Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES PRICING OF USD $4.0 MILLION PUBLIC OFFERING & NASDAQ LISTING

Foremost Lithium Resource & Technology Ltd. has priced an underwritten public offering in the United States of 800,000 units, each consisting of one common share and one warrant to purchase one common share. Each common share unit is being sold to the public at a price of $5 (U.S.) per unit. The gross proceeds to the company from the offering are expected to be $4.0-million (U.S.) before deducting underwriting discounts and other offering expenses. The warrants within each common share unit will have a per-share exercise price of $6.25 (U.S.), be exercisable immediately and expire five years from the date of issuance. The common shares and common warrants that are part of the common share units can only be purchased together in the offering but will be issued separately. In addition, the company has granted the underwriter a 45-day option to purchase up to an additional 120,000 common share units and/or prefinanced warrant units to cover overallotments, if any. Each prefinanced warrant unit would consist of one prefinanced warrant to purchase one common share and one common warrant, and would be issued at a price of $4.99 (U.S.). Each prefinanced warrant would be exercisable to acquire a common share for an indefinite term at an exercise price of one U.S. cent.

The common shares and common warrants are expected to begin trading on the Nasdaq Capital Market on Aug. 22, 2023, under the symbols FMST and FMSTW, respectively. The offering is expected to close on Aug. 24, 2023, subject to satisfaction of customary closing conditions. The company's common shares will continue to trade on the Canadian Securities Exchange under the symbol FAT. All securities issued under the offering will be issued free from any resale restrictions under applicable Canadian and United States securities laws.

The company intends to use the net proceeds of the offering for resource development activities, annual property payments, claim payments and royalty payments, general corporate purposes, and general business expenses.

ThinkEquity is acting as sole book-running manager for the offering.

In connection with the closing of the offering, the company has agreed to issue ThinkEquity 40,000 warrants, representing 5 per cent of the aggregate common share units sold in the offering, with each such warrant exercisable at a price of $6.25 (U.S.) for a period ending five years from the commencement of sales of the offering.

A registration statement on Form F-1 (333-272028) relating to the offered securities was filed with the U.S. Securities and Exchange Commission (SEC) and became effective on Aug. 21, 2023. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, on the 41st floor, 17 State St., New York, N.Y., 10004. The final prospectus will be filed with the SEC and will be available on the SEC's website. The offering is not available to Canadian residents, however, a copy of the registration statement and final prospectus will be filed with the British Columbia Securities Commission and under the company's profile on SEDAR+.

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 EV (electric vehicle) appetite and 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.

We seek Safe Harbor.