Foremost Lithium issues shareholder letter, provides corporate update

Foremost Lithium Resource & Technology issued a letter to shareholders from its President and Chief Executive Officer, Jason Barnard. “2023 was a transformational year for Foremost Lithium, building the foundation for success in our 2024 drilling programs as we advance project timelines at our asset rich, strategically located hard-rock lithium properties in North America…. On the capital markets front, we achieved a monumental milestone with our uplisting to the Nasdaq and the completion of a concurrent USD $4.0 million public offering… First and foremost, I’d like to present a problem we are facing and why we have the potential to serve a critical role in North America’s clean energy transition. At its core, the problem is simple. With the transformation to a more sustainable economy well underway, the U.S. and Canada are implementing policies and procedures to try and reduce their external reliance for critical minerals globally, and to gain independence, and energy security… With growing national security concerns from regulators and the memory of recent domestic supply chain difficulties fresh in the minds of automotive manufacturers everywhere, there is a clear opportunity for us to become a premier supplier of lithium feedstock to North American industry… Our four distinct Lithium Lane projects located in the mine friendly district of Snow Lake, Manitoba – span a combined 43,000 acres – each have the potential to have its own planned future drill program, which independently, could reach significant tonnage… Early in 2023, we received phase two of a metallurgical report from on our 8,377-acre Zoro Lithium Project. Final test results confirmed the ability to produce a near 6% Li2O concentrate while achieving a global lithium recover of 81.6%, producing a significant CAPEX and OPEX savings. This was a critical milestone for our Company which highlights the quality of our ore to prospective battery manufacturers and other strategic partners while our lithium is still in the ground…. During the year we successfully completed a 24-hole 3,002 metre drill program on our 2,476-acre Jean Lake Lithium Project…. The results of the program confirmed lithium at the B1 pegmatite while also making a serendipitous new gold discovery on the property. Grass River Lithium Project. This project covers 15,665 acres with 7 spodumene-bearing pegmatite dykes discovered by past drilling with a further 10 exposed pegmatite targets at the surface…. Our Peg North Lithium Projects spans 16,697 acres with numerous mapped pegmatite dykes, extending our property holdings along the entire northern extension of the Crowduck Bay Fault, which is known for its lithium-enriched pegmatite dyke clusters. A high volume of pegmatite dykes were discovered and sampled during the 2023 campaign, with significant unexplored territory remaining… In September we finalized the acquisition of a 100% interest in the Lac Simard South property in the Province of Quebec, Canada… This acquisition is consistent with our focus of acquiring quality assets near known established lithium production and processing regions… In October we made the final cash payment to acquire a 100% interest in the Little Granite Gold/Silver Mine claims, within the Winston Group of Properties… We would like to conduct a future drill program as well as develop this project into a much-anticipated spin-out, which would result into dividend shares to shareholders…. We are now finalizing drill targets for a winter drill program in the coming months on both the Zoro and Jean Lake Properties… Looking ahead, we will continue our exploration efforts on 25 confirmed spodumene bearing pegmatite dykes along historically known lithium-enriched trend lines. As the EV revolution continues to take hold and the global transition toward decarbonization accelerates, lithium will be in constant demand. We are positioning Foremost to play a key role in this transformative revolution – all with the ultimate goal of generating sustainable, long-term value for my fellow shareholders.”