Toronto, Ontario--(Newsfile Corp. - July 3, 2026) - John Passalacqua (the "Shareholder"), announces that, on July 3, 2026, his beneficial ownership of common shares ("Common Shares") of First Phosphate Corp. (the "Company") (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) 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% effective June 12, 2026 due to dilution resulting from the Company's private placement financing which closed on June 12, 2026 (the "Private Placement").

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 1 ADS), and 1,775,000 securities convertible into Common Shares representing approximately 9.88% of the outstanding Common Shares on a partially diluted basis assuming the exercise of convertible securities representing a decrease of 0.44%. Including the increase to beneficial ownership on July 3, 2026, the Shareholder now beneficially owns approximately 9.99% of the outstanding Common Shares on a partially diluted basis assuming the exercise of convertible securities.

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