Mr. Armand MacKenzie reports

FIRST PHOSPHATE ANNOUNCES INVESTMENT AND OFFTAKE AGREEMENTS UNDER CRITICAL MINERALS RESILIENCE AND PRODUCTION ALLIANCE AT G7 SUMMIT

First Phosphate Corp. has formalized international investment and offtake agreements under the Critical Minerals Resilience and Production Alliance at the 52nd G7 Summit in Evian, France.

Letters of interest

Within the framework of the alliance, First Phosphate is also pleased to announce that it has received letters of interest (LOIs) from export credit agencies, financial institutions and industrial partners:

1. LOI for up to $275-million (Canadian) guarantee from the Export and Investment Fund of Denmark (EIFO) for the development of the First Phosphate Begin-Lamarche mine (signed March 30, 2026);
2. LOIs from the Italian Export Credit Agency (SACE), from Italy's national promotional institution, Cassa Depositi e Prestiti (CDP), and from the international growth partner for Italian companies (SIMEST), alongside the support of the Italian engineering group MAIRE, in relation to First Phosphate's phosphoric acid (PA) plant at Port Saguenay to deploy Ballestra S.p.A. (Italy) technology (LOIs signed between May 26, 2026, to June 4, 2026).

Offtake agreements:

1. Definitive offtake agreement with an international partner for a minimum of 200,000 tonnes per annum of phosphate concentrate from the Begin-Lamarche mine (signed Jan. 5, 2026);
2. Definitive offtake agreement with an international partner for a minimum of 60,000 tonnes per annum of phosphoric acid to be produced by the phosphoric acid plant at Port Saguenay (signed Dec. 16, 2024).

"Canada has what the world wants and we are delivering. By working with trusted allies through the Critical Minerals Resilience and Production Alliance, investments are being made, projects are coming on line faster, and we are strengthening supply chains in Canada and beyond," said Hon. Tim Hodgson, Canada's Minister of Energy and Natural Resources. "By advancing projects like the Begin-Lamarche mine, we're securing the materials essential to the clean energy transition, creating good Canadian jobs and positioning Canada as a leader in an increasingly competitive global economy."

"These offtake and investment agreements announced under the Critical Minerals Resilience and Production Alliance at the 2026 G7 Summit demonstrate the strategic importance being assigned to establishing a secure, traceable and robust international supply chain for critical battery-grade phosphate material," stated John Passalacqua, chief executive officer of First Phosphate. "We are proud to lead the G7 in the development of this clean, rare igneous phosphate material from Saguenay-Lac-St-Jean, Que., into a downstream lithium iron phosphate (LFP) battery supply chain for the G7 Alliance."

Qualified person

The scientific and technical information relating to First Phosphate contained in this news release has been reviewed and approved by Steeve Lavoie, PGeo, chief geologist of First Phosphate, who is qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About First Phosphate Corp.

First Phosphate 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 centres, robotics, mobility and national security. First Phosphate's flagship Begin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Que., Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

About the Critical Minerals Resilience and Production Alliance

The Critical Minerals Resilience and Production Alliance was launched by Prime Minister Carney in June, 2025, at the 51st G7 Summit in Kananaskis, Alta. It brings trusted countries together to diversify critical minerals supply, promote responsible development and reduce market concentration. The alliance helps critical minerals projects move from planning to production faster by connecting governments, investors and companies unlocking financing; securing investment; and supporting offtake agreements with long-term buyers, reducing risk so that mining and processing projects can get built and deliver secure, reliable supply.

About Export and Investment Fund of Denmark (EIFO)

EIFO is the Danish export credit agency backed by the Danish state and, as such, the EIFO guarantee can be considered AAA rated. The guarantee can be provided to one or more banks providing the funding and EIFO participation can be expected to be pro rata and pari passu with other senior lenders. EIFO has been involved in the financing of a significant number of transactions and projects around the world and has extensive experience within the field of export and project finance.

About Italian Export Credit Agency (SACE)

SACE is Italy's export credit agency, wholly owned by the Ministry of Economy and Finance. It specializes in supporting the growth of Italian companies through a wide range of instruments and solutions to foster exports and competitiveness, including risk management and protection, financial guarantees, factoring, advisory services, and business matching. With a network of export advisors across 23 offices in Italy and in high-potential markets for made in Italy, SACE manages a portfolio of insured operations and guaranteed investments worth around 290 billion euros across 200 markets worldwide.

About Cassa Depositi e Prestiti (CDP)

CDP is the national promotional institute that has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international co-operation initiatives to realize projects in developing countries and emerging markets. CDP is entirely financed by private capital, through the issuing of postal savings bonds and postal savings passbooks, and through issues on national and international financial markets.

About Societa Italiana per le Imprese all'Estero (SIMEST)

SIMEST is the CDP group company that has been supporting Italian businesses since 1991 as they grow through internationalization. SIMEST supports businesses throughout their international expansion process, from the initial evaluation to enter a new market, to expansion through direct investments. It operates through loans for international expansion, export credit assistance and equity investments in companies.

About MAIRE S.p.A.

MAIRE is a leading engineering group providing technology solutions and project execution in the downstream segment of energy services, as well as in the chemicals and fertilizers industries. The group operates through two business units: integrated E&C solutions and sustainable technology solutions, the latter active in sustainable fertilizers, low carbon energy vectors, and innovative materials and circular solutions. With operations in around 50 countries, MAIRE employs over 10,800 people.

About Ballestra S.p.A.

Ballestra is an Italian engineering company active in the licensing, design and engineering of processing plants, as well as in the supply of proprietary technologies and equipment for the chemical industry, including detergents, surfactants, phosphate- and potassium-based fertilizers, fluorine derivatives, and gas-liquid reactions. Leveraging its know-how in sulphuric and phosphoric acid, it supports the processing of critical raw materials, with applications in lithium-ion batteries and in the metals and mining industries. Recently acquired by NEXTCHEM (subject to closing), part of MAIRE, it operates in over 120 countries and employs approximately 450 people.

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