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Customer Experience and Business Expansion Driving Conversational AI Investments in Asia Pacific

New Infobip Infobrief reveals Asia Pacific companies are increasing investments in cloud-based solutions for enhanced customer experiences and operational efficiencies.

KUALA LUMPUR, MALAYSIA – Media OutReach – 27 July 2023 – Global cloud communications platform Infobip has commissioned the latest market research prepared by Leading IT market research and advisory firm IDC. The IDC InfoBrief titled “Revolutionizing Customer Experience through the Power of Conversational Commerce*” highlights the rising role of AI-powered conversational commerce and omnichannel communication platforms in the Asia Pacific region. The InfoBrief not only highlights the importance of customer-centric strategies but also provides a guide for brands to successfully adopt and leverage conversational commerce, ultimately maximizing value for both businesses and customers.

Revolutionizing Customer Experience through the Power of Conversational Commerce.jpg
Revolutionizing Customer Experience through the Power of Conversational Commerce

Digital native customers are setting higher expectations and exercising greater control over how they engage with brands, becoming equal stakeholders in the Customer Experience (CX) ecosystem. This has resulted in brands moving from traditional transaction-level experiences to relationship-based ones. Cloud-based solutions enable brands to provide the end-to-end customer journeys that customers desire in this digital age.

With the shift in customer communication preferences, there is a noticeable increase in conversational interactions. Recent statistics demonstrate that brands adopting an omnichannel approach and delivering an end-to-end experience have higher chances of enhancing loyalty and customer lifetime value. Capitalizing on the advancements in artificial intelligence, conversational commerce has gained significant traction among businesses in the Asia Pacific region, utilizing Communication Platforms as a Service (CPaaS) as its core foundation.

Rising Demand for Conversational Commerce

Conversational commerce relies on Communication Platform as a Service (CPaaS) as a crucial tool, empowering organizations to seamlessly integrate real-time communication features (such as voice, text, video, instant messaging, and social media) into their internal and external applications using developer-friendly API as building blocks. Software as a Solution (SaaS) tools, such as smart chatbots powered by the cloud, are also on the rise as organizations recognize their inherent benefits to deliver personalized interactions and improved customer experiences.

The power of CPaaS and SaaS-based solutions enable businesses to provide a seamless, customer journey that’s visible across multiple touchpoints. This reflects a general pattern among businesses in Asia Pacific adopting a more conversational theme with their customers to gain benefits such as increased ROI and customer engagement. Conversational commerce empowers local businesses to branch out globally through automated messaging and cloud customer support.

“As businesses embrace the potential of conversational commerce, they position themselves to forge ahead, leveraging AI technology to create meaningful connections and unlock new growth opportunities. Organizations need an actionable, customer-centric strategy and the ability to invest in the right tools to grow the business and keep customers happy. By aligning their strategies with conversational commerce, businesses can proactively meet customer expectations, enhance engagement, and establish long-lasting relationships. This transformative approach empowers organizations to stay ahead in a dynamic marketplace”, said Velid Begovic, Vice President of Revenue at Infobip.

Drivers of CPaaS Investment Across Asia Pacific

This upward momentum in customer-centric business strategy among brands across the Asia Pacific reflects their current mindset and expectations. Despite a few countries averaging 50%-59% in CPaaS usage, the vast majority of organizations in the region (70%) plan to increase communication platform spending over 2023-24 in order to provide unique, unparalleled customer experiences to the region’s growing social media users, who are mostly young, active, and aware of the power of their own influence.

Although all countries plan to invest in CPaaS and SaaS solutions in the near future, their motivations for doing so can greatly differ. Singapore and Indonesia businesses aim to bring about enhanced customer experiences and create new revenue streams, while those in China, Thailand, and the Philippines are more motivated to improve and mobilize their business processes, as well as look towards domestic and international business expansion. This is likely due to the latter countries’ overall higher adoption rate of CPaaS solutions (above 60%) and booming retail/eCommerce segments.

“CPaaS solutions are increasingly recognized as crucial catalysts for enabling conversational commerce experiences. In fact, 27% of businesses in Asia Pacific are actively partnering with CPaaS platform providers to deliver contextualized customer interactions that not only boost profitability but also foster emotionally fulfilling engagements. This trend highlights the increasing importance of leveraging these technologies to meet customer demands and achieve business success,” said Nikhil Batra, Research Director, Telecommunication, IDC Asia/Pacific.

Organizations planning to embark on their conversational commerce journey will need a good, experienced partner as not all solutions are equal. Platforms with omnichannel capabilities are ideal as they are essential for building meaningful, high-quality customer engagement. Easy integration capabilities are also necessary because these ensure better customer experience and compliance with security and audit policies. Finally, CPaaS platform providers must be agile enough to respond to new use cases and tech that can help drive business growth. Infobip is ready to help elevate businesses through conversational commerce so that they are on par with the top businesses in Asia Pacific.

To learn more about the benefits of conversational commerce and how it has influenced industries across the Asia Pacific, please visit: https://shorturl.at/bikCR

*Source: IDC InfoBrief, commissioned by Infobip, Revolutionizing Customer Experience through the Power of Conversational Commerce, Doc #AP241426IB, July 2023.

Hashtag: #Infobip #IDC



The issuer is solely responsible for the content of this announcement.

About Infobip

Infobip is a global cloud communications platform that enables businesses to build connected experiences across all stages of the customer journey. Accessed through a single platform, Infobip’s omnichannel engagement, identity, user authentication and contact centre solutions help businesses and partners overcome the complexity of consumer communications to grow business and increase loyalty. With over a decade of industry experience, Infobip has expanded to 75+ offices globally. It offers natively built technology with the capacity to reach over seven billion mobile devices and ‘things’ in 6 continents connected to over 9,700+ connections of which 800+ are direct operator connections. Infobip was established in 2006 and is led by its co-founders, CEO Silvio Kutić, Roberto Kutić and Izabel Jelenić.

Recent recognition and awards include:

  • Infobip named a Leader in the IDC MarketScape: Worldwide Communications Platform-as-a-Service (CPaaS) 2023 Vendor Assessment (doc #US50607923], May 2023)
  • Infobip named a leader in the CPaaS Leaderboard, Juniper Research (Feb 2023)
  • Infobip named a leader in the CCaaS Leaderboard, Juniper Research (Aug 2022)
  • Omdia Ranks Infobip as Leader in CPaaS Universe Report (May 2022)
  • Ranked the leading service provider in CPaaS by Juniper Research in its new Competitor Leaderboard CPaaS Vendors (October 2021)
  • Infobip named a Leader in the IDC MarketScape: Worldwide Communications Platform-as-a-Service (CPaaS) 2021 Vendor Assessment (doc #US46746221, May 2021)
  • Best A2P SMS provider for the fourth year running by mobile operators and enterprises in ROCCO’s annual Messaging Vendor Benchmarking Report
  • Best CPaaS Provider of the Year, Best RCS Provider of the Year, and Mover & Shaker in Telco Innovation at the 2021 Juniper Digital Awards

Thailand’s Divisive Ex-prime Minister Thaksin Shinawatra Readies Return During Political Turmoil

Former Thai Prime Minister Thaksin Shinawatra welcomes his guests for the wedding of his youngest daughter Paetongtarn “Ing” Shinawatra at a hotel in Hong Kong on 22 March, 2019. As Thailand grapples with the unexpectedly difficult task of naming a new prime minister, the most controversial former holder of the job, billionaire populist Thaksin Shinawatra, plans to return home next month from years of self-imposed exile, his daughter announced Wednesday, 26 July 2023. (Photo: AP)

BANGKOK (AP) — As Thailand grapples with the unexpectedly difficult task of naming a new prime minister, the most controversial former holder of the job, billionaire populist Thaksin Shinawatra, plans to return home next month from years of self-imposed exile, his daughter announced Wednesday.

Value Partners Group, Aldiracita Sekuritas and STAR Asset Management Announce Strategic Partnership to Foster Cross-Border Collaboration and Growth of Asia’s Asset & Wealth Management Industry

HONG KONG SAR – Media OutReach – 27 July 2023 – Value Partners Group (together with its subsidiaries, “Value Partners”, Hong Kong Stock Code: 806.HK) and Aldiracita Group (Aldiracita Sekuritas together with its subsidiaries, “STAR Asset Management”), a prominent capital markets player in Indonesia, are pleased to announce the formation of a strategic partnership to foster stronger cross-border collaboration to capitalize on and address the fast-growing wealth and asset management needs in Asia. The share purchase agreements were signed on 26 July 2023, and an exchange file ceremony was held during a business luncheon attended by Hong Kong Chief Executive John Lee, who led a high-level Hong Kong delegation visit to ASEAN countries.

The Chief Executive, Mr John Lee (centre), together with Dato’ Seri Cheah Cheng Hye, Co-chairman and Co-CIO of Value Partners (left two), Ms June Wong, CEO of Value Partners (left one), Mr Rudy Utomo, President Director, Aldiracita Sekuritas (right two) and Mrs Reita Farianti, President Director, Star Asset Management (right one)
The Chief Executive, Mr John Lee (centre), together with Dato’ Seri Cheah Cheng Hye, Co-chairman and Co-CIO of Value Partners (left two), Ms June Wong, CEO of Value Partners (left one), Mr Rudy Utomo, President Director, Aldiracita Sekuritas (right two) and Mrs Reita Farianti, President Director, Star Asset Management (right one)

Under this partnership, “Sensible Asset Management Hong Kong Limited”, a wholly owned subsidiary of Value Partners , will acquire a 29.99% stake in PT Surya Timur Alam Raya Asset Management (STAR Asset Management), the asset management division under PT Aldiracita Sekuritas Indonesia (Aldiracita). Conversely, in Singapore, Aldiracita Global Investment Pte. Ltd. will acquire a 29.99% stake in Value Partners Asset Management Singapore Pte. Ltd.. Concurrently, we have informed our intention and submitted necessary documents to Otoritas Jasa Keuangan (OJK) and the Monetary Authority of Singapore (MAS) to obtain permission and support from the authorities.

The strategic partnership brings together the expertise and capabilities of both firms to offer the Indonesian market more innovative and high-quality investment solutions across different asset classes to help more Indonesian investors to achieve their financial goals. Indonesia is one of the fastest-growing economies in Asia with a young population, and the rising middle class is expected to bring robust demand for increasingly high-quality and sophisticated asset and wealth management services in the country.

The partnership also helps foster closer collaboration between Hong Kong and ASEAN countries and contributes to the healthy development of the region’s wealth and asset management industry.

Value Partners has more than 30 years of value investing experience in Asia, and the company is recognized for its leadership in ESG investments and its international service standards. Meanwhile, STAR Asset Management is widely known by its clients for its local investment expertise and experience and is recognized as the “Fastest Growing Asset Management Company in Indonesia” by the Global Banking and Finance Review Awards. In June 2023, STAR Mutual Funds’ asset under management has achieved growth of 22.3% above the market.

“As part of our growth strategy in Southeast Asia, we are intensifying our commitment and strengthening ties in the region,” said Mr. Cheah Cheng Hye, Chairman of Value Partners Group, who was part of the Hong Kong delegation visiting Southeast Asia. “ASEAN countries are Hong Kong’s second-largest trading partners with significant economic and investment potential. In particular, Indonesia, with its large population, represents a significant portion of the region’s potential for growth and investment.”

June Wong, CEO of Value Partners Group, further emphasized, “Our alliance with Aldiracita Group is a key milestone in our ongoing efforts to build strategic partnerships that offer measurable benefits to our clients. With both companies joining forces and leveraging each other’s strengths, we are now in a strong position to bring innovative and distinct investment solutions to the dynamic Southeast Asian market. We believe that this collaboration will enable us to tap into new markets and capitalize on the region’s potential for long-term growth and development.”

Rudy Utomo, President Director of Aldiracita and a Committee Chairman of Indonesia Securities Company Association, said, ” Aldiracita Group, through its subsidiary, STAR Asset Management is excited to collaborate with Value Partners to contribute to Indonesia’s economic development and provide investors with access to our diversified range of asset management products. We believe that our shared commitment to delivering exceptional investment solutions and unparalleled client service will drive long-term success for our companies and clients. We are looking forward to all the support from related parties.”

Reita Farianti, CEO of STAR Asset Management, said, “We are thrilled to partner with Value Partners, one of Asia’s leading and most respected asset management firms, to solidify STAR Asset Management’s position in Indonesia’s asset management industry. We aim to capitalize on Indonesia’s rapidly growing economy and burgeoning investment landscape, offering a wide range of innovative mutual fund and investment solutions to local and international investors. In addition, this collaboration ensures that clients in Indonesia receive the same level of personalized attention, tailored solutions, extensive access to the international market, and comprehensive market insights that Value Partners is known for worldwide. We believe that our shared commitment to delivering exceptional investment solutions and unparalleled client service will drive long-term success for our clients.”

Dato’ Seri Cheah Cheng Hye, Co-chairman and Co-CIO of Value Partners (centre), together with Mrs Reita Farianti, President Director, Star Asset Management (left), and Mr Rudy Utomo, President Director, Aldiracita Sekuritas (right)
Dato’ Seri Cheah Cheng Hye, Co-chairman and Co-CIO of Value Partners (centre), together with Mrs Reita Farianti, President Director, Star Asset Management (left), and Mr Rudy Utomo, President Director, Aldiracita Sekuritas (right)

Value Partners Group and Aldiracita Group are committed to complying with all applicable laws and regulations by Otoritas Jasa Keuangan “OJK” and the Monetary Authority of Singapore “MAS”

Hashtag: #ValuePartnersGroup

The issuer is solely responsible for the content of this announcement.

About Value Partners Group Limited

Value Partners, one of Asia’s leading independent asset management firms, seeks to offer world-class investment services and products. Since its establishment in 1993, the Company has been a dedicated specialist value investor in Greater China and Asia. In November 2007, Value Partners Group became the first asset management firm to be listed on the Main Board of the Hong Kong Stock Exchange (Stock code: 806 HK). In addition to its Hong Kong headquarters, the firm operates in Shanghai, Shenzhen, Kuala Lumpur, Singapore and London. Value Partners’ investment strategies cover equities, fixed income, multi-asset, alternatives, real estate and quantitative investment solutions for institutional and individual clients in Asia-Pacific, Europe and the United States. Value Partners is one of the leaders in ESG investing in Greater China and is committed to developing its ESG capabilities further. For more information, please visit .

About PT Aldiracita Sekuritas Indonesia, and its subsidiary PT Surya Timur Alam Raya Asset Management

Aldiracita is one of Southeast Asia’s most consistent and fastest-growing capital market players, established in 1990. Aldiracita is a securities company and a member of the Indonesia Stock Exchange (IDX), providing a wide range of financial services, including equity and debt capital market, merger & acquisition advisory, investment management and mutual funds. In 2018, Aldiracita was awarded as TOP Securities House by Investor Daily and successfully rose and ranked number three on the Bloomberg Debt Capital Markets (DCM) League Table with a 12% market share of total issuance in 2022.

STAR Asset Management, a wholly owned subsidiary of Aldiracita, was awarded the “Fastest Growing Asset Management Company Indonesia 2022” in the Global Banking and Finance Review Awards. With a commitment to innovation, reliability, trust, and long-term value investing, STAR Asset Management is dedicated to supporting its diverse clientele of institutional investors, corporations, financial intermediaries, and individual investors to achieve their financial objectives.

For more information, please visit and

1 in 2 Population in Singapore are unable to live their desired quality of life: AIA Live Better Study 2023 reveals worrying huge gaps in consumers’ well-being and happiness

Consumer survey insights showed a holistic wellness score of 61.7 amongst Singapore consumers, propelling the launch of AIA Health360, a comprehensive overview of solutions that support consumers in their journey toward holistic wellness

SINGAPORE – Media OutReach – 27 July 2023 – AIA Singapore today released the findings from its AIA Live Better Study 2023[1], revealing that against mounting economic uncertainties, which have taken a toll on individuals’ overall quality of life, 1 in 2 Singapore consumers acknowledge that they are far from achieving their goal of holistic wellness, which cuts across five key aspects – financial, physical, mental, spiritual[2] and socio-environmental.

[Infographic] Insights from AIA Live Better Study 2023
[Infographic] Insights from AIA Live Better Study 2023

These figures starkly contrast the 83% of survey respondents who believe that holistic wellness is the key to help them achieve healthier, longer, better lives.

The AIA Live Better Study 2023, investigated the current state of wellness, goal-setting behaviour, commitment, confidence, and progress within each key facet of wellness.

Melita Teo, Chief Customer and Digital Officer of AIA Singapore, says, “As Singapore’s cost of living continues to rise and economic uncertainties persist, we have become increasingly focused on being financially prepared for the long term. This focus on financial wellness should not come at the expense of neglecting other aspects of our well-being, such as physical and mental health. Doing so can cause repercussions on an individual’s overall health and happiness, and can even lead to chronic illnesses, stress, and burnout. To live healthier, longer, better lives, it is crucial that we start taking a more holistic approach to managing our well-being.”

Key survey results

Amongst numerous other insights, the survey brought the following statistics to light:

Illnesses are the key concern for 63% of Singaporeans
. This comes as no surprise, given the well-known issues of Singapore’s rising cost of living, particularly in healthcare. Cancer ranks highest in respondents’ concerns, cutting across multiple age groups, followed by Cardiovascular diseases, Bone/joint/muscle problems, Diabetes, and Neurological disorders like dementia, which consumers as young as 25 years old are already greatly concerned about.

Adults between 35 to 55-year-old age group,
many of whom are married with children, find themselves struggling with work, family obligations, and a lack of motivation. As a result, 47% of this age group feel that their physical fitness level is not up to par, and 56% find it challenging to achieve physical wellness. In general, consumers find regular health screenings challenging, due to the necessary financial and time investments needed to do so.

More than 3 in 5 Singaporean consumers surveyed also expressed concern over mental health issues. Within the 35 to 44-year-old age group, almost 20% have reported that they are currently suffering from depression. Respondents within the 25 to 40-year-old age range further expressed that financial concerns are the main factor in exacerbating mental health issues.

Young consumers aged 18 to 24 years old are prioritising their financial wellness early in life by actively investing. 50% of respondents in this age group are growing their investment portfolios, while 30% have acquired insurance protection in the past year.

Despite having ambitious financial goals, 3 in 5 young consumers fail to constantly update their financial knowledge and track their progress regularly, putting them at risk of not being able to achieve their goals, which will in turn negatively impact their financial well-being.

A distinct lack of planning

While respondents across the board show awareness that holistic wellness brings about a happier and more fulfilling life, a deeper look into their goal-setting behaviour revealed a lack of proactiveness amongst Singaporeans in making their holistic well-being a reality.

Amongst Singapore consumers who have not done any financial planning in the last 12 months, 40% have indicated that they are unsure in how go about it. Those who have planned, on the other hand, cite the following challenges that most commonly impact their planning goals:

  • 33% face unexpected expenses that have not been budgeted for
  • 26% struggle to adhere to their budgets consistently
  • 25% make impulsive purchases, leading to overspending

While the study’s results show that Singapore consumers have a higher aptitude on being slightly better at planning for their financials such as in setting goals for financial wellness, respondents have revealed that they have lesser knowledge, interest, and motivation in planning physical, mental, and socio-environmental wellness goals, placing relatively lower priorities on non-financial aspects of wellness.

AIA Health360

As a leading life insurer, AIA Singapore is committed to better supporting Singaporeans’ need in planning better for their holistic wellness. In line with AIA’s One Billion movement across all its markets of engaging one billion people to live Healthier, Longer, Better Lives, AIA Singapore has launched AIA Health360, a comprehensive suite of solutions that, in totality, will serve to address the financial, physical, and mental wellness needs of customers, offering all-rounded care and protection for every major facet of wellness.

Built upon four key pillars, AIA Health360 encompasses the gamut of total wellness, enabling consumers to achieve their goals for holistic wellness by reminding them to:

Plan Well with AIA’s suite of comprehensive financial planning tools, insights, and instruments. AIA Singapore has been helping more than one million Singaporeans in their health and financial planning for over 90 years. Customers can connect securely and view their financials collectively at one glance with the super-tool, My AIA SG app[3] which is enabled by SGFinDex. Through this, they have access to view all their financial data from insurers, banks, SGX and government agencies such as CPF, HDB and IRA.

Protect Well with comprehensive insurance solutions, spanning health, life, savings and investment, accident protection, wealth and legacy protection, as well as travel and lifestyle needs.

Be Well with a full span of healthcare services curated to support customers through their healthcare journey. We do so by building a strong and comprehensive health and wellness partner ecosystem to help our customers diagnose the illness, treat it and recover well. Specialist consultation appointments with AIA Healthcare Partners can be made through My AIA SG, AIA’s Healthcare Support website or AIA’s medical concierge, where customers can secure their appointment within 1 working day, GP video consultations are available via WhiteCoat and professional advice for serious medical conditions are available via Teladoc Health. Hospitalisation and surgery costs can be managed and planned for with pre-authorisations, while claims can also be made seamlessly on the super-tool, My AIA SG.

Live Well with the award-winning and first in market wellness programme, AIA Vitality as your personal cheerleader for health. AIA Vitality has been supporting its members to live healthier, longer, better lives, by rewarding them with exclusive partner rewards and benefits when they achieve fitness milestones through positive behavioural changes. Since the introduction of AIA Vitality in Singapore in 2013, members who reported unhealthy results in initial health checks have made significant improvements in their health.

Through these four pillars, AIA Singapore aims to partner Singaporeans in taking charge of their holistic wellness, helping them achieve their desired lifestyle at every stage of life.

More information on AIA Health360 may be found at aia.com.sg/aiahealth360.


[1] AIA Live Better Study 2023 was conducted from November 2022 with more than 500 Singapore consumers each quarter, from aged 18 to 55+.

[2] The ability to be in tune with oneself, in terms of sense of purpose, meaning in life, morals and ethics.

[3] The My AIA SG app is well received by Singaporeans as it boasts an average rating of 4.4 out of 5.0 on Apple’s App Store, with an 850,000 user base and 600,000 monthly visits on the app. Today, 90% of service requests are submitted digitally, a testament to AIA Singapore empowering customers through self-service technology.

Hashtag: #AIASingapore

The issuer is solely responsible for the content of this announcement.

About AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$303 billion as of 31 December 2022.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 41 million individual policies and over 17 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).

Two Cement Plants in Vang Vieng to be Transformed into Tourism Sites

Cement Plant Factories in Vangvieng (Photo: Lao Economic News)

Two Cement factories in Vang Vieng will be transformed into tourism sites and developers are currently applying for an investment permit for the project, which is expected to be approved in August.

Seven in Ten Consumers Are Willing to Make Changes to Tackle Environmental Issues

  • Independent research shows lack of information and high prices are the main barriers for consumers to make more sustainable purchases
  • Businesses can play a significant role in making it easier for consumers to make consciously sustainable choices and earn more trust from consumers
  • Alibaba Group’s latest ESG report reveals that over 180 million consumers participated in carbon emission reduction through its carbon ledger platform

HANGZHOU, CHINA – Media OutReach – 27 July 2023 – A vast majority (73%) of consumers want to live more sustainable lifestyles, particularly among those living in emerging Asian markets (87%), but inconvenience and high costs are cited as main stumbling blocks to the adoption of sustainable lifestyles, finds the latest independent research commissioned by Alibaba Group.

The research, titled “The Sustainability Trends Report 2023”, polled more than 14,000 consumers from 14 markets across Asia, Europe and the Middle East. It finds that convenience (53%) and affordability (33%) are critical for driving behavioral changes on consumer sustainability and businesses can make it easier for consumers to make sustainably conscious choices.

But consumers are cynical (38%) towards the underlying motivation of businesses’ “sustainable” products, with only 15% saying that they completely trust claims around sustainability of products. Businesses need to work harder to build trust among those consumers, especially among people living in European markets.

“As a digital platform company, Alibaba is uniquely positioned and committed to addressing the ‘say-do’ gap challenge; by reducing the inconvenience obstacle, adding more sustainable choices, and optimizing supply chains to keep costs reasonable for consumers. Sustainable consumption is crucial for the environment, and in the meantime it provides a great opportunity for businesses, as well as the digital economy as a whole, to have a long-lasting development into a sustainable future for all,” said Liu Wei, Alibaba Group ESG Strategy Lead.

Alibaba published its latest Environmental, Social and Governance (ESG) Report in late July where for the first time it disclosed its Scope 3+ decarbonization progress since it pioneered the concept in 2021 for a wider pledge of carbon emission reduction across its ecosystem.

Alibaba’s carbon ledger platform has seen a total number of 187 million consumers participating in carbon emission reduction activities in the 12 months leading to March 31, 2023 with 1.91 million products from 409 brands offered on Tmall and Taobao through its low-carbon friendly products program as of March 2023, its latest ESG report revealed.

Consumers from the emerging Asian markets are the most willing to learn how to make more sustainable purchase online

Consumers globally are embracing more sustainable lifestyles, but there are variations across regions in the level of engagement and how they want to live and shop more sustainably.

The research finds around three in four consumers (76%) would welcome more information about how to be more sustainable. The proportion is highest in the Philippines (93%), Indonesia (91%), and UAE (90%).

Over half (58%) of consumers say they’ve already engaged with sustainable practices and they feel they are already personally doing a great deal. There’s also a general openness towards learning about sustainable online practices, with an average of 73% saying that they would welcome more information about how to make purchases online that are more sustainable.

Respondents from emerging Asian markets (88%) show higher willingness to learn how they can make purchases online that are more sustainable compared with developed Asian markets (66%) and Europe (66%). The sustainable online shopping behaviors also differ across regions, with emerging Asian markets (47%) more inclined to choosing sustainable packaging whereas those in Europe (47%) tend to recycle more.

Half of the consumers would only go sustainable if it’s convenient; with a third believing sustainability is not affordable

Lack of information on how products are sustainable (48%) and the prices of sustainable products being too high (45%) are cited as the main barriers for consumers to make more sustainable purchases.

Over half of the consumers (53%) surveyed say they would only make sustainable choices if they were convenient, which is especially the case in Asian markets (61%) compared to European markets (36%). A third (33%) say living sustainably is not affordable, with Thailand (84%) leading the pack, followed by UAE (41%) and Spain (37%).

Amid the shifting consumer sentiments, businesses can play a significant role in making it easier for consumers to make sustainable conscious choices, the report finds. Making sustainable products more affordable (61%), making fewer products using single-use plastics and packaging (55%) and a wider selection of sustainable products and services (47%) are the top three ways consumers say businesses can do to promote consumer sustainability.

But businesses need to work harder to build trust among consumers on their sustainability claims, especially among those living in European markets, said the research. 23% of consumers say they “do not trust very much” the claims around sustainability of products from businesses, with the highest proportion in France (31%), Spain (31%) Germany (30%) and the U.K. (30%).

Nearly two in five consumers (38%) are cynical towards the underlying motivations of businesses’ sustainable products, with Thailand (56%), France (48%) and Singapore (47%) as the top three markets where consumers say sustainable products are just a way for companies to sell their products at a higher price.

“We believe companies can better earn trust from consumers by addressing their own ‘say-do’ gap, such as being more transparent and committed with their sustainability claims, and backing their sustainable practices with data. This will also lead to greater empathy towards consumers along our common journey of sustainability,” Liu Wei added.

About the survey:
“The Sustainability Trends Report 2023” was conducted by Yonder Consulting, a UK-based consulting firm, with advisory and analysis support by Hong Kong-based sustainability consultancy, The Purpose Business, between January 26 to February 14, 2023, based on feedback from 14,125 consumers to an online survey.

Respondents of the survey are located in fourteen markets across Asia, Europe and the Middle East including: Germany, France, Italy, Spain, U.K., Indonesia, Malaysia, Philippines, Thailand, South Korea, Hong Kong SAR, Japan, Singapore and the UAE.

Asian developed markets referred in this research include Hong Kong SAR, Japan, Singapore and South Korea, while Asian emerging markets refer to Indonesia, Malaysia, Philippines and Thailand.

Hashtag: #AlibabaGroup

The issuer is solely responsible for the content of this announcement.

About Alibaba Group:

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

Power Healthy Relationships with Food in Your Home and Community

The Sustainable Restaurant Association launch the ‘Power of Food’ global campaign in partnership with HSBC, alongside local Hong Kong names like Michelin Star Chef Shane Osborn, Celebrity Chef Christian Yang, actress and foodie Grace Chan and local Hong Kong charity, Food Angel.

HONG KONG SAR – Media OutReach – 27 July 2023 – This month, The Sustainable Restaurant Association (The SRA) together with HSBC launch a global awareness campaign to promote social sustainability in the hospitality industry and beyond. The ‘Power of Food’ campaign showcases the importance of food as a medium of connection and will highlight the ways in which global chefs and restaurateurs are using food to make a difference with their local communities, families, schools and under-served populations. Hong Kong household names taking part include Chef Shane Osborn alongside celebrity chef Christian Yang and actress, Grace Chan. Local food rescue and assistance program Food Angel will also take part. The campaign will highlight the ways in which ‘breaking bread’ with family and through communities can make a difference every day. 16 notable hospitality personalities and organisations from around the world will join hands to take part in the ‘Power of Food’ campaign in July and August spanning Hong Kong, Singapore, UK & UAE.

The SRA runs the world’s largest holistic sustainability accreditation – Food Made Good – for the global hospitality sector. Currently there are over 3,600 hospitality business with a Food Made Good accreditation globally, with 30 members in Hong Kong. ‘Feed People Well’ and ‘Support the Community’ are key components of the Food Made Good Framework under the ‘Society’ pillar, which reflects the broader connections that any sustainable business needs to foster.

‘Food and Family’ will be the first focus of the summer campaign, focusing on the importance of taking the time to cook and eat with family. This is crucial for strengthening familial relationships, sharing valuable knowledge on nutrition, flavour and food sourcing and teaching essential, real-world life skills. Studies* show that involving kids in cooking is associated with more positive food choices. Early education is paramount to the next generation’s relationship with food and their understanding on how nutrition fits into a healthy lifestyle.

Throughout the campaign, well-known faces from the hospitality industry will share a variety of ideas across social media that can be genuinely useful for families. This will range from simple recipes that kids can help with, to tips that teach them about growing produce and forming new connections with the origins of their food.

‘Food and Community’ will be the second focus of the campaign, demonstrating the integral role that food plays in building connections within local communities. Derived from The SRA’s Food Made Good Standard**, this campaign celebrates everyone’s right to access good, nutritious food and showcases ways to support each other through this powerful medium. The SRA will be championing chef-led initiatives around the world, highlighting how they are contributing to the communities around them in meaningful ways – this could be providing access to nutritious meals, creating jobs and/or supporting people who have experienced social disadvantage. There are some fantastic participants confirmed for this initiative, ranging from major players in the scene to those quietly going about their important work: Food Angel (Hong Kong), Open Farm Community (Singapore) and Luminary Bakery (UK) to name just a few.

The ‘Power of Food’ campaign has been produced as part of a wider partnership between The SRA and HSBC. Earlier this year, the two organisations partnered on More Taste, Less Waste, a series of short films showcasing how restaurants around the world are utilising some of our most wasted food ingredients to reduce waste in kitchens. In its totality, the partnership aims to highlight the fundamental role food has in our lives: for our environment, for our societies and for our collective futures.

Juliane Caillouette Noble, Managing Director of The SRA, said: “The Power of Food is something that we at The SRA are incredibly passionate about, and we’re proud to be working with HSBC to harness a powerful, global voice as a valuable resource and contribution to our cause. Society is an area that many people might not consider when they talk about sustainability, but its impact is huge – that’s why it’s a key pillar of our Food Made Good Standard. Food’s role within family and community life is a wonderful and powerful thing – nothing can bring people together like food does. It’s our responsibility and mission to champion this around the world, and it contributes to our greater cause of sustainability within food. Education and knowledge are paramount in this.

A table is a table; whether in a house, on the side of a road, in a restaurant or otherwise, and we want to encourage everyone to have a seat at it, to be inspired and comforted by the power of food – emotionally as well as physically and nutritionally.”

The SRA works in partnership with HSBC to build thought-provoking campaigns that explore sustainability issues around the world. This partnership allows The SRA to incorporate holistic sustainability criteria and messaging across HSBC’s considerable food and drink platform, creating opportunities to have a meaningful impact and effect positive change on a global scale.

Jon Lane, Global Head of Brand Partnerships at HSBC, said: At HSBC, we believe that food opens up a world of opportunity by bringing people and cultures together. We are proud to support The Sustainable Restaurant Association in its mission to use food to drive connection, and further encourage our understanding of sustainability initiatives for the industry. The Power of Food campaign truly captures the important role which food plays in our lives; both with families and across communities.”

More participants will be announced as the campaigns go live. For more information, please visit: https://thesra.org/

Hashtag: #PowerofFood #sustainablerestaurantassociation #foodmadegood #foodandfamily #foodandcommunity

The issuer is solely responsible for the content of this announcement.

About The Sustainable Restaurant Association

Since 2010, The Sustainable Restaurant Association has set the Standard for sustainable food and drink businesses around the world. The SRA connects businesses across the globe to accelerate change toward a hospitality sector that is socially progressive and environmentally restorative through the world’s largest sustainability certification tailored for the sector: Food Made Good.

Designed specifically to support businesses serving food to tackle the urgent and complex problems facing the global hospitality sector and wider food system, Food Made Good consists of three distinct and complementary elements: the Food Made Good Framework, which clearly defines what sustainability means for the sector; the Food Made Good Standard, the only 360-degree, holistic assessment for measuring progress tailored for foodservice businesses; and the Food Made Good Community, an online global network of hospitality professionals sharing challenges, ideas, resources and solutions to fuel progress within the industry.

*Some studies conclude that involving kids in cooking is associated with more positive food choices:

**The SRA’s new global Food Made Good standard launched on 12th June and is the only global sustainability accreditation designed specifically for the hospitality industry. Businesses wishing to begin the journey to sustainability can find out more information via. Those ready to sign up should visit standard.foodmadegood.org.

First Phosphate Announces Positive Results of Preliminary Economic Assessment at Its Lac à L’Orignal Property in Quebec, Canada

Saguenay, Quebec – Newsfile Corp. – July 26, 2023 – First Phosphate Corp. (CSE: PHOS) (OTC Pink: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce the positive results of its Preliminary Economic Assessment (“PEA“) on the Lac à l’Orignal Property (the “Property” or the “Project“) located 84 km northeast of Saguenay, Quebec, Canada.

First Phosphate acquired and negotiated a 100% royalty free interest in the Property in 2022. The PEA provides a viable case for developing the Property by open pit mining for the primary production of a phosphate concentrate and secondary recovery of magnetite and ilmenite concentrates. First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for use in the production of cathode active material for the Lithium Iron Phosphate (“LFP”) battery industry.

Highlights (all dollar amounts in Canadian dollars on a 100% project ownership basis unless otherwise indicated):

  • The Project would produce annual average of 425,000 tonnes of beneficiated phosphate concentrate at over 40% P2O5 content, 280,000 tonnes of magnetite and 97,000 tonnes of ilmenite over a 14.2 year mine life.
  • The Project generates a pre-tax internal rate or return (IRR) of 21.7% and a pre-tax net present value (NPV) of $795 Million at a 5% discount rate at June 30/23 approximate 18 month trailing average phosphate price and long term consensus magnetite and ilmenite prices.
  • The Project generates an after-tax internal rate or return (IRR) of 17.2% and an after-tax net present value (NPV) of $511 million at a 5% discount rate at June 30/23 approximate 18-month trailing average phosphate price and long term consensus magnetite and ilmenite prices.
  • The Project would generate an after-tax cash flow of $567 Million in years 1-5, resulting in a 4.9-year payback period from start of production.
  • The Company has an MOU in place with Prayon Technologies of Belgium for up to 400,000 tonnes of annual phosphate concentrate offtake as well as a long-term purified phosphoric acid toll processing agreement.
  • The Project benefits from nearby road access and electrical power line, year round accessible deep sea Port of Saguenay at 107 km by four season road.
  • The PEA used Indicated and Inferred Mineral Resources in its calculations.
  • The Project has no outstanding royalties or financing streams registered against it.

“We are very pleased with the results of this Preliminary Economic Assessment of our Lac à l’Orignal property and its timely completion. Our strategy to keep capex low and mine size controlled echoes these PEA results nicely,” says First Phosphate President, Peter Kent. “We’re now in a position to prudently evaluate next steps for the Company as we continue with our mission to apply a partnership-based approach to integrate vertically from mine to value-added production of purified phosphoric acid and LFP cathode active material for the North America LFP battery industry.”

PEA BASE CASE FINANCIAL SUMMARY (all dollar amounts in $Canadian unless otherwise noted, presented on a 100% ownership basis):

Pre-Tax Net Present Value (5% discount rate) $795 Million
After-Tax Net Present Value (5%) $511 Million
Pre-Tax Internal Rate of Return 21.7%
After-Tax Internal Rate of return 17.2%
After-Tax Payback 4.9 Years
Preproduction Capital $550 Million
Sustaining Capital $130 Million
Mine Life 14.2 Years
Process Plant Throughput 10,500 tpd
Concentrate Prices
Phosphate (40% P2O5) $367/t USD
Magnetite (69% Fe) $95/t USD
Ilmenite (39% TiO2) $250/t USD
Exchange Rate $CAD:$USD $1.32

PEA TECHNICAL SUMMARY

Mine Life 14.2 years
Mine Plan Tonnage 54.0 Million tonnes
Process Plant Feed Grade
P2O5 4.91%
Fe2O3 22.62%
TiO2 4.14%
Strip Ratio (Waste:Process Plant Feed) 1.7:1
Operating Cost (per tonne of process plant feed) $30.43

Pit-Constrained Mineral Resource Estimate (1-4) at 2.5% P2O5 Cut-off
Class Tonnes
(M)
P2O5
(%)
Contained P2O5
(kt)
Fe2O3
(%)
Contained Fe2O3
(Mt)
TiO2
(%)
Contained TiO2
(Mt)
Indicated 15.8 5.18 821 23.90 3.8 4.23 0.67
Inferred 33.2 5.06 1,682 22.55 7.5 4.16 1.38

Note: P2O5 = phosphorus pentoxide, Fe2O3 = iron oxide/ferric oxide, TiO2 = titanium dioxide.

  1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
  2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation socio-political, marketing, or other relevant issues.
  3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  4. The Mineral Resources in this Technical Report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

Cannot view this image? Visit: https://laotiantimes.com/wp-content/uploads/2023/07/174806_b00d00acd48efa5e_001.jpg

Figure 1 – Lac Orignal Project – Optimized Pit Shells

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8917/174806_b00d00acd48efa5e_001full.jpg

The mining plan uses conventional truck/shovel open pit methods employing 90-tonne capacity haulage trucks and shovels equipped with 10 cubic metre buckets. The open pit will be mined over a period of 14.2 production years and one year of pre-stripping. Mineralized material will be transported by haulage trucks to the nearby process plant, and waste rock will be stored at a facility located at 1 (one) kilometer southeast of the open pit. Mining will be conducted at an initial rate of 8 Million total tonnes per annum (Mtpa), and will reach a peak of 14 Mtpa based on process plant feed and waste rock removal requirements.

The process plant feed is contained within an optimized subset of the Mineral Resource set out in the table above. The open pit contains 54.0 Mt of process plant feed (inclusive of mining dilution and loss factors) averaging 4.91% P2O5, 22.62% Fe2O3 and 4.14% TiO2. The process plant feed is associated with 91 Mt of waste rock and overburden resulting in an overall life-of-mine strip ratio of 1.7:1. It is notable that all Mineral Resources considered for mining are in the Indicated and Inferred classifications. No backfilling of the mined-out open pit with either waste rock or tailings is planned, which will allow potential open pit wall pushbacks and future mining if economic conditions become favourable.

Extensive metallurgical testing was carried out at SGS, Quebec City. The test work has indicated process recoveries of phosphate, magnetite and ilmenite to be reasonably high and relatively consistent. The most recent tests focused on circuit stability and maximizing concentrate recovery.

Tailings and waste rock management is designed for closure and the elimination of concerns for acid drainage or metal leaching.

Initial Capital Costs ($Canadian Millions)

Pre-Stripping 30
Processing Plant 215
Tailings Management Facility 42
Indirects, EPCM and Owner’s Costs 110
Site and Port Infrastructure 62
Contingency 91
Total Initial Capital 550

Sustaining Capital ($C Millions)

Mining 46
Processing Plant 6
Tailings Management Facility 56
Contingency 22
Total Sustaining Capital 130

LOM Operating Costs ($C per tonne)

Mining Cost per tonne mined material (waste and mineralized material 2.77
Mining Cost per tonne plant feed 7.48
Processing Cost per tonne plant feed 12.60
G & A per tonne plant feed 1.67
Tailings Management 1.85
Concentrate Handling and Transport 6.83
Total Cost per tonne plant feed 30.43

The Project site is within the Mashteuiatsh, Essipt and Pessamit First Nations, which confers certain rights to aboriginal peoples in the area. First Phosphate recognizes the traditional rights of Indigenous people and acknowledges the exercising of treaty rights to preserve their cultural identity and customs. As such, since acquisition of the Property, First Phosphate has continued to regularly meet with communities to acquire information and incorporate feedback into the Project decision-making process. First Phosphate is striving to ensure these partnerships have a mutually beneficial outcome and to maintain strong and long-lasting relationships. First Phosphate and its’ predecessors have been engaged in consultation and negotiations with a number of aboriginal communities with respect to the Project since 2022.

Qualified Persons

The scientific and technical disclosure for First Phosphate included in this News Release have been reviewed and approved by Gilles Laverdière, P.Geo. and Mr. Eugene Puritch, P.Eng., FEC, CET. Messrs. Laverdière and Puritch are Qualified Persons under National Instrument 43-101 Standards of Disclosure of Mineral Projects. Mr. Puritch is independent of First Phoshate.

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, at full ESG standard 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.

About P&E Mining Consultants Inc.

P&E was established in 2004 and provides geological and mine engineering consulting reports, Mineral Resource Estimate technical reports, Preliminary Economic Assessments and Pre-Feasibility Studies. P&E is affiliated with major Toronto based consulting firms for the purposes of joint venturing on Feasibility Studies. P&E’s experience covers over 400 NI 43-101 Technical Reports including First Phosphate’s Lac à l’Orignal NI 43-101 Mineral Resource Estimate which was completed in November 2022.

For additional information, please contact:

Peter Kent, President
peter@firstphosphate.com
Tel: +1 (647) 707-1943

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

-30-

Forward-Looking Information and Cautionary Statements

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.

The Mineral Resource Estimate contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Resources Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA is subject to a number of risks and uncertainties. See below and the Technical Report for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the Company’s commitment to producing high purity phosphate materials at full ESG standard under a low carbon footprint; the Company’s plans to integrate directly into the functions of certain major North American LFP Battery producers; the Company’s proposed development of its land claims in the Saguenay Region; the results of the PEA, statements regarding the impact and implications of the economic statements related to the PEA, such as future projected production, costs, including, statements with respect to Mineral Resource Estimates, recovery rates, IRR, NPV, mine life, CAPEX, payback period, sensitivity analysis to mineral prices, timing of future studies including the pre-feasibility study, environmental assessments (including the timing of an environmental impact study) and development plans, the Company’s understanding of the project; the potential to extend mine life beyond the period contemplated in the PEA, opportunity to expand the scale of the project, the development potential and timetable of the project; the estimation of Mineral Resources; realization of Mineral Resource Estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; and success of exploration activities.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company’s ability to producing high purity phosphate materials at full ESG standard under a low carbon footprint; the Company’s ability to integrate directly into the functions of certain major North American LFP Battery producers; the Company’s ability to develop its land claims in the Saguenay Region; accuracy of the results of the PEA; accuracy of the statements regarding the impact and implications of the economic statements related to the PEA, such as future projected production, costs, including, statements with respect to Mineral Resource Estimates, recovery rates, IRR, NPV, mine life, CAPEX, payback period, sensitivity analysis to mineral prices, timing of future studies including the Pre-Feasibility Study, environmental assessments (including the timing of an environmental impact study) and development plans; the Company’s ability to carry out its plans for its projects; the ability of the Company to extend mine life beyond the period contemplated in the PEA; the ability of the Company opportunity to expand the scale of the project; the ability of the Company to carry out the development potential and timetable of the project; the accuracy of the estimation of Mineral Resources; the Company’s ability in realizing its Mineral Resource Estimates; the Company’s ability in carrying out the timing and amount of estimated future exploration; the accuracy of costs of future activities; the accuracy of the Company’s capital and operating expenditures estimates; and the Company’s ability to carry out and achieve successful exploration activities.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to produce high purity phosphate materials at full ESG standard under a low carbon footprint; the Company’s inability to integrate directly into the functions of certain major North American LFP Battery producers; the Company’s inability to develop its land claims in the Saguenay Region; inaccuracy of the results of the PEA; inaccuracy of the statements regarding the impact and implications of the economic statements related to the PEA, such as future projected production, costs, including, statements with respect to Mineral Resource Estimates, recovery rates, IRR, NPV, mine life, CAPEX, payback period, sensitivity analysis to mineral prices, timing of future studies including the Pre-Feasibility Study, environmental assessments (including the timing of an environmental impact study) and development plans; the Company’s inability to carry out its plans for its projects; the inability of the Company to extend mine life beyond the period contemplated in the PEA; the inability of the Company opportunity to expand the scale of the project; the ability of the Company to carry out the development potential and timetable of the project; the inaccuracy of the estimation of Mineral Resources; the Company’s inability in realizing its Mineral Resource Estimate; the Company’s inability in carrying out the timing and amount of estimated future exploration; the inaccuracy of costs of future activities; the inaccuracy of the Company’s capital and operating expenditures estimates; and the Company’s inability to carry out and achieve successful exploration activities.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

The issuer is solely responsible for the content of this announcement.

About First Phosphate Corp.