PhosCo Drills Deeper at Gasaat: SAB and KM Prospects Set to Boost Project Value

• Six-hole drilling program completed at SAB with five phosphate intersections
• Preliminary pXRF data suggest grades consistent with previous drilling
• Assay results expected January 2026 to support maiden SAB resource estimate
• Trenching and assays underway at KM prospect with maiden resource due early 2026
• Updated Scoping Study in 1H 2026 to incorporate SAB and KM, improving project economics

Drilling Success at SAB Prospect

PhosCo Ltd has announced the completion of a six-hole, 431-metre drilling campaign at the SAB prospect, part of its wholly owned Gasaat Phosphate Project in Tunisia. Five of the six holes intersected phosphate mineralisation, with preliminary portable X-ray fluorescence (pXRF) readings indicating grades comparable to earlier drilling results. Notable intercepts include 21 metres from 53.7 metres depth and 18 metres from 47.5 metres depth, suggesting a substantial phosphate presence.

These results are significant as they will feed into the maiden mineral resource estimate (MRE) for SAB, expected in January 2026. This resource update is a critical milestone, providing a firmer foundation for evaluating SAB’s role in the broader Gasaat project development.

Advancing the KM Prospect

Alongside SAB, PhosCo is progressing work at the KM prospect, where trenching has commenced to support the upcoming maiden resource estimate scheduled for early 2026. Recent drilling at KM has been completed, with assays pending imminently. The KM prospect is particularly promising due to its thicker phosphate horizon, with drill holes intersecting up to 53 metres of continuous mineralisation, which could translate into a lower strip ratio and improved mining economics.

Implications for Gasaat Project Economics

Both SAB and KM prospects are expected to materially enhance the upfront economics of the Gasaat project. The 2022 Scoping Study highlighted the project’s robust fundamentals, but SAB and KM were not included in that analysis. Their inclusion in the updated Scoping Study, due in the first half of 2026, is anticipated to improve the mine plan by offering lower strip ratios and potentially higher-grade ore early in the project life.

PhosCo’s Managing Director, Taz Aldaoud, emphasised the rapid progress towards establishing Gasaat as a world-scale phosphate operation, noting that these new discoveries and drilling successes could significantly boost project value and support early-stage production plans.

Strategic Positioning Amid Global Phosphate Demand

Phosphate is increasingly recognised as a critical mineral, with the U.S. Geological Survey recently adding it to the 2025 Critical Minerals List. This designation underscores the strategic importance of securing resilient phosphate supply chains amid evolving global fertiliser markets. PhosCo is well positioned to capitalise on these structural tailwinds as it advances Gasaat through further metallurgical testing, resource expansion, and feasibility studies planned for 2026.

Looking ahead, PhosCo intends to refine processing methods, explore downstream beneficiation opportunities, and engage with fertiliser industry partners to maximise value capture. The company’s methodical approach to resource definition and project optimisation reflects a commitment to delivering a competitive and scalable phosphate operation.

Bottom Line?

With maiden resource estimates and an updated Scoping Study on the horizon, PhosCo’s Gasaat project is poised for a pivotal phase that could reshape its market prospects.

Questions in the middle?

• What will the final assay results reveal about the grade and continuity of phosphate at SAB and KM?
• How will the updated Scoping Study integrate SAB and KM to alter the project’s production profile and economics?
• What metallurgical processing innovations might PhosCo adopt to enhance phosphate concentrate quality and downstream value?