First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is pleased to announce that on, September 19, 2025, it closed the third tranche of its non-brokered private placement financing, as further described in the Company’s news releases dated August 5, August 25 and September 15, 2025.

In aggregate under the three tranches of the Offering, the Company raised gross proceeds of $11.4 million through the issuance of 13,067,400 Flow-Through Shares for gross proceeds of $6.5 million, and through the issuance of 9,785,000 Hard Dollar Units for gross proceeds of $4.89 million.

Under the third tranche of the Offering, the Company raised a total of $4.7 million through the issuance of 3,168,400 Flow-Through Shares for gross proceeds of $1.58 million and 6,220,000 Hard Dollar Units, comprised of 6,220,000 Common Shares and 3,110,000 Warrants, for gross proceeds of $3.1 million.

Together with this Offering, the Company has raised to date a total of approximately $39.9 million in 9 management-led non-brokered private-placement financings since June 2022 of which approximately $19.6 million has been closed over the last 5 months. The Company is also pleased to have been able to count on the support of numerous long-only private family offices and institutional funds including AlphaNorth Asset Management.

“Thanks to the trust placed in us, First Phosphate is now well-capitalized and remains on track to deliver a completed feasibility study by the end of 2026, mining permits by mid 2027 and an operating igneous phosphate mine supported by existing definitive, bankable offtake agreements by mid 2029,” says CEO, John Passalacqua. “Our timelines are aggressive, and, so they should be: an integrated North American lithium iron phosphate (“LFP”) battery supply chain is a matter of national security to both the United States and Canada.”

The Company paid $35,600 in cash, and issued 151,520 Common Shares and 222,720 Compensation Warrants to finders in connection with the third tranche. In total, in connection with the Offering, the Company paid $96,800 in cash finder’s fees, issued 694,640 Common Shares and advisory shares at a price of $0.50 per common share, and issued 888,240 Compensation Warrants, exercisable at a price of $0.50 per common share of the Company, until December 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 August 5, 2025. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Company’s news release dated August 5, 2025. The Company may close a final tranche of the Offering at its discretion on or before September 23, 2025.

The Company is also pleased to announce that it has entered into an advertising and e-marketing contract with NaFinance.com (the “Contractor”) to provide marketing services, including internet and social media engagement. The initial term of the agreement is for 13 months, commencing on September 22, 2025, and may be renewed with mutual written agreement. During the initial term the Contractor will be paid $2,800. The contractor is based at 22 Larksmere Court, Markham, Ontario L3R 3R1, and reachable at (416) 756-9328.

Insider Participation

In connection with the Offering, a company controlled by Larry Zeifman, Chairman of the Board of the Company, and a company controlled by Peter Nicholson, director of the Company, each purchased 280,112 Common Shares.

As related parties of the Company purchased Common Shares, the transactions are considered related party transactions for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The participation of the related parties of the Company are exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because the fair market value of the Common Shares purchased by and issued to the related parties does not exceed 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report related to the transactions more than 21 days before the expected closing of the transactions as required by MI 61-101 but believes that this shorter period is reasonable and necessary in the circumstances as the Company wishes to improve its financial position and to close the Offering in short order for sound business reasons.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. There can be no assurance that any further securities will be sold under Offering.

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 Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec, contains igneous anorthosite rock that yields high-purity phosphate with minimal impurities.