First Phosphate secures Swiss backing for mine - ICYMI

Earlier this week highlighted Swiss government support for financing linked to its Bégin-Lamarche mine, as CEO John Passalacqua outlined the company’s efforts to assemble a capital stack designed to limit shareholder dilution.

Yeah, so this is the Swiss government that’s guaranteeing up to 85% of exports from Switzerland that are aimed towards the mine at Bégin-Lamarche. So you’ve got a very nice debt-to-equity ratio there. 85% is almost unheard of in the industry. And it’s obviously based on the credibility of the mine, based on the fact that we’ve been endorsed by the G7, based on the fact that we have other export credit agencies at the table. EIFO from Denmark was there already, if you remember, for €170 million. So little by little, we’re putting together the whole capital stack here for the project, which can be done quite non-dilutively. And that’s a key to this because they’re looking at about 85% of the cost, and potentially more if that happens. But it does get to the point where your shareholders are very well protected here. Exactly. And that’s the real aim here: start early in building a capital stack. Start building it with credible partners, nation states that want to see your success, stayi...