First Phosphate Corp. has received a significant boost in its pursuit of becoming a key player in the lithium iron phosphate battery industry with the issuance of a letter of interest (LOI) from the Export-Import Bank of the United States (EXIM). The LOI, valued at up to $170 million, opens the door for First Phosphate to secure crucial financing for its ambitious plans to create a strategic purified phosphoric acid reserve for the North American lithium iron phosphate battery market. This development is pivotal for the company as it facilitates the procurement of U.S. goods and services, potentially under special considerations to counter foreign competition, thus fostering the growth of a robust LFP battery supply chain in North America. CEO John Passalacqua expressed gratitude for the LOI, highlighting that it would enable First Phosphate to judiciously expand its projects while minimizing equity dilution for shareholders. Although the LOI does not guarantee final financing, it marks a significant milestone in the company’s journey toward bolstering the domestic LFP battery industry, a critical component of the sustainable energy landscape.

First Phosphate Corp. has received a significant boost in its pursuit of becoming a key player in the lithium iron phosphate battery industry with the issuance of a letter of interest (LOI) from the Export-Import Bank of the United States (EXIM). The LOI, valued at up to $170 million, opens the door for First Phosphate to secure crucial financing for its ambitious plans to create a strategic purified phosphoric acid reserve for the North American lithium iron phosphate battery market. This development is pivotal for the company as it facilitates the procurement of U.S. goods and services, potentially under special considerations to counter foreign competition, thus fostering the growth of a robust LFP battery supply chain in North America. CEO John Passalacqua expressed gratitude for the LOI, highlighting that it would enable

First Phosphate to judiciously expand its projects while minimizing equity dilution for shareholders. Although the LOI does not guarantee final financing, it marks a significant milestone in the company’s journey toward bolstering the domestic LFP battery industry, a critical component of the sustainable energy landscape.