First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) said it applauds the announcement by the Canadian Minister of Government Transformation, Public Works and Procurement, Joël Lightbound, to invest $57.6 million to build the second wharf at Port Saguenay in Quebec.
The mineral development and cleantech company said the second wharf is to be positioned directly adjacent to First Phosphate's planned phosphoric acid plant and will greatly assist in the transportation of the company's future phosphate concentrate, phosphoric acid and lithium iron phosphate (LFP) products to North American, European and international destinations.
"This proposed investment by the Canadian Government is a most welcome development that will expand the economy of the region of Saguenay-Lac-St-Jean and bring quality jobs to the area," First Phosphate president Armand MacKenzie said in a statement.
"Most importantly, it will facilitate the commercialization of the region's natural resources, and especially First Phosphate's mineral properties that are greatly needed in the drive to onshore the LFP battery supply chain."
First Phosphate noted that the federal government investment announcement comes on the heels of the recent visit to Port Saguenay by Canada's Minister of Energy and Natural Resources, Tim Hodgson, on October 4, 2025.
The company recently announced that it has finalized an industrial land option agreement with Port Saguenay, which covers lands where First Phosphate plans to develop a phosphoric acid plant using advanced clean technology from Prayon SA of Belgium and to be implemented by international engineering firm Ballestra S.pA. of Italy.