First Phosphate Corp. has received a letter of support from Swiss Export Risk Insurance for approximately USD 212.5 million in buyer credit financing support to advance its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Quebec, Canada.

The conditional arrangement is based on an assumed eligible Swiss export contract value of USD 250 million. Under the terms under consideration, the export credit agency would back approximately 85 per cent of that contract value. If the final eligible Swiss export contract value increases, the agency would be prepared to consider a correspondingly higher financing amount. In accordance with prevailing OECD guidelines, the institution would provide cover of up to 95 per cent of the eligible financed amount.

The financed structure may include up to 85 per cent of the export contract value, eligible local costs of up to 50 per cent of the export contract value, capitalized interest during construction, and the export credit agency premium. To qualify for final coverage, a sufficient portion of the project is expected to be sourced from Switzerland. The agency may also seek reinsurance from other export credit agencies for significant project components sourced outside Switzerland. First Phosphate and the Swiss export credit agency are actively working toward entering into a definitive agreement for the buyer credit financing guarantee.

The financing support builds on recent federal backing for the Bégin-Lamarche property. The company previously secured a $16.7 million non-repayable contribution from the Government of Canada in March 2026 to accelerate technical and engineering parameters, followed by an additional $4.84 million in August 2026 through Natural Resources Canada’s First and Last Mile Fund to support infrastructure, clean energy transmission, and road development.

First Phosphate has also received prior international export credit agency support for the mine development, including a letter of interest for up to CDN $275 million from the Export and Investment Fund of Denmark in June 2026 under the Critical Minerals Resilience and Production Alliance.

Read the full announcement: SERV, Swiss Export Risk Insurance, Supports Guarantee of USD 212.5 Million for Capex of First Phosphate Mine Project in Quebec, Canada