First Phosphate announces new deals at G7 summit; stock jumps 20%

Shares of Canadian small cap First Phosphate, which focuses on phosphate mining and processing for electric-vehicle batteries, have surged around 18% on the Frankfurt Stock Exchange. At the G7 summit, the company announced new investment and offtake agreements for its products under the "Critical Minerals Resilience and Production Alliance," a G7 initiative launched in 2025 to counter market concentration and manipulation in the sector, which is dominated by China.

Shares of First Phosphate have risen around 18% on Thursday on the Frankfurt Stock Exchange to around EUR1.19 apiece as of this writing (as of 9:53 local time/12:53 Astana time). A day earlier, the stock gained around 9% in Canada to CAD1.77 per share.

The rally was driven by First Phosphate's announcement of new investment and offtake agreements under the Critical Minerals Resilience and Production Alliance.

Specifically, the company said in a press release that it had received two letters of interest from export credit agencies and industrial partners related to the development of its projects. One concerns a guarantee of up to CAD275 million (approximately $194.7 million) from the Export and Investment Fund of Denmark. The other – for an undisclosed amount – came from the Italian Export Credit Agency, SACE, and its partners.

First Phosphate has also signed definitive offtake agreements with unnamed partners for the annual supply of at least 200,000 tons of phosphate concentrate and 60,000 tons of phosphoric acid.

"We are proud to lead the G7 in the development of this clean, rare igneous phosphate material from Saguenay-Lac-St-Jean, Quebec into a downstream lithium iron phosphate (“LFP”) battery supply chain for the G7 Alliance," CEO John Passalacqua said in the company's statement.

"Canada has what the world wants, and we are delivering. By working with trusted allies through the Critical Minerals Resilience and Production Alliance, investments are being made, projects are coming online faster, and we are strengthening supply chains in Canada and beyond," Canada's Minister of Energy and Natural Resources Tim Hodgson said, according to the company.

Year to date, First Phosphate shares have gained around 70% in Frankfurt and 58% in Canada. The stock is covered by four analysts, all of whom rate it a "buy."

The G7 countries launched the Critical Minerals Production Alliance in 2025. According to its mandate, the initiative aims to foster the development of secure and resilient critical minerals supply chains and counter market concentration and manipulation, including by mobilizing capital to accelerate project development.

In the declaration released this week, G7 leaders said they aim to reduce dependence on a single supplier outside of the G7 and partner countries for rare earths and permanent magnets to below 60% by 2030 and continue reducing that share over time, with an ambition to reach 50% as soon as possible. The Wall Street Journal has outlined how China dominates the rare-earths market and tightened restrictions on exports in 2025.

The G7 said that 195 projects have been launched since the beginning of 2026 to support those goals, with total investment reaching EUR64 billion, including equity participation and offtake agreements across critical minerals value chains.