First Phosphate Announces Initial Payment Under Long-Term Offtake Agreement for Phosphate Concentrate

Executive Summary

• First Phosphate Corp. received a US $530,000 lump‑sum pre‑payment from its existing phosphate concentrate off‑take partner under an amended Letter of Intent.
• The funds are earmarked to advance the Bégin‑Lamarche phosphate mining project toward a feasibility study and eventual production decision.
• The company continues a 30,000 m drill program slated for completion by April 2026; if a feasibility study is not pursued, the pre‑payment will be refundable to the Purchaser.

Key Details

• Pre‑payment amount: US $530,000 lump‑sum from the Purchaser.
• Purpose of funds: Support advancement of the Bégin‑Lamarche project to a feasibility study and production decision.
• Refund provision: If First Phosphate decides against a feasibility study or makes a negative production decision, the pre‑payment is refundable to the Purchaser.
• Drill program status: Ongoing 30,000 m drilling campaign expected to finish by April 2026 to upgrade inferred resources to indicated/measured and refine the geological model.
• Previous work: Preliminary Economic Assessment completed on 4 Dec 2024 recommended additional drilling and exploration.
• Collaboration agreement (April 9 2024): Issuance of 240,132 shares to Pekuakamiulnuatsh First Nation for 2025 exploration and development expenditures on the First Nation’s lands.
• Qualified Person: Gilles Laverdière, P.Geo., Chief Geologist, reviewed and approved the scientific and technical disclosure under NI 43‑101.

Notable Quotes

(No direct quotes were provided in the release.)