First Phosphate Corp.
Building a Vertically Integrated LFP Battery Supply Chain
Published: 7/17/2025
Author: FRC Analysts
Sector: Basic Materials | Industry: Other Industrial Metals & Mining
Ticker Symbols:PHOS.CN - CNQ 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $0.44 |
| Fair Value | CAD $1.15 |
| Risk | 5 |
| 52 Week Range | CAD $0.15-0.47 |
| Shares O/S (M) | 115 |
| Market Cap. (M) | CAD $150 |
| Current Yield (%) | N/A |
| P/E (forward) | N/A |
| P/B | 3.5 |
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Report Highlights
- First Phosphate (PHOS) is developing a vertically integrated supply chain for Lithium Iron Phosphate (LFP) batteries, managing the full process from extracting high-purity igneous phosphate to producing LFP cathode active material (CAM). LFP batteries support key markets like electric vehicles (EVs), and energy storage systems (ESS), and are gaining traction in rapidly growing sectors such as AI data centers, robotics, and automation.
- Most phosphate mined globally today is lower-grade sedimentary rock used for fertilizers. Igneous phosphate, recognized for its high purity, is the preferred choice for the LFP battery market, as it meets the stringent purity standards required by the technology sector. In LFP batteries, phosphate makes up 50–55% of the cathode and about 10–15% of the total battery weight. LFP batteries are gaining traction, driven by their lower cost, longer lifespan, and especially strong adoption in China.
- A 2024, Preliminary Economic Assessment (PEA) on the company’s flagship Bégin-Lamarche project in Quebec, targeting a 23-year open-pit operation producing 900 ktpa phosphate conc
