Building a Western phosphate platform for the LFP decade. Initiate with a Buy Rating. We initiate coverage on First Phosphate (FP) with a Buy rating and a 12-month target price of C$4.93. FP is building a Québec-based platform that upgrades rare igneous phosphate ore into 40%-41% P₂O₅ apatite concentrate and converts over 90% of this into battery-grade purified phosphoric acid (PPA) for LFP cathodes.
