Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES RECEIPT OF THIRD $300,000 GRANT FROM THE MANITOBA MINERAL DEVELOPMENT FUND (MMDF)

Foremost Lithium Resource & Technology Ltd. has received a $300,000 grant from the Manitoba Mineral Development Fund (MMDF) to help support and advance the company's recently announced 7,500-metre diamond drill program at its Zoro lithium project, located in the Snow Lake area of the province of Manitoba.

On Jan. 4, 2023, and Sept. 21, 2021, Foremost Lithium announced the MMDF's approval of its previous two grant applications of $300,000 each in support of the company's continued exploration and drilling program on its Lithium Lane properties. The company wishes to acknowledge MMDF's continued contributions and recognizes that the grant's financial injections assist and accelerate Foremost's exploration objectives in the province of Manitoba.

Edward Suzuki, program manager of the Manitoba Mineral Development Fund, commented: "Foremost Lithium stands as a reputable company that has achieved remarkable advancements on their properties in Manitoba. They are widely recognized for their substantial geological potential in terms of valuable mineral deposits. Through their diligent efforts, they have successfully identified and defined their lithium resources, clearly showcasing the significance of these essential minerals. Supporting mineral exploration companies like Foremost Lithium, the government of Manitoba's Mineral Development Fund not only stimulates exploration activity and attracts investment but also fosters economic growth, job creation and enhances the province's competitiveness. These factors collectively contribute to the long-term sustainability and development of the mining industry in Manitoba."

Jason Barnard, chief executive officer and president of Foremost Lithium, added: "I would like to thank the MMDF for the validation and support they provide to our operations in the Snow Lake area. Manitoba has proven itself as a business-friendly environment, and, to that end, I look forward to leveraging the province's highly skilled local work force as we continue the rapid development of our Lithium Lane properties in the quarters to come."

The purpose of the MMDF is to grow the mineral development industry and stimulate economic development in Northern Manitoba. This fund supplements current economic growth in Northern Manitoba and drives regional investment across the province. The MMDF program and the Manitoba mineral exploration tax credit (MMETC) make Manitoba a compelling critical mineral investment story. The MMETC provides Manitoba residents with some of the most advantageous tax credits in Canada, when compared with other provinces. Being able to access this funding for future exploration programs should allow Foremost Lithium to lower its cost of capital. Manitobans may avail themselves of unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as Foremost's Lithium Lane projects.

About Foremost Lithium Resource & Technology Ltd.

Foremost Lithium 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 (North American free-trade agreement) superhighway to capitalize on the world's growing EV (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, United States.

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