Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a green energy technology company striving to be one of the first North American companies committed to ethically produce high quality, battery-grade lithium hydroxide domestically to fuel the ever-growing international electric vehicle (EV) battery market. As of November 17, 2021 the EV market cap of 1.52 trillion dollars outpaced the traditional combustion engine's 1.47 trillion dollars market for the first time.
Foremost Lithium has four lithium properties: Zoro, Jean Lake, and Grass River located in mining-friendly Snow Lake, Manitoba, and Hidden Lake in the Northwest Territories. The Company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico, USA.
Grass River Lithium Project, Manitoba
This nearly 15,000 acres Lithium Project is composed of 27 claims, with multiple pegmatites exposed in outcrop and 7 drill-indicated spodumene-bearing pegmatite dykes.
Next steps include drill specific high value targets defined by integrating historic and new exploration datasets to significantly increase the tonnage of the lithium resource.
Jean Lake Lithium Project, Manitoba
Located in Snow Lake Manitoba, this property consists of 5 claims and recently re-discovered high-grade lithium pegmatites along the Beryl Pegmatite Lithium Trend which assay results included 3.89 Li2O% to 5.17% Li2O%.
Drone-assisted magnetic and Lidar surveys, prospecting and surficial geochemical methods with boots on the grounds continuing into 2022.
Zoro Lithium Project, Manitoba
Located in Snow Lake Manitoba, this property consists of 8,900 acres with over $5 million in exploration spent on five completed successful drill programs totaling almost 8,500 metres in 60 holes, leading to the discovery of at least 13 lithium-bearing pegmatite dykes with grades in excess of 6.3% Li2O returned from assays of drill core on the property.
Maiden resource reported on portion of Dyke 1 in 2018: inferred resource of 1.1Mt at 0.91% Li2O.
A 10-hole 1,500 metre drill program is planned on the Zoro property in 2022.
Hidden Lake Lithium Project, Northwest Territories
Situated 45km East of Yellowknife the property hosts at least 10 lithium bearing spodumene pegmatite dykes with average lithium concentration of 1.03% Li2O and individual samples grading up to 3.3% Li2O.
In the first part 2022, The Company will assess the potential for expanding the limits of known lithium-bearing pegmatites using geophysical surveys and diamond drilling.
Management, Directors and Advisors
Scott Taylor, Chief Executive Officer and President, Director
Mr. Taylor has over 20 years' direct experience in finance, energy, mining, defense, and civil engineering industries. Mr. Taylor has prior technical and financial experience in exploration, development, and pilot scale production on two private mines in Mexico and the Russian Federation. His experience also includes five years working for an engineering company in the mining and energy space which included resource development and drill programs on mines and his skill set enables him to work hands-on in the field on drill programs which brought old mines into productions using modern geo-physical techniques.
Pierre-Yves Tenn, Chief Global Officer and Director
Mr. Tenn holds an MA in International Relations and Diplomacy. He has 20 years of proven experience in the development of international strategies, business, trade, sales, and commerce, both domestically and abroad. He is an accomplished strategist, communicator and consultant. He has played a central role in many international negotiations and strategic initiatives, as well as past project management in Canadian iron ore, potash, and uranium exploration projects.
Andrew Lyons, Chief Financial Officer and Director
Mr. Lyons has over 30 years' experience in program and project management in the public markets, financial and technology sectors.
Mark Fedikow, P.Geo., Vice President of Exploration
Dr. Fedikow has over 40 years of experience as an exploration geochemist and a mineral deposits geologist. Dr. Fedikow pioneered the application of regional multimedia geochemical and mineralogical surveys in support of base and precious metal and diamond exploration in Manitoba.
Lindsay Bottomer, P.Geo., Geoscientic Advisor
Victor Cantore, Advisor
On November 03, 2022, Foremost Lithium Resource & Technology Ltd. has made a number of changes to its performance share unit plan previously adopted on Jan. 17, 2022, and issued, and performance share units outstanding thereunder.
As previously disclosed in the Company's Canadian Securities Exchange filings, during the financial year ended March 31, 2022, the Company had previously granted an aggregate of 15,999,996 PSUs to the Company's board and management.
Effective February 15, 2022 an aggregate of 1,500,000 common shares were issued upon the redemption of 1,500,000 of the previously granted PSUs. Subsequently, effective August 19, 2022, an aggregate of 6,500,000 previously granted PSUs were forfeited in connection with the resignation of a director of the Company.
The Board would also like to announce that John Gravelle ceased to act as Chief Executive Officer and President, effective September 29, 2022 but remains on the Company's Board of directors. Foremost intends to conduct an executive search to identify internal and external candidates to fill the role(s) to lead the organization into its next chapter.
The Board also advises that the results from the previously announced XPS study evaluating whether the Company's properties may yield battery-grade lithium hydroxide has been delayed due to backlogs at the assay labs contracted by the company.
On October 17, 2022, Foremost Lithium Resource & Technology Ltd. announced that it has commenced preparations for a winter diamond drill program on its 100-per-cent-owned 2,476-acre/1,002-hectare Jean Lake lithium property situated in the mine-friendly district of Snow Lake, Man. The drill targets will include the high-grade spodumene-bearing beryl pegmatite dikes where grab sample assays of 3.89 per cent and 5.17 per cent Li2O (lithium oxide) were received from pegmatite dike B1 and 3.81 per cent, 4.09 per cent and 4.74 per cent Li2O from pegmatite dike B2 in August, 2021. Elsewhere on the property, coincident drone (unmanned aerial vehicle (UAV)) magnetic lows with coincident anomalous responses for lithium, cesium, rubidium and niobium in soil samples analyzed with mobile metal ion technology (MMI) will be drill tested.
On September 08, 2022, Foremost Lithium Resource & Technology Ltd. has appointed Foremost's largest shareholder, Jason Barnard, to the company's board of directors. Mr. Barnard has over 31 years of capital markets experience. Since 2004, he has been self-employed as a private investor where he has been directly involved in raising over $500 million dollars for mining and exploration companies with a focused expertise on Canadian base metal companies. Mr. Barnard started his career with McDermid St. Laurence Securities in 1991 as a stockbroker with primary focus in mining, and mining exploration companies. Mr. Barnard then worked at Canaccord Genuity from 1997 until 2004. Mr. Barnard holds a Bachelor of Arts degree with a major in Economics from Carlton University and has obtained The Canadian Securities Course license in 1990. He first started working with and financing Foremost Lithium, previously known as Far Resources, with founder, and President Keith Anderson in 2016.
On September 06, 2022, Foremost Lithium Resource & Technology Ltd. announced that the addition of Johnathan A. More and Michael McLeod to the Company's Advisory Board.
Johnathan More brings over 28 years of experience in global capital markets focused primarily on natural resource industries. His distinguished tenure at Canaccord Genuity included many significant achievements and he retired in 2008 as Vice President and Advisor at the Company. Mr. More successfully transitioned from the capital markets to the public company sector where he has been responsible for numerous successful transactions in the Canadian marketplace and continues to identify and create new opportunities. He currently serves as Chairman & CEO of Starr Peak mining Ltd, a Canadian company focused on gold exploration. Mr. More is also Chairman and CEO of Power Metals Corp., a Canadian company focused on Lithium, Cesium and Tantalum exploration.
Mike McLeod has over 40 years of experience in the corporate financial services industry with a strong network in the capital markets. He has been a long term member of the Canadian Investor Relations Institute and Governance Professionals of Canada. Mr. McLeod has served as a global advisor and counseled many boards of directors and management teams on a wide range of topics including corporate governance, capital markets intelligence, M&A transactions, and shareholder engagement and communications. Mr. McLeod currently serves as a senior director at Morrow Sodali.
On September 02, 2022, Foremost Lithium Resource & Technology Ltd. has granted incentive stock options to a consultant of the company to purchase an aggregate of one million common shares of the company at an exercise price of 25.5 cents per common share, expiring three years from the date of grant. The stock options are granted in accordance with the company's stock option plan, which was approved by the shareholders at the company's annual general meeting, and the policies of the Canadian Securities Exchange.
August 23, 2022, Foremost Lithium Resource & Technology Ltd. has noted the exercise of an aggregate of 8,057,778 previously issued common share purchase warrants of the company in two tranches at exercise prices of 7.5 cents and 10 cents per warrant for aggregate gross proceeds of $738,556 to the treasury by the company's largest shareholders, Jason Barnard and Christina Barnard, within the last four weeks. Each warrant was exercisable into one common share of the company until Aug. 28, 2022, as further disclosed in the company's news release dated Aug. 28, 2020. All warrants that were issued under that private placement have now been exercised.
On March 14, 2022, Foremost Lithium Resource & Technology Ltd. has begun field operations for its 10 diamond drill hole (DDH) 1,500-metre program. This is the first drilling program for the Company since 2018. The focus of this drill program is to test ten (10) new spodumene pegmatite targets on the Zoro project. Gogal Air Services (Snow Lake, Manitoba) has mobilized Bodnar Drilling of Sainte Rose du Lac, Manitoba to the FM-21-064 drill pad by helicopter to begin drilling. Gogal Air Services shall also provide rotary air support, core storage, and preparation facilities for the project. Drill core samples will be shipped to Activation Laboratories (Ancaster, Ontario) for assaying services. Drill and helicopter pads for each of the 10 holes were cut and prepared by Moss Linecutting of Snow Lake.
On March 07, 2022, Foremost Lithium Resource & Technology Ltd. has entered into an advertising and investor awareness campaign with Dig Media Inc. (Investing News Network (INN)). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007. For the 12 month term of the agreement having started on February 16, 2022, INN will provide advertising on its website to increase awareness of the issuer. INN does not provide Investor Relations or Market Making services. The cost of the campaign is CAD $6,000 on a monthly basis.
On March 1, 2022, Foremost Lithium has released initial data from the unmanned aerial vehicle (UAV) magnetic survey over the Jean Lake property. Results of the survey showing a prospective 'Lithium Lane' connecting its Jean Lake Property with Snow Lake Lithium's Sherritt Gordon (SG) Property.
Images from EarthEx Geophysical Solutions Inc. magnetic data identified several highly prospective targets which correlate with the previously identified Beryl pegmatite dikes (B and B-2) which assayed between 3.89 per cent and 5.17 per cent Li2O. The coincidence of the trends of magnetic lows with the Beryl pegmatites and their extension along a trend recognized for its association with high-grade lithium pegmatites is highly encouraging.
On February 16, 2022, Foremost Lithium announced that it has contracted EarthEx Geophysical Solutions Inc. to perform an unmanned aerial vehicle (UAV) magnetic survey to be flown at its Zoro and Grass River Claim (GRC) lithium projects in Snow Lake Manitoba, commencing in March, 2022.
On February 14, 2022, Foremost Lithium announced that it has been successfully uplisted from the Pink Open Market to the OTCQB Venture Market. Foremost Lithium's symbol will remain unchanged on the OTCQB Venture Market and will continue to trade under the symbol FRRSF.
Drilling of 10 new targets begins February 27th and will take about a month to execute. Foremost will then in-fill drill Dyke 8 to build tonnage and resource.
Scott Taylor, president and chief executive officer of Foremost, is travelling throughout Germany and Switzerland from Feb. 17 to Feb. 28 to engage with strategic European institutional investors focused on hardrock lithium mining and strategic battery metals.