First Phosphate Corp (NASDAQ:PHOS) (OTC:FRSPF) on Monday filed an updated technical report revealing resource expansion at its Bégin-Lamarche project in Quebec, Canada.
The latest mineral resource estimate highlights a 378% surge in indicated resources compared to the company’s initial assessment released on September 9, 2024.
Massive Resource Expansion At Bégin-Lamarche
The updated estimate demonstrates substantial resource growth for the deposit, located 50 kilometers northwest of Saguenay.
The technical report outlines 6.2 million tonnes of measured pit-constrained resources grading at 7.70% phosphate.
Furthermore, indicated resources reached 198.5 million tonnes at a 6.00% grade, while inferred resources hit 89.5 million tonnes at 6.16%.
Evaluators note that the deposit remains open at depth, allowing for potential future growth.
Advancing LFP Battery Supply Chains
Recent metallurgical tests reveal a highly favorable projected apatite concentrate grade of 40.4% phosphate alongside an impressive 88% process recovery rate.
The extracted material contains minimal potentially harmful elements. Consequently, the concentrate successfully qualifies for the production of battery-grade phosphoric acid, a crucial component for lithium iron phosphate batteries, achieving a 91.1% conversion ratio.
Strategic Infrastructure And Offtake Agreements
The Bégin-Lamarche project benefits heavily from existing regional infrastructure.
The site sits adjacent to established road networks and hydroelectric facilities, operating only 70 kilometers driving distance from the deep-sea Port of Saguenay.
In August, First Phosphate’s ADRs began trading on the Nasdaq Global Market. The company completed the uplisting without raising additional equity capital, providing broader access to U.S. investors without immediate dilution.
PHOS Stock Price Activity: First Phosphate shares were up 9.49% at $20.26 during premarket trading on Monday, according to Benzinga Pro data.
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