Emerging Growth Research Maintains Buy Rating on First Phosphate Corp. Following Successful C$9.6 Million Financing and CSE25 Index Inclusion

About this update from First Phosphate Corp.

NEW YORK CITY, NEW YORK / ACCESS Newswire / January 7, 2026 / Emerging Growth Research today announced the release of its Flash Report on First Phosphate Corp. (CSE:PHOS)(OTC:FRSPF), maintaining a Buy rating with a 12-month price target of C$4.83, representing approximately 360% upside from the Company's closing price of C$1.05 on January 6, 2026. The Flash Report highlights First Phosphate's successful completion of C$9.6 million in financing with limited dilution, receipt of C$0.7 million in offtake pre-payment, and inclusion in the CSE25 Index-three key developments that collectively de-risk the Company's investment case and reinforce visibility on upcoming positive catalysts. Key Highlights from the Flash Report: According to Emerging Growth Research's analysis, these developments significantly de-risk First Phosphate's path toward becoming a vertically integrated mine-to-market LFP battery supply chain for North America. The Company's rare igneous phosphate resource at Bégin-Lamarche-one of only approximately 5% of global phosphate deposits with this geology-yields high-purity phosphate concentrate above 40% P₂O₅ with minimal impurities, positioning it advantageously for battery-grade purified phosphoric acid (PPA) production. The firm's sum-of-the-parts analysis values the mine at a discount rate of 11.5% and the planned PPA plant at 13.5%, reflecting the Company's dual-revenue model that will generate cash flow from concentrate sales while advancing toward higher-margin battery-grade acid production. Management has indicated post-tax free cash flow from the mine alone should average approximately US$239 million per year at steady state, peaking near US$290 million, before layering in incremental PPA cash flows. Key upcoming catalysts over the next 12 to 24 months include completion of the drilling program by April 2026, feasibility study advancement, permitting progress, additional multi-year offtakes, potential grant packages, and conversion of the Port Saguenay land option. For a copy of the full Flash Report, please visit: or About First Phosphate Corp. First Phosphate is a mineral development and cleantech company dedicated to building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. Target markets include energy storage, data centers, robotics, mobility, and national security. First Phosphate's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Québec is one of North America's rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities. For more information, please visit https://www.firstphosphate.com . Contact: Emerging Growth Research [email protected] www.EmergingGrowth.com Forward-Looking Statements This press release contains forward-looking statements concerning business operations and financial performance as well as plans, objectives, and expectations for First Phosphate Corp. that are subject to risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. These include but are not limited to statements regarding completion of the drill program by April 2026, feasibility study timing, first production expectations, resource conversion, concentrate and PPA volume targets, mine net cash costs, free cash flow projections, offtake execution, permitting timelines, financing arrangements, and valuation projections. Actual results could differ materially due to competitive, regulatory, operational, technical, geological, market, or funding risks. SOURCE: First Phosphate Corp. View the original press release on ACCESS Newswire

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