Saguenay, Quebec - Newsfile Corp. - April 23, 2024 - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce a third set of assay results from its ongoing 25,000 m drill program at its Bégin-Lamarche project located in Saguenay-Lac-St-Jean, Quebec, Canada. Since the drill program began in February 2024, a total of 23,398 m of drilling has been completed and assay results have now been returned for a total of 9,155 m of drilling. A total of 4,691 samples are still at the laboratory and results will be released as they become available. Highlights:

• Phosphate Mountain Zone: Drill hole BL-24-56 intersected 11.82% P₂O₅ (phosphate) over 92.5 m starting at a surface depth of 6.5 m. Drilling in the Phosphate Mountain Zone revealed a thick layer (90 m) of phosphate bearing nelsonite outcropping on surface with numerous other high-grade intersections at greater than 10% P₂O₅.
• Northern Zone: Drill hole BL-24-40 intersected 7.76% P₂O₅ over 88.2 m from a depth of 186.0 m including 9.33% P₂O₅ over 61.2 m.
• Northwestern Zone: Drill hole BL-24-54 intersected 9.18% P₂O₅ over 40.0 m from a starting depth of 61.1 m.
• Southern Zone: Drill hole BL-24-55 intersected 4.60% P₂O₅ over 190.8 m from a starting surface depth of 4.0 m.

"Drill results in the Phosphate Mountain Zone revealed a thick layer of very high grade igneous phosphate starting right at surface. This layer geometry creates an ideal scenario for an eventual starting point for an open pit operation," said First Phosphate CEO, John Passalacqua. "The drill program will be completed on time by end of May 2024 and a 43-101 resource estimate will begin immediately once all remaining assays have been received from the lab." Phosphate Mountain Zone A total of 20 drill holes have been completed to date in the Phosphate Mountain Zone while results from only 5 drill holes have been received to date. Data received from these 5 drill holes shows grades of over 10% P₂O₅ over widths ranging from 7 m to 92 m. The Phosphate Mountain Zone has been drilled for a total length of 250 m to date. This zone is beginning to merge (from the southeast) with the Northern Zone where a 500 m thick phosphate mineralized envelope exists, one which has delineated up to 5 individual layers ranging from 60 m to 100 m in thickness starting at surface and continuing down to a depth of 300 m. The overall strike length of the Phosphate Mountain Zone and the Northern Zone is approximately 600 m. Drill hole BL-24-56 intersected 11.82% P₂O₅ over 92.5 m from a starting depth of 6.5 m. Another high-grade intersection in hole BL-24-53 yielded 9.5% P₂O₅ over 62.3 m at a starting depth of 70.1 m (See Table 1). Table 1 – Drill Results for the Phosphate Mountain Zone

Drill Hole	From (m)	To (m)	Length1 (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-46	32.0	74.0	42.0	8.73	3.26	22.43
including	32.0	49.5	17.5	10.31	4.15	27.30
including	55.0	74.0	19.0	9.75	3.30	22.61
BL-24-46	111.0	135.0	24.0	12.47	4.63	30.05
BL-24-46	155.2	177.6	22.4	14.34	5.84	28.28
BL-24-46	225.0	252.0	27.0	11.15	3.85	19.81
BL-24-46	258.0	278.0	20.0	4.18	1.96	10.25
BL-24-51	70.0	111.0	41.0	7.72	1.88	16.09
BL-24-51	133.3	136.0	2.7	16.33	4.48	24.75
BL-24-51	152.5	157.5	5.0	11.85	4.54	23.67
BL-24-53	70.1	132.4	62.3	9.50	4.12	28.45
including	70.1	114.8	44.7	10.91	4.88	34.23
BL-24-53	154.1	246.0	91.9	6.92	3.50	20.08
including	192.0	220.5	28.5	10.98	5.35	27.27
BL-24-56	6.5	99.0	92.5	11.82	5.29	30.96
inclu...