First Phosphate (PHOS) 20th International Investment Forum (IIF) summary

Recent milestones

• Since June 2026, the mine and phosphoric acid plant gained G7 Critical Minerals Resilience and Production Alliance endorsement; Quebec fast-tracked the project, one of three with that status.

• Received CAD 4.9 million in non-repayable federal contributions for road and electrical-line studies; total Canadian government funding cited later was CAD 21.5 million.

• Listed on NASDAQ as an ADR under PHOS in August 2026; shareholder count rose from 1,301 to 12,501 by August, before the listing.

• Updated mineral resource estimate showed 378% more indicated resources; a peer-reviewed study included the deposit among leading global deposits.

• SERV issued a letter of guarantee for $212 million toward project CapEx; Denmark and Switzerland also put forward credit guarantees for project development and equipment exports.

Market and technology thesis

• Igneous phosphate is positioned as high-purity feedstock for LFP batteries rather than fertilizer; LFP represented 77% of global battery production, with uses spanning EVs, storage, data centers and other sectors.

• China was said to control over 97% of the LFP supply chain; the G7 target is to keep any one country below 60%, creating a stated need to onshore 40% across Western and other Asian markets.

• The LFP cathode was described as 60% phosphate and 4% lithium; purified phosphoric acid demand could at least double with LFP, with Benchmark Mineral estimates cited at 5–10 times.

• Quebec igneous anorthosite is a rare deposit type, cited as 1% of global phosphate resources; concentrate grades 40.4% P2O5 and converts to purified phosphoric acid at 91.1%.

• Igneous-rock processing was presented as clean, with recyclable gypsum, versus sedimentary-rock processing that leaves problematic gypsum piles and sends much material to fertilizer.

Resource and project economics

• Recent drilling found continuity and homogeneity; the surface resource is 2.7 km long, ~500 m wide and extends 400 m deep, supporting an open-pit mine concept.

• The resource remains open at depth and partly along the sides; the fully funded feasibility study is targeted for Q1 2027.

• Based on the prior resource estimate, economics were CAD 2.1 billion NPV, 37% IRR, 2.9-year payback and 23-year mine life; added drilling may extend mine life.

• The project is 70 km from Saguenay deep-sea port, with access to rail links into North America and port shipping to Europe and other markets.