Article content material

Property Includes 12 Identified Pegmatites Strategically Located to Potentially Support Direct Shipping Ore (DSO) Strategy

VANCOUVER, British Columbia, Sept. 19, 2023 (GLOBE NEWSWIRE) — Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration firm, right now introduced that it has made the second and remaining money cost within the quantity of $17,500 plus GST for the acquisition of Lac Simard South Property (the “Property”), beforehand introduced on March 20, 2023.

Article content material

Article content material

Lac Simard South land bundle consists of 80 mineral claims protecting 11,482 acres/4,647 hectares.

Figure 1. Property Location Map of Lac Simard South in Quebec, Canada

https://www.globenewswire.com/NewsRoom/AttachmentNg/25d8170b-d855-4749-992d-8c47a1dd9639

“Acquiring the Lac Simard South property aligns with our strategy to be in proximity of a lithium mine and concentrator,” stated Jason Barnard, Chief Executive Officer and President of Foremost Lithium. “Producing and delivering Direct Shipping Ore (DSO) will enable us to generate net cash and
partner with downstream refineries to supply their raw lithium ore. We intend to optimize the advantages the property offers and look forward to beginning our exploration efforts.”

Figure 2. Lac Simard South Property Claims with surrounding concentrators and refineries. Total – 11,482 acres/4,647 hectares.

https://www.globenewswire.com/NewsRoom/AttachmentNg/2750c18e-7c4f-499b-8df2-d7fedb6f284c

Lac Simard South Property is positioned roughly 90km southwest from the NAL Lithium Processing Plant (a Piedmont/Sayona Joint Venture) (“NAL”). On September 06, 2023, NAL introduced the receipt of the primary money proceeds following the inaugural cargo of lithium spodumene focus to the worldwide lithium market. The first cargo consisted of roughly 20,500 wmt (19,200 dry metric tonnes or dmt) of spodumene focus and was bought by way of a significant buying and selling firm.¹

Article content material

Article content material

Lac Simard South Property is positioned in a well-developed mining area with available help amenities and companies and is located 80km southwest of Val-D’or, a longtime logistics hub for mining companies. Val-d’Or is a metropolis with a inhabitants of 30,000 and is well-known for its mining historical past, with an skilled mining workforce. The Property is well accessible year-round by the use of well-maintained roads, with little overburden connecting and inside just a few km from main highways. The province of Quebec is a significant producer of electrical energy and one of many largest hydropower turbines on the planet, and a hydroelectric energy plant is located proper throughout the property declare block, permitting entry to grid energy and low-cost hydroelectricity.

The Company intends to start a future work program to check the recognized pegmatites related in Quebec’s energetic lithium, mining, and refining area. The exploration program’s first steps are anticipated to incorporate floor truthing to verify and describe the character of the recognized pegmatites in addition to prospecting chosen areas to seek out lithium-bearing pegmatites. Uses of oblique strategies corresponding to drone-assisted magnetic surveys, along with surficial geochemical surveys together with MMI, will probably be contemplated in areas with scarce outcrops to assist delineate new targets potential for lithium-bearing pegmatites. Foremost will strategize additional plans upon the return of preliminary assay outcomes.

Article content material

About Foremost Lithium

Foremost Lithium (NASDAQ: FMST) (CSE: FAT) is a hard-rock lithium exploration firm targeted on empowering the North American clear power economic system. Foremost’s strategically positioned lithium properties lengthen over 43,000 acres in Snow Lake, Manitoba, and hosts a property in a recognized energetic lithium camp located on over 11,400 acres in Quebec referred to as Lac Simard South.

Foremost’s 4 flagship Lithium Lane Projects in addition to its Lac Simard South challenge are positioned on the tip of the NAFTA superhighway to capitalize on the world’s rising EV urge for food, strongly positioning the Company to turn out to be a premier provider of North America’s lithium feedstock. As the world transitions in direction of decarbonization, the Company’s goal is the extraction of lithium oxide (Li₂O), and to subsequently play a task within the manufacturing of high-quality lithium hydroxide (LiOH), to assist energy lithium-based batteries, essential in creating a clean-energy economic system. Foremost Lithium additionally has the Winston Gold/Silver Property in New Mexico USA. Learn More at www.foremostlithium.com.

Article content material

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

Forward-Looking Statements

This information launch accommodates “forward-looking statements” and “forward-looking information” (as outlined underneath relevant securities legal guidelines), primarily based on administration’s finest estimates, assumptions, and present expectations. Such statements embrace however will not be restricted to, statements with respect to the plans for future exploration and growth of the Company’s properties and the acquisition of further exploration tasks. Generally, these forward-looking statements might be recognized by way of forward-looking terminology corresponding to “expects”, “expected”, “budgeted”, “forecasts”, “anticipates” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective”, and related expressions, or that occasions or circumstances “will”, “would”, “may”, “can”, “could” or “should” happen. These statements shouldn’t be learn as ensures of future efficiency or outcomes. Such statements contain recognized and unknown dangers, uncertainties and different elements which will trigger precise outcomes, efficiency or achievements to be materially totally different from these expressed or implied by such statements, together with however not restricted to: dangers associated to the receipt of all needed regulatory and third get together approvals for the proposed operations of the Company’s enterprise and exploration actions, dangers associated to the Company’s exploration properties; dangers associated to worldwide operations; dangers associated to basic financial circumstances, precise outcomes of present exploration actions, unanticipated reclamation bills; modifications in challenge parameters as plans proceed to be refined; fluctuations in costs of commodities together with lithium and gold; fluctuations in overseas foreign money alternate charges, will increase in market costs of mining consumables, doable variations in reserves; failure of plant, tools or processes to function as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage protection and different dangers of the mining business; delays within the completion of exploration, growth or development actions, modifications in nationwide and native authorities regulation of mining operations, tax guidelines and rules, and political and financial developments in jurisdictions through which the Company operates. . Although the Company has tried to determine essential elements that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There might be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. The forward-looking statements and forward-looking info are made as of the date hereof and are certified of their entirety by this cautionary assertion. The Company disclaims any obligation to revise or replace any such elements or to publicly announce the results of any revisions to any forward-looking statements or forward-looking info contained herein to replicate future outcomes, occasions, or developments, besides as require by legislation. Accordingly, readers shouldn’t place undue reliance on forward-looking statements and data. Please seek advice from the Company’s most up-to-date filings underneath its profile at www.sedar.com for additional info respecting the dangers affecting the Company and its enterprise.

The Canadian Securities Exchange has neither authorized nor disapproved the contents of this information launch and accepts no duty for the adequacy or accuracy hereof.

Company
Jason Barnard, President and CEO
+1 (604) 330-8067
data@foremostlithium.com

Investor Relations
Michael Kim or Brooks Hamilton
MZ North America
+1 (737) 289-0835
FMST@mzgroup.us

_______________________
^{¹ https://wcsecure.weblink.com.au/pdf/SYA/02708461.pdf}

Article content material