Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES RESULTS OF AGM AND EXECUTIVE CHANGES INCLUDING JASON BARNARD AS NEW INTERIM PRESIDENT & CEO

Foremost Lithium Resource & Technology Ltd. has released the voting results from its annual general and special meeting of shareholders, held in Vancouver on Friday, Dec. 2, 2022. All resolutions presented to shareholders were approved apart from the company's fixed performance share unit plan (PSUs), which shareholders overwhelmingly rejected with 98.2 per cent voting against. The new board of directors acknowledges that shareholders have not ratified the PSU plan. The board accepted Andrew Lyon's PSU forfeiture of three million PSUs and to enter into an agreement with Mr. Lyons formalizing the forfeiture.

Following the AGM, the newly elected board, comprising Jason Barnard, Mr. Lyons, Johnathan More, Christopher MacPherson and Michael McLeod held its first board meeting approving the following resolutions.

Interim president and chief executive officer

Mr. Barnard, an incumbent director, brings over 31 years experience in capital markets, focused on Canadian base metal companies, helping raise over $500-million for mining and exploration companies. He holds a bachelor of arts degree with a major in economics and has passed the Canadian Securities Course. Mr. Barnard has helped finance the company since 2016 and currently holds over 10 per cent of Foremost's outstanding shares.

Stock options

In regard to the new appointments, the company announces it has granted incentive stock options to purchase an aggregate of 3.1 million common shares of the company at an exercise price of 18 cents per common share expiring three years from the date of grant. The stock options are granted in accordance with the company's stock option plan, which was approved by the shareholders at the company's meeting that was just held and the policies of the Canadian Securities Exchange. The new interim president and CEO, Mr. Barnard, declined to participate in the stock option grant.

Message from the new president

Mr. Barnard, Foremost's newly appointed interim president and CEO, comments: "I feel confident being in this position to execute on decisions to help elevate our company. This is a strong board supported by our existing experienced technical and management team that should advance our projects and help our company reach its full potential. This represents an exciting time for Foremost and all of its stakeholders and, most importantly, its shareholders."

About Foremost Lithium Resource & Technology Ltd.

Foremost Lithium is a hard-rock exploration company strategically located to capitalize on the world's growing electric vehicle appetite and is committed to being a premier supplier of North America's lithium feedstock. As the world transitions toward decarbonization, the company is focused on exploration and growth on its five Lithium Lane projects in Snow Lake, Man. Foremost Lithium also has the Winston gold/silver property in New Mexico, United States.

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