In an InvestorNews interview hosted by Tracy Hughes, John Passalacqua, CEO and Director of First Phosphate Corp. (Nasdaq: PHOS | CSE: PHOS | OTCQX: FRSPF | FSE: KD0), discussed another significant step in the company’s effort to finance its planned igneous phosphate mine and processing facilities in Québec. The company announced on September 16, 2026 that it had received a letter of support from Swiss Export Risk Insurance, known as SERV, for approximately US$212.5 million.The proposed support relates to the purchase of Swiss machinery and equipment for the mine, together with goods and services required to construct the processing facility in the Saguenay–Lac-Saint-Jean region. Under the preliminary structure, SERV would consider supporting financing equal to 85% of an assumed eligible Swiss export contract valued at US$250 million. SERV could provide insurance or guarantees covering up to 95% of the eligible financed amount, subject to its review requirements and the completion of definitive arrangements.The Swiss support follows an April 2026 letter of intent from Denmark’s Export and Investment Fund, or EIFO, for a guarantee of up to €170 million in eligible equipment and service purchases. Passalacqua told Hughes that, taken together, the two export-credit initiatives could support approximately US$410 million to US$420 million of an estimated US$450 million to US$500 million in mine capital expenditures. On that basis, he said the remaining equity component could be reduced to less than US$70 million.The figures are important because equity dilution remains one of the central concerns surrounding capital-intensive mine development. The SERV letter and EIFO letter of intent are not final financing commitments, and both remain subject to due diligence, approvals, procurement eligibility and definitive documentation. They nevertheless establish a potential path toward funding a substantial portion of the project through government-backed export-credit structures rather than relying principally on new equity.Passalacqua attributed the progress to relationships developed through the G7, European partners and export-credit agencies interested in supporting the project. Export-credit financing is tied to the procurement of qualifying goods and services from the participating countries, giving First Phosphate a framework for matching project requirements with long-term institutional support. For the company, the strategy is also intended to address financing risk well before the project reaches a final investment decision.“So we're just kind of, you know, figuring out what we have to do when we have to do it to answer the concerns of the market,” Passalacqua said. He added that First Phosphate has placed particular emphasis on managing market expectations and responding early to questions about how the mine could be financed and how much equity might ultimately be required.The financing developments arrive shortly after First Phosphate’s American Depositary Receipts began trading on the Nasdaq Global Market under the symbol PHOS on August 10, 2026. Each ADR represents ten First Phosphate common shares, while the company’s common shares continue to trade on the CSE, OTCQX and Frankfurt Stock Exchange. Passalacqua said the Nasdaq listing has opened the company to a broader audience that previously could not readily purchase its securities.

To learn more, visit FirstPhosphate.com.Disclaimer: Video interviews and other video content published by InvestorNews are produced as part of paid media services. The issuer or company featured in this video has compensated InvestorNews for the creation and publication of such content. The views expressed in these interviews are those of the interviewees or guests and do not necessarily reflect the opinions or positions of InvestorNews, its writers, or its affiliates. For full details, please refer to our complete disclaimer at www.investornews.com/disclaimer