Saguenay, Quebec - Newsfile Corp. - September 18, 2024 - First Phosphate Corp (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce the results of its initial Mineral Resource Estimate ("MRE") for its Bégin-Lamarche project, located 50 km north of the City of Saguenay, Quebec, Canada. The MRE, with an effective date of September 9, 2024, 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"). MRE Highlights include:

• 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

• Metallurgical Testwork indicates an anticipated apatite concentrate grade of 40% P₂O₅ at a 91% recovery.

• The Bégin-Lamarche 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.

• The Bégin-Lamarche Deposit contains very low levels of potentially deleterious elements.

• The Deposit is open at depth.

• 3D deposit model : https://www.firstphosphate.com/BeginLamarche3D

"We have demonstrated that the Company benefits from a substantial strategic phosphate deposit located at only 70 km from the deep-sea port of Saguenay and Canadian Air Forces NATO Base Bagotville," said First Phosphate CEO, John Passalacqua. "Our goal will be to bring this Mineral Resource into Preliminary Economic Assessment ("PEA") later this year to then be able to evaluate the commencement of a Feasibility Study." The Bégin-Lamarche Phosphate Deposit contains a significant phosphate Mineral Resource that is associated with well-defined oxide-apatite peridotite (OAP) intrusions within the large Lac-Saint-Jean anorthosite suite (LSJAS). The LSJAS is the largest anorthosite phosphate mineralized anorthosite worldwide. The phosphate deposit is comprised of three mineralized zones within the deposit. The three zones are continuous, only separated by faults within the deposit and extend to a length of 2,500 m (Figure 1). The Mountain Zone is a single phosphate-bearing mass having a diameter of up to 200 m and a length of 250 m. Drilling at the Mountain Zone intersected massive apatite (phosphate-bearing mineral) veins of up to 2 m. The Northern zone is comprised of two phosphate layers ranging from 100 to 200 m in thickness and a length of 600 m. The Southern Zone bears four phosphate layers, one of them having up to 200 m in thickness and extending to 1,700 m. Figure 1 - The Bégin-Lamarche Deposit Pit-Shell To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/223677_10eaf81724b92a56_001full.jpg The above diagram can be viewed as a 3D deposit model by visiting https://www.firstphosphate.com/BeginLamarche3D The Bégin-Lamarche Deposit mineralized wireframes boundaries were determined from lithology, structure, and grade boundary interpretation from visual inspection of drillhole cross-sections. Three mineralized wireframes were developed and referred to as Mountain, Northern and Southern Zones. The mineralized wireframes were constructed on 50 m spaced vertical cross-sections for the Mountain and Northern Zones and 100 m spacing for the Southern Zone, with computer screen digitizing polylines on drillhole 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 mineralized zone continuity. The minimum constrained width for mineralized wireframe interpretation was 3 m of drill core length. The Bégin-Lamarche Mineral Resource Estimate is based on 120 drill holes totalling 29,762 m. The database contained 7,968 assays for percentage of P₂O₅, Fe₂O₃ and TiO₂.The Mineral Resource Estimate is presented in Table 1.

Table1Pit-Constrained Mineral Resource Estimate(1-4) at 2.5% P2O5 Cut-Off
Classification	Zone	Tonnes (Mt)	P2O5 (%)	P2O5 (kt)
Indicated	Mountain	9.3	8.19	758
	Northern	32.2	6.00	1,934
	Total	41.5	6.49	2,692
	Inferred	Mountain	6.8	8.57	584
Northern		44.3	6.98	3,090
Southern...