First Phosphate publishes new MRE for Quebec mine

First Phosphate (CSE, NASDAQ: PHOS) has filed an updated Mineral Resource Estimate (MRE) technical report for its Bégin-Lamarche mine in northern Quebec. The stock fell 7.84% Monday morning in Toronto.

Highlights from the MRE included a 378% increase in indicated mineral resources from the company's initial Sept. 2024 MRE. The report featured a measured pit-constrained mineral resource of 6.2 million tonnes of phosphate at 7.7%, an indicated resource of 198.5 million tonnes at 6.00% and an inferred resource of 89.5 million tonnes at 6.16%. 

Following the release, shares dropped 20¢ from $2.55 (US$1.7) a piece to $2.35. The stock has climbed steadily this year on the back of agreements that secured international investment and its listing on Nasdaq. 

To view a full copy of the report, visit: https://firstphosphate.com/projects/begin-lamarche-3