First Phosphate (PHOS) Precious Metals & Critical Minerals Virtual Investor Conference summary

Market opportunity and positioning

• Pure-play focus on high-purity igneous phosphate from Saguenay–Lac-Saint-Jean, Quebec, with a mine-to-market plan spanning rock to LFP cathode active material.

• LFP batteries were cited at 77% of global battery production, up from ~30% market penetration in 2023; growth spans energy storage, AI data centers, robotics, marine, agriculture, defense and other uses.

• China dominates LFP production; the G7 aims to limit any single-country supply-chain concentration to 60%, while North America was cited at less than 1%.

• The speaker said phosphate makes up 61% of the LFP cathode and that the operation is uniquely focused on phosphate for LFP batteries.

Resource and project economics

• Saguenay–Lac-Saint-Jean anorthosite phosphate was reported at 40.4% phosphate, with 91.1% convertible to purified phosphoric acid; the deposit is ~2.7 km long, ~500 m wide, ~400 m deep and open at depth.

• The updated mineral resource estimate increased the indicated category by 378%; the earlier PEA cited CAD 2.1B NPV, 37% IRR, 2.9-year payback, 1.5:1 strip ratio, 23-year mine life and 900 ktpa.

• Igneous phosphate accounts for 5% of global phosphate deposits, according to the presentation; the Quebec deposit was described as consistent and suited to high-purity acid production.

• The planned open-pit mine is 70 km from the Port of Saguenay and near road, power, rail and an established industrial workforce; acid and downstream processing are planned at the port.

Supply-chain validation and partnerships

• A 150-cell demonstration using North American critical minerals completed 2,000 charge-discharge cycles; the speaker described it as the first such North American-mineral LFP cells in 25 years.

• Processing plans extend from concentrate to purified phosphoric acid; cathode active material production is intended through a partnership or another company, with battery-cell producers downstream.

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

• Quebec designated the project for fast-track permitting; Canadian government support totals CAD 21.5M in non-dilutive, non-repayable contributions, and the project was named among 13 G7 strategic projects.

• Denmark and Switzerland indicated export credit guarantees of ~190M and USD 212.5M, respectively, against current CapEx of 475M; the speaker said these cover more than 80% of CapEx.