Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES ENGAGEMENT WITH DAHROUGE GEOLOGICAL CONSULTING LTD. AND ANNOUNCES CONSOLIDATION RATIO FOR NASDAQ UPLISTING

Foremost Lithium Resource & Technology Ltd. has engaged Dahrouge Geological Consulting Ltd. to undertake all further exploration and drill programs on the company's Lithium Lane properties as well its most recent acquisition Lac Simard South in Quebec. Dahrouge Geological has a proven record of lithium discovery, with a related company being the original vendor of Patriot Battery Metal's Corvette property in Quebec. Dahrouge has already commenced work with analysis of Foremost's extensive data room, compiling and analyzing historical data from previously completed exploration and drilling. Dahrouge intends to utilize this data compilation to assist with current and future programs in consultation with Foremost's vice-president of exploration, Mark Fedikow.

Jason Barnard, Foremost's president and chief executive officer, comments: "Our company has been fortunate to work with Jody Dahrouge and his team on previous projects. Their company has had a consistent presence in Quebec over the last 15 years, and the breadth of contacts makes an ideal team to lead our exploration in that province. Through this strategic collaboration, we look to expand upon all our previous exploration work to maximize our resource potential."

Jody Dahrouge states: "We are very excited to assist with Foremost's Lithium Lane properties, where exploration opportunities range from grass roots to advanced. By example, The Grass River property has numerous surface outcrops of spodumene pegmatite, which have never been effectively drill tested, while past drilling at Zoro has produced a small but open resource."

Dahrouge Geological is a North American mineral exploration, consulting and project management group with offices in Edmonton and Montreal, Canada, and Denver, Colo., within the United States. They provide professional geological, logistical and project management services to the world's mining and mineral resource industry including project generation, program design, geophysics, project evaluation, geology and resources, as well as mine engineering and geotechnics.

Further to its news release of June 20, 2023, the company announces that, subject to compliance with the requirements of the Canadian Securities Exchange company, in connection with its previously announced application to list its common shares on the Nasdaq, the company proposes to consolidate its common shares on the basis of one new postconsolidation common share for every 50 preconsolidation common shares effective as of July 4, 2023. The company has July 5, 2023, as the record date for the consolidation. There will be no name change or trading symbol change in conjunction with the consolidation.

Effective at the opening of market on July 4, 2023, the common shares of the company will commence trading on the Canadian Securities Exchange on a postconsolidation basis under the existing ticker symbol FAT, under the new Cusip No. 345510200; ISIN: CA3455102002. There are currently 199,669,394 common shares of the company outstanding and following completion of the Consolidation the company will have approximately 3,993,387 shares outstanding.

No fractional shares will be issued in connection with the consolidation. Each fractional common share remaining after consolidation that is less than one-half of a common share shall be cancelled and each fractional common share that is at least one-half of a common share shall be rounded up to one whole common share. No cash consideration will be paid in respect of fractional common shares which are cancelled. Registered holders of common shares of the company as of the record date will receive a letter of transmittal from Odyssey Trust Company with instructions on how to exchange existing share certificates for new postconsolidation share certificates.

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.

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