Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES INTENTION TO UPLIST TO NASDAQ

Foremost Lithium Resource & Technology Ltd. has submitted a registration statement or Form F-1, as amended, with the Securities and Exchange Commission (the SEC) relating to a proposed public offering of its common shares in the United States. In connection with the proposed offering, the company has applied to list its common shares under the symbol FMST on the Nasdaq Capital Market. Foremost plans to complete a consolidation to meet Nasdaq's listing requirements. The consolidation ratio has not yet been determined and the company will provide details of the proposed consolidation in a subsequent disclosure. The company's shares will continue to be listed and trade on the Canadian Stock Exchange.

ThinkEquity has been engaged to act as the sole bookrunning manager for the offering. Foremost plans to use the net proceeds to finance drill programs and exploration activities on its Lithium Lane properties, further development of its non-core assets, for general corporate purposes, including financing continuing operations, project acquisitions, working capital requirements, and other business-related expenses.

A registration statement on F-1 (333-272028) relating to the shares was filed with the SEC and has not yet become effective. The offering will be made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State St., 41st floor, New York, N.Y., 10004. The final prospectus will be filed with the SEC and will be available on the SEC's website.

The number of common shares to be offered and the offering price for the offering have not yet been determined. The registration statement is expected to become effective, subject to Nasdaq's approval, market and other conditions, after the SEC completes its review process and, as a result, there can be no assurance as to whether or when the offering may be completed, as to the actual size or terms of the offering, or whether the common shares will be accepted for trading on Nasdaq.

The company advises that technical disclosure regarding the company's mineral properties contained in the draft registration statement has been prepared in accordance with the mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Exchange Act of 1934, as amended. Under Regulation S-K 1300, the SEC now recognizes estimates of measured mineral resources, indicated mineral resources and inferred mineral resources.

As a reporting issuer in the provinces of British Columbia, Alberta and Ontario, the company is required, under applicable Canadian securities laws, to disclose mineralization estimates in accordance with Canadian reporting standards, pursuant to which the terms measured resources, indicated resources and inferred resources are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. While the definitions used in NI 43-101 are substantially similar to the standards of the SEC under Regulation S-K 1300, they do differ in some respects. Further, while the mineral resource estimates for the company's flagship Zoro property contained in the draft registration statement are the same amounts as disclosed by the company in its prior continuous disclosure under applicable Canadian securities laws, readers are advised to refer to the resource estimate contained in company's technical report titled "NI 43-101 Technical Report on the Zoro Lithium Project, Snow Lake Manitoba" dated July 6, 2018, prepared by Mark Fedikow, PGeo, and Scott Zelligan, PGeo.

The company is also pleased to announce that it intends to proceed with its second instalment option payment under its option to acquire the Peg North claims located in the historic Snow Lake mining district in Manitoba, previously announced on June 29, 2022. In accordance with the terms of the option agreement, the second instalment payment will consist of a cash payment of $100,000 and issuing that number of common shares as is equal to $100,000, at a deemed issuance price that is the greater of (a) the average closing price of the company's shares on the CSE for the 30 trading days prior to June 23, 2023, and (b) 12 cents being the minimum price permitted under the policies of the Canadian Securities Exchange.

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.

Its five Lithium Lane projects, Zoro, Jean Lake, Grass River, Peg North and Jol, as well as Lac Simard South are strategically located to capitalize on the world's growing 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.

We seek Safe Harbor.