Mr. John Passalacqua, a shareholder, reports

EARLY WARNING REPORT IN RESPECT OF JOHN PASSALACQUA

On July 3, 2026, John Passalacqua's beneficial ownership of common shares of First Phosphate Corp. increased by 420,000 common shares in accordance with the vesting provisions of previously granted restricted share units.

The shareholder further announces that his beneficial ownership over the outstanding common shares of the company decreased to less than 10 per cent effective June 12, 2026, due to dilution resulting from the company's private placement financing which closed on June 12, 2026.

Immediately following the private placement, the shareholder beneficially owned, indirectly, 14,079,639 common shares, 289,850 American depositary shares (ADS) (having an exchange ratio of 10 common shares to one ADS), and 1,775,000 securities convertible into common shares representing approximately 9.88 per cent of the outstanding common shares on a partially diluted basis assuming the exercise of convertible securities representing a decrease of 0.44 per cent. Including the increase to beneficial ownership on July 3, 2026, the shareholder now beneficially owns approximately 9.99 per cent of the outstanding common shares on a partially diluted basis assuming the exercise of convertible securities.

This press release is being issued pursuant to the requirements of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report is available on the company's SEDAR profile and can also be obtained by contacting Bennett Kurtz, corporate secretary, First Phosphate, at bennett@firstphosphate.com. Mr. Passalcaqua is chief executive officer of the company with its head office at suite 1500 1055 West Georgia St., PO box 11117, Vancouver, B.C., Canada, V6E 4N7.