Mr. Jason Barnard reports

FOREMOST LITHIUM MAKES GOLD DISCOVERY ON MAIDEN JEAN LAKE DRILL PROGRAM WITH NEAR SURFACE INTERCEPTS OF 7.50 G/T GOLD ON OVER 7.66 METRES

Foremost Lithium Resource & Technology Ltd. has received assay results from 246 NQ core samples collected from its Jean Lake lithium/gold project located near the historic mining centre of Snow Lake in Manitoba. The company's exploration efforts have focused on lithium in pegmatite using a variety of exploration technologies, which not only have exposed potential for spodumene, but which also have demonstrated the potential for gold mineralization. The recently completed 2022/2023 drill program tested targets for lithium and gold, based on integrated prospecting, UAV-borne (unmanned aerial vehicle) magnetic survey results, mobile metal ion (MMI) soil geochemical surveys and outcrop rock chip analyses. The results of the program have confirmed lithium at the B1 pegmatite but have made a serendipitous new gold discovery on the property.

Jason Barnard, Foremost Lithium chief executive officer and president, states: "Foremost is an exploration company with a geologically rich portfolio. We found ourselves in the fortunate position to have made a significant gold discovery on our maiden drill program on our Jean Lake property alongside the confirmation of lithium at our B1 pegmatite. This inaugural drill program has exceeded our expectations, and we look forward to continuing to build on further successful exploration programs for our shareholders with further discoveries and future resource definition."

The Jean Lake drill program intersected numerous gold mineralized intervals at vertical depths up to 110 metres below surface as well lithium at the B1 spodumene-bearing pegmatite.

Results

Lithium

B1 pegmatite

The historic B1 pegmatite was tested to assess the width and extent of observed high-grade spodumene mineralization exposed at surface. Drilling included a down-dip hole to assess the vertical extent of the spodumene and the dimensions and attitude of the B1 pegmatite. Drilling combined with field observations have definitively concluded that both B1 and B2 are from a single pegmatite dike with a strike length of greater than 325 m.

FM23-01A was drilled down plunge and intersected pegmatite to a depth of 41.3 metres. An intersection of a 3.35-metre zone of spodumene mineralization between surface and 3.35 m assayed 1.26 per cent Li2O (lithium oxide). FM23-01 was drilled from north to south just north of the B1 exposure to undercut the surface exposure of high-grade spodumene mineralization and intersected 20 m of pegmatite between six and 26 m. Spodumene was not observed in the core. Two holes (FM23-02A and -3) were collared from the same drill set-up as FM23-01 and drilled to the east and west of the B1 surface exposure did not intersect pegmatite. FM23-2 was drilled south of the B1 pegmatite to target the down-dip extension and intersected 4.1 metres of pegmatite between 22.57 and 26.72 m. No other significant Li2O assays were obtained from drill holes testing the B1 pegmatite in this campaign.

B2 pegmatite

The east end of the B1 pegmatite is marked by a trenched exposure of high-grade spodumene-bearing granitic pegmatite originally referred to as the B2 pegmatite. FM23-06 was drilled at minus 45 degrees to test the pegmatite beneath the trench and intersected a 4.4 m intercept of spodumene-bearing pegmatite between 32.88 and 37.3 m. The maximum lithium assay was 0.61 per cent Li2O. FM23-07 was drilled at minus 60 degrees to undercut hole FM23-06 and intersected a wider 10 m zone of pegmatite from 54.42 to 64.45 m but with lower lithium contents. The maximum Li2O assay from this drill hole was 0.2 per cent Li2O from 10 core samples.

Gold

The Jean Lake property occurs in a geological terrain (the Flin Flon-Snow Lake greenstone belt) historically recognized as significantly endowed with gold and new developing lithium resources. Rock chip sampling initiated between August and September in 2021 by Foremost Lithium's prospecting team confirmed the presence of this gold mineralization.

The 2022/2023 drill program documented gold mineralized intersections in eight drill holes. Gold intercepts in drill core extend from surface to a vertical depth below surface of 110 m. An intercept of 7.5 grams per tonne Au over 7.66 m that includes a 0.48 m intercept of 102 g/t Au occurs 65 m vertically below surface.

History of gold in the Jean Lake property area

Historically, 5.5 million ounces of gold have been produced as a byproduct of base metal copper-zinc massive sulphide-type deposit production in addition to major gold deposits such as the New Britannia, Puffy Lake and Tartan deposits, with cumulative production of more than 1.5 million ounces of gold in the Flin Flon-Snow Lake greenstone belt. In 1940, two bulk samples of mineralization weighing 22.7 and 22.2 kilograms, respectively, were sent to the Canada Department of Mines and Resources in Ottawa for testing from what was known as the Sparky gold property at the time (the current Jean Lake property). The first bulk sample contained 16.46 g/t gold and 2.39 g/t silver, and the second bulk sample contained 241.71 g/t gold and 12.34 g/t silver. Gold exploration continued unabated in the area with high-grade gold mineralization documented from numerous past-producing gold mines and properties hosting significant gold mineralization.

Current gold production in the Snow Lake area

Currently gold production is continuing in the Snow Lake area. In 2022, Hudbay Minerals Inc. reopened the Lalor mine in Snow Lake, Man., announcing that it estimates 33 per cent of its overall revenue will now be generated from gold and silver, up significantly from 18 per cent in 2019. Hudbay Minerals' current mineral reserve estimates in Snow Lake total 18 million tons with approximately 2.1 million ounces in contained gold, and the expected mine life of the Snow Lake operations to be maintained extend until 2038. Hudbay's annual gold production from Snow Lake is expected to average more than 190,000 ounces over the next three years. The Flin Flon-Snow Lake belt is currently active with other mineral companies exploring for gold, including QMX Gold Corp., Kinross Gold, Callinex and Rockcliff Metals Corp.

Geology

Gold mineralization in the area occurs in association with finely disseminated to blocky arsenopyrite with lesser pyrite and chalcopyrite in quartz veins and adjacent silicified zones. The mineralization is developed within variably altered mafic to intermediate intrusive rocks of the Early Proterozoic Rex Lake plutonic complex (RLPC) that underpins the Jean Lake property. The B1 pegmatite is also hosted by the RLPC within structures trending at approximately 270 degrees to 290 degrees. Of interest is the occurrence of 2.46 g/t Au over 3.70 m from 41.30m to 45 m in FM23-01A. This intersection occurs in a shear zone at or near the base of the B1 pegmatite in fine-grained gabbro. The gold is associated with quartz veins and arsenopyrite.

Summary

The 2022/2023 drill program has identified and provided preliminary dimensions for a high-grade zone of lithium mineralization at the B1 pegmatite. The vertical extent of high-grade lithium appears to be restricted to the upper portions of the B1 dike exposed in outcrop at the drilled locations. The lateral extent of the spodumene mineralization along strike between the B1 zone and the east end of the dike at B2 and to the west is poorly understood due to overburden cover. Excavator outcrop stripping is planned to expose the pegmatite to the east and west before further drilling is attempted.

Foremost Lithium intends to continue exploration to assess the potential for additional gold mineralization at depth, and elsewhere on the Jean Lake property.

Data verification/quality assurance and quality control

Sample collection, handling, preparation and analysis are monitored with the implementation of chain-of-custody procedures and quality assurance/quality control (QA/QC) programs that follow industry best practices. Foremost drill core samples, for the determination of lithium, and related elements and gold, are cut in half with a diamond saw and are submitted to Activation Laboratories Ltd. (Ancaster, Ont.). Core samples are prepared by crushing to 80 per cent to pass two millimetres, riffle split to obtain 250-gram aliquots and pulverized to 95 per cent passing 106 microns. Pulps for lithium analysis undergo sodium peroxide fusion to obtain a total dissolution and analyzed by inductively coupled plasma mass spectrometry using the UT-7 package, thereby maintaining consistency with previous years analyses. Gold assays are analyzed by a 30-gram fire assay and INAA finish. For assays above five g/t Au, a subsample of the original pulp is reassayed with a gravimetric finish. Samples with visible gold are analyzed by metallic screen assay.

Rock sample analyses are independently monitored by a qualified person with a quality assurance/quality control protocol, including the insertion of blind standard reference materials and analytical blanks at regular intervals, as well as internal laboratory checks. No significant deviations have been identified to date.

Qualified person

Technical information in this news release has been reviewed and approved by Lindsay Bottomer, PGeo, who is a qualified person as identified by Canadian 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 43,000 acres located in Snow Lake, Man., and hosts a property in a known active lithium camp in Quebec called Lac Simard South situated on over 11,400 acres.

We seek Safe Harbor.