Saguenay, Quebec — February 25, 2026 — Leads & Copy —
First Phosphate Corp. has launched its sponsored Level 1 American Depositary Receipt (ADR) program to increase exposure to American and international investors seeking direct access to Quebec igneous phosphate and the downstream lithium iron phosphate (LFP) battery supply chain.
The First Phosphate ADR is now available for trading in the United States on the OTCQX market under the symbol “FPHOY” (CUSIP: 33611D301; ISIN: US33611D3017).
The ADR ratio is set to ten First Phosphate common shares for each First Phosphate ADR.
The Bank of New York Mellon (BNY) has been appointed as depositary bank for the First Phosphate ADR program. Participants may issue ADRs at no cost during the first six months after the program’s effectiveness date, February 12, 2026, through BNY.
The new First Phosphate ADR is complimentary to all other Company listings on all other stock exchanges and does not affect the Company’s current OTCQX listed common shares under symbol “FRSPF”.
BNY facilitates the issuance and cancellation of First Phosphate ADRs in accordance with instructions received from market participants. The First Phosphate ADR program operates in accordance with a deposit agreement, filed with the United States Securities and Exchange Commission (SEC) and available through https://www.sec.gov/Archives/edgar/data/2108542/000101915526000028/0001019155-26-000028-index.htm. The First Phosphate common shares underlying the First Phosphate ADRs are held in custody by BNY.
The establishment of the First Phosphate ADR program is not a new offering of securities, and therefore no additional shares are being issued nor is any capital being raised in connection with the launch of the First Phosphate ADR program.
An ADR is a separate security denominated in US dollars that allows US investors to invest in shares of non-US companies without the need for cross-border or cross-currency transactions.
The company has received the initial payment of USD $523,017.59 regarding the existing, long-term phosphate concentrate offtake agreement with its existing offtake partner, which was announced on January 6, 2026 (https://firstphosphate.com/offtakepayment).
Z Six Financial Corporation, an entity controlled by Laurence W. Zeifman, Chairman of the Board of First Phosphate, has exercised 300,000 options originally issued on September 14, 2022, and exercisable at $0.25, and 300,000 options originally issued on December 22, 2022, and exercisable at $0.35 per option.
First Phosphate has issued 781,395 Restricted Share Units (RSUs) to ExpoWorld Ltd., an entity controlled by John Passalacqua, CEO of First Phosphate, as consideration for the termination of 1,200,000 options held by ExpoWorld including 600,000 options originally issued on September 14, 2022, and exercisable at $0.25 per option, and 600,000 options originally issued on December 22, 2022, and exercisable at $0.35 per option (the “Options”).
These vested RSUs represent the in-the-money value of the Options being terminated (calculated based on the closing price of First Phosphate shares on February 10, 2026) and serve to facilitate the cashless exercise of options while minimizing the impact that the transaction would have on the open market.
Passalacqua, through ExpoWorld, made an open market purchase of 119,500 shares in the open market on January 30, 2026.
The Board and management will receive approximately 50% of their total compensation in the form of RSUs. The Board has approved the grant of 1,975,000 RSUs to eligible directors, officers, consultants, and employees for services to be provided for the 12-month period commencing March 1, 2026. One-half of these new RSUs will vest on August 31, 2026, and February 28, 2027, respectively. All of the common shares issuable on vesting of the RSUs will be subject to a hold period of four months plus one day from the date of vesting.
First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is focused on building and onshoring a vertically integrated mine-to-market lithium iron phosphate (LFP) 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.
Source: First Phosphate Corp.
