Emerging Growth Research Releases Flash Report on First Phosphate; Reiterates Buy Rating and C$4.94 Price Target Following Recent Share Price Weakness

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NEW YORK CITY, NY / ACCESS Newswire / July 21, 2026 / Emerging Growth Research today released a new Flash Report on First Phosphate Corp. (CSE:PHOS)(OTCQX:FRSPF), reiterating its Buy rating and 12-month price target of C$4.94 following the recent decline in the Company's share price due to uncorrelated market turbulence.

The report concludes that the recent sell-off has been driven primarily by broader macroeconomic concerns rather than any change in the Company's fundamentals. Despite the recent market volatility, Emerging Growth Research believes First Phosphate remains one of the strongest-funded junior critical minerals developers in North America, with more than C$50 million of available capital and sufficient funding to advance through its feasibility study, permitting process, and Final Investment Decision without requiring additional equity financing.

According to the report, the Company's approximately 24% share price decline over the past month appears disconnected from its operating progress and financial position.

Key Highlights:

• Macro-Driven Share Price Weakness: Emerging Growth Research believes recent selling pressure has been driven by inflation concerns, higher interest rate expectations, and broad risk-off sentiment affecting junior resource companies rather than Company-specific developments.

• Strong Capital Position: Following its recently completed C$17.7 million private placement at C$2.00 per share, First Phosphate now holds approximately C$35 million in cash, supplemented by access to a C$16.7 million non-repayable contribution from the Government of Canada, providing more than C$50 million of available capital.

• Financing Risk Significantly Reduced: Emerging Growth Research believes the Company's current capital position provides more than 24 months of operating runway, allowing management to complete the feasibility study, advance permitting activities, and progress toward a Final Investment Decision without returning to the capital markets.

• C$2.00 Financing Provides Valuation Benchmark: The recent financing, completed near the Company's 52-week high and supported primarily by existing shareholders, represents what Emerging Growth Research believes is a meaningful validation of the Company's long-term value by informed investors.

• Continued G7 Strategic Support: First Phosphate continues to benefit from recognition under the G7 Critical Minerals Resilience and Production Alliance, reinforcing the strategic importance of its vertically integrated North American phosphate supply chain. This sovereign and institutional support remains unchanged despite recent market volatility.

• Fundamentals Continue to Strengthen: Emerging Growth Research believes the recent market weakness reflects temporary market mechanics following the stock's substantial appreciation over the previous year rather than any change in the Company's underlying business prospects.

• Maintained C$4.94 Target Price: Based on its sum-of-the-parts valuation methodology, Emerging Growth Research continues to maintain its C$4.94 12-month target price.

For a copy of the full Flash Report, please visit:

https://storage.googleapis.com/accesswire/media/1193619/first-phosphate-flash-report-72126.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)(OTC:FRSPF) is a mineral development and cleantech company dedicated to building a vertically integrated North American lithium iron phosphate (LFP) battery supply chain. The Company's flagship Bégin-Lamarche Property in Quebec hosts one of North America's rare high-purity igneous phosphate deposits capable of supplying phosphate for energy storage, data centers, robotics, mobility, and national security 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

[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.