FULL DISCLOSURE: First Phosphate is a sponsor of theDeepDive.ca.
First Phosphate Corp. (CSE: PHOS) has put fresh numbers behind its Bégin-Lamarche project, dramatically increasing the confidence of the resource estimate.
The updated mineral resource estimate, with an effective date of May 1, 2026, folds in results from the company’s 2025-2026 drilling campaign and reshapes a deposit that, until now, was carried mostly in the inferred category.
The standout figure is a 378% jump in indicated mineral resources versus the initial estimate from 2024. That earlier resource had pegged the indicated tonnage at just 41.5 million tonnes at 6.49% P₂O₅, with the bulk of the deposit, 214.0 million tonnes at 6.01% P₂O₅, sitting in the inferred category.
Pit constrained totals at a 2.5% P₂O₅ cut-off now stand as follows:
- Measured: 6.2 million tonnes at 7.70% P₂O₅ for 0.47 million tonnes of contained P₂O₅
- Indicated: 198.5 million tonnes at 6.00% P₂O₅ for 11.91 million tonnes of contained P₂O₅
- Inferred: 89.5 million tonnes at 6.16% P₂O₅ for 5.50 million tonnes of contained P₂O₅
The estimate draws on 276 drill holes totalling 68,345 metres, more than double the drilling that underpinned the 2024 numbers. The deposit overall saw contained P₂O₅ increase 15%, moving from 15.54 to 17.88 million tonnes.
The deposit itself has also grown a fourth zone. Where the initial model carried three mineralized zones strung over 2,500 metres, the updated geological interpretation defines four, including Mountain, Northern, Central and Southern, extending 2,750 metres along strike. The Northern, Central, and Southern zones consist of multiple layers of phosphate ranging in thickness, while the Mountain zone consists of a single phosphate-bearing mass. The deposit remains open at depth.
In terms of metallurgy, SGS testwork supports an apatite concentrate grading 40.4% P₂O₅ at 88% recovery, with low levels of deleterious elements, and the material has been qualified for producing battery-grade phosphoric acid for lithium iron phosphate batteries at a 91.1% conversion ratio.
CEO John Passalacqua commented on the results, stating, “We are pleased with the results of our 2025-2026 drilling exploration program and the quantity and quality upgrade provided to our Mineral Resources.”
First Phosphate last traded at $1.98 on the CSE.
FULL DISCLOSURE: First Phosphate is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Phosphate. The author has been compensated to cover First Phosphate on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
