SAGUENAY, QUEBEC - Newsfile Corp. - 19 March 2024 - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce initial assay results from the first 3,394 m of its 25,000 m drill program at its Bégin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec. In total 10,000 m of drilling have been completed to date. Assay results are awaited on 6,606 m and will be released over the coming weeks as they become available. Highlights:

• Phosphate Mountain Zone: 9 drill holes have been completed to date in the Phosphate Mountain Zone, ones which have intersected high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 43 m.

• Northern Zone: Drill hole BL-24-25 intersected 9.89% P₂O₅ (phosphate) over 42.80 m starting at a depth of 74.20. Drill hole BL-24-26 intersected 9.44% P₂O₅ over 89.10 m starting at a depth of 6.90 m.

• Northwestern Zone: Drill holes BL-24-49 and BL-24-54 intersected 20 m and 40 m of peridotite, respectively visually containing 30% apatite.

• Southern Zone: Drill hole BL-24-24 intersected 5.22% P₂O₅ over 129.60 m starting at a depth of 61.30 m. Drill hole BL-24-35 intersected a new higher-grade layer of 7.82% P₂O₅ over 22.40 m starting at a depth of 165.10 m.

"We are impressed by the high-grade nature and volume of the phosphate layers being defined at Bégin-Lamarche," said First Phosphate CEO, John Passalacqua. "Bégin-Lamarche is showing increased open-pit surface feasibility in an area of developed infrastructure with direct paved-road access to the deep-sea port of Saguenay at only 70 km away." 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 clasticsedimentary 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 Provinces of Ontario and Newfoundland-Labrador are other jurisdictions that recognize phosphate as a critical and strategic mineral. Phosphate Mountain Zone A total of 9 drill holes have been completed to date in the Phosphate Mountain Zone and have intersected high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 43 m. Hole BL-24-53 intersected 70% apatite over a length of 1.0 m (See Figure 1). Multiple semi-massive apatite veins have been intersected across the 9 drill holes where the background apatite content is 30-35% These results compare well in terms of the apatite content discovered in this zone during last fall's surface sample prospection program where more than 50% of surface samples returned results of above 10% P₂O₅. These 9 drill holes have been prioritized for assay analysis and their data should be available in the coming weeks. Figure 1 -70% Apatite Concentration Visible Over 1.0 m in Drill Hole BL-24-53 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8917/202160_ad6a7d2054bf5a55_001full.jpgNorthern Zone Expanded drilling in the Northern Zone has confirmed grades and widths that were originally identified during the initial 2023 drilling program. In addition, the 3 drill holes BL-24-25, BL-24-26 and BL-24-31 have intersected high grade phosphate layers, grading 9.89% P₂O₅ over 42.80 m from a depth of 74.20 m; 9.44% P₂O₅ over 89.10 m from a depth of 6.90 m; and 10.47% P₂O₅ over 48.05 m from a depth of 4.85 m. These results indicate that there are one or more high grade phosphate layers that outcrop on surface and which may be important starting points for an eventual open-pit mining operation. Drill hole BL-24-23 intersected 7.02% P₂O₅ over 154.1 m from a depth of 21.0 m and could be interpreted to represent a phosphate layer drilled along dip. If so, this result could be indicative of the average grade for this layer and to be confirmed as the drilling campaign progresses. Results for the Northern Zone are shown in Table 1 below. Table 1 - Drill Results for the Northern Zone

Hole_ID	From (m)	To (m)	Length1 (m)	P2O5 (%)	TiO2 (%)	Fe2O3T (%)
BL-24-22	10.55	47.65	37.10	5.82	4.41	23.88
	96.00	117.00	21.00	4.36	3.17	18.60
	156.00	174.00...