Foremost Lithium Announces $10 Million Application for the Government of Canada's Critical Mineral Infrastructure Funds
Foremost Lithium Announces $10 Million Application for the
Government of Canada’s Critical Mineral Infrastructure Fund
• The Critical Mineral Infrastructure Fund (CMIF) is a $1.5B Government of
Canada fund to support the development and expansion of Canada’s critical
mineral industry
• Foremost Lithium is applying under Stream 1 which supports mineral projects
pre-construction to develop their sites to achieve shovel ready status
• Foremost has garnered substantial support from the community, industry
stakeholders and municipal and provincial governments
Vancouver, British Columbia – February 28, 2024 - Foremost Lithium Resource &
Technology Ltd. (NASDAQ: FMST ) (CSE: FAT) (“ Foremost Lithium”, “ Foremost” or the
“Company”), a North American hard -rock lithium exploration company, today announced
that it 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 9.5KM 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.
Pic 1. Proposed Road Improvement and Expansion
“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 CEO 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 pre -mine. The Company has started
the preliminary planning, permitting and engagement processes necessary to move towards
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 February 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 chain s for lithium-ion batteries, outranking China for the
first time . Additionally, on February 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 February 29, 2024.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) (FSE: F0R0) (WKN: A3DCC8) is a hard -rock
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, Manitoba, and hosts 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 superhighway to capitalize on the world's growing EV
appetite, strongly positioning the Company to become a premier supplier of North America's
lithium feedstock. As the world transitions towards decarbonization, the Company's
objective is the extraction of lithium oxide (Li₂O), and to subsequently play a role in the
production of high-quality lithium hydroxide (LiOH), to help power lit hium-based batteries,
critical in developing a clean -energy economy. Foremost Lithium also has the Winston
Gold/Silver Property in New Mexico USA. Learn More at www.foremostlithium.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
www.mzgroup.us
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