SERV Letter of Intent Strengthens the Non-Dilutive Financing Stack. First Phosphate secured support from Swiss Export Risk Insurance (SERV) for US$212.5 million toward the capital cost of its Begin-Lamarche igneous phosphate project in Quebec. The capital will cover eligible Swiss machinery and equipment for the mine, as well as goods and services for the associated processing facility. The announcement is meaningful as it builds on earlier LOIs from G7-aligned funding agencies, further strengthening the prospect for a substantial portion of development capex to be funded through debt. We view this outcome as positive for existing shareholders, as it points to materially lower future dilution. 

Q2 Light, But New 2.0 Shafts Drive Momentum: NWTG recently reported Q2:26 financial results that missed our expectations, as updates to manufacturing processes to roll out the 2.0 version of the Company’s products took a bit longer than expected. But, the Company continues to gain traction with tour pros and distribution partners, providing encouraging momentum as the year progresses. 

Lowering Discount Rates on Sustained De-Risking; Raising Target Price to C$5.72. We are lowering the discount rates applied in our sum-of-the-parts (SOTP) net asset value for First Phosphate by 100 basis points - 10.5% for the mine (earlier 11.5%) and 12.5% for the phosphoric acid plant (earlier 13.5%). In our view, the adjustment reflects meaningful project de-risking over the past several months, including the Nasdaq ADR uplisting and broader access to U.S. capital, Filon’s inclusion in Quebec’s fast-track permitting framework, and the expanded definitive mineral resource estimate, which clears the path for advancement toward feasibility. 

Q2 Below Expectations, but Momentum Building. Faraday Future Intelligent Electric, Inc (FFAI) recently announced Q2:26 results that fell shy of our expectations, but momentum in the business is extremely encouraging. FFAI is the first U.S. company to have achieved scaled deliveries of both humanoid and bionic robots, providing the Company with a certain first-mover advantage in the market. The Company exited Q2 with healthy liquidity and solid deposits for new orders. 

Forget Headlines. Revenue Growth Arrives: FY 2027 looks to beat transformational FY 2026 on new Meta partnership and defense/robotics/space/healthcare market penetration. Indeed, the Company announced fiscal Q1:27 revenue that handily exceeded expectations (though technically down YOY on prior year’s legacy order backlog). Profit fell on higher SG&A and mainly non-cash interest expense, though those factors should diminish on a relative basis as revenue ramps. The Company’s market-leading, patent-protected, AI-driven, multi-use growth strategy (i.e., consumer, defense, robotics/space/healthcare) combined with recurring software licensing and gaming income and several new positive developments (e.g., new Meta partnership and defense M&A potential) bodes well for growth in calendar year 2026 and especially beyond.