First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF), which is developing igneous phosphate resources in Quebec, welcomed the mention of Canada’s phosphate reserves in the recent Canadian federal election debate as a sign of growing recognition for the strategic role of phosphate in clean technology supply chains.
“Seeing phosphate discussed at the highest levels during a national election debate signifies political acceptance of the potential contribution of clean, igneous phosphate to the development of Canadian industries and national priorities,” said John Passalacqua, CEO of First Phosphate.
Passalacqua’s comments followed a national debate on April 17, where Yves-François Blanchet, Leader of the Bloc Québécois, highlighted Quebec's phosphate reserves while addressing Canada’s strategy on critical minerals.
“Quebec has probably the most important clean phosphate reserves in North America [located] in Saguenay-Lac-St-Jean,” Blanchet said during the debate. “It is very important. It has to be exploited.
“This is the best way to use Port Saguenay as an infrastructure that we need.”
First Phosphate is aiming to become a key player in the North American production of phosphate-based lithium iron phosphate (LFP) batteries, used in electric vehicles, energy storage, and industrial automation.
Passalacqua said the comment “validates what we have been building towards diligently at First Phosphate for a long time… a fully integrated resilient North American supply chain for phosphate-based lithium iron phosphate (LFP) batteries, which are crucial for the automization of manufacturing, AI, robotics and energy storage.”
Phosphate was officially added to Quebec’s Critical Minerals List in January 2023, and to Canada’s national list in June 2024.
The company said development of Canada’s phosphate resources could lead to substantial economic benefits, including job creation in Saguenay-Lac-Saint-Jean, technological innovation, and greater national security through supply chain resilience.