First Phosphate Signs Agreement with Port Saguenay to Establish Phosphoric Acid Plant

Core Viewpoint - First Phosphate Corp. has signed an industrial land option agreement with Port of Saguenay to establish a phosphoric acid plant, marking a significant step in the company's development and strategic positioning in the critical minerals sector [1][2][7]. Agreement Details - The agreement grants First Phosphate exclusive rights to enter into a definitive land lease with the Port by December 31, 2027, contingent on meeting various financial and development milestones before construction begins in 2028 [2]. - The planned phosphoric acid plant will utilize advanced clean technology from Prayon SA of Belgium, with implementation by Ballestra S.pA. of Italy [3]. Strategic Benefits - The location provides direct rail and vessel access to North American and global markets, particularly benefiting European offtakers [4]. - The site offers access to large-scale industrial infrastructure, utilities, and potential for expansion [4]. - The project aims for vertical integration between upstream phosphoric acid production and downstream lithium iron phosphate (LFP) battery material production [4]. Government and Community Support - Canadian government officials expressed support for the project, highlighting its role in developing critical minerals and enhancing local economic opportunities [7][8]. - The project is seen as a significant step for the Saguenay-Lac-Saint-Jean region in the battery industry, aligning with sustainable economic development goals [8][9]. Company Overview - First Phosphate Corp. focuses on producing high-purity phosphate for the LFP battery industry, connecting sustainable phosphate mining in Quebec with North American battery supply chains [12]. - The company's flagship property, Bégin-Lamarche, is noted for its high-purity phosphate resources with minimal impurities [12]. Port Overview - The Port of Saguenay is recognized for its strategic importance and contribution to the Canadian economy, providing deep-water marine facilities and direct access to major North American rail and highway networks [13]. - The port is positioned as a natural logistics hub for the development of the critical minerals sector in northeastern Canada [10].