First Phosphate Secures EUR 170M Commitment & Targets 2029 Production with CEO John Passalacqua
John Passalacqua, CEO of First Phosphate (CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY), provides an update on the company’s Quebec igneous phosphate project intended to produce purified phosphoric acid for LFP batteries. Passalacqua discusses a Danish Export Credit Agency LOI for up to 170 million euros for equipment and services, building on prior support including a Canadian federal non-repayable $16.7 million contribution and a similar 170 million US dollar EXIM Bank LOI, alongside a definitive bankable offtake agreement with some prepayment. He explains milestones needed to convert LOIs to definitive financing, with feasibility targeted by end-2026 and permitting in early 2027, supporting an aggressive 2029 production target. The conversation also covers completion of ~40,000 meters of infill drilling, discovery of two new zones that may expand the pit and resource, and the rationale for building a local North American/Western LFP supply chain amid geopolitical supply-chain disruptions.
00:00 Intro
00:56 Danish Financing LOI
02:25 Trade Tensions and Cooperation
03:04 From LOI To Definitive
04:25 Offtake Agreement De-Risking
06:18 Capex and Capital Stack
08:33 Drilling Results New Zones
10:50 Open Pit Depth and Mine Design
13:01 Geopolitics Supply Chain Resilience
15:21 North America and Europe Focus
16:11 Wrap Up and Tickers
