Highlights at the Company's Maiden Resource at Dyke 1 include: Drill hole FL24-010 confirmed 1.09% Li2O over 9.88 m starting at 177.57 m  Drill Hole FL 24-009 confirmed 1.03% Li2O over 7.96 m starting at 233.04 mHole FL24-009 confirmed 1.52% Li2O over 5.02 m starting at 233.98 m VANCOUVER, British Columbia, April 08, 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 co ...

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, March 13, 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, announces that further to its press release dated February 13, 2024, on March 13, 2024, it closed the first tranche of its non-brokered private placement (the "Offering") for agg ...

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 industryForemost 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 Lithi ...

VANCOUVER, British Columbia, Feb. 15, 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 the appointment of seasoned finance and accounting executive Sead Hamzagic, CPA, CGA as Chief Financial Officer and Corporate Secretary. Mr. Hamzagic is a Chartered Professional Accountant, Certified General Accountant, has over 37 years of public practice a ...

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Feb. 13, 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, is pleased to announce each of a proposed and "best efforts" non-brokered private placement to raise gross proceeds of up to $3,750,000 on a flow-through basis (the "Flow-Through ...

Dyke 1, the Company's maiden resource, remains the focus for resource expansion as it's open along strike and at depth.The Company has been awarded a two-year work permit from the Manitoba Mines Branch VANCOUVER, British Columbia, Feb. 13, 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, is pleased to confirm today that it has commenced drilling on it's Zoro ...

Financial Position - Total assets increased to CAD 15,134,061 as of December 31, 2023, up from CAD 13,300,444 as of March 31, 2023, representing a growth of approximately 13.8%[2] - Current assets rose to CAD 1,820,562, a significant increase from CAD 795,349, marking a growth of about 128.5%[2] - Exploration and evaluation assets increased to CAD 13,293,755, up from CAD 12,477,791, reflecting a growth of approximately 6.5%[2] - Total liabilities decreased to CAD 2,087,488 from CAD 2,912,822, a reduction of approximately 28.3%[2] - Cash at the end of the period was CAD 1,453,147, compared to CAD 2,312,446 at the end of the previous year, indicating a decrease of about 37.2%[6] - As of December 31, 2023, the total equity of Foremost Lithium Resource & Technology Ltd. is CAD 13,046,573, an increase from CAD 10,689,324 as of December 31, 2022[7] - The deficit increased to CAD 20,820,828 as of December 31, 2023, up from CAD 17,869,111 as of March 31, 2023[13] - The working capital deficiency as of December 31, 2023, is CAD 1,992, a slight improvement from CAD 2,117,473 as of March 31, 2023[13] - Total shares outstanding increased to 4,866,417 as of December 31, 2023, from 3,969,617 as of March 31, 2023[7] Financial Performance - The company reported a net loss of CAD 2,958,769 for the nine months ended December 31, 2023, compared to a profit of CAD 634,626 in the same period of 2022[4] - Basic loss per common share was CAD (0.68) for the nine-month period ended December 31, 2023, compared to a profit of CAD 0.17 in the same period of 2022[4] - Cash flow from operating activities was CAD (2,805,372) for the nine months ended December 31, 2023, compared to CAD (2,101,353) in the prior year[6] - The company incurred share-based payments of CAD 855,461 for the nine months ended December 31, 2023, down from CAD 1,316,890 in the same period of 2022[4] - The company reported a loss for the period of CAD 2,958,769 for the nine months ended December 31, 2023, compared to an income of CAD 634,626 for the same period in the previous year[7] - The company has not generated any revenues from operations as of December 31, 2023[13] Financing Activities - The company raised CAD 5,418,400 through private placements during the nine months ended December 31, 2023[6] - The company continues to seek additional financing through equity and/or debt issuances to support its operations[15] - The company closed a public offering selling 800,000 units at a price of $6.77 per unit, generating gross proceeds of $5,418,400 before expenses[75] Exploration and Development - The company is focused on the exploration and development of high-potential mineral opportunities in stable jurisdictions[12] - The company incurred exploration costs totaling $9,188,035 for the period ended December 31, 2023, up from $8,829,882 for the previous period[43] - The company staked additional claims on the Grass River Property for $1,755 during the period ended December 31, 2023[51] - The company earned a 100% interest in the Zoro North property by paying $250,000 in cash and issuing $250,000 in shares[46] - The company acquired a 100% interest in the Little Granite claims by issuing a US$75,000 promissory note, fully paid by December 31, 2023[57] - The company received a grant of $300,000 from the Manitoba Government for exploration work, with $200,000 received in the year ended March 31, 2023, and the remaining $100,000 received by December 31, 2023[67] Risk Factors - The company has significant uncertainties regarding its ability to continue as a going concern due to ongoing losses and working capital deficiencies[13] - The company is exposed to liquidity risk and is dependent on obtaining regular financings to continue as a going concern[103] - The Company is exposed to price risk related to commodity and equity prices, which can adversely impact earnings[108] - Commodity price risk involves potential adverse impacts on earnings and economic value due to fluctuations in commodity prices, particularly gold and lithium[108] - The Company actively monitors commodity prices and stock market movements to inform strategic decisions[108] Share-Based Compensation - A total of 198,500 stock options were granted during the period, with an estimated fair value of $1,059,800, while 36,000 options were exercised and 30,000 expired or were forfeited[80] - The company recorded $47,361 as share-based compensation for performance stock options during the nine-month period[83] - The weighted average exercise price of stock options as of December 31, 2023 was $10.81, with a weighted average remaining life of 2.61 years[80] - The company granted stock options for an aggregate of 85,000 shares to officers, exercisable at $6.60 per share for five years, with an estimated fair value of $445,500[79] - The company had 121,000 stock options that expired or were forfeited, resulting in a reallocation of share-based reserves of $891,400 from reserves to deficit[79]

Exhibit 99.1 FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Canadian dollars) (Unaudited – Prepared by Management) September 30, 2023 FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars) (Unaudited – Prepared by Management) For the six months ended September 30, 2023 | | | | September 30, | | March 31, | | --- | --- | --- | --- | --- | --- | | | Note | | 2023 ...