First Phosphate (PHOS) investor relations material

Project and market positioning

• Quebec project is advancing through feasibility and permitting, with plans to develop downstream operations. Nearby power, rail, roads and port access may limit infrastructure CapEx needs.

• Hydro-Québec industrial power was cited at $0.03/kWh; European partners have signed offtake agreements.

• Deposit is igneous phosphate, described as high-purity and free of radioactive material; concentrate is 40% P2O5 versus 38.7% for the cited Russian igneous benchmark.

• Resource totals 205 Mt measured and indicated, with potential to support mine operations for more than 20 years.

Product economics and financing

• Cleaner igneous material can reduce downstream processing needs; buyers may avoid some costly equipment, and uncontaminated gypsum by-product may have alternative uses.

• A product premium is reflected in offtake pricing, but the premium and per-ton cost advantage were not quantified in the discussion.

• PEA CapEx is estimated at $500M, with 75% covered by guaranteed, available secured credit from Swiss and Danish partners.

• Management said available funding supports work through the final investment decision and to the eve of mine construction.

Development timeline

• Feasibility study is targeted for Q1 2027, followed by consultation and environmental work during 2027.

• Final Quebec permits and authorizations are targeted for Q1 2028; management noted timing depends on government processes.

• Final investment decision, procurement, construction and initial production are targeted by 2030.