Mr. Jason Barnard reports

FOREMOST LITHIUM ANNOUNCES $10 MILLION APPLICATION FOR THE GOVERNMENT OF CANADA'S CRITICAL MINERAL INFRASTRUCTURE FUND

Foremost Lithium Resource & Technology Ltd. has submitted a $10-million proposal for the government of Canada's Critical Mineral Infrastructure Fund (CMIF) -- a $1.5-billion fund to support clean-energy and transportation infrastructure projects necessary to enable the sustainable development and expansion of critical minerals in Canada. The CMIF provides for two eligible streams of funding, with stream 1 being preconstruction and project development activities, and stream 2 being infrastructure deployment activities.

Foremost Lithium's proposal under stream 1 is intended to provide an enhanced transportation corridor in Manitoba's resource-rich Snow Lake region. The company's application, if successful, is expected to enable Foremost to build a 9.5-kilometre road from its Jean Lake and Zoro property, connecting it to an existing roadway, as well as to make much-needed improvements to enhance current access routes. This will provide a reliable route to transport lithium, gold, nickel and timber while concurrently helping to realize tremendous economic potential in the area. Infrastructure investments are key to creating jobs, supporting a strong economy and building greener, more-resilient communities. Necessary improvements to current resource roads will not only serve for transportation of ore and timber, but are also crucial links for rural communities.

"I'm very grateful for all the support we have received for this application from industry stakeholders, the community, and municipal and provincial governments. We realize that this project has the potential to promote significant economic growth and foster investment, not only for Foremost Lithium, but other resource and local stakeholders in the region as well," stated Jason Barnard, president and chief executive officer of Foremost Lithium. "We will continue to engage with the industry, local communities, the Manitoba government and other organizations to develop strong economic partnerships. We feel positive, if this application is successful, that it has the potential to create a significant impact for our company, its shareholders and the Northern Manitoba resource community at large."

Next steps

Foremost's DSO (direct ship ore) strategy is where bulk ore is blasted from the ground and shipped directly to a mine, then transformed into concentrate prior to shipping, providing an opportunity to potentially fast-track a revenue stream premine. The company has started the preliminary planning, permitting and engagement processes necessary to move toward its next phase -- shovel ready. With potential future government funding for the proposed project, Foremost anticipates it will then be able to start building necessary infrastructure to facilitate extraction.

Foremost's application is timely given Canada has seen notable recent press coverage in the critical-minerals sector. On Feb. 5, 2024, it was announced that Canada claimed the top spot in BloombergNEF's global ranking of the 30 countries on track to develop secure, reliable and sustainable supply chains for lithium-ion batteries, outranking China for the first time. Additionally, on Feb. 13, 2024, Canada's Natural Resources and Energy Minister, Jonathan Wilkinson, announced plans to accelerate critical-mineral mining permitting processes, as well as provide for additional funding, in an effort to bolster the Canadian energy sector.

The application deadline for the Critical Mineral Infrastructure Fund is Feb. 29, 2024.

About Foremost Lithium Resource & Technology Ltd.

Foremost Lithium is a hardrock 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 host 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 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, and to subsequently play a role in the production of high-quality lithium hydroxide, 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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