Arizona Tribune - Emerging Growth Research Releases Flash Report on First Phosphate Corp.; Maintains Buy Rating, Price Target at C$4.94

The Flash Report covers the completion of a 40,000-meter drill programme at the Company's flagship Bégin-Lamarche Property in Quebec, a C$16.7 million non-repayable government contribution, and several other recent developments that strengthen the Company's path toward a Feasibility Study for battery-grade phosphate concentrate production by late 2026.

• Drill Programme Complete: First Phosphate completed a 40,000-meter infill drill programme at Bégin-Lamarche, confirming extensive, continuous mineralization and discovering two new phosphate intersections in the Northern and Southern Zones beyond the current resource boundary.

• Large NI 43-101 Resource Base: The property hosts 41.5 Mt at 6.49% P₂O₅ (Indicated) and 214 Mt at 6.01% P₂O₅ (Inferred), supporting an estimated ~24-year mine life with a 1.5:1 strip ratio.

• Feasibility Study Expected Late 2026: Updated drill results will feed into a Feasibility Study targeting battery-grade phosphate concentrate for the lithium iron phosphate (LFP) battery market.

• C$16.7M Non-Repayable Government Funding: First Phosphate secured a non-dilutive contribution from Natural Resources Canada (NRCan) through its Global Partnerships Initiative to fund technical and engineering validation work.

• Phosphate Named a Canadian Cleantech Critical Mineral: The February 2026 Federal Budget added phosphate to Canada's Critical Minerals list, unlocking a 30% Critical Mineral Exploration Tax Credit (CMETC) and a 30% Clean Technology Manufacturing Investment Tax Credit (CTM) for the Company.

• Offtake Pre-Payment Received: In February 2026, the Company received US$530,000 under its existing long-term phosphate concentrate offtake agreement - a rare commercial validation for a junior mining company.

• LFP Battery Cells Produced: First Phosphate successfully produced commercial-grade LFP 18650 battery cells from igneous anorthosite rock extracted at Bégin-Lamarche, demonstrating the technical viability of its process.

• Compelling Valuation: Using a SOTP approach (Mine NAV C$500M + PPA Plant C$368M + Cash C$20M), Emerging Growth Research arrives at a NAV/share of C$4.94. At C$0.95, PHOS trades at just 0.19x NAV, implying ~420% upside to the target price.

Key milestones include the updated geological model and resource reclassification in the coming weeks, the Feasibility Study completion expected by late 2026, and continued deployment of the C$16.7M NRCan-funded technical programme.

https://emerginggrowth.com/wp-content/uploads/2026/04/First-Phosphate-Flash-Report-4.7.26.pdf

or

https://emerginggrowth.com/profile/frspf/(on the right side of the page as you scroll down)

First Phosphate Corp. (CSE: PHOS; OTCQX: FRSPF) is a Canadian mineral development company advancing the Bégin-Lamarche Property in Saguenay-Lac-St-Jean, Quebec toward the production of battery-grade phosphate concentrate for the LFP battery supply chain. The Company has secured C$16.7M in non-repayable government funding, an initial offtake pre-payment, and has successfully produced commercial-grade LFP battery cells from its property rock.

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

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

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

A.Ruiz--AT