The Albany Gazette - Emerging Growth Research Releases Flash Report on First Phosphate; Maintains Buy Rating and C$4.94 Price Target

The Flash Report highlights the Company's successful completion of its final warrant exercises, resulting in gross proceeds of approximately C$3.07 million and the elimination of all publicly held dilutive overhang. The report also outlines continued operational progress at the Company's flagship Bégin-Lamarche Property in Quebec, as well as improving industry dynamics for phosphate assets.

Key Highlights:

• Final Warrant Exercise Completed: First Phosphate announced the full exercise of 2.46 million warrants at C$1.25 per share, generating C$3.07 million in proceeds. All publicly held warrants have now been eliminated, resulting in a simplified and closely aligned shareholder base.

• Clean Capital Structure: With no publicly traded warrants or options remaining, future dilution is limited to insider-held instruments, reducing the risk of near-term selling pressure.

• Strong Treasury Position: The Company now holds over C$20 million in cash, supported by a previously announced C$16.7 million non-dilutive contribution from Natural Resources Canada, providing funding visibility into key development milestones.

• Debt-Free Balance Sheet: First Phosphate carries no debt or convertible instruments, providing flexibility as it advances toward feasibility and development decisions.

• Infill Drilling Confirms Resource Expansion: Ongoing drilling at Bégin-Lamarche continues to demonstrate strong mineral continuity, including multiple intercepts exceeding 50 meters at >10% P₂O₅ and the identification of new mineralized zones beyond the current resource footprint.

• Established Resource Base: The project hosts 41.5 Mt (Indicated) at 6.49% P₂O₅ and 214 Mt (Inferred) at 6.01% P₂O₅, supporting an estimated ~24-year mine life.

• Industry Validation Through Recent M&A: Avenir Minerals, a subsidiary of Agnico Eagle Mines Limited created in late 2025 to manage early-stage critical minerals, is acquiring Fox River Resources to secure a large-scale, high-grade phosphate asset-highlighting growing strategic interest in phosphate supply for fertilizers and lithium iron phosphate ("LFP") battery materials.

• Compelling Valuation: Using a sum-of-the-parts methodology, Emerging Growth Research derives a NAV/share of C$4.94. At current levels, the stock trades at approximately 0.26x NAV.

For a copy of the full Flash Report, please visit:
https://storage.googleapis.com/accesswire/media/1163756/first-phosphate-flash-report-5526.pdf

Or

https://emerginggrowth.com/profile/frspf/ (On the right as you scroll down)

About First Phosphate Corp.

First Phosphate Corp. (CSE:PHOS)(OTCQX:FRSPF) is a mineral development company focused on building a vertically integrated North American supply chain for lithium iron phosphate ("LFP") battery materials. The Company's Bégin-Lamarche Property in Quebec hosts a rare igneous phosphate resource capable of producing high-purity phosphate with minimal impurities for battery, energy storage, and industrial applications.

About Emerging Growth Research

Emerging Growth Research is an independent equity research firm providing institutional-quality analysis on emerging and growth-stage companies. The firm delivers ongoing coverage, including Flash Reports on material developments, designed to enhance transparency and broaden investor awareness for companies participating in the Emerging Growth Conference platform.

Contact:

Emerging Growth Research
[email protected]
www.EmergingGrowth.com

Forward-Looking Statements

This press release contains forward-looking statements concerning business operations, development plans, and financial projections. These statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied.

SOURCE: First Phosphate Corp.

View the original press release on ACCESS Newswire

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