First Phosphate Corp (NASDAQ: PHOS) (OTC: FRSPF) dropped an updated technical report on Monday that shows its Bégin-Lamarche project in Quebec is a lot bigger than initially thought. The company's latest mineral resource estimate reveals a 378% jump in indicated resources compared to the first assessment it put out back on September 9, 2024.

Massive Resource Expansion At Bégin-Lamarche

The revised numbers paint a picture of substantial growth for the deposit, which sits about 50 kilometers northwest of Saguenay. According to the technical report, the project now boasts 6.2 million tonnes of measured pit-constrained resources grading at 7.70% phosphate. Indicated resources come in at 198.5 million tonnes with a 6.00% grade, and inferred resources add another 89.5 million tonnes at 6.16%.

What's particularly interesting is that evaluators note the deposit remains open at depth, which leaves the door open for even more expansion down the road.

Advancing LFP Battery Supply Chains

The resource numbers are impressive, but the metallurgical results might be the real headline. Recent tests show a projected apatite concentrate grade of 40.4% phosphate with an 88% process recovery rate. The material also contains minimal potentially harmful elements, which is a big deal because it means the concentrate can be used to produce battery-grade phosphoric acid. That's a crucial ingredient for lithium iron phosphate (LFP) batteries, and the conversion ratio hits 91.1%.

For context, LFP batteries are becoming increasingly popular in electric vehicles and energy storage because they're cheaper and safer than other chemistries. Having a domestic source of battery-grade phosphoric acid could be a strategic win for North American supply chains.

Strategic Infrastructure And Offtake Agreements

The Bégin-Lamarche project also benefits from some serious infrastructure advantages. It's right next to established road networks and hydroelectric facilities, and it's only a 70-kilometer drive from the deep-sea Port of Saguenay. That kind of access can make a big difference in the economics of a mining project.

In August, First Phosphate's ADRs started trading on the Nasdaq Global Market. The company managed to complete the uplisting without raising additional equity capital, which means it gave U.S. investors broader access without immediate dilution. That's a move that tends to sit well with shareholders.

PHOS Stock Price Activity: First Phosphate shares were up 9.49% at $20.26 during premarket trading on Monday, according to market data.