First Phosphate closes $1.39M tranche of financing

Mr. Bennett Kurtz reports FIRST PHOSPHATE CLOSES FOLLOW-ON TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT On Nov. 21, 2025, First Phosphate Corp. closed a subsequent tranche of its non-brokered private placement financing, as further described in the company's news releases dated Nov. 7, 2025, and Nov. 17, 2025. In aggregate, under both tranches of the offering, the company has raised gross proceeds of $3,570,848 through the issuance of 3,355,832 flow-through shares for gross proceeds of $3,020,249 and through the issuance of 611,777 hard-dollar units for gross proceeds of $550,560. Under this tranche of the financing, the company raised a total of $1,390,699 through the issuance of 1,111,110 flow-through shares for gross proceeds of $999,999 and 431,111 hard-dollar units, comprising 431,111 common shares and 431,111 warrants, for gross proceeds of $390,700. Together with this offering, the company has raised to date a total of approximately $43.6-million in 10 management-led non-brokered private-placement financings since June, 2022. In connection with the current tranche of the offering, the company issued 88,888 compensation common shares at a deemed price of 90 cents per common share, issued 88,888 compensation warrants, exercisable at a price of $1.25 per common share of the company, until April 30, 2026, subject to an accelerated expiry date, and paid a corporate finance fee of $12,500. All securities issued under the offering are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. The company intends to use the proceeds from the offering as disclosed in the company's press release dated Nov. 7, 2025. The company may close another tranche of the offering at its discretion. RSU (restricted stock unit) and option grants The company also announces today's grant of 4.7 million incentive stock options and 1,303,000 RSUs as incentive compensation to officers, directors and other eligible participants in accordance with the terms of the company's omnibus equity incentive plan. Each option has an exercise price of 90 cents and expires on Dec. 29, 2028, with 25 per cent vesting every six months for two years following the date of grant. The RSUs vest on Jan. 1, 2026. All securities issued in accordance with the option and RSU grants are subject to a statutory hold period of four months plus one day in accordance with applicable securities legislation. About First Phosphate Corp. First Phosphate is a mineral development and clean-tech company dedicated to building and onshoring a vertically integrated mine-to-market lithium-iron-phosphate (LFP) battery supply chain for North America. Target markets include energy storage, data centres, robotics, mobility and national security. First Phosphate's flagship Begin-Lamarche property in Saguenay-Lac-Saint-Jean, Que., Canada, is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities. We seek Safe Harbor.