First Phosphate CEO says strategic $2M capital raise supports 30,000-meter drill program

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) CEO John Passalacqua talked with Proactive's Stephen Gunnion about a strategic capital raise aimed at accelerating exploration and development at the company's phosphate resource. Passalacqua confirmed that an existing investor is stepping in to "top up" their position, with potential participation from other shareholders. The additional capital will help fund a 30,000-meter drill program designed to support a block model and ultimately a feasibility study, which is expected by mid-2026. “Basically, these funds will help us… finish off the drilling so that we can build a block model for the resource,” Passalacqua explained. He also highlighted the company's broader ambition to support a fully integrated North American LFP (lithium iron phosphate) battery supply chain using domestic critical minerals. Notably, First Phosphate has already produced batteries using phosphate from its property, marking a key validation step. The company aims to start production by 2029. Passalacqua emphasized the strategic importance of domestic supply, particularly in light of China’s recent threats to cut off supplies of rare earths and tech components. He added that First Phosphate holds a “really pure igneous phosphate resource” which enhances its competitive position. The company is currently well-capitalized with between $18 to $19 million in the bank and expects this latest raise to extend its runway through 2026. For more exclusive interviews, visit Proactive's YouTube channel. Don’t forget to like this video, subscribe, and turn on notifications for the latest updates. #FirstPhosphate #BatteryMaterials #CriticalMinerals #LFPBatteries #PhosphateMining #EnergyTransition #GreenTech #NorthAmericanSupplyChain #BatterySupplyChain #ResourceDevelopment