First Phosphate Corp. American Depositary Shares

First Phosphate Corp. is advancing an integrated mine-to-battery strategy in Quebec's Saguenay-Lac-Saint-Jean region, with feasibility studies for the planned phosphate mine, phosphoric acid plant and conductive material plant expected by the end of 2026 or early 2027. Director of Business Development Alexis de la Renaudi said the company demonstrated what he described as the first LFP battery made in North America using North American technology and critical minerals, incorporating First Phosphate's phosphate and iron alongside lithium carbonate and graphite, during a visit to Ultion Technologies in Utah earlier this year. The project sits approximately 70 kilometres from the deep-sea Port of Saguenay, giving access to both North American and international markets, and de la Renaudi cited existing infrastructure and a skilled local workforce as advantages. On the financing side, he pointed to an agreement involving Denmark's Export and Investment Fund, EIFO, for 170 million euros, and more recent interest from Switzerland's SERV for 212 million euros in connection with future project development. The company continues to position its Quebec strategy around building a domestic and North American supply chain for LFP batteries, from phosphate production through to battery materials.

First Phosphate Corp. has secured Swiss government backing for financing tied to its Bégin-Lamarche mine, with the guarantee covering up to 85% of exports from Switzerland aimed at the project. CEO John Passalacqua said the support amounts to a $212.5 million guarantee for capital expenditure and described an 85% debt-to-equity ratio as almost unheard of in the industry. The Swiss backing adds to a €170 million commitment already on the table from Denmark's EIFO export credit agency, part of a broader capital stack the company is assembling to limit shareholder dilution. Passalacqua said the news release was timed to coincide with the Canadian Investment Summit hosted by Prime Minister Mark Carney, and he framed the European support as cementing a transatlantic partnership between Canada, the United States and Europe.