Emerging Growth Reiterates First Phosphate C$4.94 Target as Nasdaq Uplisting Unlocks C$21.5 Million Support
Updated
Updated · Yahoo Finance · Aug 17
Emerging Growth Reiterates First Phosphate C$4.94 Target as Nasdaq Uplisting Unlocks C$21.5 Million Support
2 articles · Updated · Yahoo Finance · Aug 17
Summary
Emerging Growth Research kept its Buy rating and C$4.94 12-month target on First Phosphate, citing the company’s August Nasdaq Global Market ADR uplisting, new federal funding and Quebec fast-track backing.
August 10 trading under ticker PHOS broadened U.S. investor access without an equity raise, and the two sessions after the bell-ringing produced the company’s highest-ever trading volume and dollar turnover.
About 1.3 million ADRs were outstanding as of August 6, with each ADR equal to 10 common shares, a relatively tight float that the report says could drive further common-share conversions if U.S. demand builds.
More than C$30 million in cash plus roughly C$21.5 million in non-repayable Canadian federal contributions give First Phosphate an estimated 24-36 months of runway through a final investment decision.
Quebec’s July 27 “Filon” designation for the Bégin-Lamarche project adds provincial support as First Phosphate positions itself around the lithium iron phosphate supply chain and permitting de-risking.