SAGUENAY, QUEBEC - Newsfile Corp. - 31 October 2024 - First Phosphate Corp (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that the Company has filed its Initial Mineral Resource Estimate ("MRE") Technical Report for the Bégin-Lamarche Project, located 50 km northwest of the City of Saguenay, Quebec, Canada. The Technical Report titled "Technical Report and Initial Mineral Resource Estimate of The Bégin-Lamarche Phosphate Property, Saguenay – Lac Saint-Jean Region, Northern Quėbec" dated November 1, 2024, with an effective date of September 9, 2024, was prepared by P&E Mining Consultants Inc. and is in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects and supports the disclosures made by the Company in its news release dated September 18, 2024. A full copy of the Report is available on the First Phosphate website at www.firstphosphate.com/projects/begin-lamarche and can be found at SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. MRE Highlights include:

• 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 lists

Qualified Person The Qualified Person independent of the issuer, responsible for estimating the Mineral Resources of the Begin-Lamarche Property, within the meaning of NI 43-101, is Mr. Antoine Yassa, P.Geo., of the firm P&E Mining Consultants Inc. Mr. Yassa has read this press release and confirms that the scientific and technical information in this press release for accuracy and compliance with NI 43-101. The scientific and technical disclosure for First Phosphate included in this News Release have been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Chief Geologist of the Company and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101"). For additional information, please contact: Bennett Kurtz Chief Financial Officer bennett@firstphosphate.com Tel: +1 (416) 200-0657 Investor Relations: investor@firstphosphate.com Media Relations: media@firstphosphate.com Website: www.FirstPhosphate.com

The issuer is solely responsible for the content of this announcement.

About First Phosphate Corp.

First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the lithium iron phosphate ("LFP") battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements. -30- Follow First Phosphate: Twitter: https://twitter.com/FirstPhosphate LinkedIn: https://www.linkedin.com/company/first-phosphate/Forward-Looking Information and Cautionary StatementsThis news release contains certain statements and information that may be considered "forward-looking statements" and "forward looking information" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that...