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First Phosphate Announces Insider Purchases of Shares

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First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) announced significant insider purchases of company shares. Chairman Laurence W. Zeifman acquired 370,500 shares through a controlled between July 31 and August 9, 2024, at prices ranging from $0.17 to $0.217. CEO John Passalacqua, through a controlled entity, has purchased 807,500 shares since the company's CSE listing in February 2023, with recent acquisitions in July and August 2024.

The company's management and directors also previously acquired 2,700,000 shares from Glen Eagle Resources Inc. Most directors and management receive compensation in Registered Share Units (RSUs) to preserve capital for business growth. First Phosphate recently completed a 25,929 drill program at its Bégin-Lamarche property and is preparing a NI 43-101 mineral resource estimate and preliminary economic assessment.

First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) ha annunciato significativi acquisti interni di azioni della società. Il presidente Laurence W. Zeifman ha acquistato 370.500 azioni attraverso un'entità controllata tra il 31 luglio e il 9 agosto 2024, a prezzi variabili da $0,17 a $0,217. L'amministratore delegato John Passalacqua, tramite un'entità controllata, ha acquistato 807.500 azioni dalla quotazione della società alla CSE nel febbraio 2023, con recenti acquisizioni a luglio e agosto 2024.

Il management e i direttori della società hanno anche precedentemente acquisito 2.700.000 azioni da Glen Eagle Resources Inc. La maggior parte dei direttori e del management riceve compensi in Unità Azionarie Registrate (RSUs) per preservare il capitale per la crescita aziendale. First Phosphate ha recentemente completato un programma di perforazione di 25.929 metri nella sua proprietà Bégin-Lamarche ed è in procinto di preparare una stima delle risorse minerarie secondo l'NI 43-101 e una valutazione economica preliminare.

First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) anunció compras significativas de acciones por parte de personas cercanas a la empresa. El presidente Laurence W. Zeifman adquirió 370,500 acciones a través de una entidad controlada entre el 31 de julio y el 9 de agosto de 2024, a precios que varían entre $0.17 y $0.217. El CEO John Passalacqua, mediante una entidad controlada, ha comprado 807,500 acciones desde la cotización de la empresa en la CSE en febrero de 2023, con adquisiciones recientes en julio y agosto de 2024.

La dirección y los directores de la empresa también adquirieron previamente 2,700,000 acciones de Glen Eagle Resources Inc. La mayoría de los directores y el equipo de gestión reciben compensaciones en Unidades de Acciones Registradas (RSUs) para preservar capital para el crecimiento del negocio. First Phosphate recientemente completó un programa de perforación de 25,929 metros en su propiedad Bégin-Lamarche y está preparando una estimación de recursos minerales según la NI 43-101 y una evaluación económica preliminar.

퍼스트 포스페이트 주식회사 (CSE: PHOS) (OTC: FRSPF)는 회사 주식에 대한 내부자의 중요한 구매를 발표했습니다. 회장 로렌스 W. 제프먼은 2024년 7월 31일부터 8월 9일 사이에 통제된 기관을 통해 370,500주를 $0.17에서 $0.217 사이의 가격으로 매입했습니다. CEO 존 파살라쿠아는 통제된 기관을 통해 2023년 2월 회사의 CSE 상장 이후 807,500주를 구입하였으며, 최근에는 2024년 7월과 8월에 매입을 진행했습니다.

회사의 경영진과 이사들은 또한 글렌 이글 리소스 주식회사로부터 2,700,000주를 이전에 매입했습니다. 대부분의 이사와 경영진은 사업 성장을 위해 자본을 보존하기 위해 등록 주식 단위(RSUs)로 보상을 받습니다. 퍼스트 포스페이트는 최근 Bégin-Lamarche 부지에서 25,929미터의 시추 프로그램을 완료하였으며, NI 43-101에 따른 광물 자산 추정 및 초기 경제 평가를 준비하고 있습니다.

First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) a annoncé des achats importants d'actions par des initiés de l'entreprise. Le président Laurence W. Zeifman a acquis 370 500 actions par le biais d'une entité contrôlée entre le 31 juillet et le 9 août 2024, à des prix variant de 0,17 $ à 0,217 $. Le PDG John Passalacqua, par le biais d'une entité contrôlée, a acheté 807 500 actions depuis l'inscription de l'entreprise à la CSE en février 2023, avec des acquisitions récentes en juillet et août 2024.

La direction et les administrateurs de l'entreprise ont également précédemment acquis 2 700 000 actions de Glen Eagle Resources Inc. La plupart des administrateurs et de la direction reçoivent une rémunération en unités d'actions enregistrées (RSUs) afin de préserver le capital pour la croissance de l'entreprise. First Phosphate a récemment terminé un programme de forage de 25 929 mètres sur sa propriété Bégin-Lamarche et prépare une estimation des ressources minérales selon les normes NI 43-101 ainsi qu'une évaluation économique préliminaire.

First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) gab bedeutende Insiderkäufe von Unternehmensaktien bekannt. Vorsitzender Laurence W. Zeifman erwarb zwischen dem 31. Juli und dem 9. August 2024 insgesamt 370.500 Aktien über ein kontrolliertes Unternehmen zu Preisen von $0,17 bis $0,217. CEO John Passalacqua hat seit der notierung des Unternehmens an der CSE im Februar 2023 durch ein kontrolliertes Unternehmen 807.500 Aktien erworben, wobei die jüngsten Käufe im Juli und August 2024 stattfanden.

Das Management und die Direktoren des Unternehmens haben zuvor auch 2.700.000 Aktien von Glen Eagle Resources Inc. erworben. Die meisten Direktoren und das Management erhalten Vergütungen in Form von Registered Share Units (RSUs), um Kapital für das Unternehmenswachstum zu erhalten. First Phosphate hat kürzlich ein Bohrprogramm über 25.929 Meter auf seinem Bégin-Lamarche-Grundstück abgeschlossen und bereitet eine NI 43-101- Schätzung der mineralischen Ressourcen sowie eine wirtschaftliche Vorstudie vor.

Positive
  • Significant insider share purchases by Chairman and CEO, indicating confidence in the company's value
  • Completion of a 25,929 drill program at the Bégin-Lamarche property
  • Upcoming NI 43-101 mineral resource estimate and preliminary economic assessment
  • Management compensation primarily in RSUs, aligning interests with shareholders and preserving capital
Negative
  • Current market price may not reflect the company's underlying value, according to the Chairman

Saguenay, Québec--(Newsfile Corp. - August 12, 2024) - First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that the Chairman of its Board of Directors, Laurence W. Zeifman, and its CEO, John Passalacqua, have recently made open market purchases of the Company's common shares.

"I believe that the underlying value of the Company may not be reflected in the market price of the Company's common shares and, as a result, I have acted on this misalignment to increase my holdings of the Company's shares in the open market," says Mr. Zeifman.

Mr. Zeifman has acquired, through a corporation controlled by him, a total of 370,500 common shares of the Company on the open market on the following dates:

  • August 9, 2024: 121,000 shares at a price of $0.217
  • August 8, 2024: 133,500 shares at a price of $0.198
  • August 7, 2024: 12,500 shares at a price of $0.195
  • August 2, 2024: 84,000 shares at a price of $0.18
  • July 31, 2024: 19,500 shares at at price of $0.17

Mr. Passalacqua has also continued to purchase shares in the open market since the Company's shares were listed on the CSE in February of 2023. Through an entity controlled by him, Mr. Passalacqua has acquired 807,500 Company common shares on the open market on the following dates;

  • August 9, 2024: 25,500 shares at a price of $0.21
  • August 8, 2024: 10 000 shares at a price of $0.205
  • August 6, 2024: 36,500 shares at a price of $0.185
  • August 2, 2024: 13,500 shares at a price of $0.185
  • July 29, 2024: 366,500 shares at a price of $0.17
  • March 20, 2024: 253,000 shares at an average price of $0.22
  • November 30, 2023: 20,000 shares at an average price of $0.33
  • June 5, 2023: 50,000 shares at an average price of $0.47
  • May 12, 2023: 32,500 shares at an average price of $0.40

Moreover, as per the Company's June 21, 2023 press release (https://firstphosphate.com/first-phosphate-announces-completion-of-share-purchase-agreement), Company management and directors also purchased an aggregate of 2,700,000 common shares owned by Glen Eagle Resources Inc. under a private share purchase agreement.

The Company's directors, including Mr. Zeifman, currently receive most of their compensation in the form of registered share units ("RSUs") and other stock based compensation in order to preserve invested capital for growing the business and as an additional sign of their faith in the Company. This is true as well for most of the Company's management, including Mr. Passalacqua, who receives his full CEO salary in RSUs.

The Company has recently completed a 25,929 drill program at its Bégin-Lamarche property in Saguenay-Lac-St-Jean in Quebec, Canada. The Company is in the process of completing a NI 43-101 mineral resource estimate to be followed immediately by a preliminary economic assessment ("PEA") on this property. After evaluating the results of such studies, the Company will decide which of its two phosphate properties at PEA stage to move forward immediately and decisively into a full-scale feasibility study.

For additional details, please see the Company's filings on SEDAR+.

About First Phosphate Corp.

First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the lithium iron phosphate ("LFP") battery industry. 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. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.

For additional information, please contact:

Bennett Kurtz, CFO
bennett@firstphosphate.com
Tel: +1 (416) 200-0657

Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com

Follow First Phosphate:

Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

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Forward-Looking Information and Cautionary Statements

This news release contains certain statements and information that may be considered "forward-looking statements" and "forward looking information" within the meaning of applicable securities laws. 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", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "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, and the planned completion of the mineral resource estimate, PEA and feasibility study.

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 future exploration and development programs; expectations surrounding global economic trends and technological advancements; key personnel continuing their employment with the Company the completion of the PEA report on the Bégin-Lamarche property and the availability of capital to finance the full-scale feasibility study.

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; high risk of business failure; no profits or significant revenues; limited resources; negative cash flow from operations and dependence on third-party financing; the uncertainty of additional funding; no dividends; risks related to possible fluctuations in revenues and results; insurance and uninsured risks; litigation; reliance on management and key personnel; conflicts of interest; access to supplies and materials; dangers of mineral exploration and related liability and damages; risks relating to health and safety; government regulation and legal uncertainties; the company's exploration and development properties may not be successful and are highly speculative in nature; dependence on outside parties; title to some of the Company's mineral properties may be challenged or defective; Aboriginal title and land claims; obtaining and renewing licenses and permits; environmental and other regulatory risks may adversely affect the company; risks relating to climate change; risks related to infrastructure; land reclamation requirements may be burdensome; current global financial conditions; fluctuation in commodity prices; dilution; future sales by existing shareholders could cause the Company's share price to fall; fluctuation and volatility in stock exchange prices; and risks related to market demands. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant.

These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company's other documents filed with the Canadian securities authorities, including without limitation the "Risk Factors" section of the Company's Annual Information Form dated November 29, 2023 and Annual Report on 20-F which are available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219595

FAQ

How many shares did First Phosphate's Chairman Laurence W. Zeifman recently purchase?

First Phosphate's Chairman Laurence W. Zeifman recently purchased 370,500 common shares through a controlled between July 31 and August 9, 2024.

What is the stock symbol for First Phosphate Corp. on the OTC markets?

First Phosphate Corp.'s stock symbol on the OTC markets is FRSPF.

How many shares has First Phosphate's CEO John Passalacqua acquired since the company's CSE listing?

First Phosphate's CEO John Passalacqua has acquired 807,500 company common shares through a controlled entity since the company's CSE listing in February 2023.

What recent drilling activity has First Phosphate Corp. (FRSPF) completed?

First Phosphate Corp. (FRSPF) recently completed a 25,929 drill program at its Bégin-Lamarche property in Saguenay-Lac-St-Jean, Quebec, Canada.

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