Mr. Brian Ostroff reports

APATITE (PHOSPHATE) ADDED TO THE QUEBEC CRITICAL AND STRATEGIC MINERALS LIST

Arianne Phosphate Inc. is cheering the Quebec government adding apatite (phosphate) to its critical and strategic mineral list. Apatite is a phosphate-based mineral and is contained in the company's Lac a Paul deposit.

In 2020, the Quebec government launched its five-year plan to develop critical and strategic minerals, providing support for companies involved in this sector. Yesterday, the Quebec Minister of Natural Resources and Forests, Maite Blanchette Vezina, unveiled the 2023 to 2025 Action Plan for the Development of the Quebec Plan for the Development of Critical and Strategic Minerals 2020 to 2025 (PQVMCS), where apatite was added to this list. Quebec now joins several other jurisdictions, including the European Union and South Korea, in recognizing phosphate as a critical mineral.

Ms. Blanchette Vezina added [translated]: "At a time when the supply of critical and strategic minerals is becoming more and more essential, particularly for the decarbonization of the economy, Quebec has the privilege of having the mineral resources and know-how necessary to develop its value chain of critical and strategic minerals, in compliance with the principles of sustainable development, social acceptability and wealth creation for regions and communities. This new version of the action plan will take us even further towards this objective."

Arianne Phosphate today hosts the world's largest independent greenfield phosphate deposit. Situated in Quebec, Canada, the company can produce a very-high-purity/low-contaminant phosphate concentrate, ideal for use in both fertilizer and technical-grade applications, including the production of purified phosphoric acid (PPA). PPA is the ingredient required in the production of lithium-iron-phosphate (LFP) batteries and, as per Arianne's announcement in March, 2023, the company has already demonstrated its ability to produce battery-grade phosphoric acid that meets battery manufacturer specifications. Arianne's Lac a Paul project is fully permitted and shovel ready.

"We welcome the addition of phosphate to the critical and strategic minerals list," said Brian Ostroff, president of Arianne Phosphate. "Phosphate's addition underscores the importance of this key ingredient as Western countries struggle to find needed supply if they are to meet the coming demand of LFP batteries. Today, over 30 per cent of all batteries are LFP, and as demands from both the automotive industry as well as energy storage systems continue to grow, many see a pending acute shortage of PPA. Arianne's Lac a Paul project is being developed to meet this urgent demand."

About Arianne Phosphate Inc.

Arianne Phosphate is developing the Lac a Paul phosphate deposits located approximately 200 kilometres north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39 per cent P2O5 (phosphorus pentoxide) with little or no contaminants (feasibility study released in 2013).

Qualified person

Raphael Gaudreault, Eng, qualified person under National Instrument 43-101, has approved this release. Mr. Gaudreault is also the company's chief operating officer.

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