Foremost Lithium Completes Acquisition of 100% Interest in 25 Additional Hectares in Snow Lake, Manitoba

Vancouver, British Columbia--(Newsfile Corp. - July 12, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) ("Foremost" or the "Company") (www.foremostlithium.com), is pleased to announce that it completed its previously announced acquisition of 100% right, title and interest in and to those certain undersurface mineral rights comprising Manitoba Mineral Disposition No. MB3530 ("MB3530"), referred to as the "Jol Lithium Property", from an arm's length vendor (the "Vendor"), in consideration of a cash payment of $8,000 and the issuance of 18,181 common shares (the "Shares") at a deemed price of $0.33 per share. MB3530 subject to a 2% net smelter return royalty payable to the Vendor. The Shares are subject to a hold period of four months and one day from the date of issuance.

As previously announced in its June 9, 2022 news release, MB3530, referred to as the "Jol Lithium Property" encompasses 25 hectares (62 acres) situated due North from the Company's Jean Lake project and due West of the Company's Zoro project.

About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a resource exploration company committed to having a critical role in the production of high-quality battery-grade lithium hydroxide to fuel the electric vehicle and battery storage market. Given the importance and global focus on increasing decarbonization, the company is hyper-focused on continued exploration and growth on its six lithium projects: Jean Lake, Grass River Claims, Zoro, Jol and the Peg North Claims, in Snow Lake Manitoba, and its Hidden Lake Lithium Project in the Northwest Territories. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA.

For further information please contact:

John Gravelle
President and CEO
Foremost Lithium Resource &Technology Ltd.
Email: info@foremostlithium.com
Phone: +1 (604) 330-8067

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Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Foremost within the meaning of applicable securities laws. Foremost provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to market conditions, exploration findings, results, and recommendations, as well as those risks and uncertainties identified and reported in Foremost' s public filings under Foremost' s SEDAR profile at www.sedar.com. Although Foremost has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Foremost disclaims any intention or obligation to update or revise any forward-looking information, whether as lithium as result of new information, future events or otherwise unless required by law.

UNITED STATES ADVISORY. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130682