First Phosphate lines up LOIs, offtake deals for Quebec projects at G7 Summit 

First Phosphate (CSE: PHOS) (OTCQX: FRSPF) announced Wednesday it has formalized international investment and offtake agreements under the Critical Minerals Resilience and Production Alliance at the G7 Summit in Évian, France. 

Within the framework of the Alliance, First Phosphate said it has received letters of interest (LOIs) for up to C$275 million ($195M) guarantee from the Export and Investment Fund of Denmark for the development of the First Phosphate Bégin-Lamarche mine.  

The company posted an initial phosphate resource for its Bégin-Lamarche project in Quebec in 2024 after choosing a plant site to process the material for lithium iron phosphate (LFP) batteries. The company aims to make battery-grade phosphoric acid from igneous rock. 

Bégin-Lamarche, one of First Phosphate’s two projects in the Saguenay-Lac-St-Jean region, holds 41.5 million indicated pit-constrained tonnes grading 6.49% phosphate (P₂O₅) and 214 million inferred pit-constrained tonnes at 6.01% P₂O_5. 

The company also received LOIs from the Italian Export Credit Agency, from Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP), and from the international growth partner for Italian companies (SIMEST), alongside the support of the Italian engineering group MAIRE in relation to First Phosphate’s phosphoric acid plant at Port Saguenay to deploy Ballestra’s technology. 

First Phosphate also said it has signed a definitive offtake agreement with an international partner for a minimum of 200,000 tonnes per annum of phosphate concentrate from the Bégin-Lamarche mine, and a definitive offtake agreement with an international partner for a minimum of 60,000 tonnes per annum of phosphoric acid to be produced by the phosphoric acid plant at Port Saguenay.  

“Canada has what the world wants, and we are delivering. By working with trusted allies through the Critical Minerals Resilience and Production Alliance, investments are being made, projects are coming online faster, and we are strengthening supply chains in Canada and beyond,” Tim Hodgson, Canada’s Minister of Energy and Natural Resources said in a news release. 

 “By advancing projects like the Bégin-Lamarche mine, we’re securing the materials essential to the clean energy transition, creating good Canadian Jobs, and positioning Canada as a leader in anincreasingly competitive global economy,” Hodgson said.  

“These offtake and investment agreements announced under the Critical Minerals Resilience and Production Alliance at the 2026 G7 Summit demonstrate the strategic importance being assigned to establishing a secure, traceable and robust international supply chain for critical battery-grade phosphate material,” First Phosphate CEO John Passalacqua said.  

“We are proud to lead the G7 in the development of this clean, rare igneous phosphate material from Saguenay-Lac-St-Jean, Quebec into a downstream lithium iron phosphate battery supply chain for the G7 Alliance.”  

By market close in Toronto, First Phosphate’s stock was up 8.5%. The company has a C$306.1 million ($217.1 million) market capitalization.