NEW YORK CITY, NY / ACCESS Newswire / September 2, 2026 / Emerging Growth Research, LLC ("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)(FSE:KD0), 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 is issued in connection with EGR's ongoing company-sponsored research coverage of First Phosphate and is intended to update investors on recent developments affecting the Company's valuation. In the report, EGR is lowering the discount rates applied in its sum-of-the-parts (SOTP) net asset value analysis for First Phosphate by 100 basis points across both the mine and phosphoric acid plant, reflecting sustained de-risking of the Company's development plan.

Key Highlights

• Lower Discount Rates on Sustained De-Risking -- EGR reduced the discount rate applied to the mine to 10.5% (from 11.5%) and to the phosphoric acid plant to 12.5% (from 13.5%) in its SOTP valuation framework, with all operating, production, capex and commodity price assumptions held unchanged.

• Improved Access to Capital -- First Phosphate's recent Nasdaq ADR uplisting has broadened the Company's access to U.S. institutional capital, while management has reported growing engagement from sovereign and allied (G7) sources of project financing focused on securing a Western LFP phosphate supply chain.

• Sovereign and Export-Credit Support -- Denmark's state-backed Export and Investment Fund (EIFO) has issued a letter of intent for a guarantee of up to C$275 million for the Begin-Lamarche mine, and three Italian institutions -- SACE, Cassa Depositi e Prestiti (CDP) and SIMEST, with support from engineering group MAIRE -- have issued letters of intent for the proposed Port Saguenay phosphoric acid plant.

• Quebec Fast-Track Permitting -- Filon's inclusion in Quebec's fast-track permitting framework further reduces permitting risk and supports the timeline toward feasibility.

• Expanded Mineral Resource Estimate -- The finalized mineral resource estimate materially increases the Indicated resource base and demonstrates continuity and consistency across the deposit, reducing uncertainty around resource conversion, mine planning and project economics.

• Feasibility Study Catalyst -- EGR views the upcoming feasibility study, expected in early 2027, as the primary revaluation catalyst and may revisit both its cash flow inputs and discount rates upon its completion.

The full Flash Report from Emerging Growth Research is available at:

https://storage.googleapis.com/accesswire/media/1215613/first-phosphate-phos-flash-report-9226.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.

Contact:

Emerging Growth Research
Research@EmergingGrowth.com
www.EmergingGrowth.com

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.

Disclosure

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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.