First Phosphate (CSE: PHOS) begins trading on the Nasdaq Global Market today, giving the phosphate developer a foothold on a U.S. exchange without issuing any new shares.
The company is set to trade via American Depositary Receipts under the ticker symbol PHOS. Each ADR represents 10 common shares.
The move is an uplisting rather than a debut. First Phosphate’s Level 1 ADRs previously traded over the counter on the OTCQX market under the symbol FRSPF, and those receipts convert automatically into Level 2 ADRs on Nasdaq. Holders do not need to take any action.
No capital was raised in connection with the listing, and no new securities were issued. The company’s existing equity listings are unaffected, with the company continuing to trade on the Canadian Securities Exchange under PHOS and on the Frankfurt Stock Exchange under KD0.
Underpinning the listing is First Phosphate’s flagship Bégin-Lamarche property in Québec, a rare North American igneous phosphate deposit that yields high-purity material with very low levels of impurities. A preliminary economic assessment released in December 2024 pegged the project’s after-tax net present value at C$1.59 billion at an 8% discount rate, with a 33% after-tax internal rate of return.
First Phosphate last traded at $1.82 on the CSE.
