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
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