Arizona Tribune - Emerging Growth Research Releases Flash Report on First Phosphate; Reiterates Buy Rating and C$4.94 Price Target Following Nasdaq Uplisting

The report views First Phosphate's Nasdaq ADR uplisting as a significant, non-dilutive capital markets catalyst that broadens U.S. investor access while potentially improving trading liquidity and institutional visibility with the last two days since the bell-ringing ceremony being the two largest trading volume and dollar amounts in the history of the Company. Importantly, the Company completed the uplisting without a concurrent equity financing, supported by more than C$30 million of cash and access to approximately C$21.5 million of non-repayable Government of Canada contributions.

Emerging Growth Research believes the Company's relatively limited initial ADR float could potentially support additional demand for the underlying common shares as U.S. investor participation increases. With each ADR representing 10 common shares and approximately 1.3 million ADRs outstanding as of August 6, 2026, incremental U.S. demand could lead to additional ADR creation through the conversion of common shares.

Key Highlights:

• Nasdaq Uplisting Expands U.S. Investor Access: First Phosphate's ADRs began trading on the Nasdaq Global Market under the ticker PHOS on August 10, 2026, as a Level 2 ADR program. The Company completed the uplisting without raising additional equity capital, providing broader access to U.S. investors without immediate dilution.

• Tight Initial ADR Float Could Support Demand: Approximately 1.3 million ADRs were outstanding as of August 6, 2026, with each ADR representing 10 common shares. Emerging Growth Research believes the limited initial ADR float could potentially support conversion-driven demand for First Phosphate's underlying common shares as U.S. investor participation develops.

• Strong Liquidity and Extended Funding Runway: First Phosphate has more than C$30 million in cash and access to approximately C$21.5 million of non-repayable federal contributions. Emerging Growth Research estimates that the Company has approximately 24-36 months of funding runway through Final Investment Decision, reducing near-term financing pressure.

• Quebec "Filon" Fast-Track Designation: First Phosphate's Bégin-Lamarche project was selected on July 27, 2026 for Quebec's "Filon" support status under the province's Critical and Strategic Minerals Strategy 2025-2031. Emerging Growth Research views the designation as a positive validation of the project's strategic importance and a potential catalyst for de-risking the permitting timeline.

• Additional C$4.84 Million of Non-Repayable Federal Funding: On August 5, 2026, First Phosphate secured C$4.84 million of additional federal funding for critical infrastructure, including C$3.07 million for a 161-kV transmission line and substations and C$1.77 million for mine access and port/rail connectivity. Combined with the C$16.7 million awarded in March, total federal non-dilutive support now stands at approximately C$21.5 million.

• U.S. Exposure to the Emerging LFP Phosphate Theme: Emerging Growth Research believes the Nasdaq listing provides U.S. institutions with an opportunity to gain exposure to the emerging lithium iron phosphate (LFP) supply-chain theme, particularly given the limited domestic U.S. supply of igneous phosphate resources.

• C$4.94 Price Target Reiterated: Based on its sum-of-the-parts valuation methodology, Emerging Growth Research continues to maintain its C$4.94 12-month target price.

Our Take: Emerging Growth Research believes the Nasdaq ADR uplisting materially broadens First Phosphate's U.S. investor access without dilution, while the relatively tight initial ADR float could support conversion-led demand for the underlying common shares. With more than C$50 million in total liquidity and an estimated 24-36 months of funding runway through Final Investment Decision, near-term financing risk remains limited. The Company's Quebec Filon designation and additional federal infrastructure funding further support the project's permitting and development profile.

For a copy of the full Flash Report, please visit:

https://storage.googleapis.com/accesswire/media/1207957/first-phosphate-phos-flash-report-81726.pdf

Or

https://emerginggrowth.com/profile/frspf/

About First Phosphate Corp.

First Phosphate Corp. (Nasdaq:PHOS)(CSE:PHOS)(OTCQX:FRSPF) is a mineral development and cleantech company dedicated to building a vertically integrated North American lithium iron phosphate (LFP) battery supply chain. The Company's flagship Bégin-Lamarche Property in Quebec hosts one of North America's rare high-purity igneous phosphate deposits capable of supplying phosphate for energy storage, data centers, robotics, mobility, and national security 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, financing, permitting, capital markets opportunities, 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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