First Phosphate Secures Swiss Export Credit Support Worth Up to $212.5M
First Phosphate has received a Letter of Support from the Swiss Export Risk Insurance (SERV) for up to US$212.5 million in financing, aimed at supporting its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Quebec. The backing is based on an assumed eligible export contract value of $250 million, with SERV prepared to cover 85% under current terms. Under OECD guidelines, the support could extend up to 95%, including coverage for local costs and interest during construction. This latest development adds to a growing list of international financial backing First Phosphate has secured from European export credit agencies, such as Denmark's EIFO and Italy’s SACE, CDP, and SIMEST. The company is constructing a vertically integrated supply chain in North America focused on lithium iron phosphate (LFP) battery production using its low-impurity igneous phosphate resource. The announcement has already had an immediate market impact: shares of First Phosphate rose by approximately 16% following the news.
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