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

• Emerging Growth Research released a flash report (04‑07‑2026) keeping its Buy rating with a new price target of C$4.94, up from the current C$0.95 market price.
• The company completed a 40,000 m infill drill program at the Bégin‑Lamarche property, confirming continuous high‑purity phosphate mineralisation and adding two new intersections beyond the existing resource envelope.
• A C$16.7 million non‑repayable contribution from Natural Resources Canada (NRCan) was secured to fund technical validation and a feasibility study slated for late‑2026.
• An off‑take pre‑payment of US$530,000 was received under the long‑term phosphate concentrate agreement – rare commercial validation for a junior miner.
• First Phosphate successfully produced commercial‑grade LFP 18650 cells from rock extracted at Bégin‑Lamarche, demonstrating downstream process viability.
• The report highlights new tax credits (30 % CMETC and CTM) unlocked by the recent addition of phosphate to Canada’s Critical Minerals list.

• Drill results: The discovery of two new high‑grade intersections expands the geological model and underpins a future resource upgrade, directly supporting the feasibility study timeline.
• Government funding: A C$16.7 M non‑dilutive grant materially de‑risks the technical work required for an LFP‑focused feasibility, improving cash flow outlook through 2028.
• Off‑take pre‑payment: Provides immediate working capital and validates market demand; the payment is contingent on proceeding to a feasibility, aligning sponsor and offtaker interests.
• Battery cell demo: First external proof that the igneous phosphate can be processed into battery‑grade material – a key de‑risking milestone for downstream investors.
• Valuation jump: The analyst’s NAV uplift (C$4.94 target) reflects the cumulative effect of these milestones; while still speculative, it is a substantial upward revision relative to current pricing.

Overall, the news delivers new, material information that materially improves the company’s near‑term outlook and justifies a higher valuation – hence a Material – Positive rating.

First Phosphate Corp. focuses on developing the Bégin‑Lamarche phosphate property in Saguenay‑Lac‑Saint‑Jean, Quebec. The deposit is an igneous anorthosite host of high‑purity phosphate suitable for lithium‑iron‑phosphate (LFP) battery cathodes and downstream phosphoric acid production. The company’s strategy is a vertical “mine‑to‑battery” integration, targeting domestic supply chain security for North American EV and grid‑storage markets.