français First Phosphate Reports Updated Mineral Resource Estimate for Bégin-Lamarche Phosphate Deposit
- The updated MRE includes a 378% increase in Indicated Mineral Resources over the Company’s Initial MRE dated September 9, 2024.
- Measured pit-constrained Mineral Resource: 6.2 Mt @ 7.70% P2O5 (phosphate).
- Indicated pit-constrained Mineral Resource: 198.5 Mt @ 6.00% P2O5.
- Inferred pit-constrained Mineral Resource: 89.5 Mt @ 6.16% P2O5.
- The Deposit remains open at depth.
- Metallurgical test work indicates an anticipated apatite concentrate grade of 40.4% P2O5 at an 88% process recovery rate, with very low levels of potentially deleterious elements, and has been qualified for production of battery-grade phosphoric acid for lithium iron phosphate (“LFP”) battery with a conversion ratio of 91.1%.
- The Deposit is located next to existing road and hydroelectric infrastructure and at only 70 km driving distance from the deep-sea Port of Saguenay.
- The Deposit benefits from definitive, long-term, partially prepaid offtake from an existing, creditworthy partner.
- Apatite (phosphorus, phosphate) is listed on the critical minerals lists of Québec, Canada, the United States and the European Union.
Figure 1 – The Bégin-Lamarche Deposit Updated Optimized Pit Shell
The Bégin-Lamarche Mineral Resource Estimate is based on 276 drill holes totalling 68,345 m. The database contained 20,682 analyses for percentage of P2O5. The Mineral Resource Estimate is presented in Table 1.
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Table 1 Pit-Constrained Mineral Resource Estimate(1-4) at 2.5% P2O5 Cut-Off |
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|---|---|---|---|---|
| Classification | Zone | Tonnes (M) | P2O5 (%) | P2O5 (Mt) |
| Measured | Mountain | 6.2 | 7.70 | 0.47 |
| Total | 6.2 | 7.7 | 0.47 | |
| Indicated | Mountain | 5.3 | 8.45 | 0.45 |
| Northern | 78.3 | 6.69 | 5.24 | |
| Central | 71.0 | 5.50 | 3.91 | |
| Southern | 43.9 | 5.26 | 2.31 | |
| Total | 198.5 | 6.00 | 11.91 | |
| Measured & Indicated |
Mountain | 11.5 | 8.04 | 0.92 |
| Northern | 78.3 | 6.69 | 5.24 | |
| Central | 71.0 | 5.50 | 3.91 | |
| Southern | 43.9 | 5.26 | 2.31 | |
| Total | 204.7 | 6.05 | 12.38 | |
| Inferred | Mountain | 0.5 | 9.09 | 0.04 |
| Northern | 30.7 | 7.33 | 2.25 | |
| Central | 31.8 | 5.67 | 1.80 | |
| Southern | 26.5 | 5.32 | 1.41 | |
| Total | 89.5 | 6.16 | 5.50 | |
Note: P2O5 = phosphorus pentoxide.
- Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. The Company expects that the majority of the Inferred Mineral Resource may be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The P2O5 cut-off value is calculated with parameters below:
- US$:C$ Exchange Rate: $0.72
- P2O5 Price (32%): US$225/t (approx five-year trailing average)
- P2O5 Price (40%): US$280/t
- P2O5 Process Recovery: 88%
- Processing & Conc Transport Cost: C$20/t
- G&A: $1.50/t
- Mining Cost: C$2.75/t (mineralized material and waste)
- Pit Slopes: 45°
Accordingly, the P2O5 cut-off of potential open pit mining is calculated to be = 2.5%.
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Table 2 Pit-Constrained Mineral Resource Estimate Sensitivity to P2O5 Cut-Off |
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|---|---|---|---|---|
| Class | Cut-off | Tonnes | P2O5 | P2O5 |
| P2O5 % | (M) | (%) | (Mt) | |
| Measured | 5.0 | 4.9 | 8.67 | 0.4 |
| 4.5 | 5.2 | 8.43 | 0.4 | |
| 4.0 | 5.5 | 8.22 | 0.5 | |
| 3.5 | 5.8 | 8.02 | 0.5 | |
| 3.0 | 6.0 | 7.84 | 0.5 | |
| 2.5 | 6.2 | 7.70 | 0.5 | |
| 2.0 | 6.3 | 7.57 | 0.5 | |
| Indicated | 5.0 | 119.0 | 7.41 | 8.8 |
| 4.5 | 138.0 | 7.05 | 9.7 | |
| 4.0 | 156.8 | 6.71 | 10.5 | |
| 3.5 | 172.9 | 6.44 | 11.1 | |
| 3.0 | 186.7 | 6.20 | 11.6 | |
| 2.5 | 198.5 | 6.00 | 11.9 | |
| 2.0 | 207.6 | 5.83 | 12.1 | |
| Inferred | 5.0 | 55.5 | 7.49 | 4.2 |
| 4.5 | 65.0 | 7.09 | 4.6 | |
| 4.0 | 73.6 | 6.75 | 5.0 | |
| 3.5 | 80.9 | 6.49 | 5.2 | |
| 3.0 | 86.0 | 6.29 | 5.4 | |
| 2.5 | 89.5 | 6.16 | 5.5 | |
| 2.0 | 92.0 | 6.05 | 5.6 | |
Qualified Persons
About First Phosphate Corp.
First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.
For additional information
Investor Relations: https://firstphosphate.com/investors
General Inquiries: https://firstphosphate.com/contact
Website: www.FirstPhosphate.com
Forward-Looking Information and Cautionary Statement
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; and the calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.