- Foremost Lithium is ready to accelerate operations at an ideal time when lithium demand will skyrocket thanks to the growing electric vehicle market, which will likely hit 48 percent by 2030.
- Foremost hosts three lithium properties, Jean Lake, Grass River, and Zoro, located in Snow Lake, Manitoba, and Hidden Lake in the Northwest Territories.
- Its properties span 30,846 acres where over 95 percent remains unexplored, offering potential exploration upside.
- Foremost Lithium operates in a mining-friendly region that is accessible and contains developed infrastructure.
- Permitted metallurgical bulk production with SGS Labs to generate a 6% Li2O spodumene concentrate by September of 2022. XPS Labs will then convert the concentrate into battery-grade lithium hydroxide thereby proving viability to market its lithium to strategic partners prior to development.
- The company’s future growth potential is immense as the Snow Lake region boasts 26,000 acres, of which 95 percent is yet to be fully explored.
- Foremost will be releasing its entire airborne geophysics results, delivering high-resolution subsurface images over 100 percent of its Snow Lake lithium properties, using this technology to define a 3D location, shape, size, and distribution of potential spodumene-rich pegmatite dykes to de-risk drill targets for future drilling.
- All of Foremost Lithium’s projects involve hard-rock spodumene pegmatite deposits, proven to be the most cost-effective and efficient choice for battery metal used in electric vehicle manufacturing.
- Among the company’s projects, Zoro has obtained a permit to extract a bulk sample and is already on track to deliver a six percent battery-grade lithium hydroxide.
- The enthusiastic management team is ready to develop these properties and drive shareholder value in a responsible and ethical manner.
- Foremost also owns the Winston Gold and Silver Project, located in New Mexico which had sampling results that included 66.5 g/t gold and 4,619 g/t silver. It comprises 2,980 acres and shows the company’s prudent diversification.
As the push for greener energy powers on, demand for electric vehicles has risen significantly from 2.1 million units sold in 2020 to 4.5 million the next year, according to LMC Automotive. The electric vehicle market cap exceeded the one for the combustion engine for the first time in late 2021, hitting C$1.52 trillion compared to C$1.47 trillion. And the US government has also announced plans to target 50 percent electric vehicle sales share by 2030, mirroring similar efforts in other countries.
Despite this, the supply of lithium is falling short. Major lithium producer Rio Tinto lost its license to produce the element, leaving a vacuum in the market for mining companies. And, as S&P Global Market Intelligence analyst Alice Yu states, “The lithium market is extremely tight at present, so spot prices are very sensitive to any supply disruptions.”
Canada finds itself in a unique position when it comes to domestic lithium production. In April 2022, it announced a C$3.8 billion initiative towards a critical minerals strategy. The country is replete with opportunities for lithium mining. The country is the site of four major lithium properties in Manitoba and the Northwest Territories, and the multitude of active local mining firms, as well as historical mining activities in the area, prove the viability of the region for lithium exploration.
One mining operation, for instance, has already invested into an ongoing 15,000-metre drill program. As Foremost Lithium CEO Scott Taylor told INN regarding this competitor, “I expect a steady pipeline of highly encouraging results in the next several months … of a prospective Snow Lake “Lithium Lane” emerging from the data which highlights new high quality Li2O development targets. We will continue to advance this prospective Lithium Lane thesis in similar fashion as Frontier Lithium’s (FL.V) Electric Avenue, a premium lithium mineral district located in Northern Ontario.”
The Government of Canada is on board as well, listing lithium as a critical mineral “vital to growing Canada’s clean, modern economy.” The element will play an essential role in the future economic security of the country, as well as its transition to a low-carbon economy. The government also aims “to position Canada as the leading mining nation, as set out in the Canadian Minerals and Metals Plan (CMMP).”Foremost Lithium Resource & Technology (CSE:FAT,OTCQB:FRRSF,FWB:F0R0) is a green energy technology company focused to build one of the first North American companies to ethically and sustainably produce battery-grade lithium hydroxide from our Snow Lake Lithium projects. The company’s focus is to form strategic partnerships with lithium-battery manufacturers to supply the ever-growing global EV battery market.