First Phosphate Corp. American Depositary Shares

First Phosphate Corp. has secured Swiss government backing for financing tied to its Bégin-Lamarche mine, with the guarantee covering up to 85% of exports from Switzerland aimed at the project. CEO John Passalacqua said the support amounts to a $212.5 million guarantee for capital expenditure and described an 85% debt-to-equity ratio as almost unheard of in the industry. The Swiss backing adds to a €170 million commitment already on the table from Denmark's EIFO export credit agency, part of a broader capital stack the company is assembling to limit shareholder dilution. Passalacqua said the news release was timed to coincide with the Canadian Investment Summit hosted by Prime Minister Mark Carney, and he framed the European support as cementing a transatlantic partnership between Canada, the United States and Europe.