Saguenay, Canada - Newsfile Corp. - October 12, 2022 - First Phosphate Corp. ("First Phosphate" or the "Company") is pleased to announce that it has signed a memorandum of understanding (MOU) with Port of Saguenay, a further step in the implementation of the Company's six phase integration plan for the North American lithium iron phosphate (LFP) battery market. The MOU engages discussions between the parties to provide the Company with potential deep sea access to ship phosphate concentrate internationally and greenfield land on which to build its facilities. The deal comes on the heels of newly-re-elected Quebec Premier Francois Legault's electoral commitment to invest $117.2 million in infrastructure at the Port of Saguenay. "Securing shipping and industrial development space at port facilities has become increasingly challenging for many companies around the world. First Phosphate now has engaged with a committed partner to secure guaranteed deep sea access to the world, as we execute on our global advanced phosphate materials strategy," said First Phosphate Chief Executive Officer, John Passalacqua. "Phase one of our strategy is to develop our phosphate mining operations in the region and to deliver a high purity phosphate concentrate to be known globally as "Quebec Rock Phosphate" FOB Port Saguenay for wider use in the LFP battery industry worldwide." First Phosphate holds 1,500 sq. km of total land claims in the Saguenay Region of Quebec, Canada that it is actively developing to produce battery grade phosphate at ESG standard and with a low-carbon footprint. "The Port of Saguenay is a natural gateway to Northern Quebec and its extensive natural resources," said Chief Executive Officer of Port of Saguenay, Carl Laberge. "Our deep-water marine facilities, terminal and adjacent port industrial area offer companies like First Phosphate direct access to international markets and a partner committed to environmental protection and sustainable development. We are pleased to support the launch of this project." "The North American LFP battery industry requires domestic, clean, traceable, ethically sourced, consistent and secure production of high grade phosphate material, and that is what First Phosphate is developing with our Lac à l'Orignal property," said First Phosphate President Peter Kent. "As the demand for electric vehicles grows aggressively, partnerships like this one with the Port of Saguenay are vital to ensuring that Quebec and Canada are global leaders in the sustainable automotive ecosystem." Figure 1 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/140238_6a81814ce444c981_001full.jpg First Phosphate's flagship property is located approximately 110 km driving-distance north of the City of Saguenay, Quebec's sixth largest city which hosts daily flights to Montreal, a skilled industrial workforce, a strong local infrastructure, and which is 30 km driving-distance from the deep sea Port of Saguenay. The Company has partnered with the globally recognized Pufahl Research Group at Queen's University to determine the detailed mineralogy and geochemistry of phosphatic ore and waste minerals at Lac à l'Orignal, a step which complements the bulk geochemical assays and metallurgy being conducted by SGS Canada Inc. (Quebec / Lakefield). First Phosphate is fully focused on integrating its phosphate material directly into the supply chain of major battery and electric vehicle producers in North America. The Company has already received promising assay results for its Bégin-Lamarche Property, confirming the presence of high-grade phosphate, and is expecting to announce its 43-101 technical report results for Lac à l'Orignal this fall. The Company also announces today that it has approved the grant of 225,000 stock options to purchase common shares of the Company (the "Options") to certain eligible persons of the Company, at an exercise price of $0.25 per share, with an expiry date of three years from the date on which the Company's shares commence trading on a stock exchange in Canada (the "Listing"). The Options are subject to time-based vesting such that 25% vests immediately upon the Listing, with increments of 25% vesting every 6 months thereafter. The terms of the Options granted are in accordance with the Company's stock option plan approved by shareholders of the Company on August 25, 2022. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. -30- For additional information, please contact: Investor Relations: investor@firstphosphate.com Media Relations: media@firstphosphate.com Website: www.FirstPhosphate.comFollow First Phosphate: Twitter: https://twitter.com/FirstPhosphate LinkedIn: https://www.linkedin.com/company/first-phosphate/About First Phosphate Corp First Phosphate is a mineral...