First Phosphate gets Swiss export credit backing worth up to US$212.5M

First Phosphate gets Swiss export credit backing worth up to US$212.5M

Wed, September 16, 2026 at 6:55 PM GMT+3 2 min read

• PHOS +1.04%
• PHOS +1.04%

First Phosphate Corp. (CSE:PHOS, NASDAQ:PHOS, FRA:KD0, OTCQX:FRSPF) said on Wednesday it has received a Letter of Support from Swiss Export Risk Insurance for approximately US$212.5 million to help finance its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Quebec.

SERV is prepared to consider insurance and guarantees for buyer credit financing based on an assumed eligible Swiss export contract value of US$250 million, of which it would support approximately US$212.5 million, or 85% of that value.

A higher final contract value could see SERV consider a correspondingly higher financing amount.

Under OECD guidelines, SERV would be prepared to provide cover of up to 95% of the eligible financed amount, which may include up to 85% of the export contract value, eligible local costs of up to 50% of the export contract value, capitalized interest during construction, and the export credit agency premium.

A sufficient portion of the project is expected to be sourced from Switzerland to qualify for coverage, and SERV may also seek reinsurance from other agencies for portions sourced elsewhere.

The commitment adds to a series of export credit agency backing First Phosphate has secured, mostly from Europe, including a 170 million Euro guarantee from Denmark's EIFO, letters of interest from Italy's SACE, CDP and SIMEST, a letter of interest for up to US$170 million from the US Export-Import Bank pending renewal, and $21.5 million in non-dilutive funding from the Canadian federal government.

First Phosphate is building a vertically integrated mine-to-market supply chain for LFP battery production in North America, anchored by its Bégin-Lamarche property in Saguenay-Lac-Saint-Jean, Québec, a rare North American igneous phosphate resource with very low levels of impurities.

Shares of First Phosphate jumped around 16% on Wednesday in Canada and the US.