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

NEW YORK CITY, NY / ACCESS Newswire / April 7, 2026 / Emerging Growth Research today released a Flash Report on First Phosphate Corp. (CSE:PHOS)(OTCQX:FRSPF), maintaining its Buy rating and keeping its 12-month price target at C$4.94 (previously C$4.93), representing approximately 420% upside from the current share price of C$0.95. 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. Key Highlights: 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. Upcoming Catalysts: 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. For a copy of the full Flash Report, please visit: 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) About First Phosphate Corp. 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. 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 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. 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