First Phosphate Reports Updated Mineral Resource Estimate for Begin-Lamarche Phosphate Deposit
First Phosphate triples indicated resource at Bégin‑Lamarche, reinforcing its pivot from junior explorer to LFP‑scale anchor.
The company announced an updated Mineral Resource Estimate for its flagship Bégin‑Lamarche phosphate property in Québec. Indicated resources increased 378% to 198.5 Mt at 6.00% P₂O₅ (from a previous 41.5 Mt at 6.49% P₂O₅), plus 6.2 Mt Measured at 7.70% P₂O₅ and 89.5 Mt Inferred at 6.16% P₂O₅. The estimate was based on 276 holes (68,345 m) from the 2025‑2026 drill campaign. Metallurgical test work confirmed battery‑grade phosphoric acid potential, with an anticipated apatite concentrate grade of 40.4% P₂O₅ at 88% recovery and a conversion ratio of 91.1% to phosphoric acid.
The resource upgrade is substantial and verifies that the infill drilling (completed March 2026) successfully converted inferred material and expanded the deposit. The tonnage increase and metallurgical validation materially de‑risk the project, putting it on a stronger footing for the feasibility study targeted for late 2026. While the market had already seen strong drill results and a moderate run‑up in the share price, the magnitude of the Indicated resource jump (378%) exceeds typical expectations for a junior miner and fundamentally reshapes the project’s scale. No new financing, strategic investment, or change in ownership is attached to this release, so the news stays within the “Material‑Positive” category—significant, but not a game‑changing event by our strict definition (no first‑time strategic investor, no M&A).
First Phosphate Corp. is a Québec‑based junior mining company focused on producing igneous phosphate concentrate for the lithium‑iron‑phosphate (LFP) battery supply chain. Its 100%‑owned Bégin‑Lamarche property sits in the Saguenay‑Lac‑Saint‑Jean region, roughly 70 km from the deep‑sea Port of Saguenay. The company has advanced the project rapidly since 2022, completing over 68,000 m of drilling, a preliminary economic assessment, and is now working toward a feasibility study. The strategic vision includes vertical integration into phosphoric acid and LFP cathode active material production, supported by government and export‑credit agency backing.