First Phosphate closes oversubscribed private placement

THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO THE UNITED STATES Saguenay-Lac-Saint-Jean, Québec--(Newsfile Corp. - June 15, 2026) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (" First Phosphate " or the " Company ") is pleased to announce that, on June 12, 2026, it closed its financing (the "Offering") to existing, and other follow-on, investors on terms as described in the Company news release dated May 28, 2026. The Company raised a total of $15,420,640 through the issuance of 1,432,750 Hard Dollar Units at a price of $2.00 per Hard Dollar Unit for gross proceeds of $2,865,500 and 6,277,570 Flow-Through Shares at a price of $2.00 per Flow-Through Share for gross proceeds of $12,555,140. Together with this Offering, and since June 2022, the Company has raised approximately $78 million in 11 management-led non-brokered private-placement financings and from funds received from option and warrant exercise.

"With the recent entry of one of the major global mining explorers and developers into the igneous phosphate space and with the rapid onshoring of the lithium iron phosphate ("LFP") battery industry into North America by major global cell manufacturers and LFP end-product producers to support the growing energy storage, AI data center, factory automation and national security sectors, it is crucial that First Phosphate advance strongly its exploration, development and downstream mine-to-market leadership in the igneous phosphate sector," says First Phosphate CEO John Passalacqua. "The Company continues to view igneous phosphate in multi-generational timelines and as the new gold of the energy transition. We thank our existing and new shareholders for having supported us in this vision and having moved to position the Company to an even stronger financial position to continue with these mission critical objectives." In connection with the Offering, the Company paid $156,880 in cash finder's fee, issued 322,920 compensation Common Shares at a deemed price of $2.00 per common share, and issued 401,360 Compensation Warrants, exercisable at a price of $2.50 per common share of the Company, until December 31, 2026, subject to the Accelerated Expiry Date.

All securities issued under the Offering are subject to a four-month and one day statutory hold period in accordance with applicable securities laws. The Company intends to use the proceeds from the Offering as disclosed in the Company's press release dated May 28, 2026. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Company's news release dated May 28, 2026.

The Company may close another tranche of the Offering at its discretion subject to the Policies of the Canadian Securities Exchange. Insider Participation In connection with the Offering, Laurence W. Zeifman, Chairman of the Board of the Company, purchased 50,000 Flow-Through Shares. About First Phosphate Corp. First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America.