First Phosphate Corp announces addition of Phosphorus to Canada's Critical Minerals List
Vancouver, Canada
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June 10, 2024 03:56 PM Eastern Daylight Time
First Phosphate Corp CEO John Passalacqua joined Steve Darling from Proactive to announce that the Canadian government has updated its critical minerals list for the first time since 2021, adding phosphorus, high-purity iron, and metallic silicon. This update brings the total number of critical minerals to 34. Passalacqua highlighted several advantages of phosphorus being included on this list, emphasizing the significant financial and developmental benefits for the company.
Passalacqua explained that the addition of phosphorus to the critical minerals list makes First Phosphate eligible for critical minerals flow-through shares, which aid flow-through investors. Moreover, there are numerous funding programs available at both federal and provincial levels that are exclusive to critical minerals. This new designation is expected to boost investor confidence and open more funding opportunities on an international scale. Countries like the U.S. are encouraged to include phosphorus in their critical minerals lists, following Canada's lead.
Canada had previously produced sedimentary phosphate for fertilizers but ceased production a decade ago. First Phosphate now aims to produce high-purity igneous phosphate in northern Quebec, which is suitable for high-grade phosphoric acid used in batteries. Passalacqua noted that being on the critical minerals list significantly enhances the company's eligibility for grants and funding, which will facilitate its project development.
In addition to financial benefits, this designation provides First Phosphate with a competitive edge in the market, aligning with global trends in mineral production and usage. The company's strategic focus on producing high-purity phosphate positions it well to meet the growing demand for critical minerals, particularly in the battery sector.
With the critical minerals list now updated, First Phosphate is poised to take advantage of the enhanced support and funding opportunities. The company plans to expedite its project development efforts, focusing on producing high-quality phosphate to cater to the burgeoning market needs.
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