First Phosphate Secures EUR 170M Commitment & Targets 2029 Production with CEO John Passalacqua

About this episode

John Passalacqua discusses First Phosphate's financing and production plans for a Quebec phosphate project.

John Passalacqua, CEO of First Phosphate, provides an update on the company’s Quebec igneous phosphate project intended to produce purified phosphoric acid for LFP batteries. Passalacqua discusses a Danish Export Credit Agency LOI for up to 170 million euros for equipment and services, building on prior support including a Canadian federal non-repayable $16.7 million contribution and a similar 170 million US dollar EXIM Bank LOI, alongside a definitive bankable offtake agreement with some prepayment. He explains milestones needed to convert LOIs to definitive financing, with feasibility targeted by end-2026 and permitting in early 2027, supporting an aggressive 2029 production target. The conversation also covers completion of ~40,000 meters of infill drilling, discovery of two new zones that may expand the pit and resource, and the rationale for building a local North American/Western LFP supply chain amid geopolitical supply-chain disruptions. 00:00 Intro 00:56 Danish Financing LOI 02:25 Trade Tensions and Cooperation 03:04 From LOI To Definitive 04:25 Offtake Agreement De-Risking 06:18 Capex and Capital Stack 08:33 Drilling Results New Zones 10:50 Open Pit Depth and Mine…

People in this episode

Host: Bill Powers

Guest: John Passalacqua

Topics covered

• phosphate production
• LFP batteries
• financing
• geopolitics
• mining
• resource expansion

Keywords

• phosphate
• LFP batteries
• financing
• geopolitics
• mining
• resource expansion
• production target

Mentioned in this episode

Organizations: First Phosphate, Danish Export Credit Agency, EXIM Bank

Places: Quebec, North America, Europe

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