First Phosphate Corp. — Capital/Financing Update 2021

Jan 22, 2021

NEWS RELEASE

FIRST POTASH CORP. Announces Closing of Offering.

Calgary, Alberta – January 22, 2021 – First Potash Corp. (the “ Corporation ”) announces that further to its news release of January 12, 2021, the Corporation has issued the final tranche of the Offering of common shares, as defined below, for a total of 76,203,312 common shares at a price of $0.000161 per share for a total amount of $12,268.74 and 58,498,078 common shares at a price of $0.000645 per share, for a total of $37,731.26.

As previously announced pursuant to the Corporation’s application to the Executive Director of the British Columbia Securities Commission (the “ BCSC ”) for a partial revocation of the order issued by the BCSC dated July 17, 2013 (the “ BC CTO ”), and its application to the Executive Director of the Alberta Securities Commission (the “ ASC ”) to vary a cease trade order issued by the ASC on October 16, 2013 (the “ AB CTO ”), on December 16, 2020, the BCSC issued a partial revocation order (the “ Partial Revocation Order ”) of the BC CTO and the ASC issued a variation order (the “ Variation Order ”) varying the AB CTO. The Partial Revocation Order and the Variation Order each permit the Corporation to distribute: (i) up to 90,294,822 common shares of the Corporation, at a subscription price of $0.000161 per common share; and (ii) up to 85,988,419 common shares of the Corporation, at a subscription price of $0.000645 per common share (the “ Offering ”.

The common shares are subject to a statutory four month hold period and the BC CTO and the AB CTO.

For further information contact;

First Potash Corp. Attention: Lorilee Kozuska Chief Executive Officer Phone: (604) 562-5516 E-mail: lkozuska@me.com