First Phosphate secures letter of interest for up to €170M in project financing support

First Phosphate Corp. CEO John Passalacqua joined Steve Darling from Proactive to announce that the company has received a letter of interest from Denmark’s Export Credit Agency (EIFO) for up to €170 million in equipment and services financing for its igneous phosphate mine project in Saguenay–Lac-Saint-Jean, Quebec. Passalacqua explained that EIFO, which is backed by the Danish state, provides guarantees that are effectively considered AAA-rated. These guarantees support banks financing the project, with EIFO expected to participate on a pro rata and pari passu basis alongside other senior lenders. He noted that EIFO has extensive global experience in export and project finance, having supported numerous large-scale transactions across multiple industries. The proposed guarantee remains subject to EIFO’s internal credit approval, completion of due diligence, and finalization of documentation. This includes standard reviews covering environmental and social considerations, as well as the establishment of borrower, guarantor, and security structures. The letter of interest is non-binding at this stage and will be governed by Danish law and jurisdiction once finalized. #proactiveinvestors #firstphosphatecorp #cse #phos #otcqx #frspf #frspf #BeginLamarche #QuebecMining #Phosphate #CriticalMinerals #EIFO #ProjectFinance #MiningFinance #QuebecMining #Saguenay #ResourceDevelopment #CleanTech #BatteryMaterials #Infrastructure #ExportFinance #MiningInvestment #EnergyTransition