Saguenay, Quebec - Newsfile Corp. - April 2, 2024 - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce a second set of assay results from the ongoing 25,000 m drill program at its Bégin-Lamarche project in Saguenay-Lac-St-Jean, Quebec, Canada. In total 16,435 m of drilling have been completed to date and assays have now been returned for 5,642 m since drilling began in February 2024. Highlights:

• Phosphate Mountain Zone: Hole BL-24-82 intersected 2 m of massive apatite while other drill holes in this zone continued to yield core results of 30%+ apatite. Drill hole BL-24-48 intersected 15.01% P₂O₅ (phosphate) over 7.65 m from a depth of 36.9 m including one assay of 31.24% P₂O₅ over 1.1 m.
• Northern Zone: Drill hole BL-24-36 intersected 6.83% P₂O₅ over 108.0 m starting at a depth of 234.0 m. Drill hole BL-24-44 intersected 7.48% P₂O₅ over 90.6 m starting at a depth of 192.4 m.
• Northwestern Zone: Drill hole BL-24-49 intersected 8.65% P₂O₅ over 33.0 m from a depth of 72.5 m.
• Southern Zone: Drill hole BL-24-43 intersected 5.41% P₂O₅ over 258.0 m from a depth of 111.0 m.

"Drilling at the Phosphate Mountain Zone continues to deliver phosphate strong mineralization," said First Phosphate CEO, John Passalacqua. "The Mountain and Northern Zones show high-grade phosphate on surface while the Southern Zone shows large tonnage potential over a strike length of 1.5 km." Apatite versus Phosphate Apatite is very common as an accessory mineral in igneous and metamorphic rocks where it is the most common phosphate mineral form to be found. Occurrences are usually found as small grains which are often visible only in thin sections. The chemical formula of apatite is Ca5(PO4)3(F,Cl,OH). The molecular weight of the phosphate molecule (PO4) in apatite is 41.8%. Apatite is also found in clastic sedimentary rock as grains eroded out of the source rock over time. Phosphorite is a phosphate-rich sedimentary rock containing as much as 80% apatite which is present as cryptocrystalline masses. Economic quantities of apatite are also sometimes found in nepheline syenite or in carbonatites. Apatite was recently added to the Critical and Strategic Minerals List of Quebec, Canada. The European Union, South Korea, and the Province of Ontario are other jurisdictions that recognize phosphate as a critical and strategic mineral. Phosphate Mountain Zone A total of 15 drill holes have been completed to date in the Phosphate Mountain Zone and continue to show high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 87 m. Drill hole BL-24-82 intersected massive apatite over a length of 2.0 m (See Figure 1). Drill hole BL-24-48 intersected 15.01% P₂O₅ over 7.65 m from a depth of 36.9 m including one assay of 31.24% P₂O₅ over 1.1 m. Another high grade intersection yielded 13.98% P₂O₅ over 8.25 m starting at a depth of 91.05 m (See Table 1). These two intersections are outside of the main mineralized zone, this hole was drilled at the opposite direction of the main zone, where up to 87 m of 30%+ apatite bearing peridotite was intersected. Table 1 - Drill Results for the Mountain Zone

Hole	From (m)	To (m)	Length (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-48	18.0	20.0	2.0	11.22	5.73	33.25
	32.0	39.65	7.65	15.01	2.59	19.17
	91.05	99.3	8.25	13.98	4.36	30.55

¹ Lengths are measured along the core. True widths are estimated to be between 80 and 90% of the core interval.Figure 1 - Massive Apatite Concentration Visible Over 2.0 m in Drill Hole BL-24-82 To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/8917/203861_0ae54ecec4f37852_001full.jpgNorthern Zone Expanded drilling in the Northern Zone continues to confirm grades and widths intersected since the beginning of the current drilling program. Drill hole BL-24-36 intersected 6.83% P₂O₅ over 108.0 m starting at a depth of 234.0 m. Drill hole BL-24-44 intersected 7.48% P₂O₅ over 90.6 m starting at a depth of 192.4 m (See Table 2). The 2024 results to date indicate that there are 4 mineralized phosphate layers ranging from 60 m to 100 m in thickness within a 500 m thick mineralized envelope starting at surface and continuing to a depth of 300 m. Table 2 - Drill Results for the Northern Zone

Hole	From (m)	To (m)	Length (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-36	1.6	54.0	52.4	8.62	5.15	26.58
	135.0	195.0	60.0	7.93	3.27	19.80
	234.0	342.0	108.0	6.83...