First Phosphate completes drilling at Begin-Lamarche

Executive Summary

• First Phosphate Corp. completed its infill drill program at the Begin-Lamarche property, confirming extensive mineralization and discovering two new phosphate intersects in the Northern and Southern zones.
• The company expanded the drilling campaign by 10,000 metres to a total of approximately 40,000 metres to solidify geological models and test depth mineralization.
• Management changes occurred with the retirement of Chief Geologist Gilles Laverdiere and the appointment of Steeve Lavoie as the new Chief Geologist, accompanied by a stock option grant to Mr. Lavoie.

Key Details

• Drilling Completion: Completed infill drill program launched Oct 21, 2025, at the Begin-Lamarche property in Saguenay-Lac-Saint-Jean, Quebec.
• Drilling Results:
  • Confirmed extensive, continuous mineralization across the existing horizon of the initial resource estimate.
  • Discovered two new phosphate intersects: one in the Northern zone and one in the Southern zone (eastern side of the existing mineralized zone).
• Program Scope:
  • Initial program: 30,000 metres.
  • Additional targeted drilling: 10,000 metres.
  • Total drilling: Approximately 40,000 metres.
  • Objective: Solidify understanding of new intersects and test additional mineralization at depth in Northern and Southern zones.
• Next Steps: Processing full set of drill results to upgrade the geological model for the Begin-Lamarche property in the coming weeks.
• Management Change:
  • Gilles Laverdiere retiring as Chief Geologist after 48 years in the industry.
  • Steeve Lavoie, PGeo, appointed as new Chief Geologist.
  • Mr. Lavoie has over 20 years of experience, most recently with Agnico Eagle Mines, joined First Phosphate in November 2025.
• Option Grant:
  • Granted 300,000 incentive stock options to Mr. Steeve Lavoie.
  • Exercise Price: 98 cents per option.
  • Expiration: December 29, 2028.
  • Vesting Schedule: 25% vests every six months for two years following the date of grant.
  • Hold Period: Four months plus one day for all securities issued.

Notable Quotes

• "We were able to discover, drill and create a significant geological model for the Begin-Lamarche property all within about 3.5 years... Such rapid progression from initial discovery reflects the exceptional continuity of the phosphate mineralization and the efficiency of our exploration approach." — Gilles Laverdiere, Chief Geologist
• "I'd like to thank Gilles Laverdiere for his dedication to First Phosphate and the Begin-Lamarche project since its early discovery and for building our strong exploration foundation... Gilles is a man of remarkable dedication and a true role model for the industry." — John Passalacqua, CEO