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First Phosphate Signs Agreement with Port Saguenay to Establish Phosphoric Acid Plant
Newsfile· 2025-07-18 11:07
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].
First Phosphate Closes Final Tranche of Oversubscribed Private Placement
Newsfile· 2025-07-16 20:30
Core Viewpoint - First Phosphate Corp. has successfully closed the final tranche of a $2,000,000 non-brokered private placement financing, raising a total of approximately $4,692,329 through the issuance of Flow-Through Shares and Hard Dollar Units [1][2][3]. Financing Details - The total gross proceeds raised from both tranches of the Offering amount to $4,692,329, which includes 12,856,513 Flow-Through Shares and 550,142 Hard Dollar Units, all priced at $0.35 each [2]. - In the final tranche, the Company raised $1,462,800 by issuing 3,729,428 Flow-Through Shares and 450,000 Hard Dollar Units [3]. - Since June 2022, the Company has raised approximately $28.5 million through 8 management-led non-brokered private-placement financings, with about $8.2 million closed in the last 3 months [4]. Compensation and Fees - The Company paid $1,600 in cash finder's fees and issued 894,998 Compensation Shares and 899,570 Compensation Warrants, with the latter exercisable at $0.50 per common share until December 31, 2025 [4]. Use of Proceeds - The proceeds from the Offering will be utilized as disclosed in the Company's press release dated June 30, 2025 [4]. Company Overview - First Phosphate Corp. is focused on producing high-purity phosphate for the lithium iron phosphate (LFP) battery industry, emphasizing sustainable extraction and purification methods [7]. - The flagship project, the Bégin-Lamarche Property, is located in Saguenay-Lac-Saint-Jean, Quebec, and is known for its rare igneous anorthosite rock that yields high-purity phosphate with minimal impurities [7]. Marketing Initiatives - The Company has entered into a 120-day advertising and e-marketing contract with Revolution Small Cap Marketing for marketing services, including social media engagement, with an initial payment of $15,000 [6].