Arianne Phosphate ($DAN | $DRRSF) Investor Webinar: Building a Western Phosphate Supply
Summary
Arianne Phosphate's Lac à Paul project in Quebec is the world's largest undeveloped greenfield phosphate deposit and the only fully permitted one in the West.
Western demand for purified phosphoric acid (high-purity phosphate used in LFP batteries, food, water treatment) is rising as 97%+ of LFPs come from China.
Energy storage systems (battery banks paired with solar or grid) grew over 50% in 2025, outpacing EV growth at 25%, and now anchor LFP demand.
Only about 8% of the world's phosphate comes from igneous deposits (formed from magma, low contaminants); Arianne's is this type, suitable for white acid.
Arianne trades near $57M USD, below its $100M Canadian spend on studies, and is awaiting funding and offtake decisions; sample feedback is expected within weeks.
Brian Ostroff's takeaways
- Top takeaway The guest argues Western purified phosphoric acid (PPA) supply is structurally constrained because LFP batteries now make up over half of all batteries and 97% of LFP output sits in China, leaving Arianne's permitted Quebec project as a key Western option.
- He reports Arianne holds 472 million tons of proven and probable reserves and over 850 million tons measured and indicated at Lac à Paul, with the mine already fully permitted and described as shovel-ready.
- He flags Strait of Hormuz tension as a near-term supply shock, noting roughly 30% of global phosphate fertilizers and about 50% of global sulfur flow through the strait, with Mosaic withdrawing guidance and Morocco cutting fertilizer output by 30%.
- He positions Arianne's downstream PPA strategy as offering the lowest cash-cost production in the West, helped by a concentrate that requires about 25% less sulfuric acid than the industry norm and a partnership with Travertine to recycle sulfuric acid.
- He argues Arianne trades well below replacement cost, with a roughly US$57 million market cap against about C$100 million already spent, and discloses he personally owns close to 5.5 million shares.
Moneer Barazi's takeaways
- Top takeaway The host frames Western phosphate as a strategic bottleneck given LFP battery growth and Strait of Hormuz disruptions, pressing the guest on funding timing and on competition from a neighbouring Quebec project.
- He poses the comparison between Arianne and First Phosphate on reserves and permitting, drawing out that Arianne holds roughly five times the measured-and-indicated tonnage and is already permitted.