Mr. Jason Barnard reports

FOREMOST LITHIUM FINALIZES ACQUISITION OF LAC SIMARD SOUTH PROPERTY IN QUEBEC

Foremost Lithium Resource & Technology Ltd. has made the second and final cash payment in the amount of $17,500 plus GST for the acquisition of Lac Simard South property, previously announced on March 20, 2023.

The Lac Simard South land package consists of 80 mineral claims covering 11,482 acres/4,647 hectares.

"Acquiring the Lac Simard South property aligns with our strategy to be in proximity of a lithium mine and concentrator," said Jason Barnard, chief executive officer and president of Foremost Lithium. "Producing and delivering direct shipping ore (DSO) will enable us to generate net cash, and partner with downstream refineries to supply their raw lithium ore. We intend to optimize the advantages the property offers and look forward to beginning our exploration efforts."

The Lac Simard South property is located approximately 90 kilometres southwest from the NAL lithium processing plant (a Piedmont/Sayona joint venture). On Sept. 6, 2023, NAL announced the receipt of the first cash proceeds following the inaugural shipment of lithium spodumene concentrate to the international lithium market. The first shipment consisted of approximately 20,500 wmt (wet metric tonnes) (19,200 dry metric tonnes (dmt)) of spodumene concentrate and was sold via a major trading company.

The Lac Simard South property is located in a well-developed mining region with readily available support facilities and services, and is situated 80 km southwest of Val d'or, an established logistics hub for mining services. Val d'Or is a city with a population of 30,000 and is well known for its mining history, with an experienced mining work force. The property is easily accessible year-round by way of well-maintained roads, with little overburden connecting and within a few km from major highways. The province of Quebec is a major producer of electricity and one of the largest hydropower generators in the world, and a hydroelectric power plant is situated right within the property claim block, allowing access to grid power and low-cost hydroelectricity.

The company intends to begin a future work program to test the identified pegmatites associated in Quebec's active lithium, mining and refining region. The exploration program's first steps are expected to include ground truthing to confirm and describe the nature of the identified pegmatites, as well as prospecting selected areas to find lithium-bearing pegmatites. Uses of indirect techniques such as drone-assisted magnetic surveys, in addition to surficial geochemical surveys including MMI (mobile metal ion), will be contemplated in areas with scarce outcrops to help delineate new targets prospective for lithium-bearing pegmatites. Foremost will strategize further plans upon the return of initial assay results.

About Foremost Lithium Resource & Technology Ltd.

Foremost is a hard-rock lithium exploration company focused on empowering the North American clean energy economy. Foremost's strategically located lithium properties extend over 43,000 acres in Snow Lake, Man., and hosts a property in a known active lithium camp situated on over 11,400 acres in Quebec called Lac Simard South.

Foremost's four flagship Lithium Lane projects, as well as its Lac Simard South project, are located at the tip of the NAFTA superhighway to capitalize on the world's growing electric vehicle appetite, strongly positioning the company 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, U.S.

We seek Safe Harbor.