First Phosphate Corp. and Pekuakamiulnuatsh Takuhikan announced the signing of a collaboration agreement with respect to its proposed phosphate mine and Lithium Iron Phosphate (LFP) cathode active material plant project in the Saguenay-Lac-Saint- Jean Region of Quebec, Canada (the ?Project?). The agreement sets out guidelines regarding employment opportunities, business horizons, environmental protection across the Nitassinan (the ancestral lands of the First Nation), harmonization of exploration work with the members of the First Nation who occupy the Nitassinan, and the supervision of future work.

Future access to the industrial park at Mashteuiatsh for Project development and financial participation in the Project by the First Nation are under consideration. The First Nation is also committed to collaborating with the Company in the establishment of rare igneous phosphate as a critical and strategic mineral at the Canadian federal levels of government. Under the collaboration agreement, the Company has agreed to issue: an initial 50,000 shares to the ilnu-aitun funds (dedicated to Ilnu culture) and 50,000 shares to the Nelueun funds (dedicated to ilnu language); and such number of shares equal to 2.5% of the exploration and development expenditures by the Company on the First Nations lands, calculated and payable annually.

The exploration and development expenditures are subject to a minimum of 100,000 shares per year, payable annually in advance, including 100,000 shares to be issued in connection with the signing of this agreement for the 2024 calendar year. All shares issuable under the Agreement will be priced in accordance with the policies of the CSE at the time of their issuance.