Infinity Stone Acquires Shorty West Lithium Project Adjacent to Li-FT Power's Yellowknife Pegmatite Project

The Winston Gold and Silver Project hosts three historic producing mines: Ivanhoe, Emporia and Little Granite in Sierra County, New Mexico, USA. The project consists of 2780 acres consisting of 139 unpatented Bureau of Land Management (BLM) mine claims and 2 patented Ivanhoe and Emporia Lode mine claims. The Little Granite Mine has been worked in several periods since its discovery in the 1870’s; The works consist of 3 shafts, a 470 foot drop and multiple underground levels. The historic mines are hosted in north-south oriented vein systems that show typical characteristics of low-sulphidation epithermal mineralization with gold and silver grades. A sampling program at the Little Granite Mine last year returned results ranging from 0.10 to 66.50 g/t gold and 7.6 to 2,940 g/t silver as stated in the Company’s news release dated June 29, 2022.

Jason Barnard, President and CEO of Foremost states: “The Winston Gold/Silver Project is an exceptional property with strong potential, returning assays of up to 66 g/t gold and 4,610 g/t silver. The significant reduction in our capital expenditures allows us to reallocate the budget to a 2023 drill program in New Mexico that our Company and shareholders have anticipated for many years. I look forward to strategically pursuing these goals with our new board and management team.”

Foremost would like to announce that they have made the following important appointments:

President of the Board of Directors

Mike McLeod has over 40 years of experience in the corporate financial services industry. He is a senior member of the Canadian Investor Relations Institute and the Governance Professionals of Canada. Mr. McLeod has served as an advisor to many boards and management teams on a variety of topics including corporate governance, capital markets intelligence, M&A transactions, and shareholder engagement and communications.

Chief Financial Officer and Corporate Secretary

Cyrus Driver has been a Chartered Accountant and a founding partner of Driver Anderson since its inception in 1981. He is a retired partner of Davidson and Company LLP after merging with them in 2002. He specializes in serving a wide range of clients TSX Venture Exchange listed companies and members of the brokerage community. He also serves on the boards of several publicly traded companies. Mr. Driver’s duties as CFO and Corporate Secretary will begin on January 1, 2023.

Advisory Board

Raymond Strafehl is currently a Director at Tearlach Resources and recently resigned as President and CEO. He was a former stock trader, investment advisor and registered Commodity Trading Advisor for more than 20 years. Mr. Strafehl negotiated the takeover transaction of Valley High Ventures Ltd. in the amount of 170 million US dollars. He has served as President, Director and Corporate Relations for several public mining companies for the past 15 years.

Option Grant

Foremost announces that it has granted incentive stock options to purchase an aggregate of 1,550,000 common shares of the Company at an exercise price of $0.19 per common share, expiring three years from the date of grant. The stock options are granted to certain officers, directors, consultants, employees and consultants of the Company pursuant to the terms and conditions of the Company’s stock option plan approved by stockholders at the Company’s annual meeting and the policies of the Canadian Securities Exchange.

In connection with the appointment of Mr. Driver as CFO effective January 1, 2023, Foremost’s current CFO, Andrew Lyons, has announced his intention to step down from that role effective January 1, 2023. The Company would like to thank Mr. Lyons for his contributions over the past year and he will continue in his capacity on the Board. The Company wishes to confirm that John Gravelle and Pierre Yves Tenn did not stand for re-election at the last AGM and are no longer affiliated with the Company. Formost wishes them all the best in their future endeavors.

QP Statement

Geological sampling was conducted by Michael Feinstein, PhD, CPG. Mr. Feinstein is the Qualified Person (QP) and has approved the technical material contained in this document. All samples are collected and stored according to established QA/QC protocols.

On behalf of the Board of Directors
Jason Barnard, President and CEO
Email: [email protected]
Telephone: +1 (604) 330-8067

The Canadian Securities Exchange has not approved or disapproved the contents of this press release and accepts no responsibility for its adequacy or accuracy.

About Foremost Lithium Resource & Technology Ltd.

Foremost Lithium is a hard rock exploration company strategically positioned to capitalize on the growing global appetite for electric vehicles and aims to be a leading supplier of lithium commodities in North America. As the world moves toward decarbonization, the Company is focused on exploration and growth of its 5 Lithium Lane projects in Snow Lake Manitoba. Foremost Lithium also owns the Winston gold/silver property in New Mexico, USA.

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Forward-Looking Statements

This press release contains “forward-looking statements” and “forward-looking information” (as defined under applicable securities laws) that are based on management’s best estimates, assumptions and current expectations. Such statements include, but are not limited to, statements regarding 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”, “expects”, “budgets”, “projects”, “anticipates”, “plans”, “anticipates”, “believes”. , “intends”, “estimates”, “projects”, “goals”, “potential”, “goal”, “goal”, “perspective” and similar expressions, or that events or conditions “will”, “would”, ” can”, “may”, “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 could cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: risks associated with obtaining all necessary regulatory and third party approvals for the proposed operation of the Company’s business and exploration activities, completion of the Company’s recently announced financing, risks associated with the Company’s exploration properties; risks associated with international operations; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation costs; changes in project parameters as plans continue to be refined; fluctuations in commodity prices, including lithium and gold; Fluctuations in exchange rates, increases in market prices of mining consumables, possible fluctuations in reserves; failure of any facility, equipment or process to function as expected; accidents, labor disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of any exploration, development or construction activity, changes in national and local government regulations governing mining operations, tax rules and regulations, and political and economic developments in the 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 the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended stand out. 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 of this release and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update such factors or to publicly announce the result of any changes to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as required by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. For more information on the risks affecting the Company and its business, please see the Company’s most recent filings under its profile at www.sedar.com.