First Phosphate closes $2.95-million private placement

Mr. Bennett Kurtz reports FIRST PHOSPHATE CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT TO EXISTING AND FOLLOW-ON INVESTORS On Aug. 22, 2025, First Phosphate Corp. closed its financing to an existing investor, and other follow-on investors, on terms as described in the company's news release dated Aug. 5, 2025. The company raised a total of $2.95-million through the issuance of 4,749,000 flow-through shares at a price of 50 cents for gross proceeds of $2,374,500 and 1.15 million hard-dollar units at a price of 50 cents for gross proceeds of $575,000. Together with this offering, the company has raised to date a total of approximately $31.4-million in nine management-led non-brokered private-placement financings since June, 2022, of which approximately $11.2-million has been closed in the past three months. In connection with the offering, the company paid $25,200 in cash finders' fees, issued 218,320 compensation shares and advisory shares at a deemed price of 50 cents per common share, and issued 268,720 compensation warrants, exercisable at a price of 50 cents per common share of the company until Dec. 31, 2025, 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 Aug. 5, 2025. The company may close another tranche of the offering at its discretion. The company has also approved the grant of 1,826,400 restricted share units of the company to eligible directors, management and consultants of the company in lieu of cash compensation expenses for the six-month period commencing Sept. 1, 2025. The RSUs vest on Feb. 28, 2026, and shares issued under these RSUs will be subject to a hold period of four months plus one day from the date of issuance. The RSUs will be granted in accordance with and subject to the company's omnibus equity incentive plan. About First Phosphate Corp. First Phosphate is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The company is committed to sustainable extraction and purification with a low anticipated carbon footprint. Its vertically integrated model connects phosphate mining directly into the supply chains of North American battery producers. First Phosphate's flagship project, the Begin-Lamarche property in Saguenay-Lac-Saint-Jean, Que., contains rare igneous anorthosite rock that yields high-purity phosphate with minimal impurities. We seek Safe Harbor.