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First Phosphate Confirms Two Additional New High-Grade Discoveries at Begin-Lamarche Property and up to 39.45% P2O5 at Larouche

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). First Phosphate Confirms Two Additional New High-Grade Discoveries at Begin-Lamarche Property and up to 39.45% P2O5 at Larouche

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."

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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.

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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 21,5