First Phosphate (PHOS) Noble Capital Markets Virtual Equity Investor Conference summary

LFP market and phosphate supply

• LFP was described as nearly 70%–80% of global battery production, with demand across storage, data centers, robotics, mobility, defense and other uses; EVs represent ~13% of LFP applications.

• Management said phosphate is 61% of the LFP cathode, versus 35% iron and 4% lithium, while Western purified phosphoric acid supply is constrained by fertilizer-linked production.

• Traditional purified phosphoric acid uses were forecast to outstrip supply by the mid-2030s; igneous phosphate was presented as a way to expand battery-grade supply outside fertilizer production.

• Igneous phosphate represents ~5% of global phosphate reserves; management characterized Quebec anorthosite as consistent, high-purity feedstock, with concentrate exceeding 40% P2O5.

Bégin-Lamarche project

• The open-pit deposit is near a highway, electricity infrastructure and towns; the resource extends ~2.7 km in length, 300–500 m in width and to ~400 m depth, remaining open at depth and partly along the sides.

• After 50,000 m of drilling, indicated resources increased 378%; management cited strong continuity and homogeneous mineralogy as support for the feasibility study.

• The deposit was estimated to support 350 GWh of LFP batteries; PEA economics cited CAD 2.1B NPV, 37% IRR, 2.9-year payback, 23-year mine life and 1.5:1 strip ratio.

• Management said anorthosite feedstock can use ~33% less sulfuric acid and convert more than 91% directly into battery-suitable purified phosphoric acid; gypsum was described as recyclable.

Mine-to-market strategy and partnerships

• North American partners produced LFP cells using North American critical minerals; management said testing through 2,000 charge-discharge cycles passed commercial testing, validating the materials and processes.

• Prayon supported purified phosphoric acid production; GKN Hoeganaes worked on iron phosphate precursor, with Century Lithium, Nouveau Monde Graphite and Ultion contributing to the battery materials chain.

• Management cited a local Indigenous collaboration agreement, Quebec fast-track status under Filon legislation, and G7 recognition as a strategic project to onshore critical mineral supply chains.

• Definitive offtake agreements cover 200,000 tonnes/year of phosphate concentrate; management said 500,000 tonnes/year would eventually feed its phosphoric acid plant, with another 200,000 tonnes of potential short-term offtake being held back.