First Phosphate closes $2.18-million private placement

Mr. Bennett Kurtz reports FIRST PHOSPHATE CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT TO EXISTING AND FOLLOW-ON INVESTORS On Nov. 14, 2025, First Phosphate Corp. closed its financing to a strategic investor, and other follow-on investors, on terms as described in the company news release dated Nov. 7, 2025. The company raised a total of $2.18-million through the issuance of 2,244,722 flow-through shares at a price of 90 cents per flow-through share for gross proceeds of $2,020,250 and 177,666 hard-dollar units at a price of 90 cents per hard-dollar unit for gross proceeds of $159,899. Together with this offering, the company has raised to date a total of approximately $42.2-million in 10 management-led non-brokered private placement financings since June, 2022. In connection with the offering, the company issued 178,698 compensation common shares at a deemed price of 90 cents per common share, and issued 178,698 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. 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. The company wishes to amend and clarify certain terms of the compensation warrants as disclosed in its press release dated Nov. 7, 2025, originally announcing the offering. Each compensation warrant shall entitle the holder thereof to acquire one common share at a price of $1.25 per share until April 30, 2026, provided that, if the volume-weighted average trading price of the common shares on the Canadian Securities Exchange for any five consecutive trading days equals or exceeds $2, the company may, upon issuing a press release, accelerate the expiry date of the compensation warrants to the date that is 30 days following the date of such press release. About First Phosphate Corp. First Phosphate is a mineral development and cleantech company dedicated to building and onshoring a vertically integrated mine-to-market lithium iron phosphate 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, Quebec, Canada, is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities. We seek Safe Harbor.