De-risking through successful fund raising and index inclusion. First Phosphate (PHOS) announced on December 22, 2025 it successfully closed the fourth and final tranche of its private placement financing having raised a total of C$9.6mn over the last couple of months with limited dilution. In these transactions PHOS issued a total 8.0m flow-through shares and 2.6mn ordinary shares at C$0.90 per share together with 2.6mn warrants with a strike price of C$1.25 which expire in April 29, 2026. Thus, over the last three years PHOS has raised C$49.7mn in ten private placement deals showing its top management’s remarkable ability to consistently raise capital while preserving equity dilution at limited levels. The proceeds raised will be used for activities related to final definition of
