First Phosphate Announces $15 Million Private Placement Pursuant to LIFE Offering

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OR FOR DISSEMINATION IN THE UNITED STATES

Saguenay, Quebec--(Newsfile Corp. - September 29, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that it has entered into an agreement with Integrity Capital Group Inc. ("Integrity") to act as lead agent and bookrunner in connection with a "best efforts" private placement (the "Offering") for the sale of up to 25,000,000 units of the Company (each, a "Unit") at a price of C$0.60 per Unit (the "Offering Price") for aggregate gross proceeds of up to $15,000,000.

Each Unit will consist of one common share in the capital of the Company (a "Unit Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (a "Warrant Share") at a price per Warrant Share of C$0.90 for a period of 36 months from the Closing Date (as hereinafter defined). The Company shall make best efforts to obtain the necessary approvals to list the Warrant Shares on the Canadian Securities Exchange (the "CSE"); however, there can be no assurances that it will be successful in obtaining such a listing.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers resident in all jurisdictions of Canada, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"), and may be offered in the United States and offshore jurisdictions on a private placement basis where the Offering can lawfully be made in accordance with applicable laws. The Unit Shares, Warrants and the Warrant Shares, if exercised, will not be subject to a hold period in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada.

The Company intends to use the net proceeds of the Offering to complete the feasibility study and permitting for the Company's flagship Bégin-Lamarche Property, for downstream infrastructure development and acquisitions, and for general corporate purposes. The Offering is scheduled to close on October 10, 2025 or such other date or dates as the Company and Integrity may determine (the "Closing Date").