First Phosphate Reports Mineral Resource Estimate and Mineral Processing Testwork on Its Lac à l’Orignal Phosphate Deposit in the Saguenay-Lac-Saint-Jean Region of Quebec, Canada

Saguenay, Quebec – Newsfile Corp. – 15 November 2022 – First Phosphate Corp. (“First Phosphate” or the “Company”) is pleased to announce the results of its Mineral Resource Estimate (“MRE”) and Mineral Processing Testwork for its Lac à l’Orignal project, located 110 km north of the City of Saguenay. The MRE, with an effective date of October 3, 2022, was carried out by M. Antoine Yassa, P.Geo., of P&E Mining Consultants Inc., who is an Independent Qualified Person within the meaning of Canadian Securities Administrators’ National Instrument 43-101: Standards of Disclosure for Mineral Projects (“NI 43-101”).

• 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.

The Company has applied to list on the Canadian Securities Exchange (“CSE”). The Company considers the Lac à l’Orignal Property to be its material property.

“Today’s announcement is a landmark step towards completing First Phosphate’s six phase development plan for the North American lithium iron phosphate (LFP) battery industry,” said First Phosphate President, Peter Kent. “This MRE is key to executing on the first stage of our plan, which is to implement an open pit mine that is fully compliant with ESG standards and has the potential to produce high purity phosphate material that is necessary for the lithium iron phosphate (LFP) battery industry.”

The Lac à l’Orignal Phosphate Deposit contains a significant P₂O₅ Mineral Resource that is associated with a well-defined oxide-apatite gabbronorite (OAGN) intrusion associated with a large anorthosite intrusive complex. The Lac à l’Orignal Deposit mineralized wireframe boundaries were determined from lithology, structure, and grade boundary interpretation from visual inspection of drill hole cross-sections. Three mineralized wireframes were developed and referred to as Main, HW (hanging wall) and FW (footwall) Zones. The mineralized wireframes were constructed on 100 m spaced vertical cross-sections with computer screen digitizing polylines on drill hole cross-sections in GEMS™. The mineralized wireframe outlines were influenced by the selection of mineralized material above 2.5% P₂O₅ that demonstrated a lithological and structural zonal continuity along strike and down-dip. In some cases, mineralization <2.5% P₂O₅ was included for the purpose of maintaining zone continuity. Minimum constrained width for mineralized wireframe interpretation was 3 m of drill core length.

The resulting Mineral Resource mineralized wireframes are 2,230 m long, 50 m to 445 m thick (true thickness is 2.97 m to 99.5 m), strikes east-west, and dips 25° to 30° north. The mineralized wireframes were utilized as constraining boundaries during Mineral Resource estimation for purposes of rock coding, statistical analysis and compositing limits. The 3-D mineralized wireframes are presented in Figure 1.

About First Phosphate Corp.

First Phosphate is a mineral exploration and development company fully dedicated to extracting and refining advanced phosphate material for the Lithium Iron Phosphate (“LFP”) Battery industry. First Phosphate is committed to producing at high purity level, at full ESG standard and with low anticipated carbon footprint. First Phosphate plans to integrate directly into the research & development and supply chain functions of major North American LFP Battery producers that require battery grade phosphate material that emanates from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of total land claims in the Saguenay Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous rock formation that generally yields high purity phosphate concentrate devoid of high concentrations of deleterious heavy metals.