2 Flagship Property

Lac à l'Orignal, Mirepoix, Vanel Trilogy Flagship Property

Lac à l’Orignal: Focus of 43-101
Mirepoix: Advanced Drill Target
Lac Vanel: Potential Future Target

43-101 Technical Report and Initial Mineral Resource Estimate at Lac à l’Orignal

43-101 Technical Report Highlights

Indicated pit-constrained Mineral Resource of 15.8 Mt at grades of 5.18% P2O5, 4.23% TiO2 and 23.90% Fe2O3.
Inferred pit-constrained Mineral Resource of 33.2 Mt at grades of 5.06% P2O5, 4.16% TiO2 and 22.55% Fe2O3.
Metallurgical Testwork indicates an anticipated apatite grade of at least 38% P2O5 at over 90% recovery.
The Lac à l’Orignal Deposit presents the potential for recovering two additional primary mineral products: a titanium oxide concentrate and an iron oxide concentrate.
The Lac à l’Orignal Deposit contains very low levels of potentially hazardous components, such as arsenic, heavy metals and radioactivity.

SGS Quebec Preliminary Metallurgical Testwork

Metallurgical Testwork Report Highlights

The results from the batch and locked cycle tests were used to prepare an overall mass balance for the proposed flowsheet. The overall mass balance showed that the flowsheet could recover 91.4% of the apatite to a concentrate containing 40.2% P2O5.
Preliminary upgrading testwork on the ilmenite and magnetite streams achieved an ilmenite concentrate grading 39.3% TiO2 and a magnetite concentrate grading 69.0% Fe (99.2% Fe2O3). Further testwork is recommended to optimize the ilmenite circuit.

The scientific and technical disclosure included in this report has been reviewed and approved by D. Grant Feasby, P.Eng. of P&E Mining Consultants Inc. Mr. Feasby is a metallurgist and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).

Queen’s University Mineralogical Study

Metallurgical Study Highlights

The host-rock of First Phosphate’s Lac à l'Orignal deposit is a gabbronorite composed of plagioclase, orthopyroxene, clinopyroxene, biotite, fluorapatite, ilmenite, and magnetite. Fluorapatite is the primary mineralization and ilmenite and magnetite are potentially important secondary commodities for the production of titanium oxide and iron.
The P2O5 concentration of apatite using in situ analytical methods is 41.7 ±0.26 wt.%, which is just slightly higher than values (40.5-41.2 wt.%) obtained by whole-rock analyses of the apatite concentrate produced by SGS Canada Inc.
The Lac à l'Orignal deposit is a promising viable source of P for the LFP battery market. P2O5 and CaO concentrations and CaO/P2O5 ratios are better than required for phosphoric acid production. Halogen concentrations are variable with F below concerning levels, whereas Cl contents are slightly higher than ideal values. Cl concentrations could be managed by mixing mineralization with different Cl contents. Advanced methods for the reduction of Cl should also be explored.
Other elements, such as Si, Fe, Al, Mg, As, Cd, U, and Th of the apatite concentrate are below deleterious threshold concentrations. During phosphoric acid production from beneficiated apatite concentrate, these low trace element concentrations may produce phosphogypsum that could be recycled into plaster and wallboard.
The Lac à l’Orignal Deposit contains very low levels of potentially hazardous components, such as arsenic, heavy metals and radioactivity.
The low abundance of sulfide gangue minerals suggests that the environmental risks of acid mine drainage from tailings would be minimal. Such low concentrations of deleterious trace elements and sulfide minerals make the Lac à l'Orignal deposit an attractive and highly probable ESG-compliant source of North American P for the LFP battery industry.
Paragenetic relationships indicate that apatite precipitated throughout the crystallization history of the magma. However, the highest quality phosphatic mineralization is interpreted to have formed as apatite-magnetite-ilmenite cumulate layers that precipitated early to mid-way through the fractional crystallization process.
Further research should focus on the detailed characterization of other First Phosphate properties. The complexity of the LSJA Complex necessitates a comprehensive understanding of the mineralogy and geochemistry of these areas as a counterpoint to the Lac à l'Orignal region. Such a comparison will provide important new information required to fully assess the distribution of high-grade mineralized zones.

The scientific and technical disclosure included in this research study has been reviewed and approved by D. Grant Feasby, P.Eng. of P&E Mining Consultants Inc. Mr. Feasby is a metallurgist and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).

Lac à l'Orignal Drill Results

Prized Igneous Anorthosite Rock Phosphate

Lithium Iron Phosphate (LFP) Battery Grade

Geographic Advantage (Quebec, Canada)

Optimally Located Flagship Property

Advanced Flagship Property

43-101 Resource Estimate, Metallurgy
Commencing PEA January 2023
89 holes drilled for a total of 8,776 m
Main deposit estimated at 1500 m long by 250 m wide and up to 100 m thick
Deposit starts at surface
Average grade of 5.2% P2O5
145 km driving distance from port