First Phosphate secures C$16.7M federal funding for LFP battery development

0:00All right, welcome back inside our proactive newsroom. Joining me now is Don Pasalakwa. He is the CEO of First Fosfe. Joining us from the floor of PDAC in Toronto. And John, great to see you again. How are you? Yeah, great, great to be here, Steve. So you've got good news from the government last week and more good news from the government this week, the federal government that is. John, I'll let you share the news. They're very excited today, I would imagine. Yeah, very excited. I mean, the federal government has come up large for the critical minerals and number of companies here today and for First Fosfe. 16.7 million dollar non-refundable contribution towards the development of our concentrate, Fosfe concentrate for the use in LFT battery to be work together with our off-taker. He's. Yeah, this is obviously key to what the company is doing and getting the backing of the federal government continues to be something you've experienced a lot of and now obviously financially as well. Yeah, I think what we see here is between what happened last week with, you know, Fosfe making on to the clean tech list, the a list of critical minerals.

1:01And now this is not in the fundable contribution being given to First Fosfe. I think it shows that, you know, federal government is, you know, really understands what's going on with the electrification, how Fosfe and lithium-R and Fosfe batteries LFP batteries are now 75% of the batteries on the planet and 60% of the cathode, you know, these batteries here, lithium-R and Fosfe batteries are now made up of high-purity and use Fosfe and only regions in North America where we can find that Fosfe, the Segmental Accent shot give back. And first Fosfe, it is very developed already in that strategy all the way downstream, right? We can get some from the Ignis Fosfe rock in the Segmental Accent shot give back all the way down to the LFP battery, lithium-R and Fosfe battery that you see here, being with fully North American critical minerals, including the Fosfe, the Hyper-Earth Fosfe making from Vagialla Mars. Well, I don't think you're gonna have to. And John, you don't have to give this money back. So that's obviously a big bonus for the company. So tell me what your plan on using this capital for? Well, it's very specific, right? It's gonna be used towards a system that is used

2:02for making, for sure, Fosfe into the Fosfe concentrate that then goes into making the last four gasses for making LFP batteries. So, you know, it's great because now with the funding that we have in place, we already have over $20 million in the bank and with this funding now, basically we're able to get right through our feasibility study right through permitting. And, you know, if they don't have to move into any or dilute us by capital, until we have those final investment decision here. So it's a really big runway for the company. It gives us, you know, at least 18 to 24 months plus so runway for the company. Incredible. And we thank the government of Canada very much for recognizing Fosfe in our good work. And it is absolutely. Congratulations, John. Good to see you and Joy Pidak, okay? Yeah, thank you so much. See you soon, John. All right, John Pasalak, for the CEO of First Fosfe.