First Phosphate (PHOS) Global Markets Forum Conference summary

LFP market and phosphate supply

• LFP cells were projected to represent 63% of global battery production in 2025, with share forecast to reach 85% over the next decade; the market was valued at USD 18.7B in 2024 and projected at USD 90.3B by 2034.

• LFP applications include EVs, energy storage, data centers, telecom and drones; cited advantages include lower input costs than NMC, fire safety, long life and efficient charging and discharging.

• The presentation estimates 33 new purified phosphoric acid plants are needed by 2030 and says global capacity may need to double by 2045; igneous deposits represent 5% of global phosphate deposits.

• A North American critical-mineral LFP battery was made in 2025 using phosphate and iron, lithium from Century Lithium and graphite from Nouveau Monde Graphite; phosphate represents 61% of the positive side, versus 4% for lithium.

Bégin-Lamarche deposit and economics

• The high-purity, low-impurity igneous deposit spans 2.7 km, extends from surface to 400 m and remains open at depth; resources total 205 Mt indicated and measured at 6.0% and 90 Mt inferred at 6.2%.

• Plans call for an open-pit mine following 60,000 m of drilling; metallurgical conversion to purified phosphoric acid was reported at 91.1%.

• The PEA projects 900,000 tonnes/year of 40.4% P₂O₅ concentrate, a 23-year mine life, CAD 2.1B NPV, 37.1% IRR and 2.9-year payback; output equates to ~350 GWh of LFP batteries.

• The site is 70 km from Saguenay’s deep-sea port, ~1.5 km from hydro power and near roads, rail, industrial facilities and a skilled workforce.

Commercial chain and project support

• Demonstrated supply-chain steps run from phosphate through purified phosphoric acid, iron phosphate precursor and LFP cathode active material to 18650 cells, with Prayon, GKN Hoeganaes, Ultion Technologies and other partners.

• Definitive offtakes include 200,000 tonnes/year of phosphate concentrate and 60,000 tonnes/year of phosphoric acid; Prayon also provides technology licensing and has a phosphate-rock offtake agreement.

• Canada awarded CAD 21.5M in contributions: CAD 16.7M through the Global Partnerships Initiative and CAD 4.8M through the First & Last Mile Fund; Mashteuiatsh holds 1% of the capital.

• Financing support includes EXIM LOIs for USD 170M, a SERV guarantee of USD 212.5M, EIFO financing of USD 170M, an Italian-partner LOI for EUR 170M in equipment and services, and a Danish export-credit LOI for a USD 275M guarantee.

• As of September 29, 2026, shares outstanding were 190.4M, fully diluted shares 203.6M and market capitalization $419M; the presentation described the capital position as debt free. Cash was CAD 25M, with CAD 22M in federal facilities.