Emerging Growth Research reiterates Buy on First Phosphate, keeps C$ 4.94 target

PHOSPHATE HOLDINGS INC

PHOSPHATE HOLDINGS INC

PHOS

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  • Emerging Growth Research maintained Buy on First Phosphate, keeping 12-month price target at C$ 4.94.
  • Target implies about 420% upside from share price of C$ 0.95.
  • Report cited completion of 40,000-meter infill drilling at Bégin-Lamarche in Quebec, supporting updated model ahead of a late-2026 feasibility study for battery-grade phosphate concentrate.
  • Coverage highlighted C$ 16.7 million non-repayable funding from Natural Resources Canada to support technical and engineering validation work.
  • Emerging Growth Research valued assets at C$ 4.94 per share using a sum-of-the-parts approach, including mine NAV of C$ 500 million.


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