Foremost Lithium Issues Shareholder Letter and Provides Corporate Update
Foremost Lithium Issues Shareholder Letter and Provides Corporate
Update
Vancouver, British Columbia – December 12, 2023 - Foremost Lithium Resource & Technology
Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North
American hard-rock lithium exploration company, today issued a leter to shareholders from its
President and Chief Execu�ve Officer, Jason Barnard.
Dear Shareholders,
2023 was a transforma�onal year for Foremost Lithium, building the founda�on for success in
our 2024 drilling programs as we advance project �melines at our asset rich, strategically located
hard-rock lithium proper�es in North America. Throughout the year, we have extended our land
claims into eastern Canada, con�nued our explora�on and growth on our Lithium Lane projects
in Manitoba, executed on the drills , with lithium and gold discovery and completed property
acquisi�ons.
On the capital markets front , we achieved a monumental milestone with our uplis�ng to the
Nasdaq and the comple�on of a concurrent USD $4.0 million public offering – laying the
founda�on for long -term shareholder value crea�on on a globally recognized exchange . Taken
together, we believe we have the team, proper�es and strategy in place to execute on our
Company’s objec�ves to achieve overwhelming success.
Achieving Cri�cal Minerals Independence in North America
First and foremost, I’d like to present a problem we are facing and why we have the poten�al to
serve a cri�cal role in North America’s clean energy transi�on. At its core, the problem is simple.
With the transforma�on to a more sustainable economy well underway, the U.S. and Canada are
implemen�ng policies and procedures to try and reduce their external reliance for cri�cal
minerals globally, and to gain independence, and energy security.
This includes working with economic partners and ”friend-shoring” – maintaining supply chains
close to home as opposed to foreign countries – which helps strengthen domes�c growth and
economic resilience. We are seeing a growing movement pushing for the onshoring of lithium
produc�on to North America, as the market was previously heavily dependent on foreign
sources of lithium. With growing na�onal security concerns from regulators and the memory of
recent domes�c supply chain difficul�es fresh in the minds of automo�ve manufacturers
everywhere, there is a clear opportunity for us to become a premier supplier of lithium
feedstock to North American industry.
Despite recent media headlines, reports suggest EV’s are s�ll experiencing record growth. Sales
of hybrid, plug-in hybrid, and batery-electric vehicles (BEV) in the United States rose to 17.7%
of new light-duty vehicle sales in the third quarter of 2023. The 2022 Infla�on Reduc�on Act
(IRA) provides a $7,500 EV Tax Credit but requires that batery minerals in EV’s are extracted or
processed in the U.S. or free-trade partner countries. Star�ng next month, an “instant rebate”
or $7,500 cash is being offered directly to consumers who purchase an EV, rather than having to
wait un�l filing taxes for the year. This could serve to supercharge EV sales even further.
Our Lithium Lane Proper�es
Our four dis�nct Lithium Lane projects located in the mine friendly district of Snow Lake,
Manitoba – span a combined 43,000 acres – each have the poten�al to have its own planned
future drill program, which independently, could reach significant tonnage. Cri�cally, our projects
are located at the �p of the NAFTA “superhighway” with easy access to North American batery
and EV manufacturing sites to supply our lithium concentrate for future feedstock.
Zoro Lithium Project
Early in 2023, we received phase two of a metallurgical report from on our 8,377 -acre Zoro
Lithium Project. Final test results confirmed the ability to produce a near 6% Li 2O concentrate
while achieving a global lithium recover of 81.6% , producing a significant CAPEX and OPEX
savings. This was a cri�cal milestone for our Company which highlights the quality of our ore to
prospec�ve batery manufacturers and other strategic partners while our lithium is s�ll in the
ground. This will enable us to proceed with our D.S.O. strategy (Direct Ship Ore) where bulk ore
is blasted from the ground and shipped directly to a nearby mine, then transformed into a
concentrate prior to shipping. This provides a poten�al revenue stream, prior to building a mine,
and fast-tracks cash flow while s�ll being able to drill off reserves on other parts of the property.
Jean Lake Lithium-Gold Project
During the year we successfully completed a 24-hole 3,002 metre drill program on our 2,476-acre
Jean Lake Lithium Project. Our explora�on efforts have focused on lithium in pegma�te using a
variety of explora�on technologies, which not only have exposed poten�al for spodumene, but
which also has demonstrated the poten�al for gold mineraliza�on. The drill program tested
targets for lithium and gold, based on integrated prospec�ng, UAV-borne magne�c survey results,
Mobile Metal Ion ("MMI") soil geoche mical surveys and outcrop rock chip analyses. The results
of the program confirmed lithium at the B1 pegma�te while also making a serendipitous new
gold discovery on the property.
Grass River Lithium Project
This project covers 15,665 acres with 7 spodumene-bearing pegma�te dykes discovered by past
drilling with a further 10 exposed pegma�te targets at the surface. These pegma�tes show similar
trends to those of the Thompson Brothers Lithium Trend and the regionally extensive Crowduck
Bay Fault, known to be associated with lithium- enriched pegma�te dyke clusters. Our summer
explora�on program in prepara�on for future drilling included sampling and ground-proofing of
high-priority magne�c anomalies to define quality drill targets.
Peg North Lithium Project
Our Peg North Lithium Projects spans 16,697 acres with numerous mapped pegma�te dykes,
extending our property holdings along the en�re northern extension of the Crowduck Bay Fault,
which is known for its lithium- enriched pegma�te dyke clusters. A high volume of pegma�te
dykes were discovered and sampled during the 2023 campaign, with significant unexplored
territory remaining.
Future plans for Peg North include extensive prospec�ng and explora�on, as we had limited
mobility in summer of 2023 due to forest fires that inhibited access to a large por�on of the
property. This past October, EarthEx Geophysical Solu�ons Inc. embarked to Snow Lake to the Peg
North claim block to commence drone-assisted LiDAR surveying which would complete the
collec�on of LiDAR and high -resolu�on magne�cs over the en�rety of all of our Lithium Lane
Proper�es, which results will be analyzed and interpreted to aid with future drill targe�ng.
September 2023 Acquisi�on of Lac Simard South in Quebec
In September we finalized the acquisi�on of a 100% interest in the Lac Simard South property in
the Province of Quebec, Canada. This property consists of 80 mineral claims covering 11,842 acres
and hosts 12 iden�fied pegma�tes via satellite imagery . These pegma�tes are strategically
located, situated approximately 90KM southwest from the NAL Lithium Processing Plant (a
Piedmont/Sayona joint venture).
This acquisi�on is consistent with our focus of acquiring quality assets near known established
lithium produc�on and processing regions. Not only is Lac Simard South property in an ac�ve
lithium camp with significant resource poten�al, but it is located near Sayona's lithium
concentrators and refineries. The property is easily accessible year -round by way of well -
maintained roads and low-cost hydroelectricity.
The Litle Granite Gold/Silver Property
In October we made the fi nal cash payment to acquire a 100% interest in the Litle Granite
Gold/Silver Mine claims , within the Winston Group of Proper�es . The Winston property,
comprised of the Litle Granite, Ivanhoe, and Emporia claims , is situated in the heart of the
historically prolific Black Range (Chloride-Gra�on) Mining District in the U.S. state of New Mexico.
It was drilled in the 1980’s and has a historical geologic report by geologist Christopher B. Dewit,
detailing the tracing of a gold bearing vein for over 1,000 feet with assay results returning gold
grades of over one ounce per ton . We would like to conduct a future drill program as well as
develop this project into a much-an�cipated spin-out, which would result into dividend shares to
shareholders.
Expanding our Management Team
During 2023 we engaged Dahrouge Geological Consul�ng Ltd., who undertook an extens ive
summer explora�on program on our Lithium Lane proper�es in prepara�on for drilling. On
October 12, 2023, we announced posi�ve results returned from the rock sampling program on
our Peg North, Grass River Claims, Jean Lake, and Zoro proper�es, including high-grade lithium
values and spodumene mineraliza�on at both the Zoro and Jean Lake Property. We had some
posi�ve assay results from our rock sampling program, returning values up to 2.13% Li2O at the
Zoro Lithium Project and up to 1.86% Li2O at Jean Lake Lithium Project.
Dahrouge Geological has a proven track record of lithium discovery, with a related company being
the original vendor of Patriot Batery Metal's Corvete Property in Quebec. The company has had
a consistent presence in Quebec over the last 15 years, and the breadth of contacts makes them
an ideal team to lead our explora�on in that province.
Jody Dahrouge, President of Dahrouge Geological Consul�ng, is a professional geologist with over
30 years’ experience who has been involved in all aspects of mineral explora�on and
development for a wide variety of commodi�es worldwide. We have been fortunate to work with
Jody Dahrouge and his team on previous projects. In August , we took the addi�onal step to
appoint Jody to our Advisory Board as a geological consultant , as his insight and experience will
prove to be invaluable to Foremost as we work to advance our Lithium Lane proper�es.
To build a solid financial founda�on for our future, in September 2023 we appointed Ms. Bal
Bhullar as Chief Financial Officer , further for�fying our finance and regulatory compliance
capabili�es. Bal has more than 25 years of experience in senior financial posi�ons, risk
management experience as an execu�ve and/or board director, in both public and private
companies.
2024 Goals & Final Thoughts
We are now finalizing drill targets for a winter drill program in the coming months on both the
Zoro and Jean Lake Proper�es. Drilling at Zoro will seek to expand the exis�ng resource on Dyke
1, which 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% in accordance with
the Company’s SK-1300 Technical Report Summary (2023) and NI-43101 Technical Report (2018),
as well as further inves�gate the spodumene-bearing pegma�tes on Dyke 8 and Dyke 16. The drill
program at Jean Lake will follow up on the results from the winter 2023 drill program with the
hopes of expanding the high-grade spodumene occurrences at B1 and B2, as well as to assess the
poten�al for addi�onal gold mineraliza�on.
Looking ahead, we will con�nue our explora�on efforts on 25 confirmed spodumene bearing
pegma�te dykes along historically known lithium- enriched trend lines. As the EV revolu�on
con�nues to take hold and the global transi�on toward decarboniza�on accelerates, lithium will
be in constant demand. W e ar e p osi�o ning F or e mos t t o pla y a key role in this transforma�ve
revolu�on – all with the ul�mate goal of genera�ng sustainable, long -term value for my fellow
shareholders. I l o o k f o r w a r d t o s h a r i n g e x c i � n g n e w m i l e s t o n e s i n t h e y e a r t o c o m e as we
con�nue our robust pace of opera�onal execu�on against our defined roadmap.
Sincerely,
Jason Barnard
President & Chief Execu�ve Officer
Foremost Lithium
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 S now 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 US
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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Forward-Looking Statements
Except for the statements of historical fact contained herein, the informa�on presented in this news
r e l e a s e a n d o r a l s t a t e m e n t s m a d e f r o m � m e t o � m e b y r e p r e s e n t a � v e s o f t h e C o m p a n y a r e o r m a y
cons�tute “forward-looking statements” as such term is us ed 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. Alth ough 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 co uld 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 con s�tute an offer to sell or the
solicita�on of an offer to buy securi�es.