Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES CLOSING OF USD $4.0 MILLION PUBLIC OFFERING AND NASDAQ LISTING

Foremost Lithium Resource & Technology Ltd. today closed its previously announced underwritten public offering in the United States. The company sold 800,000 units, each consisting of one common share and one warrant to purchase one common share, at a public offering price of $5.00 (U.S.) per unit. The warrants within each common share unit have a per-share exercise price of $6.25 (U.S.) and expire five years from the date of issuance. The aggregate gross proceeds to the company from the offering were $4-million (U.S.), before deducting underwriting discounts of $286,000 (U.S.) and offering expenses.

The common shares and common warrants sold in the offering began trading on the Nasdaq Capital Market under the symbols FMST and FMSTW, respectively, on Aug. 22, 2023. 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 from the offering for resource development activities, annual property payments, claim payments and royalty payments, general corporate purposes, and general business expenses.

ThinkEquity acted as sole book-running manager for the offering.

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

A registration statement on Form F-1 (file No. 333-272028) relating to the offering was filed with the United States Securities and Exchange Commission (SEC) and became effective on Aug. 21, 2023. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State St., 41st floor, New York, N.Y., 10004. The final prospectus may also be obtained at no cost by visiting the SEC's website.

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.