THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO THE UNITED STATES

Saguenay, Quebec, Canada – June 30, 2025 – First Phosphate Corp. (“First Phosphate” or the “Company”) (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is pleased to announce a non-brokered private placement to a strategic investor for gross proceeds of a minimum of $2 million (the “Offering”).

The Offering mirrors the terms of the Company’s earlier offering announced on May 9, 2025 for initial gross proceeds of $1,000,000, and which was subsequently oversubscribed for total proceeds of $3,517,519  in two tranches, on May 28, 2025 and June 2, 2025.  The Offering is anticipated to consist of any combination of:

1. Flow-through shares of the Company (“Flow-Through Shares”) at a price of $0.35 per share (“Flow-Through Offering”); and
2. Hard dollar units of the Company (“Hard Dollar Unit”) at a price of $0.35 per Hard Dollar Unit(the “Hard Dollar Unit Offering”), with each Hard Dollar Unit comprised of: (i) one common share in the capital of the Company (“Common Share”), and (ii) one half of one Common Share purchase warrant (“Warrant”) with each whole Warrant exercisable for one Common Share at a price of $0.50 per Common Share until December 31, 2025, subject to an Accelerated Expiry Date (as defined below).

The gross proceeds from the Flow-Through Offering are to be used to incur “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) related to the Company’s projects in Québec. The net proceeds received from the Hard Dollar Unit Offering are to be used for exploration and development activities, working capital and for general corporate purposes.

The Offering is expected to close, in one or more tranches, on or about July 8, 2025, or such other date or dates as may be determined by the Company. All securities issued under the Offering will be subject to a four-month and one day statutory hold period in accordance with applicable securities laws.

In connection with the Offering, eligible finders will be paid: (i) a fee consisting of up to 8%, in cash, of the gross proceeds raised from subscribers introduced by them, and (ii) such number of compensation warrants (“Compensation Warrants”) as is equivalent of up to 8% of the number of Hard Dollar Units or Flow-Through Shares issued to subscribers introduced by them. Each Compensation Warrant shall entitle the holder thereof to acquire one Common Share at a price of $0.50 per share until December 31, 2025, provided that if the volume weighted average trading price of the Common Shares on the Canadian Securities Exchange for any 5 consecutive trading days equals or exceeds $0.80, the Company may, upon issuing a press release, accelerate the expiry date of the Compensation Warrants to the date that is 30 days following the date of such press release (“Accelerated Expiry Date”). The Company reserves the right to pay cash finders’ fees on the Flow-Through Offering in Common Shares rather than cash issued at the Flow-Through Offering issue price.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. There can be no assurance that the Offering will be completed, whether in whole or in part. 

About First Phosphate Corp.

First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company’s vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate’s flagship Bégin-Lamarche Property in Saguenay–Lac-Saint-Jean is one of North America’s rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities.

For additional information, please contact:

Bennett Kurtz

Chief Financial Officer

bennett@firstphosphate.com

Tel:  +1 (416) 200-0657

Investor Relations: investor@firstphosphate.com

Media Relations: media@firstphosphate.com

Website: www.FirstPhosphate.com

Follow First Phosphate:

X: https://x.com/FirstPhosphate

LinkedIn: https://www.linkedin.com/company/first-phosphate

Forward-Looking Information & Cautionary Statement

This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; the Company’s plans for vertical integration into North American supply chains; the minimum gross proceeds of $2,000,000; the use of proceeds from the Offering; the terms of the Offering, including, the issuance of any securities, the closing date, and the receipt of all necessary approvals.

These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s public disclosure record including the short form base prospectus dated June 5, 2024, as well as: the receipt of all necessary approvals and the Company’s ability to raise the minimum gross proceeds of $2,000,000.

Il n’y a aucune garantie que ces déclarations s’avéreront exactes, et les résultats réels ainsi que les événements futurs pourraient différer considérablement de ceux anticipés dans ces déclarations. Il n’y a aucune garantie qu’une quelconque opportunité sera couronnée de succès, commercialement viable, réalisée dans les délais et budgets prévus, ou qu’elle générera des revenus, des économies ou des bénéfices significatifs pour la Société. En outre, la Société engagera des coûts dans la poursuite de toute opportunité, lesquels pourraient être importants. Ces facteurs et hypothèses ne constituent pas une liste exhaustive des éléments pouvant influencer la Société. Bien qu’ils doivent être examinés avec soin, ils doivent être évalués conjointement avec les facteurs de risque décrits dans les autres documents déposés par la Société auprès des autorités canadiennes et américaines en valeurs mobilières, y compris, sans s’y limiter, la section « Facteurs de risque » de la discussion et analyse de la direction datée du 21 octobre 2024 et du rapport annuel sur formulaire 20-F daté du 8 juillet 2024, disponibles sur SEDAR à l’adresse http://www.sedarplus.ca . Bien que la Société ait tenté d’identifier les facteurs susceptibles d’entraîner un écart important entre les actions, événements ou résultats réels et ceux divulgués dans les informations prospectives, d’autres facteurs pourraient entraîner des écarts par rapport à ceux qui sont anticipés, estimés ou prévus. La Société ne s’engage pas à mettre à jour les informations prospectives, sauf si les lois sur les valeurs mobilières applicables l’exigent.