In this episode, we sit down with John Passalacqua, CEO of First Phosphate (CSE: PHOS), to discuss one of the most overlooked segments of the energy transition: the phosphate supply chain for LFP batteries. As investors increasingly focus on lithium, nickel, and cobalt, phosphate has quietly emerged as a potential bottleneck for lithium iron phosphate (LFP) battery production outside of China.

Chapters

(00:00 ) Intro

(05:39 ) John's Background

(06:56 ) LFP Supply Chain Steps

(09:34 ) Igneous vs. Sedimentary Phosphate

(12:59 ) Project Infrastructure

(15:08 ) Studies and Development Timeline

(16:39 ) Offtake Strategy

(19:33 ) Competitive Landscape

(20:37 ) Permitting Process

(23:07 ) Government Support

(24:37 ) Strategic Partnerships

(27:00 ) Project Economics

(29:45 ) 2026 Milestones

(30:35 ) Closing Remarks

First Phosphate's Investor Presentation: https://firstphosphate.com/FirstPhosphateDeck_english.pdf

Drawing on our research and recent work in the battery materials sector, we explore why igneous phosphate resources—such as First Phosphate's Bégin-Lamarche project in Quebec—may play a critical role in supplying purified phosphoric acid (PPA), a key precursor for LFP cathode materials. John walks us through the six-step integrated mine-to-cathode value chain, the distinctions between igneous and sedimentary phosphate, and why high-purity phosphate is essential for battery-grade chemistry.

We also examine the company's business model, drilling progress, feasibility timeline, offtake strategy, infrastructure advantages, and how First Phosphate is positioning itself to support North America's growing demand for LFP-based battery energy storage systems (BESS). The conversation includes a detailed look at the company's PEA economics, permitting pathway, government engagement, and strategic partnerships across the supply chain.

For investors tracking the electrification trend, critical minerals, and the rapid shift toward LFP chemistry in stationary storage and EVs, this discussion provides context on a market segment that has received limited attention but may prove strategically important over the coming years.

Topics Covered

- Why phosphate may become a bottleneck in the LFP supply chain

- Differences between igneous and sedimentary phosphate and why purity matters

- North America's opportunity to onshore the LFP value chain

- First Phosphate's development timeline and project economics

- Offtake agreements, partnerships, and financing considerations

- Policy and permitting environment in Quebec

- How LFP growth ties into broader electrification and grid storage trends

About First Phosphate (CSE: PHOS)

First Phosphate is advancing a vertically integrated LFP materials supply chain in North America, focused exclusively on high-purity igneous phosphate for battery-grade applications. The company has raised approximately C$44M to date and continues to advance its flagship project toward feasibility.

Sponsors

- Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio.

(Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty)

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

(Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)

Links

- Read Matt's research blog: https://blog.rkequity.com/

- Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/

Have a question? Drop us an email: rockstockchannel@rkequity.com

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Podcast:

  Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172

  Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq

X (Twitter):

  Howard: https://x.com/LithiumIonBull

  Rodney: https://x.com/RodneyHooper13

  Matt: https://x.com/matt_fernley

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DISCLAIMER

 

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein