First Phosphate Corp. (CSE:PHOS) has applauded the news that Canada’s Critical Minerals list now includes phosphorous, high-purity iron, and silicon metal.
Unveiled Monday by Jonathan Wilkinson, the Minister of Energy and Natural Resources, the update brings the total to 34 critical minerals, essential for economic security and the transition to a low-carbon economy.
“First Phosphate has been actively involved in the development of Quebec igneous phosphate resources and applauds Canada, Ontario and Quebec's acknowledgement of the tremendous opportunity that phosphate resources represent for the electrification needs of North America,” the company said in a statement.
It went on to add that the firm believes that Quebec's igneous anorthosite phosphate rock represents an untapped source of high-purity phosphate, which can be mined and processed into substantial quantities of purified phosphoric acid.
Phosphate plays a crucial role in the production of lithium iron phosphate (LFP) batteries, which are increasingly used in electric vehicles (EVs).
The company's objective is the development of an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec, one which can help satisfy the large future demand for LFP battery cathode active materials across North America.
Canada aligns with Ontario, Quebec, the European Union, and South Korea in recognizing phosphorous as critical.
A decision from the U.S. on phosphorous’s status is expected by 2024-25, with a Senate bill introduced to include it in the U.S. Department of the Interior's critical minerals list.