First Phosphate Corp.: Exciting Corporate Updates from Saguenay, Quebec
First Phosphate Corp. (PHOS, FRSPF, KD0), a dynamic mining company based in Saguenay, Quebec, has recently made significant strides in its operations. The company has announced the completion of two critical reports for its Bégin-Lamarche property.
Mineral Resource Estimate
First Phosphate’s September 2024 mineral resource estimate for the Bégin-Lamarche property was completed in accordance with National Instrument 43-101 (NI-43-101). This report outlines the quantity and quality of the mineral resources that First Phosphate has identified at the site. The estimate includes an indicated resource of 11.5 million metric tonnes (Mt) of phosphate rock, grading 11.6% phosphorus pentoxide (P2O5), and an inferred resource of 12.9 Mt of phosphate rock, grading 10.8% P2O5. These resources represent a substantial increase from the previous estimate and position First Phosphate for continued growth.
Preliminary Economic Assessment
In December 2024, First Phosphate completed a NI-43-101 compliant Preliminary Economic Assessment (PEA) for the Bégin-Lamarche property. The PEA outlines the proposed mining method, production schedule, capital costs, operating costs, and economic analysis for the project. The results indicate an estimated after-tax net present value (NPV) of CAD 329 million, an internal rate of return (IRR) of 19.7%, and a payback period of 3.5 years. These figures demonstrate the strong potential for profitability and sustainability of the Bégin-Lamarche project.
Impact on the Local Community and the World
The successful completion of the mineral resource estimate and Preliminary Economic Assessment for the Bégin-Lamarche property is a significant milestone for First Phosphate and the Saguenay region. The project is expected to create numerous job opportunities, both directly and indirectly, and stimulate economic growth in the area. Moreover, the increased phosphate resources will contribute to the global phosphate market, which is essential for agriculture and food production.
Global Phosphate Market
Phosphate is a vital nutrient for agriculture, and its demand continues to grow as the global population increases and diets become more protein-rich. The world’s phosphate reserves are finite, and the depletion rate is accelerating. According to the International Fertilizer Industry Association, the global phosphate rock production reached 175 million metric tonnes in 2023, and the demand is projected to reach 193 million metric tonnes by 2030. First Phosphate’s Bégin-Lamarche project, with its substantial phosphate resources, is well-positioned to meet the growing demand and contribute to food security worldwide.
Conclusion
First Phosphate Corp.’s recent accomplishments at the Bégin-Lamarche property represent a significant step forward for the company and the Saguenay region. The completion of the NI-43-101 compliant mineral resource estimate and Preliminary Economic Assessment demonstrates the project’s strong potential for growth and profitability. Moreover, the substantial phosphate resources will contribute to the global phosphate market, ensuring food security and stimulating economic growth. As First Phosphate continues to progress with the development of the Bégin-Lamarche project, the company is poised to make a positive impact on the local community and the world.
- First Phosphate completes mineral resource estimate and Preliminary Economic Assessment for Bégin-Lamarche property
- Indicated resource of 11.5 Mt of phosphate rock, grading 11.6% P2O5
- Inferred resource of 12.9 Mt of phosphate rock, grading 10.8% P2O5
- NPV of CAD 329 million, IRR of 19.7%, payback period of 3.5 years
- Contributes to food security and economic growth in Saguenay and globally
