Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul><li>Phosphate-focused thesis. Management continues to position phosphate as a potentially critical bottleneck in Western LFP battery supply chains.</li><li>With phosphate representing ~61% of LFP cathode chemistry by mass and North American purified phosphoric acid capacity remaining limited, First Phosphate is targeting a strategic segment of the battery materials value chain rather than traditional fertilizer markets.</li><li>High-quality resource. The recently updated Bégin-Lamarche mineral resource contains ~205MM tons of measured and indicated resources grading 6.0% P2O5 and an additional 90MM tons of inferred resources grading 6.2% P2O5.</li></ul>

Phosphate-focused thesis. Management continues to position phosphate as a potentially critical bottleneck in Western LFP battery supply chains.With phosphate representing ~61% of LFP cathode chemistry by mass and North American purified phosphoric acid capacity remaining limited, First Phosphate is targeting a strategic segment of the battery materials value chain rather than traditional fertilizer markets.High-quality resource. The recently updated Bégin-Lamarche mineral resource contains ~205MM tons of measured and indicated resources grading 6.0% P2O5 and an additional 90MM tons of inferred resources grading 6.2% P2O5.

FRSPF: De-Risking the Missing Link in North America's Emerging LFP Battery Value Chain

First Phosphate Corp

FRSPF: De-Risking the Missing Link in North America's Emerging LFP Battery Value Chain