PhosCo Secures A$1.7M Funding Boost to Advance Gasaat Project
PhosCo Ltd has received A$1.1 million from the European Bank for Reconstruction and Development and an additional A$0.6 million from early option exercises, strengthening its cash position ahead of a pivotal updated scoping study for its Gasaat Phosphate Project.
- A$1.1 million EBRD grant instalment received
- A$0.6 million raised from early option exercises
- Cash reserves total A$7.4 million as of June 2026
- Updated Gasaat Scoping Study due Q3 2026
- Further A$7.5 million equity investment from EBRD anticipated
EBRD Grant and Option Conversions Strengthen Funding
PhosCo Ltd (ASX:PHO) has bolstered its financial footing with a A$1.1 million grant instalment from the European Bank for Reconstruction and Development (EBRD), part of a €1 million award tied to milestone achievements. Alongside this, the company received approximately A$0.6 million from early exercises of 11.2 million options by shareholders during May and June 2026, reflecting investor confidence in PhosCo’s strategic direction.
Combined with the A$5.7 million cash balance reported at 31 March 2026, PhosCo now holds around A$7.4 million in cash, positioning it well to advance its flagship Gasaat Phosphate Project and initiate a greenfields exploration program at the King’s Eye prospect in northern Tunisia.
Advancing Gasaat with Updated Scoping Study
The company is progressing strongly on technical fronts, having defined maiden resources at the KM and SAB prospects and nearing completion of metallurgical test work optimisation. The flowsheet design for the updated scoping study has been finalised, setting the stage for a comprehensive project update scheduled for release in Q3 2026.
This updated scoping study aims to incorporate recent discoveries and metallurgical breakthroughs to better define Gasaat as a cost-competitive, long-life phosphate project. Upon its release, the study will activate a further A$7.5 million equity investment from EBRD, earmarked to fund the forthcoming feasibility study phase.
Exploration Momentum at King’s Eye Prospect
Beyond Gasaat, PhosCo is preparing to pursue exploration at the King’s Eye prospect following encouraging high-grade copper, antimony, silver, and zinc assays from selective rock chip sampling and historical workings. This greenfields program could diversify the company’s project portfolio and add value beyond its core phosphate assets.
PhosCo’s managing director, Taz Aldaoud, emphasised the significance of the EBRD grant in funding ongoing work, including breakthrough metallurgical testing and the KM discovery, which are central to the upcoming scoping study update.
Bottom Line?
PhosCo’s strengthened cash position and upcoming scoping study release mark critical steps toward unlocking the Gasaat Project’s value and securing further EBRD funding.
Questions in the middle?
- Will the updated scoping study confirm Gasaat’s competitiveness in the phosphate market?
- How will the greenfields exploration at King’s Eye impact PhosCo’s project pipeline?
- What are the conditions tied to the remaining EBRD grant and equity investments?
