First Phosphate is a pre-revenue mineral exploration and development company focused on phosphate mining in the Saguenay-Lac-St-Jean region of Quebec, Canada. The company's long-term goal is to become a vertically integrated supplier of lithium iron phosphate (LFP) cathode active material (CAM), a key input in LFP batteries used for EVs and energy storage. First Phosphate's most advanced property is Lac à l'Orignal, which has a completed mineral resource estimate, while Bégin-Lamarche is an advanced drilling property where a formal resource estimate is in preparation. The company's intended business model moves through four stages: mining phosphate (apatite) concentrate from its Quebec properties, purifying it into battery-grade purified phosphoric acid (PPA) in partnership with Belgium's Prayon, manufacturing LFP CAM using licensed technology from IPL and others, and supplying that CAM to North American battery manufacturers. First Phosphate has an MOU with American Battery Factory targeting up to 40,000 tonnes per year of LFP CAM by 2028. The company has also received a non-binding letter of interest from the U.S. Export-Import Bank for up to USD $170M in financing. First Phosphate funds operations through equity financings and has no revenue, no producing mines, and no operating cash flow. The path to revenue requires completing feasibility studies, permitting, and constructing both mining and processing facilities, making execution risk high and the timeline long.