First Phosphate Corp. secured C$9.6 million of gross proceeds through a private placement completed in late December 2025, structured to minimize shareholder dilution by issuing flow-through and hard-dollar units. The financing attracted strategic institutional and resource-sector investors, underpinning the Company’s balance sheet as it advances its flagship Bégin-Lamarche phosphate project. Concurrently, First Phosphate was admitted to the CSE25 Index, granting the stock expanded visibility among index-tracking funds and increasing trading liquidity, which collectively de-risk the investment thesis and establish a platform for heightened institutional interest.

In early January 2026, First Phosphate received a US$530,000 lump-sum pre-payment under an amended long-term offtake letter of intent with a cornerstone partner. Proceeds are earmarked to accelerate the ongoing 30,000-metre drill program designed to upgrade inferred mineral resources to indicated status, a critical step toward completing a feasibility study on the Bégin-Lamarche deposit by mid-2026. Under the agreement, if the Company elects not to proceed to feasibility or makes a negative production decision, the pre-payment is refundable, aligning partner and shareholder interests.

First Phosphate’s December 2024 Preliminary Economic Assessment recommended targeted drilling and metallurgical test work to refine resource classification. The current drill program, on schedule for completion in April 2026, is testing key high-grade zones defined in prior exploration. Concurrently, the Company continues metallurgical and environmental baseline studies, with permitting milestones anticipated in H2 2026. These technical activities lay the groundwork for a feasibility study decision, expected by late 2026, and position the project for offtake and financing negotiations.

Emerging Growth Research reaffirmed a Buy rating on First Phosphate, citing de-risking elements including the recent financing, offtake pre-payment and CSE25 inclusion. Noble Capital Markets followed with an Outperform rating, highlighting the project’s progress toward feasibility and the strengthened funding framework. Both firms emphasize that these developments, combined with a vertically integrated mine-to-market strategy for lithium iron phosphate battery materials, could catalyze re-rating as technical milestones are achieved.