Foremost Lithium Announces Amendment of PSU Plan, Cancellations and New Grants of PSUs and Announces Change to Executive Management

Foremost Lithium Announces Amendment of PSU Plan, Cancellations and New Grants of PSUs and Announces Change to Executive Management

Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) (www.foremostlithium.com) ("Foremost Lithium, Foremost or the Company) announces a number of changes to its Performance Share Unit Plan previously adopted on January 17, 2022 (the "PSU Plan"), and issued and Performance Share Units ("PSUs") outstanding thereunder.

As previously disclosed in the Company's Canadian Securities Exchange filings, during the financial year ended March 31, 2022, the Company had previously granted an aggregate of 15,999,996 PSUs to the Company's board and management.

Effective February 15, 2022 an aggregate of 1,500,000 common shares were issued upon the redemption of 1,500,000 of the previously granted PSUs. Subsequently, effective August 19, 2022, an aggregate of 6,500,000 previously granted PSUs were forfeited in connection with the resignation of a director of the Company.

Pursuant to a resolution passed by the Company's board effective September 7, 2022, the Company has amended the PSU Plan to among other things, increase the aggregate fixed number of common shares reserved for issuance upon the redemption of PSUs to 19,628,579 (being 10% of the Company's then issued and outstanding common shares) so that more PSUs would be available to offer to new independent directors who may join the board as well as additions to the management team with performance milestones to be determined by the board at the time of issuance.

In connection with the amendments to the PSU Plan, effective September 7, 2022, the board cancelled a total of 6,999,996 previously granted PSUs and granted, effective October 9, 2022 13,000,000 new PSUs having an expiry date of October 9, 2025 (the "New PSUs").

A total of 3,900,001 of the New PSUs will vest and become redeemable upon the occurrence of certain capital market liquidity events, with the balance vesting on the achievement of certain closing price milestones ranging between $0.39 and $1.36 (subject to adjustment in connection with any capital reorganization).

Following the cancellations and grants, an aggregate of 14,000,000 PSUs issued and outstanding under the PSU Plan, of which 1,000,000 PSUs expiring January 17, 2025 have vested and are currently redeemable,13,000,000 expiring October 9, 2025, remain unvested, and a further 4,128,579 PSUs remain reserved for issuance under the PSU Plan.

The PSU Plan will be put before shareholders for ratification at the Company's annual and special general meeting scheduled for November 30, 2022. In the event that the ratification of the PSU Plan is not approved by shareholders, it is anticipated that the Company's board of directors will terminate the PSU Plan, as a result of which no additional PSUs would be available for grant. All currently outstanding PSUs, would remain in effect until the earlier of their respective expiry dates, redemption, or forfeiture.

The Board would also like to announce that John Gravelle ceased to act as Chief Executive Officer and President, effective September 29, 2022 but remains on the Company's Board of directors. Foremost intends to conduct an executive search to identify internal and external candidates to fill the role(s) to lead the organization into its next chapter.

The Board also advises that the results from the previously announced XPS study evaluating whether the Company's properties may yield battery-grade lithium hydroxide has been delayed due to backlogs at the assay labs contracted by the company.

On Behalf of the Board of Directors
Andrew Lyons, CFO and Director

About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a hard-rock exploration company strategically located to capitalize on the world's growing EV appetite and is committed to being a premier supplier of North America's lithium feedstock. As the world transitions towards decarbonization, the company is focused on exploration and growth on its 5 Lithium Lane Projects in Snow Lake Manitoba, and its Hidden Lake Lithium Project in the Northwest Territories. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA.

Foremost Lithium Resource &Technology Ltd.
Email: info@foremostlithium.com
Phone: +1 (604) 330-8067

Follow us or contact us on social media:

Twitter: @foremostlithium
Linkedin: https://www.linkedin.com/company/foremost-lithium-resource-technology/mycompany
Facebook: https://www.facebook.com/ForemostLithium

Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Foremost within the meaning of applicable securities laws. Foremost provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to market conditions, exploration findings, results, and recommendations, as well as those risks and uncertainties identified and reported in Foremost' s public filings under Foremost' s SEDAR profile at www.sedar.com. Although Foremost has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Foremost disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise unless required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142866

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Foremost Lithium Identifies Future Additional Drill Targets and Strategically Extends Claims on Its Manitoba Lithium Projects

Foremost Lithium Identifies Future Additional Drill Targets and Strategically Extends Claims on Its Manitoba Lithium Projects

Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) ("Foremost Lithium", "Foremost" or the "Company") is pleased to announce it has identified numerous future exploration targets from a preliminary analysis of UAV-assisted magnetic and LiDAR surveys on its Lithium Lane properties located near Snow Lake, in the mining friendly province of Manitoba. The surveys were flown by EarthEx Geophysical Solutions Inc. (Selkirk, Manitoba) last year and totalled 7,472.7-line km at a flight line azimuth of 070° and a 25 meter flight line spacing.

EarthEx produced 3D magnetic inversion models and advanced 2D data imagery using the high-resolution UAV magnetic data collected from the Lithium Lane properties and these images along with LiDAR imagery provide the basis for an enhanced assessment of lithium pegmatite ground exploration follow-up.

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Field crews arrived on site on June 17 and have initiated ground-based geophysical surveys targeting future high-priority drill targets. Concurrently, the team is constructing an access trail along the full 20 km strike extent of the Dykes River Intrusion oxide layering zone. Mobilizing drill rigs to the Trapper Zone is a first construction priority (see Figure 1 below).

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Lithium Universe Ltd  Settlement of Tranche 1 Share Placement

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Melbourne, Australia (ABN Newswire) - Lithium Universe Limited (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) is pleased to announce that further to its announcement dated 18 June 2025 (Announcement), it has now settled the first tranche of its placement to sophisticated and professional investors (Tranche 1).

Highlights

- Successful settlement of Tranche 1 of the share placement to sophisticated and professional investors, raising $0.60 million

- Tranche 2 of the placement (subject to shareholder approval) is anticipated to be completed on or around 29 July 2025, raising $1.10 million

Tranche 1 comprised of 150,000,000 fully paid ordinary shares in the capital of the Company (Shares), which have been issued today under the Company's existing capacity under ASX Listing Rule 7.1 (15% capacity). The Shares under Tranche 1 were issued at a price of A$0.004 per Share, raising A$600,000. In addition, subject to shareholder approval, the Tranche 1 investors will be entitled to one new option for every two Shares subscribed for and issued, expiring 36 months from the date of issue of the options, and an exercise price of $0.008 (Options).

Tranche 2 Placement

As detailed within the Announcement, the placement comprises a second tranche of 275,000,000 Shares at an issue price of A$0.004 per Share, subject to shareholder approval (Tranche 2). Investors under the Tranche 2 placement will also receive a free attaching Option on a 1 for 2 basis, subject to shareholder approval.

The Company will seek shareholder approval at an upcoming general meeting, which is scheduled to be held on or around Wednesday, 23 July 2025.

Cleansing for secondary trading

The Company advises that the Shares issued under Tranche 1 have been issued without disclosure under Part 6D.2 of the Act in reliance on sections 708(8) and 708(11) of the Corporations Act 2001 (Cth) (Corporations Act).

In accordance with Section 708A(11) of the Corporations Act 2001, the Company confirms:

- the Shares under Tranche 1 are in a class of securities that are quoted securities;

- the Company lodged a prospectus with the Australian Securities and Investments Commission on 20 June 2025 (Prospectus);

- the Prospectus includes an offer of securities by the Company in the same class as the Shares issued under Tranche 1; and

- the offer under the Prospectus is and was open at the time of issue of the Shares under Tranche 1.

Accordingly, the T1 Placement Shares are eligible for immediate trading without on-sale restrictions.



About Lithium Universe Ltd:  

Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.

Instead of exploring for the sake of exploration, Lithium Universe's mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.



Source:
Lithium Universe Ltd

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