First Phosphate Applauds Addition of Phosphate to the Canadian List of Critical Minerals Essential for Clean Technology

Phosphate exploration and downstream processing facilities will now benefit from numerous Canadian federal programs dedicated to key critical minerals including these two essential tax credit programs:

1. The Critical Mineral Exploration Tax Credit, a 30% Canadian refundable tax credit for Canadian investors in junior mining companies in respect of targeted exploration expenses.
2. The Clean Technology Manufacturing Investment Tax Credit, a 30% refundable tax credit for Canadian corporations investing in new machinery and equipment for manufacturing clean technologies or processing critical minerals.

The CMETC will assist First Phosphate in raising funds geared towards further exploring and developing its mineral properties in Saguenay-Lac-St-Jean, Quebec and to continue to develop the region’s district-level phosphate zone.

The CTM will be beneficial to First Phosphate in building out infrastructure associated with the operating and mining of its advanced phosphate properties as well as its future downstream processing facilities such as the planned phosphoric acid plant and the planned lithium iron phosphate cathode active material plant.

First Phosphate wishes to thank members of the Standing Committee on Finance, Canada and members of the Standing Committee on Natural Resources, Canada for recognizing that phosphate is no longer just about fertilizer but also about high technology. An overwhelming majority of batteries produced on the planet are now based on LFP chemistry of which the majority of the cathode is comprised of high-purity phosphate such as the type found on First Phosphate properties in Saguenay-Lac-St-Jean, Quebec.

First Phosphate has recently produced commercial-grade LFP 18650 battery cells using North American critical minerals: https://firstphosphate.com/north-american-lfp-battery-cells

The high-purity phosphoric acid for these LFP 18650 battery cells was produced using rare igneous anorthosite rock extracted from the Company’s Bégin-Lamarche property in Saguenay-Lac-Saint-Jean, Quebec.

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About First Phosphate Corp.

First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration, development and cleantech company dedicated to examining and ultimately building and onshoring a vertically integrated mine-to-market lithium iron phosphate battery supply chain for North America. Target markets include energy storage, data centers, robotics, mobility and national security.

First Phosphate’s flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec, Canada is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities.

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