First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is pleased to announce a second set of assay results from the ongoing 25,000 m drill program at its Bégin-Lamarche project in Saguenay-Lac-St-Jean, Quebec, Canada. In total 16,435 m of drilling have been completed to date and assays have now been returned for 5,642 m since drilling began in February 2024.

Highlights:

• Phosphate Mountain Zone: Hole BL-24-82 intersected 2 m of massive apatite while other drill holes in this zone continued to yield core results of 30%+ apatite. Drill hole BL-24-48 intersected 15.01% P₂O₅ (phosphate) over 7.65 m from a depth of 36.9 m including one assay of 31.24% P₂O₅ over 1.1 m.

• Northern Zone: Drill hole BL-24-36 intersected 6.83% P₂O₅ over 108.0 m starting at a depth of 234.0 m. Drill hole BL-24-44 intersected 7.48% P₂O₅ over 90.6 m starting at a depth of 192.4 m.

• Northwestern Zone: Drill hole BL-24-49 intersected 8.65% P₂O₅ over 33.0 m from a depth of 72.5 m.

• Southern Zone: Drill hole BL-24-43 intersected 5.41% P₂O₅ over 258.0 m from a depth of 111.0 m.

“Drilling at the Phosphate Mountain Zone continues to deliver phosphate strong mineralization,” said First Phosphate CEO, John Passalacqua. “The Mountain and Northern Zones show high-grade phosphate on surface while the Southern Zone shows large tonnage potential over a strike length of 1.5 km.”

Apatite versus Phosphate

Apatite is very common as an accessory mineral in igneous and metamorphic rocks where it is the most common phosphate mineral form to be found. Occurrences are usually found as small grains which are often visible only in thin sections. The chemical formula of apatite is Ca5(PO4)3(F,Cl,OH). The molecular weight of the phosphate molecule (PO4) in apatite is 41.8%. Apatite is also found in clastic sedimentary rock as grains eroded out of the source rock over time. Phosphorite is a phosphate-rich sedimentary rock containing as much as 80% apatite which is present as cryptocrystalline masses. Economic quantities of apatite are also sometimes found in nepheline syenite or in carbonatites. Apatite was recently added to the Critical and Strategic Minerals List of Quebec, Canada. The European Union, South Korea, and the Province of Ontario are other jurisdictions that recognize phosphate as a critical and strategic mineral.

Phosphate Mountain Zone

A total of 15 drill holes have been completed to date in the Phosphate Mountain Zone and continue to show high apatite-bearing peridotite visually containing from 30% to 80% apatite over widths of up to 87 m. Drill hole BL-24-82 intersected massive apatite over a length of 2.0 m (See Figure 1).

Drill hole BL-24-48 intersected 15.01% P₂O₅ over 7.65 m from a depth of 36.9 m including one assay of 31.24% P₂O₅ over 1.1 m. Another high grade intersection yielded 13.98% P₂O₅ over 8.25 m starting at a depth of 91.05 m (See Table 1). These two intersections are outside of the main mineralized zone, this hole was drilled at the opposite direction of the main zone, where up to 87 m of 30%+ apatite bearing peridotite was intersected.

Table 1 – Drill Results for the Mountain Zone

¹ Lengths are measured along the core. True widths are estimated to be between 80 and 90% of the core interval.

 Figure 1 – Massive Apatite Concentration Visible Over 2.0 m in Drill Hole BL-24-82

Northern Zone

Expanded drilling in the Northern Zone continues to confirm grades and widths intersected since the beginning of the current drilling program. Drill hole BL-24-36 intersected 6.83% P₂O₅ over 108.0 m starting at a depth of 234.0 m. Drill hole BL-24-44 intersected 7.48% P₂O₅ over 90.6 m starting at a depth of 192.4 m (See Table 2). The 2024 results to date indicate that there are 4 mineralized phosphate layers ranging from 60 m to 100 m in thickness within a 500 m thick mineralized envelope starting at surface and continuing to a depth of 300 m.

Table 2 – Drill Results for the Northern Zone

¹ Lengths are measured along the core. True widths are estimated to be between 75% and 90% of the core interval.

Northwestern Zone

Drill hole BL-24-49 intersected 8.65% P₂O₅ over 33.0 m from a depth of 72.5 m including a section of 11.48% P₂O₅ over 9.5 m where higher apatite was encountered (See Table 3).

Table 3 – Drill Results for the Northwestern Zone

¹ Lengths are measured along the core. True widths are estimated to be between 80% and 90% of the core interval.

Southern Zone

Results from the Southern Zone continue to yield large intersections of over 100 m of phosphate mineralization. Drill hole BL-24-43 intersected 5.41% P₂O₅ over 258.0 m starting at a depth of 111.0 m (See Table 4). Drill hole-24-43 also confirmed the presence of higher grade phosphate at depth where two intersections returned 7.65% P₂O₅ over 24.0 m and 8.06% P₂O₅ over 25.0 m.

Table 4 – Drill Results for the Southern Zone

¹ Lengths are measured along the core. True width is estimated to be between 60 and 90% of the core interval

The technical parameters of the drill holes being released in this press release are shown in Table 5 below and their location is shown in Figure 2 below. Previously released results for drill holes from the current 2024 drill program are presented in Table 6.

Table 5 – Parameters for the Current Drill Holes Being Released

Table 6 – Results Previously Released for the 2024 Drill Campaign

Results for the earlier 4,274 m drill program conducted in 2023 can be found in the June 5, 2023 press release available at: https://firstphosphate.com/begin-lamarche-2023

Figure 2 – Drilling Progress at Bégin-Lamarche for the 2024 Drill Program

Quality Assurance / Quality Control

The sampling of, and assay data from, the drill core is monitored through the Company’s implementation of a quality assurance – quality control (QA-QC) program designed to the CIM Mineral Exploration Best Practices Guidelines.

A formal chain-of-custody procedure was adopted for security of samples until their delivery at the laboratory. Drill core (NQ size) is logged and samples are selected by Laurentia Exploration Inc. geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from 0.5 to 3 metres in length depending on the geological observations. A blank and a standard are inserted at the beginning of each sample batch, usually one complete hole, and a blank and a standard are then inserted alternatively each 10 samples. Half-core samples are packaged and sent by ground transportation in sealed rice bags to an independent laboratory, Activation Laboratories Ltd. of Ancaster, Ontario (ISO/IEC 17025:2005 with CAN-P-1579). The core samples are crushed up to 80% passing 2mm (10 mesh), riffle split 250 g and pulverized (mild steel) to 95% passing -200 mesh. Each sample is analyzed for whole rock analysis (code 4B) for 10 major oxides and 7 trace elements by lithium metaborate/tetraborate fusion of 3g of material and analyze by ICP-OES. The laboratory has its own QA/QC protocols.

Qualified Person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Chief Geologist of First Phosphate and a Qualified Person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects.

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 Lithium Iron Phosphate battery industry. First Phosphate is committed to producing at high purity level, at full ESG standard 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.