First Phosphate closes $1.39M tranche of financing

Executive Summary

• First Phosphate Corp. closed a subsequent tranche of its non-brokered private placement, raising $1,390,699 in this specific tranche.
• In aggregate, the company has raised $3,570,848 across two tranches via the issuance of flow-through shares and hard-dollar units.
• The company also granted 4.7 million incentive stock options and 1,303,000 Restricted Stock Units (RSUs) to officers, directors, and eligible participants.

Key Details

• Financing Structure (Current Tranche):
  • Raised $1,390,699 total.
  • Issued 1,111,110 flow-through shares for $999,999.
  • Issued 431,111 hard-dollar units (comprising 431,111 common shares and 431,111 warrants) for $390,700.
  • Paid a corporate finance fee of $12,500.
• Financing Structure (Aggregate/Both Tranches):
  • Total Gross Proceeds: $3,570,848.
  • Total Flow-Through Shares Issued: 3,355,832 (Gross Proceeds: $3,020,249).
  • Total Hard-Dollar Units Issued: 611,777 (Gross Proceeds: $550,560).
• Equity Grants:
  • Granted 4.7 million incentive stock options.
  • Granted 1,303,000 Restricted Stock Units (RSUs).
  • Options have an exercise price of $0.90 and expire on Dec. 29, 2028.
  • Options vest 25% every six months for two years following the grant date.
  • RSUs vest on Jan. 1, 2026.
• Additional Securities:
  • Issued 88,888 compensation common shares at a deemed price of $0.90 per share.
  • Issued 88,888 compensation warrants exercisable at $1.25 per share, expiring April 30, 2026 (subject to accelerated expiry).
• Regulatory/Other:
  • All securities issued are subject to a four-month-and-one-day statutory hold period.
  • The company has raised approximately $43.6 million in 10 management-led non-brokered private-placement financings since June 2022.
  • The company may close another tranche of the offering at its discretion.
  • Proceeds to be used as disclosed in the Nov. 7, 2025 press release.