Mr. Bennett Kurtz reports

FIRST PHOSPHATE ANNOUNCES INITIAL PAYMENT UNDER LONG-TERM OFFTAKE AGREEMENT FOR PHOSPHATE CONCENTRATE

First Phosphate Corp. has made an initial payment under an amendment made to its existing, long-term phosphate concentrate offtake agreement in the form of letter of intent (the LOI) with an existing partner (the purchaser).

The purchaser has agreed to provide a lump-sum prepayment equivalent to $530,000 (U.S.) to First Phosphate to assist the company in advancing the Begin-Lamarche phosphate mining project to a feasibility study and an eventual production decision.

First Phosphate completed a preliminary economic assessment on its Begin-Lamarche phosphate project on Dec. 4, 2024, which recommended, among other things, additional drilling and exploration work to convert certain inferred mineral resources to indicated mineral resources and certain indicated mineral resources into measured mineral resources. First Phosphate is currently in the process of completing a 30,000-metre drill program, which is expected to be completed by April, 2026, to finalize the geological model relative to its mineral resources upon which a decision will be made with respect to proceeding with a feasibility study. If First Phosphate decides not to advance to a feasibility study or makes a negative production decision, the lump-sum prepayment shall be refundable to the purchaser.

In other news, under the collaboration agreement signed on April 9, 2024, the company has issued 240,132 shares to Pekuakamiulnuatsh First Nation for the exploration and development expenditures undertaken by the company on the first nation's lands in calendar 2025.

Qualified person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdiere, PGeo. Mr. Laverdiere is chief geologist of First Phosphate and a qualified person under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects.

About First Phosphate Corp.

First Phosphate is a mineral exploration, development and cleantech company dedicated to examining and ultimately 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.

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