Foremost Lithium Announces a 7,500 Metre Winter Drill Program on Its Zoro Lithium Property

Drilling at Zoro will Focus on Dyke 1 as It Is Open Along Strike and at Depth Providing Excellent Potential for Further Resource Development

Vancouver, British Columbia – December 28, 2023 - Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, is pleased to announce today its drilling plans on its Zoro Lithium Property located near the historic mining centre of Snow Lake in Manitoba. The Company is comple�ng plans in prepara�on of 30-hole, 7,500-metre diamond drill winter program including submi�ng work permits at the Manitoba Mines Branch. The drill program on the Zoro Property will be in addi�on to the Company’s recently announced 2,500 metre diamond drill program on its Jean Lake Lithium/Gold Property located in the same mining centre. Drilling on both proper�es will total 10,000 metres.

Foremost Lithium’s Zoro and Jean Lake Proper�es share con�guous borders with Snow Lake Lithium’s Thompson Brothers and Grass River proper�es, which are disclosed as having an aggregate measured, indicated and inferred resource es�mate of approximately 8.2 million tonnes of 1% Li2O. The Zoro Property is directly adjacent to the Thompson Brother’s (“TB”) lithium trend, known for hos�ng several lithium enriched occurrences. The Zoro Property is also adjacent to the Crowduck Bay Fault which is a significant regional focus for the development of lithium-enriched pegma�te clusters (Figure 1).

Figure 1: Loca�on of the Zoro Property

Jason Barnard, Chief Execu�ve Officer and President of Foremost Lithium, comments: “This is the most aggressive drill program our company has embarked on to date. With the most recent announcement of drilling on our Jean Lake Lithium/Gold Property, we will be running two winter drill programs on two different projects for a combined 10,000 metres of drilling this winter. We are pleased to be working our first drill program with Dahrouge and feel confident that we will be able to optimize our resource potential on both our Zoro and Jean Lake Properties to increase shareholder value.”

Dyke 1

Drilling at the Zoro Property will focus on Dyke 1, which par�ally outcrops at surface and hosts an inferred resource from a single high-grade lithium bearing spodumene pegma�te of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3%, as set forth in the Company’s filed SK-1300 Technical Report Summary (2023) and NI-43-101 Technical Report (2018). Mineraliza�on is defined for 265 metres along strike and to a depth of 265 metres and atains widths of up to 40 metres. Dyke 1 has not been drilled since 2018 and is open along strike and at depth providing excellent poten�al for further resource development. Figure 2 (below) displays previous historic drill holes in Dyke 1, but also highlights this Dyke 1’s poten�al in the upcoming drill program, as it displays an abundance of undrilled area for further resource development.

Figure 2: 3-D Model of Dyke 1 with previous and historic drillholes

Dahrouge Geological Consul�ng (“DGC”) conducted a summer explora�on program with the goal of collec�ng surficial structural data to aid in drill targe�ng while also verifying the presence of spodumene-mineralized pegma�te on surface at Dyke 1. DGC plans to further inves�gate the spodumene-bearing pegma�tes on Dykes 8, 3 and 16 with this drill program (Figure 3).

Figure 3: 3D model of showing the proposed shape and rela�onship of Dyke 2, 3, 5, 6, 7, and 8 with previous intersec�ng drill holes.

Dyke 8

Dyke 8 has been previously intersected by eight holes (total of 98.25 metres), intersec�ng highgrade lithium in 36.5 metres of spodumene-bearing pegma�te, including, 12.3 metres of 1.1%, Li2O, 4.4 metres of 1.2% Li2O and 2.2 metres of 1.5% Li2O. This Dyke has been defined over 120 metres in length, 5-15 metres in width and has been drilled to a depth of 157 meters and remains open in all direc�ons. Dyke 3 is also open in all direc�ons and further drill tes�ng will be performed to confirm the rela�onship between Dyke 8 and Dyke 3 (Figure 4).

Figure 4: Display showing possible connec�on of Dyke 8 and 3

DGC is currently finalizing all details of the Zoro Property winter drill program, including securing all vendors and facili�es. Drilling is expected to commence in Q1 of 2024 and Foremost will provide addi�onal updates in in due course.

Qualified Person

Technical informa�on in this news release has been reviewed and approved by Dr. Mark Fedikow, P.Geo., who is a Qualified Person as iden�fied by Canadian Na�onal Instrument 43-101-Standards of Disclosure for Mineral Projects and as defined by the Securi�es and Exchange Commission’s S- K 1300 rules for mineral deposit disclosure.

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 lithium-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 [email protected]

Investor Relations

Lucas A. Zimmerman Managing Director MZ Group - MZ North America (949) 259-4987 [email protected] www.mzgroup.us

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Forward-Looking Statements

Except for the statements of historical fact contained herein, the informa�on presented in this news release and oral statements made from �me to �me by representa�ves of the Company are or may cons�tute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limita�on, within the meaning of the Private Securi�es Li�ga�on Reform Act of 1995, for which the Company claims the protec�on of the safe harbor for forward-looking statements. These statements relate to analyses and other informa�on that are based on forecasts of future results, es�mates of amounts not yet determinable and assump�ons of management. Any other statements that express or involve discussions with respect to predic�ons, expecta�ons, beliefs, plans, projec�ons, objec�ves, assump�ons or future events or performance (o�en, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “an�cipates” or “does not an�cipate,” “plans,” “es�mates” or “intends,” or sta�ng that certain ac�ons, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertain�es and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resul�ng dilu�on caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automo�ve industry including, without limita�on, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the comple�on of development or construc�on ac�vi�es or claims limita�ons on insurance coverage. Although the Company has atempted to iden�fy important factors that could cause actual ac�ons, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause ac�ons, events or results not to be as an�cipated, es�mated 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 an�cipated in such statements. Although the Company believes that the expecta�ons reflected in such forward-looking statements are based upon reasonable assump�ons, it can give no assurance that its expecta�ons will be achieved. Forward-looking informa�on is subject to certain risks, trends and uncertain�es that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securi�es and Exchange Commission. The Company assumes no obliga�on to update or supplement any forward-looking statements whether as a result of new informa�on, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not cons�tute an offer to sell or the solicita�on of an offer to buy securi�es.

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.