Mr. Jason Barnard reports

FOREMOST LITHIUM AMENDS LAC SIMARD SOUTH PROPERTY ACQUISITION IN QUEBEC

Foremost Lithium Resource & Technology Ltd. has entered into an agreement amending the terms of its proposed acquisition of the Lac Simard South property, previously announced on March 20, 2023. Under the amended terms, the company will acquire an aggregate of 60 claims located in Quebec, covering 8,612 acres (3,485 hectares), which host 12 pegmatites identified by satellite imagery, from arm's-length vendors. In addition, Foremost has independently staked and recorded 20 additional mineral claims which are contiguous with the borders of these 60 claims, which resulted in an increase of Lac Simard South land package to 80 mineral claims, covering a total area of 11,482 acres (4,647 hectares).

Jason Barnard, Foremost Lithium's president and chief executive officer, comments: "We are pleased to move ahead with this acquisition to plant Foremost's footprint in Quebec, one of Canada's busiest and friendliest mining regimes. The company re-evaluated the acquisition and determined we would tighten the land package that is being acquired to focus on the core, strategic claims while incurring cost-savings to our stakeholders. We look forward to beginning our exploration and prospecting efforts this summer in this active lithium camp."

The Lac Simard South property is located approximately 90 kilometres southwest from the NAL lithium processing plant (a Piedmont/Sayona joint venture) which just commenced producing lithium spodumene concentration out of its facility and is situated 80 km southwest of Val d'Or, an established logistics hub for mining services. The property is easily accessible year-round by way of well-maintained roads, with little overburden. Quebec is a major producer of electricity and one of the largest hydropower generators in the world. A hydroelectric power plant is situated within the property claim block, allowing access to grid power and low-cost hydroelectricity.

Sayona Mining Ltd.'s Abitibi hub, composed of its North American lithium, Authier lithium and Tansim lithium projects located nearby, boasts a measured and indicated resource of 87.8 million tonnes (Mt) grading 1.05 per cent Li2O (lithium oxide). Lac Simard South is contiguous to Sayona Mining and Refined Metals Corp., which has sampled 2.1 per cent lithium (Li), 4.52 per cent Li2O and 5.8 per cent tantalum oxide (Ta2O5) (refernce report, GM 36797, 1980).

Geology

Lac Simard South property is largely underlain by the large monzodiorite batholith of Lac Simard sud. This batholith is pinkish grey in colour and is composed of plagioclase, K-feldspar hornblende with minor amount of epidote and quartz. Quartz-monzodioritic dikes and sills are observed at the margin of this intrusion. A gabbroic intrusion lies to the southwest end of the property and hosts the Laforce showing. This Ni-Cu (nickel-copper) showing was explored by Kerr Addison Gold Mines Ltd. and, more recently by Fieldex Exploration (2007), and lies about one km south of the property. The property contains 12 pegmatites based on satellite imagery.

Acquisition terms

Pursuant to the amending agreement, the company will acquire the amended Lac Simard South property for aggregate cash consideration of $35,000 plus GST, with $17,500 plus GST payable upon closing and an additional $17,500 plus GST payable within four months after closing. In addition, the company will issue a total of 535,000 common shares of the company at 15 cents per common share. There are no warrants issuable to the vendors under the new terms. The common shares will be subject to a hold period of four months pursuant to applicable securities laws.

Secured note

Effective May 10, 2022, the company entered into a secured promissory note in the principal amount of $1,145,520.08 with Mr. Barnard and Christina Barnard. The company and the lenders have agreed to amend the promissory note effective May 10, 2023, to extend its term by one year and increase the interest rate to 11.35 per cent, payable in monthly instalments of $8,000, with the balance of accrued interest payable on maturity. The loan is repayable at any time without penalty and matures on May 10, 2024.

Each of the lenders are senior officers of the company, Mr. Barnard is a director of the company, and the lenders are, jointly, the largest shareholder of the company. The amendment of the terms of the loan constitutes a related-party transaction under the policies of the Canadian Securities Exchange and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The loan has no equity component and is not anticipated to have any effect of the equity securities of the company owned by the lenders. The company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.7(f) and 5.5(b), respectively, of MI 61-101. There has been no prior formal valuation of the loan as there has not been any necessity to do so. The loan and the current amendment to the terms of the loan have been reviewed and unanimously approval by the company's board of directors, including the independent directors.

Technical information relating to Lac Simard South property contained in this news release has been approved by Isabelle Robillard, PGeo, who is a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Foremost Lithium Resource & Technology Ltd.

Foremost Lithium is a hard-rock exploration company with over 42,000 acres located in Snow Lake, Man. Its five Lithium Lane projects -- Zoro, Jean Lake, Grass River, Peg North and Jol -- are strategically located to capitalize on the world's growing EV (electric vehicle) appetite and is perfectly positioned to become a premier supplier of North America's lithium feedstock. As the world transitions toward decarbonization, the company's objective is the extraction of lithium oxide (Li2O), and to subsequently play a role in the production of high-quality lithium hydroxide (LiOH), to help power lithium-based batteries, critical in developing a clean-energy economy. Foremost Lithium also has the Winston gold/silver property in New Mexico, United States.

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