Key Highlights

  • Phosco shares traded at $0.135, down 10.00%, during the 27 October 2026 trading session.
  • Phosco signed an MOU with STUDI International, which will invest $1.4 million at $0.15 per share.
  • The company held A$3.8 million in cash with A$0.6 million undrawn.

Shares in Phosco Ltd (ASX:PHO) were trading at $0.135, down 10.00%, during the 27 October 2026 trading session, while the S&P/ASX 200 index was at 8,852.80, up 0.49% (42.90 points), at 3:40 pm GMT+11. Phosco is an ASX-listed company developing the Gasaat phosphate project in northern Tunisia. On the same day, the company released its quarterly activities and cashflow report dated 27 October 2026.

Drilling and Metallurgy (27 October 2026)

In its 27 October 2026 report, Phosco said assays from its maiden drilling at the KH prospect confirmed thick phosphate about 3.5 km from the proposed plant site, and latest drilling expanded the footprint and identified a new discovery at Sekarna North. Metallurgical testwork produced a premium-grade phosphate concentrate, which the company says indicates a possible price premium.

An updated Scoping Study is imminent, followed by a Pre-Feasibility Study and Bankable Feasibility Study led by newly appointed Project Director Cem Yuceer.

STUDI Partnership and Funding

Phosco signed a memorandum with Tunisian engineering group STUDI International to make it the preferred engineering partner for the studies. STUDI will also invest $1.4 million through 9,523,810 shares at $0.15.

The company said the feasibility studies may benefit from potential US Government support under a Notice of Funding Opportunity, with any award made by the US State Department to third-party applicants. Phosco reported A$3.8 million in cash and A$0.6 million undrawn.

Sector Context

The broader market was higher during the session, with the S&P/ASX 200 index was at 8,852.80, up 0.49% (42.90 points), at 3:40 pm GMT+11. Phosphate developers report drilling, metallurgical testwork and studies, and seek strategic partners and government support for development.

Phosco shares were trading at $0.135, down 10.00%, against a benchmark gain of 0.49%, a gap of 10.49 percentage points. The figures are session data recorded while the market was open and can change before the market finishes trading.

Risks

The US funding opportunity would be awarded to third parties, and Phosco’s role would be as a counterparty asset. The Scoping Study and later feasibility studies are yet to be completed.

What Lies Ahead

The report points to the updated Scoping Study, the Pre-Feasibility and Bankable Feasibility Studies and the US Notice of Funding Opportunity process.

Final Takeaway

Phosco shares fell during the session on the day of its quarterly report, which describes drilling, testwork and a partnership.