Australian mining company PhosCo Ltd announced on May 5 the discovery of two new phosphate deposits as part of its Gasaat project in Tunisia, located in the Gafsa region – an area historically rich in phosphate resources and already at the heart of the group’s activities.
According to details provided, the new discoveries concern the KM and SAB prospects. Together, they add approximately 20.2 million tons of additional resources, with an average estimated grade of 20.5% phosphorus pentoxide (P₂O₅), a key indicator of ore quality.
Larger resources
By integrating these new resources with previously identified deposits, the total estimate now reaches 166.6 million tons of ore, with an average grade of 20.6% P₂O₅. This figure marks an increase from the previous assessment, which stood at around 146 million tons.
Following these results, PhosCo Ltd plans to integrate the two new deposits into the project’s mining plan. This step is part of a preliminary economic study expected in the third quarter of 2026, which will update the site’s overall outlook.
In its previous configuration, the Gasaat project was envisioned as a future mining operation capable of producing approximately 1.5 million tons per year over an estimated mine life of 46 years.
A Project undergoing economic evaluation
PhosCo Ltd will also intensify its exploration work in the rest of the area, where other sectors could still reveal new resources.
The Gasaat project has not yet reached industrial stability, however, as its profitability must be confirmed by further studies. If it comes to fruition, it could nonetheless play a strategic role, both for the company and for Tunisia, which is seeking to revive its phosphate sector.
Context: A financing strategy underway since early 2026
To put these new discoveries in context, they follow a financing and development strategy that PhosCo Ltd has been pursuing since the beginning of 2026.
In February, the group announced it had secured firm commitments to raise $3.5 million through a single-tranche share placement, aimed at accelerating the advancement of its Gasaat phosphate project in Tunisia.
PhosCo Ltd acquired all the permits covering the Gasaat area between 2020 and 2022 – a perimeter located in the heart of the Gafsa mining basin, one of the oldest and largest in North Africa.
This region in southwestern Tunisia concentrates the majority of the country’s phosphate reserves, which have been exploited since the end of the 19th century and have historically been at the center of the national mining industry.
