PhosCo (ASX:PHO) received a AU$1.1 million first installment from the European Bank for Reconstruction and Development (EBRD) as it advances its Gasaat phosphate project in Tunisia toward development milestones, according to a Friday Australian bourse filing.

A further AU$600,000 is scheduled to be received during the year under PhosCo's EBRD grant award, subject to meeting certain pre-agreed milestones, the filing said.

The release of the updated scoping study in the September quarter will activate a further AU$7.5 million equity investment from EBRD to fund the Gasaat feasibility study upon exercise of their options.

The company also received early exercise notices from some of its shareholders, resulting in the conversion of 11.2 million options and the receipt of around AU$600,000 in additional funding over May and June.