First Phosphate Reports Annual Meeting Results, Substantial Increase in Shareholder Base and Adoption of Advance Notice Policy
Rhea-AI Summary
First Phosphate (NASDAQ: PHOS; CSE: PHOS; OTCQX: FRSPF; FSE: KD0) reported voting results from its August 28, 2026 annual general and special meeting. All five director nominees received between 96.73% and 99.53% support, and shareholders fixed the Board size at five directors.
Shareholders reappointed Davidson & Company LLP as auditor for the ensuing year, approved an advance notice policy, and re‑approved the omnibus equity incentive plan, each with over 96% of votes cast in favour. Registered and reported beneficial shareholders on record for the 2026 meeting rose to 12,501, an 861% increase from 1,301 in 2025.
The Board adopted the advance notice policy effective immediately, establishing procedures and timelines for shareholders intending to nominate directors, and requiring disclosure of nominee information as mandated by applicable securities laws. According to First Phosphate, the policy is intended to provide a clear, transparent nomination process and allow assessment of director candidates.
Positive
- Director elections supported by 96.73%–99.53% of votes cast
- Key resolutions (auditor, advance notice policy, equity plan) each passed with >96% support
- Shareholder base on 2026 AGM record date up 861% vs 2025 (12,501 vs 1,301)
- Multi‑year shareholder growth from 307 (2022) to 12,501 (2026)
- Advance notice policy adopted, adding defined procedures for director nominations
Negative
- None.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 24 | Mineral resource update | Positive | -7.6% | Updated mineral resource estimate reported; stock reaction diverged from the positive project announcement. |
| Aug 17 | Research report | Positive | +1.8% | Research report reiterated rating and target following Nasdaq uplisting. |
| Aug 13 | Listing ceremony | Positive | +24.6% | Nasdaq Opening Bell ceremony marked recent company listing. |
| Aug 10 | ADR uplisting | Positive | +13249900.0% | Level 2 ADR uplisting was announced without concurrent financing. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive announcements mostly aligned with positive reactions, although the mineral-resource update diverged.
Key Terms
advance notice policy regulatory
omnibus equity incentive plan financial
transfer agent financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Saguenay, Québec--(Newsfile Corp. - September 1, 2026) - First Phosphate Corp (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to report the voting results for the Company's Annual General and Special Meeting of Shareholders (the "Meeting") held on August 28, 2026.
Voting Results
Detailed voting results of the election of the Company's board of directors (the "Board") are set out below:
| Nominee | Votes For | % For | Votes Withheld | % Withheld |
| John Passalacqua | 65,681,593 | 317,515 | ||
| Laurence W. Zeifman | 63,839,049 | 2,160,059 | ||
| Bennett Kurtz | 65,673,958 | 325,150 | ||
| Peter Nicholson | 65,691,489 | 307,619 | ||
| Peter Kent | 64,335,301 | 1,663,807 |
All nominees, as set forth in the Company's Management Information Circular dated July 29, 2026 (the "Circular"), were elected as directors of First Phosphate at the Meeting.
At the Meeting, shareholders also approved: (1) the number of directors to be fixed at five, (2) the appointment of Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the Board to fix the remuneration of the auditor, (3) the Company's advance notice policy (the "Policy"); and (4) the re-approval of the Company's omnibus equity incentive plan, all as more particularly described in the Circular.
| Matter | Votes For | % For | Votes Against - Withheld | % Against - Withheld |
| Number of directors | 65,594,446 | 404,662 | ||
| Appointment of auditors | 64,206,061 | 1,793,047 | ||
| Advance Notice Policy | 64,112,942 | 1,886,166 | ||
| Re-Approve Equity Incentive Plan | 63,654,831 | 2,344,277 |
For further information regarding the matters considered at the Meeting, readers are encouraged to review the Circular, a copy of which is available under the profile for the Company on SEDAR+ (www.sedarplus.ca).
Increase in Shareholder Base
The Company is pleased to announce that its shareholders on record for the 2026 Meeting increased by
| AGM Record Date | Shareholders |
| 2026 | 12,501 |
| 2025 | 1,301 |
| 2024 | 861 |
| 2023 | 800 |
| 2022 | 307 |
The Company believes that this increase in shareholders represents a positive sign of maturation in the Company's corporate development, one that can be attributed to successful financings, management's commitment to results, and a broader understanding and appreciation of the Company's vision, initiatives and opportunities, among both retail and institutional investors.
Advance Notice Policy
The Board has, effective immediately, adopted the Policy which, among other things, and subject to certain exceptions, sets forth a procedure requiring advance notice to the Company by any shareholder who intends to nominate any person for election as director of the Company at a meeting of shareholders at which directors are to be elected. For additional details, please consult the full text of the Policy included in the Circular.
The Board believes that the Policy provides a clear and transparent process for all shareholders to follow, if they intend to nominate directors, by providing a reasonable time frame for shareholders to notify the Company of their intention to nominate directors and requiring shareholders to disclose information concerning proposed nominees that is mandated by applicable securities laws.
The Policy enables the Board to evaluate the proposed nominees' qualifications and suitability as directors and respond as appropriate in the best interests of the Company.
About First Phosphate Corp
First Phosphate (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security. First Phosphate's flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.
For additional information, please contact:
Bennett Kurtz
Chief Financial Officer
Tel: +1 (416) 200-0657
Investor Relations: https://firstphosphate.com/investors
General Inquiries: https://firstphosphate.com/contact
Website: www.FirstPhosphate.com
Follow First Phosphate:
X: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate/
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Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered "forward-looking statements" and "forward looking information" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company's, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company's expectations; commodity price expectations including assumptions for P2O5; the Company's relationship with local municipalities and First Nations remaining consistent with the Company's expectations; the Company's relationship with other third-party partners and suppliers remaining consistent with the Company's expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312315