# First Phosphate's Torque Moment: How Export Credit Could Kill Dilution - CEO John Passalacqua

Page: https://stenobird.com/podcast/mining-stock-education-1396689/first-phosphate-s-torque-moment-how-export-credit-could-kill-dilution-ceo-john-passalacqua
Text version: https://stenobird.com/podcast/mining-stock-education-1396689/first-phosphate-s-torque-moment-how-export-credit-could-kill-dilution-ceo-john-passalacqua.md
Podcast: [Mining Stock Education](https://stenobird.com/podcast/mining-stock-education-1396689)
Published: 2026-09-17T11:30:35+00:00
Episode link: https://www.spreaker.com/episode/first-phosphate-s-torque-moment-how-export-credit-could-kill-dilution-ceo-john-passalacqua--75184986
Audio file: https://api.spreaker.com/download/episode/75184986/2402199264_miningstockeducation_first_phosphates_torque_moment.mp3
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Duration seconds: 720

## Resource

In this episode, John Passalacqua, CEO of First Phosphate Corp. breaks down First Phosphate's September 16, 2026 announcement that it has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately USD 212.5 million to help fund Swiss machinery, equipment, goods, and services for its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Québec. Per the company’s PEA, First Phosphate's total capital cost for the mine build is $675 million CAD, or approximately $490 million USD, a figure that already incorporates a 20% contingency. Of that total, two non-dilutive financing sources are currently in play: EIFO (Denmark) at €170 million, or roughly $195 million USD, and SERV (Switzerland) at $212.5 million USD. Combined, these two sources total approximately $410 million USD, covering about 85% of the project's $490 million USD capex requirement. That would leave only around $80 million USD to be funded through equity. If the financing comes together as outlined, John says it would be "extremely non-dilutive," creating what he describes as "a real torque on the stock" by sharply limiting shareholder dilution going forward. Tickers: CSE: PHOS – NASDAQ: PHOS Press release discussed: https://firstphosphate.com/serv-financing-first-phosphate-quebec-mine/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor First Phosphate pays Mining Stock Education a United States dollar ten thousand per month coverage fee. First Phosphate’s forward-looking statement found in the company's presentation applies to the content of this interview. MSE offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may…

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