Wednesday, January 07, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Offtake agreement. First Phosphate recently amended an offtake agreement that includes a US$0.53 million upfront pre-payment during the fourth quarter of FY 2026. The funds will be used to advance the Begin-Lamarche project towards a feasibility study and later, production. The prepayment is subject to refund should First Phosphate decide not to pursue a feasibility study or production, neither of which we anticipate. In our view, the prepayment validates downstream interest and reinforces the strategic relevance of the Company’s integrated phosphate platform.
Final tranches of private placement. The Company closed the third and fourth tranches of its oversubscribed non-brokered private placement in December, raising approximately $9.6 million in gross proceeds and bringing total capital raised since June 2022 to approximately $49.7 million. Following recent warrant exercises and the offtake pre-payment, management indicates cash on hand of approximately $24 million, which we believe is sufficient to fund planned activities through 2026 and into 2027.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
