Mr. Bennett Kurtz reports

FIRST PHOSPHATE CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT TO EXISTING AND FOLLOW-ON INVESTORS

First Phosphate Corp., on June 12, 2026, closed its financing to existing, and other follow-on, investors on terms as described in the company news release dated May 28, 2026.

The company raised a total of $15,420,640 through the issuance of 1,432,750 hard-dollar units at a price of $2 per hard-dollar unit for gross proceeds of $2,865,500 and 6,277,570 flow-through shares at a price of $2 per flow-through share for gross proceeds of $12,555,140.

Together with this offering and since June, 2022, the company has raised approximately $78-million in 11 management-led non-brokered private-placement financings and from funds received from option and warrant exercise.

"With the recent entry of one of the major global mining explorers and developers into the igneous phosphate space and with the rapid onshoring of the lithium iron phosphate (LFP) battery industry into North America by major global cell manufacturers and LFP end-product producers to support the growing energy storage, AI data centre, factory automation and national security sectors, it is crucial that First Phosphate advance strongly its exploration, development and downstream mine-to-market leadership in the igneous phosphate sector," says First Phosphate chief executive officer John Passalacqua. "The company continues to view igneous phosphate in multigenerational timelines and as the new gold of the energy transition. We thank our existing and new shareholders for having supported us in this vision and having moved to position the company to an even stronger financial position to continue with these mission critical objectives."

In connection with the offering, the company paid $156,880 in cash finders' fees, issued 322,920 compensation common shares at a deemed price of $2 per common share and issued 401,360 compensation warrants, exercisable at a price of $2.50 per common share of the company, until Dec. 31, 2026, subject to the accelerated expiry date. All securities issued under the offering are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. The company intends to use the proceeds from the offering as disclosed in the company's news release dated May 28, 2026. The company may close another tranche of the offering at its discretion subject to the policies of the Canadian Securities Exchange.

Insider participation

In connection with the offering, Laurence W. Zeifman, chairman of the board of the company, purchased 50,000 flow-through shares.

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.

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