First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0)   announces that it has finalized an industrial land option agreement with Port of Saguenay located in Saguenay, Quebec, Canada.

The Agreement marks progress on the memorandum of understanding signed between the Company and the Port on October 12, 2022. Under the Agreement, First Phosphate has the exclusive right to enter into a definitive land lease with the Port by December 31, 2027, subject to various financial and development milestones and prior to anticipated facility construction beginning in 2028.

The Agreement covers lands where the Company plans to develop a phosphoric acid plant using advanced clean technology from Prayon SA of Belgium and to be implemented by international engineering firm Ballestra S.pA. of Italy. These lands offer strategic benefits and a competitive position, including:

• Direct rail and vessel access to North American and global markets, especially to the company’s European offtakers

• Access to large-scale industrial infrastructure, utilities and expansion lands

• Eventual vertical integration between upstream phosphoric acid and downstream LFP battery material production

The Agreement was signed today in Montreal at the premises of the Wallonia Export & Investment Agency. In attendance for the signing were:

• Claude Guay, Member of Parliament for LaSalle-Émard-Verdun, Parliamentary Secretary to the Minister of Energy and Natural Resources, Canada

• Mario Simard, Member of Parliament for Jonquière, Vice-Chair, Standing Committee on Natural Resources, Canada

• Andrée Laforest, Deputy, Chicoutimi, Minister of Municipal Affairs and Housing, Government of Quebec

• François Tremblay, Deputy, Dubuc, Government of Quebec

• Anne Defourny, Trade/Investment Counsellor, Wallonia Export & Investment Agency

• Carl Laberge, President and Board Chair, Port Saguenay

• John Passalacqua, CEO, First Phosphate Corp.

• David Dufour, Executive Vice-President, First Phosphate Corp.

Signing of Agreement between Port Saguenay and First Phosphate, in Montreal, at Wallonia Export & Investment Agency

“Our government’s ongoing investments in Port Saguenay will enable companies such as First Phosphate to process phosphate into phosphoric acid right here in Saguenay. We continue our efforts to ensure that our infrastructure is up to par for attracting businesses to the port and to our surrounding communities. We remain proactive and positive for our Saguenay-Lac-Saint-Jean region,” said Andrée Laforest, Member of Parliament for Chicoutimi, Minister of Municipal Affairs and Minister responsible for the Saguenay-Lac-Saint-Jean region, and François Tremblay, Member of Parliament for Dubuc.

“The new Government of Canada supports the development of critical minerals and the infrastructure needed to support them. Phosphate has been included by the federal government in the Canadian list of critical minerals to open doors for phosphate projects across Canada. This agreement demonstrates the economic opportunities these minerals bring to Canada and Quebec in the production and processing of critical minerals. We thank First Phosphate and the Port of Saguenay for their work in pursuing these opportunities. By working together, we will build the strongest economy in the G7,” said Claude Guay, Member of Parliament for LaSalle-Émard-Verdun and Parliamentary Secretary to the Minister of Energy and Natural Resources.

“I am delighted with today’s announcement: this is a major project for both the region and the whole of Quebec. Today, Saguenay-Lac-Saint-Jean is carving out a place for itself in the battery industry, and not just any place. This project is a symbol of sustainable economic development and is in line with our commitment to promoting projects that contribute to the energy transition,” said Mario Simard, Member of Parliament for Jonquière and Bloc Québécois spokesperson for Natural Resources.

“This agreement with First Phosphate confirms Saguenay’s central role in the development of the critical minerals sector in both Quebec and Canada,” said Saguenay Mayor Julie Dufour. “With our industrial infrastructure, strategic access to rail and maritime networks, and our strong commitment to welcoming innovative projects, Saguenay is proving its ability to attract major investment. This project aligns with our ambition to establish Saguenay as a key economic hub in northeastern Canada.”

“This agreement with First Phosphate confirms the strategic advantages and role of the Port of Saguenay as a natural logistics hub in northeastern Canada for the development of the critical minerals sector. It follows major investments and infrastructure projects currently underway in its industrial port zone and is in line with the collaboration agreement recently signed with North Sea Port, a strategic port area in Europe,” said Mr. Carl Laberge, President and CEO of Port Saguenay. “This agreement represents a significant step forward for economic diversification and the establishment of a promising industrial sector for Quebec and Canada.”

To view details on the facilities at Port Saguenay, please see: https://youtu.be/_mQZfQdA8Yw

Signature of Agreement between Port Saguenay and First Phosphate, in Saguenay, at Port Saguenay

About First Phosphate Corp

First Phosphate is a mineral development company dedicated to producing high-purity phosphate for the LFP battery industry. The Company’s vertically integrated approach connects sustainable phosphate mining in Quebec with North American battery supply chains, targeting the energy storage, data center, robotics, mobility, and defense sectors. First Phosphate’s flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean is one of North America’s rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities.

About Port Saguenay

The Saguenay Port authority (SPA), also known as the “Port of Saguenay”, is an autonomous federal public enterprise incorporated under the Canada Marine Act in 1999. It is one of the 17 Canadian Port Authorities (CPAs), recognized for its strategic importance and its contribution to the country’s economy. Located in the heart of Saguenay-Lac-St-Jean industrial region, the Port of Saguenay is a natural gateway to Northern Quebec and its extensive natural resources. Accessible all year round, its deep-water marine facilities are capable of accommodating some of the world’s largest ships. Accessible directly from major North American rail and highway networks, the Port is also renowned for the quality and availability of its infrastructure.

About the Walloon Export & Investment Agency in Quebec

The Wallonia Export and Investment Agency is a public interest organization created by the Walloon Region in 1998. It is the key partner for any Walloon company wishing to expand internationally and acts as a one-stop shop for any foreign company interested in establishing a presence in Wallonia. AWEX has maintained an office in Montreal for many years to strengthen trade relations between Wallonia and Quebec. It works in collaboration with the General Delegation Wallonia-Brussels based in Quebec City and the Embassy of Belgium in Ottawa.