Lithium

Foremost Lithium Receives Positive Preliminary Results from its Bulk Sample Program at Dyke 1, Zoro Lithium Property

Foremost Lithium Receives Positive Preliminary Results from its Bulk Sample Program at Dyke 1, Zoro Lithium Property

Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) (www.foremostlithium.com) ("Foremost Lithium", "Foremost" or the "Company") is pleased to announce the first phase is complete from its Zoro Lithium property bulk sampling and metallurgical program to determine whether the Dyke 1 pegmatite can produce a 6% battery-grade lithium (Li2O) concentrate. Test work confirms spodumene-bearing pegmatite from Zoro Dyke 1 is amenable for production.

Jason Barnard, Foremost's President and CEO, comments, "I'm extremely pleased that the first phase of our bulk sample program demonstrated such positive results. This project has been our company's focus for some months as we recognized the significance of favourable results. Our goal for this project is to be able to market our lithium while still in the ground directly to battery suppliers and vehicle manufactures. We are well on our way to reaching our objective."

In June of 2022, after the receipt of a bulk sample permit from the Manitoba government, a field crew collected 489 kg of spodumene-mineralized pegmatite using sledgehammers and chisels from trenches exposing Dyke 1 on Foremost's Zoro lithium property. Twenty-six pails of spodumene-mineralized pegmatite were shipped to SGS Lakefield. After sample preparation, testwork on this Master Composite sample included heavy liquid separation (HLS), dense media separation (DMS), and dry magnetic separation. The metallurgical target of the testwork was the production of a spodumene concentrate containing >6% Li2O and Foremost Lithium Resources & Technology Ltd.

HLS testing was carried out on the Master Composite sample at a crush size of -12.7 mm, after dry screening to remove the -0.5 mm fines. The resulting sink products and a final float product were screened into -12.7/+9.5mm, -9.5/+6.4mm, and -6.4+0.5 mm size fractions. All the fractionated HLS sink products were further passed through a dry magnetic separator to reject iron-bearing gangue.

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Figure 1: High-Force® Dry Magnetic Separator Used for HLS Sinks and DMS Concentrate

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The bulk sample was processed on a DMS pilot plant at SGS Lakefield. The bulk sample produced a final spodumene concentrate assaying 5.93% Li2O, at a global lithium recovery of 66.9% in 26.5% mass after magnetic separation. The iron content in the spodumene concentrate assayed 1.23% Fe2O3, slightly higher than the 1% Fe2O3 targeted, but is acceptable for subsequent hydrometallurgical processing.

The HLS and DMS testwork confirms Dyke 1 spodumene ore is amenable for production of a spodumene concentrate by the DMS process. DMS provides the opportunity to reject nearly 50% of the coarse waste rock (-12.7 mm) at an early stage of the process thereby significantly reducing ore transportation and handling costs for a future plant. Management anticipates rejected coarse waste rock will have 8.6% lithium at a grade of 0.41% Li2O.

Phase two will continue with ongoing work being carried out by XPS which includes mineralogical assessment of the DMS products and flotation testwork to optimize lithium recovery from the DMS middlings and -0.5 mm fines streams. The DMS concentrate is used to advance the pyrometallurgical testwork (spodumene decrepitation and sulphide roasting) with the ultimate goal of producing a valuable lithium product from the concentrate.

Any future processing plant for Dyke 1 ore is envisaged as having a DMS +Magnetic separation plant and a smaller flotation plant (smaller footprint) for processing the middlings +0.5 mm fines from the DMS process. This processing flowsheet will result in significant savings in terms of CAPEX and OPEX as compared to processing the entire Dyke 1 ore by flotation process for the recovery of lithium.

Vice President of Exploration, Dr. Mark Fedikow, notes, "The preliminary metallurgical results from our Dyke 1 bulk sample on the Zoro property are favourable. The HLS and DMS test work demonstrates a spodumene concentrate can be produced from the pegmatite while simultaneously reducing ore handling and transportation costs. We look forward to the final report from our partners at XPS - Expert Process Solutions."

QP Statement

Rock sampling was completed under the supervision of Dr. Mark Fedikow. All samples are collected and maintained in accordance with established QA/QC protocols. The technical content of this news release has been prepared and approved by Dr. Mark Fedikow, P.Geo. who is a Qualified Person as defined by NI 43-101 and by Expert Process Solutions (XPS).

On Behalf of the Board of Directors
Jason Barnard, President and CEO
Email: info@foremostlithium.com
Phone: +1 (604) 330-8067

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. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA.

Follow us or contact us on social media:
Twitter: @foremostlithium
Linkedin: https://www.linkedin.com/company/foremost-lithium-resourcetechnology/mycompany
Facebook: https://www.facebook.com/ForemostLithium

Forward Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the Company's properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the receipt of all necessary regulatory and third party approvals for the proposed operations of the Company's business and exploration activities, completion of the Company's recently announced financing, risks related to the Company's exploration properties; risks related to international operations; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of commodities including lithium and gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in reserves; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in jurisdictions in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.

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Foremost Lithium Announces Termination of the PSU Plan

Foremost Lithium Announces Termination of the PSU Plan

Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) ("Foremost Lithium", "Foremost" or the "Company") As previously disclosed, on January 17, 2022 the Company adopted a performance and restricted share unit plan, which was subsequently amended on September 7, 2022, (the "PSU Plan"). The terms of the PSU Plan required that the Plan be submitted to shareholders for ratification and approval within three years of its implementation and thereafter within three years after the anniversary of the immediately preceding shareholder approval. At the Company's ASGM held on December 02, 2022, (the "Meeting") the shareholders voted against ratification of the PSU Plan, with 98.2% shares voted at the Meeting cast against the motion to approve.

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Foremost Lithium Announces Receipt of Its Second $300,000 Grant from The Manitoba Mineral Development Fund

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Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) (www.foremostlithium.com) ("Foremost Lithium", "Foremost" or the "Company") is pleased to announce that the Company has been approved for a $300,000 grant for the second time in just over two years (see the Company's news release dated September 30, 2021) from the Manitoba Mineral Development Fund ("MMDF"). The funds will help support and advance the ongoing 202223 3,000-meter diamond drill program (see the Company's news release dated November 21, 2022) on its Jean Lake Lithium Project located in the Snow Lake area of the province of Manitoba.

The drill targets at the Jean Lake Lithium property include the high-grade spodumene-bearing B1 and B2 pegmatite dykes and Mobile Metal Ion lithium-anomalous magnetic trends defined by a UAV-assisted geophysical survey completed earlier in 2022. The Jean Lake Property is adjacent to Snow Lake Resources Project which includes the Sherritt Gordon and Grass River pegmatites and the Thompson Brothers lithium-bearing pegmatite with a recently announced historic (SEC in S-K 1300) indicated mineral resource of 9.08 million tonnes @ 1% lithium oxide and an inferred resource of 1.96 million tonnes @ 0.98% Li2O based on a 0.3% cut-off.1

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Drill Rig at B1 Pegmatite Dyke next to drill shack at the Jean Lake Lithium Project in Snow Lake, Manitoba

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It is intended that ongoing exploration in 2023 on the Lithium Lane's Snow Lake properties will include focused prospecting and surficial geochemical surveys designed to follow-up drone-assisted magnetic and LIDAR surveys on the Grass River, Zoro and Peg North properties. Recent and historical geoscientific databases will be integrated to provide targets on the properties.

The MMDF was launched by the Government of Manitoba in August 2020 with the stated goal of jump-starting mineral and economic development initiatives throughout the province. The MMDF is administered through the Manitoba Chambers of Commerce and aims to support new economic development opportunities that capitalize on existing assets and infrastructure across Manitoba.

Jason Barnard, Foremost's President and CEO, states, "We are pleased to once again receive this support from the Manitoba Mineral Development Fund. Historic as well as current base and precious metal mining and developing battery metal projects have provided employment and economic development opportunities in the Snow Lake region. With this assistance from the MMDF and the Government of Manitoba, Foremost Lithium plans to contribute to the growth and prosperity to Snow Lake and nearby communities. The top 10 battery manufacturing plants are currently in China2. Europe and North America are looking to reduce their reliance to Asia, and are seeking domestic supply chains, to which they can procure their critical minerals locally, as well as secure partnerships with local battery metal suppliers and manufacturers. As we advance our Lithium Lane Projects in Snow Lake, we envision that we will be forming great strategic partnerships and are thankful to have contributions from the MMDF assisting our company."

On Behalf of the Board of Directors
Jason Barnard, President and CEO
Email: info@foremostlithium.com
Phone: +1 (604) 330-8067

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

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. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA.

Follow us or contact us on social media:
Twitter: @foremostlithium
Linkedin: https://www.linkedin.com/company/foremost-lithium-resourcetechnology/mycompany
Facebook: https://www.facebook.com/ForemostLithium

Forward Looking Statements
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the Company's properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the receipt of all necessary regulatory and third party approvals for the proposed operations of the Company's business and exploration activities, completion of the Company's recently announced financing, risks related to the Company's exploration properties; risks related to international operations; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of commodities including lithium and gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in reserves; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in jurisdictions in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.

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Form 52-109FV2

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Form 52-109FV2

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