John Passalacqua

Stationary energy storage is a massive and growing demand driver for LFP batteries. Commercial and residential battery walls, utility-scale grid storage to integrate intermittent solar and wind, and AI data centers requiring power regulation and backup are all moving to LFP. The California grid already relies on these batteries, and energy storage is almost 100% LFP.

First Phosphate is developing an integrated North American LFP battery supply chain anchored by its igneous phosphate deposit in Saguenay, Quebec, just 50-70 km from a deep-sea port. The deposit has 200Mt inferred and 50Mt indicated resources, enough for 350 GWh of LFP batteries for 23 years, and the project economics show $2.1B NPV, 37.1% IRR, 2.9-year payback, ~$500M capex, and 900ktpa production. It has no debt or royalties, 200-400kt of European offtake, government support, feasibility targeted for end-2026, permitting in early 2027, and production by 2029. Management owns ~25% and is paid in stock, and the stock trades at ~4% of NPV.