Mr. Armand MacKenzie reports

EIFO, DENMARK'S EXPORT CREDIT AGENCY, ISSUES LETTER OF INTENT FOR A GUARANTEE OF UP TO EUR 170 MILLION FOR THE FIRST PHOSPHATE IGNEOUS PHOSPHATE MINING PROJECT

First Phosphate Corp. has finalized a letter of intent from the Danish Export Credit Agency for up to 170 million euros in equipment and service purchases for its igneous phosphate mine project in Saguenay-Lac-Saint-Jean, Quebec, Canada.

EIFO is backed by the Danish state, and, as such, the EIFO guarantee can be considered AAA rated. The guarantee is provided to one or more banks, providing the funding and EIFO participation can be expected to be pro rata and pari passu with other senior lenders.

"We look forward to continuing to work with First Phosphate and the other parties involved in this transaction," said Jens Hestbech, director of EIFO. "We can assure First Phosphate that we will work with a constructive approach towards the project in order to reach a successful result."

EIFO has been involved in the financing of a significant number of transactions and projects around the world, and has extensive experience within the field of export and project finance.

Issuance of an EIFO guarantee is subject to EIFO internal credit approval and satisfactory documentation, as well as satisfactory completion of normal and customary project due diligence, including, but not limited to, environmental and social matters. The LOI remains non-binding until the exact borrower/guarantor and security arrangements are established, and is subject to Danish law and Danish jurisdiction.

About First Phosphate Corp.

First Phosphate to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centres, robotics, mobility and national security.

First Phosphate's flagship Begin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Quebec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

We seek Safe Harbor.