First Phosphate Receives Funds from Warrant Exercise and Streamlines Capitalization Table

Saguenay, Québec--(Newsfile Corp. - May 4, 2026) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce the receipt of $3,070,549 in gross proceeds upon the exercise of 2,456,439 warrants prior to their expiry on April 24, 2026 and April 30, 2026, at an exercise price of $1.25 per share. The Company now has 179,947,950 common shares, 2,625,000 warrants, 7,650,000 options and 1,975,000 restricted share units outstanding.