First Phosphate Corp. reported an updated mineral resource estimate, effective May 1, 2026, for its 100%-owned Bégin-Lamarche property: 204.7 million tonnes of measured and indicated resources averaging 6.05% P₂O₅, with 12.38 million tonnes of contained P₂O₅. It also lists 89.5 million tonnes of inferred resources averaging 6.16%, with 5.5 million tonnes of contained P₂O₅. The pit-constrained estimate uses a 2.5% P₂O₅ cut-off. The company states that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The company is preparing a feasibility study for Bégin-Lamarche; both primary properties remain in exploration and development, and First Phosphate says its properties have generated no revenue to date. The updated estimate reports phosphate resources only, while the earlier Bégin-Lamarche preliminary economic assessment considered phosphate and magnetite processing; the AIF says an updated assessment would produce different results. First Phosphate finalized non-repayable Canadian government contributions of CAD$16.7 million for technical and engineering studies and CAD$4.84 million for Bégin-Lamarche development. The recommended work program is estimated at CAD$20.36 million, with feasibility-study activities contingent on prior exploration and drilling work.
First Phosphate Corp. reported unaudited results for the six months ended August 31, 2026, while advancing its Québec phosphate projects and downstream feasibility work. The company recorded a net loss of C$19.5 million, compared with C$3.8 million a year earlier, and used C$21.1 million in operating activities versus C$5.4 million. It has not generated revenue. Cash and cash equivalents were C$19.9 million and working capital was C$22.7 million at August 31, 2026.
Exploration and metallurgy spending was C$13,571,989, mainly related to drilling at Bégin-Lamarche. NRCan approved reimbursement of up to C$16,717,722 for eligible feasibility-study expenditures through March 31, 2028. Separate infrastructure agreements provide contributions of up to the lesser of 50% of eligible costs and C$3,071,587 for transmission work and C$1,771,350 for road work. Management said financing raised as of August 31, 2026 was sufficient to sustain operations for the next twelve months, while noting continued operations are contingent on obtaining additional financing. The Bégin-Lamarche feasibility study has a targeted completion date of calendar Q1 2027.
First Phosphate Corp. reported publication of a peer-reviewed study of its Bégin-Lamarche Igneous Phosphate Deposit in Ore Geology Reviews. The study describes how phosphate-rich layers formed and reports that they are low in chlorine and other trace elements, making them a potential high-purity phosphate source for purified phosphoric acid, a precursor used to make lithium iron phosphate battery cathode material.
Scientists from Queen’s University and Université du Québec à Chicoutimi examined the deposit’s Mountain, North and South Zones using mineralogical, petrological and geochemical analysis. The deposit is part of the 1.14 Ga Lac-Saint-Jean Anorthositic Suite. First Phosphate said the findings provide a basis for exploring other igneous phosphate layers in Québec and may offer insights relevant to similar deposits globally.
First Phosphate Corp. (PHOS) reports that it has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately USD 212.5 million of insurance/guarantees in connection with buyer credit financing for its igneous phosphate mine and processing facility project in Saguenay–Lac-Saint-Jean, Québec, Canada. The support is based on an assumed eligible Swiss export contract value of USD 250 million, with SERV indicating it would consider covering about 85% of that amount and, in line with OECD guidelines, provide cover of up to 95% of the eligible financed amount.
The financed amount may include up to 85% of the export contract value, eligible local costs of up to 50% of the export contract value, capitalized interest during construction, and the export credit agency premium. A sufficient portion of the project is expected to be sourced from Switzerland to qualify for SERV coverage, and SERV may also seek reinsurance from other export credit agencies for significant project portions sourced outside Switzerland.
First Phosphate Corp. (PHOS) reports outcomes from its August 28, 2026 Annual General and Special Meeting. All five director nominees were elected, each receiving over 96% of votes cast, with most above 99% support. Shareholders also approved fixing the board size at five, re-appointing Davidson & Company LLP as auditor, adopting an advance notice policy for director nominations, and re-approving the company’s omnibus equity incentive plan.
The registered shareholder base on record for the 2026 meeting increased by 861% compared with 2025, rising to 12,501 from 1,301. The advance notice policy is intended to provide a clear and transparent process and timeline for shareholders who wish to nominate directors.