Material Change Report
51-102F3 MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (the “Company”) Suite 250, 750 West Pender Street Vancouver, BC V6C 2T7
Item 2 Date of Material Change
May 23, 2024
Item 3 News Release
A news release announcing the material change was published on May 23, 2024, and distributed through Globe Newswire and filed on SEDAR.
Item 4 Summary of Material Change
On May 23, 2024 the Company announced that it has completed its Winter drill program on its Zoro Lithium Project in Manitoba, Canada.
Item 5 Full Description of Material Change
The Company announced that it has successfully completed its 2024 winter diamond drilling program on its Zoro property, which was previously announced in the Company’s press release dated February 13, 2024. The Company completed 5,826 meters, 21 diamond drill holes targeting untested mineralization to the south-east of Dyke 1, the Company's maiden inferred resource of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3%, as outlined in the Company’s filed Regulation SK-1300 Technical Report Summary (2023) and NI-43-101 Technical Report (2018).
Drilling results have demonstrated the continuity of lithium mineralization along Dyke 1, targeting new, untested areas proximal to the dyke, as well as infill areas along strike and at depth. In the west, the body is comprised of multiple near surface lithium-bearing pegmatites that range up to an apparent 17.9 m thickness; Multiple 50-meter step-outs, perpendicular to the strike of Dyke 1, were used to assess lateral continuity as well as the presence of at depth, extending Dyke 1 from a previous 265-meter strike length to greater than 400 meters. Spodumene was confirmed in drill core in several of the 50 metre step out extensions, providing promising potential for new resource calculation.
“We are pleased to announce the conclusion of a successful drill program on our Zoro Property, which we believe is likely to reflect a continuity of mineralized lithium along Dyke 1,” said Jason Barnard, President & CEO of Foremost Lithium. “As global lithium trends continue to straighten, we look forward to the final assay results, which provide the potential for us to pursue additional resource expansion on the Zoro property.”
The Company reported initial assay results (see press release dated April 08, 2024) on the first two holes confirming lithium mineralization spanning a cumulative length of 25.92 metres including 1.09% Li2O across 10 metres on drill hole FL24-010 and 1.52% Li2O in drill hole FL24- 009 across 5.02 meters. A total of 973 drill core samples have been collected for assay and shipped to SGS Laboratories in Burnaby for detailed analysis. All remaining assays are still pending and are anticipated to be reviewed and completed in approximately 4 to 6 weeks.
Drilling Details*
| Hole ID | Prospect | Easting (m) | Northing (m) | Elevation (m) | Azimuth (deg.) | Dip (deg.) | Depth (m) |
|---|---|---|---|---|---|---|---|
| FL24-001 | Dyke 8 | 459503 | 6080341 | 291 | 68 | 55 | 125 |
| FL24-002 | Dyke 8 | 459487 | 6080307 | 290 | 68 | 65 | 176 |
| FL24-003 | Dyke 8 | 459496 | 6080388 | 291 | 77 | 55 | 125 |
| FL24-004 | Dyke 8 | 459494 | 6080256 | 291 | 100 | 65 | 149 |
| FL24-005 | Dyke 8 | 459435 | 6080198 | 295 | 93 | 45 | 119 |
| FL24-006 | Dyke 8 | 459440 | 6080115 | 296 | 102 | 45 | 125 |
| FL24-007 | Dyke 1 | 458332 | 6079101 | 280 | 74 | 45 | 248 |
| FL24-008 | Dyke 1 | 458274 | 6079080 | 280 | 73 | 55 | 395 |
| FL24-009 | Dyke 1 | 458369 | 6078943 | 287 | 77 | 55 | 308 |
| FL24-010 | Dyke 1 | 458369 | 6078943 | 287 | 77 | 45 | 287 |
| FL24-011 | Dyke 1 | 458383 | 6078886 | 286 | 76 | 45 | 300 |
| FL24-012 | Dyke 1 | 458383 | 6078886 | 286 | 74 | 55 | 311 |
| FL24-013 | Dyke 1 | 458323 | 6078872 | 288 | 76 | 60 | 449 |
| FL24-014 | Dyke 1 | 458398 | 6078833 | 286 | 75 | 45 | 299 |
| FL24-015 | Dyke 1 | 458332 | 6078826 | 288 | 75 | 55 | 425 |
| FL24-016 | Dyke 1 | 458349 | 6078773 | 287 | 75 | 45 | 395 |
| FL24-017 | Dyke 1 | 458407 | 6078788 | 286 | 75 | 45 | 350 |
| FL24-018 | Dyke 1 | 458461 | 6078856 | 286 | 75 | 45 | 200 |
| FL24-019 | Dyke 1 | 458322 | 6078872 | 288 | 70 | 52 | 350 |
| FL24-020 | Dyke 1 | 458276 | 6079080 | 273 | 95 | 52 | 350 |
| FL24-021 | Dyke 1 | 458322 | 6078873 | 288 | 68 | 52 | 350 |
*Data Verification / Quality Assurance and Quality Control
Due to the vertical orientation and variable nature of mineralization at the Company’s Dyke 1 deposit, the reported drill intersection lengths, derived from linear measurements along the drill core, may not accurately represent the true width of the mineralized zones. Best practice drilling techniques and geological interpretation were utilized to intersect mineralization in an orientation that approximates the true width as closely as feasible.
Figure 1: Location of diamond drill holes from the Winter 2024 drill campaign superimposed on magnetic Root-To- Pole (RPT) geophysical data.
Dyke 1 – Future Potential
The body is still open in all directions indicating potential for continued resource expansion and subsequent future drill programs. Foremost will be reporting the results of all assays on a subsequent news release.
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew Carter, P.Geo., who is a Qualified Person as identified by Canadian National Instrument 43-101- Standards of Disclosure for Mineral Projects and as defined by the Securities and Exchange Commission’s Regulation S-K 1300 rules for resource deposit disclosure.
Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
N/A
Item 7 Omitted Information
N/A
Item 8 Executive Officer
The following executive officer of the Company is knowledgeable about this report and the material change disclosed herein:
Jason Barnard, President and CEO Foremost Lithium Resource & Technology Ltd. (604) 330-8067
Item 9 Date of Report
May 23, 2024