First Phosphate Corp. announced that it has signed a Joint Development Agreement ("JDA") with Integrals Power Limited ("IPL") of Milton Keynes, United Kingdom to produce battery grade iron III phosphate precursor to supply the lithium iron phosphate ("LFP") battery industry outside of China. Business Case.

Business Agreement. The parties agree to undertake an initial phase of joint development of the technology needed to produce the iron phosphate precursor for LFP CAM. If successful, the joint development is expected to result in a scalable, low cost, environmentally compliant technology for the production of battery grade iron III phosphate (FePO4); one which could be combined with lithium carbonate or lithium hydroxide to produce LFP CAM.

The effort required to develop the initial phase technology is estimated to take up to 9 months to creation of a full pilot line. Contemporaneously, large-scale expansion plans for the technology will be developed by the parties. Research and development of this initiative will be carried out by IPL.

First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq.

km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "ex expects" or " does not expect", "an opportunity exists", "is positioned", "estimates", "assumes", "assumes", "ant anticipates" or " does not anticipate" or "bel believes", or variations of such words and phrases or statements that certain actions, events or results " may, " could", " might", " might", "will" or " will be taken", "occur" or " be achieved" and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things, the Company's planned exploration and production activities, the properties and composition of any extracted phosphate, the Company's plans for vertical integration into North American supply chains, successful commercial relations between First Phosphate and IPL, IPL's successful development of the technology, as described including its relative cost, and the developed product's compliance with European and North American environmental standards and compliance frameworks, and the US Inflation Reduction Act, the ability of the parties to successfully scale the technology, and the availability of funding for future phases of development and production.

These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, expectations of the Company's long term business outcomes given its short operating history; expectations regarding revenue, expenses and operations; the Company having sufficient working capital and ability to secure additional funding necessary for the exploration of the Company's property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of the Company's projects; expectations regarding drill programs and the potential impacts successful drill programs could have on the life of the mine and the Company; mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration and exploitation permits and other third-party approvals; government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affect planned or past exploration and development programs; expectations surrounding global economic trends and technological advancements; and key personnel continuing their employment with the Company. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include: limited operating history; limited operating history; limited operating experience: limited operating history; high risk of business failure; limited operating history; high risk the Company's expectations include: high risk of business failure; high risk of business failure, and dependence on third-party financing; no profits or significant revenues; no profits or significant revenues and dependence on third-party funding; no profits or significant revenues or significant revenues; no profits and future events could cause actual results to be accurate, and dependence on third-term financing; no profits or significant revenue and dependence on third-party finance; no profits or significant revenues, and dependence on third- party financing; no profits or significant profits or significant revenues; limited resources; limited resources; negative cash flowfrom operations and dependence on third-party funds; no dividends; no profits or significant revenues.