Mr. Jason Barnard reports

FOREMOST LITHIUM RECEIVES POSITIVE PRELIMINARY RESULTS FROM ITS BULK SAMPLE PROGRAM AT DYKE 1, ZORO LITHIUM PROPERTY

The first phase is complete from Foremost Lithium Resource & Technology Ltd.'s Zoro lithium property bulk sampling and metallurgical program to determine whether the Dyke 1 pegmatite can produce a 6-per-cent battery-grade lithium (Li2O) concentrate. Test work confirms spodumene-bearing pegmatite from Zoro Dyke 1 is amenable for production.

Jason Barnard, Foremost's president and chief executive officer, comments: "I'm extremely pleased that the first phase of our bulk sample program demonstrated such positive results. This project has been our company's focus for some months as we recognized the significance of favourable results. Our goal for this project is to be able to market our lithium while still in the ground directly to battery suppliers and vehicle manufactures. We are well on our way to reaching our objective."

In June, 2022, after the receipt of a bulk sample permit from the Manitoba government, a field crew collected 489 kilolgrams (kg) of spodumene-mineralized pegmatite using sledgehammers and chisels from trenches exposing Dyke 1 on Foremost's Zoro lithium property. Twenty-six pails of spodumene-mineralized pegmatite were shipped to SGS Lakefield. After sample preparation, test work on this master composite sample included heavy liquid separation (HLS), dense media separation (DMS) and dry magnetic separation. The metallurgical target of the test work was the production of a spodumene concentrate containing over 6 per cent Li2O and less than 1 per cent Fe2O3 (ferric oxide), while maximizing lithium recovery. Dr. Sunil Koppalkar of XPS Expert Process Solutions, a Glencore Company, oversaw the metallurgical work on behalf of Foremost Lithium Resources & Technology.

HLS testing was carried out on the master composite sample at a crush size of minus 12.7 millimetres (mm), after dry screening to remove the minus-0.5-millimetre fines. The resulting sink products and a final float product were screened into minus-12.7-millimetre/plus-9.5-millimetre, minus-9.5-millimetre/plus-6.4-millimetre and minus-6.4-millimetre/plus-0.5-millimetre size fractions. All the fractionated HLS sink products were further passed through a dry magnetic separator to reject iron-bearing gangue.

The bulk sample was processed on a DMS pilot plant at SGS Lakefield. The bulk sample produced a final spodumene concentrate assaying 5.93 per cent Li2O, at a global lithium recovery of 66.9 per cent in 26.5-per-cent mass after magnetic separation. The iron content in the spodumene concentrate assayed 1.23 per cent Fe2O3, slightly higher than the 1 per cent Fe2O3 targeted, but is acceptable for subsequent hydrometallurgical processing.

The HLS and DMS test work confirms Dyke 1 spodumene ore is amenable for production of a spodumene concentrate by the DMS process. DMS provides the opportunity to reject nearly 50 per cent of the coarse waste rock (minus 12.7 mm) at an early stage of the process, thereby significantly reducing ore transportation and handling costs for a future plant. Management anticipates rejected coarse waste rock will have 8.6 per cent lithium at a grade of 0.41 per cent Li2O.

Phase 2 will continue with continuing work being carried out by XPS which includes mineralogical assessment of the DMS products and flotation test work to optimize lithium recovery from the DMS middlings and minus-0.5-millimetre fine streams. The DMS concentrate is used to advance the pyrometallurgical test work (spodumene decrepitation and sulphide roasting) with the ultimate goal of producing a valuable lithium product from the concentrate.

Any future processing plant for Dyke 1 ore is envisaged as having a DMS plus magnetic separation plant and a smaller flotation plant (smaller footprint) for processing the middlings plus-0.5-millimetre fines from the DMS process. This processing flowsheet will result in significant savings in terms of capex and opex as compared with processing the entire Dyke 1 ore by flotation process for the recovery of lithium.

Vice president of exploration Dr. Mark Fedikow notes: "The preliminary metallurgical results from our Dyke 1 bulk sample on the Zoro property are favourable. The HLS and DMS test work demonstrates a spodumene concentrate can be produced from the pegmatite while simultaneously reducing ore handling and transportation costs. We look forward to the final report from our partners at XPS -- Expert Process Solutions."

QP (qualified person) statement

Rock sampling was completed under the supervision of Dr. Fedikow. All samples are collected and maintained in accordance with established QA/QC (quality assurance/quality control) protocols. The technical content of this news release has been prepared and approved by Dr. Fedikow, PGeo, who is a qualified person as defined by National Instrument 43-101 and by Expert Process Solutions.

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.

We seek Safe Harbor.