First Phosphate raises $2.95M to advance drilling, bolster plans for integrated LFP supply chain

First Phosphate Corp. CEO John Passalacqua joined Steve Darling from Proactive to announce the Company has successfully closed its latest financing round, raising $2.95 million from an existing investor along with several follow-on investors.

This financing marks the ninth management-led non-brokered private placement since June 2022, bringing total capital raised to approximately $31.4 million, with an impressive $11.2 million secured in just the past three months.

Passalacqua emphasized that the fresh capital leaves First Phosphate in a solid financial position, with about $4 million in cash currently on hand. Since inception, the Company has now secured roughly $17 million in net funding, providing the resources necessary to advance its growth strategy.

The funds will primarily support drilling and exploration activities at the Company’s Begin-Lamarche property, where First Phosphate is working to expand and define its resource base. Passalacqua also pointed to ongoing progress at the Lac à l'Orignal project, where assay results from the current drill program are expected within the next month. These results will feed into an updated resource estimate, a key milestone for the Company.

Passalacqua reiterated the Company’s overarching objective: to build a vertically integrated operation capable of supplying phosphate material for the LFP (lithium iron phosphate) battery industry in North America. He highlighted that the surface phosphate mineralization at Begin-Lamarche strengthens the Company’s ability to establish a stable and sustainable supply chain for the growing EV and energy storage markets.

With a clear strategy, a robust balance sheet, and strong investor support, First Phosphate continues to advance its mission of becoming a key player in securing North America’s clean energy future.

#proactiveinvestors #firstphosphatecorp #cse #phos #otcqx #frspf #frspf #phosphate #CriticalMinerals #BatteryMaterials #LFPCathode #FirstPhosphate #CanadaMining #GreenEnergy #SupplyChain #QuebecMining #EVBatteries #dod