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First Phosphate Corp. Announces Initial Closing of Non-Brokered Private Placement

Saguenay, Quebec–(Newsfile Corp. – December 22, 2023) – First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company”) is pleased to announce that it has successfully closed on an initial tranche (the “Initial Tranche”) of the non-brokered private placement financing for gross proceeds of a minimum of $2,000,000 (the “Offering”), as further described in the Company’s news release dated December 14, 2023. The Initial Tranche involved the issuance of 1,970,000 Flow-Through Shares for aggregate gross proceeds of $985,000, demonstrating strong investor interest and confidence in the Company’s future prospects.

The subsequent tranche of the financing reflecting hard cash subscriptions and remaining flow through subscriptions is scheduled for closing on or about December 28, 2023, allowing for further investment opportunities in the Company.

Finder’s fees totaling $47,280 were paid in connection with the Initial Tranche, and 63,040 Compensation Shares at a price of $0.50 per share were issued, along with 157,600 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. These actions demonstrate the Company’s commitment to attracting and retaining key partners and stakeholders.

The securities issued under the Offering will be subject to a four-month and one-day statutory hold period in accordance with applicable securities laws, ensuring compliance with regulatory requirements.

Furthermore, the Company wishes to emphasize that the securities issued pursuant to the Offering 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 U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release serves as a notice to the public about these restrictions.

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First Phosphate Corp.’s Commitment to Sustainable Development

First Phosphate Corp. is focused on the responsible extraction and purification of phosphate for the production of cathode active material for the Lithium Iron Phosphate (“LFP”) battery industry, enhancing sustainability within the industry. The Company aims to produce high purity material with a low anticipated carbon footprint, emphasizing the importance of environmentally conscious practices in its operations.

Moreover, First Phosphate Corp. plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers. This approach ensures a consistent and secure supply source of battery grade LFP cathode active material, meeting the growing demand for sustainable and reliable energy storage solutions.

By leveraging over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada, First Phosphate Corp. is actively contributing to the economic and technological development of the region.

Closing Remarks

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For more information, or to explore investment opportunities, please contact the appropriate First Phosphate Corp. representative as provided in the press release. Further developments and accomplishments from the Company are available on its official website and social media accounts, offering a comprehensive view of its ongoing activities.

First Phosphate Corp. is optimistic about the opportunities and growth potential presented by its recent private placement financing, contributing to its long-term strategy and commitment to sustainable resource development and environmental stewardship.

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