First Phosphate Corp. CEO John Passalacqua joined Steve Darling from Proactive to provide details on the company’s latest financing milestone. The company has officially closed the third tranche of its non-brokered private placement financing, which, combined with earlier tranches, brought in gross proceeds of $11.4 million. This included the issuance of 9,785,000 Hard Dollar Units generating $4.89 million in proceeds.

Passalacqua explained that, in total, First Phosphate has now raised approximately $39.9 million through nine management-led non-brokered private placements since June 2022, underscoring consistent investor confidence. Importantly, $19.6 million of that total has been secured within the last five months alone, reflecting growing momentum. The latest financing round also attracted support from a mix of long-only private family offices and institutional funds, including the participation of AlphaNorth Asset Management.

With this strengthened balance sheet, First Phosphate is well-capitalized to execute on its development roadmap. The company remains on schedule to deliver a completed feasibility study by the end of 2026, secure mining permits by mid-2027, and bring an operating igneous phosphate mine online by mid-2029. These milestones will be supported by definitive, bankable offtake agreements already in place, positioning First Phosphate as a critical supplier in the North American phosphate supply chain.


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