First Phosphate strengthens treasury as it advances feasibility study

First Phosphate CEO John Passalacqua said the company has raised an additional $3 million through a warrant exercise, describing the move as supportive of its long-term shareholders and a step toward advancing project development.

Warrant exercise adds $3 million and clears remaining warrants

Passalacqua said the latest financing came from the final client and broker warrants. He noted that after this tranche, there would be no more warrants held by clients or brokers, leaving the company “completely warrant free” from that perspective.

He added that shareholders exercised warrants in this last tranche, with a “good majority” participating.

Cash position and government funding

Passalacqua said the company’s treasury was already around $20 million prior to the warrant exercise. With the additional $3 million, he put the company’s cash position at approximately $22–23 million.

He also referenced a $16.7 million Canadian federal government contribution described as non-dilutive and non-reimbursable, aimed at developing the company’s concentrator for LFP cathode active material from the Bégin-Lamarche property.

Next steps: feasibility study and timing

Passalacqua said the next stage is completing the feasibility study after finalizing the resource estimate. The company aims to complete the feasibility study by year-end, which he described as a key milestone.

He said the company is funded through feasibility and final investment decision, with a runway of 18 to 24 months.

Capital structure and dilution instruments

Passalacqua said there are approximately 180 million shares outstanding. He added that remaining dilution instruments are held internally by staff and management, and that the cap table is now “clean and streamlined,” supported by funding intended to reach feasibility and permitting milestones.

Impact on capital-raising pressure

Passalacqua said the additional financing provides extra cushion and reduces pressure on raising further capital, which he said shareholders recognized through their participation in the warrant exercise.