Foremost Lithium Undertakes Extensive Exploration Program in Preparation of Upcoming Drill Season

Foremost Lithium Undertakes Extensive Exploration Program in

Preparation of Upcoming Drill Season

Vancouver, British Columbia – August 29, 2023 - Foremost Lithium Resource & Technology

Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North

American hard -rock lithium exploration company, has undertaken an extensive summer

exploration program on its “Lithiu m Lane Properties”, near the historic mining center of Snow

Lake, Manitoba.

Fig. 1 Lithium Lane Claim Map

Dahrouge Geological Consulting Ltd. (“DGC”), is conducting a large -scale surface exploration

program on Foremost’s four Lithium Lane properties for Lithium Cesium Tantalum (“LCT”)

pegmatites which includes:

• Targeted geochemical sampling and geological mapping

• Prospecting and rock sampling over priority target areas

• MMI-soil or till sampling of target areas lacking outcrop

• Detailed geological mapping in highly prospective zones, and data captured using ESRI

Field Maps.

DGC has applied its established targeting methodology to Foremost’s extensive geological

database, integrating historical and recent exploration records to highlight high- priority targets.

The program's focus includes properties that are either under-explored or have good potential for

discovering additional LCT pegmatites.

Jason Barnard, Foremost President, and CEO comments “Preliminary assessment on our Lithium

Lane Propert ies provided from Dahrouge are encouraging for discovery of further LCT

pegmatites. The properties are certainly not short on potential targets, and we look forward for

results of this exploration program to help delineate drill targets on all our Lithium Lane

Properties”.

Peg North Property

The Peg North Project consists of 28 contiguous claims, totaling 16,697 acres/6,757 hectares.

Peg North hosts significant potential for lithium mineralization, given its proximity to the Wekusko

Pegmatite Fields and its position along strike of the Thompson Brothers Lithium Deposit and the

Crowduck Bay Fault (“CBF”). Spodumene- bearing LCT pegmatite has been historically

associated with the CBF.

High-resolution magnetic data acquired and processed by EarthEx Geophysical Solutions has

identified a substanti al sinistral fault on the eastern side of the property, accompanied by a

magnetically depleted zone at its southern boundary. Notably, this fault has not been documented

in regional government mapping. The structure attains a width of approximately 50 meters,

extending upwards of three kilometers in a northerly direction within the property. Its presence

indicates the possibility of it being a potential conduit for LCT mineralization, thus warranting

further exploration.

Historical records from the Geological Survey of Canada (GSC) in 1949 confirm the existence of

five pegmatites on the property. Furthermore, historical sampling records from 1981 suggest the

presence of numerous additional pegmatites. The property has not been subjected to substantial

LCT Pegmatite exploration, making it a focus for the 2023 surface exploration initiatives.

Fig. 2 Peg North Magnetic Map Highlighting a Prominent Sinistral N-S Fault.

Grass River Property

The “GRC” Project consists of 29 contiguous claims totaling 15,664 acres/6,339 hectares.

A total of 10 pegmatites have been identified on the property. These pegmatites were not well

documented in historical literature, warranting further exploration. Historical exploration on the

property includes 69 drillholes specifically targeting base met al mineralization. Among these 69

drillholes are 19 pegmatite intersections, seven of which are drill -indicated spodumene-bearing

pegmatites. These intersections provide additional evidence of LCT pegmatite mineralization on

the property.

Fig. 3 Grass River Property Geology

The Zoro Property

The Zoro Property consists of 16 claims totaling 8,377-acre /3,390-hectares.

It is comprised of three option agreements including The Zoro 1, which hosts a high-grade partially

outcropping lithium bearing spodumene pegmatite within Dyke 1. This dyke hosts an inferred

resources 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 titled

“NI 43-101 Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba” Fedikow and

Zelligan (2018). The company has earned 100% undivided interest in all minerals on the option

agreement.

Two additional option agreements on the Zoro Property host 15 additional spodumene- bearing

pegmatite dykes discovered to date. Foremost has earned 100% interest in al l lithium bearing

pegmatite dykes, with the balance of the mining rights, including precious metals, owned by an

armed length party.

The property was recently surveyed with UAV -borne magnetic and Lidar surveys conducted

EarthEx Geophysical between May 28 and June 15, 2022, and comprised 1,264.7-line km. Dyke

1 and Dyke 8, are the most prominent dykes on Zoro, as they remain open at depth and along

strike and the survey results, along with further summer exploration, will provide a base map for

targeting for planned follow-up drilling to assess both dykes with the goal of expanding existing

resource.

Jean Lake Property

The Jean Lake Property consists of five contiguous claims totaling 2,476 acres/1,002 hectares.

The property contains three pegmatites: B1, B2, and B3. The B1 and B2 pegmatites contain

coarse-grained spodumene, confirmed by 2023 drilling. Results include 1.26% Li2O over a

length of 3.35 metres in drill hole FM23-01A. Additionally, hand samples have returned assays

of 3.89% to 5.17% in two samples from pegmatite dyke B1 and 3.81% to 4.74% Li2O in three

samples from pegmatite dyke B2. Further assessment will be conducted on the Jean Lake

Property to assess B1, B2 and B3 and their strike extensions.

Foremost will provide updates on the exploration progress and results, on subsequent news

releases.

The technical content of this news release has been reviewed and approved by Dr. Mark Fedikow,

P.Geo. who is a Qualified Person within the meaning of SK-1300/ NI 43-101.

On Behalf of the Board of Directors

Jason Barnard, President and CEO

Email: [email protected]

Phone: +1 (604) 330-8067

About Foremost Lithium

Foremost Lithium 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 It’s Lac Simard South property in Quebec extends

over 11,400 acres, in known active lithium camps.

Foremost’s four flagship Lithium Lane Projects as well as its Lac Simard South project are situated

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.

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 news release contains "forward- looking statements" and "forward- looking information" (as

defined under applicable securities laws), based on management's best estimates, assumptions,

and current expectations. Such statements include but are not limited to, statements with respect

to the plans for future exploration and development of the Company's properties and the

acquisition of additional exploration projects. Generally, these forward-looking statements can be

identified by the use of forward- looking terminology such as "expects", "expected", "budgeted",

"forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "project s",

"aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or

conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not

be read as guarantees of future performance or results. Such statements involve known and

unknown risks, uncertainties and other factors that may cause actual results, performance or

achievements to be materially different from those expressed or implied by such statements,

including but not limited to: risks related to the receipt of all necessary regulatory and third party

approvals for the proposed operations of the Company's business and exploration activities; risks

related to the Company's exploration properties; risks related to international operations; risks

related to general economic conditions ; actual results of current exploration activities ;

unanticipated reclamation expenses; changes in project parameters as plans continue to be

refined; fluctuations in prices of commodities including lithium and gold; fluctuations in foreign

currency exchange rates; increases in market prices of mining consumables; possible variations

in reserves; failure of plant, equipment or processes to operate as anticipated; accidents, labour

disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining

industry; delays in the completion of exploration, development or construction activities; changes

in national and local government regulation of mining operations ; tax rules and regulations; and

political and economic developments in jurisdictions in which the Company operates. Although

the Company has attempted to identify important factors that could cause actual results to differ

materially from those contained in forward- looking statements, there may be other factors that

cause results not to be as anticipated, estimated 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 anticipated in such statements. The forward- looking statements and

forward-looking information are made as of the date hereof and are qualified in their entirety by

this cautionary statement. The Company disclaims any obligation to revise or update any such

factors or to publicly announce the result of any revisions to any forward- looking statements or

forward-looking information contained herein to reflect future results, events, or developments,

except as require by law. Accordingly, readers should not place undue reliance on forward-looking

statements and information. Please refer to the Company's most recent filings under its profile at

www.sedar.com for further information respecting the risks affecting the Company and its

business.

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.