Mr. Karl Trudeau reports

EARLY WARNING REPORT FILED PURSUANT TO NATIONAL INSTRUMENT 62-103

Glen Eagle Resources Inc. has disposed of 436,500 common shares of First Phosphate Corp. (FPC), and has entered into an agreement dated May 10, 2023, to dispose of an additional 2.7 million shares on or before May 31, 2023.

The corporation currently owns 5.4 million shares, representing approximately 10.45 per cent of the issued and outstanding shares on a non-diluted basis. On closing of the disposition, the corporation will own 2.7 million shares, representing approximately 5.23 per cent of the issued and outstanding shares on a non-diluted basis.

All securities of FPC controlled by the corporation are held for investment purposes. In the future, it (directly or indirectly) may acquire and/or dispose of securities of FPC through the market, privately or otherwise, as circumstances or market conditions may warrant.

This press release is issued pursuant to the early warning requirements of National Instrument 62-104 -- Take-Over Bids and Issuer Bids and National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report to be filed by Glen Eagle in connection with the transaction will be available on the FPC's SEDAR profile once it has been filed in accordance with applicable securities laws.

About Glen Eagle Resources Inc.

Glen Eagle Resources is a small producer and an exploration company of precious metals in Canada and the central America area.