold project in Iceland, support the Balangero nickel-cobalt tailings retreatment project in Italy, and fund general working capital. In May, Aurania closed its option agreement with St-Georges Eco-Mining Corp (CSE: SX) and its wholly owned subsidiary, Iceland Resources, to work collaboratively to define and execute a phased exploration program at the Thor’s Valley gold project to advance the project toward initial modern resource definition.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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LFP Mine-to-Market Supply Chain Integration. First Phosphate Corp. is advancing a vertically integrated North American supply chain for lithium-iron-phosphate (LFP) batteries, with a focus on energy storage, mobility, robotics, data centers, and national security applications. Its flagship Bégin Lamarche project in Québec is a high-purity igneous phosphate deposit that supports the company’s long-term strategy of supplying critical battery materials to the growing LFP battery market.
Private Placement Financing. To accommodate existing investors, First Phosphate announced a non-brokered private placement to raise a minimum of $5 million. The financing will consist of a combination of hard dollar units and flow-through shares priced at C$2.00 each. Hard dollar units will include one common share and one common share purchase warrant exercisable for one common share at a price of C$2.50 per share until December 31, 2026, subject to an accelerated expiry date.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Unique within the junior mining space. Nicola Mining (NASDAQ: NICM, TSX.V: NIM) combines near-term cash flow generation with significant exploration upside across a portfolio of gold, silver, and copper assets in British Columbia. A key strategic asset is the fully permitted Merritt Mill, the only facility in British Columbia allowed to process third-party gold and silver ore, with expansion plans underway to increase throughput capacity. Nicola seeks to leverage its mill by providing milling services under profit-sharing agreements to third parties and consolidating small high-grade gold and silver projects in British Columbia, while advancing its New Craigmont Copper, Treasure Mountain Silver, and Dominion Creek Gold projects.
Advancing multiple avenues of growth. Nicola’s flagship New Craigmont Copper Project is a significant value driver, with ongoing drilling targeting a potential large-scale porphyry copper system adjacent to the Highland Valley Copper Mine. Nicola is also advancing the high-grade Treasure Mountain Silver Project and the Dominion Creek Gold Project, both of which are expected to see increased exploration and development activity later this year.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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A Major Expansion and Upgrading of Mineral Resources. First Phosphate released the results of its updated Mineral Resource Estimate (MRE) for the Begin-Lamarche project in Saguenay-Lac-Saint Jean, Quebec, Canada. The updated MRE reflects the success of the company’s 2025 to 2026 drilling campaign, resulting in a 378% increase in indicated resources compared to the previous estimate completed two years ago. The significant upgrade is important because it advances a significant portion of the resource into the indicated and measured categories, which are required to move the project toward a feasibility study targeted for December 2026.
Longer Potential Mine Life. The ability to upgrade existing resources and classify newly discovered extensions directly into the indicated category demonstrates the strong continuity, consistency, and quality of the deposit. The increased tonnage is also expected to support a longer potential mine life, while the deposit remains open at depth, providing additional exploration upside and long-term growth potential.
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Saguenay, Quebec–(Newsfile Corp. – May 26, 2026) – First Phosphate Corp (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company”) is pleased to announce the results of its updated Mineral Resource Estimate (“MRE”) for its Bégin-Lamarche project in Saguenay-Lac-Saint-Jean, Québec, Canada. The updated MRE includes results from the 2025-2026 drilling program described in the Company’s press release dated April 27, 2026.
The updated MRE includes a 378% increase in Indicated Mineral Resources over the Company’s Initial MRE dated September 9, 2024.
Measured pit-constrained Mineral Resource: 6.2 Mt @ 7.70% P2O5 (phosphate).
Indicated pit-constrained Mineral Resource: 198.5 Mt @ 6.00% P2O5.
Inferred pit-constrained Mineral Resource: 89.5 Mt @ 6.16% P2O5.
The Deposit remains open at depth.
Metallurgical test work indicates an anticipated apatite concentrate grade of 40.4% P2O5 at an 88% process recovery rate, with very low levels of potentially deleterious elements, and has been qualified for production of battery-grade phosphoric acid for lithium iron phosphate (“LFP”) battery with a conversion ratio of 91.1%.
The Deposit is located next to existing road and hydroelectric infrastructure and at only 70 km driving distance from the deep-sea Port of Saguenay.
The Deposit benefits from definitive, long-term, partially prepaid offtake from an existing, creditworthy partner.
Apatite (phosphorus, phosphate) is listed on the critical minerals lists of Québec, Canada, the United States and the European Union.
“We are pleased with the results of our 2025-2026 drilling exploration program and the quantity and quality upgrade provided to our Mineral Resources,” says First Phosphate CEO, John Passalacqua. “We are now able to continue to move the project forward with great confidence in our Mineral Resources.”
The updated MRE, with an effective date of May 1, 2026, was carried out by Mr. Antoine Yassa, P.Geo., of P&E Mining Consultants Inc., who is an Independent Qualified Person within the meaning of Canadian Securities Administrators’ National Instrument 43-101: Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Bégin-Lamarche Phosphate Deposit contains a significant phosphate Mineral Resource that is associated with well-defined oxide-apatite peridotite (OAP) intrusions within the large Lac-Saint-Jean anorthosite suite (LSJAS). The LSJAS is the largest phosphate-mineralized anorthosite worldwide. The phosphate Deposit is comprised of four mineralized zones which are continuous, only separated by faults within the Deposit and extend over a length of 2,750 m (Figure 1). The Mountain Zone is a single phosphate-bearing mass having a diameter of up to 200 m and a length of 250 m. The Northern zone is comprised of four phosphate layers ranging from 30 m to 200 m in thickness and a length of 625 m. The Central Zone bears eight phosphate layers, one of them having up to 50 m in thickness and extending to 900 m. The Southern Zone bears three phosphate layers, one of them having up to 125 m in thickness and extending to 725 m.
Figure 1 – The Bégin-Lamarche Deposit Updated Optimized Pit Shell
The Bégin-Lamarche Deposit mineralized wireframes boundaries were determined from lithology, structure, and grade boundary interpretation based on visual inspection of drill hole cross-sections. Four mineralized wireframe zones were developed and referred to as the Mountain, Northern, Central and Southern Zones. The mineralized wireframes were constructed on 50 m spaced vertical cross-sections, with on-screen digitized polylines on drill hole cross-sections in GEMS™. The mineralized wireframe outlines were influenced by the selection of mineralized material above 2.5% P2O5 that demonstrated a lithological and structural zonal continuity along strike and down dip. In some cases, mineralization <2.5% P2O5 was included for the purpose of maintaining mineralized zone continuity. The minimum constrained width for mineralized wireframe interpretation was 3 m of drill core length.
The Bégin-Lamarche Mineral Resource Estimate is based on 276 drill holes totalling 68,345 m. The database contained 20,682 analyses for percentage of P2O5. The Mineral Resource Estimate is presented in Table 1.
Table 1 Pit-Constrained Mineral Resource Estimate(1-4) at 2.5% P2O5 Cut-Off
Classification
Zone
Tonnes (M)
P2O5 (%)
P2O5 (Mt)
Measured
Mountain
6.2
7.70
0.47
Total
6.2
7.7
0.47
Indicated
Mountain
5.3
8.45
0.45
Northern
78.3
6.69
5.24
Central
71.0
5.50
3.91
Southern
43.9
5.26
2.31
Total
198.5
6.00
11.91
Measured & Indicated
Mountain
11.5
8.04
0.92
Northern
78.3
6.69
5.24
Central
71.0
5.50
3.91
Southern
43.9
5.26
2.31
Total
204.7
6.05
12.38
Inferred
Mountain
0.5
9.09
0.04
Northern
30.7
7.33
2.25
Central
31.8
5.67
1.80
Southern
26.5
5.32
1.41
Total
89.5
6.16
5.50
Note: P2O5 = phosphorus pentoxide.
1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. The Company expects that the majority of the Inferred Mineral Resource may be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The Bégin-Lamarche Mineral Resource Estimate was derived from applying a 2.5% P2O5 cut-off value to the pit-constrained block model and reporting the resulting tonnes and grades for potentially mineable areas. The following parameters were used to calculate the cut-off value that determines the open pit potentially economic portion of the constrained mineralization (Table 2).
The P2O5 cut-off value is calculated with parameters below:
Mining Cost: C$2.75/t (mineralized material and waste)
Pit Slopes: 45°
Accordingly, the P2O5 cut-off of potential open pit mining is calculated to be = 2.5%.
The optimized pit-constrained Mineral Resource Estimate is moderately sensitive to the selection of reporting P2O5 cut-off values, as demonstrated in Table 2.
Table 2 Pit-Constrained Mineral Resource Estimate Sensitivity to P2O5 Cut-Off
Class
Cut-off
Tonnes
P2O5
P2O5
P2O5 %
(M)
(%)
(Mt)
Measured
5.0
4.9
8.67
0.4
4.5
5.2
8.43
0.4
4.0
5.5
8.22
0.5
3.5
5.8
8.02
0.5
3.0
6.0
7.84
0.5
2.5
6.2
7.70
0.5
2.0
6.3
7.57
0.5
Indicated
5.0
119.0
7.41
8.8
4.5
138.0
7.05
9.7
4.0
156.8
6.71
10.5
3.5
172.9
6.44
11.1
3.0
186.7
6.20
11.6
2.5
198.5
6.00
11.9
2.0
207.6
5.83
12.1
Inferred
5.0
55.5
7.49
4.2
4.5
65.0
7.09
4.6
4.0
73.6
6.75
5.0
3.5
80.9
6.49
5.2
3.0
86.0
6.29
5.4
2.5
89.5
6.16
5.5
2.0
92.0
6.05
5.6
Metallurgical Testwork has been successfully conducted by SGS at their Québec City facility with additional support by SGS Lakefield Ontario. Recent test results have confirmed that an apatite concentrate can be obtained analyzing 40.4% P2O5 and at 88% recovery.
First Phosphate’s Bégin-Lamarche Deposit is located approximately 50 km driving distance north of the City of Saguenay, Québec’s sixth-largest city, which hosts daily flights to Montréal, a skilled industrial workforce, strong local infrastructure, and which is 30 km driving distance from the deep-sea Port of Saguenay.
The geological and drilling work was planned, carried out and supervised by Laurentia Exploration Inc. The drill core was logged at Lamarche near the Deposit and at Laurentia Exploration’s offices. The drill core was sawed and sampled at Laurentia Exploration’s offices in Jonquière.
Qualified Persons
The scientific and technical disclosure for First Phosphate included in this News Release have been reviewed and approved by Steeve Lavoie, P.Geo. Mr. Lavoie is Chief Geologist of the Company and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).
The Qualified Person independent of the issuer, responsible for estimating the Mineral Resources of the Begin-Lamarche Property, within the meaning of NI 43-101, is Mr. Antoine Yassa, P.Geo., of the firm P&E Mining Consultants Inc. Mr. Yassa has read and approved the scientific and technical information in this press release for accuracy and compliance with NI 43-101.
P&E Mining Consultants Inc., an associate group of 20 geological and mine engineering professionals established in 2004, provides geological and mine engineering consulting reports, Mineral Resource and Mineral Reserve Estimates, NI 43-101 Technical Reports, Preliminary Economic Assessments, Pre-Feasibility and Feasibility Studies.
Laurentia Exploration inc. is a firm of consulting geologists based in Jonquière, Saguenay Lac-St-Jean. It has 80 employees, mainly geology professionals who are members in good standing of a professional order. The firm was founded in 2017 and carries out projects throughout Québec and Ontario.
About First Phosphate Corp.
First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security.
First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.
Forward-Looking Information and Cautionary StatementThis news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; and the calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Strong Early Indicators. Resolution Minerals reported encouraging results from the first three holes of its 2026 Golden Gate drilling program in Idaho, with all holes intersecting sulphide mineralization associated with strong alteration, shearing, brecciation, and quartz veining. The mineralized zones contain pyrite and arsenopyrite within altered granites that share geological features observed in previous high-grade gold and tungsten intercepts at Golden Gate North and South, supporting the potential for additional mineralized extensions.
Deploying a Second Drill Rig. The company has completed 763 meters of drilling across three holes and is accelerating exploration activities with the arrival of a second diamond core rig. The broader 2026 campaign includes up to 13,700 meters of planned drilling across 45 holes and is designed to evaluate the scale and continuity of gold and tungsten mineralization throughout the Golden Gate system, including extensions near historical mining areas and coincident gold and tungsten soil anomalies.
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Drilling Begins. Resolution Minerals has commenced a major drill program at its Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, with an MP1500 diamond core rig now operating at Golden Gate. The 2026 program will include two rigs and entail up to 13,700 meters of drilling across up to 45 holes targeting gold and tungsten mineralization. The project is located adjacent to Perpetua Resources’ (NASDAQ: PPTA, TSX: PPTA) recently permitted Stibnite Gold Project, highlighting the strategic importance of the region.
Gold Expansion Targeted. The drilling program intends to define and expand gold mineralization at Golden Gate North and Golden Gate South. Previous drilling delivered strong results, including 189.2 meters grading 1.30 grams per tonne gold, with mineralization remaining open at depth. Resolution is also advancing tungsten exploration, targeting extensions around historic mine workings and testing a large area containing coincident tungsten and gold soil anomalies.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Thinking outside the box. Power Metallic has partnered with Ideon Technologies to deploy borehole muon tomography at the Lion Zone discovery within its Nisk polymetallic project in Quebec. The company intends to create a high-resolution three-dimensional model of the deposit by analyzing the behavior of naturally occurring cosmic ray particles. The technology is designed to validate results against more than 100 existing drill holes before expanding to district-scale exploration, potentially reducing the need for extensive drilling while reducing cost, time, and environmental impact.
Understanding the purpose. Muon tomography may be especially effective at Lion because the dense sulfide minerals within the deposit contrast sharply with surrounding host rocks, making the mineralization highly detectable. The six-month imaging program will map more than 55 million cubic meters of rock and establish a calibrated density signature that can be used to identify similar deposits hidden deeper underground beyond the reach of conventional geophysical methods.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Building an integrated North American phosphate supply platform. First Phosphate is focused on extracting and purifying high-purity igneous phosphate for the lithium iron phosphate (LFP) battery industry. The company is advancing a vertically integrated platform in the Saguenay–Lac-Saint-Jean region of Quebec, targeting the eventual downstream production of purified phosphoric acid and cathode active material (CAM) used in LFP batteries. The company’s flagship Bégin-Lamarche Project is a high-purity igneous phosphate deposit that hosts a pit-constrained indicated mineral resource of 41.5 million tonnes grading 6.49% phosphorus pentoxide and a pit-constrained inferred mineral resource of 214.0 million tonnes grading 6.01%.
Growing Demand for LFP Batteries. The LFP battery market is expanding rapidly due to growing demand from electric vehicles, energy storage, artificial intelligence data centers, and industrial applications. Phosphate accounts for approximately 60% of LFP battery chemistry, while lithium accounts for only 4%. Because only about 5% of global phosphate deposits are igneous in nature, these high-purity deposits are valuable strategic assets for North American battery production.
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