Emerging Growth Research rates First Phosphate buy at C$4.94

NEW YORK CITY, NY / ACCESS Newswire / June 22, 2026 / Emerging Growth Research today released a new Flash Report on First Phosphate Corp. (CSE:PHOS)(OTCQX:FRSPF), maintaining its Buy rating and 12-month price target of C$4.94, representing approximately 181% upside from the recent share price of C$1.76 as of June 18, 2026. The Flash Report highlights several significant milestones that further de-risk the Company's development strategy, including formal recognition by the G7 Critical Minerals Resilience and Production Alliance, the announcement of definitive offtake agreements covering both mining and phosphoric acid production assets, and a substantially strengthened treasury position of approximately C$35 million. Key Highlights: G7 Strategic Recognition: First Phosphate was named by the Government of Canada as one of only 13 critical minerals initiatives supported under the G7 Critical Minerals Resilience and Production Alliance.

International Financial Support: Denmark's EIFO has issued a letter of interest for a guarantee of up to C$275 million, while Italy is supporting the downstream phosphoric acid facility through SACE, CDP, SIMEST, and MAIRE (EURONEXT MILAN: MAIRE IM). Definitive Offtake Agreements Executed: First Phosphate announced definitive offtake agreements covering 200,000 tonnes per year of phosphate concentrate production and 60,000 tonnes per year of phosphoric acid output. Oversubscribed C$15.4 Million Financing: The Company completed a C$15.4 million financing that was reportedly oversubscribed by approximately three times.

Strong Treasury Position: Following the financing, First Phosphate holds approximately C$35 million in cash and has access to a C$16.7 million non-dilutive government grant. Strategic Land Consolidation Initiative: Management continues to expand its presence across the Saguenay-Lac-Saint-Jean district. LFP Battery Supply Chain Tailwinds: Continued North American investment in LFP battery manufacturing strengthens demand for domestic phosphate feedstock.

Compelling Valuation: Emerging Growth Research derives a net asset value of C$4.94 per share, with the stock trading at approximately 0.36x NAV. For a copy of the full Flash Report, please visit: https://www.accessnewswire.com/newsroom/en/metals-and-mining/emerging-growth-research-releases-flash-report-on-first-phosphate-maintains-buy-r-1163756 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 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 Research@EmergingGrowth.com 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 ACCESS Newswire June 22, 2026 - 6:00 AM PDT News by QuoteMedia www.quotemedia.com