Fox River Resources
Fox River Resources Corporation is a Canadian pre-revenue mining company advancing the Martison Phosphate Project near Hearst, Ontario. It plans a vertically integrated phosphate processing facility producing fertilizers (MAP, DAP, NPS, SPA) and purified phosphoric acid for LFP batteries.
- Company typePublic
- Founded2018
- HeadquartersToronto, Canada
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Fox River Resources does
Fox River Resources Corporation is a Canadian pre-revenue natural resource mining company advancing the Martison Phosphate Project near Hearst, Ontario. The project's planned architecture is a vertically integrated phosphate processing chain: phosphate ore is extracted from the Martison deposit, processed into concentrate via an on-site beneficiation plant, then transported by slurry pipeline to a conversion complex where the concentrate is reacted with sulphuric acid to produce phosphoric acid. Planned end-products include diammonium phosphate (DAP), monoammonium phosphate (MAP), nitrogen phosphate sulphur (NPS), superphosphoric acid (SPA), merchant grade phosphoric acid (MGA), and purified phosphoric acid (PPA). Sulphuric acid feedstock is intended to come from nearby base metal smelters or an on-site plant using low-cost sulphur from Western Canada.
The company targets two primary customer verticals: fertilizer dealers serving agricultural operations in Western Canada and the U.S. Midwest (wheat, corn, soybean, canola), and LFP battery manufacturers requiring PPA for cathode active material in EV and energy storage applications. GTM is sales-led, B2B, and quote-based with no publicly disclosed pricing. The company is publicly listed on the CSE under ticker FOX with 79.7 million common shares and is currently pre-revenue. Technical milestones achieved to date include successful pilot plant production of MGA in March 2024 and successful production of PPA from Martison concentrate in November 2025.
As of mid-2026, Fox River is in the process of being acquired by Avenir Minerals Limited for approximately CAD$94.3 million in an all-cash transaction. Securityholder approval was obtained on June 23, 2026, and a Final Order approving the Plan of Arrangement was issued on June 24, 2026. The April 2022 NI 43-101 Preliminary Economic Assessment reported an after-tax NPV8% of USD$2.5 billion and IRR of 23.1% at then-current commodity prices.
Fox River Resources firmographics
Firmographics- Name
- Fox River Resources
- Legal name
- Fox River Resources Corporation
- Website
- https://fox-river.ca
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Fox River Resources Corporation is a Canadian pre-revenue mining company advancing the Martison Phosphate Project near Hearst, Ontario. It plans a vertically integrated phosphate processing facility producing fertilizers (MAP, DAP, NPS, SPA) and purified phosphoric acid for LFP batteries.
- Ownership category
- akta.pro rank
Fox River Resources industry classification
Industry- Product category
- Phosphate Mining & Fertilizers
- NAICS
- Phosphatic Fertilizer Manufacturing (325312), Mining, Quarrying, and Oil and Gas Extraction (21)
- SIC
- Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Industrial Inorganic Chemicals (2810)
- akta.pro primary industry
- Phosphate Rock Mining (IMAKAGAA)
- akta.pro secondary industries
- Phosphate Fertilizers (MAP, DAP, TSP, SSP) (AFABABAB), Fertilizer Raw Materials & Intermediates (Phosphate Rock, Sulfuric/Phosphoric Acid, Potash Ore/Brines) (AFABABAH), Specialty Phosphorus Products (Low-Salt, High-Availability P, Polyphosphates) (AFABACAH)
Keywords
Where Fox River Resources is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Fox River Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D
Revenue model
- Phosphate Fertilizer Sales: Production and sale of phosphate fertilizer products including superphosphoric acid (SPA), mono-ammonium phosphate (MAP), and nitrogen phosphate sulphur (NPS) fertilizer sold to fertilizer dealers serving Western Canada and the U.S. Midwest agricultural markets.
- Purified Phosphoric Acid (PPA) for LFP Batteries: Production and sale of purified phosphoric acid as a key component for the lithium-iron-phosphate (LFP) battery supply chain used in electric vehicles and energy storage systems.
- Merchant Grade Phosphoric Acid (MGA): Sale of merchant grade phosphoric acid as a concentrated form used in fertilizers, animal feed, and as feedstock for PPA production.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Fox River Resources product offering
Product offeringCore offering
Fox River Resources is advancing the Martison Phosphate Project near Hearst, Ontario, a vertically integrated phosphate mining and processing facility. The company extracts phosphate ore, processes it into concentrate, and converts it with sulphuric acid into phosphoric acid used to produce phosphate fertilizers (DAP, MAP, SPA, MGA) for agricultural markets in Western Canada and the U.S. Midwest, as well as purified phosphoric acid (PPA) for the lithium-iron-phosphate (LFP) battery supply chain serving electric vehicles and energy storage.
Product overview
Fox River Resources is engaged in the advancement of the Martison Phosphate Project, a vertically integrated phosphate fertilizer and industrial acid production facility near Hearst, Ontario. The project encompasses the full phosphate production chain: phosphate mining, ore concentration via a Beneficiation Plant, phosphoric acid production at a Conversion Complex (using sulphuric acid from nearby base metal smelters or an on-site plant utilizing Western Canadian sulphur), and final product manufacturing. The company produces a portfolio of phosphate products: Diammonium Phosphate (DAP) and Monoammonium Phosphate (MAP) fertilizers for agriculture, Superphosphoric Acid (SPA) and Merchant Grade Phosphoric Acid (MGA) for fertilizer/industrial markets, and Purified Phosphoric Acid (PPA) for the emerging lithium-iron-phosphate (LFP) battery market serving electric vehicles and energy storage. The Martison Project is strategically positioned to serve North American markets with access to rail, power, and labour infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- Diammonium Phosphate (DAP) The most widely used phosphate fertilizer globally, containing 46% P2O5, produced from the reaction of phosphoric acid and anhydrous ammonia. Targeted at agricultural markets in Western Canada and the U.S. Midwest for use on wheat, corn, soybeans, and canola.
- Monoammonium Phosphate (MAP) Phosphate fertilizer containing approximately 52% P2O5, produced from the reaction of phosphoric acid and ammonia. Considered more suitable for Canadian soil conditions than DAP, and targeted at Western Canada and the Midwestern U.S. agricultural markets.
- Superphosphoric Acid (SPA) Concentrated form of phosphoric acid containing approximately 54% P2O5. Used as fertilizer, in animal feed, and as an intermediate for further upgrading to purified phosphoric acid (PPA).
- Merchant Grade Phosphoric Acid (MGA) Phosphoric acid containing approximately 52-54% P2O5, produced at the conversion complex from the acidulation of phosphate concentrate with sulphuric acid. Serves as feedstock for SPA production or further upgrading to PPA, and is also used in fertilizers and animal feed.
- Purified Phosphoric Acid (PPA) High-purity phosphoric acid produced from Martison concentrate, critical for lithium-iron-phosphate (LFP) batteries used in electric vehicles and energy storage applications. PPA is essential for the LFP battery cathode active material (CAM) supply chain. Sold to LFP battery manufacturers.
Quantifiable outcome
- After-tax NPV8% of USD$2.5B and IRR of 23.1% based on PEA announced April 21, 2022
- +2 more outcomes
Companies that use Fox River Resources
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Fox River Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Fox River Resources partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- CanmetMININGcoreFox River Resources is collaborating with CanmetMINING (Natural Resources Canada) to research the Martison Phosphate Deposit. This research partnership supports technical development of the project and leverages government expertise in mining and mineral processing.
Scale indicators6 records
Recent moves7 records
Expansion highlights7 records
Fox River Resources competitors and assessment
Company assessmentBroad incumbents
- Yara International: Norwegian-headquartered global fertilizer major with substantial nitrogen focus and growing specialty/phosphate footprint. Yara is relevant as a global platform competing for the same agricultural end-markets and increasingly exploring battery-grade inputs.
- Nutrien Ltd. The world's largest fertilizer producer, headquartered in Saskatoon, with integrated phosphate rock mining and processing. It is the dominant North American phosphate producer and a direct incumbent against whom Fox River would compete on regional market share.
- J.R. Simplot Company: Private Idaho-based agribusiness with phosphate mining (Smoky Canyon), fertilizer manufacturing, and food/agri interests. Simplot is a relevant North American phosphate incumbent competing for similar agricultural customers in the U.S. Mountain West and Midwest.
- OCP Group: The Moroccan state-owned phosphate rock and fertilizer producer — the world's largest. OCP defines the low-cost global supply benchmark against which Fox River's North American premium and import-substitution thesis must compete.
- K+S AG: German fertilizer and salt producer that acquired Itafos (a specialty phosphate fertilizer operator serving North American markets). K+S's specialty plant-nutrition segment offers a like-for-like comparison to Fox River's downstream product positioning.
- CF Industries Holdings: US-based nitrogen fertilizer major with adjacent phosphate logistical/marketing activities and large-scale farmer distribution. CF is comparable as a North American platform competitor for wholesale fertilizer customers and distribution infrastructure.
Direct peers
- Avenir Minerals Limited: The acquirer of Fox River in the announced CAD$94.3M transaction. Avenir is itself phosphate-adjacent and is the strategic vehicle now bearing the Martison development risk, making it the closest comparable in capital structure and stage.
- The Mosaic Company: A US-based pure-play phosphate and potash producer with phosphate mining, beneficiation, and fertilizer production assets. Mosaic's vertically integrated model closely mirrors Fox River's planned Martison operations for DAP/MAP and phosphoric acid.
- ICL Group: Israel-based specialty phosphate and fertilizer producer with a stated focus on battery-grade phosphate materials for LFP cathodes. ICL directly intersects with Fox River in both traditional phosphate fertilizers and the LFP PPA opportunity.
- Compass Minerals International: US-based specialty minerals producer with a Plant Nutrition segment offering sulfate-of-potash and adjacent specialty plant-nutrition products. Compass is comparable as a North American specialty-input producer targeting premium crop nutrients in similar end markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Fox River Resources social profiles
Digital presenceFox River Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fox River Resources leadership team
Management profileNumber of profiles
Profiles5 records
Fox River Resources funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fox River Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fox River Resources
What does Fox River Resources do?
Fox River Resources is advancing the Martison Phosphate Project near Hearst, Ontario, a vertically integrated phosphate mining and processing facility. The company extracts phosphate ore, processes it into concentrate, and converts it with sulphuric acid into phosphoric acid used to produce phosphate fertilizers (DAP, MAP, SPA, MGA) for agricultural markets in Western Canada and the U.S. Midwest, as well as purified phosphoric acid (PPA) for the lithium-iron-phosphate (LFP) battery supply chain serving electric vehicles and energy storage.
Is Fox River Resources a public or private company?
Fox River Resources is a public company. It is classified as public and is currently operating.
When was Fox River Resources founded?
Fox River Resources was founded in 2018. It employs 1 to 10 people.
Where is Fox River Resources based?
Fox River Resources is headquartered in Toronto, Canada, in the North America region.
How does Fox River Resources make money?
Three revenue lines are on record. Phosphate Fertilizer Sales are the primary driver. The others are purified Phosphoric Acid (PPA) for LFP Batteries and merchant Grade Phosphoric Acid (MGA).
Who are Fox River Resources's main competitors?
Broad incumbents on record are Yara International, Nutrien Ltd., J.R. Simplot Company, OCP Group, K+S AG and CF Industries Holdings. Direct peers are Avenir Minerals Limited, The Mosaic Company, ICL Group and Compass Minerals International.
Does Fox River Resources have an API?
No public API is recorded for Fox River Resources.
What industry is Fox River Resources in?
Fox River Resources's product category is Phosphate Mining & Fertilizers. Its primary akta.pro industry code is IMAKAGAA, Phosphate Rock Mining, with a secondary code of AFABABAB, Phosphate Fertilizers (MAP, DAP, TSP, SSP). Its NAICS code is 325312 and its SIC code is 1400.