Early Warning Report in Respect of John Passalacqua

Toronto, Ontario--(Newsfile Corp. - July 3, 2026) - John Passalacqua (the "Shareholder"), announces that, on July 3, 2026, his beneficial ownership of common shares ("Common Shares") of First Phosphate Corp. (the "Company") (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) increased by 420,000 Common Shares in accordance with the vesting provisions of previously granted restricted share units. The Shareholder further announces that his beneficial ownership over the outstanding Common Shares of the Company decreased to less than 10% effective June 12, 2026 due to dilution resulting from the Company's private placement financing which closed on June 12, 2026 (the "Private Placement"). Immediately following the Private Placement, the Shareholder beneficially owned, indirectly, 14,079,639 Common Shares, 289,850 American Depositary Shares ("ADS") (having an exchange ratio of 10 Common Shares to 1 ADS), and 1,775,000 securities convertible into Common Shares representing approximately 9.88% of the outstanding Common Shares on a partially diluted basis assuming the exercise of convertible securities representing a decrease of 0.44%.

Including the increase to beneficial ownership on July 3, 2026, the Shareholder now beneficially owns approximately 9.99% of the outstanding Common Shares on a partially diluted basis assuming the exercise of convertible securities. This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report is available on the Company's SEDAR profile at www.sedar.com, and can also be obtained by contacting Mr. Bennett Kurtz, Corporate Secretary, First Phosphate Corp., at bennett@firstphosphate.com .

Mr. Passalcaqua, is CEO of the Company with its head office at Suite 1500 1055 West Georgia Street, PO Box 11117 Vancouver, British Columbia Canada V6E 4N7. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303959 Newsfile Corp. July 3, 2026 - 1:27 PM PDT News by QuoteMedia www.quotemedia.com