First Phosphate secures capital for key milestones - ICYMI

First Phosphate Corp. earlier this week outlined its funding position and development timeline as the company works towards completing a feasibility study, advancing permitting and potentially reaching a final investment decision by the end of 2027.

CEO John Passalacqua told Proactive that First Phosphate had raised approximately $2.3 million in its latest financing tranche after securing more than $15 million in a previous tranche. He said the company had reported more than $30 million in the bank, with the additional financing bringing its cash position close to $35 million.

Passalacqua also highlighted a $16.7 million non-refundable, non-dilutive contribution from the Canadian federal government to support the company’s feasibility study. Taking the funding sources together, he said First Phosphate could have access to approximately $50 million as it advances its feasibility work, permitting activities and pathway towards a final investment decision.

The funding position represents a potential catalyst by providing the company with an estimated 24 to 36 months of capital runway. Passalacqua said the feasibility study was scheduled for completion around the end of the year or early the following year, after which the company planned to move into permitting. A potential final investment decision by the end of 2027 represents another key milestone.

First Phosphate is ultimately targeting an operational open-pit mine by 2029. Passalacqua described the target as an aggressive timeline. He added that critical-mineral projects could become more ...