First Phosphate Announces Non-Brokered Private Placement to Accommodate Existing Investors

Saguenay-Lac-Saint-Jean, Québec--(Newsfile Corp. - May 28, 2026) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce a non-brokered private placement to accommodate existing investors for gross proceeds of a minimum of $5,000,000 (the "Offering"). The Offering is anticipated to consist of any combination of: Hard dollar units of the Company ("Hard Dollar Unit") at a price of $2.00 per Hard Dollar Unit (the "Hard Dollar Unit Offering"), with each Hard Dollar Unit comprised of: (i) one common share in the capital of the Company ("Common Share"), and (ii) one Common Share purchase warrant ("Warrant") with each Warrant exercisable for one Common Share at a price of $2.50 per Common Share until December 31, 2026, subject to an Accelerated Expiry Date (as defined below).