Mr. Bennett Kurtz reports

FIRST PHOSPHATE CLOSES FOLLOW-ON TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT

First Phosphate Corp., on Sept. 12, 2025, closed a subsequent tranche of its non-brokered private placement financing, as further described in the company's news releases dated Aug. 5, 2025, and Aug. 25, 2025.

Under this tranche of the financing, the company raised a total of $3.78-million through the issuance of 5.15 million flow-through shares for gross proceeds of $2.58-million and 2,415,000 hard-dollar units, comprising 2,415,000 common shares and 1,207,500 warrants, for gross proceeds of $1.21-million. In aggregate, under both tranches of the offering, the company has raised gross proceeds of $6.73-million through the issuance of 9,899,000 flow-through shares for gross proceeds of $4.95-million and through the issuance of 3,565,000 hard-dollar units for gross proceeds of $1.78-million.

Together with this offering, the company has raised to date a total of approximately $35.2-million in nine management-led non-brokered private-placement financings since June, 2022, of which approximately $14.9-million has been closed over the last five months.

The company paid cash finders' fees of and $36,000 issued 324,800 common shares and 396,800 warrants to purchasers of hard-dollar units in the current tranche. In total, in connection with the offering, the company has paid $61,200 in cash finders' fees, issued 543,120 compensation shares and advisory shares at a price of 50 cents per common share, and issued 665,520 compensation warrants, exercisable at a price of 50 cents per common share of the company, until Dec. 31, 2025, 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 news release dated Aug. 5, 2025. The company intends to close one final tranche of the offering on Sept. 19, 2025.

About First Phosphate Corp.

First Phosphate is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The company is committed to sustainable extraction and purification with a low anticipated carbon footprint. Its vertically integrated model connects phosphate mining directly into the supply chains of North American battery producers. First Phosphate's flagship project, the Begin-Lamarche property in Saguenay-Lac-Saint-Jean, Que., contains rare igneous anorthosite rock that yields high-purity phosphate with minimal impurities.

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