Saguenay, Quebec - Newsfile Corp. - September 9, 2024 - First Phosphate Corp (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that it has secured a facility lease for a 10,000 tonne per annum iron phosphate cathode active material pre-cursor ("pCAM") plant ("First Saguenay") in Saguenay (La Baie), Quebec, Canada. Iron phosphate is a key pre-cursor used in the production of cathode active material ("CAM") for lithium iron phosphate ("LFP") batteries. Local Support and Job Creation in Saguenay-Lac-St-Jean, Quebec, Canada The establishment of the First Saguenay plant is intended to lead to the creation of approximately one hundred new high-tech jobs in the Saguenay-Lac-St-Jean Region of Quebec, Canada. The development of First Saguenay is supported by a number of local parties in the region's economic development landscape including:

• Promotions Saguenay (economic development corporation for the city of Saguenay)

• Saguenay-Le Fjord Chamber of Commerce and Industry (CCISF)

• Alliage 02 (Saguenay-Lac-Saint-Jean Manufacturers and Industrial Parks Corporation)

• Saguenay-Lac-St-Jean Economic Maximization Committee (CMAX)

• Pekuakamiulnuatsh First Nation (Mashteuiatsh)

"This announcement is another very positive step for phosphate mining in our region, and the start of the LFP sector in Saguenay-Lac-St-Jean, Quebec," states Ms. Andrée Laforest, deputy for the Quebec riding of Chicoutimi, Quebec Minister of Municipal Affairs and Minister responsible for the Saguenay-Lac-Saint-Jean region. "We've been talking about this potential for a long time, and we're finally seeing the efforts of the First Phosphate team come to fruition today and for years to come. The Company's regional production will have positive effects for us and for Port Saguenay, which will be a major player in the development of this sector." "This plant is the first link in the LFP Battery Valley in Saguenay-Lac-St-Jean," emphasizes Éric Larouche, Chairman of the Board of Promotion Saguenay. "Our goal is to facilitate the creation of this North American value chain, right here at home in Saguenay-Lac-St-Jean, Quebec: from the phosphate mine, to LFP cathode powder and, eventually, to the LFP battery itself." "This commitment with First Phosphate today sends a clear signal about our potential to position within the battery ecosystem: home-grown raw material and an international shipping corridor. The builders in our region will assume their role in global decarbonization efforts," emphasizes François Tremblay, Quebec Member of Parliament for Dubuc. An important First Step in Establishing First Phosphate Downstream Operations in Saguenay-Lac-St-Jean, Quebec, Canada First Saguenay is to be retrofitted into a large portion of the existing building at 5373 Chemin Saint-Anicet, La Baie, Quebec, adjacent to the existing processing plant owned by Logistique Proco Inc. ("Proco"). Proco is to act as the building contractor. Proco is well established in the engineering and construction sector in Quebec, having worked on major projects in the province and, many, specifically in the battery sector (https://www.proco.ca/fr/realisations). The First Saguenay lease with Proco is for 10 years and is renewable thereafter. The facility is heated, equipped with process water, wastewater treatment, natural gas, high-voltage electricity and served by direct North American rail link into the facility. Moreover, the entire facility occupies more than 305,000 square feet of industrial space, portions of which should become available progressively for expanded First Saguenay operations, as well as several hectares of adjacent green-field industrial land available for expanding operations. The investment needed for the commencement of operations at First Saguenay is estimated at approximately USD $65 M (CAD $90 M). The lease is conditional upon First Phosphate arranging the financing necessary to carry-out the proposed activities prior to April 30, 2025. First Phosphate is considering various options for financing and structuring First Saguenay including non-dilutive options. First Saguenay Iron Phosphate Facility (exterior view) To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/222576_d306a751147dfac1_001full.jpgAn important First Step in Establishing the North American LFP Battery Valley in Saguenay-Lac-St-Jean, Quebec, Canada First Saguenay is to serve as a key and complimentary part of the Company's planned downstream processing facilities and full vertical integration plans from phosphate mine to creation of LFP CAM. First Saguenay is intended to work synergistically in the transformation and value-added processing of the feedstock from the Company's proposed mining operations which are located approximately 80 km and 120 km from the Company's two major phosphate properties in the region. First Saguenay has a strategic...