First Phosphate Corp. Welcomes the Addition of Apatite (Phosphate) to the Critical and Strategic Minerals List of Quebec, Canada

Saguenay, January 23, 2024 - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that the Quebec Minister of Natural Resources and Forests ("MRNF"), Mme Maïté Blanchette Vézina, unveiled today the 2023-2025 Action Plan for the implementation of the Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025 ("PQVMCS").

The Minister has made use of the unveiling of the 2023-2025 Action Plan to announce the updating of the Quebec list of critical and strategic minerals ("CSM") to include apatite (phosphate).

Quebec joins the Province of Ontario, the European Union and South Korea as jurisdictions that recognize phosphate as a critical and strategic mineral.

A decision by the Governments of Canada and the United States on the status of phosphate as a critical and strategic mineral is expected in 2024 or beyond. According to Argus Phosphate Rock Analytics (Q2 2023), current North American phosphate production is slated to decline by 61% by 2037.

Moreover, North American phosphate production is currently focused on food and fertilizer and has not yet experienced the demand that lithium iron phosphate ("LFP") battery production is expected to create. LFP battery production requires copious amounts of high purity purified phosphoric acid ("PPA").

First Phosphate has been actively involved in the development of Quebec igneous phosphate resources and applauds Quebec's acknowledgement of the tremendous opportunity that its local phosphate resources represent for the electrification needs of North America.

First Phosphate believes that Quebec igneous anorthosite phosphate rock is an untapped source of high purity phosphate which can potentially be mined and transformed into large quantities of PPA. The Company's objective is the development of an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec, one which can help satisfy the large future demand for LFP battery cathode active materials ("CAM") across North America.

Research studies on Quebec igneous anorthosite can be found at:
https://firstphosphate.com/phosphate-industry/quebecanorthosite

Details on First Phosphate's pilot plant for the purification of Quebec igneous anorthosite can be found at: https://firstphosphate.com/projects/pilot-plant

Details on First Phosphate's assets in the Saguenay-Lac-St-Jean region of Quebec, can be found at: https://firstphosphate.com/projects/prized-assets

Details on First Phosphate's strategy for the creation of a fully integrated LFP battery supply chain in North America based on establishing an LFP battery valley in the Saguenay-Lac-St-Jean region of Quebec can be found at: https://firstphosphate.com/lfp-battery-strategy

About First Phosphate Corp.

First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the LFP battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.

For additional information, please contact:

Jérôme Cliche, VP, Business Development
jerome@firstphosphate.com
Tel: +1 (514) 815-8799

Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com

Follow First Phosphate:

Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

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Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the expected demand for LFP batteries, the Company's ability to mine and commercialize phosphate in Quebec, the Company's belief that Quebec igneous anorthosite phosphate rock is an untapped source of high purity phosphate which can potentially be mined and transformed into large quantities of purified phosphoric acid (PPA) to service North America's need for the production of LFP cathode active material to meet electrification targets, and the ability to realize a valley in the Saguenay-Lac-St-Jean region of Quebec.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company's ability to integrate directly into the functions of certain major North American LFP Battery producers; the Company's ability to develop its land claims in the region of Saguenay-Lac-St-Jean, Quebec; the Company ability to carry out its plans for the development of a LFP CAM manufacturing business in North America; and the Company possessing the ability to realize upon the potential agreements with governmental and other entities, potential the development of partnerships, relationships and customers, and the stated benefits thereof.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to integrate directly into the functions of certain major North American LFP Battery producers; the Company's inability to develop its land claims in the region of Saguenay-Lac-St-Jean, Quebec; the Company inability to carry out its plans for the development of a LFP CAM manufacturing business in North America; and the Company's inability to realize upon the potential agreements with governmental and other entities, potential the development of partnerships, relationships, and customers, and the stated benefits thereof.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward- looking information, except as required by applicable law

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195395