Saguenay, Quebec – Newsfile Corp. – January 29, 2024 – First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company”) is pleased to announce that it has confirmed a new high-grade discovery 500 m from the existing northern zone of its Bégin-Lamarche project located in the region of Saguenay-Lac-St-Jean, Quebec, Canada. The original discovery of these areas was made in the fall of 2022 during a prospection campaign and was confirmed last fall with 26 grab samples returning high-grade P2O5 (phosphate).
The Larouche area also continues to return high-grade analyses with one sample grading as high as 39.45% P2O5 (phosphate) in an irregular layer of pure apatite (the host mineral which contains phosphate). At this level of purity, the mineral would be considered direct shipping ore (“DSO”).
Bégin-Lamarche Project Results
Grab sampling revealed a high grade phosphate area 500m north of the existing Northern Zone. This new zone, named the Mountain Zone, is about 350m long by 175m wide (See Figure 1). From field observation, the rock type is nelsonitic peridotite which is the most favorable rock type where phosphate is found on the property. A total of 26 grab samples were taken in this area, most of which, returned grades of between 7.17% and 17.83% P2O5 (phosphate). The average of the 26 samples was 10.6% P2O5. The assay results are presented in Table 1.
A second new zone, named the Northwestern zone, was also discovered west of the existing Northern Zone from which 4 of 8 samples returned grades of over 10% P2O5.
“Begin-Lamarche continues to show promise in delivering another significant phosphate horizon for the Company,” explained First Phosphate CEO, John Passalacqua. “What is more, the Begin-Lamarche property is found at 70 km from the deep-sea port of Saguenay and brings with it tremendous logistical advantages.” 
Figure 1 – Location of the New Mountain and Northwestern Zones
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Table 1 – Assay Results for the New Mountain Zone
| Field Station | Sample | UTM East | UTM North | % P2O5 | % Fe2O3 | % TiO2 |
| FP-23-RC-011 | A1007212 | 326998 | 5403709 | 17.83 | 25.14 | 7.72 |
| FP-23-JPA-114 | A1007104 | 326769 | 5403913 | 15.99 | 32.03 | 3.83 |
| FP-23-RC-008 | A1007209 | 326988 | 5403834 | 14.25 | 24.14 | 3.91 |
| FP-23-JPA-116 | A1007106 | 326863 | 5403947 | 13.67 | 32.70 | 4.22 |
| FP-23-RC-002 | A1007203 | 326952 | 5403822 | 12.95 | 35.23 | 5.35 |
| FP-23-JPA-113 | A1007103 | 326758 | 5403910 | 12.79 | 40.40 | 7.05 |
| FP-23-JPA-117 | A1007107 | 326808 | 5403962 | 12.59 | 40.12 | 7.96 |
| FP-23-JPA-119 | A1007110 | 326732 | 5403936 | 11.56 | 36.97 | 5.57 |
| FP-23-JPA-123 | A1007114 | 326867 | 5403756 | 11.55 | 46.17 | 11.05 |
| FP-23-JPA-121 | A1007112 | 326823 | 5403823 | 11.08 | 37.74 | 6.31 |
| FP-23-JPA-111 | A1007102 | 326778 | 5403841 | 11.04 | 30.17 | 5.86 |
| FP-23-RC-005 | A1007206 | 326944 | 5403828 | 10.68 | 37.98 | 5.63 |
| FP-23-RC-003 | A1007204 | 326948 | 5403829 | 10.58 | 36.62 | 4.92 |
| FP-23-RC-015 | A1007216 | 326882 | 5403707 | 10.44 | 34.55 | 5.22 |
| FP-23-RC-004 | A1007205 | 326945 | 5403827 | 10.10 | 33.97 | 2.58 |
| FP-23-RC-007 | A1007208 | 326941 | 5403823 | 9.93 | 40.16 | 5.74 |
| FP-23-JPA-115 | A1007105 | 326799 | 5403924 | 9.40 | 29.51 | 1.96 |
| FP-23-RC-006 | A1007207 | 326946 | 5403828 | 9.18 | 39.47 | 5.81 |
| FP-23-RC-001 | A1007202 | 326949 | 5403815 | 8.85 | 37.09 | 3.91 |
| FP-23-JPA-119 | A1007109 | 326717 | 5403943 | 8.73 | 33.79 | 5.80 |
| FP-23-RC-009 | A1007210 | 326903 | 5403899 | 8.41 | 30.38 | 2.15 |
| FP-23-JPA-120 | A1007111 | 326776 | 5403891 | 8.26 | 34.39 | 4.59 |
| FP-23-JPA-118 | A1007108 | 326777 | 5403961 | 7.77 | 30.83 | 2.79 |
| FP-23-RC-012 | A1007213 | 326971 | 5403720 | 7.74 | 46.65 | 8.80 |
| FP-23-RC-010 | A1007211 | 326876 | 5403855 | 7.17 | 47.95 | 10.28 |
| FP-23-JPA-122 | A1007113 | 326838 | 5403785 | 4.64 | 29.75 | 2.30 |
Larouche Project Results
Field reconnaissance and sampling in the Larouche area also revealed high grade phosphate. As noted above, one sample returned 39.45% P2O5 (See Figure 2). This represents the highest ever phosphate sample found by the Company. The sample comes from an irregular layer found of almost pure apatite (the host mineral which contains phosphate). At this level of purity, the mineral would be considered DSO. Preliminary geological indications suggest that these layers could be flat-lying and therefore open at substantial potential depth. Other results from the samples in this area show high grade phosphate values up to 23.1% P2O5 (See Table 2). To date, field work has outlined phosphate layers of a length of up to 760m. The width of these layers is not fully known at this time due to their flat-lying geometry. Only further drilling will be able determine the full width of the layers. A drill permit application has been made for drilling in this area. 
Figure 2 – Location of Samples Found in the Larouche Area
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Table 2 – Assay Results from the Larouche Area
| Field Station | Sample | UTM East | UTM North | % P2O5 | % Fe2O3 | % TiO2 |
| FP-23-JPA-185 | A1007140 | 316149 | 5375054 | 39.45 | 5.88 | 0.77 |
| FP-23-JPA-187 | A1007142 | 316094 | 5374900 | 23.12 | 36.44 | 8.89 |
| FP-23-JPA-148 | A1007130 | 316203 | 5375312 | 21.25 | 24.65 | 5.43 |
| FP-23-MB-009 | A1007229 | 315951 | 5374697 | 17.60 | 30.39 | 4.79 |
| FP-23-JPA-169 | A1007134 | 315617 | 5373838 | 16.13 | 32.72 | 5.22 |
| FP-23-JPA-186 | A1007141 | 316144 | 5375032 | 15.58 | 35.45 | 6.01 |
| FP-23-JPA-184 | A1097139 | 316138 | 5375057 | 14.99 | 40.94 | 10.94 |
| FP-23-MB-009 | A1007231 | 315952 | 5374693 | 11.91 | 34.65 | 6.00 |
| FP-23-MB-009 | A1007228 | 315951 | 5374699 | 11.56 | 36.21 | 6.19 |
| FP-23-MB-019 | A1007237 | 316083 | 5374676 | 8.96 | 1.57 | 0.19 |
| FP-23-JPA-181 | A1007138 | 315570 | 5375192 | 8.83 | 46.42 | 13.30 |
| FP-23-MB-012 | A1007233 | 315981 | 5374735 | 8.75 | 39.14 | 6.79 |
| FP-23-JPA-151 | A1007131 | 316202 | 5375323 | 8.13 | 35.15 | 9.48 |
| FP-23-JPA-152 | A1007132 | 316198 | 5375337 | 8.13 | 31.43 | 8.19 |
| FP-23-MB-012 | A1007232 | 315976 | 5374737 | 7.45 | 41.31 | 8.32 |
| FP-23-MB-009 | A1007230 | 315951 | 5374697 | 5.72 | 52.27 | 12.02 |
| FP-23-MB-014 | A1007235 | 316009 | 5374878 | 1.88 | 17.48 | 3.76 |
| FP-23-MB-014 | A1007236 | 316005 | 5374876 | 1.81 | 21,52 | 3.60 |
| FP-23-JPA-174 | A1007136 | 316041 | 5375054 | 1.67 | 58.58 | 11.49 |
| FP-23-MB-021 | A1007239 | 316111 | 5374719 | 1.11 | 68.35 | 19.15 |
| FP-23-MB-021 | A1007240 | 316110 | 5374720 | 1.05 | 68.39 | 19.38 |
| FP-23-MB-013 | A1007234 | 315961 | 5374724 | 0.89 | 42.52 | 7.31 |
| FP-23-JPA-158 | A1007133 | 316349 | 5375411 | 0.59 | 68.21 | 19.36 |
| FP-23-MB-021 | A1007241 | 316110 | 5374722 | 0.37 | 30.41 | 11.02 |
| FP-23-JPA-175 | A1007137 | 316037 | 5375052 | 0.16 | 58.68 | 11.50 |
| FP-23-JPA-171 | A1007135 | 316000 | 5375101 | 0.09 | 68.29 | 18.56 |
| FP-23-MB-019 | A1007238 | 316083 | 5374689 | 0.08 | 1.19 | 0.20 |
Figure 3 – Location of First Phosphate Projects in the Saguenay-Lac-St-Jean Area
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Qualified Person
The scientific and technical disclosure for First Phosphate included in this news release have been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is the Chief Geologist of the Company and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has verified the data disclosed in this news release.
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 (“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
[email protected]
Tel: +1 (514) 815-8799
Investor Relations: [email protected]
Media Relations: [email protected]
Website: www.FirstPhosphate.com
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LinkedIn: https://www.linkedin.com/company/first-phosphate
Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things, the Company’s planned exploration and production activities, the properties and composition of any extracted phosphate, the Company’s plans for vertical integration into North American supply chains, and the Company’s interpretations and expectations about the Begin-Lamarche and Larouche projects.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, expectations of the Company’s long term business outcomes given its short operating history; expectations regarding revenue, expenses and operations; the Company having sufficient working capital and ability to secure additional funding necessary for the exploration of the Company’s property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of the Company’s projects; expectations regarding drill programs and the potential impacts successful drill programs could have on the life of the mine and the Company; mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration and exploitation permits and other third-party approvals; government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affect planned or future exploration and development programs; expectations surrounding global economic trends and technological advancements; and key personnel continuing their employment with the Company.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include: limited operating history; high risk of business failure; no profits or significant revenues; limited resources; negative cash flow from operations and dependence on third-party financing; the uncertainty of additional funding; no dividends; risks related to possible fluctuations in revenues and results; insurance and uninsured risks; litigation; reliance on management and key personnel; conflicts of interest; access to supplies and materials; dangers of mineral exploration and related liability and damages; risks relating to health and safety; government regulation and legal uncertainties; the company’s exploration and development properties may not be successful and are highly speculative in nature; dependence on outside parties; title to some of the Company’s mineral properties may be challenged or defective; Aboriginal title and land claims; obtaining and renewing licenses and permits; environmental and other regulatory risks may adversely affect the company; risks relating to climate change; risks related to infrastructure; land reclamation requirements may be burdensome; current global financial conditions; fluctuation in commodity prices; dilution; future sales by existing shareholders could cause the Company’s share price to fall; fluctuation and volatility in stock exchange prices; and risks related to market demands. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant.
These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company’s other documents filed with the Canadian securities authorities, including without limitation the “Risk Factors” section of the Company’s Annual Information Form dated November 29, 2023 which is available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The issuer is solely responsible for the content of this announcement.
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