👷‍♀️ Greetings, Contrarian!

Most investors are still chasing lithium.

Some have moved to graphite. A few to nickel.

But almost no one is talking about what actually holds LFP batteries together:

That disconnect is where things start to get interesting.

👉 First Phosphate Corp.

A Québec-based company building around a very specific idea:

And not all phosphate qualifies.

First Phosphate Signing for $16.7 million Contribution from Government of Canada

🪨 Not All Phosphate Is Created Equal

Globally, most phosphate is:

• Sedimentary

• Built for fertilizers

• Impure for battery applications

What First Phosphate Corp. controls is different:

Why this matters:

• Higher purity from the start

• Fewer contaminants

• Can be converted directly into battery-grade phosphoric acid

Contrast that with the traditional route:

This is a structural inefficiency.

And potentially, an opportunity.

⚡ The LFP Shift Is Already Happening

The narrative that LFP is “emerging” is outdated.

LFP battery cells made with North American critical minerals

Key drivers:

• Lower cost

• Longer lifespan

• Safer chemistry

China dominates this supply chain.

The West is trying to catch up — fast.

🌎 A Coming Supply Gap

Here’s the bottleneck forming beneath the surface:

• Western production of purified phosphoric acid is ~1–1.5M tons/year

• Future demand could reach 3–10M tons by 2035

At the same time:

• Existing supply is tied to food, industrials, and fertilizers

• Battery-grade material is a small, secondary output

In other words:

🏗️ The Strategy: Skip the Bottleneck

First Phosphate Corp. is taking a different approach:

The Bégin-Lamarche high-purity igneous phosphate deposit

No fertilizer detour.

No dependence on legacy supply chains.

This is effectively a purpose-built input for LFP batteries.

📊 The Market Disconnect

Despite the macro setup, the market hasn’t caught up.

From the interview:

• Company trades at ~5% of its NPV

• Typical critical mineral comps: ~20% (or higher in “hot” sectors)

Why?

• Phosphate isn’t “trendy”

• Few direct comparables

• Market is opaque and hard to track

Meanwhile:

🧠 A Different Kind of Asymmetry

This isn’t just a commodity bet.

It’s a positioning mismatch:

• Investors are crowded in lithium

• Capital is flowing into known narratives

• A critical input is being overlooked

As one insight from the discussion highlights:

⚠️ What Could Go Wrong

This is still a development-stage story.

Key risks:

• Execution (mine + chemical processing)

• Capital intensity

• Market education (phosphate still misunderstood)

• Timing of Western LFP buildout

There’s also a broader reality:

🧭 Bottom Line

The battery narrative is evolving.

But capital is still concentrated in the obvious places.

If LFP continues to dominate:

And companies like First Phosphate Corp. are positioning early — before that realization becomes consensus.

🎥 Go Deeper

Phosphate isn’t a crowded trade.

It’s not even a well-understood one.

But that’s exactly where asymmetric opportunities tend to emerge.

If you want to understand:

• Why high-purity phosphate is fundamentally different

• How it goes from rock → battery-grade material

• And why First Phosphate Corp. believes this could become a critical bottleneck

We break it all down in this conversation with CEO John Passalacqua.

📌 Watch the full interview below.

Happy Speculating!

The Editor

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