First Phosphate Closes Final Tranche of Oversubscribed Private Placement

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Saguenay, Quebec--(Newsfile Corp. - September 24, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that on, September 19, 2025, it closed the final tranche of its non-brokered private placement financing (the "Offering"), as further described in the Company's news releases dated August 5, August 25, September 15, 2025 and September 22, 2025.

In aggregate under the four tranches of the Offering, the Company raised gross proceeds of $11.5 million through the issuance of 13,297,400 Flow-Through Shares for gross proceeds of $6.65 million, and through the issuance of 9,785,000 Hard Dollar Units for gross proceeds of $4.89 million. Under the final tranche of the Offering, the Company raised $115,000 through the issuance of 230,000 Flow-Through Shares.

Together with this Offering, the Company has raised to date a total of approximately $40.0 million in 9 management-led non-brokered private-placement financings since June 2022 of which approximately $19.8 million has been closed over the last 5 months. The Company is also pleased to have been able to count on the support of numerous long-only private family offices and institutional funds including AlphaNorth Asset Management.

"Thanks to the trust placed in us, First Phosphate is now well-capitalized and remains on track to deliver a completed feasibility study by the end of 2026, mining permits by mid 2027 and an operating igneous phosphate mine supported by existing definitive, bankable offtake agreements by mid 2029," says CEO, John Passalacqua. "Our timelines are aggressive, and, so they should be: an integrated North American lithium iron phosphate ("LFP") battery supply chain is a matter of national security to both the United States and Canada."

The Company issued 18,400 Common Shares and 18,400 Compensation Warrants to finders in connection with the final tranche. In total, in connection with the Offering, the Company paid $96,800 in cash finder's fees, issued 713,040 Common Shares and advisory shares at a price of $0.50 per common share, and issued 906,640 Compensation Warrants, exercisable at a price of $0.50 per common share of the Company, until December 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 press release dated August 5, 2025. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Company's news release dated August 5, 2025.