First Phosphate Announces Initial Payment Under Long-Term Offtake Agreement for Phosphate Concentrate

Core Viewpoint - First Phosphate Corp. has announced a lump-sum pre-payment of US $530,000 from an existing partner to advance its Bégin-Lamarche phosphate mining project towards a feasibility study and production decision [2][3]. Group 1: Financial Developments - The Purchaser has agreed to provide a lump-sum pre-payment of US $530,000 to assist First Phosphate in advancing the Bégin-Lamarche phosphate mining project [2]. - If First Phosphate decides not to proceed with a feasibility study or makes a negative production decision, the lump-sum pre-payment will be refundable to the Purchaser [3]. Group 2: Project Updates - First Phosphate completed a Preliminary Economic Assessment on the Bégin-Lamarche phosphate project on December 4, 2024, which recommended further drilling and exploration to convert inferred mineral resources to indicated and measured resources [3]. - The company is currently conducting a 30,000-metre drill program expected to be completed by April 2026 to finalize the geological model for its mineral resources [3]. Group 3: Corporate Actions - Under a collaboration agreement signed on April 9, 2024, First Phosphate issued 240,132 shares to Pekuakamiulnuatsh First Nation for exploration and development expenditures on the First Nation's lands in 2025 [4]. - First Phosphate is focused on building a vertically integrated mine-to-market lithium iron phosphate battery supply chain for North America, targeting markets such as energy storage and national security [6]. Group 4: Company Overview - First Phosphate is a mineral exploration, development, and cleantech company dedicated to examining and building a phosphate supply chain [6]. - The company's flagship Bégin-Lamarche Property in Quebec is noted for its high-purity phosphate with minimal impurities [7].