“Fully Funded to FID with $50M Treasury of Cash & Grants” says First Phosphate CEO John Passalacqua

First Phosphate CEO John Passalacqua discusses how the recent small-cap volatility does not affect the fundamentals of First Phosphate due to the company’s strong treasury. Passalacqua, a former trader and market maker, says geopolitical tensions and rate fears have driven a systemic selloff that often forces investors to sell winners, but he views it as a catharsis that flushes weak hands. He highlights First Phosphate’s 24 to 36-month runway, citing over $30M cash in treasury plus access to a $16.7M Canadian government contribution and a recent $17.7M raise at C$2, totaling nearly $50M to reach feasibility (Q4-2026 or Q1-2027), permitting, and final investment decision. He updates on the OTCQX ADR (FPHOY) volume building and describes strong collaboration with local First Nations who are supportive. The company targets its Quebec high-purity phosphate mine producing in 2029 and is advancing plans for a purified phosphoric acid plant at Port Saguenay, with feasibility expected by.

00:00 Intro 00:39 Market Volatility View 02:23 Cash Runway Update 03:23 Why Shares Pulled Back 05:54 ADR Listing Explained 07:25 First Nations Partnerships 10:59 Community Chalet Concerns 12:19 Phosphoric Plant Plans 13:57 Feasibility Timeline 14:16 Wrap Up and Tickers

Tickers: CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY

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