John Passalacqua on First Phosphate Meeting the Demand for Battery-Grade LFP Cathode Active Material

April 24, 2024 -- In a recent InvestorNews interview, host Peter Clausi spoke with John Passalacqua, CEO of First Phosphate Corp. (CSE: PHOS), a mineral development company dedicated to the extraction and purification of phosphate for the LFP battery industry. The discussion highlighted significant advancements at their Bean L Marsh property, where a comprehensive 25,000-meter drill program is almost complete. The company has started receiving promising drill results, with phosphate grades on par with the top-producing mines globally. "We're seeing phosphate grades over 10-12%, which positions us well for developing an effective open pit operation," Passalacqua remarked.
The interview also covered the company's strategic partnership with a local indigenous group, a collaboration that aligns with First Phosphate’s commitment to responsible and sustainable mining practices. This partnership is crucial, not only for community integration but also for supporting the project's role in global decarbonization efforts. First Phosphate is actively developing over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada. These properties consist of rare anorthosite igneous phosphate rock, typically yielding high-purity phosphate material.
Passalacqua also discussed the competitive edge of lithium iron phosphate (LFP) batteries in the market, particularly their role in reducing costs for electric vehicles and stationary energy storage, aligning with the Inflation Reduction Act in the United States. He highlighted the strategic importance of this for First Phosphate, stating, "We are rapidly positioning to meet North American LFP battery producers' needs for battery-grade LFP cathode active material from a consistent and secure supply source."
#FirstPhosphate #Phosphate #LFPBattery