First Phosphate (CSE: PHOS) will today become the newest issuer listed on the Canadian Securities Exchange. It was confirmed yesterday by the exchange that the firm had been approved to begin trading under the symbol “PHOS”.
“We believe First Phosphate is set to become the only pure-play publicly-traded company worldwide to be entirely dedicated to producing clean, high-grade and ethically-sourced phosphate material for the Lithium Iron Phosphate (LFP) battery industry,” commented company President Peter Kent last week when conditional approval was announced by the firm.
READ: First Phosphate: A Quebec Explorer Focused On The LFP Battery Opportunity
First Phosphate is a Quebec-focused phosphate explorer, whom is currently developing a land package in the Saguenay-Lac-St-Jean region of the province. The 1,500 square kilometre land package currently contains what the firm refers to as the Lac à l’Orignal, Mirepoix, Vanel Trilogy Flagship Property, which it is developing as it works towards producing battery grade phosphate. The property is found 125 kilometres north of Saguenay, and has easy access to a deep sea port, daily flights to Montreal, a skilled workforce, and provincial infrastructure. First Phosphate has the ultimate target of providing battery grade phosphate for the supply chain of electric vehicles in North America.
The property currently contains indicated resources of 15.8 million tonnes at 5.18% phosphorous pentaoxide, 4.23% titanium dioxide, and 23.90% iron oxide, which equivalates to 821kt of phosphorous pentaoxide, 0.67Mt of titanium dioxide, and 3.8Mt of iron oxide.
READ: First Phosphate Reports Mineral Estimate for Lac a l’Orignal Project
The property is also said to contain inferred resources of 33.2 million tonnes of 5.06% phosphorous pentaoxide, 4.16% titanium dioxide, and 22.55% iron oxide, which translates to 1,682kt of phosphorous pentaoxide, 1.38Mt of titanium dioxide and 7.5Mt of iron oxide.
The company also has several “bluesky” land packages, including the Begin-Lamarche property, which is the focus of a 4,000 metre drill program that was announced just last week. The program follows grab sample assays that registered as high as 20.52% phosphate.
The company is expected to begin trading this morning, with 48.3 million shares outstanding and a further 13.0 million reserved for issuance.
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