First Phosphate (PHOS) Emerging Growth Conference 97 summary

Strategy and market

• Positioned as a high-purity igneous phosphate source dedicated to the LFP battery supply chain, distinct from fertilizer-focused sedimentary phosphate.

• LFP batteries were said to represent 77% of batteries produced worldwide, serving energy storage, data centers, robotics, marine, agriculture, defense, drones and telecom, alongside EVs.

• Phosphate was described as 60% of an LFP cathode; the speaker characterized this as a scarce public-market exposure dedicated to battery phosphate.

• G7 strategy targets no more than 60% of critical supply chains concentrated in any one country by 2030; the LFP supply chain is currently concentrated in Asia, particularly China.

• Quebec igneous anorthosite was cited as a high-purity feedstock; the presentation cited 40.4% P2O5 concentrate and 91.1% conversion to purified phosphoric acid.

Project and economics

• Recent drilling increased indicated resources by 378%; continuity and consistent mineralogy and metallurgy were cited as support for advancing to feasibility.

• The open-pit deposit was described as 2.7 km long, 500 m wide and extending to ~400 m depth; 89.5 million tons of inferred resources sit outside the feasibility study calculation.

• Cited project economics: $2.1B NPV, 37% IRR, 2.9-year payback, 1.5:1 strip ratio and 23-year mine life.

• The Saguenay–Lac-Saint-Jean location has access to industrial suppliers and workers, rail links and the deep-sea Port of Saguenay, 70 km from the mine.

Commercial and government support

• Testing has advanced from phosphate concentrate to purified phosphoric acid, iron phosphate precursor, LFP cathode active material and batteries; the speaker said the resulting batteries used project phosphate.

• Definitive, bankable offtake agreements cover 200,000 tons of phosphate concentrate and 60,000 tons of phosphoric acid.

• Quebec fast-track permitting status and CAD 21.5M in Canadian non-dilutive contributions support feasibility, roadwork and electrical-line development; the project was named a G7 strategic project in June 2026.

• Denmark and Switzerland were cited as having CAD 190M and CAD 212M of financing at the table, respectively; Italy and its entities were supporting the phosphoric acid plant.

• The speaker said Swiss and Danish financing covers about $400M of the $500M USD mine construction CapEx.