en.Wedoany.com Reported - On June 1, 2026, Canadian Phosphate Limited (ASX:CP8), listed on the Australian Securities Exchange, announced that it has signed a binding acquisition agreement to acquire a 100% interest in the Diamond Mountain Phosphate Project located in Utah, USA, from Revival Gold (TSX-V:RVG) and Utah Minerals Resources LLC for up to US$3 million (approximately A$4.17 million). 
The Diamond Mountain Phosphate Project is located approximately 35 kilometers northeast of Vernal, Utah, adjacent to the J.R. Simplot Company's Vernal phosphate mine, which has an annual production capacity of 4 million tons. The project holds mineral resource estimates compliant with Canadian NI 43-101 standards, including 26.8 million tons of measured and indicated resources and 23.1 million tons of inferred resources, with an average phosphorus pentoxide grade of 19.67%. The ore body exhibits laterally continuous distribution with an average thickness of 4.4 meters. Phosphorus pentoxide grade is a key indicator of the economic value of phosphate deposits; higher grades result in lower beneficiation and transportation costs. The project is located in a premier mining jurisdiction in the United States, on state-owned land, with access to existing infrastructure and a supportive regulatory framework.
Under the terms of the agreement, Canadian Phosphate Limited will pay an upfront consideration of US$1.5 million at closing, with US$750,000 paid in cash and the remaining US$750,000 paid through the issuance of 6,041,737 shares at an issue price of US$0.1743 per share. The shares are subject to escrow arrangements, with half of the shares restricted from trading for 12 months and the remaining half restricted for 24 months. Additionally, the company is required to pay a deferred consideration of up to US$1.5 million one year after the project achieves commercial production. The transaction is subject to regulatory approvals, confirmation from the Australian Securities Exchange, and the transfer of Utah lease rights.
Canadian Phosphate Limited, founded in 2010 and headquartered in Perth, Australia, was formerly known as Fertoz Limited and changed its name in February 2025. The company holds two sedimentary phosphate rock projects in British Columbia, Canada: Wapiti and Fernie. The Wapiti project covers approximately 78 square kilometers, and the Fernie project covers approximately 108 square kilometers, together representing the largest portfolio of sedimentary, high-grade, low-impurity phosphate rock assets in Canada. The company has 7 employees and its products include phosphate rock powder, micronized phosphate rock, granular phosphate rock, and organic fertilizers.
Daniel Gleeson, CEO of the company, stated that the scale and strategic location of the Diamond Mountain project provide a significant growth platform for Canadian Phosphate Limited. This acquisition complements the company's existing assets in Canada and further strengthens its strategic vision of building a mine-to-market phosphate business in North America. Phosphate has been classified as a critical mineral by the United States, Canada, Australia, and the European Union due to its critical importance to the global food supply chain and its role as a key raw material for lithium iron phosphate batteries. Upon completion of the project acquisition, Canadian Phosphate Limited will conduct a detailed technical review of the resource estimate, advance exploration and resource delineation plans, and evaluate development pathways.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
