First Phosphate Updates on Corporate Developments, Management Appointments and Insider Stock Purchases
First Phosphate Corp (FRSPF) has announced significant developments across three major projects. The Bégin-Lamarche phosphate mine project, with US $459M buildout capex, projects peak annual revenues of US $362M over 23 years at 37.1% pre-tax IRR. The company secured definitive long-term offtake agreements in December 2024.
A phosphoric acid facility with 190,000 tonne annual capacity is planned, requiring US $175M capex, with potential annual revenues of $284M. The First Saguenay iron phosphate plant in La Baie, Quebec, estimated at US $76M, aims to begin small-scale production in 2026, targeting 11,882 tonnes annually by 2028 with projected revenues of US $53M.
The company announced key management promotions: Armand MacKenzie to President and David Dufour to Senior VP. Notable insider purchases include 811,000 shares by CEO John Passalacqua, 197,500 shares by Director Peter Nicholson, and 40,000 shares by Chairman Laurence W. Zeifman since January 2025.
First Phosphate Corp (FRSPF) ha annunciato sviluppi significativi in tre progetti principali. Il progetto della miniera di fosfato Bégin-Lamarche, con un capex di costruzione di 459 milioni di dollari, prevede ricavi annuali massimi di 362 milioni di dollari per 23 anni, con un TIR pre-tasse del 37,1%. L'azienda ha firmato contratti di acquisto a lungo termine definitivi a dicembre 2024.
È previsto un impianto di acido fosforico con una capacità annuale di 190.000 tonnellate, richiedente un capex di 175 milioni di dollari, con potenziali ricavi annuali di 284 milioni di dollari. Il primo impianto di fosfato di ferro First Saguenay a La Baie, Quebec, stimato in 76 milioni di dollari, punta ad avviare una produzione su piccola scala nel 2026, mirando a 11.882 tonnellate annuali entro il 2028 con ricavi previsti di 53 milioni di dollari.
L'azienda ha annunciato importanti promozioni nel management: Armand MacKenzie a Presidente e David Dufour a VP Senior. Tra gli acquisti significativi da parte degli insider ci sono 811.000 azioni acquistate dal CEO John Passalacqua, 197.500 azioni dal Direttore Peter Nicholson e 40.000 azioni dal Presidente Laurence W. Zeifman da gennaio 2025.
First Phosphate Corp (FRSPF) ha anunciado desarrollos significativos en tres proyectos principales. El proyecto de la mina de fosfato Bégin-Lamarche, con un capex de construcción de 459 millones de dólares, proyecta ingresos anuales máximos de 362 millones de dólares durante 23 años, con una TIR previa a impuestos del 37,1%. La compañía aseguró contratos definitivos de compra a largo plazo en diciembre de 2024.
Se planea una planta de ácido fosfórico con una capacidad anual de 190,000 toneladas, que requiere un capex de 175 millones de dólares, con ingresos anuales potenciales de 284 millones de dólares. La primera planta de fosfato de hierro First Saguenay en La Baie, Quebec, estimada en 76 millones de dólares, tiene como objetivo comenzar la producción a pequeña escala en 2026, con un objetivo de 11,882 toneladas anuales para 2028 y ingresos proyectados de 53 millones de dólares.
La compañía anunció promociones clave en la gestión: Armand MacKenzie como Presidente y David Dufour como VP Senior. Las compras notables de insiders incluyen 811,000 acciones por parte del CEO John Passalacqua, 197,500 acciones por parte del Director Peter Nicholson y 40,000 acciones por parte del Presidente Laurence W. Zeifman desde enero de 2025.
퍼스트 포스페이트 코퍼레이션 (FRSPF)은 세 가지 주요 프로젝트에서 중요한 발전을 발표했습니다. 베진-라마르크 인산염 광산 프로젝트는 4억 5,900만 달러의 건설 자본 지출(capex)을 가지고 있으며, 23년 동안 연간 최대 수익 3억 6,200만 달러를 예상하며, 세전 내부 수익률(IRR)은 37.1%입니다. 이 회사는 2024년 12월에 장기 구매 계약을 체결했습니다.
연간 19만 톤의 용량을 가진 인산산 공장이 계획되어 있으며, 1억 7,500만 달러의 자본 지출이 필요하고, 연간 수익은 2억 8,400만 달러에 이를 것으로 예상됩니다. 퀘벡의 라 바이에 위치한 퍼스트 사구나이 철 인산염 공장은 7,600만 달러로 추정되며, 2026년에 소규모 생산을 시작하고 2028년까지 연간 11,882톤을 목표로 하여 예상 수익은 5,300만 달러입니다.
회사는 주요 경영진 승진을 발표했습니다: 아르망 맥켄지(Armand MacKenzie)가 사장으로, 데이비드 뒤푸르(David Dufour)가 수석 부사장으로 승진했습니다. 주목할 만한 내부자 구매에는 CEO 존 파살라쿠아(John Passalacqua)가 811,000주, 이사 피터 니콜슨(Peter Nicholson)이 197,500주, 의장 로렌스 W. 제이프만(Laurence W. Zeifman)이 2025년 1월 이후 40,000주를 구매한 것이 포함됩니다.
First Phosphate Corp (FRSPF) a annoncé des développements significatifs sur trois grands projets. Le projet de la mine de phosphate Bégin-Lamarche, avec un capex de construction de 459 millions de dollars, prévoit des revenus annuels maximaux de 362 millions de dollars sur 23 ans, avec un TRI pré-imposition de 37,1%. L'entreprise a sécurisé des contrats d'achat à long terme définitifs en décembre 2024.
Une installation d'acide phosphorique d'une capacité annuelle de 190 000 tonnes est prévue, nécessitant un capex de 175 millions de dollars, avec des revenus annuels potentiels de 284 millions de dollars. La première usine de phosphate de fer First Saguenay à La Baie, Québec, estimée à 76 millions de dollars, vise à commencer une production à petite échelle en 2026, avec un objectif de 11 882 tonnes annuelles d'ici 2028 et des revenus projetés de 53 millions de dollars.
L'entreprise a annoncé des promotions clés dans la direction : Armand MacKenzie en tant que Président et David Dufour en tant que VP Senior. Parmi les achats notables d'insiders figurent 811 000 actions par le PDG John Passalacqua, 197 500 actions par le Directeur Peter Nicholson et 40 000 actions par le Président Laurence W. Zeifman depuis janvier 2025.
First Phosphate Corp (FRSPF) hat bedeutende Entwicklungen in drei großen Projekten angekündigt. Das Projekt der Bégin-Lamarche Phosphatmine, mit einem Baukapitalaufwand von 459 Millionen US-Dollar, prognostiziert Höchstjahresumsätze von 362 Millionen US-Dollar über 23 Jahre bei einer Vorsteuer-Rentabilität von 37,1%. Das Unternehmen sicherte sich im Dezember 2024 endgültige langfristige Abnahmeverträge.
Eine Phosphorsäureanlage mit einer jährlichen Kapazität von 190.000 Tonnen ist geplant, die ein Kapitalaufwand von 175 Millionen US-Dollar erfordert und potenzielle Jahresumsätze von 284 Millionen US-Dollar bietet. Das erste Iron-Phosphate-Werk von First Saguenay in La Baie, Quebec, wird auf 76 Millionen US-Dollar geschätzt und zielt darauf ab, 2026 mit der Kleinproduktion zu beginnen, mit dem Ziel, bis 2028 jährlich 11.882 Tonnen zu erreichen und prognostizierte Einnahmen von 53 Millionen US-Dollar zu erzielen.
Das Unternehmen gab wichtige Beförderungen im Management bekannt: Armand MacKenzie zum Präsidenten und David Dufour zum Senior VP. Zu den bemerkenswerten Insiderkäufen gehören 811.000 Aktien von CEO John Passalacqua, 197.500 Aktien von Direktor Peter Nicholson und 40.000 Aktien von Vorsitzenden Laurence W. Zeifman seit Januar 2025.
- US $362M projected peak annual mine revenues over 23 years with 37.1% pre-tax IRR
- Secured definitive long-term offtake agreements
- Phosphoric acid facility potential revenues of $284M annually
- Significant insider share purchases by executives showing confidence
- Management/board receiving 80-100% compensation in RSUs, preserving capital
- High capital requirements: US $459M for mine, US $175M for acid facility, US $76M for iron phosphate plant
- Production start timeline dependent on permitting and financing
- Uncertainty due to North American trade-tariff situation
- Multiple projects requiring simultaneous development and funding
Saguenay, Quebec--(Newsfile Corp. - February 27, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce the following corporate updates.
Bégin-Lamarche Phosphate Mine
The Company recently concluded its National Instrument 43-101 ("NI-43-101") compliant mineral resource estimate (September 2024) and its NI 43-101 compliant Preliminary Economic Assessment (December 2024) for its Bégin-Lamarche property. The Company is in the process of completing its internal pre-feasibility analysis and is readying to launch its formal feasibility study.
Buildout capex for the mine is estimated at US
In December 2024, the Company announced definitive long-term agreements with creditworthy offtake partners that are not impacted by the current North American trade-tariff situation.
The Company also continues to work towards project financial participation in the Bégin-Lamarche mining project by its indigenous partner, Pekuakamiulnuatsh First Nation.
Phosphoric Acid Facility
In December 2024, the Company concluded licensing and engineering agreements for a 190,000 tonne per annum phosphoric acid facility. The internal pre-feasibility and capex study for the facility has now completed by engineering firm Ballestra S.pA. (though not NI 43-101 compliant).
Buildout capex for the facility is estimated at US
First Saguenay Iron Phosphate Plant
In September, 2024, La Baie, Quebec was chosen as the site for the Company's First Saguenay iron phosphate facility. The feasibility study for the facility has now been fully completed by Ultion Technologies Inc. (though not NI 43-101 compliant).
Pending financing, First Saguenay is expected to start small-scale production of iron phosphate pre-cursor material in 2026 ramping up to 11,882 tonnes per annum by 2028 with yearly revenues projected at US
Funding discussions for the facility are ongoing and proceeding as expected. The Company is also waiting for clarity on the impact of the North American trade-tariff situation before assessing its final deployment timelines and rollout plans. Building owner Logistique Proco Inc. has pledged maximum flexibility in terms of lease uptake. The Company has also located various secondary plant development locations in the United States should the North American trade-tariff situation require production facilities in multiple countries.
The Company is currently negotiating definitive supply agreements with major purchasers of LFP CAM materials in various segments of the LFP battery industry.
In November 2024, the Company signed a collaboration agreement with GKN Hoeganaes, a division of GKN Powder Metallurgy and one of the largest iron powder producers globally. GKN will be able to supply the Company with up to 400,000 tonnes of iron powder required to be able to eventually scale iron phosphate pre-cursor using large economies of scale.
GKN Hoeganaes was also successful in integrating the Company's magnetite (a secondary recovery from its Bégin-Lamarche property) into the GKN proprietary Ancorsteel melting process. This innovative process has led to the development of a high-purity iron powder, which can serve as an input for iron phosphate pre-cursor production. Given, this development, the Company should be in a position to create iron phosphate precursor from both the phosphate and the iron material emanating from its Bégin-Lamarche property to achieve full backwards integration with the mine source.
The commencement of the industrial operations proposed by the Company, including the Bégin-Lamarche phosphate mine, phosphoric acid facility and the First Saguenay iron phosphate facility, are subject to a number of conditions, including permitting and financing which the Company continues to work towards diligently.
Management Appointments
Armand MacKenzie has been promoted to the post of President of the Company and David Dufour to the position of Senior Vice-President.
"Armand and David have proven their abilities to assume team leadership. Armand will lead discussions with our indigenous partner and indigenous financial institutions to ensure we meet our objective of having deep Indigenous financial participation in the Company. David will drive operations and community relations as we begin to enter into the next stages of planning of our feasibility study," said John Passalacqua, CEO of First Phosphate.
Insider Stock Purchases
Company Chairman, Laurence W. Zeifman, has acquired, through a corporation controlled by him, a total of 40,000 common shares of the Company for
Company Independent Director, Peter Nicholson, has acquired, through a corporation controlled by him, a total of 197,500 common shares of the Company for
CEO, John Passalacqua, has acquired, through an entity controlled by him, a total of 811,000 common shares of the Company for
Company management continues to receive
The Company has approved the grant of 2,658,580 restricted share units of the Company ("RSUs") to eligible directors, management and staff of the Company as part of compensation expenses for the 6 month period commencing March 1, 2025. The RSUs vest on August 31, 2025 and shares issued under these RSUs will be subject to a hold period of four months plus one day from the date of issuance. The RSUs will be granted in accordance with and subject to the Company's Omnibus Equity Incentive Plan.
List of Major Accomplishments of the Company in 2024
December 18, 2024: Signed Long-term Offtake Agreements and Interest from Financial Partner
https://firstphosphate.com/offtake
December 4, 2024: Announced PEA for Bégin-Lamarche Property
https://firstphosphate.com/PEA_BLM
December 2, 2024: Signed License Agreement with Global Leader in MGA Phosphoric Acid Technology
https://firstphosphate.com/PAP_license
November 20, 2024: Signed Partnership Agreement with GKN Hoeganaes for LFP Development
https://firstphosphate.com/GKN_FPC
September 18, 2024: Reported Initial Mineral Resource Estimate at Bégin-Lamarche Property
https://firstphosphate.com/MRE
September 9, 2024: Choose Facility for Deployment of Iron Phosphate Plant
https://firstphosphate.com/FirstSaguenay
July 25, 2024: Completion of 25,000 m drill campaign at the Bégin-Lamarche Property
https://firstphosphate.com/25000-m-drill-campaign
May 8, 2024: LOI announced for Rapidwall Housing Manufacturing Plant to Recycle Gypsum
https://firstphosphate.com/RapidWall_FPC
April 17, 2024: Gary Stanley, former U.S. Department of Commerce, Joins the Advisory Board
https://firstphosphate.com/GaryStanley
April 9, 2024: Collaboration Agreement announced with Pekuakamiulnuatsh First Nation
https://firstphosphate.com/pekuakamiulnuatsh
March 13, 2024: MOU signed with Groupe Goyette for Logistics at the Hebertville-Station Intermodal Facility
https://firstphosphate.com/groupe-goyette
March 4, 2024: Mining Research and Innovation Grant received from Quebec Ministry of Natural Resources
https://firstphosphate.com/MNRF
February 28, 2024: MOU signed with Craler for the Development of Global Logistical Competencies
https://firstphosphate.com/craler
February 22, 2024: Received Letter of Support from Mario Simard, Canadian Parliamentary Deputy for the Riding of Jonquière, Québec
https://firstphosphate.com/MarioSimard
February 15, 2024: Joint Development Agreement signed with Integrals Power to Produce Environmentally Compliant Battery Grade Iron III Phosphate Precursor
https://firstphosphate.com/ipl_jda
February 13, 2024: Completed Pilot Production of LFP Battery-Grade Purified Phosphoric Acid
https://firstphosphate.com/phos_acid
January 22, 2024: Closed Oversubscribed Private Placement Financing for Total Proceeds of
https://firstphosphate.com/privateplacement
Qualified Person
The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Chief Geologist for the Company and a Qualified Person under National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI 43-101").
About First Phosphate Corp.
First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate ("LFP") battery industry. First Phosphate is committed to producing at high purity level, in a responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate is owner and developer of the Bégin-Lamarche Property in Saguenay-Lac-St-Jean, Quebec, Canada that consists of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of harmful concentrations of deleterious elements.
For additional information, please contact:
Bennett Kurtz
Chief Financial Officer
bennett@firstphosphate.com
Tel: +1 (416) 200-0657
Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com
Follow First Phosphate:
Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate
-30-
Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered "forward-looking statements" and "forward looking information" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things,: the Company's planned exploration and production activities; the properties and composition of any extracted phosphate; the Company's plans for vertical integration into North American supply chains; the Company's future plans relating to the design, build, operation and maintenance of the Bégin-Lamarche Phosphate Mine (and the the possibility of eventual economic extraction of minerals from the therefrom), Phosphoric Acid Facility, and the First Saguenay Iron Phosphate Plant; the projected economics of the projects, including buildout capex, annual mine revenues, life of the mine, the internal rate of return; and annual production; the timing and entering into of its detailed engineering studies for the Phosphoric Acid Facility, timing of the internal pre-feasibility analysis and formal feasibility study, and projected needs and availability of financing; possible future financial involvement of Pekuakamiulnuatsh First Nation; the entering into of definitive offtake agreements and definitive supply agreements with major purchasers of LFP CAM materials; the supply of iron powder the future integration of operations between the Company and GKN Hoeganaes the scaling of GKN Hoeganaes facilities, the future supply of iron powder, and the creation of iron phosphate precursor from both the phosphate and the iron material emanating from its own property for a full vertical integration.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company's public disclosure record including the short form base prospectus dated June 5, 2024, as well as: there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company's expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company's relationship with Pekuakamiulnuatsh Takuhikan First Nation and other Indigenous parties remaining consistent with the Company's expectations; the Company's relationship with other third party partners and suppliers remaining consistent with the Company's expectations; and government relations and actions being consistent with Company expectations.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company's other documents filed with the Canadian and United States securities authorities, including without limitation the "Risk Factors" section of the Company's Management Discussion and Analysis dated January 29, 2025 and Annual Report on 20-F dated July 8, 2024, which are available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Certain forward-looking statements in this press release may also constitute a "financial outlook" within the meaning of applicable securities laws. A financial outlook involves statements about the Company's prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors in relation to such financial outlook noted in this press release. Such assumptions are based on management's assessment of the relevant information currently available, and any financial outlook included in this press release is provided for the purpose of helping readers understand the Company's current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above, or any other factors may cause actual results to differ materially from any financial outlook. The actual results of the Company's operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242504
FAQ
What are the projected revenues for First Phosphate's (FRSPF) Bégin-Lamarche mine?
How much capital investment is required for First Phosphate's (FRSPF) three main projects?
When will First Phosphate (FRSPF) begin production at its Saguenay iron phosphate plant?
How many shares have First Phosphate (FRSPF) insiders purchased since January 2025?
What is the production capacity and revenue potential of First Phosphate's (FRSPF) planned phosphoric acid facility?
