Inspiration Mining Corp. (CSE: ISP) has entered into an arm's-length agreement to acquire a 100% interest in the CH-98 phosphate property in Québec's Lac-Saint-Jean region from Beauce Gold Fields Inc. (TSXV: BGF). The transaction consideration consists of 10,000,000 common shares issued to BGF, with completion subject to regulatory approvals. Alongside the acquisition, Inspiration has announced a non-brokered private placement of up to $450,000 to support working capital. The move positions Inspiration in a region recognised for significant igneous phosphate occurrences, close to established projects operated by Arianne Phosphate and First Phosphate Corp.

Key Points

  • Inspiration Mining Corp. (CSE: ISP | OTC: ISPNF) announced the CH-98 phosphate property acquisition and concurrent financing on November 2, 2026.
  • Inspiration will issue 10,000,000 common shares to BGF for 100% of CH-98, an approximately 6,164-hectare property covering 111 mining claims in Québec's Lac-Saint-Jean region.
  • A non-brokered private placement of up to 9,000,000 units at $0.05 per unit targets gross proceeds of up to $450,000; each unit includes one share and one warrant exercisable at $0.10 for 24 months.
  • Investors may be watching for regulatory approvals, commencement of the NI 43-101 report, and progress on planned exploration of CH-98's apatite mineralisation.

CH-98 Property Geology and Previously Reported Sampling Results

The CH-98 property sits within Québec's Lac-Saint-Jean anorthositic suite and consists of 111 mining claims covering approximately 6,164 hectares, accessible by the Lac Froid gravel road. BGF previously reported outcrops of granoblastic anorthosite containing coarse apatite, with apatite-bearing gabbro-norite mapped in the eastern sector. A rock sample from the CH-98-61 showing returned 8.07% P₂O₅, while Québec government sampling conducted in 1998 reported 8.59% P₂O₅ at the same outcrop. These results do not establish average grade, continuity, or economic viability across the broader property, and further work remains necessary, the release states.

COREM Flotation Test Results and Metallurgical Potential

Preliminary flotation test work performed by COREM laboratory on material from CH-98-61 produced a concentrate grading up to 38.9% P₂O₅ at 93.4% recovery under the tested conditions, according to results previously reported by BGF. The release cautions that these findings do not confirm commercial-scale recoverability and that the suitability of CH-98 material for any particular end use — including purified phosphoric acid or lithium iron phosphate battery applications — remains to be established through additional technical and economic studies. Inspiration has stated plans to commission a NI 43-101 report on the property.

Strategic Context: Phosphate on Canada's Critical Minerals List

Phosphorus was added to Canada's Critical Minerals List in 2024, and Québec added apatite to its own list of critical and strategic minerals in the same year. Phosphate has applications in fertiliser production and as a potential feedstock for battery materials. The CH-98 property sits near Arianne Phosphate's Lac à Paul project and First Phosphate Corp.'s Bégin-Lamarche deposit, placing Inspiration within an established regional phosphate district. The technical information in the announcement was reviewed and approved by Christian Tremblay, M.Sc., P.Geo., an independent Qualified Person as defined by National Instrument 43-101.

Transaction Terms and Private Placement Structure

In addition to the 10,000,000 shares issued to BGF, Inspiration will issue 1,500,000 common shares to an arm's-length finder as a finder's fee, subject to regulatory approval. The concurrent non-brokered private placement targets up to $450,000 through the sale of up to 9,000,000 units at $0.05 each. Each unit comprises one common share and one warrant exercisable at $0.10 per share for 24 months following closing. Shares issued under the offering will be subject to a four-month and one-day hold period. Net proceeds are designated for general working capital purposes. The immediate share price impact was not clear from available public information.