About this episode
In this interview, we (Howard and Matt) speak with John Passalacqua, CEO of First Phosphate (CSE: PHOS) about the rapidly evolving lithium iron phosphate (LFP) battery supply chain and why phosphate remains one of the least understood — yet most important — inputs in LFP cathodes.
Chapters
(00:00) Introduction
(04:24) LFP Demand Shift
(05:59) Offtake Prepayment
(06:46) 2026 Feasibility Path
(07:45) Why High-Purity Phosphate
(10:47) LFP-First Strategy
(13:32) China Vs. The West
(15:54) Western Buildout Gaps
(18:30) Iron Phosphate Bottleneck
(22:21) Policy And Supply Chains
(24:55) Production Timeline
(25:48) Cash And Runway
(26:52) Macro And Stockpiling
(28:11) Wrap-Up
First Phosphate Website: https://firstphosphate.com/
We cover what’s changed since our December conversation, including a payment tied to an offtake arrangement, the company’s Quebec-focused, vertically integrated phosphate strategy, and what investors should watch over the next several quarters. John walks through the company’s 30,000-meter drill program (targeted to complete by April) and how results could support a 10–20% resource upgrade, alongside the stated goal of completing a feasibility study by the end of 2026.
We also discuss the broader market context: accelerating energy storage demand, the push to localize LFP supply chains outside China, and the often-overlooked role of purified phosphoric acid and iron phosphate in downstream battery production. John explains why First Phosphate is positioned differently from fertilizer-oriented phosphate producers and outlines key development timelines and capital position referenced in the discussion.
Topics include:
- LFP batteries and energy storage demand (data centers, robotics)
- Phosphate’s role in LFP cathode materials
- Offtake prepayment and what it signals for bankability
- Drill program progress and upcoming technical milestones
- Feasibility study timeline and investor-relevant catalysts
- Localization of North American LFP and iron phosphate supply chains
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
- Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/
