Mr. Bennett Kurtz reports

FIRST PHOSPHATE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO ACCOMMODATE EXISTING INVESTOR

First Phosphate Corp. has arranged a non-brokered private placement to a strategic investor for gross proceeds of a minimum of $2-million.

The offering is anticipated to consist of any combination of:

1. Flow-through shares of the company at a price of 90 cents per share;
2. Hard-dollar units of the company at a price of 90 cents per hard-dollar unit, with each hard-dollar unit comprising: (i) one common share in the capital of the company and (ii) one common share purchase warrant with each warrant exercisable for one common share at a price of $1.25 per common share until April 30, 2026, subject to an accelerated expiry date (as defined below).

The gross proceeds from the flow-through offering will be used to incur Canadian exploration expenses that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the company's projects in Quebec. The net proceeds received from the hard-dollar unit offering will be used for exploration and development activities, working capital, and for general corporate purposes. The offering is expected to close on or about Nov. 21, 2025, or such other date or dates as may be determined by the company. All securities issued under the offering will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

In connection with the offering, eligible finders will be paid: (i) a fee consisting of up to 8 per cent of the gross proceeds raised from subscribers introduced by them, and (ii) such number of compensation warrants as is equivalent of up to 8 per cent of the number of hard-dollar units or flow-through shares issued to subscribers introduced by them. Each compensation warrant shall entitle the holder thereof to acquire one common share at a price of 90 cents per share until April 30, 2026, provided that if the volume weighted average trading price of the common shares on the Canadian Securities Exchange for any five consecutive trading days equals or exceeds $2.00, the company may, upon issuing a press release, accelerate the expiry date of the compensation warrants to the date that is 30 days following the date of such press release. The company reserves the right to pay cash finders' fees on the flow-through offering in common shares rather than cash issued at the flow-through offering issue price.

About First Phosphate Corp.

First Phosphate is a mineral development and clean-tech company dedicated to building and onshoring a vertically integrated mine-to-market lithium iron phosphate (LFP) battery supply chain for North America. Target markets include energy storage, data centres robotics, mobility and national security.

First Phosphate's flagship Begin-Lamarche property in Saguenay-Lac-Saint-Jean, Que., Canada, is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities.

We seek Safe Harbor.