Saguenay, Quebec - Newsfile Corp. - June 10, 2024 - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that the Canadian Minister of Energy and Natural Resources ("NRCAN"), Mr. Jonathan Wilkinson, unveiled today an update to the Critical Minerals list of Canada ("CSML-CAN") to include phosphorous, high-purity iron and silicon metal to its list of 34 minerals and metals: https://www.canada.ca/en/natural-resources-canada/news/2024/06/government-of-canada-releases-updated-critical-minerals-list.html To be considered a critical mineral in Canada, a mineral must meet the following criteria:

• the supply chain is threatened

• there is a reasonable chance of the mineral being produced by Canada

• be essential to Canada's economic or national security

• be required for the national transition to a sustainable low-carbon and digital economy

• position Canada as a sustainable and strategic partner within global supply chains

Canada now joins the Provinces of Ontario and Quebec, the European Union and South Korea as jurisdictions that recognize phosphorous as a critical and strategic mineral. A decision by the United States Government on the status of phosphorous as a critical and strategic mineral is expected in 2024-25. A US Senate bill (S. 3956) to include phosphorous on the final list of critical minerals of the U.S. Department of the Interior was introduced on March 14, 2024. According to Argus Phosphate Rock Analytics (Q2 2023), North American phosphate production is slated to decline by 61% by 2037. Moreover, North American phosphate production is currently focused on food and fertilizer and has not yet experienced the demand that lithium iron phosphate ("LFP") battery production is expected to create. LFP battery production requires high purity purified phosphoric acid ("PPA"). First Phosphate has been actively involved in the development of Quebec igneous phosphate resources and applauds Canada, Ontario and Quebec's acknowledgement of the tremendous opportunity that phosphate resources represent for the electrification needs of North America. First Phosphate believes that Quebec igneous anorthosite phosphate rock is an untapped source of high purity phosphate which could be mined and transformed into large quantities of PPA. The Company's objective is the development of an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec, one which can help satisfy the large future demand for LFP battery cathode active materials ("CAM") across North America. Research studies on Quebec igneous anorthosite can be found at: https://firstphosphate.com/phosphate-industry/quebecanorthosite Details on First Phosphate's pilot plant for the production of apatite concentrate from Quebec igneous anorthosite can be found at: https://firstphosphate.com/projects/pilot-plant Details on First Phosphate's pilot plant for the production of PPA from Quebec apatite concentrate can be found at: https://firstphosphate.com/projects/ppa-production Details on First Phosphate's assets in the Saguenay-Lac-St-Jean region of Quebec, can be found at: https://firstphosphate.com/projects/prized-assets Details on First Phosphate's strategy for the creation of a fully integrated LFP battery supply chain in North America based on establishing an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec can be found at: https://firstphosphate.com/lfp-battery-strategyAbout 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 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. For additional information, please contact: Bennett Kurtz, CFO & CAO bennett@firstphosphate.com Tel: +1 (416) 200-0657 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 -30- Forward-Looking Information and Cautionary Statements This news release contains certain statements and information that may be considered "forward-looking statements" and...