First Phosphate ‘firing on all cylinders’ to advance flagship project, says Noble

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) is “firing on all cylinders” as it advances its Bégin-Lamarche project in Quebec, supported by strong drilling results, government backing and a growing financial position, according to analysts at Noble Capital Markets.

Analysts highlighted the company’s completion of an expanded 40,000-metre infill drill program at its flagship property in Saguenay–Lac-Saint-Jean, which confirmed continuity of phosphate mineralization and identified two new mineralized intercepts in the Northern and Southern zones.

Originally planned at 30,000 metres, the program was extended to further delineate these zones and test mineralization at depth. The results are now being processed and are expected to support an updated geological model in the coming weeks, a key step toward advancing the project to the feasibility stage.

“The project has advanced from discovery to creating a significant geological model within about 3.5 years, reflecting favorable geology, excellent continuity of the phosphate mineralization, and efficient execution of the company’s exploration program,” analysts wrote.

The company is targeting completion of a formal feasibility study by the fourth quarter of 2026, with permitting expected to follow in early 2027 and initial production potentially beginning in 2029.

Beyond drilling, the report pointed to several developments that have significantly de-risked the project. These include a funding agreement with Canada’s Natural Resources ministry providing up to C$16.7 million in non-repayable support, as well as a binding offtake agreement that includes a prepayment from a European partner.

Combined with approximately C$20 million to C$22 million in cash on hand, Noble estimates First Phosphate has access to roughly C$36 million to C$38 million in total funding, sufficient to advance through feasibility work and toward a final investment decision.

Noble maintained an “Outperform” rating on the stock, citing the project’s favorable geology, strong mineral continuity and alignment with government-backed critical minerals strategies.

First Phosphate is focused on developing high-purity igneous phosphate for the lithium iron phosphate (LFP) battery market and is pursuing a vertically integrated model that spans mining through to cathode material production.

The analyst noted that the company has already demonstrated the ability to produce commercial-grade LFP battery cells using North American-sourced materials, reinforcing the technical viability of its mine-to-battery strategy.

While still at a pre-revenue stage, Noble said the combination of strong assets, improving financial visibility and growing policy support positions First Phosphate for a constructive medium-term outlook as it advances toward development.