Foremost Lithium Announces $10 Million Application for the Government of Canada’s Critical Mineral Infrastructure Fund

• The Critical Mineral Infrastructure Fund (CMIF) is a $1.5B Government of Canada fund to support the development and expansion of Canada’s critical mineral industry
• Foremost Lithium is applying under Stream 1 which supports mineral projects pre-construction to develop their sites to achieve shovel ready status
• Foremost has garnered substantial support from the community, industry stakeholders and municipal and provincial governments
  

VANCOUVER, British Columbia, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, today announced that it has submitted a $10 million proposal for the Government of Canada’s Critical Mineral Infrastructure Fund (“CMIF”) – a $1.5 billion fund to support clean energy and transportation infrastructure projects necessary to enable the sustainable development and expansion of critical minerals in Canada. The CMIF provides for two eligible streams of funding with Stream 1 being preconstruction and project development activities, and Stream 2 being infrastructure deployment activities.

Foremost Lithium’s proposal under Stream 1 is intended to provide an enhanced transportation corridor in Manitoba’s resource rich Snow Lake region. The Company’s application, if successful, is expected to enable Foremost to build a 9.5KM road from its Jean Lake and Zoro Property, connecting it to an existing roadway, as well as to make much needed improvements to enhance current access routes. This will provide a reliable route to transport lithium, gold, nickel and timber while concurrently helping to realize tremendous economic potential in the area. Infrastructure investments are key to creating jobs, supporting a strong economy, and building greener, more resilient communities. Necessary improvements to current resource roads will not only serve for transportation of ore and timber but are also crucial links for rural communities.

        Pic 1. Proposed Road Improvement and Expansion

“I’m very grateful for all the support we have received for this application from industry stakeholders, the community, and municipal and provincial governments. We realize that this project has the potential to promote significant economic growth and foster investment, not only for Foremost Lithium, but other resource and local stakeholders in the region as well,” stated Jason Barnard, President and CEO of Foremost Lithium. “We will continue to engage with the industry, local communities, the Manitoba government and other organizations to develop strong economic partnerships. We feel positive, if this application is successful, that it has the potential to create a significant impact for our Company, its shareholders, and the northern Manitoba resource community at large.”