First Phosphate, proje finansmanında 212,5 milyon ABD$ 'a kadar İsviçre ihracat desteğini güvence altına aldı

First Phosphate secures Swiss export support for up to US$212.5M in project financing

Proactive

Wed, September 16, 2026 at 3:45 AM GMT+3

• PHOS +11.62%

First Phosphate Corp. CEO John Passalacqua joined Steve Darling from Proactive to discuss a significant financing milestone for the company's integrated phosphate development strategy, announcing that First Phosphate has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately US$212.5 million in potential financing support for its Quebec-based phosphate project.

The support is intended to facilitate the purchase of Swiss machinery and equipment for First Phosphate's planned igneous phosphate mining operation, as well as goods and services required for the construction of its proposed processing facility in the Saguenay–Lac-Saint-Jean region of Quebec.

Passalacqua described the development as a major endorsement of the project's strategic importance and its growing international partnerships as the company works to establish a North American supply chain for lithium iron phosphate (LFP) battery materials.

Under the framework outlined in the Letter of Support, SERV is prepared to consider insurance and guarantee coverage for buyer-credit financing based on an assumed eligible Swiss export contract value of approximately US$250 million. Based on that amount, SERV could support financing of approximately US$212.5 million, representing 85% of the eligible contract value.

Should the final value of Swiss-sourced equipment and services exceed the current estimate, SERV indicated it would be prepared to consider a proportionally larger financing package.

According to the company, SERV's support could substantially enhance the project's access to competitive financing by providing export credit guarantees that reduce risk for lenders. In line with current OECD export credit guidelines, SERV may provide coverage for up to 95% of the eligible financed amount.

The financing package could include not only the majority of the export contract value but also eligible local project costs of up to 50% of the export contract value, capitalized interest incurred during construction and applicable export credit agency premiums.

First Phosphate noted that a sufficient portion of the project is expected to be sourced from Switzerland, making it eligible for SERV support. In addition, SERV may explore reinsurance arrangements with other export credit agencies to provide coverage for significant project components sourced from outside Switzerland.

Passalacqua said the support reflects growing international confidence in First Phosphate's strategy of developing a fully integrated phosphate supply chain focused on supplying the rapidly expanding lithium iron phosphate battery market. The company's Bégin-Lamarche project and downstream processing plans are intended to provide a secure North American source of phosphate materials used in electric vehicle batteries and energy storage systems.

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00:00 Speaker A

85% is almost unheard of in the industry and it's obviously, you know, based on the the the credibility of the mind, based on the fact that uh we we've been endorsed by the G7, based on the fact that we have other export credit agencies at the table.

00:27 Speaker B

All right, welcome back inside our Proactive news room and joining me now is John Passaqua. He is the CEO of First Phosphate. John, great to see you again. How are you?

00:39 Speaker A

Yeah, great to be here, Steve.

00:41 Speaker B

Uh, really big news out from the company today. It really jumps off the page, a guarantee of a 212.5 million for Capx uh for First Phosphate. This coming from the Swiss government. Tell me a little bit about this, John.

00:54 Speaker A

Yeah, so this is the uh Swiss government that's get guaranteeing uh up to 85 uh percent of exports from Switzerland uh that are aimed towards the the mine at Bion La Marche. So you've got a sort of a a very nice debt to equity ratio there. 85% is almost unheard of in the industry. and it's obviously, you know, based on the the the credibility of the mind, based on the fact that uh we we've been endorsed by the G7, based on the fact that we have other export credit agencies at the table.

01:21 Speaker A

Uh IFO from Denmark uh was there already if you remember for 170 million euros. So little by little, we're putting together the whole capital stack here for the project, which uh can be done uh, you know, quite non-dilutively.

01:34 Speaker B

And that's a key to this because they're they're looking at about 85% of the cost and potentially more if if if if that happens, but it it does get to the point where your shareholders are very well protected here.

01:50 Speaker A

Exactly. And then that's that's that's the real aim here is start early in building a capital stock, start building it with credible partners, nation states that, you know, they want to see your success, staying away from the higher priced and obviously toxic capital. This is friendly capital. It's capital that wants to see you succeed and uh great for our shareholders. just points to just less dilution down the road, which is what everyone's concerned of in mining projects.

02:14 Speaker B

So John, maybe you can talk to me a little bit about this news release coming out on a day when when uh there's going to be a number of leaders and government people that you'll be talking to uh about something like this.

02:30 Speaker A

Yeah, so today is the Canadian Investment Summit uh put on by uh Prime Minister Mark Carney. and so the release comes out at at at the perfect time and it just shows the support uh for the Swiss government towards Canada and uh towards First Phosphate as well.

02:46 Speaker B

Yeah. And lastly John, just uh you know, you mentioned Denmark, you also mentioned uh the Swiss government. Now, it's really showing where the project is at and really where it wants to go and the support behind it. This is this puts you ahead of a lot of your peers, right?

03:04 Speaker A

Exactly. I mean, it shows that Europe is very much behind the project. Europe is very much a tune to phosphate. They really need the high purity Ignus phosphate for their own uh internal purposes and it just cements the transatlantic partnership that there is between Canada, USA and uh Europe.

03:22 Speaker B

Well, congratulations on this. exciting times ahead. Enjoy the conference and we'll talk soon, okay?

03:29 Speaker A

Thank you. Thank you so much, Steve. Great to be here.

03:32 Speaker B

All right, John Pasqua, the CEO of First Phosphate.