First Phosphate gets SERV letter for $212M cover
Rhea-AI Filing Summary
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.
Positive
- SERV Letter of Support for ~USD 212.5 million in insured buyer credit financing significantly advances the financing framework for First Phosphate’s Québec mine and processing facility project.
Negative
- None.
Filing Explained
The 6-K reports a Letter of Support, not completed financing: SERV is only prepared to consider insurance or guarantees for buyer-credit financing, and the filing discloses no definitive agreement, funds received, or financing completed.
Key Figures
Key Terms
Swiss Export Risk Insurance financial
buyer credit financing financial
eligible local costs financial
OECD guidelines regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What financing support did First Phosphate Corp. (PHOS) announce in this 6-K?
How is the USD 212.5 million SERV support for PHOS calculated?
What coverage level can SERV provide for First Phosphate’s financed amount?
What costs can be included in the financed amount supported by SERV for PHOS?
Why is Swiss sourcing important for First Phosphate’s SERV-backed financing?
Is the SERV support for First Phosphate’s project final and unconditional?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2026
Commission File Number 001-43425
First Phosphate Corp.
(Translation of registrant’s name into English)
1055 West Georgia Street, 1500 Royal Centre, P.O. Box 11117, Vancouver, British Columbia, V6E 4N7
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☐ Form 20-F ☒ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___
SUBMITTED HEREWITH
The following documents of the Registrant are submitted herewith:
| Exhibit | Description |
| 99.1 | Press Release dated September 16, 2026 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| First Phosphate Corp | ||
| Date: September 16, 2026 | By | /s/“Bennett Kurtz” |
| Bennett Kurtz, Chief Financial Officer | ||
| * Print the name and title under the signature of the signing officer. |
Exhibit 99.1
SERV, Swiss Export Risk Insurance, Supports Guarantee of USD 212.5 Million for Capex of First Phosphate Mine Project in Quebec, Canada
Saguenay (Québec), September 16, 2026 – First Phosphate Corp. (“First Phosphate” or the “Company”) (Nasdaq: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is pleased to announce that it has received a Letter of Support from Swiss Export Risk Insurance (“SERV”) for approximately USD 212.5 Million for the purchase of Swiss machinery and equipment for its igneous phosphate mine project, as well as goods and services for the construction of its processing facility in Saguenay-Lac-St-Jean, Quebec, Canada.
SERV is prepared to consider insurance/guarantees in support of a buyer credit financing based on an assumed eligible Swiss export contract value of USD 250 million where SERV would consider supporting a financed amount of approximately USD 212.5 million, corresponding to 85% of such contract value. Should the final eligible Swiss export contract value be higher, SERV would be prepared to consider a correspondingly higher financing amount.
In accordance with the prevailing OECD guidelines, SERV would be prepared to 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 be eligible for SERV coverage. SERV may also seek reinsurance from other export credit agencies in respect of significant portions of the project sourced outside Switzerland.
About First Phosphate Corp
First Phosphate (Nasdaq: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security.
First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay–Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.
For further information, please contact:
Armand
MacKenzie
President
Tel: +1 (514) 618-5289
Investor
Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com
Follow First Phosphate:
X: https://x.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate
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Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company and SERV entering into of a definitive agreement and the terms thereof; the Company’s actual expenditures on equipment and services, and the source and value thereof; and the results of SERV’s due diligence and other enquiries Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.