About this episode

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

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
• geopolitical supply chain
• mining
• resource expansion

Keywords

• First Phosphate
• phosphate project
• LFP batteries
• financing
• geopolitics
• mining
• production target
• resource expansion

Mentioned in this episode

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

Places: Quebec, North America, Europe

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