Mr. Bennett Kurtz reports

FIRST PHOSPHATE CLOSES THIRD TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT

On Dec. 12, 2025, First Phosphate Corp. closed the third tranche of its non-brokered private placement financing, as further described in the company's news releases dated Nov. 7, 2025, Nov. 17, 2025, and Nov. 24, 2025.

In aggregate, under the three tranches of the offering, the company has raised gross proceeds of $6,637,574 through the issuance of 5,955,444 flow-through shares for gross proceeds of $5,359,900 and through the issuance of 1,419,638 hard-dollar units for gross proceeds of $1,277,674. Under this tranche of the financing, the company raised a total of $3,066,726 through the issuance of 2,599,612 flow-through shares for gross proceeds of $2,339,651 and 807,861 hard-dollar units, comprising 807,861 common shares and 807,861 warrants, for gross proceeds of $727,075.

Together with this offering, the company has raised to date a total of approximately $46.7-million in 10 management-led non-brokered private-placement financings since June, 2022.

In connection with the current tranche of the offering, the company issued 8,000 compensation common shares and 8,000 compensation warrants, exercisable at a price of $1.25 per common share of the company, until April 30, 2026, subject to an 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 press release dated Nov. 7, 2025. The company may close another tranche of the offering at its discretion.

Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals. There can be no assurance that any further securities will be sold under the offering.

About First Phosphate Corp.

First Phosphate is a mineral exploration and clean-technology company dedicated to building and onshoring a vertically integrated mine-to-market lithium-iron-phosphate (LFP) battery supply chain for North America. Target markets include energy storage, data centres, robotics, mobility and national security.

First Phosphate's flagship Begin-Lamarche property in Saguenay-Lac-Saint-Jean, Que., Canada, is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities.

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