First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) has unveiled an updated mineral resource estimate for its Bégin-Lamarche phosphate project in Quebec, highlighting a significant increase in indicated resources following its 2025 to 2026 drilling program.
The company said the updated estimate shows a 378% increase in indicated mineral resources compared with its initial estimate released in September 2024.
According to the updated estimate, the project contains measured pit-constrained mineral resources of 6.2 million tonnes grading 7.7% P2O5, indicated resources of 198.5 million tonnes grading 6% P2O5, and inferred resources of 89.5 million tonnes grading 6.16% P2O5. The deposit remains open at depth.
"We are pleased with the results of our 2025-2026 drilling exploration program and the quantity and quality upgrade provided to our Mineral Resources," First Phosphate CEO John Passalacqua said in a statement.
"We are now able to continue to move the project forward with great confidence in our mineral resources."
First Phosphate said metallurgical testing conducted by SGS produced an anticipated apatite concentrate grade of 40.4% P2O5 at an 88% recovery rate. The company also said the concentrate has been qualified for the production of battery-grade phosphoric acid for lithium iron phosphate batteries, with a reported conversion ratio of 91.1%.
The resource estimate is based on 276 drill holes totaling 68,345 metres and includes 20,682 assays for phosphate content.
The mineralized zones were modeled using a 2.5% P2O5 cut-off grade for potentially economic open-pit mining.
The Bégin-Lamarche deposit is located in the Saguenay-Lac-Saint-Jean region of Quebec, about 50 kilometres north of the city of Saguenay and roughly 70 kilometres by road from the Port of Saguenay. The company noted the project is situated near existing road and hydroelectric infrastructure.
The company said the deposit consists of four mineralized zones, Mountain, Northern, Central and Southern, extending over a strike length of approximately 2,750 metres within the Lac-Saint-Jean anorthosite suite, which it described as the world’s largest phosphate-mineralized anorthosite formation.
First Phosphate said the deposit also benefits from a long-term offtake agreement with what it described as an existing creditworthy partner.