February 26, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on First Phosphate Corp. (OTC: FRSPF) titled, “Plugging Phosphate into Domestic LFP Battery Ecosystem”. The report can be accessed here.
First Phosphate Corp. (OTCQX: FRSPF/CSE: PHOS) is a mineral development company that is focused on the exploration and development of high-purity igneous phosphate deposits in Québec, targeting the LFP battery supply chain. The company was incorporated as First Phosphate Corp. in August 2022. The company is headquartered in Saguenay, Québec, positioning it in proximity to its principal mineral assets within the Saguenay–Lac-Saint-Jean region. First Phosphate is advancing a portfolio of 100%-owned claims covering significant anorthosite-hosted phosphate mineralization, which can produce battery-grade PPA without the presence of deleterious heavy metals. The company’s strategy is focused on vertically integrating into the North American LFP battery ecosystem by supplying critical phosphate material for cathode active material (CAM) production. As a pre-revenue issuer, its activities are concentrated on resource delineation, metallurgical testing, engineering studies, and strategic partnerships to support future project financing and development. Through its Québec-based asset base and focus on ESG-aligned extraction and processing, First Phosphate aims to become a key domestic supplier of critical phosphate material to the rapidly expanding North American energy storage and EV battery market.
First Phosphate’s principal asset is the Bégin-Lamarche igneous phosphate deposit in Saguenay-Lac-Saint-Jean, Québec. This district-scale, high-purity phosphate resource hosts rare igneous anorthosite phosphate rock that is naturally low in impurities and well suited for conversion into battery-grade PPA—a critical precursor for LFP battery cathode materials. The company’s PEA at Bégin-Lamarche outlines a multi-decade open-pit operation producing concentrated phosphate and magnetite, intended to fully supply its planned onshore North American processing chain. First Phosphate has already completed pilot production of battery-grade PPA from its concentrate via a partnered process with Prayon, the world’s largest producer of PPA, demonstrating technical viability and enabling engagement with strategic partners for further scaling.
On both the EV/NPV and MC/NPV basis, First Phosphate screens at 0.07x and 0.05x, respectively, placing it at the low end of the North American development-stage strategic mineral cohort, where the average values are 0.15x for both market cap and enterprise value basis. Construction-stage or technically advanced peers such as Nouveau Monde Graphite Inc. (~0.18x EV/NPV) and Westwater Resources Inc. (~0.14x) trade at materially higher multiples, reflecting more advanced engineering, defined construction timelines, and clearer visibility toward initial production. Similarly, NioCorp Developments Ltd. trades near ~0.12x despite permitting progress, while Rare Element Resources Ltd. commands a premium multiple (~0.28x), supported by pilot-scale processing validation and strong US strategic mineral alignment. It would therefore seem that the market is valuing First Phosphate as a fertilizer junior developer, rather than a dedicated supplier into the technically advanced LFP battery and electrification trend broadly speaking.
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