First Phosphate Corp. (CSE:PHOS) has finalized a lease for a facility in Saguenay-Lac-St-Jean, Quebec, to establish a 10,000-tonne per annum iron phosphate cathode active material plant.
The plant, known as "First Saguenay," will play a crucial role in the company’s efforts to supply lithium iron phosphate (LFP) batteries.
"This announcement is another very positive step for phosphate mining in our region, and the start of the LFP sector in Saguenay-Lac-St-Jean, Quebec," said Andrée Laforest, deputy for Chicoutimi and Quebec Minister of Municipal Affairs.
"The company's regional production will have positive effects for us and for Port Saguenay, which will be a major player in the development of this sector.”
The 10-year lease is with Logistique Proco Inc, which will also act as the building contractor for the facility. The estimated investment for retrofitting and commencing operations is approximately USD $65 million (CAD $90 million), with operations expected to begin in early 2026.
The company noted that the plant is located near essential logistics infrastructure, the facility is positioned 20 km from the Port of Saguenay and linked to the North American rail network, providing significant logistical advantages for future expansion and international trade.
Located near essential logistics infrastructure, the facility is positioned 20 km from the Port of Saguenay and linked to the North American rail network, providing significant logistical advantages for future expansion and international trade.