NEW YORK CITY, NY / ACCESS Newswire / September 23, 2026 / Emerging Growth Research (“Emerging Growth Research” or “EGR”) today announced the release of its company-sponsored research Flash Report on First Phosphate Corp. (NASDAQ:PHOS)(CSE:PHOS)(OTCQX:FRSPF), a mineral development and clean technology company building a vertically integrated North American supply chain for lithium iron phosphate (“LFP”) battery materials.
The Flash Report provides an update on the Company’s recent financing developments related to its Bégin-Lamarche igneous phosphate project in Quebec. The report focuses on support from Swiss Export Risk Insurance (“SERV”) and the potential implications for project financing and future shareholder dilution.
Key Highlights
SERV Provides Potential Financing Support — First Phosphate has secured support from Swiss Export Risk Insurance for up to US$212.5 million toward the capital cost of its Bégin-Lamarche igneous phosphate project. The potential financing would cover eligible Swiss machinery and equipment for the mine, as well as goods and services for the associated processing facility.
Additional Export Credit Agency Support — SERV’s support adds another potential source of export credit agency-backed financing to a growing group of G7-aligned funding sources supporting First Phosphate’s development plans.
Growing Project Financing Stack — First Phosphate’s potential financing sources include a letter of intent from Denmark’s state-backed Export and Investment Fund (EIFO) for a guarantee of up to C$275 million, letters of intent from Italian institutions SACE, Cassa Depositi e Prestiti (CDP) and SIMEST for the proposed Port Saguenay phosphoric acid plant, a Letter of Interest of up to US$170 million from the Export-Import Bank of the United States, and C$21.5 million of contributions from the Government of Canada.
Potential Reduction in Equity Financing Requirements — EGR believes the expanding export credit agency-backed financing stack could provide First Phosphate with additional options for funding project capital expenditures through debt and other non-dilutive sources rather than equity issuance. The report notes that the Bégin-Lamarche PEA estimates mine capital expenditures of approximately C$675 million.
Feasibility Study Remains a Key Catalyst — EGR views the conversion of the current letters of intent and support into committed financing facilities, together with the Company’s feasibility study expected in early 2027, as important developments for the project and its financing structure.
The full Flash Report from Emerging Growth Research is available at:
first-phosphate-phos-flash-report-92326.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. (Nasdaq:PHOS)(CSE:PHOS)(OTCQX:FRSPF)(FSE:KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security. First Phosphate’s flagship Begin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Quebec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities. For more information, please visit www.FirstPhosphate.com.
About Emerging Growth Research
Emerging Growth Research, LLC (“EGR”) is a research firm focused on emerging growth companies, including small-, micro- and nano-cap companies across healthcare, biotechnology, energy, metals and mining, technology and other emerging industries. EGR provides research reports, quarterly updates, flash reports and other investor-focused content covering emerging growth companies.
Emerging Growth Research also provides company-sponsored research services. The research referenced in this press release is company-sponsored research.
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Forward-Looking Statements
This press release contains forward-looking statements concerning business operations, financial performance, project development, financing and permitting timelines, capital markets opportunities, and future growth expectations. These statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied. Important risk factors include, but are not limited to, permitting and regulatory timing, the availability and terms of project financing, commodity price assumptions, execution risk associated with feasibility and development activities, and the Company’s ability to successfully execute its growth strategy.
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Rating Definitions
Buy, 30% or greater price appreciation in the next 12 months.
Buy-Extended, near-term EPS and/or revenue horizon is challenging with strong long-term appreciation possibility.
Buy-Emerging, initial stages with low revenue and the potential for large returns with higher risk and volatility.
Hold, perform similar to market.
Sell, 30% or more decline in the next 12 months.
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SOURCE: First Phosphate Corp.
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