SAGUENAY, QUEBEC - Newsfile Corp. - 2 October 2024 - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that a peer-reviewed research note has been published by Queen's University ("Queen's") and Université de Québec à Chicoutimi ("UQAC") entitled: Igneous Rock Phosphate: ore grades, concentrates and mining operations around the worldDrs. Sandeep Banerjee, Peir K. Pufahl, Sarah Dare Department of Geological Sciences and Engineering, Queen's University Département des Sciences Appliquées/LabMaTer, Université du Québec à Chicoutimi (UQAC) September 23, 2024https://firstphosphate.com/phosphate-industry/quebecanorthosite The study is divided into two main sections and compares igneous phosphate ore bodies around the world, including the Company's Bégin-Lamarche property, as to their ore grades, beneficiated phosphate concentrate levels and mining operations where applicable.

1. Comparisons of global igneous ore grades and beneficiated igneous ore

Only a small portion of the worldwide phosphate ore (~10%; Pufahl and Groat, 2017) is supplied from igneous rock from Russia, South Africa, Brazil, and Finland. These igneous phosphate deposits are mostly from the Khibiny Alkalic Igneous Complex (Notholt, 1979) and the Kovdor Phoscorite-Carbonatite Complex (Ivanyuk et al., 2016) from the Kola Peninsula in Russia, the Siilinjärvi Carbonatite Complex in Finland (Decrée et al., 2020), the Phalaborwa (Palabora) Igneous Complex in South Africa (Gómez-Arias et al.2022), and the Alto Paranaíba Alkaline Province in Brazil (Silva et al., 2023) (Fig. 1). These igneous deposits are from silica-undersaturated alkali intrusions and carbonatites. The average P₂O₅ contents of phosphate ore from igneous rocks from major deposits in the four major countries (Russia, Finland, South Africa, and Brazil) exhibit significant variations (4.0-17.2 wt.%; Table A2). The igneous phosphate ore found at First Phosphate's Bégin-Lamarche property in Quebec, Canada is mostly from nelsonite and oxide-apatite-mafic- ultramafic rocks in massif anorthosite from the Grenville Province (geological province). The P₂O₅ of the ultramafic rock ranges from 2.6 to 15.0 wt.%. The average P₂O₅ grading of the phosphate is 6.01%. Testing suggests that the phosphate ore from this deposit could produce a high-quality phosphate concentrate with a P₂O₅ content of ~40.9 wt.% (Table 1), which is above the global average P₂O₅ of marketable phosphate concentrates produced from igneous ore from other countries (36.9 wt.%; Table 1). Table 1. Average P2O5 contents of phosphate ore and concentrates from igneous and sedimentary phosphate rocks from various countries around the world. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/225249_table1.jpg * Prepared and analyzed by SGS-Canada. Table 2. Average P2O5 contents of igneous phosphate ore from major deposits from four major countries including companies operating the mines, host rocks, and geological provinces To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/225249_table2.jpg

1. Comparisons of global igneous phosphate rock mining operations

Depth of ore body, distributions of ore and waste rocks, and grades of ore are the principal factors for selecting open-pit or underground mining operations. Both open-pit and underground mining operations exist for igneous phosphate ore excavation (Geissler et al., 2015). The open-pit mining operations are, however, becoming the primary method of mining over time (Geissler et al., 2015). One of the major Russian igneous phosphate producers, PhosAgro, operates both open-pit and underground mines in the Khibiny Alkaline Igneous Complex, Russia. In the case of the Koashvinsky open-pit mine, the quarry excavation depth reaches up to 960 m, including the upland part, and up to 580 m in a closed contour (Iliashenko, 2022). Another major igneous phosphate producer in Russia, EuroChem, excavated to a depth of 414 m until 2015 at their Kovdorskiy open-pit mine in the Kovdor Ultramafic Alkaline Complex and has a plan to excavate to a depth of 874 m before starting an eventual underground mining operation (Dickson, 2015). Figure 1. Major igneous complexes supplying igneous phosphate ore worldwide. First Phosphate's Bégin-Lamarche property in the Grenville Province of Canada is also shown. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/225249_fb97f42324482828_003full.jpg First Phosphate Corp. completed a total of 25,929 m of drilling since February 2024 in three areas of its Bégin-Lamarche property (Mountain zone, Northern zone, and Southern zone). All analyses for the drilling program have been received. Initial results show that one drill hole...