First Phosphate to begin drilling at Begin-Lamarche

Executive Summary

• First Phosphate Corp. is accelerating a 30,000-metre drilling program at its Begin-Lamarche igneous phosphate property in Quebec to finalize the geological model and support the development of a vertically integrated lithium-iron-phosphate (LFP) battery supply chain.
• The program aims to confirm the initial resource estimate (effective Sept. 9, 2024) and will utilize up to four drill rigs, with operations expected to complete by April 2026.
• The company highlights recent milestones, including the production of commercial-grade LFP 18650 battery cells using materials from the property, and outlines the strategic location of future processing facilities near the Saguenay port.

Key Details

• Drilling Program Scope: 30,000 metres total, covering the entire 2.5-kilometre-long known phosphate mineralization zone at 50-metre-by-50-metre intervals.
• Timeline: Commencing this month (relative to release), increasing to four rigs by mid-November, with expected completion by April 2026.
• Contractors: Managed by Laurentia Exploration; drilling conducted by First Nations Drilling and Forages Diafor.
• Financing: The program is fully financed by the company's recent financings, with all drill and work authorizations in place.
• Strategic Context: The drilling supports the "accelerated development path" for potential full vertical integration of LFP cathode active material (CAM) operations.
• Infrastructure & Location: The Begin-Lamarche property is located approximately 70 kilometres from the deep-sea port of Saguenay and the intended LFP CAM production plant in La Baie, Quebec.
• Recent Operational Milestone: First Phosphate recently produced the first-ever commercial-grade LFP 18650 battery cells using North American critical minerals, utilizing high-purity phosphoric acid and iron powder derived from the Begin-Lamarche property.
• Qualified Person: Technical information reviewed and approved by Gilles Laverdiere, PGeo, Chief Geologist of First Phosphate.

Notable Quotes

• "The Begin-Lamarche property is located near existing infrastructure, skilled work force and at only [approximately] 70-kilometre driving distance from the deep-sea port of Saguenay and our eventual secondary and tertiary phosphate processing facilities... We have Begin-Lamarche on an accelerated development path to support potential full vertical integration of the company's future lithium-iron-phosphate (LFP) cathode active material (CAM) operations in Saguenay-Lac-Saint-Jean, Quebec." — John Passalacqua, CEO