First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY, NASDAQ:PHOS) has filed an updated mineral resource estimate for its Bégin-Lamarche phosphate project in Quebec, showing a 378% increase in indicated resources compared with the company's initial estimate.
The technical report outlines a measured pit-constrained resource of 6.2 million tonnes grading 7.70% P2O5, an indicated resource of 198.5 million tonnes grading 6% P2O5, and an inferred resource of 89.5 million tonnes grading 6.16% P2O5. The deposit remains open at depth.
Speaking with Proactive, First Phosphate CEO John Passalacqua said the update goes beyond the increase in volume.
"There's a big increase in indicated. There's a big increase in the volume of material as well. And the most important thing is the continuity and consistency throughout the entire resource," he said. "(T)hat now gives us the confidence to be able to move into feasibility study as soon as possible here."
The update follows First Phosphate's recent uplisting to Nasdaq, where its American depositary receipt began trading roughly ten days ago. Management and the board rang the opening bell in New York, a moment Passalacqua described as a turning point for investor access, a moment he said helped removed a structural barrier for US institutional investors.
"One of the big things that kept coming up is that they really needed to have us listed on a major stock exchange before many of them could invest. It's just some of the nitty-gritty of the way their funds are structured," he said.
Passalacqua added the company is well capitalized heading into its next phase, with over $30 million of its own treasury in the bank, plus another $4.8 million contribution from the Canadian government for our road infrastructure and electrical line to the Bégin-Lamarche property on top of a $16.7 million contribution in March of this year.