First Phosphate (PHOS) Planet MicroCap Showcase: Toronto 2026 summary

LFP market and supply gap

• LFP reached 77% of global battery production, up from 20%–25% in 2022; EVs account for 13% of the LFP category, with energy storage and other applications driving demand.

• Large-scale energy storage in China is growing 25%–30% QoQ; other cited uses include AI data centers, robotics, defense, marine, agriculture, small mobility and telecom.

• G7 aims to limit any single country to 60% of certain supply chains by 2030; LFP production and related end products remain concentrated in China.

• Phosphate makes up 61% of LFP cathode material, versus 4% for lithium; purified phosphoric acid demand is projected at 30M tons by 2030–2031 and 65M–70M tons by 2035, versus 5M–7M tons currently in China.

Deposit and project development

• Igneous anorthosite from Saguenay–Lac-Saint-Jean yielded 40.4% P2O5 and a 91.1% conversion rate to purified phosphoric acid; high-purity rock uses one-third less sulfuric acid in processing.

• The open-pit deposit is near highway and power infrastructure; ~80,000 meters were drilled over three years, increasing indicated reserves by 378%, with 204M tons cited for the feasibility study.

• The PEA cited NPV of $2.1B, IRR of 37%, 2.9-year payback and a 1.5:1 strip ratio; estimated mine build cost was ~US$500M, with a feasibility study targeted for Q1 2027.

• Site advantages include a skilled industrial workforce, proximity to suppliers and Port of Saguenay, rail access to North America, and port access to ocean shipping.

Battery supply chain and support

• LFP batteries were produced with Ultion Technologies using Quebec phosphate and North American iron and lithium; ~150 batteries completed 2,000-cycle testing, with materials and processes described as validated.

• The speaker described the supply chain as using existing commercial players and facilities, with no R&D required, and said it could be scaled in North America.

• Quebec fast-track status and CAD 21.5M in non-dilutive Canadian government support were cited for the feasibility study, road and electrical infrastructure; the project was also selected for the G7 Critical Minerals Resilience and Production Alliance.

• Announced offtakes total 200,000 tons of phosphate concentrate and 60,000 tons of phosphoric acid; Denmark and Switzerland were at the table for CAD 190M and CAD 212M of CapEx, respectively.