Mr. Jason Barnard reports

FOREMOST LITHIUM ISSUES SHAREHOLDER LETTER AND PROVIDES CORPORATE UPDATE

Foremost Lithium Resource & Technology Ltd. today issued a letter to shareholders from its president and chief executive officer, Jason Barnard.

Dear shareholders,

Twenty twenty-three was a transformational year for Foremost Lithium, building the foundation for success in our 2024 drilling programs as we advance project timelines at our asset-rich, strategically located hard-rock lithium properties in North America. Throughout the year, we have extended our land claims into Eastern Canada, continued our exploration and growth on our Lithium Lane projects in Manitoba, executed on the drills, with lithium and gold discovery and completed property acquisitions.

On the capital markets front, we achieved a monumental milestone with our uplisting to the Nasdaq and the completion of a concurrent $4.0-million (U.S.) public offering -- laying the foundation for long-term shareholder value creation on a globally recognized exchange. Taken together, we believe we have the team, properties and strategy in place to execute on our company's objectives to achieve overwhelming success.

Achieving critical minerals independence in North America

First and foremost, I'd like to present a problem we are facing and why we have the potential to serve a critical role in North America's clean energy transition. At its core, the problem is simple. With the transformation to a more sustainable economy well under way, the United States and Canada are implementing policies and procedures to try and reduce their external reliance for critical minerals globally, and to gain independence, and energy security.

This includes working with economic partners and friend-shoring -- maintaining supply chains close to home as opposed to foreign countries -- which helps strengthen domestic growth and economic resilience. We are seeing a growing movement pushing for the onshoring of lithium production to North America, as the market was previously heavily dependent on foreign sources of lithium. With growing national security concerns from regulators and the memory of recent domestic supply chain difficulties fresh in the minds of automotive manufacturers everywhere, there is a clear opportunity for us to become a premier supplier of lithium feedstock to North American industry.

Despite recent media headlines, reports suggest electric vehicles are still experiencing record growth. Sales of hybrid, plug-in hybrid and battery-electric vehicles (BEV) in the United States rose to 17.7 per cent of new light-duty vehicle sales in the third quarter of 2023. The 2022 Inflation Reduction Act (IRA) provides a $7,500 EV tax credit but requires that battery minerals in EVs are extracted or processed in the U.S. or free-trade partner countries. Starting next month, an instant rebate or $7,500 cash is being offered directly to consumers who purchase an EV, rather than having to wait until filing taxes for the year. This could serve to supercharge EV sales even further.

Our Lithium Lane properties

Our four distinct Lithium Lane projects located in the mine friendly district of Snow Lake, Man. -- span a combined 43,000 acres -- each have the potential to have its own planned future drill program, which independently, could reach significant tonnage. Critically, our projects are located at the tip of the NAFTA superhighway with easy access to North American battery and EV manufacturing sites to supply our lithium concentrate for future feedstock.

Zoro lithium project

Early in 2023, we received phase 2 of a metallurgical report from on our 8,377-acre Zoro lithium project. Final test results confirmed the ability to produce a near 6 per cent Li2O concentrate while achieving a global lithium recover of 81.6 per cent, producing a significant capital expenditure and operating expenditure savings. This was a critical milestone for our company which highlights the quality of our ore to prospective battery manufacturers and other strategic partners while our lithium is still in the ground. This will enable us to proceed with our DSO (direct ship ore) strategy where bulk ore is blasted from the ground and shipped directly to a nearby mine, then transformed into a concentrate prior to shipping. This provides a potential revenue stream, prior to building a mine, and fast-tracks cash flow while still being able to drill off reserves on other parts of the property.

Jean Lake lithium-gold project

During the year we successfully completed a 24-hole, 3,002-metre drill program on our 2,476-acre Jean Lake lithium project. Our exploration efforts have focused on lithium in pegmatite using a variety of exploration technologies, which not only have exposed potential for spodumene, but which also has demonstrated the potential for gold mineralization. The drill program tested targets for lithium and gold, based on integrated prospecting, unmanned-aerial-vehicle-borne magnetic survey results, mobile metal ion (MMI) soil geochemical surveys and outcrop rock chip analyses. The results of the program confirmed lithium at the B1 pegmatite while also making a serendipitous new gold discovery on the property.

Grass River lithium project

This project covers 15,665 acres with seven spodumene-bearing pegmatite dikes discovered by past drilling with a further 10 exposed pegmatite targets at the surface. These pegmatites show similar trends to those of the Thompson Brothers lithium trend and the regionally extensive Crowduck Bay fault, known to be associated with lithium-enriched pegmatite dike clusters. Our summer exploration program in preparation for future drilling included sampling and ground-proofing of high-priority magnetic anomalies to define quality drill targets.

Peg North lithium project

Our Peg North lithium projects spans 16,697 acres with numerous mapped pegmatite dikes, extending our property holdings along the entire northern extension of the Crowduck Bay fault, which is known for its lithium-enriched pegmatite dike clusters. A high volume of pegmatite dikes were discovered and sampled during the 2023 campaign, with significant unexplored territory remaining.

Future plans for Peg North include extensive prospecting and exploration, as we had limited mobility in summer of 2023 due to forest fires that inhibited access to a large portion of the property. This past October, EarthEx Geophysical Solutions Inc. embarked to Snow Lake to the Peg North claim block to commence drone-assisted LiDAR surveying which would complete the collection of LiDAR and high-resolution magnetics over the entirety of all of our Lithium Lane properties, which results will be analyzed and interpreted to aid with future drill targeting.

September 2023 acquisition of Lac Simard South in Quebec

In September we finalized the acquisition of a 100-per-cent interest in the Lac Simard South property in the province of Quebec, Canada. This property consists of 80 mineral claims covering 11,842 acres and hosts 12 identified pegmatites via satellite imagery. These pegmatites are strategically located, situated approximately 90 kilometres southwest from the NAL lithium processing plant (a Piedmont/Sayona joint venture).

This acquisition is consistent with our focus of acquiring quality assets near known established lithium production and processing regions. Not only is the Lac Simard South property in an active lithium camp with significant resource potential, but it is located near Sayona's lithium concentrators and refineries. The property is easily accessible year-round by way of well-maintained roads and low-cost hydroelectricity.

The Little Granite gold/silver property

In October we made the final cash payment to acquire a 100-per-cent interest in the Little Granite gold/silver mine claims, within the Winston group of properties. The Winston property, comprising the Little Granite, Ivanhoe and Emporia claims, is situated in the heart of the historically prolific Black Range (Chloride-Grafton) mining district in the U.S. state of New Mexico. It was drilled in the 1980s and has a historical geologic report by geologist Christopher B. Dewitt, detailing the tracing of a gold-bearing vein for over 1,000 feet with assay results returning gold grades of over one ounce per ton. We would like to conduct a future drill program as well as develop this project into a much-anticipated spinout, which would result into dividend shares to shareholders.

Expanding our management team

During 2023 we engaged Dahrouge Geological Consulting Ltd., which undertook an extensive summer exploration program on our Lithium Lane properties in preparation for drilling. On Oct. 12, 2023, we announced positive results returned from the rock sampling program on our Peg North, Grass River claims, Jean Lake and Zoro properties, including high-grade lithium values and spodumene mineralization at both the Zoro and Jean Lake property. We had some positive assay results from our rock sampling program, returning values up to 2.13 per cent Li2O at the Zoro lithium project and up to 1.86 per cent Li2O at Jean Lake lithium project.

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. The company has had a consistent presence in Quebec over the last 15 years, and the breadth of contacts makes them an ideal team to lead our exploration in that province.

Jody Dahrouge, president of Dahrouge Geological Consulting, is a professional geologist with over 30 years experience who has been involved in all aspects of mineral exploration and development for a wide variety of commodities worldwide. We have been fortunate to work with Mr. Dahrouge and his team on previous projects. In August, we took the additional step to appoint Mr. Dahrouge to our advisory board as a geological consultant, as his insight and experience will prove to be invaluable to Foremost as we work to advance our Lithium Lane properties.

To build a solid financial foundation for our future, in September, 2023, we appointed Bal Bhullar as chief financial officer, further fortifying our finance and regulatory compliance capabilities. Ms. Bhullar has more than 25 years of experience in senior financial positions, risk management experience as an executive and/or board director, in both public and private companies.

2024 goals and final thoughts

We are now finalizing drill targets for a winter drill program in the coming months on both the Zoro and Jean Lake properties. Drilling at Zoro will seek to expand the existing resource on dike 1, which hosts an inferred resource from a single high-grade lithium bearing spodumene pegmatite of 1,074,567 tons at a grade of 0.91 per cent Li2O, with a cut-off of 0.3 per cent in accordance with the company's SK-1300 technical report summary (2023) and National Instrument 43-101 technical report (2018), as well as further investigate the spodumene-bearing pegmatites on dike 8 and dike 16. The drill program at Jean Lake will follow up on the results from the winter 2023 drill program with the hopes of expanding the high-grade spodumene occurrences at B1 and B2, as well as to assess the potential for additional gold mineralization.

Looking ahead, we will continue our exploration efforts on 25 confirmed spodumene bearing pegmatite dikes along historically known lithium-enriched trend lines. As the EV revolution continues to take hold and the global transition toward decarbonization accelerates, lithium will be in constant demand. We are positioning Foremost to play a key role in this transformative revolution -- all with the ultimate goal of generating sustainable, long-term value for my fellow shareholders. I look forward to sharing exciting new milestones in the year to come as we continue our robust pace of operational execution against our defined road map.

Sincerely,

Jason Barnard

President and chief executive officer

We seek Safe Harbor.