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.”
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.
Contact and Information
CompanyJason Barnard, President and CEO+1 (604)
330-8067info@foremostlithium.com
Investor RelationsLucas A. ZimmermanManaging
DirectorMZ Group - MZ North America(949) 259-4987FMST@mzgroup.us
www.mzgroup.us
Follow us or contact us on social
media:Twitter: @foremostlithiumLinkedIn:
https://www.linkedin.com/company/foremost-lithium-resource-technology/Facebook:
https://www.facebook.com/ForemostLithium
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.
Forward-Looking Statements
Except for the statements of historical fact
contained herein, the information presented in this news release
and oral statements made from time to time by representatives of
the Company are or may constitute “forward-looking statements” as
such term is used in applicable United States and Canadian laws and
including, without limitation, within the meaning of the Private
Securities Litigation Reform Act of 1995, for which the Company
claims the protection of the safe harbor for forward-looking
statements. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any other statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
“expects” or “does not expect,” “is expected,” “anticipates” or
“does not anticipate,” “plans,” “estimates” or “intends,” or
stating that certain actions, events or results “may,” “could,”
“would,” “might” or “will” be taken, occur or be achieved) are not
statements of historical fact and should be viewed as
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the availability of capital to fund programs and the
resulting dilution caused by the raising of capital through the
sale of shares, accidents, labor disputes and other risks of the
automotive industry including, without limitation, those associated
with the environment, delays in obtaining governmental approvals,
permits or financing or in the completion of development or
construction activities or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, 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 statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information
is subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those projected.
Many of these factors are beyond the Company’s ability to control
or predict. Important factors that may cause actual results to
differ materially and that could impact the Company and the
statements contained in this news release can be found in the
Company’s filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. Accordingly, readers should not place
undue reliance on forward-looking statements contained in this news
release and in any document referred to in this news release. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c263b4b2-f842-4a36-aaf3-9275913a1e2f
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