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First Phosphate Completes Infill Drill Program

First Phosphate Wraps 40,000-Meter Drill Campaign, Secures $16.7M State Backing for LFP Supply Chain Push

By The Northwire Desk — AI Analysis Mar 31, 2026 · 07:16 PHOS · 0.95 First Phosphate Corp.

Executive Summary

First Phosphate completed an expanded 40,000-meter infill drill program at its Bégin-Lamarche property in Quebec, confirming continuous high-purity phosphate mineralization across the known resource horizon.
The program identified two new phosphate intercepts in the Northern and Southern zones on the eastern flank of the deposit, enhancing the geological model.
Chief Geologist Gilles Laverdière is retiring after 48 years in the industry. Steeve Lavoie, formerly of Agnico Eagle Mines, has been appointed Chief Geologist effective immediately.
The company granted 300,000 incentive stock options to Lavoie at an exercise price of $0.98, vesting 25% semi-annually over two years, expiring December 29, 2028.
This release follows the March 16 signing of a $16.7 million non-repayable contribution agreement with Natural Resources Canada, which funds feasibility and engineering work through 2028.

Material Impact

The drill completion is an expected operational milestone. The initial 30,000-meter program was announced in October 2025, with an April 2026 target. Expanding to 40,000 meters and confirming continuity de-risks the upcoming mineral resource estimate (MRE) but does not introduce fundamentally new, unpriced information.
The discovery of new intercepts adds geological optionality, but without assay grades, widths, or tonnage estimates, the market cannot quantify the impact on resource size or grade.
Management succession is routine and well-structured, with a qualified replacement already in place. The option grant aligns the new geologist with shareholder interests but represents minor dilution.
The $16.7 million government grant, already announced and signed, significantly extends the company's cash runway and removes near-term dilution pressure for feasibility studies.
Overall, the news is incrementally positive, validates prior guidance, and sets the stage for the next fundamental catalyst (MRE and feasibility decision), but lacks immediate market-moving surprise.

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Company Overview

First Phosphate Corp. is developing a vertically integrated lithium-iron-phosphate (LFP) battery supply chain, focusing on high-purity igneous phosphate extraction and downstream processing.
Flagship Project: Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Quebec. The deposit consists of igneous anorthosite-hosted phosphate mineralization.
Strategic Vision: Produce battery-grade phosphate concentrate, with plans to construct a phosphoric acid plant and LFP cathode active material (CAM) facility near Port Saguenay. The company has already demonstrated commercial-grade LFP 18650 cell production using project-derived materials.
Recent Milestones: Inclusion in the CSE25 Index, listing on Tradegate Exchange (Germany) and OTCQX (US), and securing a land option agreement with Port Saguenay for downstream infrastructure.

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