Foremost Lithium Announces $10 Million Application for the Government of Canada’s Critical Mineral Infrastructure Fund - Seite 2

Next Steps

Foremost’s DSO (Direct Ship Ore) strategy is where bulk ore is blasted from the ground and shipped directly to a mine, then transformed into concentrate prior to shipping, providing an opportunity to potentially fast-track a revenue stream pre-mine. The Company has started the preliminary planning, permitting and engagement processes necessary to move towards its next phase - shovel ready. With potential future government funding for the proposed project, Foremost anticipates it will then be able to start building necessary infrastructure to facilitate extraction.  

Foremost’s application is timely given Canada has seen notable recent press coverage in the critical minerals sector. On February 5, 2024, it was announced that Canada claimed the top spot in BloombergNEF’s global ranking of the 30 countries on track to develop secure, reliable, and sustainable supply chains for lithium-ion batteries, outranking China for the first time. Additionally, on February 13, 2024, Canada’s Natural Resources and Energy Minister, Jonathan Wilkinson, announced plans to accelerate critical mineral mining permitting processes, as well as provide for additional funding, in an effort to bolster the Canadian energy sector.

The application deadline for the Critical Mineral Infrastructure Fund is February 29, 2024.

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 Snow 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.