Mr. Bennett Kurtz reports

FIRST PHOSPHATE RECEIVES FUNDS FROM WARRANT EXERCISE AND STREAMLINES CAPITALIZATION TABLE

First Phosphate Corp. has received $3,070,549 in gross proceeds upon the exercise of 2,456,439 warrants prior to their expiry on April 24, 2026, and April 30, 2026, at an exercise price of $1.25 per share.

The company now has 179,947,950 common shares, 2,625,000 warrants, 7.65 million options and 1,975,000 restricted share units outstanding. All warrants, options and restricted share units outstanding are held by current company staff, management and board members.

The company remains debt-free and is on an accelerated development timeline thanks to a recent non-repayable, non-dilutive contribution of $16.7-million received from the federal government of Canada.

Since June, 2022, the company has raised approximately $62.5-million in 10 management-led non-brokered private placement financings and from funds received from option and warrant exercise.

About First Phosphate Corp.

First Phosphate is a mineral exploration and development and clean technology company dedicated 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, Que., Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

We seek Safe Harbor.