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First Phosphate Corp (FRSPF) is a mineral development company focused on extracting and purifying phosphate for Lithium Iron Phosphate (LFP) battery production. The company holds over 1,500 sq. km of land claims in Quebec, Canada, rich in rare anorthosite igneous phosphate rock. Their commitment is to produce high-purity phosphate material for the LFP battery industry, ensuring a low carbon footprint and responsible production.
First Phosphate's recent achievements include signing a collaboration agreement with Pekuakamiulnuatsh Takuhikan, a First Nation group, for a phosphate mine and LFP cathode project in Quebec. The agreement outlines employment opportunities, environmental protection, and financial participation. The company aims to integrate into the regional battery industry with the support of indigenous communities.
In addition, First Phosphate has plans to establish a Rapidwall Manufacturing Plant for upcycling phosphogypsum into building material panels, further promoting sustainability. With recent recognition of phosphorous as a critical mineral in Canada, First Phosphate is well-positioned to contribute to North America's electrification needs through its innovative projects and commitment to a circular economy.
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First Phosphate Corp. announces the Quebec Minister of Natural Resources and Forests has updated the Quebec list of critical and strategic minerals to include phosphate, acknowledging the potential of Quebec igneous anorthosite phosphate rock for the electrification needs of North America. The company aims to develop an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec to meet the future demand for LFP battery cathode active materials across North America.
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First Phosphate Corp. closed a non-brokered private placement financing for gross proceeds of $8,223,475.20, allowing them to drill and uncover the full extent of the Bégin-Lamarche high-purity igneous rock phosphate horizon. The offering was oversubscribed by a factor of 311%, with institutional investors showing confidence in the company's potential. The company also approved the grant of 360,000 restricted share units to an eligible consultant.
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First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) has signed a memorandum of understanding with Ultion Technologies Inc for the purchase of a non-exclusive, perpetual license to technology for the production of lithium iron phosphate and lithium iron manganese phosphate cathode active material. The market value of 50,000 tonnes of LFP CAM can be estimated from USD $625,000,000 to USD $1,250,000,000 based on recent market price ranges. The agreement provides proven, commercial-grade LFP production technology, reducing technology risk and allowing diversification of industry exposure. Ultion will also provide equipment acquisition and installation, engineering support, equipment design, start-up, and personnel training. The MOU with Ultion, together with the MOU with American Battery Factory, provides First Phosphate with a total minimum offtake potential of 46,000 tonnes of LFP CAM to be fulfilled slowly starting in 2026 and ramping up by 2028/2029.
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First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) has signed a memorandum of understanding with Lithium Australia Limited (ASX: LIT) for the potential development of a lithium iron phosphate and lithium manganese iron phosphate cathode active material manufacturing plant in North America. The agreement includes provisions for technology sharing, joint development, funding, and off-take agreements. LIT has a conditional first right of refusal for offtake of up to 30% of spodumene produced by the Lake Johnston Lithium Project.
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First Phosphate Corp. (CSE: PHOS) (OTC Pink: FRSPF) (FSE: KD0) applauds proposed guidance on the clean vehicle provisions of the Inflation Reduction Act ('IRA') as released by the U.S. Department of the Treasury. The company is working on building a fully localized phosphate mine to finished lithium iron phosphate ('LFP') battery industry supply chain in North America and is well advanced in this goal. The US administration's new guidance closes loopholes for foreign entities and introduces requirements for vehicle prices, which is expected to benefit the LFP battery chemistry and promote automotive manufacture and assembly back to America.
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First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) has filed amended and restated annual filings, including management's discussion and analysis, annual information form, and executive compensation statement, correcting disclosures related to business, operations, projects, COVID-19 impact, related party transactions, and financial resources. The company will be on the public list of Refiling and Errors for three years.
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First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) and Sun Chemical Corporation announce a non-binding memorandum of understanding for the development of intermediates used for the manufacture of lithium iron phosphate-based cathode active material to support the North American battery market. Sun Chemical will use its qualified North America facilities to manufacture iron phosphate using the phosphate material of First Phosphate and its partners. The agreement will include the investigation of the best source of iron to use in the iron phosphate and lithium iron phosphate synthesis process with preferred consideration for Sun Chemical's current manufacturing capabilities of iron oxide precursors and First Phosphate's mining source recovery of magnetite. The companies may develop a multi-party U.S. Department of Energy grant application in conjunction with committed offtake that may come from First Phosphate prospective customers.
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First Phosphate Corp. (CSE: PHOS) (OTC Pink: FRSPF) (FSE: KD0) applauds comments by Nobel Laureate, Stanley Whittingham, on the potential to build a regional supply chain for lithium iron phosphate (LFP) batteries in North America. Whittingham highlighted the availability of essential raw materials in the US and Canada, emphasizing the potential for North America to become self-sufficient in LFP production. First Phosphate believes that Quebec's igneous anorthosite phosphate rock can be a valuable source of high-purity phosphate. The company is working on a pilot plant for the purification of Quebec igneous anorthosite and aims to establish a fully integrated LFP battery supply chain in North America, centered in the Saguenay-Lac-St-Jean region of Quebec.
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First Phosphate Corp. appoints Jérôme Cliche as Vice-President, Business Development
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First Phosphate Corp. receives a letter of interest from EXIM for financing up to $170 million. The LOI supports procurement of U.S. goods and services and may be eligible for special consideration under EXIM's 2019 reauthorization. CEO expresses gratitude for the LOI and highlights the potential to limit equity dilution to shareholders. Note that the LOI does not guarantee financing commitment.
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FAQ
What is the current stock price of FIRST PHOSPHATE (FRSPF)?
The current stock price of FIRST PHOSPHATE (FRSPF) is $0.13 as of September 5, 2024.
What is the market cap of FIRST PHOSPHATE (FRSPF)?
The market cap of FIRST PHOSPHATE (FRSPF) is approximately 11.4M.
What is First Phosphate Corp focused on?
First Phosphate Corp is focused on extracting and purifying phosphate for the production of cathode active material for Lithium Iron Phosphate (LFP) batteries.
Where does First Phosphate operate?
First Phosphate holds over 1,500 sq. km of land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada.
What recent collaboration has First Phosphate announced?
First Phosphate announced a collaboration agreement with Pekuakamiulnuatsh Takuhikan, a First Nation group, for a phosphate mine and LFP cathode project in Quebec.
What is the significance of phosphorous being recognized as a critical mineral in Canada?
The recognition of phosphorous as a critical mineral in Canada highlights its importance in the country's mineral resources and strategic value for sectors like battery production.
How does First Phosphate contribute to sustainable development?
First Phosphate plans to establish a Rapidwall Manufacturing Plant for upcycling phosphogypsum into building material panels, promoting sustainability and circular economy practices.
FIRST PHOSPHATE CORP
OTC:FRSPF
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38.95%
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