Send us Fan Mail<br>In this episode of the WTR Small Cap Spotlight, First Phosphate CEO John Passalacqua joins WTR&#x27;s Tim Gerdeman and Dmitry Silversteyn to discuss the company&#x27;s strengthened financial position following an oversubscribed $17.7 million private placement, $21.5 million in non-repayable government grants from Natural Resources Canada, and letters of interest from international export credit agencies representing up to C$275 million in potential project financing. The conversation covers the company&#x27;s definitive offtake agreements securing a minimum of 200,000 tons per year of phosphate concentrate and 60,000 tons per year of battery-grade phosphoric acid, G7 Critical Minerals recognition, Quebec fast-track permitting status, and the path toward a targeted 2029 production start. Passalacqua also explains why phosphate — not lithium or graphite — is emerging as the real bottleneck for North American LFP battery production.

First Phosphate (FRSPF): Building a G7-Backed North American LFP Battery Supply Chain

WTR Small-Cap Spotlight

Welcome to the WTR Small-Cap Spotlight Podcast. I'm your host, Tim Gerdeman, Vice Chair and Co-Founder and Chief Marketing Officer of Water Tower Research. In today's podcast episode, I'm joined by John Pasolakawa, CEO of First Phosphate, OTC ticker symbol FRSPF, and Canadian Stock Exchange ticker symbol PHOS.

First Phosphate is developing a high purity phosphate resource in Canada to provide a secure and scalable supply of phosphate and cathode active materials to the growing non-Chinese LFP battery industry. Also joining is my WTR equity research colleague, Dimitri Silverstein. Gentlemen, good morning and thanks for joining me today. Good morning, Tim. Good morning, Tim. Thank you. John, over the past several months, First Phosphate has significantly strengthened its financial position.

In June and July, the company completed an oversubscribed two-tronche private placement that raised approximately $17.7 million Canadian dollars, bringing total capital raise since 2022 to roughly $80 million Canadian. Earlier this year, the company also secured up to $16.7 million Canadian in non-repayable funding from Natural Resources Canada's, or NARCAN, Global Partnership Initiative.

And just this week, announced an additional $4.84 million in non-repayable infrastructure funding through the NARCAN First and Last Mile Fund, also known as FLMF. How has this combination of equity capital and government support changed First Phosphate's financial position, and what key milestones do you expect these funds to carry the project through over the next two to three years?

Yes. So, with the latest capital raise, the company has over $30 million in Treasury as per our last financials. And if you look at these two non-repayable, non-dilutive grants that have been made by the Government of Canada, that totals $21.5 million.

First Phosphate (FRSPF): Building a G7-Backed North American LFP Battery Supply Chain

Read the full transcript

The candid version is on a podcast,
not the earnings call.

First Phosphate (FRSPF): Building a G7-Backed North American LFP Battery Supply Chain

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.