First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) CEO John Passalacqua talked with Proactive about the company’s recent metallurgical testing progress and next steps toward a feasibility study for its Bégin-Lamarche project in Quebec.
The company has collected a 5,000-kilogram bulk sample to refine its phosphate separation process and further validate its earlier pilot results, which had already achieved nearly 90% phosphate recovery.
Proactive: Hello, you're watching Proactive. I'm joined by First Phosphate CEO John Passalacqua. John, very good to speak with you. You've just collected a 5,000-kilogram bulk sample. What's the key outcome you're aiming for from this next stage of metallurgical testing?
John Passalacqua: Yeah, so we've already done our pilot testing last year. We have a pilot process that works to separate phosphate from magnetite, ilmenite, and silicates. That was able to produce almost 90% recovery. Now, it's a second stage. As we advance toward our feasibility study, this metallurgical sample will allow us to perfect that methodology and develop our real, live-scale separation process. So it's a very important process for the feasibility study.
This metallurgical sample provides the material required to do those analyses. At the same time, we've stripped out a good area—maybe 500 feet by 500 feet—so we can see what the actual rock looks like underneath. We know that rock extends for about 2.5 kilometers by half a kilometer wide. The channel samples give geologists and engineers a closer look at the rock formation as we move toward commercial pilot plant-scale tests.
John, how does this build on the successful 2023 pilot results?
Basically, it's the next step. The pilot test results were successful, and now we're going deeper—more granular. We're getting to a commercial process that will essentially run the concentrator once the mine is in production.
The PEA highlights the Northern and Mountain Zones as the focus for the first ten years of production. What gives you confidence in those areas specifically?
The Northern and Mountain Zones have the highest phosphate concentrations. They’re also mountainous and exposed, making it much easier and more economical to access the phosphate. So it's always best to start where there's high concentration and easy access.
You've confirmed up to 45% apatite in surface stripping. How do these findings impact your overall resource confidence and long-term production strategy?
The purest apatite would be 40–42% P2O5. In some of these areas, we're getting close to that—almost 100% pure apatite—but only in certain veins. The deposit stretches 2.5 kilometers long and 500 meters wide. We've only gone down about 300 meters and it's open at depth. That gives us confidence. The definition drilling will help us upgrade from inferred to indicated and measured resources. It's all about continuing to de-risk and define the resource, which we already know is strong.
What should your investors be looking out for in the near term in terms of milestones?
On the mining side, it’s really about advancing toward the feasibility study and completing definition drilling to establish the resource. The bankable offtakes are already in place, and logistics are established. The PEA shows we don't need to build new infrastructure. We’re just working on proving out the assumptions in the PEA. We've got an NPV of CA$2.10 billion and an IRR of 37%. Our stock trades at less than 2% of that NPV value. So it's about proving out the basis for those assumptions.
John, you had a site visit at Bégin-Lamarche recently with the Belgian ambassador attending. Can you tell us more about that?
Yes, after the channel sampling and stripping, the rock was exposed in that area—making it good for visitors. There's a 2- to 3-minute video of that visit on our website linked in the latest press release. Some important dignitaries attended, including the Belgian ambassador. There’s growing interest between Belgium and Canada. Prime Minister Mark Carney was in Belgium recently discussing critical minerals. The Belgian ambassador showed strong interest in our project. We also have a large agreement with Prayon, the world’s largest producer of purified phosphoric acid, which is a Belgian company. That partnership stems from those discussions.
Quotes have been lightly edited for clarity and style