Emerging Growth Research has reaffirmed its Buy rating on First Phosphate Corp., citing the company’s completion of a C$9.6 million financing round with limited dilution and receipt of C$0.7 million in offtake pre-payments. These developments, together with First Phosphate’s recent inclusion in the CSE25 Index, underpin analyst confidence and support a projected 360% upside over the next 12 months. The fresh capital not only strengthens the balance sheet but also enhances the company’s visibility among institutional investors and improves access to future funding at favourable terms.

First Phosphate secured a US$530,000 lump-sum pre-payment under an amended long-term phosphate concentrate offtake agreement. The funds will be allocated directly to advancing the company’s flagship Bégin-Lamarche project in Quebec toward a feasibility decision. Under the terms of the amendment, if First Phosphate elects not to proceed with a feasibility study or reaches a negative production decision, the pre-payment becomes refundable, aligning partner incentives and de-risking the development pathway.

Building on a Preliminary Economic Assessment completed in December 2024, First Phosphate is executing a 30,000-metre drill program slated for completion by April 2026. The program targets inferred mineral resources for conversion to indicated status, and indicated resources for conversion to measured status, thereby refining the geological model ahead of the feasibility study. Concurrently, the company issued 240,132 shares to the Pekuakamiulnuatsh First Nation as part of a collaboration agreement covering 2025 exploration and development work on Indigenous lands.