Bégin-Lamarche

The Bégin-Lamarche Phosphate Deposit

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Preliminary Economic Assessment

Preliminary Economic Assessment Highlights

(all dollar amounts in Canadian dollars on a 100% project ownership basis unless otherwise indicated)

The Project would produce an annual average of 900,000 tonnes of beneficiated phosphate concentrate at 40% P2O5 content and 380,000 tonnes of magnetite at 92% Fe2O3 content over a 23-year mine life.
The Project generates a pre-tax internal rate or return (IRR) of 37.1% and a pre-tax net present value (NPV) of $2.100 Billion at an 8% discount rate at an approximate 3-year trailing average phosphate price plus a premium for purity and potential secure source of supply, and a 2-year trailing average magnetite price plus a premium for purity.
The Project generates an after-tax internal rate or return (IRR) of 33.0% and an after-tax net present value (NPV) of $1.590 Billion at an 8% discount rate.
The Project would generate an after-tax cash flow of $700 Million in years 1 to 3, resulting in a 2.9-year payback period from start of production. Pre-tax cash flow in years 1 to 3 is $783 Million for a 2.6-year payback period.
The Project benefits from adjacent paved provincial road access and nearby electrical power line, and year-round accessible deep-sea Port of Saguenay at approximately 85 km driving distance. Initial capex for the Project is limited to $675 million.
The PEA used Indicated and Inferred Mineral Resources in its calculations.
The Project has no outstanding royalties or financing streams registered against it.

The scientific and technical disclosure for First Phosphate included in this report have been reviewed and approved by Gilles Laverdière, P.Geo. and Mr. Eugene Puritch, P.Eng., FEC, CET. Messrs. Laverdière and Puritch are Qualified Persons under National Instrument 43-101 Standards of Disclosure of Mineral Projects. Mr. Puritch is independent of First Phosphate.

43-101 Technical Report and Initial Mineral Resource Estimate at Bégin-Lamarche

3D deposit model :https://www.firstphosphate.com/BeginLamarche3D
Inferred pit-constrained Mineral Resource:
214.0 Mt @ 6.01% P2O5 (phosphate)
Indicated pit-constrained Mineral Resource: 41.5 Mt @ 6.49% P2O5
Including Mountain Zone:
Indicated Mineral Resource of 9.3 Mt @ 8.19% P2O5
Inferred Mineral Resource of 6.8 Mt @ 8.57% P2O5
The Deposit is open at depth
The deposit contains very low levels of potentially deleterious elements
Metallurgical Testwork indicates an anticipated apatite concentrate grade of 40% P2O5 at a 91% recovery
The deposit presents the potential for recovering two additional primary mineral products: a magnetite concentrate (iron) and an ilmenite concentrate (titanium)
Apatite (Phosphorus), titanium and high purity iron are all listed on the Quebec and Canadian critical minerals list

Press Releases

70 km from the deep-sea Port of Saguenay
Main feature is a 7 km long airborne magnetic linear anomaly that runs N200
2023: 4,661 m drill program completed (21 drill holes)
2024: 26,000 m drill program over the 3 km magnetic trend
100 m x 50 m spacing to optimize resource estimate

LFP Battery Valley: Quebec, Canada

The Bégin-Lamarche Mineral Resource Estimate is based on 120 drill holes totalling 29,762 m. The database contained 7,968 assays for percentage of P₂O₅, Fe₂O₃ and TiO₂.The Mineral Resource Estimate is presented in Table 1.

The 3 main Zones at Begin-Lamarche

In the Mountain Zone, several intervals exceeding 50 m with grades above 10% P₂O₅ were intersected within the broader composite intervals. Several massive apatite veins reaching up to 2 m in thickness were also encountered.

The Northern Zone highlights the discovery of high grade phosphate occurring in down dip continuity. These high grades share mineralogical and visual characteristics (particularly the presence of massive apatite veins) similar to those observed in the Mountain Zone. Several intervals exceeding 50 m with grades above 10% P₂O₅ were intersected within the broader composite intervals.

The Southern Zone highlights high grade phosphate occurring in down dip continuity, displaying mineralogical and visual characteristics comparable to those recognized in the Mountain Zone. Several intervals exceeding 50 m with grades above 6% P₂O₅ were intersected within the broader composite intervals.

Massive Apatite Concentration Visible Over 2.0 m in Drill Hole BL-24-82

Research Reports

The scientific and technical disclosure included in the above scientific research article, published in Ore Geology Reviews, has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Geologist and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).

The scientific and technical disclosure included in this research study has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Geologist and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).

Bégin-Lamarche

The Bégin-Lamarche Phosphate Deposit