Foremost Lithium Announces Receipt of Third $300,000 Grant
Foremost Lithium Announces Receipt of Third $300,000 Grant from
The Manitoba Mineral Development Fund (MMDF)
Contributions from MMDF have Provided Foremost Lithium a Total of $900,000
Towards Project Support for Mineral Exploration and Development
Vancouver, British Columbia – January 4, 2024 - Foremost Lithium Resource & Technology Ltd.
(NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North
American hard -rock lithium explor ation company, is pleased to announce today that it has
received a $300,000 grant from the Manitoba Mineral Development Fund ( “MMDF”) to help
support and advance the Company’s recently announced 7,500-meter diamond drill program at
its Zoro Lithium Project located in the Snow Lake area of the Province of Manitoba.
On January 4, 2023 and September 21, 2021 Foremost Lithium announced the MMDF’s approval
of its previous two grant applications of $300,000 each in support of the Company’s continued
exploration and drilling program on its Lithium Lane properties . The Company wishes to
acknowledge MMDF’s continued contributions and recognizes that the grant’s financial injections
assist and accelerate Foremost’s exploration objectives in the Province of Manitoba.
Edward Suzuki , Program Manager of The Manitoba Mineral Development Fund , comments:
“Foremost Lithium stands as a reputable company that has achieved remarkable advancements
on their properties in Manitoba. They are widely recognized for their substantial geological
potential in terms of valuable mineral deposits. Through their diligent eff orts, they have
successfully identified and defined their lithium resources, clearly showcasing the significance of
these essential minerals. Supporting mineral exploratio n companies like Foremost Lithium , the
Government of Manitoba’s Mineral Development Fund not only stimulates exploration activity
and attracts investment , but also fosters economic growth, job creation, and enhances the
province’s competitiveness. These factors collectively contribute to the long -term sustainability
and development of the mining industry in Manitoba.”
Jason Barnard, Chief Executive Officer and President of Foremost Lithium, added: “I would like to
thank the MMDF for the validation and support they provide to our operations in the Snow Lake
area. Manitoba has proven itself as a business friendly environment and to that end, I look
forward to leveraging the province’s highly skilled local workforce as we continue the rapid
development of our Lithium Lane properties in the quarters to come.”
The purpose of the MMDF is to grow the mineral development industry and stimulate economic
development in northern Manitoba. This fund supplements current economic growth in Northern
Manitoba and drives regional investment across the province. The MMDF program and the
Manitoba Mineral Exploration Tax Credit ("MMETC") make Manitoba a compelling critical mineral
investment story. The MMETC provides Manitoba residents with some of the most advantageous
tax credits in Canada, when compared to other provinces. Being able to access this funding for
future exploration programs should allow Foremost Lithium to lower its cost of capital .
Manitobans may avail themselves of unique tax incentives when investing in eligible Manitoba
mineral exploration projects, such as Foremost’s Lithium Lane’s Projects.
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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capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, l abor
disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays
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