CSE: PHOS – FSE: KD0 – OTC: FRSPF

First Phosphate Announces SEDAR+ Filing of Preliminary Economic Assessment at its Lac à l’Orignal Property in Quebec, Canada

Saguenay, Quebec – September 11, 2023 – First Phosphate Corp. (“First Phosphate” or the “Qui Sommes Nous?”) (CSE:PHOS) (FSE:KD0) is pleased to announce it has filed on SEDAR+ its Preliminary Economic Assessment (“PEA”) on the Lac à l’Orignal Property (the “Property” or the “Project”) located 84 km northeast of Saguenay, Quebec, Canada. 

First Phosphate acquired and negotiated a 100% royalty free interest in the Property in 2022. The PEA provides a viable case for developing the Property by open pit mining for the primary production of a phosphate concentrate and secondary recovery of magnetite and ilmenite concentrates.

The PEA is considered by P&E Mining Consultants Inc. to meet the requirements as defined in Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. This PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no guarantee that First Phosphate will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise, for the project to be placed into production. The PEA has an effective date of July 25, 2023, and the report is dated September 11, 2023.

The results of the PEA were previously reported in the Company’s news release dated July 26, 2023, and there are no differences in the PEA Technical Report from those results.

The PEA Technical Report titled “Preliminary Economic Assessment Of The Lac À L’orignal Phosphate Property, Saguenay-Lac-Saint-Jean Region, Northern Quėbec” can be found on SEDAR+ (http://www.sedarplus.ca/) and the Company’s website at www.FirstPhosphate.com.

The PEA was led by P&E Mining Consultants Inc. with contributions from Knight Piésold Ltd. and Lamont Inc.

Qualified Persons

The Qualified Persons responsible for sections of the PEA Technical Report are as follows:

• Antoine Yassa, P.Geo. (P&E Mining Consultants Inc.), Author 4-12, 14, 23 Co-Author 1, 25-27
• Danielle Demers, P.Eng. (Knight Piésold Ltd.) Co-Author 1, 16, 25-27
• Jessica Breault, P.Eng. (Knight Piésold Ltd.) Co-Author 1, 18, 21, 25-27
• Ann Lamontagne, P.Eng. (Lamont Inc.) Author 20 Co-Author 1, 25-27
• Ken Kuchling, P.Eng. (P&E Mining Consultants Inc.) Author 15 Co-Author 1, 16, 21, 25-27
• D. Grant Feasby, P.Eng. (P&E Mining Consultants Inc.) Author 13, 17 Co-Author 1, 21, 25-27
• Andrew Bradfield, P.Eng. (P&E Mining Consultants Inc.) Author 22, 24 Co-Author 1, 21, 25-27
• Eugene Puritch, P.Eng. (P&E Mining Consultants Inc.) Author 2, 3, 19 Co-Author 1, 18, 25-27

L'information scientifique et technique de First Phosphate incluse dans ce communiqué de presse a été revue et approuvée par Gilles Laverdière, géo. M. Laverdière est chef géologue de First Phosphate et personne qualifiée en vertu du Règlement 43-101 sur l'information concernant les projets miniers (« Règlement 43-101 »).

About P&E Mining Consultants Inc.

P&E Mining Consultants Inc., an associate group of twenty (20) professionals established in 2004, provides geological and mine engineering consulting reports, Mineral Resource and Mineral Reserve Estimates, NI 43-101 Technical Reports, Preliminary Economic Assessments, Pre-Feasibility and Feasibility Studies.

À propos de First Phosphate Corp.

First Phosphate est une société de développement de minéraux entièrement dédiée à l’extraction et la purification de phosphate de pointe pour la production de matériau actif de cathode pour l’industrie des batteries au lithium-fer-phosphate (« batteries LFP »). First Phosphate s’engage à produire un matériau de haute pureté, de manière responsable et avec une faible empreinte carbone. First Phosphate prévoit s’intégrer verticalement à partir de la mine jusqu'aux chaînes d'approvisionnement des principaux producteurs de batteries LFP qui recherchent le matériau actif de cathode, de qualité « batterie », provenant d’une source d’approvisionnement constante et fiable. First Phosphate détient plus de 1 500 km carrés de claims libres de redevances et à l’échelle régionale qu'elle développe activement au Saguenay–Lac-St-Jean (Québec, Canada). Ces claims contiennent du phosphate issu de formations de roches ignées anorthosites rares qui génèrent généralement un phosphate de grande pureté, dépourvu de hautes concentrations d'éléments dommageables.

Pour plus d’informations, veuillez contacter :

Bennett Kurtz, CFO and CAO
bennett@firstphosphate.com
Tel: +1 (416) 200-0657

Relations avec les investisseurs : investor@firstphosphate.com
Relations avec les médias : media@firstphosphate.com
Site Web : www.FirstPhosphate.com

Suivez First Phosphate sur les médias sociaux :
Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate/

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Informations prospectives et mises en garde

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the Company’s commitment to producing high purity phosphate materials under a low carbon footprint; the Company’s plans to integrate directly into the functions of certain major North American LFP Battery producers; the Company’s proposed development of its land claims in the Saguenay Region; and timelines, methods, and plans for the Company’s next steps for Property as stated, including open pit mining.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company’s ability to producing high purity phosphate materials under a low carbon footprint; the Company’s ability to integrate directly into the functions of certain major North American LFP Battery producers; the Company’s ability to develop its land claims in the Saguenay Region; and the ability of Company to carry out its goals under the stated timelines, methods, and plans for Property.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to produce high purity phosphate materials under a low carbon footprint; the Company’s inability to integrate directly into the functions of certain major North American LFP Battery producers; the Company’s inability to develop its land claims in the Saguenay Region; and the inability of Company to carry out its goals for the Property under the stated timelines, methods, and plans.

Les lecteurs sont avertis que la liste ci-dessus n'est pas exhaustive. Le lecteur est également invité à ne pas accorder une confiance excessive aux déclarations prospectives, car rien ne garantit que les plans, les intentions ou les attentes sur lesquels elles reposent se concrétiseront. Ces informations, bien que considérées comme raisonnables par la direction au moment de leur préparation, peuvent s'avérer incorrectes et les résultats réels peuvent différer matériellement de ceux anticipés.

Les déclarations prospectives contenues dans ce communiqué de presse sont expressément qualifiées par cette mise en garde et reflètent les attentes de la Société à la date du présent communiqué et sont susceptibles de changer par la suite. La Société ne s'engage pas à mettre à jour ou à réviser les déclarations prospectives, que ce soit en raison de nouvelles informations, estimations ou opinions, d'événements ou de résultats futurs ou autres, ou à expliquer toute différence importante entre les événements réels ultérieurs et ces informations prospectives, sauf dans la mesure où la loi applicable l'exige.

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