First Phosphate Corp. (CSE: PHOS) (OTC Pink: FRSPF) (FSE: KD0) applauds proposed guidance on the clean vehicle provisions of the Inflation Reduction Act as released by the U.S. Department of the Treasury on December 1, 2023.
“First Phosphate has always interpreted the spirit of the law with respect to the IRA since its inception,” states CEO, John Passalacqua. “We have been working tirelessly over the last years to build a fully localized phosphate mine to finished lithium iron phosphate (“LFP”) battery industry supply chain in North America. We are well advanced in this goal and perfectly positioned to meet this new reality within the timeframes exacted by the US administration.”
“With this new guidance, the US administration has made it clear that it wants to see the development of a local battery supply chain in North America and that it is intent to stop all attempts to arbitrage the IRA. The loophole where foreign entities of concern could locate in US Free Trade Areas, alone or with foreign partners, and supply components to the US battery industry has effectively been closed.”
“Moreover, other circumvents where US automakers could effectively receive IRA subsidies while still importing numerous electric vehicle components from FEOCs have arguably been shut as well.”
“Lastly and most importantly, a requirement has been introduced that vehicles do not exceed a Manufacturers Suggested Retail Price of $80,000 for a van, pickup truck, or sport utility vehicle, or $55,000 for any other vehicle. This means that LFP battery with its price and safety advantages will be a battery chemistry to flourish in North America. Full automotive manufacture and assembly has been clearly mandated back to America where It belongs and where it benefits our local communities and workforces.”
Section 30D Excluded Entities Proposed Rule can be found at:
Interpretation of Foreign Entity of Concern can be found at:
About First Phosphate Corp.
First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the LFP battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.
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