# EDGAR Filing Document

**Accession Number:** 0001935418
**File Stem:** 0001753926-23-000060
**Filing Date:** 2023-1
**Character Count:** 1645318
**Document Hash:** 4c050a381d366fd544bed2e7e68993ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-23-000060.hdr.sgml**: 20230517

**ACCESSION NUMBER**: 0001753926-23-000060

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 149

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Foremost Lithium Resources & Technology Ltd.
- **CENTRAL INDEX KEY:** 0001935418
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-06362
- **FILM NUMBER:** 23530911

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 250, 750 W. PENDER STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2T7
- **BUSINESS PHONE:** (604) 330-8067

**MAIL ADDRESS:**
- **STREET 1:** SUITE 250, 750 W. PENDER STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2T7

**This is Amendment No. 2 as confidentially submitted to the U.S. Securities and Exchange Commission on January 17, 2023. This draft registration statement has not been filed publicly with the U.S. Securities and Exchange Commission and all information contained herein remains confidential** 

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1** <br> **REGISTRATION STATEMENT UNDER** <br> **THE SECURITIES ACT OF 1933**

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's Name into English)

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| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **1099** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**2500-700 West Georgia Street**

**Vancouver, British Columbia V7Y 1B3 Canada**

**info@foremostlithium.com**<br> **(604) 330-8067**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**<br> **New York, N.Y. 10168**

**(800) 221-0102**<br> (Names, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

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| | |
|:---|:---|
| **Anthony J. Marsico, Esq.** | **Louis Taubman, Esq.** |
| **Anthony Epps, Esq.** | **Guillaume de Sampigny, Esq.** |
| **Dorsey & Whitney LLP** | **Hunter Taubman Fischer & Li LLC** |
| **51 West 52<sup>nd</sup> Street** | **48 Wall Street, Suite 1100** |
| **New York, NY 10019-6119** | **New York, NY 10005** |
| **Tel.: (212) 415-9200** | **Tel.: (212) 530-2210** |

---

**Approximate date of commencement of proposed sale to public:**<br> As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any state where the offer or sale is not permitted.**

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| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED JANUARY** **17, 2023** |

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**Shares** 

**Common Shares**

![](img001.jpg)

**Foremost Lithium Resource & Technology Ltd.** 

This is a firm commitment public offering of common shares of Foremost Lithium Resource & Technology Ltd.

In connection with this offering, we intend to file an application to list our common shares under the symbol "FMST" on the Nasdaq Capital Market. No assurance can be given that our application will be approved. If our application is not approved, we will not consummate this offering.

Our common shares are currently quoted under the symbol "FRRSF" on the OTCQB and under the symbol "FAT" on the Canadian Securities Exchange ("CSE"). On January 13, 2023, the last reported sale price for our shares on the OTCQB was US$0.12 per share. At present, there is a very limited market for our common shares. The trading price of our common shares has been, and may continue to be, subject to wide price fluctuations in response to various factors, many of which are beyond our control, including those described in "Risk Factors."

We are an "emerging growth company," as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*."

**Investing in our common shares involves a high degree of risk. See "Risk Factors" beginning on page 22 of this prospectus for a discussion of information that should be considered in connection with an investment in our common shares. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Public offering price | US$ | US$ |
| Underwriting discounts<sup>(1)</sup> | US$ | US$ |
| Proceeds to us, before expenses | US$ | US$ |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Underwriting discounts do not include a non-accountable expense allowance equal to 1.0% of the public
offering price payable to the underwriters. We refer you to "Underwriting" beginning on page 128 for additional information
regarding underwriters' compensation.

We have granted a 45-day option to the representative of the underwriters to purchase up to additional common shares solely to cover over-allotments, if any

The underwriters expect to deliver the common shares to purchasers on or about , 2023.

**ThinkEquity**

The date of this prospectus is , 2023

**Foremost Lithium** 

**Strategic Location in the Heart of North America**

![](img002.jpg)

 *Located at the tip of the North American Free Trade Agreement ("NAFTA") "superhighway" with easy access to supply future lithium feedstock to North American Battery and Electric Vehicle ("EV") manufacturing sites at economical transportation cost.*

***Welcome to Lithium Lane….***

**Foremost Lithium Resource & Technology is a hard-rock lithium exploration company with 5 lithium projects located in Snow Lake, Manitoba, Canada covering 43,031 acres. Foremost Lithium's highlights include:**![](img003.jpg)

● Attractive Geology with 40 confirmed spodumene pegmatite dykes and 30 follow-up drill targets along historically known lithium enriched trend lines called the Thompson Brothers Lithium Trend and The Crowduck Bay Fault.

● Attractive Location - with access to rail, power (from hydroelectric), highways, and water. Proximity to battery and EV manufacturing sites, and within 400 miles from the only lithium spodumene concentrate mine in all of North of America that's currently in production.

● Favorable Market Outlook – including favorable legislation for sourced domestic lithium supply and electric vehicle transition

 **Foremost Lithium – *Other Key Benefits as we move to discovery of resource...***

● Foremost Lithium follows a scientific, methodical approach in exploration over its lithium projects before moving forward with its drill programs to de-risk any drill targets to ensure maximum success.

● A drone magnetic survey has been completed over 43,000 acres targeting bedrock structures hosting lithium pegmatite deposits. When these images, coupled with 3D products of magnetic survey data are interpreted from Foremost Lithium's magnetic signatures including both magnetic and non-magnetic signatures, an excellent source of information is provided for Foremost Lithium to define drill-targets on all five Lithium Lane properties

![](img004.jpg)

● A LiDAR survey was completed on the Jean Lake Property summer of 2022 and are presently underway on the remainder of the Lithium Lane properties. The results of these surveys will assist prospecting to define drill targets on all Lithium Lane properties.

● Foremost Lithium is currently moving all Lithium Lane properties from prospecting, and identification of spodumene pegmatite dykes, to moving into the "exploration to discovery phase or drilling phase." With every planned future drill program, the Company is moving towards new discovery and resource potential.

**TABLE OF CONTENTS**

**Page**

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a001_v3) | 1 |
| [PROSPECTUS SUMMARY](#a002_v3) | 6 |
| [RISK FACTORS](#a003_v3) | 22 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a004_v3) | 36 |
| [USE OF PROCEEDS](#a005_v3) | 37 |
| [DIVIDEND POLICY](#a006_v3) | 38 |
| [CAPITALIZATION](#a007_v3) | 39 |
| [DILUTION](#a008_v3) | 40 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a009_v3) | 41 |
| [CORPORATE HISTORY AND STRUCTURE](#a010_v3) | 54 |
| [INDUSTRY](#a011_v3) | 69 |
| [BUSINESS](#a012_v3) | 79 |
| [MANAGEMENT](#a013_v3) | 104 |
| [PRINCIPAL SHAREHOLDERS](#a014_v3) | 109 |
| [RELATED PARTY TRANSACTIONS](#a015_v3) | 110 |
| [DESCRIPTION OF SHARE CAPITAL](#a016_v3) | 111 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a017_v3) | 116 |
| [MATERIAL UNITED STATES AND CANADIAN INCOME TAX CONSIDERATIONS](#a018_v3) | 117 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a019_v3) | 121 |
| [UNDERWRITING](#a020_v3) | 122 |
| [EXPENSES RELATED TO THIS OFFERING](#a021_v3) | 129 |
| [LEGAL MATTERS](#a022_v3) | 129 |
| [EXPERTS](#a023_v3) | 129 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a024_v3) | 129 |
| [FINANCIAL STATEMENTS](#a025_v3) | F-1 |

---

i

**ABOUT THIS PROSPECTUS**

**You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, nor the underwriters have authorized anyone to provide you with different information. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus, or any free writing prospectus, as the case may be, or any sale of common shares.**

**For investors outside the United States:** Neither we, nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the common shares and the distribution of this prospectus outside the United States.

This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, you are cautioned not to give undue weight to this information.

Numerical figures included in this prospectus have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. Certain market data and other statistical information contained in this prospectus are based on information from independent industry organizations, publications, surveys and forecasts. Some market data and statistical information contained in this prospectus are also based on management's estimates and calculations, which are derived from our review and interpretation of the independent sources listed above, our internal research and our knowledge of the Canadian mining industry. While we believe such information is reliable, we have not independently verified any third-party information and our internal data has not been verified by any independent source.

Our reporting currency and our functional currency is the Canadian dollar. This prospectus contains conversions of Canadian dollars into U.S. dollars at specific rates solely for the convenience of the reader. Unless otherwise noted, all translations from Canadian dollars into U.S. dollars in this prospectus were made at a rate of C$1.3752 per US$1.00, the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board in effect as of September 30, 2022. We express all amounts in this prospectus in Canadian dollars, except where otherwise indicated. References to "$" or "C$" is to Canadian dollars and references to "US$" are to U.S. dollars. References to quarters are to calendar quarters unless otherwise specified.

**SCIENTIFIC AND TECHNICAL INFORMATION**

**Cautionary Note Regarding Presentation of Mineral Reserve and Mineral Resource Estimates**

The U.S. Securities and Exchange Commission, or the SEC, adopted final rules in 2018 to amend and modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Act of 1933, as amended, or the Securities Act, or the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act. These amendments, which we refer to as the SEC Mining Modernization Rules, became effective February 25, 2019, with compliance, following a transition period, required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Mining Modernization Rules, following the transition period, the historical property disclosure requirements for mining registrants included in SEC Industry Guide 7 has been rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K, or S-K 1300. Domestic companies and foreign private issuers that file reports with the SEC are now required to disclose mineral resources, mineral reserves, and material exploration results for material mining operations in accordance with S-K 1300.

As a Canadian foreign private issuer that is not eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, we are required to provide disclosure on our mineral properties under the SEC Mining Modernization Rules beginning with our fiscal year starting April 1, 2022. We provide that disclosure in this prospectus.

As a result of the adoption of the SEC Mining Modernization Rules, the SEC now recognizes estimates of "measured mineral resources," "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding definitions under the CIM Standards that are required under National Instrument ("NI") 43-101. NI 43-101 is a set of rules and guidelines ensuring the transparent release of information regarding mineral properties and it is relied heavily upon by the SEC to determine whether a resource is rule S-K 1300 compliant. Information regarding inferred mineral resources contained or referenced in this prospectus now complies with the SEC disclosure guidelines adopted under the SEC Mining Modernization Rules as codified in S-K 1300 and should be comparable to similar information made public by other companies that report in accordance with U.S. or Canadian standards.

We are still in the exploration stage and our planned commercial operations have not commenced. There is currently no commercial production at our Jean Lake Property, Zoro Property, Grass River Property, or Peg North Property sites (each as defined below in the section Corporate History and Structure), which we refer to herein as the Lithium Lane Properties. We have completed a historical NI-43-101 technical report1 on only the Zoro property Dyke 1 that, we believe, is in compliance with the SEC's new S-K 1300 disclosure rules. We have completed an Initial Assessment, or IA, but have not started a preliminary feasibility study, or PFS, of the Lithium Lane Properties. As such, our Lithium Lane Properties estimated proven or probable mineral reserves, expected mine life and lithium pricing cannot be determined at this time as the feasibility studies, drilling and pit design optimizations have not yet been undertaken.

 **Qualified Person Statement** 

Some scientific and technical information contained herein with respect to the Zoro Property is derived from the report titled " NI 43-101 Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba" prepared for us with an effective date of July 6, 2018. We refer to this report herein as our S-K 1300 Report or our S-K 1300 compliant indicated and inferred mineral resource report. The scientific and technical information related to the Zoro Property contained in the S-K 1300 Report and reproduced in this prospectus has been approved by the Company's Vice President of Exploration Mark Fedikow, P. Eng., P. Geo, who is a "Qualified Person" within the meaning of NI 43-101 Standards of Disclosure for Mineral Projects. Dr. Fedikow holds Honors B.Sc. and M.Sc. degrees in geology, geophysics, and geochemistry from the University of Windsor (Canada) and a Ph.D. in exploration geochemistry from the School of Applied Geology, University of New South Wales in Sydney (Australia).

<sup>1</sup> NI 43-101 Technical Report on The Zoro Lithium Project, Snow Lake, Manitoba" prepared for us with an effective date of July 6th, 2018 by the Company's Vice President Exploration Mark Fedikow, P.Eng., P. Geo, who is a "Qualified Person" within the meaning of NI 43-101 Standards of Disclosure for Mineral Projects

**GLOSSARY OF MINING TERMS**

The following is a glossary of certain mining terms that may be used in this prospectus.

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| | |
|:---|:---|
| **Assay** | A metallurgical analysis used to determine the quantity (or grade) of various metals in a sample. |
| **Be** | Beryllium. |
| **Claim** | A mining right that grants a holder the exclusive right to search and develop any mineral substance within a given area. |
| **CIM** | The Canadian Institute of Mining, Metallurgy and Petroleum. |
| **CIM Standards** | The CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council from time to time. |
| **Concentrate** | A clean product recovered in flotation, which has been upgraded sufficiently for downstream processing or sale. |
| **Core drilling** | A specifically designed hollow drill, known as a core drill, is used to remove a cylinder of material from the drill hole, much like a hole saw. The material left inside the drill bit is referred to as the core. In mineral exploration, cores removed from the core drill may be several hundred to several thousand feet in length. |
| **Cs** | Caesium. |
| **Cut-off grade** | The concentration of metal or mineral in rock that determines the destination of the material during mining. For purposes of establishing prospects of economic extraction, the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. |
| **Deposit** | An informal term for an accumulation of mineralization or other valuable earth material of any origin. |
| **Dilational structure** | Structures composed of mechanisms whose only degree of freedom corresponds to dilation. |
| **Drift** | A horizontal or nearly horizontal underground opening driven along a vein to gain access to the deposit. |
| **Dyke** | A long and relatively thin body of igneous rock that, while in the molten state, intruded a fissure in older rocks. |
| **Exploration** | Prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. |
| **Flotation** | A milling process in which valuable mineral particles are induced to become attached to bubbles and float as others sink. |

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| | |
|:---|:---|
| **Feasibility Study** | A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. |
| **Ga** | Gallium. |
| **Grade** | Term used to indicate the concentration of an economically desirable mineral or element in its host rock as a function of its relative mass. With Lithium, this is typically expressed percentage of ore that comprises Lithium. With gold, the grade is typically expressed as grams per tonne (g/t) or ounces per tonne (opt). |
| **Greywacke** | A variety of sandstone generally characterized by its hardness, dark color, and poorly sorted angular grains of quartz, feldspar, and small rock fragments set in a compact, clay-fine matrix. |
| **Ha** | Hectare - An area totaling 10,000 square meters or 2.47 acres. |
| **Indicated Mineral Resource** | An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. |
| **Initial Assessment** | A preliminary technical and economic study of the economic potential of all or parts of mineralization to support the disclosure of mineral resources. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral reserves. |
| **Inferred Mineral Resource** | An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. |
| **Km** | Kilometre(s). Equal to 0.62 miles. |
| **kMT** | Kilo metric tonne. |
| **LCE** | Lithium Carbonate Equivalent - Trade in lithium is largely centered around key lithium raw materials and chemicals such as spodumene concentrate, lithium carbonate and lithium hydroxide, which vary significantly in their lithium content. To normalize this varied lithium content data, market participants will often also report data in terms of a "lithium carbonate equivalent," or "LCE." |
| **Lithologic** | The character of a rock formation, a rock formation having a particular set of characteristics. |
| **Li<sub>2</sub>O** | Lithium Oxide |
| **m** | Metre(s). Equal to 3.28 feet. |
| **Mafic** | Igneous rocks composed mostly of dark, iron- and magnesium-rich minerals. |
| **Massive** | Said of a mineral deposit, especially of sulfides, characterized by a great concentration of mineralization in one place, as opposed to a disseminated or vein-like deposit. |
| **Measured Mineral Resource** | A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. |
| **Metallurgy** | The science and art of separating metals and metallic minerals from their ores by mechanical and chemical processes. |
| **Mineral** | A naturally occurring homogeneous substance having definite physical properties and chemical composition and, if formed under favorable conditions, a definite crystal form. |
| **Mineral Deposit** | A mass of naturally occurring mineral material, e.g. metal ores or nonmetallic minerals, usually of economic value, without regard to mode of origin. |

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|:---|:---|
| **Mineralization** | A natural occurrence in rocks or soil of one or more yielding minerals or metals. |
| **Mineral Reserve** | The economically mineable part of a Measured and/or Indicated Mineral Resource. |
| **Mineral Resource** | A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. |
| **Mt** | Metric tonne. Metric measurement of weight equivalent to 1,000 kilograms or 2,204.6 pounds. |
| **NI 43-101** | National Instrument 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. Issuers that are subject to Canadian securities laws. This includes Canadian entities as well as foreign-owned mining entities who have securities that trade on stock exchanges or Over The Counter (OTC) markets overseen by the Canadian Securities Administrators (CSA), even if they only trade on Over The Counter (OTC) derivatives or other instrumented securities. |
| **Ore** | Mineralized material that can be extracted and processed at a profit. |
| **PEA** | Preliminary economic assessment. A study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources. |
| **Pegmatite** | An igneous rock, formed by slow crystallization at high temperature and pressure at depth, and exhibiting large interlocking crystals usually greater in size than 2.5 cm (1 in). |
| PFS | Preliminary Feasibility Study (or pre-feasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment.  |
| **Probable Mineral Reserve** | The is the economically mineable part of an indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve. |
| **Proven Mineral Reserve** | The economically mineable part of a Measured Mineral Resource and can only result from conversion of a measured mineral resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors. |
| **Qualified Person** | An individual who is: <br> **(1)** A mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and <br> **(2)** An eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: <br> **(i)** Be either: <br> **(A)** An organization recognized within the mining industry as a reputable professional association; or <br> **(B)** A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field. <br> **(ii)** Admit eligible members primarily on the basis of their academic qualifications and experience; <br> **(iii)** Establish and require compliance with professional standards of competence and ethics. <br> **(iv)** Require or encourage continuing professional development. <br> **(v)** Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and <br> **(vi)** Provide a public list of members in good standing.  |
| **Rb** | Rubidium. |
| **Reclamation** | Restoration of mined land to original contour, use, or condition where possible. |
| **Spodumene** | A pyroxene mineral consisting of lithium aluminum inosilicate, LiAl(SiO3)2, and is a source of lithium. |
| **SC6** | A spodumene concentrate with 6% lithium content. |
| **Sedimentary** | Said of rock formed at the Earth's surface from solid particles, whether mineral or organic, which have been moved from their position of origin and re-deposited, or chemically precipitated. |
| **Strike** | The direction, or bearing from true north, of a vein or rock formation measured on a horizontal surface. |
| **Ta** | Tantalum. |
| **Tonne** | A metric ton of 1,000 kilograms (2,205 pounds). |
| **Troy Ounce** | A measure of weight in gold and other precious metals which is 31.2 grams as distinct from an imperial ounce which is 28.4 grams. |
| **μm** | Micrometer. |

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**PROSPECTUS SUMMARY**

This summary highlights selected information contained elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in our common shares. You should carefully read the entire prospectus, including the risks associated with an investment in our company discussed in the "Risk Factors" section of this prospectus, before making an investment decision. Some of the statements in this prospectus are forward-looking statements. See the section titled "Cautionary Statement Regarding Forward-Looking Statements."

*In this prospectus, "we," "us," "our," "our company," "Foremost Lithium" and similar references refer to Foremost Lithium Resource and Technology Ltd. and its consolidated subsidiaries.*

**Our Company**

**Overview**

We are an exploration stage lithium mining company in the Province of Manitoba, Canada. We control five properties in the Snow Lake ("Lithium Lane") region of Manitoba encompassing over 43,000 acres. Several of our properties are transitioning from exploration to discovery. We seek to become one of the first North American companies to produce high quality SC6 that could be used to produce battery-grade lithium hydroxide ("LiOH"). LiOH is a strategic battery mineral mainly used as a component in the production of lithium-ion ("Li-ion") batteries. Li-ion batteries power the daily use of consumer electronics, enable electrification of the transportation sector, and provide stationary grid storage, which is critical to meeting the needs of the electric vehicle industry.

Our primary focus is conducting discovery development for lithium at our 100% owned Jean Lake, Grass River, Zoro, and Peg North properties, which we refer to herein as the Lithium Lane Properties. See "*Business – Our Mineral Project – Lithium Lane Properties.*" We are strategically located to supply the U.S. "Auto Alley," from Michigan to the southern United States ("U.S."), and the European battery market via our nearby access to the Hudson Bay Railway and the Port of Churchill. With access to renewable hydroelectric energy produced in Manitoba, we believe we will be a supplier in North America of lithium mined exclusively with the benefit of hydroelectric power, substantially all of which is produced from sustainable, local sources.

**Lithium Industry**

We believe that the full electrification of a global automobile fleet has begun. Demand for EVs is being driven by conscious consumers who take the threat of global warming seriously and who have forced a universal commitment from the manufacturing industry to produce cars to match their environmentally conservative outlook. In addition, the secretary-general of the UN has declared fossil fuels to be a clear and present danger, saying that promoters of fossil fuels have been undermining climate policies with pseudo-science and public relations. Therefore, government policies and regulations may be an additional market driver for increased lithium demand. During the coming years, the achievement of this fleet conversion will be the primary challenge for the worldwide automobile industry and the determining factor will not be design or engineering, but batteries. Based on today's predictions of the trajectory of future EV growth, the world will not have sufficient battery capacity to match growing demand. Today's global fleet of approximately 1.4 billion automobiles includes 10 million plug-in EVs, an increase from only one million of such EVs in 2015. Extrapolating the growth trajectory of EV demand, we believe that current industrial infrastructure is not scaled sufficiently to meet the coming demand.

The Inflation Reduction Act signed into law by President Biden in August 2022 has several provisions that we believe will stimulate U.S. demand for EVs and motivate producers to shift their battery supply chain to North America. The new law extends availability of the $7,500 credit on the purchase of new EVs and eliminates the cap on the number of cars that can qualify. The new law also provides that, starting January 1, 2024, EVs will not qualify for the credit if any part of the battery is made in China. As a result, we anticipate that EV makers in the U.S. will demand batteries that exclude China from the supply chain. Given China's preeminent position in the battery supply chain currently, we believe that the Inflation Reduction Act will be a strong motivation for producers of lithium hydroxide and other lithium products to locate in North America, which will increase demand for lithium from North American sources.

Sales and production of EVs continue to accelerate globally, with double-digit annual growth expected over the next decade. To keep the expansion and development of EVs charging ahead, vehicle manufacturers, automotive suppliers and governments are plugging in more investment to regional supply chains and gigafactory networks for Li-ion batteries.

Original equipment manufacturers ("OEMs") including Tesla, Volkswagen Group, BMW, General Motors, Geely, Ford and many more are investing billions of dollars to secure lithium supply, diversify suppliers and to expand Li-ion battery and battery pack production. Many vehicle manufacturers and lithium cell suppliers are planning battery gigafactories that will be several times larger than the current largest global gigafactory, the Tesla Gigafactory 1 in Nevada (including Tesla, which is building a new gigafactory network that spans the United States, China and Germany).

Rising demand for and production of Li-ion batteries is leading to the emergence of major battery cell suppliers, including LG Chem, SK Innovation, CALT and Panasonic, along with startup EV battery players like Northvolt, Farasis, SVOLT and many more across the supply chain. At the same time, OEMs are diversifying their suppliers and ramping up production of Li-ion batteries, with OEMs including Volkswagen Group, General Motors, Stellantis and Ford looking to the Tesla and Panasonic model of joint venture Li-ion battery production – or even looking to in-house lithium mining and gigafactory operations.

Driving demand was the EV sector where, although final numbers are not yet in for 2022, we anticipate sales of 6.2 million EVs (a 103% increase over the prior year) with 3.1 million in China, 2.1 million in Europe and 0.7 million in North America. On the supply front, producers in Western Australia were able to lift production (Greenbushes, Pilbara) as did South American brine producers (Albemarle, SQM). However, with little available inventory and the major lithium mining producers not releasing volumes, those without captive supply were left to fight it out for feedstock tonnes. While we witnessed some increase in sector consolidation during the first half of the year (Galaxy & Orocobre, IGO & Tianqi), it was the second half of the year where a "scramble for resources" hit overdrive. Chinese companies Ganfeng and CATL were the most aggressive, taking out or buying into five projects in 2H'21, and spending a combined US$2 billion in the process. Overall, we estimate a total of US$7 billion was spent on M&A during 2021 up from US$400 million in 2020. 2021 also saw Automotive OEMs and battery producers invest in a pipeline of battery manufacturing capacity. A notable announcement was Volkswagen's commitment to build six 40GWh battery factories in Europe by 2030 (equates to approximately 350 thousand tonnes ("KT") of LCE demand).

The table below shows the expected increase in lithium consumption through 2025.

![](img006.jpg)

Raw material availability is the biggest constraint for the production of lithium carbonate and hydroxide. While risk-adjusted capacity at the mine level is projected to reach around 673,000 tons of lithium carbonate equivalent (LCE) in 2022, demand is forecast to exceed 676,000 tons LCE. The lithium industry could struggle to meet growing demand from EVs unless new projects are ramped up quickly over the next two years.

![](img007.jpg)

The Y-Axis on the left (US$) refers to dollar amounts in the lawful currency of the United States. The Y-Axis on the right (t) refers to metric tons.

Electric mobility is one of the solutions being incentivized around the globe in varying magnitudes. Nevertheless, its implementation presents challenges to keep up with the growing demand of electric batteries and risks in the lithium supply chain. A sustainable approach is needed to address the challenges from the extraction of this critical raw material, which is crucial in the fight against climate change.

![](img010.jpg)

Foremost Lithium is focused on playing a critical role in the production of ethically produced battery-grade lithium hydroxide. Each of the company's prospective lithium projects are in the exploration phase and its objectives of its business activities are to initially target extraction of lithium oxide (Li2O) from the project sites and to subsequently play a role in the production of high-quality lithium hydroxide (LiOH).

We intend to achieve our environmental, sustainability and governance friendly strategy through utilization and operation of the following initiatives and resources:

● Power to operate our future lithium mine is expected to be supplied by Manitoba Hydro on a 97% renewable basis;

● There are several positive tailwinds for lithium demand, particularly hydroxide in North America. RK Equity forecasts a thirty (30) times rise in battery cell demand in the USA between 2020 and 2030. We believe it is highly likely that North America will emulate Europe's battery raw material strategy and target a high percentage of local lithium chemical production. The U.S. currently has approximately 15KT LCE of local chemical production capacity – a fraction of the 500KT LCE demand in 2030 as we forecasted. As hard rock to hydroxide offers the shortest greenfield route to increased supply, and Foremost Lithium's land position hosts significant potential, we believe that projects such as Foremost Lithium's Lithium Lane Properties will be seen as strategic in the years to come; and

● The Arctic Gateway Group's Hudson Bay Railway lines, located within 30 kilometers of our Lithium Lane Properties, will connect our lithium mining operations to the North American auto industry with a minimum carbon footprint, with total mine to manufacturer distance of less than 1,000 miles, the majority of which being rail.

We believe that these factors will give us a unique opportunity to generate substantial enterprise value by building a business that delivers fully verifiable, environmentally friendly lithium to a rapid growth market.

**Our Strategy, Exploration to Discovery**

A disciplined exploration to build value.

![](img011.jpg)

We have 77 claims over 43,000 acres. Our exploration efforts have confirmed 40 known pegmatite dykes and 30 follow up drill targets. The company follows the same scientific methodical approach before drill programs to de-risk drill targets and ensure highest probability of a successful drill program. These steps include:

● First pass prospecting of outcrop areas on the claim block focusing on known pegmatites as well as additional lithium-bearing pegmatites.

● Drone-Assisted Magnetic Survey. This technology aids the Company by utilizing 3D technology to define the extent and magnetic signature of the spodumene pegmatite dykes and enclosing geologic environment

● Surficial geochemical surveys including Mobile Metal Ions. (MMI Technology) is utilized to help delineate new targets and is integrated with other geoscientific databases

● Ground truthing – boots on the ground, visual reference

● Determine targets and follow up with drill program

● Further in-fill drilling; discovery of resource

Quality of Lithium on our Properties – 6% Battery-Grade Lithium Hydroxide

In May 2022, Foremost Lithium contracted XPS Expert Process Solutions (a Glencore company) to develop a process to refine spodumene concentrate (SC6 technical specification) into a saleable battery-grade lithium hydroxide product. Foremost Lithium's initial 2020 metallurgical test work, done in conjunction with SGS Canada Inc, indicated that it is possible to produce a high-grade 6% Li2O concentrate3. Phase 1 results were announced in December 2022, test work confirmed that the spodumene-bearing pegmatite was amenable for production.

In June, after a receipt of a bulk sample permit from the Manitoba government, a field crew collected 489 kg of spodumene-mineralized pegmatite using sledgehammers and chisels from trenches exposing Dyke 1 on Foremost Lithium's Zoro lithium property. Twenty-six pails of spodumene-mineralized pegmatite were shipped to SGS Lakefield. After sample preparation, test work on this Master Composite sample included heavy liquid separation (HLS), dense media separation (DMS), and dry magnetic separation. The metallurgical target of the test work was the production of a spodumene concentrate containing >6% Li2O and <1% Fe2O3, while maximizing lithium recovery. The bulk sample was processed at a DMS pilot plant at SGS Lakefield. The bulk sample produced a final spodumene concentrate assaying 5.93% Li2O, at a global lithium recovery of 66.9% in 26.5% mass after magnetic separation. The iron content in the spodumene concentrate assayed 1.23% Fe2O3, slightly higher than the 1% Fe2O3 targeted, but is acceptable for subsequent hydrometallurgical processing.

The HLS and DMS test work confirms Dyke 1 spodumene ore is amenable for production of a spodumene concentrate by the DMS process. DMS provides the opportunity to reject nearly 50% of the coarse waste rock (-12.7 mm) at an early stage of the process thereby significantly reducing ore transportation and handling costs for a future plant. Management anticipates rejected coarse waste rock will have 8.6% lithium at a grade of 0.41% Li2O.

Phase two will continue with ongoing work being carried out by XPS which includes mineralogical assessment of the DMS products and flotation test work to optimize lithium recovery from the DMS middlings and -0.5 mm fines streams. The DMS concentrate is used to advance the pyrometallurgical testwork (spodumene decrepitation and sulphide roasting) with the goal of producing a valuable lithium product from the concentrate.

Any future processing plant for Dyke 1 ore is envisaged as having a DMS +Magnetic separation plant and a smaller flotation plant (smaller footprint) for processing the middlings +0.5 mm fines from the DMS process. This processing flowsheet will result in significant savings in terms of CAPEX and OPEX as compared to processing the entire Dyke 1 ore by flotation process for the recovery of lithium.

The first phase of our bulk sample program showing favorable results is extremely positive. This project demonstrates that we will be able to market our lithium while still in the ground directly to battery suppliers and vehicle manufactures.

<sup>3</sup> Mark Fedikow et. al., *"Mineralogical Characterization and Preliminary Beneficiation of the Zoro Lithium Project, Manitoba, Canada."* Received: 1 June 2020 /Accepted: 27 August 2020. Society for Mining, Metallurgy & Exploration Inc. 2020

**Our Properties**

The Lithium Lane Properties encompass four core assets located near Snow Lake, central Manitoba, Canada: (1) the Zoro project site (which includes the Zoro1 claim and the Manitoba and Green Bay options) (the "Zoro Property"); (2) the Jean Lake project site (the "Jean Lake Property") that includes claim MB3530 which is the Jol property, (3) the Grass River project site (the "Grass River Property); and (4) the Peg North project site (the "Peg North Property"). In total the Lithium Lane Properties consist of 77 mineral claims aggregating to a total land position of 43,031 acres (17,414 hectares).

![](img012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;

● We have de-risked, in the eyes of possible customers, the ore from our inferred resource but undertaking initial metallurgical tests that concluded that Heavy Liquids Separation ("HLS") combined with magnetite separation, allow it to be possible to produce SC6 after the rejection of iron silicate minerals. Thus, most of the spodumene should be amenable to recovery by HLS and/or flotation. The mineralogical characteristics of the pegmatite favor the economic potential of the project. These preliminary findings suggest that our Zoro property might contain lithium resources meeting industry and market specifications.

● Possible future mines can gain access to Manitoba produced 97%+ renewable energy to enable ore to be processed into SC6 exclusively with the benefit of fully renewable sources of energy.

● We are strategically located in the North American market close to highways, rail, power lines and water.

● Our operations are in a mining friendly jurisdiction with excellent mining infrastructure.

● The combination of the benefits of mining under an energy ecosystem substantially all of which is renewable, a location in a mining friendly jurisdiction, and strategic proximity to the major US EV manufacturing markets, makes us an attractive source for offtake agreements with and capital provided by lithium battery and/or EV manufacturers who will need to secure their raw material supplies.

**Our Growth Strategies**

We have developed a strategic plan for further exploration and development of the Lithium Lane Properties that includes the following milestones:

![](img013.jpg)

● Aggressively scale-up and continue exploration and expansion of the discovered spodumene pegmatite dykes on each of the Lithium Lane Properties which currently make up our S-K 1300 compliant resource. This includes 16 dykes on the Zoro Property; 2 dykes on the Jean Lake Property; 17 dykes on the Grass River Property; and 5 dykes on the Peg North Property.

● Continue exploration of additional prospects located on our Lithium Lane Properties with the goal to add additional tonnage through further subsurface characterization and subsequent drilling. We also intend to explore for extensions to the existing mineral resources and other potential mineralization within all the Lithium Lane Properties.

● Complete Phase 1 metallurgical testing, secure delivery of SC6 concentrate and engage with strategic battery and EV automobile manufactures.

● Solidify and broaden engagement with strategic partners by delivering a saleable LiOH monohydrate product suitable for due diligence purposes as required by qualified Li-ion battery manufacturers.

**Our Risks and Challenges**

Our prospects should be considered along with the risks, uncertainties, expenses and difficulties frequently encountered by similar companies. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including, among others, the following:

***Risks Related to Our Business and Industry***

Risks and uncertainties related to our business and industry include, but are not limited to, the following:

● We have a limited operating history and have not yet generated any revenues.

● Our consolidated financial statements have been prepared on a going concern basis and our financial status creates a doubt whether we will continue as a going concern.

● If we do not obtain additional financing, our business may be at risk or execution of our business plan may be delayed.

● All our business activities are now in the exploration stage and there can be no assurance that our exploration efforts will result in the commercial development of mines.

● Our inferred mineral resources described in our most recent S-K 1300 compliant report are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized. Although S-K 1300 compliant, there has been insufficient drilling on the Lithium Lane Properties to qualify our inferred resource under the SEC's Mining Modernization Rules. Further drilling will be required to determine whether the Lithium Lane Properties contain proven or probable mineral reserves and there can be no assurance that we will be successful in our efforts to prove our resource.

● Mineral exploration and development are subject to extraordinary operating risks. We currently do not insure against these risks. In the event of a cave-in or similar occurrence, our liability may exceed our resources, which could have an adverse impact on us;

● Our business operations are exposed to a high degree of risk associated with the mining industry.

● We may not be able to obtain or renew licenses or permits that are necessary to our operations.

● Our Lithium Lane Properties may face indigenous land claims.

● Volatility in lithium prices and lithium demand may make it commercially unfeasible for us to develop our Lithium Lane Properties.

● There can be no guarantee that our interest in the Lithium Lane Properties is free from any title defects.

● Our mining operations are dependent on the adequate and timely supply of water, electricity or other power supply, chemicals and other critical supplies.

● We currently report our financial results under IFRS, which differs in certain significant respect from U.S. generally accepted accounting principles; and

● If key personnel leave our company, we would be harmed since we are heavily dependent upon them for all aspects of our activities.

***Risks Related to This Offering and Ownership of Our Common Shares***

Risks and uncertainties related to this offering and our common shares include, but are not limited to, the following:

● We have considerable discretion as to the use of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree.

● If through additional drilling we are not able to prove our resource according to the SEC's Mining Modernization Rules, your investment in our common shares could become worthless.

&nbsp;&nbsp;&nbsp;&nbsp;

● You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions against us or our management named in the prospectus based on foreign laws.

● We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.

● As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.

● Future issuances of debt securities, which would rank senior to our common shares upon our bankruptcy or liquidation, and future issuances of preferred shares, which could rank senior to our common shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our common shares; and

● We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common shares less attractive to investors.

In addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of operations. You should consider the risks discussed in "*Risk Factors*" and elsewhere in this prospectus before investing in our common shares.

**Our Corporate Structure**

FAR Resources Ltd. was incorporated under the Business Corporations Act of British Columbia ("BCBCA") on July 7, 2005 (Number: BC0729352). The Company changed its name to Foremost Lithium Resource & Technology Ltd. on January 4, 2022. The Company currently has two wholly owned subsidiaries, Sequoia Gold & Silver Ltd. ("Sequoia"), a British Columbia Company, and Sierra Gold & Silver Ltd, a New Mexico company ("Sierra"). Sequoia is inactive and has no assets. Sierra holds the Company's Winston property in New Mexico, USA.

The chart below presents our corporate structure:

![](img014.jpg)

**Corporate Information**

Our corporate address is Suite 2500 - 700 West Georgia Street, Vancouver, British Columbia V7Y 1B3 Canada. Our company email address is info@foremostlithium.com.

Our registered office is located at Suite 2500 - 700 West Georgia Street, Vancouver, British Columbia V7Y 1B3 Canada.

Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18th Floor, New York, N.Y. 10168.

Our website can be found at https://www.foremostlithium.com/. The information contained on our website is not a part of this prospectus, nor is such content incorporated by reference herein, and should not be relied upon in determining whether to make an investment in our common shares.

**Implications of Being an Emerging Growth Company**

Upon the completion of this offering, we will qualify as an "emerging growth company" under the Jumpstart Our Business Act of 2012, as amended, or the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the auditor attestation requirement
in the assessment of our internal controls over financial reporting required by Section 404 of the Sarbanes-Oxley Act of 2002,
or the Sarbanes-Oxley Act; and

&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with any new requirements
adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement
to the auditor's report in which the auditor would be required to provide additional information about our audit and our
financial statements.

In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion in non- convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our common shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications of Being a Foreign Private Issuer**

Once the registration statement of which this prospectus is a part is declared effective by the SEC, we will become subject to the information reporting requirements of the Exchange Act that are applicable to "foreign private issuers," and under those requirements we will file certain reports with the SEC. As a foreign private issuer, we will not be subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the Exchange Act, we will be subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. For example, although we report our financial results on a quarterly basis, we will not be required to issue quarterly reports, proxy statements that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive compensation information that is as detailed as that required of U.S. domestic reporting companies. We also will have four months after the end of each fiscal year to file our annual reports with the SEC and we will not be required to file current reports as frequently or promptly as U.S. domestic reporting companies. We also present our consolidated financial statements pursuant to International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, instead of pursuant to U.S. generally accepted accounting principles. Furthermore, our officers, directors and principal shareholders will be exempt from the requirements to report transactions in our equity securities and from the short-swing profit liability provisions contained in Section 16 of the Exchange Act. As a foreign private issuer, we will also not be subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. These exemptions and leniencies reduce the frequency and scope of information and protections available to you in comparison to those applicable to shareholders of U.S. domestic reporting companies.

In addition, as a foreign private issuer, we will be permitted, and intend to follow certain home country corporate governance practices instead of those otherwise required under the listing rules of Nasdaq for domestic U.S. issuers. These exemptions and leniencies will reduce the frequency and scope of information and protections available to you in comparison to those applicable to a U.S. domestic reporting company. We intend to continue to take advantage of the exemptions available to us as a foreign private issuer during and after the period we qualify as an emerging growth company.

**The Offering**

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| | |
|:---|:---|
| **Shares offered** | common shares |
| **Common shares outstanding immediately before the offering** | common shares. |
| **Common shares outstanding immediately after the offering** | common shares (or common shares if the underwriters exercise the over-allotment option in full). |
| **Over-allotment option** | We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the common shares sold in the offering (additional shares) at the public offering price, less the underwriting discounts. |
| **Use of proceeds** | We expect to receive net proceeds of approximately US$ million from this offering, assuming a public offering price of US$ per share and no exercise of the underwriters' over-allotment option, and after deducting estimated underwriting discounts and estimated offering expenses payable by us. <br>A large portion of the net proceeds will be used to conduct exploration activities to further define and develop quality targets on our Lithium Lane Projects for future drill programs to expand the amount of SK-1300 compliant resource. "*Use of Proceeds*" for more information on the use of proceeds.  |
| **Risk factors** | Investing in our common shares involves a high degree of risk and purchasers of our common shares may lose part or all of their investment. See "*Risk Factors*" for a discussion of factors you should carefully consider before deciding to invest in our common shares. |
| **Lock-up** | We, all of our directors and officers, and holders of 5% or greater of our common shares, have agreed with the underwriters, subject to certain exceptions, not to offer, pledge, sell, transfer or dispose of, directly or indirectly, any of our common shares or securities convertible into or exercisable or exchangeable for our common shares for a period of (i) three months after the closing of this offering in the case of our company, (ii) six months after the closing of this offering in the case of our directors and officers, and (iii) three months after the closing of this offering in the case of holders of 5% or greater of our common shares. See "*Underwriting*" for more information. |
| **Proposed trading market and symbol** | In connection with this offering, we intend to file an application to list our common shares under the symbol "FMST" on the Nasdaq Capital Market. If our application is not approved by the Nasdaq Capital Market, we will not consummate this offering. |
| **Transfer Agent and Registrar** | The transfer agent and registrar for our common shares in the United States will be Odyssey Trust Company. The address for is United Kingdom Building 350 – 409 Granville Street Vancouver BC V6C 1T2, and the telephone number is 888-290-1175. |

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The number of common shares outstanding immediately following this offering is based on 197,680,799 shares outstanding as of January 4, 2023, and excludes:

● 11,815,000 common shares issuable upon the exercise of outstanding options under our Stock Option Plan (2021) at a weighted average exercise price of C$0.22 (approximately US$0.16) per share.

● 1,488,235 common shares issuable upon the exercise of outstanding warrants at a weighted average exercise price of C$0.14 (approximately US$0.10) per share; and

● up to common shares issuable upon exercise of the representative's warrants issued in connection with this offering.

Except as otherwise indicated herein, all information in this prospectus assumes or gives effect to:

● a 1-for- stock split of our common shares effected on , 2023 pursuant to which (i) every outstanding common shares was decreased to one common share, (ii) the number common shares for which each outstanding warrant and option to purchase common shares is exercisable was proportionally decreased on a 1-for-basis and (iii) the exercise price of each outstanding warrant and option to purchase common stock was proportionately increased on a 1-for-basis (the "Reverse Stock Split"). No fractional shares will be issued as a result of the Reverse Stock Split. Any fractional shares resulting from the Reverse Stock Split shall be rounded up to the nearest whole share; and

● no exercise by the underwriters of their option to purchase an additional common shares.

**Summary Consolidated Financial Information**

The following selected historical financial information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in the prospectus and the information contained in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" below.

The following summary consolidated financial data as of March 31, 2022 and 2021. This information is derived from our audited consolidated financial statements and our interim six-month consolidated financial statements included elsewhere in this prospectus.

Our consolidated financial statements are prepared and presented in accordance with IFRS. Our historical results for any period are not necessarily indicative of our future performance.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** |
|  | **March 31,<br> 2022** | **March 31, <br> 2021** | **March 31,<br> 2022** | **March 31, <br> 2021** |
| &nbsp;&nbsp; **Statements of Loss Data** | **$** | **$** | **US$** | **US$** |
| &nbsp;&nbsp; Total operating expenses | 4073745 |  | 2962293 | 2041522 |
| &nbsp;&nbsp; Total other loss (income) | 77177 |  | 56121 | (11914) |
| &nbsp;&nbsp; Net loss | 4150922 |  | 3018413 | 1899584 |
| &nbsp;&nbsp; Net loss per share – basic and diluted | 0.03 |  | 0.02 | 0.02 |
| &nbsp;&nbsp; Weighted average shares outstanding – basic and diluted | 163831333 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | |  |  | **As Adjusted\*** |
|  | <br> **March 31, <br> 2022** | **March 31,<br> 2021** | **March 31,<br> 2021** | **March 31, <br> 2021** |
| &nbsp;&nbsp; **Statements of Financial Position Data** | **$** | $**US$** | **US$** | $**US$** |
| &nbsp;&nbsp; Cash |  |  | 171215 |  |
| &nbsp;&nbsp; Current assets |  |  | 315676 |  |
| &nbsp;&nbsp; Total assets |  |  | 5757765 |  |
| &nbsp;&nbsp; Current liabilities |  |  | 801299 |  |
| &nbsp;&nbsp; Total liabilities |  |  | 855389 |  |
| &nbsp;&nbsp; Shareholders' equity |  |  | 4902375 |  |
| &nbsp;&nbsp; Total liabilities and shareholders' equity |  |  | 5757765 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **Sep 30, 2022** | **Sep 30, 2021** | **Sep 30, 2022** | **Sep 30, 2021** |
| &nbsp;&nbsp; **Statements of Loss Data** | **$** | **$** | **US$** | **US$** |
| &nbsp;&nbsp; Total operating expenses |  |  | 1193907 | 280818 |
| &nbsp;&nbsp; Total other loss (income) |  |  | 88902 | (11832) |
| &nbsp;&nbsp; Net loss |  |  | 1105004 | 268985 |
| &nbsp;&nbsp; Net loss per share – basic and diluted |  |  | 0.00 | 0.00 |
| &nbsp;&nbsp; Weighted average shares outstanding – basic and diluted |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | |  |  | **As Adjusted\*** |
|  | <br> **Sep 30, 2022** | **Sep 30, 2022** | **Sep 30, 2022** | **Sep 30, 2022** |
| &nbsp;&nbsp; **Statements of Financial Position Data** | **$** | $**US$** | **US$** | $**US$** |
| &nbsp;&nbsp; Cash |  |  | 222435 |  |
| &nbsp;&nbsp; Current assets |  |  | 426547 |  |
| &nbsp;&nbsp; Total assets |  |  | 7545625 |  |
| &nbsp;&nbsp; Current liabilities |  |  | 2080265 |  |
| &nbsp;&nbsp; Total liabilities |  |  | 2109352 |  |
| &nbsp;&nbsp; Shareholders' equity |  |  | 6741746 |  |
| &nbsp;&nbsp; Total liabilities and shareholders' equity |  |  | 7545625 |  |

---

\* This column is adjusted by adding the net proceeds to the cash on hand and shareholders' equity.

**RISK FACTORS**

An investment in our common shares involves a high degree of risk. You should carefully consider the following risk factors, together with the other information contained in this prospectus, before purchasing our common shares. We have listed below (not necessarily in order of importance or probability of occurrence) what we believe to be the most significant risk factors applicable to us, but they do not constitute all of the risks that may be applicable to us. Any of the following factors could harm our business, financial condition, results of operations or prospects, and could result in a partial or complete loss of your investment. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section titled "Cautionary Statement Regarding Forward-Looking Statements."

**Risks Related to Our Business and Industry**

***We have a limited operating history and have not yet generated any revenues.***

Our limited operating history makes evaluating our business and prospects difficult and may increase the risk of your investment. We were formed in 2005 and we have not yet begun commercial mining of lithium. To date, we have no revenues. We are in the exploration stage of our development with the potential to establish commercial operations still unknown and we do not expect to start generating revenues until the fourth quarter of 2024, at the earliest. We intend to proceed with the development of the Lithium Lane Properties through economic and technical studies such as PEAs and PFSs and, provided the results are positive, through to BFS and mine development. We intend to derive substantial revenues from becoming a strategic supplier of SC6 to producers of battery-grade LiOH that supply the growing electric vehicle and battery storage markets. Our planned exploration and development of mineral resources, primarily lithium, will require significant investment prior to commercial introduction and may never be successfully developed or commercially successful.

**Our consolidated financial statements have been prepared on a going concern basis and our financial status creates a doubt about whether we will continue as a going concern.**

Our consolidated financial statements have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the ordinary course of business. Our future operations are dependent upon the identification and successful completion of equity or debt financing and the achievement of profitable operations at an indeterminate time in the future. There can be no assurances that we will be successful in completing an equity or debt financing or in achieving or maintaining profitability. The consolidated financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should we be unable to continue as a going concern.

***If we do not obtain additional financing, our business may be at risk, or the execution of our business plan may be delayed.***

We have limited assets upon which to commence our business operations and to rely otherwise. As of September 30, 2022, we had cash of $305,893 (US$222,435) and during the years ended March 31, 2022 and 2021, we had a net loss of $4,150,922 (US$3,018,413) and $2,612,308 (US$1,899,584), respectively. Given our net losses and with only these funds, we will need to seek additional funds in the future through debt financings or strategic alliances with third parties, either alone or in combination with equity financings to complete our lithium exploration initiatives. Additional funding will be needed to implement our business plan that includes various expenses such as continuing our mining exploration program, legal, operational set-up, general and administrative, marketing, employee salaries and other related start-up expenses. Obtaining additional funding will be subject to various factors, including general market conditions, investor acceptance of our business plan and ongoing results from our exploration efforts. These financings could result in substantial dilution to the holders of our common shares or require contractual or other restrictions on our operations or on alternatives that may be available to us. If we raise additional funds by issuing debt securities, these debt securities could impose significant restrictions on our operations. Any such required financing may not be available in amounts or on terms acceptable to us, and the failure to procure such required financing could have a material and adverse effect on our business, financial condition, and results of operations, or threaten our ability to continue as a going concern.

We may not be able to acquire additional funds on acceptable terms, or at all. If we are unable to raise adequate funds, we may have to delay, reduce the scope of or eliminate some or all our planned exploration programs. If we do not have, or are not able to obtain, sufficient funds, we may be required to delay further exploration, development, or commercialization of our expected mineral resources, if and when verified. We also may have to reduce the resources devoted to our mining efforts or cease operations. Any of these factors could harm our operating results.

***Our business is subject to operational risks that are generally outside of our control and could adversely affect our business.***

Mineral mining sites, like the sites where our Lithium Lane Properties are located, by their nature are subject to many operational risks and factors that are generally outside of our control and could adversely affect our business, operating results, and cash flows. These operational risks and factors include the following:

● unanticipated ground and water conditions .

● adverse claims to water rights and shortages of water to which we have rights.

● adjacent land ownership that results in constraints on current or future operations.

● geological problems, including earthquakes and other natural disasters.

● metallurgical and other processing problems.

● the occurrence of unusual weather or operating conditions and other force majeure events.

● lower than expected ore grades or recovery rates.

● accidents.

● delays in the receipt of or failure to receive necessary government permits.

● the results of litigation, including appeals of agency decisions.

● uncertainty of exploration and development.

● delays in transportation.

● interruption of energy supply.

● labor disputes or labor shortages.

● inability to obtain satisfactory insurance coverage; and

● the failure of equipment or processes to operate in accordance with specifications or expectations.

Any one or more of these factors or other risks could cause us not to realize the anticipated benefits from our properties and could have a material adverse effect on our financial condition.

***All of our business activities are now in the exploration stage and there can be no assurance that our exploration efforts will result in the commercial development of a lithium mine.***

All our operations are at the exploration stage and there is no guarantee that any such activity will result in commercial production of lithium mineral deposits. Very limited drilling has been conducted on our Lithium Lane Properties to date, which makes the extrapolation of an S-K 1300 compliant indicated or inferred resource to an S-K 1300 probable or proven reserve and to commercial viability impossible without further drilling. We intend to engage in that additional exploratory drilling with proceeds from this offering, but we can provide no assurance of future success from our planned additional drilling program. The exploration for lithium deposits involves significant risks which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, few properties which are explored are ultimately developed into producing mines. Major expenses may be required to locate and establish proven mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. It is impossible to ensure that the exploration programs planned by us, or any future development programs will result in a profitable commercial mining operation. There is no assurance that our mineral exploration activities will result in any discoveries of commercial quantities of lithium. There is also no assurance that, even if commercial quantities of ore are discovered, a mineral property will be brought into commercial production. Whether a mineral deposit will be commercially viable depends on several factors, some of which are: the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices which are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted. Our long-term profitability will be in part directly related to the cost and success of our exploration programs and any subsequent development programs.

***Our mineral resources may be significantly lower than expected.***

We are in the exploration stage and our planned principal operations have not commenced. There is currently no commercial production on the Lithium Lane Properties, and we have not yet completed a PFS. As such, our estimated proven or probable mineral reserves, expected mine life and lithium pricing cannot be determined as the exploration program, drilling, economic assessment and feasibility studies and mine design optimizations have not yet been undertaken, and the actual mineral reserves may be significantly lower than expected. You should not rely on the S-K 1300 compliant technical report, PEAs or PFSs, when completed and published, as indications that we will have successful commercial operations in the future. Even if we prove reserves on the Lithium Lane Properties, we cannot guarantee that we will be able to develop and market them, or that such production will be profitable.

Any inferred resource figures presented in this prospectus are estimates from the written reports of technical personnel and mining consultants who were contracted to assess the mining prospects. Resource estimates are a function of geological and engineering analyses that require us to forecast production costs, recoveries, and metals prices. The accuracy of such estimates depends on the quality of available data and of engineering and geological interpretation, judgment, and experience. Estimated inferred lithium resources may not be upgraded to measured or indicated or to probable or proved reserves, and any reserves may not be realized in actual production and our operating results may be negatively affected by inaccurate estimates. Additionally, resource estimates do not determine the economics of a mining project and even if a PEA is produced, we cannot guarantee that it will reflect positive economics for our mining resources or that we will be able to execute our plans to create an economically viable mining operation.

***Our mineral resources described in our most recent S-K 1300 compliant inferred mineral resource report are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized.***

We intend to continue exploration on our Lithium Lane Properties, and we may or may not acquire additional interests in other mineral properties. The search for mineral deposits as a business is extremely risky. We can provide investors with no assurance that exploration on our current properties, or any other property that we may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. Additional potential problems may prevent us from discovering any mineral deposits. These potential problems include unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. If we are unable to establish the presence of viable lithium mineral deposits on our properties, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably, and investors may lose all their investment in our company.

***We have no history of mineral production.***

We are an exploration stage company and have no history of mining or refining mineral products from our properties. As such, any future revenues and profits are uncertain. There can be no assurance that our Lithium Lane Properties will be successfully placed into production, produce minerals in commercial quantities or otherwise generate operating earnings. Advancing projects from the exploration stage into development and commercial production requires significant capital and time and will be subject to further technical studies, permitting requirements and construction of mines, processing plants, roads and related works and infrastructure. We will continue to incur losses until mining-related operations successfully reach commercial production levels and generate sufficient revenue to fund continuing operations. There is no certainty that we will generate revenue from any source, operate profitably or provide a return on investment in the future.

***Lithium mining and production is relatively new to the Province of Manitoba and the Snow Lake area.***

If lithium resources on the Lithium Lane Properties are proven, we intend to work towards entering the production stage of our operations. We will not use diesel or gasoline fuel for any of our processing activities. This means that the processing of our spodumene will be conducted through a fully electrified process not using any fossil fuels to generate the electrical power needed to run our operations. Lithium mining and processing the pore to spodumene has occurred at the Tanco mine located northeast of Winnipeg. Locating the necessary experts and work force that are familiar with and trained in this mining process may be a challenge and our success may be hindered by the lack of historical familiarity with the processes and challenges faced in lithium mining and production.

***Mineral exploration and development are subject to extraordinary operating risks. We currently do not insure against these risks. In the event of a cave-in or similar occurrence, our liability may exceed our resources, which could have an adverse impact on us.***

Exploration and mining operations generally involve a degree of risk. Our operations are subject to all of the hazards and risks normally encountered in the exploration, development and production of rare earth metals, including, without limitation, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, personal injury or loss of life and damage to property and environmental damage, all of which may result in possible legal liability. Although we expect that adequate precautions to minimize risk will be taken, mining operations are subject to hazards such as fire, rock falls, geo-mechanical issues, equipment failure or failure of retaining dams around tailings disposal areas which may result in environmental pollution and consequent liability. The occurrence of any of these events could result in a prolonged interruption of our operations that would have a material adverse effect on our business, financial condition, results of operations and prospects.

The exploration for and development of mineral deposits involves significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of a mineral deposit may result in substantial rewards, few properties that are explored are ultimately developed into producing mines. Major expenses may be required to locate and establish mineral resources and reserves, to develop metallurgical processes and to construct mining and processing facilities and infrastructure at a particular site. It is impossible to ensure that the exploration or development programs planned by us will result in a profitable commercial mining operation. Whether a mineral deposit will be commercially viable depends on several factors, some of which are: the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices that are highly cyclical, and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in our company not receiving an adequate return on invested capital. There is no certainty that the expenditures made towards the search and evaluation of mineral deposits will result in the discovery of mineral resources or the development of commercial quantities of mineral reserves.

Our development projects have no operating history upon which to base estimates of future capital and operating costs. Mineral resource and reserve estimates and estimate of operating costs are, to a large extent, based upon the interpretation of geologic data obtained from drill holes and other sampling techniques, and feasibility studies, which derive estimates of capital and operating costs based upon anticipated tonnage and grades to be mined and processed, ground conditions, the configuration of the deposit, expected recovery rates of minerals from ore, estimated operating costs, and other factors. As a result, actual production, cash operating costs and economic returns could differ significantly from those estimated.

***There are numerous risks associated with the development of the Lithium Lane Properties.***

Our future success will largely depend upon our ability to successfully explore, develop, and manage the Lithium Lane Properties. Our success is dependent upon management's ability to implement our strategy, to develop the project and to maintain ongoing lithium production from the mines that we expect to develop.

Development of the Lithium Lane Properties could be delayed, experience interruptions, incur increased costs or be unable to complete due to several factors, including but not limited to:

● changes in the regulatory environment including environmental compliance requirements;

● non-performance by third party consultants and contractors;

● inability to attract and retain a sufficient number of qualified workers;

● unforeseen escalation in anticipated costs of exploration and development, or delays in construction, or adverse currency movements resulting in insufficient funds being available to complete planned exploration and development;

● increases in extraction costs including energy, material and labor costs;

● lack of availability of mining equipment and other exploration services;

● shortages or delays in obtaining critical mining and processing equipment;

● catastrophic events such as fires, storms or explosions;

● the breakdown or failure of equipment or processes;

● construction, procurement and/or performance of the processing plant and ancillary operations falling below expected levels of output or efficiency;

● civil unrest in and/or around the mine site and supply routes, which would adversely affect the community support of our operations;

● changes to anticipated levels of taxes and imposed royalties; and/or

● a material and prolonged deterioration in lithium market conditions, resulting in material price erosion.

It is not uncommon for new mining developments to experience these factors during their exploration or development stages or during construction, commissioning, and production start-up, or indeed for such projects to fail as a result of one or more of these factors occurring to a material extent. There can be no assurance that we will complete the various stages of exploration and development necessary in order to achieve our strategy in the timeframe pre-determined by us or at all. Any of these factors may have a material adverse effect on our business, results of operations and activities, financial condition, and prospects.

***We do not insure against all of the risks we face in our operations.***

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations; however, we do not maintain insurance to cover all the potential risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction, and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

***Changes in technology and future demand may result in an adverse effect on our results of operation.***

Currently lithium is a key metal used in batteries, including those used in electric vehicles. However, the technology pertaining to batteries, electric vehicles and energy creation and storage is changing rapidly and there is no assurance lithium will continue to be used to the same degree as it is now, or that it will be used at all. Any decline in the use of lithium -ion batteries or technologies utilizing such batteries may result in a material and adverse effect on our future profitability, results of operation and financial condition.

***Our business operations are exposed to a high degree of risk associated with the mining industry.***

Our business operations are exposed to a high degree of risk inherent in the mining sector. Risks which may occur during the exploration and development of mineral resources include environmental hazards, industrial accidents, equipment failure, import/customs delays, shortage or delays in installing and commissioning plant and equipment, metallurgical and other processing problems, seismic activity, unusual or unexpected formations, formation pressures, rock bursts, wall failure, cave ins or slides, burst dam banks, flooding, fires, explosions, power outages, opposition with respect to mining activities from individuals, communities, governmental agencies and non-governmental organizations, interruption to or the increase in costs of services, cave-ins and interruption due to inclement or hazardous weather conditions.

Commencement of mining can also reveal mineralization or geologic formations, including higher than expected content of other minerals that can be difficult to separate from rare earth metals, which can result in unexpectedly low recovery rates.

Such occurrences could cause damage to, or destruction of properties, personal injury or death, environmental damage, pollution, delays, increased production costs, monetary losses, and potential legal liabilities. Moreover, these factors may result in a mineral deposit, which has been mined profitably in the past to become unprofitable. They are also applicable to sites not yet in production and to expanded operations. Successful mining operations will be reliant upon the availability of processing and refining facilities and secure transportation infrastructure at the rate of duty over which we may have limited or no control. Any liabilities that we incur for these risks and hazards could be significant and the costs of rectifying the hazard may exceed our asset value.

***Infrastructure required to carry on our business may be affected by unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure.***

Exploitation of the Lithium Lane Properties will depend to a significant degree on adequate infrastructure. While developing our expected operations, assuming our exploration efforts will be successful, we may need to construct and support the construction of infrastructure, which includes permanent gas pipelines, water supplies, power, transport and logistics services which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure or any failure or unavailability in such infrastructure could materially adversely affect our operations, financial condition, and results of operations.

***We may receive negative conclusions from further economic assessments.***

The net proceeds from this offering will be used to, among other things, fund further exploration and possibly the preparation of a PEA and PFS on the Lithium Lane Properties and for the continuation of the exploration work to establish the economic potential of the Lithium Lane Properties. Until such time as any further economic assessment is concluded, uncertainty will exist as to the economic viability of the Lithium Lane Properties. If any further economic assessments have negative conclusions, investors may lose some or all their investment.

***We may not be able to obtain or renew licenses or permits that are necessary to our operations.***

In the ordinary course of business, we will be required to obtain and renew governmental licenses or permits for exploration, development, construction, and commencement of mining at the Lithium Lane Properties. Obtaining or renewing the necessary governmental licenses or permits is a complex and time-consuming process involving public hearings and costly undertakings on the part of our company. The duration and success of our efforts to obtain and renew licenses or permits are contingent upon many variables not within our control, including the interpretation of applicable requirements implemented by the licensing and/or permitting authorities. We may not be able to obtain or renew licenses or permits that are necessary to our operations, including, without limitation, an exploitation license, or the cost to obtain or renew licenses or permits may exceed what we believe we can recover from the Lithium Lane Properties. Any unexpected delays or costs associated with the licensing or permitting process could delay the development or impede the operation of a mine, which could adversely impact our operations and profitability.

***The Lithium Lane Properties may face indigenous land claims***

The Lithium Lane Properties may now or in the future be the subject of indigenous land claims. The legal nature of land claims is a matter of considerable complexity. The impact of any such claim on our ownership interest in the Lithium Lane Properties cannot be predicted with any degree of certainty and no assurance can be given that a broad recognition of indigenous rights in the area in which the Lithium Lane Properties is located, by way of a negotiated settlement or judicial pronouncement, would not have an adverse effect on our operations. Even in the absence of such recognition, we may at some point be required to negotiate with and seek the approval of holders of such interests to facilitate exploration and development work on the Lithium Lane Properties, there is no assurance that we will be able to establish a practical working relationship with the indigenous groups in the area which would allow is to ultimately develop the Lithium Lane Properties.

***Opposition to our mining and business activities could disrupt our business***

In recent years, governmental and non-governmental agencies, individuals, communities and courts have become more vocal and active with respect to their opposition to certain mining and business activities. This opposition may take on forms such as road blockades, applications for injunctions seeking work stoppages, refusals to grant access to lands or to sell lands on commercially viable terms, lawsuits for damages or to revoke or modify licenses and permits, issuances of unfavorable laws and regulations, and other rulings that could be contrary to our interests. In addition, these actions can occur in response to our activities or the activities of other unrelated entities. Opposition to our mining and business activities is beyond our control. Any such opposition may disrupt our business and may result in increased costs, which could have a material adverse effect on our business and financial condition

***Volatility in lithium prices and lithium demand may make it commercially unfeasible for us to develop our Lithium Lane Properties.***

The development of our Lithium Lane Properties is dependent on the continued growth of the lithium market, and the continued increased demand for lithium chemicals by emerging producers of electric vehicles and other users of Li-ion batteries. These producers and the related technologies are still under development and a continued sustained increase in demand is not certain. To the extent that such demand does not manifest itself, and the lithium market does not continue to grow, or existing producers increase supply to satisfy this demand, then our ability to develop our Lithium Lane Properties will be adversely affected. Our lithium exploration and development activities may be significantly adversely affected by volatility in the price of lithium. Mineral prices fluctuate widely and are affected by numerous factors beyond our control such as global and regional supply and demand, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the United States dollar and foreign currencies, and the political and economic conditions of mineral-producing countries throughout the world. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in our lithium activities not producing an adequate return on invested capital to be profitable or viable.

***There can be no guarantee that our interest in the Lithium Lane Properties is free from any title defects.***

We have taken all reasonable steps to ensure proper title to the Lithium Lane Properties exists. However, there can be no guarantee that our interest in the Lithium Lane Properties is free from any title defects, as title to mineral rights involves certain intrinsic risks due to the potential problems arising from the unclear conveyance history characteristic of many mining projects. There is also the risk that material contracts between us and relevant government authorities will be substantially modified to the detriment of us or be revoked. There can be no assurance that our rights and title interests will not be challenged or impugned by third parties.

***Our mining operations are dependent on the adequate and timely supply of water, electricity or other power supply, chemicals and other critical supplies.***

Our exploration programs and possible future mining operations are dependent on the adequate and timely supply of water, electricity or other power supply, chemicals, and other critical supplies. If we are unable to obtain the requisite critical supplies in time and at commercially acceptable prices or if there are significant disruptions in the supply of electricity, water or other inputs to the mine site, our business performance and results of operations may experience material adverse effects.

***We may experience an inability to attract or retain qualified personnel.***

Our success depends to a large degree upon our ability to attract, retain and train key management personnel, as well as other technical personnel. If we are not successful in retaining or attracting such personnel, our business may be adversely affected. Furthermore, the loss of our key management personnel could materially and adversely affect our business and operations.

As our business becomes more established, it will also be required to recruit additional qualified key financial, administrative, operations and marketing personnel. There will be no guarantee that we will be able to attract and keep such qualified personnel and if we are not successful, it could have a material and adverse effect on our business and results from operations.

***Failure to comply with federal, provincial and/or local laws and regulations could adversely affect our business.***

Our mining operations are subject to various laws and regulations governing exploration, development, production, taxes, labor standards and occupational health, mine safety, protection of endangered and protected species, toxic substances and explosives use, reclamation, exports, price controls, waste disposal and use, water use, forestry, land claims of local people, and other matters. This includes periodic review and inspection of the Lithium Lane Properties that may be conducted by applicable regulatory authorities.

Although the exploration activities on the Lithium Lane Properties have been and, we expect, will continue to be carried out in accordance with all applicable laws and regulations, there is no guarantee that new laws and regulations will not be enacted or that existing laws and regulations will not be applied in a way which could limit or curtail exploration or in the future, production. New laws and regulations or amendments to current laws and regulations governing the operations and activities of mining or more stringent implementation of existing laws and regulations could have a material adverse effect on us and cause increases in capital expenditures costs, or reduction in levels of exploration, development and/or production.

Failure to comply with applicable laws and regulations, even if inadvertent, may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or remedial actions. We may also be required to reimburse any parties affected by loss or damage caused by our mining activities and may have civil or criminal fines and/or penalties imposed against us for infringement of applicable laws or regulations.

***Failure to comply with environmental regulation could adversely affect our business.***

All phases of our operations with respect to the Lithium Lane Properties will be subject to environmental regulation. Environmental legislation involves strict standards and may entail increased scrutiny, fines and penalties for non-compliance, stringent environmental assessments of proposed projects and a high degree of responsibility for companies and their officers, directors, and employees. Changes in environmental regulation, if any, may adversely impact our operations and future potential profitability. In addition, environmental hazards may exist on the Lithium Lane Properties that are currently unknown. We may be liable for losses associated with such hazards or may be forced to undertake extensive remedial cleanup action or to pay for governmental remedial cleanup actions, even in cases where such hazards have been caused by previous or existing owners or operators of the properties, or by the past or present owners of adjacent properties or by natural conditions. The costs of such cleanup actions may have a material adverse impact on our operations and future potential profitability.

Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations as well as environmental laws.

***We currently report our financial results under IFRS, which differs in certain significant respect from U.S. generally accepted accounting principles.***

We report our consolidated financial statements under IFRS. There have been and there may in the future be certain significant differences between IFRS and United States generally accepted accounting principles, or U.S. GAAP, including differences related to revenue recognition, intangible assets, share-based compensation expense, income tax and earnings per share. As a result, our financial information and reported earnings for historical or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS and U.S. GAAP unless it is required under applicable law. As a result, you may not be able to meaningfully compare our consolidated financial statements under IFRS with those companies that prepare consolidated financial statements under U.S. GAAP.

***Foreign currency fluctuations could affect our profitability and the value of our assets and shareholders' equity.***

Our operations are subject to foreign currency fluctuations. Our future revenues are primarily in U.S. dollars, while some of our operating expenses and cash balances expenses are measured in Canadian dollars. The fluctuation of the Canadian dollar in relation to the U.S. dollar will consequently have an impact upon our profitability and may also affect the value of our assets and shareholders' equity.

***Our assets and operations are subject to economic, geopolitical, and other uncertainties.***

Economic, geopolitical, and other uncertainties may negatively affect our business. Economic conditions globally are beyond our control. In addition, the outbreak of hostilities and armed conflicts between countries can create geopolitical uncertainties that may affect both local and global economies. Downturns in the economy or geopolitical uncertainties may cause future customers to delay or cancel projects, reduce their overall capital or operating budgets, or reduce or cancel orders which could have a material adverse effect on our business, results of operations and financial condition.

Our operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency remittance, income taxes, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights, could result in loss, reduction, or expropriation of entitlements.

In addition, the financial markets can experience significant price and value fluctuations that can affect the market prices of equity securities and other companies in ways that are unrelated to the operating performance of these companies. Broad market fluctuations, as well as economic conditions generally, may adversely affect the market price of our common shares.

***Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.***

Several governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to concerns about the potential impact of climate change. New legislation and increased regulation regarding climate change could potentially impose significant costs on us, and on our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete. Furthermore, even without such regulation, increased awareness, and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain, could be particular to the geographic circumstances in areas in which we operate and may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of our operations.

***As we face intense competition in the mineral exploration and exploitation industry, there can be no assurance that we will be able to compete effectively with other companies.***

The mining industry, and the lithium mining sector, is very competitive. Our competition is from larger, established mining companies with greater liquidity, greater access to credit and other financial resources, newer or more efficient equipment, lower cost structures, more effective risk management policies and procedures and/or a greater ability than us to withstand losses. Our competitors may be able to respond more quickly to new laws or regulations or emerging technologies or devote greater resources to the expansion or efficiency of their operations than we can. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties. Accordingly, it is possible that new competitors or alliances among current and new competitors may emerge and gain significant market share to our detriment.

As a result of this competition, we may have to compete for financing and be unable to acquire financing on terms we consider acceptable. We may also have to compete with the other mining companies for the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for financing or for qualified employees or we may not be able to compete successfully against current and future competitors, and any failure to do so could have a material adverse effect on our business, financial condition, results of operations and prospects as well as our exploration programs may be slowed down or suspended, which may cause us to cease operations as a company.

***We may be subject to potential conflicts of interest.***

We may be subject to potential conflicts of interests, as certain directors of our company are, and may continue to be, engaged in the mining industry through their participation in corporations, partnerships, or joint ventures, which are potential competitors of our company. Situations may arise in connection with potential acquisitions in investments where the other interests of these directors and officers may conflict with the interests of our company. Our directors and officers with conflicts of interest will be subject to the procedures set out in the related Canadian law and regulations.

***We may not meet cost estimates.***

A change in the timing of any projected cash flows due to capital funding or, once in production, production shortfalls or labor disruptions would result in delays in receipt of such cash flows and in using such cash to fund operating activities and, as applicable, reduce debt levels. This could result in additional loans to finance capital expenditures in the future.

The level of capital and operating cost estimates which are used for determining and obtaining financing and other purposes are based on certain assumptions and are fundamentally subject to considerable uncertainties. It is very likely that actual results for the Lithium Lane Properties will differ from our current projections, estimates and assumptions, and these differences may be significant. Moreover, experience from actual mining may identify new or unexpected conditions that could decrease operational activities, and/or increase capital and/or operating costs above, the current estimates. If actual results are less favorable than we currently estimate, our business, results from operations, financial condition and liquidity could be materially adversely affected.

***We may pursue opportunities to acquire complementary businesses, which could dilute our shareholders' ownership interests, incur expenditure, and have uncertain returns.***

We may seek to expand through future acquisitions of either companies or properties. Future acquisitions may require us to expend significant amounts of cash, resulting in our inability to use these funds for other business or may involve significant issuances of equity. Future acquisitions may also require substantial management time commitments, and the negotiation of potential acquisitions and the integration of acquired operations could disrupt our business by diverting management and employees' attention away from day-to-day operations. The difficulties of integration may be increased by the necessity of coordinating geographically diverse organizations, integrating personnel with disparate backgrounds, and combining different corporate cultures.

Any future acquisition involves potential risks, including, among other things: (i) mistaken assumptions and incorrect expectations about mineral properties, mineral resources and costs; (ii) an inability to successfully integrate any operation our company acquires; (iii) an inability to recruit, hire, train or retain qualified personnel to manage and operate the operations acquired; (iv) the assumption of unknown liabilities; (v) limitations on rights to indemnity from the seller; (vi) mistaken assumptions about the overall cost of equity or debt; (vii) unforeseen difficulties operating acquired projects, which may be in geographic areas new to us; and (viii) the loss of key employees and/or key relationships at the acquired project.

At times, future acquisition candidates may have liabilities or adverse operating issues that we may fail to discover through due diligence prior to the acquisition. If we consummate any future acquisitions with unanticipated liabilities or that fails to meet expectations, our business, results of operations, cash flows or financial condition may be materially adversely affected. The potential impairment or complete write-off of goodwill and other intangible assets related to any such acquisition may reduce our overall earnings and could negatively affect our balance sheet.

***Legal proceedings may arise from time to time.***

Legal proceedings may arise from time to time. Such litigation may be brought from time to time in the future against us. Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Other than as disclosed elsewhere in this prospectus, we are not currently subject to material litigation, nor have we received an indication that any material claims are forthcoming. However, due to the inherent uncertainty of the litigation process, we could become involved in material legal claims or other proceedings with other parties in the future. The results of litigation or any other proceedings cannot be predicted with certainty. The cost of defending such claims may take away from management's time and effort and if we are incapable of resolving such disputes favorably, the resultant litigation could have a material adverse impact on our financial condition, cash flow and results from operation.

***Land reclamation requirements may be burdensome.***

Land reclamation requirements are generally imposed on companies with mining operations or mineral exploration companies to minimize long term effects of land disturbance. Reclamation may include requirements to control dispersion of potentially deleterious effluents or reasonably re-establish pre-disturbance landforms and vegetation. To carry out reclamation obligations imposed on us in connection with exploration, potential development, and production activities, we must allocate financial resources that might otherwise be spent on exploration and development programs. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected.

***If key personnel leave our company, we would be harmed since we are heavily dependent upon them for all aspects of our activities.***

We are heavily dependent on our officers and directors, the loss of whom could have, in the short-term, a negative impact on our ability to conduct our activities and could cause additional costs from a delay in the exploration and development of our Lithium Lane Properties.

***The obligations associated with being a public company will require significant resources and management attention, and we will incur increased costs because of becoming a public company.***

As a public company, we will face increased legal, accounting, administrative and other costs and expenses that we have not incurred as a private company, and we expect to incur additional costs related to operating as a public company. After the completion of this offering, we will be subject to the reporting requirements of the Exchange Act, which requires that we file annual and other reports with respect to our business and financial condition, as well as the rules and regulations implemented by the SEC, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Public Company Accounting Oversight Board, and the listing requirements of Nasdaq (if our common shares are approved for listing), each of which imposes additional reporting and other obligations on public companies. As a public company, we will be required to, among other things:

● prepare and file annual and other reports in compliance with the federal securities laws;

● expand the roles and duties of our board of directors and committees thereof and management;

● hire additional financial and accounting personnel and other experienced accounting and finance staff with the expertise to address complex accounting matters applicable to public companies;

● institute more comprehensive financial reporting and disclosure compliance procedures;

● involve and retain, to a greater degree, outside counsel and accountants to assist us with the activities listed above;

● build and maintain an investor relations function;

● establish new internal policies, including those relating to trading in our securities and disclosure controls and procedures;

● comply with the initial listing and maintenance requirements of Nasdaq; and

● comply with the Sarbanes-Oxley Act.

We expect these rules and regulations, and any future changes in laws, regulations and standards relating to corporate governance and public disclosure, which have created uncertainty for public companies, to increase legal and financial compliance costs and make some activities more time consuming and costly. These laws, regulations and standards are subject to varying interpretations, in many cases, due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. Our investment in compliance with existing and evolving regulatory requirements will result in increased administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities, which could have a material adverse effect on our business, financial condition and results of operations.

We also expect that being a public company will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These increased costs may require us to divert a significant amount of money that we could otherwise use to expand our business and achieve our strategic objectives.

***We are subject to global economic risks.***

In the event of a general economic downturn or a recession, there can be no assurance that our business, financial condition, and results of operations would not be materially adversely affected. Moreover, the occurrence of unforeseen or extended catastrophic events, including the COVID-19 pandemic, and the emergence of a future pandemic or other widespread health emergency (or concerns over the possibility of such an emergency), could create economic and financial disruptions. These types of challenges can impact commodity prices, including for lithium, as well as currencies and global debt and stock markets. As a result of the ongoing COVID-19 pandemic, or in the case of a future pandemic or other widespread health emergency, quarantine or other requirements or circumstances may require the Company to change the way it conducts its business and operations, including require the Company to reduce or cease operations at some or all its facilities for an indeterminate period. Furthermore, our critical supply chains may similarly be disrupted for an indeterminate amount of time. All these factors could have a material impact on the Company's business, operations, personnel and financial condition.

These types of challenges may impact our ability to obtain equity, debt, or other financing on terms commercially reasonable to us, or at all. Additionally, these types of factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. If these types of challenges occur, or if there is a material deterioration in general business and economic conditions, our operations could be adversely impacted, and the trading price of our securities could be adversely affected.

The Company's business financial condition and results of operations may be further negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action in late February 2022. While the Company expects that any direct impacts of the pandemic and the war in the Ukraine will be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect our business and may make it more difficult for us to raise equity or debt financing. There can be no assurance that the Company will not be impacted by future adverse consequences that may be brought about on its business, results of operations, financial position, and cash flows in the future.

***Our ability to manage growth will have an impact on our business, financial condition, and results of operations.***

Future growth may place strains on our financial, technical, operational and administrative resources and cause us to rely more on project partners and independent contractors, potentially adversely affecting our financial position and results of operations. Our ability to grow will depend on several factors, including:

● our ability to obtain leases or options on properties;

● our ability to identify and acquire new exploratory prospects;

● our ability to develop existing prospects;

● our ability to continue to retain and attract skilled personnel;

● our ability to maintain or enter into new relationships with project partners and independent contractors;

● the results of our exploration programs;

● the market price for lithium;

● our access to capital; and

● our ability to enter into agreements for the sale of lithium.

We may not be successful in upgrading our technical, operational, and administrative resources or increasing our internal resources sufficiently to provide certain of the services currently provided by third parties, and we may not be able to maintain or enter into new relationships with project partners and independent contractors on financially attractive terms, if at all. Our inability to achieve or manage growth may materially and adversely affect our business, results of operations and financial condition.

**Risks Related to This Offering and Ownership of Our Common Shares**

***An active trading market for our common shares may never develop or be sustained.***

We have applied to list our common shares on Nasdaq. However, currently, in the United States, our common stock trades on the OTCQB. The OTCQB is an inter-dealer, over-the-counter market that provides significantly less liquidity than other national or regional exchanges. Securities traded on the OTCQB are usually thinly traded, highly volatile, have fewer market makers and are not followed by analysts. The SEC's order handling rules, which apply to NASDAQ-listed securities, do not apply to securities quoted on the OTCQB. Quotes for stocks listed on the OTCQB are not listed in newspapers. Therefore, prices for securities traded solely on the OTCQB may be difficult to obtain and holders of our securities may be unable to resell their securities at or near their original acquisition price, or at any price.

We cannot predict at what prices our common stock will trade and there can be no assurance that an active trading market will develop or be sustained. Commencing on December 12, 2011, our common stock began trading on the CSE. We have not developed other liquidity on this exchange, and we cannot guaranty that we will do so in the future. There is a significant liquidity risk associated with an investment in the Company.

We cannot assure you that an active trading market for our common shares will develop on Nasdaq or elsewhere or, if developed, that any market will be sustained. Accordingly, we cannot assure you of the likelihood that an active trading market for our common shares will develop or be maintained, the liquidity of any trading market, your ability to sell your shares of our common shares when desired, or the prices that you may obtain for your common shares.

***The market price of our common shares may fluctuate, and you could lose all or part of your investment.***

After this offering, the market price for our common shares is likely to be volatile, in part because our shares have not been traded publicly on Nasdaq. In addition, the market price of our common shares may fluctuate significantly in response to several factors, most of which we cannot control, including:

● actual or anticipated variations in our operating results;

● increases in market interest rates that lead investors of our common shares to demand a higher investment return;

● changes in earnings estimates;

● changes in market valuations of similar companies;

● actions or announcements by our competitors;

● adverse market reaction to any increased indebtedness we may incur in the future;

● additions or departures of key personnel;

● actions by shareholders;

● speculation in the media, online forums, or investments community and

● our intentions and ability to list our common shares on the Nasdaq Capital Market and our subsequent ability to maintain such listing.

The public offering price of our common shares has been determined by negotiations between us and the underwriters based upon many factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our common shares may prevent investors from being able to sell their common shares at or above the public offering price. As a result, you may suffer a loss on your investment.

***The price of our common shares could be subject to rapid and substantial volatility. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common shares.***

There have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with a relatively small public float, we may experience greater share price volatility, extreme price run-ups, lower trading volume, and less liquidity than large-capitalization companies. In particular, our common shares may be subject to rapid and substantial price volatility, low volumes of trades, and large spreads in bid and ask prices. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common shares.

In addition, if the trading volumes of our common shares are low, persons buying or selling in relatively small quantities may easily influence the price of our common shares. This low volume of trades could also cause the price of our common shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our common shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our common shares. As a result of this volatility, investors may experience losses on their investment in our common shares. A decline in the market price of our common shares also could adversely affect our ability to issue additional common shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our common shares will develop or be sustained. If an active market does not develop, holders of our common shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

***We may not be able to satisfy listing requirements of the Nasdaq Capital Market or obtain or maintain a listing of our common shares.***

If our common shares are listed on the Nasdaq Capital Market, we must meet certain financial and liquidity criteria to maintain such listing. If we violate Nasdaq listing requirements, our common shares may be delisted. If we fail to meet any of Nasdaq's listing standards, our common shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on Nasdaq outweighs the benefits of such listing. A delisting of our common shares may materially impair our shareholders' ability to buy and sell our common shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our common shares. The delisting of our common shares could significantly impair our ability to raise capital and the value of your investment.

***We have considerable discretion as to the use of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree.***

We intend to the proceeds from this offering for exploration activities, technical studies and reports, marketing and general corporate purposes. However, we have considerable discretion in the application of the proceeds. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. The net proceeds may be used for corporate or other purposes with which you do not agree or that do not improve our profitability or increase our share price. The net proceeds from this offering may also be placed in investments that do not produce income or that lose value. Please see "*Use of Proceeds*" below for more information.

***You will experience immediate and substantial dilution because of this offering.***

As of September 30, 2022, our net tangible book value was approximately $(2,200,000) (US$1,600,000), or approximately $(0.01) (US$(0.01)) per share. Since the effective price per share of our common shares being offered in this offering is substantially higher than the net tangible book value per share, you will suffer substantial dilution with respect to the net tangible book value of the common shares you purchase in this offering. Based on the assumed public offering price of US$ per share being sold in this offering forth on the cover page of this prospectus, and our net tangible book value per share as of September 30, 2022, if you purchase shares in this offering, you will suffer immediate and substantial dilution of US$ per share (or US$ per share if the underwriters exercise the over-allotment option in full) with respect to the net tangible book value of the common shares. See the section titled "Dilution" for a more detailed discussion of the dilution you will incur if you purchase shares in this offering.

***We do not expect to declare or pay dividends in the foreseeable future.***

We do not expect to declare or pay dividends in the foreseeable future as we anticipate that all cash will be used to grow our business. Therefore, holders of our common shares will not receive any return on their investment unless they sell their securities, and holders may be unable to sell their securities on favorable terms or at all.

***If securities industry analysts do not publish research reports on us, or publish unfavorable reports on us, then the market price and market trading volume of our common shares could be negatively affected.***

Any trading market for our common shares may be influenced in part by any research reports that securities industry analysts publish about us. We do not currently have and may never obtain research coverage by securities industry analysts. If no securities industry analysts commence coverage of us, the market price and market trading volume of our common shares could be negatively affected. In the event we are covered by analysts, and one or more of such analysts downgrade our shares, or otherwise reports on us unfavorably, or discontinues coverage of us, the market price and market trading volume of our common shares could be negatively affected.

***The sale of shares by our directors and senior officers may adversely affect the market price for our shares.***

Sales of significant amounts of common shares held by our senior officers and directors, or the prospect of these sales, could adversely affect the market price of our common shares. Management's stock ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, which in turn could reduce our stock price or prevent our shareholders from realizing a premium over our stock price.

***Our common shares may be traded infrequently and in low volumes, which may negatively affect the ability to sell shares.***

Our common shares may trade infrequently and in low volumes, meaning that the number of persons interested in purchasing our common shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community who can generate or influence sales volume, and that even if we came to the attention of such institutionally oriented persons, they tend to be risk-averse in this environment and would be reluctant to follow an early stage company such as ours or purchase or recommend the purchase of our shares until such time as we became more advanced and viable. Consequently, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. We cannot give you any assurance that a broader or more active public trading market for our common shares will develop or be sustained. Due to these conditions, we can give you no assurance that you will be able to sell your shares at or near bid prices or at all if you need money or otherwise desire to liquidate your shares. Further, institutional and other investors may have investment guidelines that restrict or prohibit investing in securities traded in the over-the-counter market. These factors may have an adverse impact on the trading and price of our securities and could result in the loss by investors of all or part of their investment.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions against us or our management named in the prospectus based on foreign laws.***

We are incorporated in the Province of British Columbia, Canada under The Corporations Act (British Columbia). We conduct our operations outside the United States and substantially all of our assets are located outside the United States. In addition, many of our directors and executive officers and the experts named in this prospectus reside outside the United States, and a significant amount of their assets are located outside the United States. As a result, service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States. In Canada, provincial and territorial reciprocal enforcement of judgments legislation sets out the procedure for registering foreign judgments and this procedure varies depending on the province or territory of the enforcing court. If a foreign judgment originates from a jurisdiction not captured by the applicable provincial or territorial reciprocal enforcement of judgments or enforcement of foreign judgments legislation, the foreign judgment may be capable of enforcement at common law and the party seeking to enforce the foreign judgment must commence new proceedings in the domestic or enforcing court. For more information regarding the relevant laws of Canada, see "*Enforceability of Civil Liabilities*."

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

Upon the completion of this offering, we will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of Nasdaq Press releases relating to financial results. Material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.***

We are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private issuer, we are permitted to follow the governance practices of our home country in lieu of certain corporate governance requirements of Nasdaq. As result, the standards applicable to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:

● have a majority of the board be independent (although all of the members of the audit committee must be independent under the Exchange Act);

● have a compensation committee and a nominating committee to be comprised solely of "independent directors"; or

● hold an annual meeting of shareholders no later than one year after the end of our fiscal year.

Although we do not currently intend to rely on these "home country" exemptions, we may rely on some of these exemptions in the future. As a result, our shareholders may not be provided with the benefits of certain corporate governance requirements of Nasdaq.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2023.

In the future, we would lose our foreign private issuer status if, among others, (1) more than 50% of our outstanding voting securities, which we intend to determine based on the voting power of our common shares and high voting shares on a combined basis are directly or indirectly held of record by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, more than 50% of our assets are located in the United States or our business is administered principally in the United States. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms including consolidated financial statements prepared under US GAAP, and which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer. These expenses would relate to, among other things, the obligation to present our financial information in accordance with U.S. GAAP in the future. Additionally, a loss of our foreign private issuer status would divert our management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Future issuances of our common shares or securities convertible into, or exercisable or exchangeable for, our common shares, or the expiration of lock-up agreements that restrict the issuance of new common shares or the trading of outstanding common shares, could cause the market price of our common shares to decline and would result in the dilution of your holdings.***

Future issuances of our common shares or securities convertible into, or exercisable or exchangeable for, our common shares, or the expiration of lock-up agreements that restrict the issuance of new common shares or the trading of outstanding common shares, could cause the market price of our common shares to decline. We cannot predict the effect, if any, of future issuances of our securities, or the future expirations of lock-up agreements, on the price of our common shares. In all events, future issuances of our common shares would result in the dilution of your holdings. In addition, the perception that new issuances of our securities could occur, or the perception that locked-up parties will sell their securities when the lockups expire, could adversely affect the market price of our common shares. In connection with this offering, we will enter into a lock-up agreement that prevents us, subject to certain exceptions, from offering additional shares for up to 180 days after the closing of this offering, as further described in the section titled "*Underwriting*." In addition to any adverse effects that may arise upon the expiration of these lock-up agreements, the lock-up provisions in these agreements may be waived, at any time and without notice. If the restrictions under the lock-up agreements are waived, our common shares may become available for resale, subject to applicable law, including without notice, which could reduce the market price for our common shares.

***Future issuances of debt securities, which would rank senior to our common shares upon our bankruptcy or liquidation, and future issuances of preferred shares, which could rank senior to our common shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our common shares.***

In the future, we may attempt to increase our capital resources by offering debt securities. Upon bankruptcy or liquidation, holders of our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior to any distributions being made to holders of our common shares. Moreover, if we issue preferred shares, the holders of such preferred shares could be entitled to preferences over holders of common shares in respect of the payment of dividends and the payment of liquidating distributions. Because our decision to issue debt or preferred shares in any future offering, or borrow money from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any such future offerings or borrowings. Holders of our common shares must bear the risk that any future offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment in our common shares.

***There is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors in our shares.***

In general, a non-U.S. corporation is a passive foreign investment company, or PFIC, for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held to produce, passive income. For purposes of the above calculations, a non-U.S. corporation that owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and directly received its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties, and certain gains. Cash is a passive asset for these purposes.

Based on the expected composition of our income and assets and the value of our assets, including goodwill, which is based on the expected price of the shares in this offering, we do not expect to be a PFIC for our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely clear. Because the proper characterization of certain components of our income and assets is not entirely clear, because we will hold a substantial amount of cash following this offering, and because our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any future taxable year.

If we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could apply to such U.S. investor. See "*Material United States and Canadian Income Tax Considerations—U.S. Federal Income Taxation Considerations—Passive Foreign Investment Company Consequences*" for additional information.

***We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common shares less attractive to investors.***

Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our common shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

Because we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find our common shares less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our common shares.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "*Prospectus Summary*," "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and "*Business*." These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

● our goals and strategies;

● expectations regarding revenue, expenses and operations;

● our having sufficient working capital and be able to secure additional funding necessary for the continued exploration of our property interests;

● expectations regarding the potential mineralization, geological merit and economic feasibility of our projects;

● expectations regarding exploration results at the Lithium Lane Properties;

● mineral exploration and exploration program cost estimates;

● expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations;

● receipt and timing of exploration permits and other third-party approvals;

● government regulation of mineral exploration and development operations;

● expectations regarding any social or local community issues that may affected planned or future exploration and development programs; and

● key personnel continuing their employment with us.

In some cases, you can identify forward-looking statements by terms such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "*Risk Factors*" and elsewhere in this prospectus. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

This prospectus also contains certain data and information, which we obtained from various government and private publications. Although we believe that the publications and reports are reliable, we have not independently verified the data. Statistical data in these publications includes projections that are based on several assumptions. If any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Although we will become a public company after this offering and have ongoing disclosure obligations under United States federal securities laws, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether because of new information, future events or otherwise.

**USE OF PROCEEDS**

After deducting the estimated underwriters' discounts and offering expenses payable by us, we expect to receive net proceeds of approximately US$ from this offering (or approximately US$ if the underwriters exercise the over-allotment option in full), based on an assumed public offering price of US$ per share set forth on the cover page of this prospectus.

We plan to use the net proceeds of this offering as follows:

● 70% of the net proceeds (approximately US$) for exploration and resource development activities on our lithium projects in Snow Lake. We project a drill program in 2023 or 2024 on the remainder on each of our five Lithium Lane properties which will include prospecting and rock sampling for assay, Mobile Metal Ions soil geochemistry, ground-proofing of high-priority magnetic anomalies, to define quality drill holes. We will also use funds to finalize all current property payments, as well as for future land claims and capital acquisition costs. In addition, we would fund a 2000-meter diamond drill program on our Winston Gold/Silver Property in New Mexico.

● 12% of the net proceeds (approximately US$) for corporate purposes such as salaries, accounting transfer agents, public company fees, audit fees travel, or other.

● 18% of the net proceeds (approximately US$[ ]) for general business expenses. This would include items such as environmental, sustainability and governance (ESG) initiatives, and marketing and promotional efforts.

Each US$1.00 increase or decrease in the assumed public offering price of US$ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase the net proceeds that we receive from this offering by approximately US$ , assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and non-accountable expense allowance payable by us.

The foregoing represents our current intentions to use and allocate the net proceeds of this offering based upon our present plans and business conditions. Our management, however, will have broad discretion in the way that we use the net proceeds of this offering. Pending the final application of the net proceeds of this offering, we intend to invest the net proceeds of this offering in short-term, interest-bearing, investment-grade securities. See "*Risk Factors—Risks Related to This Offering and Ownership of Our Common Shares—We have considerable discretion as to the use of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree*."

Pending our use of the net proceeds from this offering, we may invest the net proceeds in a variety of capital preservation investments, including short-term, investment grade, interest bearing instruments and U.S. government securities.

**DIVIDEND POLICY**

We have never declared or paid cash dividends on our common shares. We currently intend to retain all available funds and any future earnings for use in our exploration business and do not anticipate paying any cash dividends on our common shares soon. We may also enter into credit agreements or other borrowing arrangements in the future that will restrict our ability to declare or pay cash dividends on our common shares. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, contractual restrictions, general business conditions and other factors that our board of directors may deem relevant. Further, under the terms of the BCBCA, we are prohibited from declaring or paying a dividend if our board has reasonable grounds for believing that we are, or would after the payment be, unable to pay our liabilities as they become due, or the realizable value of our assets would thereby be less than the aggregate of our liabilities and stated capital. See also "*Risk Factors— Risks Related to This Offering and Ownership of Our Common Shares—We do not expect to declare or pay dividends in the foreseeable future*."

**CAPITALIZATION**

The following table sets forth our cash and capitalization as of September 30, 2022:

● on an actual basis; and

● on a pro forma adjusted basis to reflect the sale of common shares by us in this offering at an assumed price to the public of US$ per share set forth on the cover page of this prospectus, resulting in net proceeds to us of US$ million after deducting (i) underwriter discounts of US$ ; (ii) non-accountable expense allowance of , and (iii) our estimated other offering expenses of US$ .

The pro forma information below is illustrative only and our capitalization following the completion of this offering is subject to adjustment based on the public offering price of our common shares and other terms of this offering determined at pricing. You should read this table together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "*Management's Discussion and Analysis of Financial Condition and Results of Operations*."

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| | | |
|:---|:---|:---|
|  | **September 30, 2022** | **As adjusted** |
|  | **US$** | $**US$** |
| Cash | 222435  |  |
| Total liabilities | 2109352  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Capital Stock | 18823 |  |
| &nbsp;&nbsp;&nbsp; Reserves | 2056294 |  |
| &nbsp;&nbsp;&nbsp; Deficit) | (15442620) |  |
| Total shareholder's equity | 5436273 |  |
| **Total capitalization** | 7545625 |  |

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If the underwriters exercise the over-allotment option in full, each of our as adjusted cash, share capital, total shareholders' equity and total capitalization would be US$ , US$ , US$ , US$ , respectively.

Each US$1.00 increase or decrease in the assumed offering price per share of US$ , assuming no change in the number of shares to be sold, would increase or decrease the net proceeds that we receive in this offering and each of total shareholders' equity and total capitalization by approximately US$ and US , respectively, if the underwriters exercise the over-allotment option in full), after deducting (i) estimated underwriter discounts, (ii) non-accountable expense allowance of and (iii) offering expenses, in each case, payable by us.

The table above excludes the following shares:

● 12,815,000 common shares issuable upon the exercise of outstanding options under our Stock Option Plan (2021) at a weighted average exercise price of $0.249 (approximately US$0.193) per share;

● 14,499,996 common shares that are issuable under our performance share unit plan;

● 4,479,959 common shares issuable upon the exercise of outstanding warrants at a weighted average exercise price of $0.175 (approximately US$0.136) per share; and

● up to common shares issuable upon exercise of the representative's warrants issued in connection with this offering.

**DILUTION**

If you invest in our common shares, your interest will be diluted to the extent of the difference between the public offering price per common share and our net tangible book value per common share after this offering. Dilution results from the fact that the assumed public offering price per common share is substantially in excess of the net tangible book value per common share attributable to the existing shareholders for our presently outstanding common shares.

Our net tangible book value was approximately $(2,200,000) US$((1,600,000)), or approximately $(0.01) (US$(0.01)) per common share, as of September 30, 2022 based on the number of common shares outstanding as of that date. Our net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per share after giving effect to this offering.

After giving effect to our sale of common shares in this offering at an assumed public offering price of US$ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts, non-accountable expense allowance and estimated offering expenses, our pro forma as adjusted net tangible book value as of June 30, 2022 would have been approximately US$ , or approximately US$ per share. This amount represents an immediate increase in pro forma net tangible book value of US$ per share to existing shareholders and an immediate dilution in pro forma net tangible book value of US$ per share to purchasers of our common shares in this offering, as illustrated in the following table.

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| | | |
|:---|:---|:---|
| Assumed public offering price per common share | US$ |  |
| Net tangible book value per common share at September 30, 2022 | US$ | (0.01) |
| Pro forma net tangible book value per common share after this offering | US$ |  |
| Increase in net tangible book value per common share to the existing shareholders | US$ |  |
| Dilution in net tangible book value per common share to new investors in this offering | US$ |  |

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If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per common share, as adjusted to give effect to this offering, would be US$ per share, and the dilution in pro forma net tangible book value per share to new investors purchasing common shares in this offering would be US$ per share.

A $1.00 increase (decrease) in the assumed public offering price of US$ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma net tangible book value after giving effect to the offering by US$ , the net tangible book value per common share after giving effect to this offering by US$ per common share and the dilution in net tangible book value per common share to new investors in this offering by US$ per common share, assuming no change to the number of common shares offered by us as set forth on the cover page of this prospectus, no exercise of over-allotment option and after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.

The pro forma information discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual public offering price of our common shares and other terms of this offering determined at pricing.

The following tables summarize the differences between our existing shareholders and the new investors with respect to the number of common shares purchased from us in this offering, the total consideration paid and the average price per common share paid at an assumed public offering price of US$ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and before deducting estimated underwriting discounts, non-accountable expense allowance and estimated offering expenses (assuming no exercise of the over-allotment option). As the table shows, new investors purchasing shares in this offering may in certain circumstances pay an average price per share substantially higher than the average price per share paid by our existing shareholders.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Share Purchased** <br> **(post-consolidation)**  | **Share Purchased** <br> **(post-consolidation)**  | **Total Consideration** | **Total Consideration** | |
|  | **Number** | **%** | **Amount** | **%** | **Average**<br>**Price Per Share** |
| Existing shareholders |  |  | US$% |  | US$ |
| New investors |  |  | US$% |  | US$ |
| Total |  |  | US$% |  | US$ |

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The table above excludes the following shares:

● 11,815,000 common shares issuable upon the exercise of outstanding options under our Stock Option Plan (2021) at a weighted average exercise price of C$0.22 (approximately US$0.16) per share.

● 1,488,235 common shares issuable upon the exercise of outstanding warrants at a weighted average exercise price of C$0.14 (approximately US$0.10) per share; and

● up to common shares issuable upon exercise of the representative's warrants issued in connection with this offering.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL<br> CONDITION AND RESULTS OF OPERATIONS**

 *The following discussion and analysis summarize the significant factors affecting our operating results, financial condition, liquidity and cash flows of our company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this prospectus. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements because of various factors, including those discussed below and elsewhere in this prospectus, particularly in the sections titled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements."*

 *The consolidated financial statements for the years ended March 31, 2022, and 2021 and for the three months ended September 30, 2022 and 2021 are prepared pursuant to IFRS and in accordance with the standards of the U.S. Public Company Accounting Oversight Board. As permitted by the rules of the SEC for foreign private issuers, we do not reconcile our consolidated financial statements to U.S. generally accepted accounting principles.*

This management's discussion and analysis of financial condition and results of operations ("MD&A") was prepared as of November 30, 2022 and should be read in conjunction with the unaudited condensed interim consolidated financial statements of Foremost Lithium Resource & Technology Ltd. for the period ended September 30, 2022 with the related notes thereto. The condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS").

All figures are in Canadian dollars, unless otherwise noted.

**Overview**

We are an exploration stage company engaged in lithium exploration in the Province of Manitoba, Canada focused and committed to become one of the first North American companies to produce SC6 used to produce high quality battery-grade LiOH. LiOH is a strategic battery mineral mainly consumed in the production of cathode materials for Li-ion batteries. Li-ion batteries power the daily use of consumer electronics, enable electrification of the transportation sector, and provide stationary grid storage, critical to developing a clean-energy economy.

**Overall Performance**

&nbsp;&nbsp;&nbsp;&nbsp;I. Principal business and corporate history

Foremost Lithium Resource & Technology Ltd. (formerly FAR Resources Ltd.) was incorporated under the BCBCA on July 7, 2005 (Number: BC0729352). The Company changed its name to Foremost Lithium Resource & Technology Ltd. on January 4, 2022. The Company currently has two wholly owned subsidiaries, Sequoia Gold & Silver Ltd., a British Columbia Company ("Sequoia"), and Sierra Gold & Silver Ltd, a New Mexico company ("Sierra"). Sequoia is inactive and has no assets. Sierra holds the Company's Winston property in New Mexico, USA.

Our corporate address is Suite 2500 - 700 West Georgia Street, Vancouver, British Columbia V7Y 1B3 Canada. Our company email address is info@foremostlithium.com. Our registered office is located at Suite 2500 - 700 West Georgia Street, Vancouver, British Columbia V7Y 1B3 Canada. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18th Floor, New York, N.Y. 10168.

Our primary focus is currently conducting exploration for lithium at our Lithium Lane Properties. Our objective is to develop a world-class lithium mine in the mining friendly Canadian province of Manitoba and to provide SC6 to LiOH producers in North America, strategically located to supply the U.S. "Auto Alley" and the European battery market via our nearby access to the Hudson Bay Railway and the Port of Churchill. With our commitment to the environment, corporate social responsibility, and sustainability, we aim in the longer term to derive substantial revenues from the sale of SC6 to LiOH producers that sell to the growing electric vehicle and stationery (e.g., residential, utility and industrial) battery storage markets in the U.S. and abroad. With access to renewable energy produced in Manitoba, we expect to supply lithium processed exclusively with the benefit of power produced from fully sustainable, local sources.

 **Recent Developments** 

**Little Granite**

Our Company successfully negotiated the final cash payment required to exercise its option on the Little Granite Claims in October 2022 from $380,000USD to $75,000USD which has was satisfied through the issuance a non-interest-bearing promissory note to the arm's length Vendor. The note is due and payable by October 15, 2023, of which an initial $25,000 payment has been made. Following these amendments, Foremost Lithium has acquired The Little Granite Property for an aggregate consideration of $186,000USD, versus aggregate consideration of $434,000USD under the original terms.

**Hidden Lake**

Foremost Lithium completed the sale of its 60% interest in the Hidden Lake Project in Yellowknife, NWT for $3.5 million cash to Youssa PTY Ltd., to an Australian private company on December 1, 2022. The transaction was completed pursuant to the terms and conditions of the signed and binding term sheet entered between the parties, previously signed on November 7, 2022. The Hidden Lake Project that was purchased from our company, consists of five contiguous mineral claims, with at least 10 lithium-bearing spodumene pegmatite dykes across 4,100 acres situated in the prolific Yellowknife Pegmatite District NWT.

**Emerging Growth Company**

Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our common shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Results of Operations**

***Comparison of the year ended March 31, 2022, and 2021***

During the year ended March 31, 2022, the Company earned no revenue and had a comprehensive loss of $4,150,922 (US$3,018,413) compared to $2,612,308 (US$1,899,584) for the year ended March 31, 2021.

Total expenses for the year ended March 31, 2022, were $4,073,745 (US$2,962,292) compared to $2,627,643 (US$1,910,735) for the corresponding year ended March 31, 2021.

The table below details the significant changes in major expenditures from 2022 and 2021.

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| | | | |
|:---|:---|:---|:---|
| **Expenses** | **Year Ended** <br> **March 31, 2022** | **Year Ended** <br> **March 31, 2021** | **Explanation for Change** <br> **Increase / Decrease in Expenses**  |
| Consulting | $219,743 <br> (US$159,790) | $115,905 <br> (US$84,282) | Increased due to increased business advisory services rendered in the current year. |
| Investor relations | $267,376 <br> (US$194,427) | $240,486 <br> (US$174,873)  | Increased due to increased IR activities |
| Management Fees | $375,264 <br> (US$272,880) | $73,000 <br> (US$53,083) | Increased primarily due to amounts paid to the former CEO and CFO. |
| Office and interest expense | $146,159 <br> (US$106,282) | $202,175 <br> (US$147,015)  | Decreased due to interest expenses on the outstanding balance of accounts payable in the prior year. |
| Professional Fees | $443,264 <br> (US$322,327) | $178,630 <br> (US$129,894)  | Increased primarily due to an increase in legal fees relating to changes in management, name change and financing. |
| Share-based <br> payments  | $2,482,219 <br> (US$1,804,988) | $1,782,851 <br> (US$1,296,430) | Increased due to more share options and PSU's granted and vested during the current year. |
| Transfer agent and filing fees | $85,914 <br> (US$62,474) | $34,596 <br> (US$25,157)  | Increased due to more exploration and fundraising activities which resulted in higher filing fees incurred. |
| Travel | $53,806 <br> (US$39,126) | $— | Increased due to increased travel during the current year. |

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During the year ended March 31, 2022, the Company recorded loss resulting from forgiveness of debt of $93,658 (US$68,105) compared to $Nil for the corresponding year ending March 31, 2021. The increase was due to the Company reaching a settlement agreement with a vendor regarding an outstanding balance during the current year.

The Company incurred $Nil unrealized loss on long-term investments during the year ended March 31, 2022, compared to $3,000 (US$2,182) for the corresponding year ending March 31, 2021, related to the value of certain shares of Alchemist Mining Inc. being held by the Company for investment purposes. See Note 4 of the Company's Financial Statements accompanying this MD&A.

***Summary of Annual Results***

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| | | | |
|:---|:---|:---|:---|
| | 2022 | 2021 | 2020 |
|  Revenue | $— | $— | $— |
|  Loss and comprehensive loss for the year | 4,150,922 <br> (US$3,018,413) | 2,612,308 <br> (US$1,899,584) | 2,269,968 <br> (US$1,650,646) |
|  Total assets (Note 1) | 7,918,078 <br> (US$5,757,765) | 6,924,574 <br> (US$5,035,321) | 6,152,955 <br> (US$4,474,226) |

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Note 1: During the year, management determined that there was an error pertaining to exploration and evaluation and accounts payable and accrued liabilities. This error was a result of the under accrual of option payments required on the Company's Winston mineral property. The impact to increase assets compared to the previously reported total assets in our previously issued MD&A, which was included in the draft registration statement on Form F-1, submitted to the SEC on September 15, 2022, are: 2021: $231,555 (US$168,379); 2020: $216,354 (US$157,325).

During the year ended March 31, 2022, loss and comprehensive loss increased to $4,150,922 (US$3,018,413) compared to $2,612,308 (US$1,899,584) for the year ended March 31, 2021. The increase was primarily due to increased personnel due to change in management and granting of options during the current year. During the year ended March 31, 2022, total assets increased to $7,918,078 (US$5,757,765) compared to $6,924,574 (US$5,035,321) for the year ended March 31, 2021. The increase was primarily due to prepaid expenses and deposits at year end due to timing and terms of payment and exploration expenditures incurred on all three properties the Company owns.

During the year ended March 31, 2021, total assets increased to $6,924,574 (US$5,035,321) compared to $5,936,601 (US$4,316,900) for the year ended March 31, 2020. The increase was primarily due to issuing of common shares pursuant to the completion of private placements and exercise of options and warrants and acquisition costs, geological and consulting services incurred during the year at the Winston property.

 **Comparison of the six months ended September 30, 2022, and 2021** 

During the six months ended September 30, 2022, the Company earned no revenue and had a comprehensive loss of $1,519,602 (US$1,105,004) compared to $369,909 (US$268,986) for the corresponding six months ended September 30, 2021.

Total expenses for the six months ended September 30, 2022, were $1,641,861 (US$1,193,907) compared to $386,181 (US$280,818) for the corresponding six months ended September 30, 2021.

The table below details the significant changes in major expenditures from 2022 and 2021.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Expenses** | &nbsp;&nbsp; **Six Months** <br> **Ended** <br> **September 30, 2022** | &nbsp;&nbsp; **Six Months** <br> **Ended** <br> **September 30, 2021** | &nbsp;&nbsp; **Explanation for Change Increase / Decrease in Expenses** |
| &nbsp;&nbsp; Consulting | &nbsp;&nbsp; $170,509 <br> (US$123,989)  | &nbsp;&nbsp; $90,367 <br> (US$65,712)  | &nbsp;&nbsp; Increased due to increased business advisory services rendered in the period.  |
| &nbsp;&nbsp; Investor Relations | &nbsp;&nbsp; $96,219 <br> (US$69,967)  | &nbsp;&nbsp; $84,000 <br> (US$61,082) | &nbsp;&nbsp; Decreased due to lower investor relations costs and activities. |
| &nbsp;&nbsp; Office and interest expense | &nbsp;&nbsp; $133,493 <br> (US$97,072) | &nbsp;&nbsp; $20,540 <br> (US$14,936) | &nbsp;&nbsp; Increased due to interest expenses on the outstanding balance of accounts payable and loan payable in the prior period.  |
| &nbsp;&nbsp; Professional Fees | &nbsp;&nbsp; $514,175 <br> (US$373,891)  | &nbsp;&nbsp; $63,611 <br> (US$46,256)  | &nbsp;&nbsp; Increased primarily due to an increase in legal fees relating to changes in management, name change and financing.  |
| &nbsp;&nbsp; Share-based payments | &nbsp;&nbsp; $539,974 <br> (US$392,651) | &nbsp;&nbsp; $— | &nbsp;&nbsp; Increased due to more share options and PSU's granted and vested during the period.  |
| &nbsp;&nbsp; Transfer agent and filing fees | &nbsp;&nbsp; $29,035 <br> (US$21,113) | &nbsp;&nbsp; $15,991 <br> (US$11,628) | &nbsp;&nbsp; Decreased due to lower financing activities which resulted in higher filing fees incurred.  |
| &nbsp;&nbsp; Travel | &nbsp;&nbsp; $18,887 <br> (US$13,734) | &nbsp;&nbsp; $11,469<br> (US$8,340) | &nbsp;&nbsp; Increased due to increased travel during the period. |

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The Company incurred $4,000 (US$2,909) unrealized loss on long-term investments during the six months ended September 30, 2022 compared to $Nil for the corresponding six months ended September 30, 2021, related to the value of certain shares of Alchemist Mining Inc. being held by the Company for investment purposes. See Note 4 of the Company's Financial Statements accompanying this MD&A.

***Summary of Quarterly Results***

A summary of selected financial information for the eight most recently completed quarters is set out below and should be read in conjunction with the Company's consolidated Interim Financial Statements and related notes for such periods (Note 2):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three <br> Months <br> Ended <br>Sep 30, <br> 2022  | Three <br> Months <br> Ended <br>June 30, <br> 2022  | Three <br> Months <br> Ended <br>Mar 31, <br> 2022  | Three <br> Months <br> Ended <br>Dec 31, <br> 2021  | Three <br> Months <br> Ended <br>Sep 30, <br> 2021  | Three <br> Months <br> Ended <br>June 30, <br> 2021  | Three <br> Months <br> Ended <br>Mar 31, <br> 2021  | Three <br> Months <br> Ended <br>Dec 31, <br> 2020  |
| Revenue | $— | $— | $— | $— | $—  | $— | $—  | $— |
| Expenses | 882,298 <br> (US$641,578)  | 759,563 <br> (US$552,329)  | 2,860,767 <br> (US$2,080,255)  | 826,797 <br> (US$601,219)  | 128,491 <br> (US$93,434)  | 257,690 <br> (US$187,384)  | 1,341,394 <br> (US$975,417)  | 669,094 <br> (US$486,543)  |
| Total comprehensive loss | 751,616 <br> (US$546,550)  | 767,986 <br> (US$558,454)  | 3,034,432 <br> (US$2,206,539)  | 746,581 <br> (US$542,889)  | 123,152 <br> (US$89,552)  | 246,757 <br> (US$179,434)  | 1,335,136 <br> (US$970,867)  | 660,466 <br> (US$480,269)  |
| Loss per share – basic and <br> diluted <sup>(1)</sup>  | (0.00) <br> (US$0.00)  | (0.00) <br> (US$0.00)  | (0.02) <br> (US$0.015)  | (0.00) <br> (US$0.00)  | (0.00) <br> (US$0.00)  | (0.00) <br> (US$0.00)  | (0.01) <br> (US$0.007)  | (0.00) <br> (US$0 <br> .00)  |
| Total assets | 10,376,744 <br> (US$7,545,625)  | 9,802,357 <br> (US$7,127,950)  | 7,918,078 <br> (US$5,757,765)  | 7,704,225 <br> (US$5,602,258)  | 6,940,821 <br> (US$5,047,136)  | 7,024,556 <br> (US$5,108,025)  | 6,924,574 <br> (US$5,035,321)  | 6,540,539 <br> (US$4,756,064)  |
| Total liabilities\* | 2,900,781 <br> (US$2,109,352)  | 2,633,408 <br> (US$1,914,927)  | 1,176,332 <br> (US$855,390)  | 1,433,198 <br> (US$1,042,174)  | 982,819 <br> (US$714,674)  | 1,136,174 <br> (US$826,188)  | 1,175,065 <br> (US$854,468)  | 1,144,662 <br> (US$832,360)  |
| Total equity | $7,475,963 <br> (US$5,436,273)  | $7,168,949 <br> (US$5,213,023)  | $6,741,746 <br> (US$4,902,375)  | $6,271,027 <br> (US$4,560,084)  | $5,860,193 <br> (US$4,261,339)  | $5,888,382 <br> (US$4,281,837)  | $5,749,509 <br> (US$4,180,853)  | $5,395,877 <br> (US$3,923,703)  |
| Weighted average number of common shares outstanding (1)  | 190753414 | 181009232 | 175770983  | 163727870 | 158377273 | 157331247 | 151617833 | 137178870 |

---

Note 1: Based on the weighted average number of common shares outstanding during the period.

Note 2: During the year, management determined that there was an error pertaining to exploration and evaluation and accounts payable and accrued liabilities. This error was a result of the under accrual of option payments required on the Company's Winston mineral property. Quarterly total assets and total liabilities have been restated as compared to the amounts reported in our previously issued quarterly MD&A and condensed quarterly financial statements. There were no impacts on operating income or net income from these changes, and no changes in working capital and cash flow.

The quarterly impact to increase total assets and total liabilities compared to the previously reported total assets and liabilities in our previously issued quarterly MD&A and condensed quarterly financial statements, which was included in the draft registration statement on Form F-1, submitted to the SEC on September 15, 2022, in each of the periods above, are: December 31, 2021: $254,358 (US$184,960), September 30, 2021: $246,757 (US$179,433); June 30, 2021: $239,156 (US$173,906); March 31, 2021: $231,555 (US$168379); December 31, 2020: $224,388 (US$163,167).

During the quarter ended September 30, 2022, expenses increased to $882,298 (US$641,578) compared to $759,563 (US$552,329) for the quarter ended June 30, 2022. The increase was primarily attributable to investor relations of $67,967 (US$49,423) compared to $28,252 (US$20,543) for the quarter ended June 30, 2022, management fees of $83,251 (US$60,537) compared to $56,318 (US$40,953) for the quarter ended June 30, 2022, and professional fees of $359,961 (US$261,751) compared to $154,214 (US$112,139) for the quarter ended June 30, 2022.

During the quarter ended June 30, 2022, expenses decreased to $759,563 (US$522,329) compared to $2,860,767 (US$2,080,255) for the quarter ended March 31, 2022. The decrease was primarily attributable to management fees of $56,318 (US$40,952) compared to $61,885 (US$45,001)) for the quarter ended March 31, 2022, share-based payments of $331,548 (US$241,090) compared to $2,333,019 (US$1,696,494)) for the quarter ended March 31, 2022, and forgiveness of debt $Nil compared to $100,355 (US$72,975) for the quarter ended March 31, 2022.

During the quarter ended March 31, 2022, expenses increased to $2,860,767 (US$2,080,255) compared to $826,797 (US$601,219) for the quarter ended December 31, 2021. The increase was primarily attributable to management fees of $61,885 (US$45,001) compared to $213,179 (US$155,016) for the quarter ended December 31, 2021, share-based payments of $2,333,019 (US$1,696,494) compared to $149,200 (US$108,493) for the quarter ended December 31, 2021, and forgiveness of debt $100,355 (US$72,974) compared to $Nil for the quarter ended December 31, 2021.

During the quarter ended December 31, 2021, expenses increased to $826,797 (US$601,797) compared to $128,491 (US$93,434) for the quarter ended September 30, 2021. The increase was primarily attributable to investor relations of $137,434 (US$99,937) compared to $14,003 (US$10,183) for the quarter ended September 30, 2021 due to the Company's effort to raising awareness in the market, management fees of $213,179 (US$155,017) compared to $50,100 (US$36,431) for the quarter ended September 30, 2021, professional fees of $143,049 (US$104,021) compared to $21,858 (US$15,894) for the quarter ended September 30, 2021 due to an increase in legal fees relating to the replacement of the board of directors and change in management and share-based payments of $149,200 (US$108,493) compared to $Nil) for the quarter ended September 30, 2021 for options granted.

During the quarter ended September 30, 2021, expenses decreased to $128,491 (US$93,434) compared to $257,690 (US$187,690) for the quarter ended June 30, 2021. The decrease was primarily attributable to consulting of $16,711 (US$12,151) compared to $73,656 (US$53,560) for the quarter ended June 30, 2021 due to the timing of consulting fees recorded, investor relations of $14,003 (US$10,183) compared to $70,000 (US$50,902) for the quarter ended June 30, 2021 and professional fees of $21,858 (US$15,894) compared to $41,753 (US$30,361) for the quarter ended June 30, 2021.

During the quarter ended June 30, 2021, expenses decreased to $257,690 (US$187,384) compared to $1,341,394 (US$975,417) for the quarter ended March 31, 2021. The decrease was primarily attributable to investor relations of $70,000 (US$50,902) compared to $200,175 (US$145,561) for the quarter ended March 31, 2021, office of $12,137 (US$8,826) compared to $178,668 (US$129,921) for the quarter ended March 31, 2021 due to interest expenses on the outstanding balance of accounts payable during the comparative period and share-based payments of $Nil compared to $800,801 (US$582,316) for the quarter ended March 31, 2021 for options granted.

During the quarter ended March 31, 2021, expenses increased to $1,341,394 (US$975,417) compared to $669,094 (US$486,543) for the quarter ended December 31, 2020. The increase was primarily attributable to investor relations of $200,175 (US$145,561) compared to $494 (US$359) for the quarter ended December 31, 2020, office of $178,668 (US$129,921) compared to $5,522 (US$4,015) for the quarter ended December 31, 2020 due to interest expenses on the outstanding balance of accounts payable and share-based payments of $800,801 (US$582,316) compared to $642,263 (US$467,032)) for the quarter ended December 31, 2020 for options granted.

During the quarter ended December 31, 2020, expenses increased to $669,094 (US$486,543) compared to $117,501 (US$85,443) for the quarter ended September 30, 2020. The increase was primarily due to share-based payments of $642,263 (US$467,032) compared to $5,957 (US$4,332)) for the quarter ended September 30, 2020 for options granted.

**Liquidity and Capital Resources**

These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As at September 30, 2022, the Company has had significant losses. In addition, the Company has not generated revenues from operations. The Company has financed its operations primarily through the issuance of common shares and short-term loans. The Company continues to seek capital through various means including the issuance of equity and/or debt. These circumstances cast significant doubt as to the ability of the Company to meet its obligations as they come due, and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.

In March 2020, there was a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and specifically, the regional economies in which the Company operates. The pandemic could result in delays during business, including potential delays to its business plans and activities, and continue to have a negative impact on the stock market, including trading prices of the Company's shares and its ability to raise new capital. These uncertainties raise substantial doubt upon the Company's ability to continue as a going concern and realize its assets and settle its liabilities and commitments in the normal course of business.

The Company's business financial condition and results of operations may be further negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action in late February 2022. While the Company expects any direct impacts, of the pandemic and the war in the Ukraine, to the business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect the business and may make it more difficult for it to raise equity or debt financing. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about on its business, results of operations, financial position, and cash flows in the future.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **As at September 30, 2022** | &nbsp;&nbsp; **As at March 31, 2022** |
|  | $&nbsp;&nbsp; **US$** | $&nbsp;&nbsp; **US$** |
| &nbsp;&nbsp; Working capital (deficit) | &nbsp;&nbsp; (1653719) | &nbsp;&nbsp; (485623) |
| &nbsp;&nbsp; Deficit | &nbsp;&nbsp; (15442620) | &nbsp;&nbsp; (14337616) |

---

Net cash used in operating activities for the period ended September 30, 2022 was $1,126,534 (US$819,178) compared to $486,088 (US$353,467) used during the period ended September 30, 2021. The difference was primarily due to share-based payments related to options and being granted and changes in non-cash working capital items.

Net cash used in investing activities for the period ended September 30, 2022 was $2,549,819 (US$1,854,144), compared to net cash provided by was $175,520 (US$127,632) during the period ended September 30, 2021, and consisted of acquisition costs and property expenditures during the period.

Net cash provided by financing activities for the period ended September 30, 2022 was $3,746,791 (US$2,724,543) compared to $382,668 (US$278,264) during the period ended September 30, 2021. The increase was primarily due to proceeds from short-term loan and proceeds from the issuance of shares and units in the current period.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **As at March 31, 2022** | &nbsp;&nbsp; **As at March 31, 2021** |
|  | $&nbsp;&nbsp; **US$** | $&nbsp;&nbsp; **US$** |
| &nbsp;&nbsp; Working capital (deficit)(Note 1) | &nbsp;&nbsp; (485623) | &nbsp;&nbsp; (379700) |
| &nbsp;&nbsp; Deficit | &nbsp;&nbsp; (14338) | &nbsp;&nbsp; (11344376) |

---

Note 1: During the year, management determined that there was an error pertaining to exploration and evaluation and accounts payable and accrued liabilities. This error was a result of the under accrual of option payments required on the Company's Winston mineral property. The impact to working capital (deficit) compared to the previously reported working capital (deficit) in our previously issued MD&A is $231,555 (US$168,379) for 2021.

Net cash used in operating activities for the year ended March 31, 2022 was $1,402,469 (US$1,019,829) compared to $802,922 (US$583,858) used during the year ended year ended March 31, 2021. The difference was primarily due to share-based payments related to options and being granted and changes in non-cash working capital items.

Net cash used in investing activities for the year ended March 31, 2022 was $891,408 (US$648,202), compared to net cash used in was $313,961 (US$228,302) during the year ended March 31, 2022 and consisted of acquisition costs and property expenditures during the year.

Net cash provided by financing activities for the year ended March 31, 2022, was $2,137,119 (US$1,554,042) compared to $1,505,889 (US$1,095,033) during the year ended March 31, 2021. The increase was due to proceeds from private placements and from options and warrants exercised during the current year.

 **CAPITAL RESOURCES**

As of the date of this prospectus, the Company is continuing its exploration programs on the Zoro, Jean Lake and Grass River Lithium Projects. The Company intends to use available working capital and may issue additional common shares to cover the cost of this program.

The Company also has certain ongoing option/property payments and maintenance fees/taxes associated with its Zoro, Jean Lake, and Grass River Lithium Projects; and the Winston Property as more particularly described in "Overall Performance" above.

During the period from April 1, 2022, to November 30, 2022, the Company:

● issued 500,000 common shares at $0.10 (US$0.07) upon exercise of warrants for gross proceeds of $50,000 (US$36,358).

● issued 500,000 common shares in exchange for 500,000 PSU Redemption (no proceeds).

● issued 125,000 common shares at $0.25 (US$0.18) upon exercise of warrants for gross proceeds of $31,250 (US$22,724).

● issued 50,000 common shares at $0.105 (US$0.075) upon exercise of options for gross proceeds of $26,250 (US$19,088).

● issued 20,000 common shares at $0.25 (US$0.18) upon exercise of warrants for gross proceeds of $5,000 (US$3,636).

● issued 117,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $15,210 (US$11,060).

● issued 100,000 common shares at $0.08 (US$0.06) upon exercise of options for gross proceeds of $8,000 (US$5,817).

● issued 130,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $16,900 (US$12,289).

● issued 83,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $10,790 (US$7,846).

● issued 60,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $7,800 (US$5,672).

● issued 5,368,889 common shares at $0.10 (US$0.07) upon exercise of warrants for gross proceeds of $536,889 (US$390,408).

● closed a non-brokered private placement of 4,887,668 flow-through common shares at $0.34 (US$0.25) per common shares for gross proceeds of $1,661,807 (US$1,208,411). Cash finder's fees of $98,000 (US$71,262) were paid on the financings and the Company issued 288,235 share purchase finders warrants. Each finders warrant entitles the holder to purchase one common share at a price of $0.20 (US$0.15) for a two-year period.

● issued 18,181 common shares at a value of $6,000 (US$4,363) as part of the acquisition payment for the Jol Lithium Option Agreement.

● entered into a loan agreement to borrow $1,145,520 (US$832,984), inclusive of prior advance of $145,520 (US$105,817) ("Initial Advance" included within accounts payable and accrued liabilities. The loan accrues interest at a rate of 8.35%, payable monthly, including an aggregate of $5,134 (US$3,733) accrued to date on the Initial Advance, and matures on May 10, 2023.

● issued 833,600 common shares upon exercise of warrants for gross proceeds of $112,400 (US$81,734).

● issued 526,316 common shares at a value of $73,684 (US$53,581) as part of the acquisition payments for the Peg North Option Agreement.

● issued 2,688,889 common shares upon exercise of warrants for gross proceeds of $201,667 (US$146,646).

● issued 335,235 common shares at a value of $50,000 (US$36,358) pursuant to the acquisition of the Jean Lake Property.

***Related Party Transactions***

---

| | | | |
|:---|:---|:---|:---|
| For the year ended March 31, 2022 |  |  |  |
| Paid or accrued to: | Management fees | Share-based <br> payments | Total |
| **<u>Key management personnel:</u>** |  |  |  |
| CEO | $50664 | $607784 | $658448 |
| CFO | 12000 | 227919 | 239919 |
| Director | 12000 | 227919 | 239919 |
| Former CEO | 158650 |  | 158650 |
| Former CFO | 141950 |  | 141950 |
|  | $375264 | $1063622 | $1438886 |

---

---

| | | | |
|:---|:---|:---|:---|
| For the year ended March 31, 2021 |  |  |  |
| Paid or accrued to: | Management fees | Share-based <br> payments | Total |
| **<u>Key management personnel:</u>** |  |  |  |
| Former Directors | $18000 | $16089 | $34089 |
| Former CEO | 5000 | 141267 | 146267 |
| Former CEO | 45000 | 16089 | 61089 |
| Former CFO | 5000 | 141267 | 146267 |
|  | $73000 | $314712 | $387712 |

---

The amounts due to related parties included in accounts payable and accrued liabilities are as follows:

---

| | | |
|:---|:---|:---|
| | As at<br> March 31,<br> 2022 | As at<br> March 31,<br> 2021 |
| Due to CEO | $30 | $— |
| Due to former CEO |  | 1461 |
| Due to former CEO | 80997 | 80997 |
| Due to former CFO |  | 3808 |
| Due to former directors of the Company | 18000 | 18000 |
|  | $99027 | $104266 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the period ended September 30, 2022 |  |  |  |  |
| Paid or accrued to: | Management and director fees | Investor relation Fees | Share-based payments | Total |
| Key management personnel: |  |  |  |  |
| Former CEO | $52000 | $— | $60495 | $112495 |
| Corporation owned by a former CEO | 51569 |  | 104775 | 156344 |
| CFO and Director | 18000 |  | 67698 | 85698 |
| Director | 18000 |  | 67698 | 85698 |
| A company in which a Director has an interest |  | 36530 |  | 36530 |
|  | $139569 | $36530 | $300666 | $476765 |

---

---

| | | | |
|:---|:---|:---|:---|
| For the period ended September 30, 2021 |  |  |  |
| Paid or accrued to: | Management fees | Share-based payments | Total |
|  **Key management personnel:** |  |  |  |
|  Former CEO | $50100 | $— | $50100 |
|  Former CFO | 50100 |  | 50100 |
|  | $100200 | $— | $100200 |

---

During the period ended September 30, 2022, the Company entered into a loan agreement with a related party to borrow $1,145,520, inclusive of a prior advance of $145,520 ("Initial Advance") included in accounts payable and accrued liabilities owing to a director of the Company. The loan accrues interest at a rate of 8.35%, payable monthly, and matures on May 10, 2023. The Company paid an aggregate of $45,134 in interest during the period ended September 30, 2022.

The amounts due to related parties included in accounts payable and accrued liabilities are as follows:

---

| | | |
|:---|:---|:---|
| | As at <br>September 30, <br>2022 | As at <br>March 31, <br>2022 |
| Due to corporation owned by a former CEO | $27000 | $— |
| Due to the former CFO |  | 30 |
| Due to a corporation owned by a former CEO | 80997 | 80997 |
| Due to a former director of the Company | 18000 | 18000 |
|  | $125997 | $99027 |

---

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

**Quantitative and Qualitative Disclosures about Market Risk**

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

***Interest Rate Risk***

The Company has cash balances and interest-bearing debt. The Company's cash does not have significant exposure to interest.

***Foreign Currency Exchange Risk***

The Company is exposed to foreign currency risk on fluctuations related to cash, accounts payable and accrued liabilities, and option agreement payments that are denominated in a foreign currency. There is a risk in the exchange rate of the Canadian dollar relative to the US dollar and a significant change in this rate could influence the Company's results of operations, financial position or cash flows. The Company has not hedged its exposure to currency fluctuations.

We estimate that we will receive net proceeds of approximately US$ million in this offering, based upon an assumed public offering price of US$ per share, assuming no exercise of the over-allotment option and after deducting underwriting discounts, non-accountable expense allowance and the estimated offering expenses payable by us. If we convert the full amount of the net proceeds from this offering into Canadian dollars, a 10.0% appreciation of the U.S. dollar against the Canadian dollar, from the exchange rate of C$ per US$1.00 as of December 31, 2021 to a rate of C$ per US$1.00, will result in an increase of approximately C$ in our net proceeds from this offering. Conversely, a 10.0% depreciation of the U.S. dollar against the Canadian dollar, from the exchange rate of C$ per US$1.00 as of December 31, 2021 to a rate of C$ for $1.00, will result in a decrease of C$ in our net proceeds from this offering.

 **Impact of Inflation** 

Over the past year, inflation has had a major impact on virtually all aspects of the economy, including the mining industry. Supply chain challenges and significant cost increases have impacted many mining producers with negative implications on the sector. While Foremost Lithium is not immune to inflationary drivers, our status as a junior explorer/developer, who is several years from production, has and will continue to mute inflationary pressure on our stock price and our ability to raise future capital. Furthermore, we believe our excellent working relationships with vendors will allow us to continue to successfully manage our exploration costs. The Company continues to benefit from working in a Province that is highly supportive of the Lithium mining industry and we expect to continue to benefit from future government grants.

The Company's biggest safeguard against inflationary pressures is the ever-growing demand for Lithium resources to supply an exponentially growing EV market. All of the Company's attributes, including proximity to the growing North American EV market with readily available transportation options, abundant hydroelectric power and highly promising resource assets favorably position Foremost Lithium to withstand inflationary pressures in the short term.

***Price Risk***

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and lithium, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

**Critical Accounting Policies**

The following discussion relates to critical accounting policies for our company. The preparation of consolidated financial statements in conformity with IFRS requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our consolidated financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's difficult, subjective, or complex judgment, often because of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to consolidated financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. We believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our consolidated financial statements:

*Income taxes* 

The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the consolidated financial statements.

Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax assets and liabilities, and tax planning initiatives.

*Cash and cash equivalents* 

Cash and cash equivalents are comprised of cash on hand and cash equivalents. Cash equivalents are short-term, highly liquid holdings that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. The Company does not currently hold any cash equivalents.

*Foreign currency translation*

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the functional currency of the entity at the exchange rate in existence at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated at the period end date exchange rates.

The functional currency of the parent entity and Sequoia Gold & Silver Ltd. is the Canadian dollar, which is also the presentation currency of our consolidated financial statements. The functional currency of Sierra Gold & Silver Ltd. is the United States dollar.

Foreign operations are translated from their functional currencies into Canadian dollars on consolidation as follows:

(i) Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position;

(ii) Income and expenses for each statement of comprehensive income (loss) are translated at the average exchange rate for the period; and

(iii) All resulting exchange differences are recognized in other comprehensive income (loss) as cumulative translation adjustments.

Exchange differences that arise relating to long-term intercompany balances that form part of the net investment in a foreign operation are also recognized in a separate component of equity through other comprehensive income (loss).

On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange differences recorded in this separate component of equity is recognized in profit or loss.

*Government grants*

Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period the expense costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the cost of the asset is reduced by the amount of the grant and the grant is recognized as a reduced depreciation expense over the expected useful life of the asset.

*Mineral properties – exploration and evaluation assets*

*Pre-exploration costs*

Pre-exploration costs are expensed in the year in which they are incurred.

*Exploration and evaluation expenditures*

Once the legal right to explore a property has been acquired, all costs related to the acquisition, exploration and evaluation of the property are capitalized. These direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, and depreciation on plant and equipment during the exploration phase. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur.

When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to profit or loss.

The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as "mines under construction". Exploration and evaluation assets are tested for impairment before the assets are transferred to development properties.

As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs.

Exploration and evaluation assets are classified as intangible assets.

The Company enters into farm-out arrangements, whereby the Company will transfer part of a mineral interest, as consideration, for an agreement by the transferee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does not record any expenditures made by the farmee on its behalf. Any cash or other consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess consideration accounted for as a gain on disposal.

The Company accounts for mining tax credits on a cash basis and are applied as a reduction to capitalized exploration costs.

*Provision for environmental rehabilitation*

The Company recognizes liabilities for legal or constructive obligations associated with the retirement of exploration and evaluation assets and equipment. The net present value of future rehabilitation costs is capitalized to the related asset along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value.

The Company's estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related assets with a corresponding entry to the rehabilitation provision.

Decommissioning obligations:

The Company's activities may give rise to dismantling, decommissioning and site disturbance re-mediation activities. A provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.

Decommissioning obligations are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the reporting date. Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs whereas increases due to changes in the estimated future cash flows are capitalized. Actual costs incurred upon settlement of the decommissioning obligations are charged against the provision to the extent the provision was established.

*Contingencies*

A contingent liability is a possible obligation, and a contingent asset is a possible asset, that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability may also be a present obligation that arises from past events that is not recognized because it is not probable that an outflow of economic resources will be required to settle the obligation or the amount of the obligation cannot be measured reliably.

*Impairment of non-financial assets* 

At the end of each reporting period the carrying amounts of the Company's long-lived assets, including mineral property interests, are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

*Financial instruments*

IFRS 9 uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual cash flows characteristics of the financial asset.

The classification of debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest.

If the business model is not to hold the debt instrument, it is classified as fair value through profit or loss ("FVTPL"). Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

The Company classifies its financial assets into one of the categories described below, depending on the purpose for which the asset was acquired. Management determines the classification of its financial assets at initial recognition.

Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL, for other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income ("FVTOCI").

Fair value through profit or loss ("FVTPL") – Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statement of loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the statement of loss in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges.

Fair value through other comprehensive income ("FVTOCI") - Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.

Financial assets at amortized cost - A financial asset is measured at amortized cost using the effective interest method if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current assets or non-current assets based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost less any impairment.

The following table shows the classification and measurement of the Company's financial instruments under IFRS 9:

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| | |
|:---|:---|
| Financial assets/liabilities | Classification and measurement |
| Cash | at amortized cost |
| Long-term investment | FVTPL |
| Net investment in sublease | at amortized cost |
| Accounts payable and accrued liabilities | at amortized cost |
| Lease obligation | at amortized cost |
| Short-term loans payable | at amortized cost |
| Long-term loans payable | at amortized cost |

---

Financial liabilities other than derivative liabilities are recognized initially at fair value and are subsequently stated at amortized cost. Transaction costs on financial assets and liabilities other than those classified at FVTPL are treated as part of the carrying value of the asset or liability. Transaction costs for assets and liabilities at FVTPL are expensed as incurred.

*Impairment of financial assets at amortized cost*

The Company recognizes the expected credit losses ("ECL") model on a forward-looking basis on financial assets that are measured at amortized cost, contract assets and debt instruments carried at FVTOCI.

At each reporting date, the Company measures the ECL for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the ECL for the financial asset at an amount equal to twelve month expected credit losses. The Company applies the simplified method and measures a loss allowance equal to the lifetime expected credit losses for trade receivables.

The Company recognizes in profit and loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. The loss allowance was $Nil as at June 30, 2022.

*Derecognition of financial assets and financial liabilities*

A financial asset is derecognized when the contractual right to the asset's cash flows expire; or if the Company transfers the financial asset and substantially all risks and rewards of ownership to another entity.

The Company derecognizes financial liability when its obligations are discharged, cancelled or expired.

*Income taxes* 

Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded using the liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affects neither accounting nor taxable loss, or differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

*Loss per share* 

The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the year. For the year ended March 31, 2022, 11,965,000 (US$8,700,553) compared to 11,600,000 (US$8,435,137) for year ended March 31, 2021 stock options, 14,067,213 (US$10,229,212) compared to17,425,556 (US$12,671,289) for year ended March 31, 2021 warrants and 12,499,996 (US$9,089,584) compared to Nil for year ended March 13, 2021 performance share units were not included in the calculation of dilutive earnings per share as their inclusion was anti-dilutive.

Loss per share is calculated using the weighted average number of common shares outstanding during the year.

*Share-based payments*

The Company grants stock options to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.

The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized in share-based payment reserve over the vesting period. Consideration paid for the shares along with the fair value recorded in share-based payment reserve on the exercise of stock options is credited to capital stock. When vested options are cancelled, forfeited, or are not exercised by the expiry date, the amount previously recognized in share-based payment reserve is transferred to accumulated losses (deficit). The Company estimates a forfeiture rate and adjusts the corresponding expense each period based on an updated forfeiture estimate.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. Where the terms and conditions of options are modified, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

For performance share units and stock options with vesting containing a market condition, the grant date fair value is measured using the Monte Carlo model to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

The expense recognized for performance-based stock options is based on an estimation of the probability of achieving the market condition and the timing of the achieving of the market condition, which is difficult to predict. The fair value is recognized straight line over the life of the performance share units or stock options which vest based on a market condition. Upon achieving a market condition, the awards shall vest, and any unvested fair value related to the vested awards will be accelerated and recognized.

*Share issue costs* 

Share issue costs are deferred and charged directly to capital stock on completion of the related financing. If the financing is not completed, share issue costs are charged to operations. Costs directly identifiable with the raising of capital will be charged against the related capital stock.

*Valuation of equity units issued in private placements*

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in the private placements was determined to be the most easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, was allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves.

*Leases*

At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration.

Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company's incremental borrowing rate. At the commencement date, a right-of-use asset is measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received.

Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset's useful life or the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset's useful life.

When the Company enters into a sublease, it determines at lease inception date whether each sublease is a finance lease or an operating lease based on whether the contract transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the sublease is a financial lease: if not then it is an operational lease.

For financial leases, and when the Company acts as intermediate lessor, it recognizes a sublease receivable and derecognizes the right-of-use assets relating to the head lease that it transfers to the sub leases. Right-of-use assets and net investment in sublease receivables relating to the subleases are measured in the same way as the right-of-use assets and lease liabilities for the head lease, using the same discount rate for the actualization of future payments to be received.

**New accounting standards issued and effective**

Certain new standards, interpretations, and amendments to existing standards have been issued by the IASB or IFRC that are mandatory for accounting years beginning on or after January 1, 2022. New accounting pronouncements that are not applicable or are not consequential to the Company have been excluded in the preparation of these consolidated financial statements.

A number of new standards, and amendments to standards and interpretations, are not effective for the year ended March 31, 2022, and have not been early adopted in preparing these consolidated financial statements. The following accounting standards and amendments are effective for future periods:

i) Onerous
 Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) - The amendments to
 IAS 37 specify which costs an entity includes in determining the cost of fulfilling a
 contract for the purpose of assessing whether the contract is onerous. Costs that relate
 directly to a contract can either be incremental costs of fulfilling that contract (examples
 would be direct labour, materials) or an allocation of other costs that relate directly
 to fulfilling contracts (example would be the allocation of the depreciation charge for
 property, plant and equipment used in fulfilling the contract).

These amendments are effective for reporting periods beginning on or after January 1, 2022.

ii) Classification of Liabilities as Current or Non-current (Amendments to IAS 1) - The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date.

These amendments are effective for reporting periods beginning on or after January 1, 2023

**CORPORATE HISTORY AND STRUCTURE**

**Our Corporate History**

The Company was incorporated as FAR RESOURCES LTD. under the BCBCA on July 7, 2005 (Number: BC0729352). The Company changed its name to Foremost Lithium Resource & Technology Ltd. on January 4, 2022. The Company currently has two wholly owned subsidiaries: Sequoia Gold & Silver Ltd. ("Sequoia"), a British Columbia Company, and Sierra Gold & Silver Ltd, a New Mexico company ("Sierra"). Sequoia is inactive and has no assets. Sierra holds the Company's Winston property in New Mexico, USA.

**Our Corporate Structure**

The chart below presents our corporate structure:

![](img015.jpg)

The registered office of the Company is Suite 2500 - 700 West Georgia Street, Vancouver, British Columbia V7Y 1K8 Canada. The Company is a Canadian natural resource exploration company engaged in the exploration and development of mineral resources

 **Summary Disclosure-Our Claims History** 

Foremost Lithium is an exploration company focused primarily on the development of our 100% owned portfolio of four exploration properties in the historic and preeminent mining center of Snow Lake, Manitoba, Canada. Our primary assets are (1) the Zoro Lithium Property; (2) the Jean Lake Lithium and Gold Property (including Claim MB3530); (3) the Grass River Lithium Property; and (4) the Peg North Lithium Property. We refer to these exploration stage assets as the Lithium Lane Properties. Canada and a 100% interest in The Winston Property, New Mexico USA. These properties are also exploration stage properties.

The Lithium Lane Properties cumulatively encompass a total of 77 claims covering 43,031 acres, or 17,414 hectares of Tier 1 pegmatite fields located on or abutting the host Crowduck Bay fault structure, a key metallognetic feature for lithium-bearing pegmatite in the Snow Lake area. To date, we have invested approximately $9,500,000 of capital in the Lithium Lane Properties. . Historical drilling has been documented on all the Lithium Lane Properties. To prove our lithium resource on the Lithium Lane Properties, we will need to engage in a drilling program that will require additional capital expenditure for each of the four Lithium Lane Properties. We expect that this offering will provide us with the funds needed to complete our planned exploration drilling program so that we can decide which of the properties to focus on first to move forward to a PEA.

The Winston gold silver project has promising geology but is non-core for the Company at this stage given the Company's focus on its Lithium Lane properties. An entity that was funded and had a geologist focused on the project could look for opportunities to expand the claims and execute an exploration program that could unlock significant value from this. The Company will consider options to enable value to be unlocked including a spin out or joint venture with precious metals focused participants.

Below is a summary of the claim's history for each of the respective properties:

![](img016.jpg)

*Figure 1 - Land map which depicts the Company's cumulative land position ("Lithium Lane Properties") in the Snow Lake pegmatite fields located in Manitoba, Canada*

 **Zoro Lithium Property, Manitoba, Canada** 

The Company completed the acquisition of the Zoro 1 mineral claim on May 9, 2017, in consideration for common shares of the Company and a non-interest-bearing promissory note for $100,000 that was paid in due course. Subsequently, the Company entered into an option agreement to increase the size of the property by acquiring an undivided 100% interest in all lithium-bearing pegmatite dykes on Claim Jake 3558 (P3558F) and a 350-metre-wide strip along the northeast edge of claim Jake 3558 and a portion of adjacent claims Bert 6304 (MB6304) and Bert 797 (MB797). The claims are contiguous with the Zoro 1 claim. In addition, the Company entered into a second option agreement to expand the property by an additional 2200 hectares by including claims Jake 9 (P3031F), Jake 1054 (MB 1054), Jake 2655 (MB 2655), Jake 3557 (MB 3557), Jake 54199 (W54199), Jake 10 (P3032F), Jake 2412 (MB 2412), Jake 2413 (MB 2413), Jake 54745 (W54745), CRO 5734 (MB 5734). Finally, the Company has acquired claims BAZ 12131 (MB12131) and BAZ 12133 (MB12133), resulting in the total area of the property as 3005 hectares.

On April 28, 2016 (the "Zoro Option Agreement"), the Company was granted the sole and exclusive right and option (the "Zoro Option") to acquire a 100% right, title, estate, and interest in and to the Zoro mining claim situated in the Province of Manitoba (the "Zoro Property") and held in the name of Dalton Bruce Dupasquier. To date, the Company paid the sum of $16,666.66 cash and issued a total of 333,333 common shares to each of the Optionors. To maintain the Zoro Option, the Company paid the Optionors an aggregate additional consideration of $300,000.

The remaining fifteen claims on the Zoro property were optioned from Strider Resources Limited. To earn a 100% interest in the property the Company was required to pay $250,000 in cash, $250,000 in stock and accumulated $200,000 in exploration expenditures by the end of 48 months and an accumulated total of $500,000 on Exploration Expenses by the end of the first 84 months. In addition, the optionor retains a 2% NSR on the claims. The Company has satisfied all its cash payment and expenditure requirements. Upon exercising the first option, the Second Option can be exercised by making a cash payment to the Optionor of $1,000,000, together with all accrued but unpaid NSR at the time, prior to the commencement of Commercial Production (the "Second Option Payment");

The Optioned Interest provides indirect right, title, and interest in and to all lithium bearing pegmatite dykes contained in, on or under the Property and including, without limitation, all related commercial pegmatite minerals ("Pegmatite Minerals"). The option interest does not include any interest in gold and other precious metals or minerals or ore containing same, base metals or minerals or ore containing same, diamonds, garnets, amphiboles, and talc in or on the Property.

**Geological Setting**

The Zoro Lithium Project is underlain by ocean floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group sedimentary rocks. The Ocean Floor rocks comprise mafic volcanic and related intrusions and the Missi Group consists of sandstone, siltstone, mudstone, and quartzo-feldspathic gneiss and migmatite. The Ocean Floor mafic volcanic rocks adjacent to the pegmatite dykes consist of a fine to medium-grained strongly foliated dark green lithology. These andesitic to basaltic lithologies are locally interbedded with volcaniclastic sedimentary rocks and all are intruded by a quartz-phyric granite intrusion (Figure 3).

Pegmatite dykes generally strike northwest to north-northwest with steep dips and crosscut the regional foliation at a low angle. The dykes tend to be concentric in internal structure and the grain size of the constituent minerals (potassium feldspar, quartz, spodumene and black tourmaline) coarsens towards the center of the dykes. This pattern may be locally interrupted by patches of saccharoidal albite, large muscovite aggregates and coarse albite stringers with garnet and beryl. Spodumene is concentrated in the cores of the dykes. Some of the dykes have been split into sub-parallel veins by post-emplacement tectonic activity.

 **Ongoing and Planned Exploration** 

Ongoing exploration in 2022 has included unmanned aerial vehicle, or drone ("UAV")-assisted magnetic and Lidar surveys that will provide a base for follow-up exploration in 2023. Lidar surveys will support detailed prospecting and magnetic surveys will provide a focus for soil and rock geochemical surveys. The integration of these survey data will provide targets for drill testing. This approach to exploration has led to the discovery of 16 previously unknown spodumene- bearing pegmatite dykes and the delineation of multiple lithium targets. To date, 70 drill holes for 9,915 m have been completed on the property.

The 2023 exploration program budget at the Zoro property will consist of helicopter-supported diamond drilling of targets based on integrated geoscientific datasets. Access to the property is by helicopter.

***Source of Lithium***

The principal source of lithium on the property is spodumene-bearing Dyke 1 with an inferred resource of 1,074,567 tonnes at 0.91% Li2O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 Rb, and 43 ppm Ta at a 0.3 percent Li2O cut-off .1 Please refer to the Company's NI 43-101 Technical Report titled "NI 43-101 Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba" dated effective July 6, 2018, prepared by Dr. Mark Fedikow, P. Geo, and Scott Zelligan P. Geo. Tantalum mineralization has also been intersected in Dyke 1 with an assay of 0.113% Ta2O5 (cf. November 1, 2017 news release). Elsewhere on the property assays of 2.42% to 7.28% Li2O have been documented from spodumene-bearing pegmatite Dyke 5 on the property (cf. Green Bay Mining and Exploration Ltd. Corporation File).

**Metallurgy**

A preliminary metallurgical test was conducted to determine possible concentrate grade recoverable from the Zoro dyke-1 deposit in 2020. Preliminary metallurgical testing by SGS Canada Inc. of a spodumene concentrate from Dyke 1 indicates that a high-grade (6% Li2O) lithium concentrate can be produced from Dyke 1 mineralization using industry standard methods.

Automated mineralogy, coupled with geochemical analyses and mineral chemistry, provide valuable quantitative data that can be used to guide the test work and explain recoveries and potential losses. Spodumene is the primary lithium mineral in the Zoro Pegmatite and accounts for 96% of the total lithium. Lithium losses due to other than spodumene host minerals will be minimal and favor the project. Furthermore, liberation of spodumene is 88% for the calculated head for a P80 of 600 μm. Therefore, flotation can be conducted at relatively coarse particle size to recover the spodumene. Liberation of gangue minerals including quartz (89%), Na- and K-feldspars (94%), and micas (82%) is very good. These can theoretically be rejected. Preliminary test work, HLS and combined with magnetite separation, tests indicate that it is possible to produce a high-grade (close to 6% Li2O) SC6 lithium concentrate after the rejection of iron silicate minerals. Thus, most of the spodumene should be amenable to recovery by HLS and/or flotation. The mineralogical characteristics of the pegmatite favor the economic potential of the project. However, additional metallurgical test work is currently being conducted by the Company to evaluate the DMS and flotation recovery of spodumene. No engineering studies have been conducted, however, given the sub vertical nature of the deposit, underground mining is anticipated to be the method of extraction.

**Recent Exploration**

***Lithium***

In 2022, a ten-hole 1,509-meter drill program was undertaken to test Mobile Metal Ion ("MMI") soil geochemical anomalies and assess the deeper levels of high-grade spodumene pegmatite Dyke 8 discovered in 2018. After logging and photographic recording, all core samples were sawn in half and one half of the core has been shipped to Activation Laboratories (Ancaster, Ontario). The remaining drill core is stored in a secure facility in Snow Lake.

Pegmatite samples will be analyzed using UT-7 lithium and related element analysis after total dissolution by sodium pyrophosphate with finish by inductively coupled plasma-mass spectrometry or "ICP-MS". Samples for gold assay were undertaken on 30-gram samples with fire assay and analytical finish by Instrumental Neutron Activation.

 ****

***Dyke 16***

The sixteenth spodumene-bearing pegmatite dyke on the Zoro property was discovered during the 2022 program. It was intersected by two drill holes (c.f. April 26, 2022, news release). DDH FM22-70 drilled at -50 degrees inclination intersected two pegmatite intercepts totaling 4.9 meters with up to 15% light green spodumene crystal aggregates. A second hole, DDHFM22-70B was drilled at a steeper inclination of -65 degrees to undercut the first pegmatite intersection. This hole intersected a five-meter intercept of the same spodumene mineralized pegmatite as hole FM22-70. The host rock to these pegmatites is a fine-grained foliated basalt. The location of Dyke 16 in relation to all other pegmatite dykes intersected on the Zoro property is illustrated in Figure 4.

***Assay Results***

A total of 8.28 metres of spodumene-bearing pegmatite was intersected by two drill holes, DDH FM22-70 and DDHF22-70B in 2022. Spodumene-bearing pegmatite was intersected between 32.44m and 35.80mdownhole. Assay results vary from 0.04% to 1.33% Li2O in 4 core samples over 3.36m. Hole-DDHFM22-70B, drilled to undercut the first pegmatite intercept, intersected 4.92m of spodumene-bearing pegmatite with lithium contents varying from 0.04% to 1.05% Li2O in 5 core samples. Spodumene contents in the dykes vary between 3 and 15%, are light green in colour and occur as individual crystals and crystal aggregates. The host rocks are fine-grained, variably altered foliated basalt. Related metal concentrations in Dyke 16 for Cs (225-476 ppm), Nb (74.9-116.2 ppm) and Ta (28.3-89.7 ppm) compare favorably with those for Dyke 1.

***Dyke 8***

High-grade spodumene pegmatite Dyke 8 was discovered on the Zoro property in 2018 by the drill testing of a Mobile Metal Ions soil geochemical anomaly. Drill hole Far18-35 testing the MMI anomaly intersected 36.5 m of spodumene-bearing pegmatite. Assay results from hole FAR18-35 included three separate intercepts of high-grade lithium including 12.3 m of 1.1% Li2O, 4.4 m of 1.2% Li2O, and 2.2 m of 1.5% Li2O (cf. April 26, 2022, news release). To date, Dyke 8 has drill indicated dimensions of 120 m in length, 5-15 m in width and has been drilled to a depth of 157 m (cf. April 26, 2022, news release). Recent exploration was undertaken prior to UAV-assisted magnetic and Lidar surveys.

In 2022 DDHFM22-71 was drilled at -65 degrees to undercut the 2018 pegmatite intersections. A 4.5-meter spodumene-bearing pegmatite intersected between 70.45 and 75.89 meters before being truncated by a fault. This intercept is 37 meters below the previous 2018 drill intercepted Dyke 8 spodumene mineralization. A further pegmatite was intersected below the fault between 84.4 and86.65 meters.

***Assay Results***

Hole-DDHFM22-71 undercut the original 2018 pegmatite discovery and intersected two discrete pegmatites. A spodumene-bearing pegmatite was intersected between 70.45 and 75.89m and a second between 84.4 m and 86.65 m. Host rocks include fine-grained, variably altered, and foliated basalt +/- pyroxene. Assay results from the first pegmatite intersection vary from 0.05%-0.86% Li2O in 5 core samples over 4.71 m and 0.05% Li2O in each of 2 core samples over 2.25 m from the second pegmatite intersection.

***Gold***

Numerous intersections of core intersected mineralized zones characterized by disseminated and veinlet arsenopyrite with lesser chalcopyrite, sphalerite, and pyrite. Mineralized sections were intersected in silicified and variably altered dacite and basalt volcanic rocks with or without quartz veins. Fifty-six samples mineralized with disseminated and stringer arsenopyrite and lesser pyrite, chalcopyrite, and sphalerite were collected from core for gold assay.

 **Gold Assay Results** 

Fine-grained disseminated, veinlet and fracture-controlled arsenopyrite, pyrite and lesser chalcopyrite were observed in the core from Hole-DDHFM22-072. Fifty-one drill core samples were collected from silicified and locally quartz-potassium feldspar flooded quartz feldspar porphyry (QFP) and 5 core samples from Hole-DDHFM22-063 in dark green, foliated, chloritic and silicified basalt locally overprinted with pink and red garnet. Mineralized intervals in altered QFP varied from 2 m to 21.8 m and in a single interval of 3.89 m in altered basalt.

Results for the QFP have a range in concentration of below detection of 1part per billion to 4.76 g/t gold with an average of 0.31g/t. The highest gold content of 4.76 g/t occurs in a 0.68 m wide grey, mottled, foliated and boudinage QFP with visibly altered feldspar phenocrysts. Assays from the altered basalt samples vary from below detection of 1part per billion to 0.16 g/t over a core interval of 3.89 m.

**Future Exploration**

Exploration on the property is ongoing with prospecting, mapping and geochemical surveys following up on a recently completed (June 2022) drone magnetic survey. The drone and Lidar surveys were completed by EarthEx Geophysical Solutions Inc. ("EarthEx"). Interpreted results from the drone magnetic survey will provide the focus for ongoing exploration.

1: Fedikow, M.A.F. and Zelligan, S. 2018. NI 43-101 Technical report on the Zoro Lithium Project, Snow Lake, Manitoba ; 188p.

2: Grammatikopoulos, T., Aghamirian, M., Fedikow, M.A.F. and Mayo, T. 2020: Mineralogical characterization and preliminary beneficiation of the Zoro Lithium Project, Manitoba, Canada: HTTPS://DOI.ORG/10.1007/S42461-020-00299-2.

3: Green Bay Mining and Exploration Ltd. Corporation File: 1956: Manitoba Mining Recorder, Corporate and Assessment Files.

![](img017.jpg)

*Figure 1. Location map for the Zoro Lithium Project.*

![](img018.jpg)

*Figure 2: Regional geology map of the Flin Flon-Snow Lake Greenstone Belt and the location of the Zoro Lithium Project.*

![](img019.jpg)

*Figure 3. Geological setting of the Zoro Lithium Project with claim boundaries.* 

![](img020.jpg)

*Figure 4. Location of Dyke 16 in relation to previously discovered pegmatite dykes on the Zoro Lithium Project.*

**Jean Lake Lithium and Gold Property, Manitoba Canada**

On July 30, 2021, the Company entered into an option agreement with Mount Morgan Resources Ltd. ("Mount Morgan") whereby Mount Morgan granted the Company the sole and exclusive right and option (the "Jean Lake Option") to acquire an undivided 100% right, title and interest in and to the property. The Jean Lake property consists of 5 mineral claims covering 2500 acres/1002 hectares and is situated along the Thompson Brothers Trend, the focus of exploration for lithium-bearing pegmatite dykes in the Snow Lake area. The property hosts recently re-discovered high-grade lithium pegmatite dykes. Ongoing exploration includes drone-assisted magnetic and Lidar surveys, prospecting and rock and soil geochemical surveys.

The Company may exercise the Jean Lake Option by making the following cash payments and common share issuances to Mount Morgan over a 48 month period (the "Jean Lake Option Period"): (a) shares in the capital of the Company valued at $25,000, and $25,000 in cash within two business days following the effective date; (b) shares in the capital of the Company valued at $50,000 and an additional $50,000 in cash on or before July 30, 2022 (in addition, the Company must spend $50,000 on Exploration Expenses by July 30, 2022); c) shares in the capital of the Company valued at $50,000 and an additional $50,000 in cash on or before July 30, 2023; (in addition, the Company must have spent an accumulated total of $100,000 on Exploration Expenses by the second anniversary of the Effective Date); (d) shares in the capital of the Company at $50,000 and an additional $50,000 in cash on or before July 30, 2024 (in addition, the Company must have spent an accumulated total of $150,000 on Exploration Expenses by July 30, 2024); and (e) shares in the capital of the Company valued at $75,000 and additional $75,000 in cash on or before July 30, 2025 (in addition, the Company must have spent an accumulated $200,000 on Exploration Expenses or before July 30, 2025). Both the initial share and cash issuance due July 30, 2022 have been completed.

The five claim 1002-hectare Jean Lake lithium and gold property is situated in west-central Manitoba 15 kilometers east of the historic town of Snow Lake. It is hosted by the Early Proterozoic (1.832 Ga) Rex Lake Plutonic Complex which is a circular intrusion 8 km in diameter. The property hosts the historic west-northwest striking Beryl lithium pegmatites rediscovered in August of 2021 in blasted trenches beneath 80 years of organic deadfall and glacial sediment. The 270-degree trending dykes are characterized by coarse grained light green spodumene crystals in a matrix of potassium feldspar, quartz, and muscovite. The host rocks are coarsely porphyritic gabbro. The property also hosts the shear zone-hosted Sparky gold occurrence discovered in1918. The gold mineralization is associated with disseminated and near-solid fracture fillings consisting of fine grained to blocky arsenopyrite with lesser pyrite and chalcopyrite hosted within sheared and silicified massive basalt. Access to the property is by helicopter.

The location of the Beryl Pegmatites ("B1" and "B2") is illustrated on a Jean Lake claim map in Figure 1. B3 is a pegmatite without visible spodumene.

**Recent Exploration**

**Lithium**

Five representative rock chip samples of spodumene-bearing mineralization were collected in August 2021from blast material in two trenched locations of the Beryl pegmatites. Two of the samples were apple green, coarse grained spodumene (Far21-1 and -2)) and three samples were from straw-colored finer grained spodumene (Far21-3, -4 and -5).

Samples were shipped to Activation Laboratories in Ancaster (Ontario) for analysis using the UT-7 method which uses a total dissolution of the sample by sodium peroxide fusion and ICP-MS finish. This analytical approach is the standard analytical technique used by the Company on its Zoro and Jean Lake lithium projects for the analysis of pegmatite.

Results indicate all samples returned high-grade lithium contents regardless of the textural characteristics of the spodumene (Table 1).

Table 1. Lithium analyses for two styles of spodumene mineralization at the Beryl Pegmatite,

Jean Lake Property, Snow Lake area, Manitoba.

---

| | | |
|:---|:---|:---|
| **Element** | **Li20%** | **Li2C03%** |
| **Beryl Pegmatite B1:** | | |
| FAR 21L-1 | 3.89 | 9.63 |
| FAR 21L-2 | 5.17 | 12.78 |
| **Beryl Pegmatite B2:** |  |  |
| FAR 21L-3 | 4.74 | 11.71 |
| FAR 21L-4 | 4.09 | 10.11 |
| FAR 21L-5 | 3.81 | 9.42 |

---

**Gold**

Fifteen representative rock chip samples from the Jean Lake property in 2021 returned assay results with maximum contents of 20.9 g/t gold (Table 2). All but one sample exceeded 1 g/t gold. In 2022 a further 22 samples were collected and assayed. The maximum value of gold from the 2022 sampling was 18.1 g/t. All grab samples were representative of mineralization exposed in outcrop and in historic pits and were collected from pervasively silicified wall rock containing brecciated and mineralized quartz veins. The deformation observed in the rocks sampled is attributed to faults cutting the eastern portion of the Rex Lake Pluton which is bounded on the east by the crustal scale Crowduck Bay Fault.

Gold assays are determined by fire assay using a 30-gram sample followed by an instrumental neutron activation finish.

Table 2. Summary of 2021 and 2022 gold assay results, Jean Lake Lithium and Gold Property.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Sample** | &nbsp;&nbsp; **UTM East** | &nbsp;&nbsp; **UTM North** | &nbsp;&nbsp; **Grams Per Ton/ Gold** |
| &nbsp;&nbsp; 2021 Rock Samples | &nbsp;&nbsp; UTM East | &nbsp;&nbsp; UTM North |  |
| &nbsp;&nbsp; FAR21G-1 | &nbsp;&nbsp; 451647 | &nbsp;&nbsp; 6076201 | &nbsp;&nbsp; 1.66 |
| &nbsp;&nbsp; FAR21G-2 | &nbsp;&nbsp; 451647 | &nbsp;&nbsp; 6076201 | &nbsp;&nbsp; 0.138 |
| &nbsp;&nbsp; FAR 21G-3 | &nbsp;&nbsp; 452451 | &nbsp;&nbsp; 6076406 | &nbsp;&nbsp; 20.9 |
| &nbsp;&nbsp; FAR 21G-4 | &nbsp;&nbsp; 452451 | &nbsp;&nbsp; 6076406 | &nbsp;&nbsp; 8.66 |
| &nbsp;&nbsp; FAR 21G-5a | &nbsp;&nbsp; 452409 | &nbsp;&nbsp; 6076351 | &nbsp;&nbsp; 1.93 |
| &nbsp;&nbsp; FAR 21G-5b | &nbsp;&nbsp; 452409 | &nbsp;&nbsp; 6076351 | &nbsp;&nbsp; 1.84 |
| &nbsp;&nbsp; FAR 21G-6a | &nbsp;&nbsp; 452377 | &nbsp;&nbsp; 6076246 | &nbsp;&nbsp; 11.2 |
| &nbsp;&nbsp; FAR 21G-6b | &nbsp;&nbsp; 452377 | &nbsp;&nbsp; 6076246 | &nbsp;&nbsp; 6.42 |
| &nbsp;&nbsp; FAR 21G-7 | &nbsp;&nbsp; 452356 | &nbsp;&nbsp; 6076171 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; FAR 21G-8a | &nbsp;&nbsp; 452417 | &nbsp;&nbsp; 6076377 | &nbsp;&nbsp; 7.63 |
| &nbsp;&nbsp; FAR 21G-8b | &nbsp;&nbsp; 452417 | &nbsp;&nbsp; 6076377 | &nbsp;&nbsp; 8.66 |
| &nbsp;&nbsp; FAR 21G-9 | &nbsp;&nbsp; 452366 | &nbsp;&nbsp; 6076105 | &nbsp;&nbsp; 4.05 |
| &nbsp;&nbsp; FAR 21G-10 | &nbsp;&nbsp; 452395 | &nbsp;&nbsp; 6076407 | &nbsp;&nbsp; 1.38 |
| &nbsp;&nbsp; FAR 21G-11 | &nbsp;&nbsp; 452356 | &nbsp;&nbsp; 6076171 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; FAR 21G-12 | &nbsp;&nbsp; 452441 | &nbsp;&nbsp; 6076396 | &nbsp;&nbsp; 1.29 |
| &nbsp;&nbsp; 2022 Rock Samples |  |  |  |
| &nbsp;&nbsp; FAT22-006 | &nbsp;&nbsp; 458333 | &nbsp;&nbsp; 6078718 | &nbsp;&nbsp; 0.003 |
| &nbsp;&nbsp; FAT22-008 | &nbsp;&nbsp; 452353 | &nbsp;&nbsp; 6076326 | &nbsp;&nbsp; 7.2 |
| &nbsp;&nbsp; FAT22-009 | &nbsp;&nbsp; 452365 | &nbsp;&nbsp; 6076324 | &nbsp;&nbsp; 1.1 |
| &nbsp;&nbsp; FAT22-010 | &nbsp;&nbsp; 452360 | &nbsp;&nbsp; 6076342 | &nbsp;&nbsp; 9.4 |
| &nbsp;&nbsp; FAT22-011 | &nbsp;&nbsp; 452364 | &nbsp;&nbsp; 6076336 | &nbsp;&nbsp; 1.7, 1 |
| &nbsp;&nbsp; FAT22-015 | &nbsp;&nbsp; 458503 | &nbsp;&nbsp; 6079035 | &nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp; FAT22-017 | &nbsp;&nbsp; 450220 | &nbsp;&nbsp; 6074783 | &nbsp;&nbsp; 0.8 |
| &nbsp;&nbsp; FAT22-018 | &nbsp;&nbsp; 450446 | &nbsp;&nbsp; 6074431 | &nbsp;&nbsp; 0.8 |
| &nbsp;&nbsp; FAT22-019 | &nbsp;&nbsp; 450453 | &nbsp;&nbsp; 6074417 | &nbsp;&nbsp; 12.5, 18.1 |
| &nbsp;&nbsp; FAT22-020 | &nbsp;&nbsp; 450351 | &nbsp;&nbsp; 6074124 | &nbsp;&nbsp; 2.3 |
| &nbsp;&nbsp; FAT22-021 | &nbsp;&nbsp; 450331 | &nbsp;&nbsp; 6074133 | &nbsp;&nbsp; 2.6, 6.2 |
| &nbsp;&nbsp; FAT22-022 | &nbsp;&nbsp; 450313 | &nbsp;&nbsp; 6074345 | &nbsp;&nbsp; 0.06 |
| &nbsp;&nbsp; FAT22-023 | &nbsp;&nbsp; 450333 | &nbsp;&nbsp; 6074302 | &nbsp;&nbsp; 5.7 |
| &nbsp;&nbsp; FAT22-024 | &nbsp;&nbsp; 450349 | &nbsp;&nbsp; 6074301 | &nbsp;&nbsp; 0.1 |
| &nbsp;&nbsp; FAT22-025 | &nbsp;&nbsp; 452297 | &nbsp;&nbsp; 6077680 | &nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp; FAT22-026 | &nbsp;&nbsp; 449561 | &nbsp;&nbsp; 6073554 | &nbsp;&nbsp; 0.8 |
| &nbsp;&nbsp; FAT22-027 | &nbsp;&nbsp; 449533 | &nbsp;&nbsp; 6073449 | &nbsp;&nbsp; 0.8 |
| &nbsp;&nbsp; FAT22-028 | &nbsp;&nbsp; 449691 | &nbsp;&nbsp; 6073520 | &nbsp;&nbsp; 0.8, 0.5 |
| &nbsp;&nbsp; FAT22-029 | &nbsp;&nbsp; 449681 | &nbsp;&nbsp; 6073511 | &nbsp;&nbsp; 0.04 |
| &nbsp;&nbsp; FAT22-030 | &nbsp;&nbsp; 449557 | &nbsp;&nbsp; 6073752 | &nbsp;&nbsp; 0.4 |
| &nbsp;&nbsp; FAT22-031 | &nbsp;&nbsp; 449927 | &nbsp;&nbsp; 6073561 | &nbsp;&nbsp; 0.08 |
| &nbsp;&nbsp; FAT22-032 | &nbsp;&nbsp; 449924 | &nbsp;&nbsp; 6073615 | &nbsp;&nbsp; 0.2 |

---

Laboratory contamination was not detected in the analysis of the samples based on the replicate analyses of the method blank. The analysis of both internal standards and International Reference Materials indicates the analyses are accurate and reproducible.

Ongoing exploration consisting of prospecting and geochemical surveys was continued in June 2022 utilizing the results from recently completed (April 2022) drone-assisted magnetic surveys. The drone surveys were completed by EarthEx. Drone-assisted LiDAR surveys have also been completed in 2022.

The Company is currently preparing for its initial exploration drill program over the upcoming winter drilling season. Fourteen targets were identified through a combination of prospecting and airborne geophysics. Twenty-four drill holes will test targets on the property consisting of the integrated results of magnetic surveys, rock and soil geochemical surveys and outcrop prospecting.

Laboratory contamination was not detected in the analysis of the samples based on the replicate analyses of the method blank. The analysis of both internal standards and International Reference Materials indicates the analyses are accurate and reproducible.

Ongoing exploration consisting of prospecting and geochemical surveys was completed utilizing the results from recently completed (April 2022) drone-assisted magnetic surveys. The drone surveys were completed by EarthEx. Drone-assisted LiDAR surveys have also been completed in 2022

The Company announced on November 21, 2022, that a 3,000 meter 24-hole drill program would commence on the Jean Lake Lithium property on December 2, 2022 and the program is now underway.

Highlights of the program include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 focus of this drill program will be the Beryl Dyke B1 which returned two grab samples
 assaying 3.89 and 5.17% Li2O, and Beryl Dyke B2 which returned three grab samples assaying
 3.81, 4.09 and 4.74% Li2O in addition to linear UAV-assisted magnetic trends overlain
 by soils with elevated lithium content

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Compelling
 targets were developed by integrating results from drone magnetic surveys, prospecting/geological
 field observations assisted by Lidar surveys and soil geochemical survey data

In the Spring of 2022, Foremost Lithium contracted EarthEx. to perform a UAV magnetic survey on the property. The technology was utilized to aid with new prospective drill targets by producing high-resolution images, to define the 3D location, shape, size, and distribution of potential spodumene rich pegmatite dykes. The follow-up of the magnetic data identified 14 high priority structural targets for further exploration work in the northern portion of the Jean Lake property. Magnetic interpretation seems to indicate that the Jean Lake Lithium beryl pegmatites, which assayed at 3.89% and 5.17% Li20, trending along Snow Lake Lithium's high-grade SG and GRP spodumene and GRP pegmatites. SGM-3, now referred to as the Beryl dyke or B1, was re-discovered on the Jean Lake property in 2021 by prospecting beneath 80 years of organic and inorganic debris.

Results when they become available upon completion of the drill program expected in the first half of 2023.

![](img021.jpg)

*Figure 1. Location of the Beryl Pegmatites (B1 and B2). B3 is a barren, non-spodumene-bearing pegmatite that is on trend (270o) with B1 and B2.*

On July 12, 2022, the Company completed the acquisition of 100% of the right, title, and interest in and to those certain undersurface mineral rights certain comprising Manitoba Mineral Disposition No. MB3530 from Mae De Graf (the "MB3530 Property"). The MB3530 Property (also called the "JOL" property) is subject to a 2% NSR. The MB3530 Property encompasses 25 Hectares (62 Acres) situated due north from the Company's Jean Lake Property and due west of the Company's Zoro Property and is included in this prospectus as part of the Jean Lake Property. The Company paid to the seller, a cash payment in the amount of $8,000, and issued to the seller an aggregate of 18,181 common shares of the Company at a deemed price of $0.33 per common share.

 **Grass River Lithium Property (GRC) Manitoba, Canada** 

On January 20, 2022, the Company completed the acquisition of 27 claims totaling 14,873 acres located in the historic mining district of Snow Lake, Manitoba, 6.5 kilometers east of the Zoro Property (the "Grass River Claims"). The Grass River Claims host multiple pegmatites exposed in outcrop and 7 drill-indicated spodumene-bearing pegmatite dykes. Dr. Mark Fedikow, Foremost Lithium's QP, reviewed regional historical drill and exploration data in the Cancelled Assessment Files of the Manitoba Mining Recorder's office going back to the late 1950's and documented multiple drill-indicated spodumene-bearing pegmatite dykes on the GRC. These claims were staked and registered by the Company with the Manitoba Mining Recorder on January 18, 2022. Access to the property is by helicopter.

The bulk of mineral exploration in the Snow Lake area was undertaken in the late 1950's and was primarily designed to assess the general area for base metal massive sulphide mineralization. Ground geophysical surveys (electromagnetics and magnetics) were the primary tool coupled with boots on the ground prospecting. Many holes were drilled to assess base metal environments. During the drilling of geophysical targets, several spodumene pegmatites were intersected<sup>1</sup>.

A total of 10 pegmatites are exposed in surface outcrop on the property and together with the 7 drill-indicated spodumene-bearing dykes (Figure 1) will be part of the exploration focus in 2023. Ongoing data interpretation of results from a drone-assisted magnetic and Lidar surveys completed by EarthEx. in 2022 will guide follow-up prospecting and geochemical surveys in 2023. A 2,000-meter 2023/24 Winter drill program will test all the gathered integrated geophysical, geochemical, and prospecting targets.

1: Cancelled Assessment File 90611, Manitoba Mining Recorder, Manitoba Natural Resources and Northern Development.

![](img022.jpg)

*Figure 1. Compilation of pegmatites exposed in surface outcrop1 and drill intersected spodumene-bearing pegmatite2 on the Grass River Lithium Property, Snow Lake area, Manitoba.*

Data Sources

1: Bailes, A.H. 1985: Geology of the Saw Lake area, Geological Report GR83-2, 47 pages and Map GR83-2-1.

2: Cancelled Assessment File 90611, Manitoba Mining Recorder, Manitoba Natural Resources and Northern Development.

 **Peg North Lithium Property** 

On June 28, 2022, the Company entered into an agreement (the "Peg North Agreement") with Strider Resources Ltd. ("Strider"), acquiring an option to purchase a 100% interest (the "Peg North Option") in 28 claims totaling 6,757 hectares (16,697 acres) in the East Wekusko Lake area of Manitoba (the "Peg North Property", Figure 1). The Peg North Property hosts 5 known pegmatite dykes [Cerny, et. al.1981] and capture the Northern extension of the Crowduck Bay fault. The Peg North Option expires in five years and is subject to a 2% Net Smelter Return (NSR) in favor of Strider. The Peg North Option may be exercised by the Company for an aggregate payment of $750,000 in cash and $750,000 in common shares over the five-year period. In addition, the Company may purchase from Strider one half (1%) of the NSR Strider retains for $1.5 million. The timing of cash payments shares issuances and expenditures on the Peg North Property are as follows:

● On July 2, 2022 the Company paid $100,000 in cash and issued $100,000 in shares of the Company's common stock.

● On or before July 2, 2023, the Company must pay $100,000 in cash and issue $100,000 in shares of the Company's common stock.

● On or before July 2, 2024, the Company must pay $100,000 in cash and issue $100,000 in shares of the Company's common stock.

● On or before July 2, 2025, the Company must pay $150,000 in cash and issue $150,000 in shares of the Company's common stock.

● On or before July 2, 2026, the Company must pay $150,000 in cash and issue $150,000 in shares of the Company's common stock.

● On or before July 2, 2027, the Company must pay $150,000 in cash and issue $150,000 in shares of the Company's common stock.

● The Company must also spend a total of $3 million on exploration expenditures over the five-year option period to earn the above 100% interest in the Peg North Property.

---

| | | | |
|:---|:---|:---|:---|
| <u>CLAIMS INCLUDED IN THE PEG NORTH OPTION, MAY 2022</u> | <u>CLAIMS INCLUDED IN THE PEG NORTH OPTION, MAY 2022</u> | <u>CLAIMS INCLUDED IN THE PEG NORTH OPTION, MAY 2022</u> | <u>CLAIMS INCLUDED IN THE PEG NORTH OPTION, MAY 2022</u> |
| CLAIM NAME | &nbsp;&nbsp;&nbsp;CLAIM NUMBER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREA IN HECTARES | EXPIRY DATE |
| PEG 13176 | MB13176 | 140 ha | June 5, 2035 |
| PEG 13177 | MB13177 | 220 ha | June 5, 2030 |
| PEG 13181 | MB13181 | 220 ha | June 5, 2030 |
| PEG 13178 | MB13178 | 256 ha | June 5, 2034 |
| PEG 13182 | MB13182 | 256 ha | June 5, 2030 |
| PEG 13184 | MB13184 | 256 ha | June 5, 2030 |
| PEG 13179 | MB 13179 | 256 ha | June 5, 2030 |
| PEG 13183 | MB 13183 | 256 ha | June 5, 2035 |
| PEG 13282 | MB13282 | 256 ha | May 6, 2029 |
| PEG 13285 | MB13285 | 256 ha | May 18, 2030 |
| PEG 13283 | MB13283 | 256 ha | May 6, 2030 |
| PEG 13286 | MB13286 | 256 ha | May 6, 2030 |
| PEG 13284 | MB13284 | 256 ha | May 6, 2030 |
| BEND 13210 | MB13210 | 256 ha | January 12, 2029 |
| BEND 13209 | MB 13209 | 256 ha | January 12, 2029 |
| BEND 12671 | MB12671 | 256 ha | April 16, 2024 |
| BEND 13279 | MB13279 | 256 ha | May 18, 2029 |
| BEND 13474 | MB13474 | 256 ha | January 12, 2029 |
| BEND 13473 | MB13473 | 256 ha | January 12, 2029 |
| BEND 13280 | MB13280 | 256 ha | May 6, 2030 |
| BEND 13277 | MB13277 | 256 ha | May 6, 2030 |
| BEND 13281 | MB13281 | 256 ha | May 6, 2030 |
| BEND 13278 | MB13278 | 256 ha | May 6, 2030 |
| LITH 13213 | MB13213 | 190 ha | January 29, 2035 |
| LITH 13212 | MB13212 | 172 ha | January 29, 2035 |
| LITH 13477 | MB13477 | 245 ha | January 29, 2035 |
| LITH 13478 | MB13478 | 248 ha | January 29, 2035 |
| LITH 13476 | MB13476 | 202 ha | January 29, 2035 |

---

TOTAL NUMBER OF CLAIMS = 28 TOTAL AREA = 6757 HECTARES (26.39 square miles) (16,892 acres)

**Exploration**

The Company flew UAV-assisted magnetic and LiDAR surveys over the entire property in 2022, which identified specific areas of interest. Historically mapped pegmatite as well as new targets will be assessed for a 2023 Spring/Summer prospecting program using targeted Mobile Metal Ion, soil geochemical survey, and integrated with other geoscientific databases to help delineate and assist in de-risking targets for a planned 2,000-meter 2023/2024 Winter drill program.

**WINSTON PROPERTY NEW MEXICO, UNITED STATES**

Dr. Michael Feinstein, CPG, QP, has visited the Winston Project area on ten separate occasions since October 2020. He conducted confirmatory sampling of the known historic mines, as well sampling the prominent structural trends along strike.

All samples were collected under the direct supervision of Dr. Michael Feinstein, and securely transported to the Tucson facility of ALS Laboratories for analysis. Ore characterization samples from these three mines returned peak values of: 66.5 g/t gold with 2,940 g/t silver from Little Granite, 26.8 g/t gold and 940 g/t silver from Ivanhoe, and 44.9 g/t gold and 517 g/t silver from Emporia.

This sampling confirmed the occurrence of high-grade material at all three of the historic mines, but also in several locations away from these areas. Foremost Lithium expanded its footprint, increasing the property from 415 acres to 2,780 acres, and increased its mineral rights from 14 to 141 BLM Lode Mining Claims. Previously, no modern exploration efforts have systemically assessed the northern portion of the Chloride District.

---

| | | |
|:---|:---|:---|
| **Winston Project** |  |  |
| \*Highest Grade Sample From Each Mine |  |  |
|  **Mine** | **Au_ppm** | **Ag_ppm** |
|  **Little Granite** | 66.5 | 2940 |
|  **Ivanhoe** | 26.8 | 940 |
|  **Emporia** | 44.9 | 517 |
|  **Prospecting Best** | 41.5 | 4610 |

---

**Project Highlights**

The project has contiguous landholdings totaling approximately 141 claims covering almost 2,800 acres. Claims are targeted along footprint of mineralization extending for more than 8 km of strike.

Historic drilling in early 1980s suggests potential for high-grade ore shoots within larger mineralized envelopes. The Chloride District saw a rush of miners and prospectors in the 1860s-1890s, a period of renewed mining activity in the 1980s, and has been largely unexplored by modern methods.

Potential for District-Scale discovery in a Precious Metal Endowed Low-Sulphidation Epithermal Vein System.

Ground geological mapping and surveying has utilized high resolution satellite imagery and LiDAR (laser-generated infrared light beams) to construct a detailed digital model of the area. This 3D GIS will be used for all drill targeting and project planning. Special attention will be given to maintaining a high level of vertical accuracy due to the local topography.

Exceptional results from property-wide confirmatory sampling completed in 2021 include:

-Measured width Highlights:

3.35 g/t Au with 245 g/t Ag from a 0.3m channel sample inside the Little Granite Decline.

1.97 g/t Au with 232 g/t Ag from a 0.3m channel sample across JAP vein at LG mine.

29.2 g/t Au with 462 g/t Ag from a 0.6m continuous chip sample in north zone.

3.2 g/t Au with 34 g/t Ag from a 1.0m continuous chip sample in north zone.

0.75 g/t Au with 489 g/t Ag from a 0.3m continuous chip sample in north zone.

-Prospecting Highlights:

Sample 1671079 collected at a prospect pit in recently staked ground returned 41.5 g/t Au with 4,610.0 g/t Ag.

Samples 1671021, 1671024, 1671027 were collected from the same vein trend over 300m of strike

#1671021 returned 20.6 g/t Au with 21.0 g/t Ag.

#1671024 returned 12.3 g/t Au with 381.0 g/t Ag.

#1671027 returned 5.7 g/t Au with 254.0 g/t Ag.

For the 155 samples across the project, gold values range from Below Detection (BD; <0.02 for Au) to a maximum of 66.5ppm, and Silver values range from BD (<0.02 for Ag) to a maximum of 4,610ppm.

***Geological Setting of the Winston Project***

The Winston Project, situated in the historic Black Range Mining District of southwestern New Mexico, covers 36 square kilometers of the northern portion of the Chloride District. High-grade deposits of silver and gold were discovered in 1880 and the area was a major producer until the 1893 silver price crash. Little production or modern exploration has occurred since.

The mineralization is of the well-documented Low-Sulphidation Epithermal type. Deposits of this style are emplaced throughout the Cordillera of North and South America and elsewhere in similar tectonic settings. This style of mineralization is known world-wide and hosts some of the highest-grade gold/silver mines, such as: Hishikari in Japan, Fruta del Norte in Ecuador and Round Mountain in Nevada.

On the Winston Property, the primary structure is the Paymaster Fault which is readily traced both on the ground and by satellite imagery. Locally, the mineralized veins are generally associated with north-south trending structures. The overall controlling geological feature is known as the Rio Grande Rift, which extends into northern Mexico hosting several past and present silver mines.

Foremost Lithium's Winston Project enjoys a close association with volcanic host rocks which formed at a similar time as the mineralization. Individual mines and prospects generally show strong controlling geological structures, typically north-south high angle faulting associated with the Rio Grande Rift (RGR). The RGR is a crustal-scale feature which extends over 1,200 kilometers, from northern Mexico to central Colorado.

Precious metal deposits of note along the RGR include the historic Creede Mining District in southwestern Colorado. The timing of mineralization is within several million years of that on the Winston Project, where alteration minerals have been dated at approximately 26.5 Ma. The Creede District has recorded production of over 84 million ounces of silver. Hecla Mining Corp., a premier US silver producer, is undertaking a major effort in the Creede District to bring a new mining complex online.

Located 100km to the east, The Mogollon District in western New Mexico has produced more than 13 million ounces silver and 270k ounces old. Mineralization is of the same Low-Sulphidation Epithermal Vein Type. Summa Silver is currently exploring the Mogollon Camp.

***Little Granite Mine***

The Little Granite Mine is a past-producing high-grade silver-gold mine hosted in Tertiary volcanics. The main vein has been traced for over 200 meters by past drilling and underground workings and remains open along strike to both the north and south, and at depth. Historically reported high-grade values were confirmed in limited re-sampling by Foremost Lithium in late 2020. Historic drill reports suggest the primary vein widens to more than 4m (12ft) true width, at depth.

***Ivanhoe – Emporia Mines***

The Ivanhoe – Emporia is a past producing gold-silver mine. Its main shaft was sunk to 384 feet depth with a 370 ft. decline and multiple working levels. There is potential for large tonnage of lower grade, stockwork veins surrounding high grade veins mined in the past. The strike continuation needs to be explored as favorable structural conditions persist along the bends and jobs of the Paymaster Fault.

***Conclusion***

Foremost Lithium is committed to commence a drill program in 2023 on multiple targets on the property. Past preparatory work for drilling has included data compilation both of historic and recent work, along with acquisition of high-resolution LiDAR data to allow construction of an accurate terrane model. This property had little to no modern exploration since the early 1980s and with such high-grade samples returned, the Company is keen to see the full potential from the Winston Gold/Silver Project.

There has been insufficient exploration to define a mineral resource. The potential quantities and associated grades have not been defined by drilling, but historic production in the district reflects the potential scope of orebodies which may be encountered. It is uncertain if further exploration will result in the delineation of a mineral resource.

QA/QC Statement-

166 samples have been processed by ALS Laboratories' ("ALS") for Precious Metals and Multi-Elements. All Foremost Lithium's (previously FAR Resources) rock sample assay results have been independently monitored through a quality assurance/quality control ("QA/QC") protocol which includes the insertion of blind standard reference materials at regular intervals. Samples were maintained by Dr. Feinstein and securely transported to ALS sample preparation facilities in Tucson, Arizona and Reno, Nevada. Sample pulps were sent to ALS's labs in Vancouver, Canada, for analysis.

All samples were of hard rock and prepared by fine crushing to 70% passing <2mm, riffle split, and then pulverization to 80% passing < 75 um (ALS Method Prep-31). Gold content was determined by fire assay of a 50-gram charge with ICP finish (ALS method Au- GRA22). Silver and 47 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-MS61). Over-limit samples for Ag, and Cu were determined by ore-grade analyses Ag-OG62, Cu-OG62, respectively.

ALS Laboratories is independent of Foremost Lithium and its Vancouver facility is ISO-17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS' internal and Foremost Lithium's external blind quality control samples were acceptable for the samples analyzed. Foremost Lithium is not aware of any sampling, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

**INDUSTRY**

 **All Eyes are on Manitoba**

Mining accounts for a significant portion of Canada's economy. Natural Resources Canada pegged domestic mineral production at $47 billion (approximately US$37.89 billion) in 2018. Canada's mining and exploration companies are also important players in the international mining industry. Manitoba hosts the historic Tanco mine, which sits atop the world-class Tanco lithium-cesium-tantalum deposit and is located at Bernic Lake. The Tanco pegmatite was first discovered in the 1920s and ultimately developed into a large deposit of spodumene, one of the primary minerals mined for its lithium content.

![](img023.jpg)

 *Figure 1. shows the proximity between Foremost Lithium's projects and the historic Tanco Mine.*

The Tanco Mine "Tanco", operated by Sinomine Rare Metal Resources Group, is located 600km due south of the historic mining town of Snow Lake, Manitoba with easy access along transportation corridors. Tanco's short-term strategies include building a new lithium-battery industrial chain in North America and becoming a supply base for battery-grade lithium carbonate. Tanco currently is the only producing lithium spodumene concentrate mine in North America.

Manitoba is increasingly becoming the hub of battery metals and situations such as these find our company in an excellent position to be the potential source for Tanco's lithium feedstock. We met with Tanco in early November and Tanco informed us that they are currently processing 500 tons of lithium per day tons but had plans to increase this sixfold to 3,000 tons a day in 2023. With Tanco's aggressive plans to ramp up production, Foremost Lithium is an ideal location.

 **Industry**

On October 28, 2022, the Canadian Government provided some clarity regarding the Investment Canada Act in connection to the critical mineral sectors1. The Canadian Government is setting a precedent for block State-Owned Enterprises from investing into Canadian-owned critical mineral companies and ordered Chinese investment to divest immediately from Canada including the following three companies, Power Metals Corp, Lithium Chile Inc., and Ultra Lithium Inc. While Canada continues to welcome foreign direct investment, a decision to act decisively was made if investments are deemed threatening to its national security and its critical minerals supply chains, both at home and also abroad.

Canada and the United States are promoting domestic investment into these critical mineral sectors through different programs like The Inflation Reduction Act. Crucial for critical battery minerals, it implements a $7,500 EV credit tax offer. This law puts Canada in a privileged position and will deepen investment into with lithium exploration companies like Foremost Lithium, as EV manufacturers and other suppliers scramble to source and secure their critical minerals with an FTA partner. Canada's Critical Minerals Strategy is laid out as a six area of focus which includes driving research, accelerating timelines for mines and exploration, building infrastructure among other drivers which aids could assist our ability to move forward effectively with our Lithium Lane properties.

Manitoba Mineral Development Fund "MMDF" was launched by the Government of Manitoba in August 2020 with the specific goal of jump-starting mineral and economic development initiatives and aims to support new economic development opportunities that capitalize on existing assets and infrastructure across Manitoba. It's a supports strategic projects that capitalize on mineral potential within the province and helps accelerate Manitoba's position as a world leader for responsible mineral development. Our company has been awarded the maximum allowable amount of $300,000 in 2021 and we have recently applied for this grant again this year, to help support our 2022/2023 exploration program and help advance our Snow Lake Lithium projects.

Lithium-bearing pegmatites occur across the Province of Manitoba including in areas such as the Tanco mine, Wekusko Lake Pegmatite Field, Red Sucker Lake, Gods Lake and Cross Lake, which all host known pegmatite lithium deposits. With the emergence of the electronic vehicle, or EV, the market has spurred investment and mining interest in Manitoba for lithium exploration activity, with New Age Metals, Grid Metals, and Snow Lake being a few of the mining companies exploring for lithium in Manitoba.

**Lithium Production – Historical Supply, Demand and Price Trends**

Benchmark Minerals data shows that lithium prices have increased by over five times between July 2019 and July 2022, as the world's fleet of EVs surpassed 5 million and the auto industry began to become concerned regarding the supply of raw materials.

In its April 2022 report, McKinsey predicted that lithium carbonate equivalent ("LCE") demand will increase from 500 tonnes in 2021 to between 3-4 million tonnes in 2030. McKinsey further states "In 2020, slightly above 0.41 million metric tons of LCE were produced; in 2021, production exceeded 0.54 million metric tons . . .". There is a substantial gap between current supply and expected demand that will need to be satisfied.

**Increasing Lithium Demand – Electric Vehicle Transition**

Although lithium has multiple industrial and consumer electronics applications, the most prominent application is battery production. Future lithium demand is heavily linked to future EV production. We believe that climate change policy agendas, as well as government mandated targets for EV market penetration will be positive catalysts for a growth in lithium demand over the coming years.

Countries around the world have already formulated plans to support this change, as shown in the table below. Government policies (particularly in China), new regulations (particularly in Europe), and steadily increasing consumer adoption, as evidenced by a wider availability of EV models being produced by original equipment manufacturers, or OEMs, are all expected to be significant drivers in increasing EV sales.

The Chinese government has declared that the EV industry is of strategic importance over the long term. The "new energy" vehicle industry is one of ten industries targeted as a key effort to further the Chinese government's "Made in China" initiative by 2025. In addition to China, several other countries have also announced plans to phase out and eventually replace internal combustion engine, or ICE, vehicles with EV models. Countries such as France, Norway, and the UK have all set dates for these bans, with Norway's being the most aggressive, as all new car sales in Norway must be zero emissions (battery EV or fuel cell) by 2025.

![](img024.jpg)

Recent Government Announcements

In response to the changing government policies and incentives favoring EVs, various OEMs have announced plans to expand EV production lines in the future. The chart below summarizes EV production plans from many major OEMs.

![](img025.jpg)

In addition to expanding their offering of EV models, automotive OEMs are focused on improving total energy density and reducing weight in batteries to increase the driving range of EVs. To achieve these improvements, EV battery manufacturers are increasingly using high nickel content cathode materials that contain less cobalt and more nickel, while the lithium content remains largely unchanged. Due to the underlying chemistry, battery-grade LiOH, the type of lithium we expect to be produced from the output of mine, is required in the manufacturing of high nickel content cathode material, whereas lithium carbonate, produced from lithium brine, is used in lower energy density EV battery applications.

As a result of these drivers, it is estimated that global sales of new energy-efficient passenger vehicles will reach 12 million in 2025, and the compound growth rate will reach 32.5% from 2019 to 2025. By 2030, the number of EVs on the road is expected to rise to 125 million.

![](img026.jpg)

Figure 3: Annual global EV sales by market. (Source: Bloomberg New Energy Finance.)

To meet these targets, governments will need to help the EV industry, in general, and the lithium mining sector, in particular, by supportive actions such as removing red tape for new mining projects. Some projects are already seeing such support, such as a grant to American Lithium in March 2021 to support the development of a LiOH plant in Nevada, and a Canadian federal government grant to E3 Metals Corp, for expanded lithium extraction technology research with the University of Alberta.

Demand for lithium is also increasing outside of the EV market. According to the India Brand Equity Foundation, electronics manufacturing is expected to grow at an annual rate of 30% between 2020 to 2025. Lithium primary cell batteries are central units in many consumer electronics goods. Major manufacturers in the primary battery market include Hitachi Maxell, Ultralife, Energizer, FDK Corporation, Tadiran, Vitzrocell, EVE Energy, Panasonic, SAFT, Varta, Duracell, EnerSys Ltd., Gp Batteries, Excell Battery Co., and Bren-tronics. The global lithium primary batteries market is expected to grow from $11.28 billion in 2020 to $12.24 billion in 2021 at a compound annual growth rate, or CAGR of 8.5%. The table below shows the expected growth of the consumer electronics lithium battery market in USD billions from 2020 to 2025.

![](img027.jpg)

Figure 4: Global Lithium Primary Batteries Market (Source: The Business Research Company)

Many battery cell manufacturers have made financial commitments for new Li-ion plants. Benchmark Minerals "gigafactory" tracker has gone from 70 planned new facilities in 2019 to 205 in April 2021. RK Equity's battery cell forecast is approximately 3,400 GWh in 2030. On its current trajectory, planned capacity could easily reach 8,500-10,000 GWh; however, battery raw material shortages, particularly lithium, will limit the actual volumes achieved in 2030. At battery pack prices of $60-$75/kWh, Li-ion batteries are economically competitive for all storage applications.

![](img028.jpg)

Figure 5: Global Gigafactories Forecast (Source: Benchmark Minerals and RK Equity Forecast)

According to FastMarkets.com, demand for battery grade lithium is now expected to almost triple by 2025 to more than 850 thousand metric tonnes, and to exceed 1.0Mt LCE in 2027, with growth in excess of 18% per year to 2030.

![](img029.jpg)

Figure 6: Battery-Grade Hydroxide Demand/Supply Forecast (Source: RK Equity)

The recent decline and cutbacks in upstream investment, however, could result in the market undersupply during the next few years. We believe that it is clear that investment needs to be made in lithium mining now to meet the expected increase in demand. Fastmarkets predicts the need for 16 new lithium mines of average size to go online prior to 2025. Roskill maintains the view that future refined lithium supply will remain tight, with a period of sustained supply deficit in the mid-2020s. It is our understanding that further additions to lithium production capacity for mined and refined lithium products will be required to keep pace with demand growth, led by battery applications.

![](img030.jpg)

Benchmark is aware of 40 lithium mines that have been in operation — producing lithium — in 2022. By 2050, Benchmark sees a need for 234 more lithium mines if there's no battery recycling underway. While much emphasis is put on the as the electric vehicle demand as the driver for the lithium market, Benchmark Mineral Intelligence actually puts stationary energy storage demand by that time — ⅔ of the 11.2 million tonnes expected to be produced each year by then, It has concluded that the lithium market needs to scale up to 25 times or more of the 2021 level by 2050.

**Increasing Demand for Locally Sourced Lithium in North America**

North America is expected to follow the same global trend towards EVs and away from ICEs. RK Equity is forecasting a 36% per annum EV sales growth in the U.S. between 2020 and 2030. Sharply increasing sales will be driven by the U.S.'s desire to cut 2030 emissions by approximately 50% from 2005 levels, an expected buyer subsidy of up to $10,000 per car, and potentially removing the 200,000 unit sales cap for OEMs. Model choice in the key market segments of SUVs and pickup trucks is expanding and, post-2025, EVs are expected to have both a lower total cost of ownership and a lower up-front sticker price.

![](img031.jpg)

Figure 8: Forecast U.S. EV sales and penetration (Source: RK Equity)

U.S. EV consumers continue to prefer long-range and fast charging EVs. In the first quarter of 2021, the average battery pack size for the top 10 selling EVs in China was just over 40 kWh. For the new model launches in the U.S., the average is closer to 90 kWh. RK Equity is forecasting an average battery pack size of 80 kWh for EVs sold in the U.S. in 2025. Based on these forecasts, U.S. EV sales could only equal half the number of EVs as China, and the GWh's deployed would be roughly equal. RK Equity is forecasting the GWh's deployed in U.S. EVs will rise by a factor of 30 over the decade to approximately 600 GWh (~500KT LCE battery-grade demand).

![](img032.jpg)

Figure 9: Future new BEV launches (Source: Company reports & RK Equity)

![](img033.jpg)

Figure 10: U.S. average battery pack size and GWh deployed (Source: RK Equity)

Most new EVs sold in the U.S. will use a high nickel cathode requiring LiOH. RK Equity is forecasting 85%-90% hydroxide usage for U.S. cathodes in 2025. Thus, Foremost Lithium's supply of SC6 to North American based processors of LiOH will be ideally suited and timed to engage with the U.S. market.

![](img034.jpg)

Figure 11: OEMs and cathode choice (Source: Company reports & news articles)

The U.S. currently has approximately 15KT LCE of local chemical production capacity – a fraction of the 500KT LCE demand in 2030 as we forecasted. Therefore, we forecast that the United States and North America will need to greatly increase their supply of lithium. There is a narrow window to create a regional lithium supply chain that is both scalable and sustainable with a low carbon footprint. We believe that the quickest route to scaling greenfield lithium production in North America is hard rock to hydroxide.

![](img035.jpg)

Figure 12 - Cost comparison for hydroxide (Source: Frontier presentation)

We believe it is highly likely that the U.S. and North America will emulate Europe's battery raw material strategy and target a high percentage of local lithium chemical production. If the U.S. and North America do pursue that course, there are a limited number of locations to available to supply the lithium production needed.

**Ideal Location**

The available pool of spodumene concentrate projects in historic mining jurisdictions is limited. We view Manitoba, Quebec, and Ontario hard rock assets as future strategic suppliers of SC6 to the North American and possibly European battery supply chains.

![](img036.jpg)

Figure 13: Spodumene concentrate projects in Canada and Europe (Source: Piedmont Lithium)

According to the International Energy Agency ("IEA"), Canada's electricity generation is over 80% renewables and nuclear, while China and Australia electricity generation is over 75% coal, oil and natural gas. Additionally, Manitoba is a green province, with 97%20 of electricity derived from renewable sources. This offers the potential to have a nearly net zero SC6 processing plant. Therefore, with a reduced production and transport carbon footprint and no need for customers to hold higher inventory levels, we believe domestic North American hydroxide supply will trade at a $1,000 per tonne premium to China.

![](img037.jpg)

Figure 14: Electricity generation mix (Source: IEA)

The Lithium Lane Properties are ideally located to take advantage of both hard rock strategic lithium assets and a favorable source of renewable energy for lithium mining and processing in Manitoba. In addition, the Lithium Lane Properties are strategically located in North America's "Auto Alley." With the Hudson Bay Railway having a railhead 30 km from our project, the Lithium Lane Properties have access to means of transportation to bring our lithium product north to the Port of Churchill, for shipment to Europe, or South to Auto Alley. The map below shows the extended reach of CN's rail lines into the US Auto Alley.

![](img038.jpg)

Figure 15: CN's network of rail lines (Source: CN website)

If one compares the map above to the map of the NAFTA superhighway below, the Lithium Lane Properties are strategically situated to access and address this market.

![](img039.jpg)

Figure 16: U.S. "NAFTA Superhighway" (Source: https://www.peaktraffic.org/nafta.html)

**Goldman Sach's contrarian point of view**

In May 2022 Goldman Sach's predicted that Lithium prices would fall substantially. Interestingly, they see strong demand for Lithium and believe Lithium will be a standard part of battery chemistry globally. The reason the price would be negatively impacted, is that China is mining lepidolite deposits and using such concentrates in the production of battery grade lithium. The Lepidolite deposits found in China aretypically lower-grade, resulting in higher processing costs. Many, including Benchmark Mineral Intelligence, have critiqued Goldman Sach's view and in particular its assumptions regarding the speed at which these new sources of supply will be brought to market and the ease at which they can be converted to a form needed by battery makers. It is early days for lepidolite and thus far Goldman Sach's predicted price decrease has not materialized as they suggested.

**BUSINESS**

**Overview**

We are an emerging exploration company focused on lithium exploration.

**Lithium Lane**

Our primary focus is on exploration on and eventually the development of our 100% owned portfolio of four exploration properties in the historic and preeminent mining center of Snow Lake, Manitoba, Canada which in aggregate encompass 77 discrete claims totaling 43,031 acres, or 17,414 hectares. Our goal is to become a strategic supplier to processors of battery-grade LiOH to supply the growing electric vehicle battery and battery storage markets. Our primary assets are four properties in the historic and preeminent mining center of Snow Lake, Manitoba, Canada: (1) the Zoro Property; (2) the Jean Lake Property; (3) the Grass River Property; and (4) the Peg North Property (together, the "Lithium Lane Properties"). To capitalize on the fast-growing demand for lithium driven by electrification of the transportation sector and battery storage for grid stability, our focus is to expeditiously monetize the resources we anticipate to be held in the Lithium Lane Properties. To date, the Zoro Property is the only project where the Company has a S-K 1300 compliant initial assessment report with an inferred mineral resource estimate. This S-K 1300 compliant Technical Report was prepared to support ongoing exploration and development by the Company. Its primary goal was to review existing and newly discovered lithium-cesium-tantalum-bearing pegmatite dykes on the property based on exploration work finished before July 2018. It would utilize the related geoscientific database to demonstrate sufficient technical merit to continue the assessment of known pegmatite dykes and to explore for repetitions of this style of mineralization. The NI 43-101 Technical Report on The Zoro Lithium Project, Snow Lake, Manitoba dated July 6, 2018, defined an inferred resource on Dyke 1. The Company has subsequently drilled an additional 10,000 meters of core and documented a total of 16 spodumene mineralized pegmatite dykes. Based on the 2018 S-K 1300 compliant report, a base case inferred resource for Dyke 1 on the property was determined. The reporting cut-off is 0.3 percent Li2O. Dyke 1 contains 1,074,567 tonnes at 0.91% Li2O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 Rb, and 43 ppm Ta.

There are several positive tailwinds for lithium demand, particularly hydroxide in the United States. RK Equity forecasts an increase in battery cell demand in the United States of approximately 30 times between 2020 and 2030. We believe it is highly likely that the North America will emulate Europe's battery raw material strategy and target a high percentage of local lithium chemical production. The United States currently has approximately 15KT LCE of local chemical production capacity – a fraction of the 500KT LCE demand in 2030 as we forecasted. As hard rock to hydroxide offers the shortest greenfield route to increased supply, and Foremost Lithium's land position hosts significant potential, projects such as Foremost Lithium's Lithium Lane Properties will be seen as strategic in the years to come.

The Lithium Lane Properties are ideally located in the Province of Manitoba, Canada, where 97% of the electrical energy supply is from hydro-electric renewable sources. The region of Snow Lake, where the Lithium Lane Properties are situated, is mining friendly, and the Hudson Bay Railway runs within 30km of the Lithium Lane Properties. The Hudson Bay rail runs north to the Port of Churchill which supplies access to Europe by ship, or south to the EV manufacturing markets in Michigan and the southern United States. We intend to be one of the first producers of SC6 technical specification spodumene concentrate and subsequently upgrade to battery grade LiOH. Our belief is that investors and customers will demand a secure supply of ethically mined commodities from North American miners to supply demand from the electric vehicle market.

We are in the process of exploring our Lithium Lane Properties and expect that following a planned six-phase exploration program, we will be in a position to book additional S-K 13000 compliant resource estimates and move closer to our goal to develop a mine.

**Winston**

The Winston Gold/silver Project has promising geology and is also an exciting opportunity for our Company. The Company is looking for opportunities to expand the claims and execute an exploration program that could unlock significant value. The Company will consider options to enable value to be unlocked including a spin out or joint venture with precious metals focused participants.

**Detail**

A map showing the Company's current net land position in the Lithium Lane Properties is shown under the heading "*Location and Description of Lithium Lane Properties*."

We are actively exploring each of our Lithium Lane Properties. The Table below summarizes our current status and next major milestone activity:

![](img040.jpg)

**Near-Term Immediate Exploration Works:**

 **Zoro Lithium Property** 

The Company completed a successful April 2022 drill program and now has discovered 16 lithium-bearing pegmatite dykes upon which to potentially build a resource. The Company completed UAV-assisted magnetic and Lidar surveys which integrates data sets with Mobile Metal Ions soil geochemical data, mapping and prospecting data as well as drill core data. The Company will use this data to determine the most effective step out and infill drill program. Simultaneously, the Company successfully completed its phase 1 with Glencore Canada ("XPS") to process an initial 500 kg mini bulk sample of spodumene-bearing pegmatite from Dyke-1 into (a) SP6 technical specification spodumene concentrate and (b) battery-grade LiOH and is now moving into phase 2 with results expected in the first half of 2023.

 **Jean Lake Lithium and Gold Property:** 

The Company completed its exploration program in preparation for its current 3,000 meter 24-hole drill program that commenced in December of 2022. Drill targets were identified through a combination of prospecting, soil and rock chip geochemical surveys and UAV-assisted magnetic surveys.

 **Grass River Lithium Property:** 

The Company has completed UAV-assisted magnetic and Lidar surveys and shall integrate that data with the historical mapping and prospecting data, and historical drill core data. Over the second and third quarters of 2023, the Company will undertake prospecting and targeted Mobile Metal Ion soil geochemical surveys over areas of specific interest identified from the drone magnetic survey.

 **Peg North Lithium Property:** 

The Company flew airborne geophysics over the entire property in 2023. During the second and third quarters of 2022, the Company will undertake prospecting and Mobile Metal Ion soil geochemical surveys over areas of specific interest identified from drone magnetic surveys.

**Our Exploration Target – Lithium Lane Properties – Inferred Resources**

On September 5, 2018, the Company announced the existence of an S-K 1300 compliant and inferred lithium mineral resource at our Zoro Property in central Manitoba, Canada. This was an updated NI-43-101 report only covering Dyke-1 progress current to H1-2018. The main features of this resource, as reflected in the table below, can be characterized as follows:

● A -S-K 1300 compliant report for a base case inferred resource for Dyke 1 on the property was determined. The reported cut-off is 0.3 percent Li2O. Dyke 1 contains 1,074,567 tonnes at 0.91% Li2O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 Rb, and 43 ppm Ta.

● The inferred resource is entirely from a single high-grade lithium bearing spodumene pegmatite dyke (Dyke-1) partially outcropping at surface on the Zoro Property. The Company has subsequently discovered a total of sixteen (16) spodumene mineralized pegmatite dykes which remain open for further drilling to build substantial additional S-K 1300 compliant resources.

● The Company is currently aware of 17 historically mapped and drilled spodumene mineralized pegmatite dykes on the Grass River Property which have yet to be fully delineated or drilled to S-K 1300 standards (previous 1959 results are not applicable although they clearly evidence 7 spodumene mineralized pegmatites).

● In August 2021, the Company discovered two beryl pegmatite outcrops on the Jean Lake Property which assayed high-grade lithium. These high-grade assay results included 3.89 Li2O% to 5.17% Li2O%. As a result of airborne magnetics, the Company has currently defined 14 high priority drill targets on Jean Lake Property – including the two "Beryl" pegmatites which shall be drill tested for the first time in the third quarter of 2022.

● The Company acquired the Peg North Property in the second quarter of 2022 and is using targeted MMI together with boots on the ground prospecting to delineate the five (5) historically documented spodumene pegmatites on the property in the second and third quarters of 2022.

We note that the ranges of potential tonnage and grade (or quality) of the lithium resource at our Zoro Property are conceptual in nature. We have not yet conducted sufficient exploration on our Zoro Property to estimate a mineral resource (i.e., a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction), and it is uncertain whether further exploration will result in the estimation of a mineral resource. Our Lithium Lane Properties exploration target, therefore, does not represent, and should not be construed to be, an estimate of a mineral resource or a mineral reserve.

Zoro Property Inferred Resource

---

| | | | |
|:---|:---|:---|:---|
| **Cut-Off 0.3 Li<sub>2</sub>O%** | **Tonnes (t)** | **Grade Li<sub>2</sub>O%** | **Li<sub>2</sub>O tonnes** |
| **Inferred** | 1074567 | 0.91 | 10756 |

---

The following resource estimation was completed by Scott Zelligan, P. Geo, with an effective date of May 25, 2018. This resource covers only material within Dyke 1 at the Zoro Property. Comparable properties are referenced within this section, and such resource estimation was obtained from: Richard & Pelletier, 2011; Dupere et al., 2017; Selway et al., 2012; and Boyko et al., 2018. Our lithium resource is comprised entirely from one spodumene mineralized pegmatite dyke (the Zoro Dyke 1) as defined by our 2017/2018 drill programs. Dyke 1 is close to additional lithium bearing mineralization hosted in 15 spodumene pegmatite dykes that are yet undefined and does not comprise part of the existing resource. The resource remains open at depth and along strike in both the north and south directions.

Estimation was conducted only within the mineralized pegmatite with internal and external waste excluded as identified by hard boundaries. Interpretation occurred on a two-dimensional sectional basis then combined to form a three-dimensional volume model of the in-situ pegmatite dyke. No waste material in the host country rock was estimated.

The resource was estimated using Micromine software with an inverse distance squared interpolation method due to insufficient data available to suit variography and kriging.

The resultant resource is classified as an inferred resource in accordance with S-K 1300 when taking into consideration, data density, deposit geometry, likely extensions, and possible interpretation alternatives. Enough holes required to provide more than an indicated category confidence in the Zoro resource have not been drilled. We have not completed any economic modelling or reporting and, therefore, the available, historical drilling information is considered early stage, and the risk of the failure of additional drilling to provide confirmation of our indicated and inferred resource is great. To date, a limited amount of capital has been invested in the Lithium Lane Properties and the future success of the project will rely heavily on the availability of additional capital which may not be available to us on favorable terms, if at all. Future capital investment in us may result in dilution of your investment in our common shares and a failure to confirm our resource may result in a failure of our business and the complete loss of your investment.

*<u>Geology and Interpretation</u>*

Dyke 1 pegmatite is the largest and best studied dyke on the Zoro Property. It is a north-south trending, near vertical body that extends for at least 280m in length and a maximum known thickness of approximately 35m. An apparent lack of alteration in the country rock is commonly described in the historical drill logs with only a local description of brecciation of the mafic volcanic rocks associated with a network of quartz veins. Recent field work identified Holmquist in the mafic volcanic country rock, indicating metasomatic alteration associated with the pegmatite intrusion, and lithogeochemical analyses demonstrate that a broad metasomatic halo was developed. Holmquist-bearing assemblages are a function of the activity of lithium introduced into the pegmatite's wall rock. These assemblages reflect greenschist facies metamorphic conditions and are only found in amphibolite wall rock usually replacing hornblende, pyroxene, or biotite (Heinrich, 1965; London, 1986). Based on historical and recent drill log descriptions the zonation in the Dyke 1 pegmatite can be defined as follows:

1) the wall zone is at the contact and is predominately composed of quartz, microcline, and muscovite, with accessory tourmaline, hornblende, biotite and rare beryl and spodumene.

2) the intermediate zone has medium sized crystals of microcline, albite, quartz, muscovite and spodumene (less than 5%).

3) the central zone has abundant spodumene (locally up to 50% but more commonly varying between 10 and 30%), albite, quartz and locally pollucite and tantalite, and accessory apatite, tourmaline, pyrrhotite, lepidolite, columbite group minerals and Fe-Mn phosphate minerals.

4) core zone is mostly composed of quartz with small to medium grained spodumene crystals (locally 15-20cm crystals of spodumene are observed) in a quartz matrix, with minor tourmaline and muscovite.

Based on historical descriptions and recent preliminary petrographic work, three stages of spodumene growth can be identified. The first is a primary phase greenish spodumene, and the second is a spodumene plus quartz intergrowths possibly after petalite breakdown (Cerny and Ferguson, 1972). The third phase consists of late bands of very fine-grained spodumene crystals that crosscut other mineral phases or surround feldspars and muscovite grains. Locally, spodumene crystals can be surrounded by fine-grained mica described in historical drill logs as purple, possibly Li-mica or lepidolite. This could be indicative of a late Li-enriched episode (possibly auto- metasomatism) responsible for the formation of the later mica. Acicular opaque minerals of the columbite group are present, and locally late bands of fluorite were reported in historic assessment files associated with fractures in the pegmatite. The latest event identified in the thin section is characterized by late Fe-rich, quartz-calcite stringers with no definite direction that crosscut the pegmatite. Deformation is visible in the thin section in the feldspars and muscovite (kink bands in muscovite are commonly observed) suggesting that the pegmatites are pre- to syndeformational.

*<u>Drillin</u>g*

After the historical drillhole locations were determined, an excel drillhole database was compiled. All 78 historical PDF drill logs were entered into the database by hand. All relevant data was captured including survey data, major and minor lithologies, alteration, pegmatite mineral composition, structure, and assay data when available. A legend was created, and rock codes were assigned. Lithologies were consolidated when necessary to model the dykes in 3 dimensions. Historical drillholes that intersected Dyke 1 were de-surveyed in Studio EM (Datamine). Seventeen cross-sections (spaced at 25m intervals perpendicular to Dyke 1) and 7 plan maps (spaced at 50m elevation intervals below surface) were created for interpretation. Interpretations of the pegmatite, gneiss, schist, metavolcanics, and overburden were done by hand drawing. These interpretations were then scanned, digitized in AutoCAD, and wireframed in Studio EM. A model of the Dyke 1 pegmatite was created from the cross-sections and plan maps, which served as the basis for the Company's drill targeting. Between November of 2016 and November of 2017, the Company conducted three small drilling programs on Dyke 1 to validate historical drilling results and to test the pegmatite farther along strike and at depth. A total of 19 drillholes summing 2,920.4m were drilled through these three exploration phases focused exclusively on Dyke 1. In the first quarter of 2018, the Company conducted a larger drilling program which not only continued the definition of Dyke 1 but also began drill testing other lithium bearing dykes on the property (Dykes 2, 4, 5 and 7).

The Company has drilled 10,007m of core in total to date. The Company has discovered 16 spodumene pegmatite dykes which are not included in a S-K 1300 compliant resource at this time. The Company needs sufficient working capital to deploy on the Zoro Property to fully describe the potential resource.

*<u>Samplin</u>g*

Gogal Air Services, located at 494 Lakeshore Drive., Snow Lake, Manitoba, provided helicopter support and supplied the core shack, equipment, and core storage for our drilling programs. Jake Ziehlke of Strider Resources based in Oakbank Manitoba, performed the ground truthing and drill pad cutting, and Richard Stoltz based in Snow Lake Manitoba performed the core cutting and aided in drill pad cutting. Mark Fedikow (Independent consultant, Phase 1), Mike Kilbourne (Orix Geoscience, Phase 2), Chris Watters (Orix Geoscience, Phase 3) and Paul Nagerl (Orix Geoscience, Phase 4) were the project geologists on site and were responsible for spotting drillholes, drill site inspections, logging core, sampling, and ensuring that samples were properly bagged and shipped to Activations Laboratory, an ISO accredited laboratory. Westcore Drilling performed drilling for all three phases. A single drill rig was used throughout the programs and water was supplied by pump and hose sourced from several nearby water bodies including a local creek which runs a few meters east of Dyke 1. This local creek feeds into Johnson Lake approximately 200m south of Dyke 1 outcrops. Orix Geoscience Inc. performed data entry, database management, geological interpretations, 3D modeling, and drill targeting. Orix continued support of the drill programs by completing drillhole status update documents, continuously updating the database, and performing QAQC checks on the drilling sample programs.

*<u>Sample Analysis</u>*

The core was first retrieved at the drill site as the drill helper removes the core from the core tube into the drill box. The drillers were provided with a drill status sheet prior to the start of each hole to ensure that the boxes were labelled with the appropriate hole number. Should an error be noted by the project geologist on site, the box numbers were corrected immediately. A wooden block was inserted after each 3m core run recorded with the meterage down hole. The core remains in the custody of the drillers until it is flown back by helicopter sling after each 12-hour drilling shift (weather permitted), where it was immediately inspected by the project geologist. The core, when not being attended to, is stored at Gogal Air Services helicopter hanger on core racks and pallets. The core was then transported into the core logging facility where it was teched, logged, and sampled. Core was laid out on core tables to be initially inspected for correct meter blocks and drillhole identification. The project geologist was responsible for ensuring that the core is in continuous correct order. In 2018, a logging and sampling procedure document was created and implemented for subsequent programs. Logging was recorded in an excel template detailing intervals with associated major lithology, minor lithology, pegmatite minerals, structure, alteration, and samples. Generally, major lithologies were considered any unit greater than 2 meter and minor lithologies less than 2 metres Special attention was placed on logging the pegmatite intervals, ensuring that mineralogical zoning was noted.

Once the geological information for each hole was recorded, the project geologist identified core to be sampled. Sample number identifiers were written on the core in red grease pencil, marking each sample with a starting arrow and ending arrow to indicate length. A corresponding sample tag was filled out for each sample, including the "from" and "to" intervals and a brief description was recorded in the drill logs. One third of the sample tag remained in the sample book to be retained as reference, a second tag was placed underneath the remaining portion of core interval to be sampled, and a third tag was placed in the sample bag with the sample portion. Sample intervals did not cross lithological boundaries significant alteration zones, or mineralogical zoning of the pegmatite; samples were selected of homogenous content. Sample interval lengths were greater than 0.3 meter but less than 1.5 meter. Shoulder samples of the host rock were not required as spodumene mineralization does not occur outside of pegmatites. Quality Assurance/Quality Control controls were inserted.

All drill core and rock chip samples were analyzed with Activation Laboratories ("Actlabs") in Ancaster Ontario which is an ISO 17025 accredited laboratory issued by the Standards Council of Canada ("SCC"). The samples underwent "Ultratrace7" (UT-7) analysis. This analytical approach combines a Sodium Peroxide ("Na2O2") fusion with inductively coupled plasma / optical emission spectometry and inductively coupled plasma / mass spectrometry finish. All metals are solubilized. A brief description of the analytical methodology follows:

● ICP/MS: Fused samples are diluted and analyzed by Perkin Elmer Sciex ELAN 6000, 6100 or 9000 ICP/MS. Fused blank is run in triplicate for every 22 samples. Controls and standards fused with samples are run after the 22 samples. Fused duplicates are run every 10 samples. Instrument is recalibrated every 44 samples.

● ICP/OES: Samples are analyzed with a minimum of 10 certified reference materials for the required analyte, all prepared by sodium peroxide fusion. Every 10th sample is prepared and analyzed in duplicate; a blank is prepared every 30 samples and analyzed. Samples are analyzed using a Varian 735ES ICP or a Thermo 6500 ICAP. Results are reported in parts per million (ppm). into the sample stream at regular intervals.

The Quality Control System at Actlabs is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Commission ("ISO/IEC") 17025 (which includes ISO 9001 and ISO 9002 specifications) with CAN-P- 1758 (Forensics), CAN-P-1579 (Mineral Analysis) and CAN-P-1585 (Environmental) for specific registered tests by the SCC. The accreditation program includes ongoing audits which verify the Quality Assurance system and all applicable registered test methods. ACTLABS is also accredited by the National Environmental Laboratory Accreditation Conference ("NELAC") program and Health Canada. The quality program at ACTLABS also includes the use of standards, analytical duplicates, and blanks.

*<u>Estimation Methodolo</u>gy*

Wireframes based on pegmatite intersections and assay results, were constructed by Orix Geoscience in Datamine (Studio EM) to represent the extent of Dyke 1. Contact profiles were generated to test the validity of the wireframe models and to determine the ideal method for treating wireframe boundaries. Contact plots for Li2O% were developed between the samples within the low-grade dyke domain and the waste, and between the "FW" and "HW" high-grade domains and the low-grade domain. Assay results from drilling were composited to 1m, as most samples were 1m and therefore this resulted in the least amount of unnecessary sample blending. Rather than force samples to exactly 1m, the compositing process approximated as closely to 1m as possible within each domain and within each drillhole interval. Absent data within the raw data set was assumed to be 0 grade. Li2O% grades were not capped. Histograms as well as statistics (for instance, coefficient of variance is <1.2), indicate that there are no "extreme" grade values that would have an impact on the overall grade population. The maximum values, as is typical of this type of deposit, are not much greater than 2 standard deviations from the mean. A density of 2.75 t/m3 was chosen for the tonnage estimate. This was based on values used for resource reports on comparable properties, as well as known values of pegmatite dykes.

Inverse-distance-squared ("ID2") was chosen as the interpolation method. Nearest Neighbor ("NN") and Inverse-distance-cubed ("ID3") were also run as a check for the results. Variography was not performed as the sample populations were not large enough to support this method. Instead, the search ellipse anisotropy was designed to mimic the dominant orientation of Dyke 1 (as modelled). As discussed above, contact profiles indicated a "hard" boundary between the low-grade "low" domain and the surrounding (and contained) "waste" domain, as well as the high-grade "FW" and "HW" domains and the "low" domain they are contained within, for the estimation of Li2O%. For Be, Ga, Rb, and Ta, all material inside Dyke 1 was treated as one domain, with a "hard" boundary compared to the "waste" domain. For Cs, "low" and "HW" were treated as one domain with a "hard" boundary to the "waste" domain, and the "FW" domain was estimated as a "hard" boundary with the "low" domain. The Block Model was created with parent cells of 5m x 5m x 5m, and a minimum sub-cell size of 1.25m x 1.25m x 1.25m. Twenty-seven (27) interpolations were performed to populate the final grades for all metals into the block model. All domains and metals were estimated using three search ellipses, each with successively smaller search ellipses to better estimate volumes with higher sample density. Sections and Plans confirm the correlation between drill results and estimated grades. Continuity seems logical and there are no glaring mismatches between drillhole grades and block model grades.

*<u>Cut-off Grades</u>*

CIM Definition Standards for a Mineral Resource as a "concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade, or quality that there is reasonable prospect for eventual economic extraction." In our case, a cut-off grade of 0.3% Li2O was used for resource reporting. This 0.3% Li2O cut-off grade was used to measure our resources as, according to our S-K 1300 Report, that is a reasonable grade necessary to cover estimated production costs.

*<u>Class</u>i<u>fication</u>*

Mineral resource classification is the application of Measured, Indicated, and Inferred categories, in order of decreasing geological confidence, to the resource block model. These are CIM definition standards (adopted by the CIM Council on May 10, 2014) for reporting on mineral resources and reserves, which are incorporated, by reference, in NI 43-101. As per CIM (2014):

**Measured Resource**

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation.

**Indicated Resource**

An Indicated Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

**Inferred Resource**

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

These categories are applied in consideration of, but not limited to, drill and sample spacing, QAQC, deposit-type and mineralization continuity, surface and/or underground mineralization exposure, and/or prior mining experience. With respect to resource classification of the Zoro Lithium deposit, due to the number of samples and spacing of the drillholes, the entire resource has been classified as inferred.

The 2018 Zoro dyke-1 resource is classified entirely as an inferred in accordance with the S-K 1300 when taking into consideration, data density, deposit geometry, likely extensions, and possible interpretation alternatives.

*<u>Other Modifying Factors</u>*

A preliminary metallurgical test was conducted to determine possible concentrate grade recoverable from the Zoro dyke-1 deposit in 2020. Automated mineralogy, coupled with geochemical analyses and mineral chemistry, provide valuable quantitative data that can be used to guide the test work and explain recoveries and potential losses. Spodumene is the primary lithium mineral in the Zoro Pegmatite and accounts for 96% of the total lithium. Lithium losses due to other than spodumene host minerals will be minimal and favor the project. Furthermore, liberation of spodumene is 88% for the calculated head for a P80 of 600 μm. Therefore, flotation can be conducted at relatively coarse particle size to recover the spodumene. Liberation of gangue minerals including quartz (89%), Na- and K-feldspars (94%), and micas (82%) is very good. These can theoretically be rejected. Preliminary test work, HLS and combined with magnetite separation, tests indicate that it is possible to produce a high-grade (close to 6% Li2O) SC6 lithium concentrate after the rejection of iron silicate minerals. Thus, most of the spodumene should be amenable to recovery by HLS and/or flotation. The mineralogical characteristics of the pegmatite favor the economic potential of the project. However, additional metallurgical test work is currently being conducted by the Company to evaluate the DMS and flotation recovery of spodumene. No engineering studies have been conducted however, given the sub vertical nature of the deposit, underground mining is anticipated to be the method of extraction.

In May 2022, Foremost Lithium contracted XPS Expert Process Solutions (a Glencore company) to develop a process to refine spodumene concentrate (SC6 technical specification) into a saleable battery-grade lithium hydroxide product. Foremost Lithium's initial 2020 metallurgical test work, done in conjunction with SGS Canada Inc, indicated that it is possible to produce a high-grade 6% Li2O concentrate3. Phase 1 results were announced in December 2022, test work confirmed that the spodumene-bearing pegmatite was amenable for production.

In June, after a receipt of a bulk sample permit from the Manitoba government, a field crew collected 489 kg of spodumene-mineralized pegmatite using sledgehammers and chisels from trenches exposing Dyke 1 on Foremost Lithium's Zoro lithium property. Twenty-six pails of spodumene-mineralized pegmatite were shipped to SGS Lakefield. After sample preparation, testwork on this Master Composite sample included heavy liquid separation (HLS), dense media separation (DMS), and dry magnetic separation. The metallurgical target of the test work was the production of a spodumene concentrate containing >6% Li2O and <1% Fe2O3, while maximizing lithium recovery. Dr. Sunil Koppalkar of XPS Expert Pro The bulk sample was processed on a DMS pilot plant at SGS Lakefield. The bulk sample produced a final spodumene concentrate assaying 5.93% Li2O, at a global lithium recovery of 66.9% in 26.5% mass after magnetic separation. The iron content in the spodumene concentrate assayed 1.23% Fe2O3, slightly higher than the 1% Fe2O3 targeted, but is acceptable for subsequent hydrometallurgical processing.

The HLS and DMS test work confirms Dyke 1 spodumene ore is amenable for production of a spodumene concentrate by the DMS process. DMS provides the opportunity to reject nearly 50% of the coarse waste rock (-12.7 mm) at an early stage of the process thereby significantly reducing ore transportation and handling costs for a future plant. Management anticipates rejected coarse waste rock will have 8.6% lithium at a grade of 0.41% Li2O. Phase two will continue with ongoing work being carried out by XPS which includes mineralogical assessment of the DMS products and flotation test work to optimize lithium recovery from the DMS middlings and -0.5 mm fines streams. The DMS concentrate is used to advance the pyrometallurgical test work (spodumene decrepitation and sulphide roasting) with the ultimate goal of producing a valuable lithium product from the concentrate.

Any future processing plant for Dyke 1 ore is envisaged as having a DMS +Magnetic separation plant and a smaller flotation plant (smaller footprint) for processing the middlings +0.5 mm fines from the DMS process. This processing flowsheet will result in significant savings in terms of CAPEX and OPEX as compared to processing the entire Dyke 1 ore by flotation process for the recovery of lithium. The first phase of our bulk sample program showing favorable results is extremely positive. This project demonstrates that we will be able to market our lithium while still in the ground directly to battery suppliers and vehicle manufactures.

**Location and Description of Lithium Lane Properties**

Our core assets are the Lithium Lane Properties, which cumulatively encompass a total of 77 claims covering 43,031 acres, or 17,414 hectares of Tier 1 pegmatite fields located on or abutting the host Crowduck Bay fault structure.

![](img041.jpg)

*Figure 2 - Land map which depicts the Company's cumulative land position in Snow Lake pegmatite fields located in Manitoba, Canada*

Snow Lake is located approximately 700km north of Winnipeg, a 7-hour drive on well maintained, paved roadways. Daily flights are available from Winnipeg to both Flin Flon and Thompson. Flin Flon is a 2-hour (200km) drive west on paved highway to Snow Lake. Thompson is a 2.5-hour (260km) drive northeast from Snow Lake on paved highway.

The Lithium Lane Properties are in the Churchill geological province at the eastern end of the Flin Flon Belt. The Flin Flon Belt (1.92-1.88 Ga) is one of the largest Proterozoic volcanic-hosted massive sulphide districts in the world. The east trending Flin Flon Volcanic Belt (230km X 50km) is interpreted to be a remnant of a Paleoproterozoic orogenic mountain belt which developed as new ocean basin and arc crust interacted with Archean rocks of the Hearne and Superior cratons along complex convergent plate boundaries.

The area of the Lithium Lane Properties is bisected by the regional Crowduck Bay Fault. The rocks on the eastern side of this fault consist of folded Missi Group sandstones (greywackes) and conglomerates, part of the Eastern Missi Block. To the west, across the fault, the property is underlain by plutonic rocks intruding turbidites of the Burntwood Group, part of the Wekusko Lake Block. The Wekusko Lake Pegmatites with significant mineralization belong to the three groups quoted above. The general characteristics of each group will be discussed separately.

**The Sherritt-Gordon pegmatite group (SG) – (applicable to Jean Lake and Snow Lake Resources Sherritt Gordon Type)**

The eastern dyke has been traced for over 500 metres, striking 300-315° and dipping steeply to the southwest. The dyke ranges from 10 cm to 5 metres in width, and splits into 3 subparallel veinlets at the southeast end. The western dyke has been traced for almost 400 metres, striking parallel to the eastern dyke at about 70 metres, and dipping 50°-70° to the southwest; its width varies between 1.5 and 10 metres. Both dykes display some pinch and swell structures along strike, as well as slight changes in strike. Abrupt termination of the dykes was observed against gabbro, with re-appearance farther along strike. These features suggest that the pegmatites intruded parallel fractures that were subsequently slightly deformed and locally displaced. This observation is supported by local post-crystallization deformation of early minerals in the dykes. The orientation of the fractures occupied by the Sherritt dyke is sub-parallel to the D5 joint system observed by Bailes (1975) in the area to the north. The poor exposure of the dykes does not permit a detailed study of internal structure, but a safe generalization can be made from the few outcrops revealing complete cross-sections. The eastern dyke seems to be homogeneous in mineral distribution, and it shows only some coarsening of grain size inwards. The western dyke is asymmetric, with the grain size increasing to the hanging-wall contact, and some accumulation of the spodumene, quartz and blocky K-feldspar along this contact. Occurrences of cleavelandite, saccharoidal albite, garnet, apatite, and beryl are rather sporadic and patchy; muscovite seems to be dispersed rather regularly throughout the whole dyke. No Nb-Ta oxide minerals were observed that would be visible in hand specimen.

**The Violet●Thompson pegmatite (VT) (Applicable to Peg North and Snow Lake Resources Thompson Brothers Type)**

This dyke is located on the east shore of Grass River (Crowduck Bay) northeast of the Sherritt-Gordon property. It intrudes a series of Missi pebble to cobble conglomerates and is subparallel to parallel to their northeast- trending foliation; it strikes appoximately 030°-038°, with vertical dip. The dyke is up to 20 metres wide, exposed over 130 metres along strike at its southern end, and it was traced by drilling for more than 500 metres to the north. A lens-shaped outcrop of spodumene-bearing pegmatite 10 x 22 meters in size was discovered at the northern extension during the present field work, with the pegmatite pinching out on its southern end and open to the north. The main exposure of the dyke near its southern end reveals a number of metasedimentary slabs and rudimentary bridges within the pegmatite, suggestive of pegmatite emplacement into a dilatational structure. This is supported by the peculiar internal structure of the body, typical of vein fillings crystallizing during gradually and continuously opening fractures: the dyke is homogeneous both texturally and compositionally, with an oblique ladder-like orientation of columnar (1-35 cm long) spodumene and K-feldspar plunging 10-25° at 320-340°. This represents inclination of these crystals up to 30° from the perpendicular to the contacts with the host rock. Changes in attitude of the crystals occur along planes roughly parallel with the dyke contacts. This fabric of the mutually parallel columnar crystals, sub perpendicular to the dyke contact, is fundamentally different from the near-perpendicular but divergent growth of crystals governed by geometric selection in basically static open fractures (cf. Jahns 1953). All the structural features of the Violet- Thompson dyke (similar to, e.g., certain types of chrysotile veins in serpentinites) strongly suggest continuous crystallization in a tension field of a slowly opening fracture, with steady influx of homogeneous parent material, and with the oblique angle of wall separation abruptly changing during the process. A complex but consistent pattern of K/Rb and K/Cs fractionation in K-feldspar observed in two complete cross-sections of the dyke suggest that the eastern contact could have been the substrate and the growth possibly proceeded westwards. Local fracture fillings parallel to the main dyke can be observed inside the pegmatite, with mineral assemblages identical to those of the main dyke but mostly lacking its fabric. Bending and fracturing of spodumene and K-feldspar healed by albite and quartz also indicate that the host fracture was active during and after the bulk of crystallization. In addition to spodumene (which ranges between 10 and 20% by volume) and K-feldspar, the dyke contains mainly albite, quartz, and muscovite, which constitute the medium-to coarse-grained matrix separating the columnar crystals. Garnet, apatite, and beryl are very subordinate. No Nb, Ta-oxide minerals have been observed.

**The Green Bay pegmatite group (GB) (applicable to Zoro)**

This group is located about 4.5 km east-northeast of the Violet-Thompson dyke. It consists of 7 dykes intruding metabasalts of the Amisk Group, in a 2 km zone trending approximately 55° from the westernmost, and largest, pegmatite (Mulligan1965). The individual dykes strike northwest to north-northwest with subvertical dips, mostly crosscutting the northeast regional foliation of the metabasalts. The pegmatite group is located inside two divergent faults striking east-northeast and north-northeast. If they are interpreted as conjugate horizontal shears, the attitude of the pegmatites would correspond to the theoretical orientation of associated tension fractures (Mulligan 1965). Out of the seven pegmatites present, the westernmost (GB) and largest was examined in detail, and two minor dykes neighboring to the east (GBB and GBC) have been sampled for geochemical characterization. The GBA dyke is largely drift-covered and poorly exposed in trenches over 250 metres along strike, which is approximately 350° with vertical dip. The width varies between 3 and 20 metres. The pegmatite contacts crosscut the regional schistosity at a low, and variable, angle. The dyke is roughly concentric in internal structure. Coarsening of grain size of the main constituents—K-feldspar, quartz, spodumene, and black tourmaline—towards the centre of the body is only locally interrupted by patches of saccharoidal albite, larger aggregates of muscovite, and by coarser albite stringers carrying garnet and beryl. Spodumene is concentrated in, but not confined to, the core. Sicklerite, most probably an alteration product of triphylite, is exceptional. The GBB and GBC dykes show similar internal structure and composition, but they are much more influenced by post consolidation tectonic activity, which is very sporadic in the GBA dyke. They split into several subparallel veins, and they generally show much more active structural evolution than the main dyke. Spodumene occurs in them only in centrally located patches.

As evident from the preceding descriptions, the mineralogy of all three pegmatite groups is practically identical despite the widely separated locations, different attitudes, and individualized internal structures. The only difference observed in the field lies in the distinct enrichment of the GBA dyke in tourmaline and beryl, particularly towards its northern end; in the other pegmatites, these two minerals are much less abundant. Geochemical characteristics show a close relationship between the Sherritt-Gordon and Violet- Thompson groups, and a much more advanced fractionation in the Green Bay pegmatites. This is shown repeatedly by the plots of K/Rb vs. Cs in K-feldspars and muscovite, and by the Na/ Li vs. Cs plot of beryl (Fig. 165). In the Green Bay group, the highest degree of fractionation is attained in the small dykes GBB and GBC.

*<u>Zoro Lithium Pe</u>g<u>matites</u>*

General and detailed geology for the Zoro Lithium Project is depicted in the figures below. Mapping by the Manitoba Geological Survey on the property documents the Zoro Lithium Project is underlain by Ocean Floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group sedimentary rocks. The Ocean Floor rocks comprise mafic volcanic and related intrusions and the Missi Group consists of sandstone, siltstone, mudstone and quartzofeldspathic gneiss and migmatite. These lithologies are flanked to the south by Missi Group calc alkaline and tholeiitic basalt and rhyolite to dacite ash flow tuff and flows and to the east and west more Missi Group sedimentary rocks. The Ocean Floor mafic volcanic rocks adjacent to the dykes consist of a fine- to medium-grained strongly foliated dark green lithology. These andesitic to basaltic lithologies are locally interbedded with volcaniclastic sedimentary rocks and all are intruded by a quartz-phyric granite intrusion. The flows are generally fine- to medium-grained, massive with a 50°-70° lineation and strikes of N10°-30°E and steep northwest dips. Localized quartz veins, quartz laminae and associated iron carbonate veinlets are also present in outcrop adjacent to lineaments interpreted to represent faults. Minor arsenopyrite was noted in the quartz veins and laminae. These rocks are locally rusty-weathered and crosscut by veinlets of iron carbonate and quartz. Minor arsenopyrite and pyrite was observed in the quartz veins and laminae.

![](img042.jpg)

*Figure 3 - General Geology of the Wekusko Lake Pegmatite Field Region. Claim map of Zoro provided for context*

The pegmatite dykes generally strike northwest to north-northwest with steep dips and crosscut the regional foliation at a low angle. The dykes tend to be concentric in internal structure and the grain size of the constituent minerals (potassium feldspar, quartz, spodumene and black tourmaline) coarsens towards the center of the dykes. This pattern may be locally interrupted by patches of saccharoidal albite, large muscovite aggregates and coarse albite stringers with garnet and beryl. Spodumene is concentrated in the cores of the dykes. Some of the dykes have been split into sub-parallel veins by post-emplacement tectonic activity.

Detailed geologic observations of the pegmatites on the property were initially hampered by caved, filled and overgrown trenches however after trench cleaning and mucking and the availability of drill core Martins et al. (2017) provide a detailed description of Dyke 1. It is a north-trending, near-vertical body that extends for at least 280m along strike, with a maximum thickness of approximately 35m. The presence of country-rock alteration was not noted in historical drill logs however, the mineral holmquistite (Li2(Mg, Fe2+)3Al2Si8O22(OH)2) was recently identified in the mafic volcanic host rock during field examinations, indicating metasomatic alteration associated with pegmatite intrusion. Rock and mineral analyses demonstrate that a broad metasomatic geochemical and mineralogical halo is present. The development of holmquistite-bearing assemblages is controlled by the introduction of Li into the country rock during pegmatite emplacement. These assemblages reflect greenschist-facies metamorphic conditions and are only found in amphibolitic wall rock, usually replacing hornblende, pyroxene or biotite (Heinrich, 1965; London, 1986). Based on historical and recent field and laboratory work zonation in the Dyke 1 pegmatite can be defined as follows: (1) the wall zone, composed predominantly of quartz, microcline and muscovite, with accessory tourmaline, hornblende, biotite and rare beryl and spodumene; (2) the intermediate zone, with medium-sized crystals of microcline, albite, quartz, muscovite and spodumene (<5%); (3) the central zone, with abundant spodumene (locally up to 50% but more commonly varying between 10% and 30%), albite, quartz and locally pollucite, and accessory apatite, tourmaline, pyrrhotite, lepidolite, columbite-group minerals and Fe-Mn–phosphate minerals; (4) the core zone, composed mainly of quartz with small- to medium-grained spodumene crystals (although locally 15–20cm crystals of spodumene are observed) in a quartz matrix, with minor tourmaline and muscovite.

![](img043.jpg)

 *Figure 4 - Detailed geology of the Wekusko Lake Pegmatie Field Region. Claim map of Zoro provided for context*

**History of Lithium Lane Properties and Exploration Status**

The Zoro1 pegmatite dykes are located on the north side of a small lake between Roberts Lake and the south end of Crowduck Bay. Early in 1953, Cs No. 3-10, 12 (P 26973-80, 82), S.R. No. 1- 6 (P 7877-82) and Linda 1 (P 26983) were staked by Mrs. Johanna Stoltz, Eric Stoltz, Carl Stoltz and Edwin Stoltz, and Key No. 1-4, 8-14 (P 27159-62, 27226-27, 27164-68) were staked by John Tikkanen, Hjalmar Peterson, and Loren Fredeen. These were cancelled the following year. Claim numbers Lit Nos. 11-5 (P 31758-62) was staked by J.J. Johnson in 1954. In 1955 Lit Nos. 6-1l8 (P 35014- 26) were added by J.A. Syme. All the Lit claims were assigned to Green Bay Uranium Limited in 1956 which changed its name to Green Bay Mining & Exploration Ltd. Early in 1956, before drilling commenced, samples containing more than 2% Li2O were reported (Northern Miner, January 12, 1956). A shipment of 136 kg (300 lbs.) of spodumene was sent to Ottawa for testing in 1956. This sample assayed 1.19% Li2O, with minor NbO5. Historic ore dressing tests concluded that good liberation and separation could not be affected (Mineral Dressing and Process Metallurgy Report in Green Bay Mining & Exploration Ltd., Corporation File). Over 6096 m (20 000 ft.) of diamond drilling was done on Lit No. 1-4, with at least 3048 m (10 000 ft.) of this on the main dyke. Results of the drilling on dykes 1, 3, 5 and 7 were reported to be "promising". Assays of 2.42% to 7.28% Li2O were reported from Dyke 5 (Green Bay; Corporation File). Dyke 5 was apparently 305 m long x 12 m wide (1000 x 40 ft.); Dyke No. 7, over 457 m x 24 m (1500 x 80 ft.). Several of the holes went deeper than 305 m (1000 ft.). Drilling on Lit 10, 16 and 17 amounted to 1950 m (6399 ft.). Gold was also found on the property, with a 3.3 kg (7.25 lb.) sample across 3.4 m (11 ft.) yielding 0.17 ounces per ton gold (Green Bay; Corporation File). Historic lithium tonnage estimates vary. An unsubstantiated visual estimate in September 1956 suggested up to 9-11 million tonnes (10-12 million tons) of Li2O occur on the entire group. In mid- March the main dyke was estimated to contain 1.8 million tonnes (2 million tons) grading 1.4% Li2O to a depth of 305 m (1000 ft.) in the main dyke ("Dyke 1"; Northern Miner, October 25, 1956; Mulligan, 1965, p. 81). A reserve estimate of 1,815,000 tonnes grading 1.4% Li2O was reported by Bannatyne (1985). In 1957, the estimate was revised to 1.72 million tonnes averaging 1.3% Li2O or 2.72 million tonnes (3.0 million tons) at 1.0% Li2O in Dyke 1 (Mulligan, 1957a, 1957b). By March 1958, 12 different tonnage estimates had been made (Northern Miner, March 13, 1958).

Also, by that time, a permanent camp and a 4-mile road into the property had been built. Plans for a heavy media separation plant on the property were being prepared by the Lummus Co. of New York together with Knowles Associates and the Colorado School of Mines (Green Bay Mining & Exploration Ltd., Corporation File). The description of mineral resources cited above is presented as historical resource estimates and use historical terminology for these estimates. These citations are given to provide an historical frame of reference. Although the resource estimations quoted in the text are believed to be reliable, they were calculated prior to the implementation of NI 43-101. The authors of these periodicals have not carried out work to classify these historical estimates under current mineral resource or mineral reserve terminology. The historical estimates are not meant to be interpreted as current estimates as defined in section 1.2 and 1.3 of NI43-101 and should not be relied upon. The Company does not consider these as current resources. The claims were assigned to J.A. Syme in 1963.

In 1980, J.A. Syme cancelled the Lit No. 6-18 claims and obtained Explored Area Lease No. 40 for the Lit No. 1-4 claims. Sampling and detailed geological mapping (Scale 1:1200) of the deposit was done by Cerny et al. (1981, p. 155). The analysis of four samples of "core muscovite" had an average content (in weight %) of 0.171% Li, 0.792% Rb, 0.0702% Cs, 0.0021% Be; nine samples of beryl averaged 0.331% Li, 0.903% Na, 0.939% Cs; three samples of spodumene averaged 0.23% Na2O, 0.943% Fe as Fe2O3 (Cerny et al., 1981, p. 192). The Lit Nos. 6-18 claims were re-staked under Nor 5 and 6 (W 49000, 49001) by Ross Colon and Moses Crane, respectively, for Noranda Exploration Company Limited in 1983. Fedikow et al. (1986) examined quartz veins and outcrop (c.f. mineral occurrence RL-95) in the general area. The Nor 6 claim was cancelled in 1987; the Nor 5 in 1988. In 1989, this area was staked as Kelly 3 (P 8412E) by Strider Resources Limited. The property owner Dalton Bruce Dupasquier optioned the Zoro 1 claim to Force Energy Ltd. of Denver, Colorado (U.S.A.) in 2011. Force Energy defaulted in 2012 and the claim was optioned to the Company in 2016. The Company completed the acquisition of the Zoro 1 mineral claim as announced on May 9, 2017, in consideration for common shares of the Company and a non-interest-bearing promissory note for $100,000 payable in 12 months. Subsequently two option agreements were struck with Strider Resources Limited (Snow Lake, Manitoba) to enlarge the property. In the first option agreement (August 10, 2016) Far Resources increased the size of the property by 600% acquiring an undivided 100% interest in all lithium-bearing pegmatite dykes on Claim Jake 3558 (P3558F) and a 350-metre-wide strip along the northeast edge of claim Jake 3558 and a portion of adjacent claims Bert 6304 (MB6304) and Bert 797 (MB797). The claims are contiguous with its Zoro 1 claim. The second option agreement (September 28, 2017) with Strider Resources expanded the property by an additional 2200 hectares. Claims Jake 9 (P3031F), Jake 1054 (MB 1054), Jake 2655 (MB 2655), Jake 3557 (MB 3557), Jake 54199 (W54199), Jake 10 (P3032F), Jake 2412 (MB 2412), Jake 2413 (MB 2413), Jake 54745 (W54745), CRO 5734 (MB 5734) were included in this second option agreement. Recently claims BAZ 12131 (MB12131) and BAZ 12133 (MB12133) have been acquired by Far Resources. The current total area of the property is 3005 hectares.

Commencing in 2016 the Company undertook prospecting, geological mapping, soil geochemical surveys, mineral and rock geochemical surveys and collaborative research all leading to four diamond drill campaigns. In support of these activities the limited existing historic databases were utilized to produce preliminary three-dimensional models of the spodumene bearing dykes on the property to assist drill targeting. To date a total of $6 million has been spent on exploration works – most of the work has been applied to the Zoro Property. We are actively exploring each of our four (4) core Lithium Lane properties. The Table below summarizes our status and next major milestone activity:

**Historical Metallurgical Testing**

In 2020, a preliminary metallurgical test was conducted to determine possible concentrate grade recoverable from the Zoro dyke-1 deposit. Automated mineralogy, coupled with geochemical analyses and mineral chemistry, provided valuable quantitative data that can be used to guide the test work and explain recoveries and potential losses. Spodumene is the primary lithium mineral in the Zoro Pegmatite and accounts for 96% of the total lithium. Lithium losses due to host minerals other than spodumene will be minimal and favor the project. Furthermore, liberation of spodumene is 88% for the calculated head for a P80 of 600 μm. Therefore, flotation can be conducted at a relatively coarse particle size to recover the spodumene. Liberation of gangue minerals including quartz (89%), Na- and K-feldspars (94%), and micas (82%) is very good. These can theoretically be rejected. Preliminary test work, HLS and combined with magnetite separation, tests indicate that it is possible to produce a high-grade (close to 6% Li2O) SC6 lithium concentrate after the rejection of iron silicate minerals. Thus, most of the spodumene should be amenable to recovery by HLS and/or flotation. The mineralogical characteristics of the pegmatite favor the economic potential of the project. However, additional metallurgical test work is currently being conducted by the Company with Glencore Canada (XPS) to evaluate the DMS and flotation recovery of spodumene.

**Ownership of the Lithium Lane Properties**

The Lithium Lane Properties encompasses a total of 77 claims covering 43,031 acres, or 17,414 hectares of pegmatite fields located on or abutting the host Crowduck Bay fault structure. Below is a summary of the claims' history for each of the respective properties.

**<u>Zoro</u>**

The property owner Dalton Bruce Dupasquier optioned the Zoro 1 claim to Force Energy Ltd. of Denver, Colorado (U.S.A.) in 2011. Force Energy defaulted in 2012 and the claim was optioned to the Company in 2016. The Company completed the acquisition of the Zoro 1 mineral claim as announced on May 9, 2017, in consideration for common shares of the Company and a non-interest-bearing promissory note for $100,000 payable in 12 months. Subsequently two option agreements were struck with Strider Resources Limited (Snow Lake, Manitoba) to enlarge the property. In the first option agreement (August 10, 2016) Far Resources increased the size of the property by 600% acquiring an undivided 100% interest in all lithium-bearing pegmatite dykes on Claim Jake 3558 (P3558F) and a 350-metre-wide strip along the northeast edge of claim Jake 3558 and a portion of adjacent claims Bert 6304 (MB6304) and Bert 797 (MB797). The claims are contiguous with its Zoro 1 claim. The second option agreement (September 28, 2017) with Strider Resources expanded the property by an additional 2200 hectares. Claims Jake 9 (P3031F), Jake 1054 (MB 1054), Jake 2655 (MB 2655), Jake 3557 (MB 3557), Jake 54199 (W54199), Jake 10 (P3032F), Jake 2412 (MB 2412), Jake 2413 (MB 2413), Jake 54745 (W54745), CRO 5734 (MB 5734) were included in this second option agreement. Recently claims BAZ 12131 (MB12131) and BAZ 12133 (MB12133) have been acquired by Far Resources. The current total area of the property is 3005 hectares.

![](img044.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Jean Lake** <br>**Claim Name** | **Claim Number** | **Area (Hectares)** | **Expiry** |
| MB8247 | JOL8247 | 233 | February 12, 2023 |
| MB8248 | JOL8248 | 207 | February 12, 2023 |
| MB8428 | JOL8428 | 255 | April 30, 2023 |
| MB8429 | JOL8429 | 164 | April 30, 2023 |
| MB9419 | JOL9419 | 143 | October 30, 2023 |

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**Grass River Property (GRC)**

The recently acquired Grass River property consists of 27 claims totaling 14,873 acres located 30 km east of the historic town of Snow Lake and 6.5 kilometers east of the Company's Zoro lithium project. The GRC hosts multiple pegmatites exposed in outcrop and 7 drill- indicated spodumene-bearing pegmatite dykes.

The bulk of mineral exploration in the Snow Lake area was undertaken in the late 1950's and was primarily designed to assess the general area for base metal massive sulphide mineralization. Ground geophysical surveys (electromagnetics and magnetics) were the primary tool coupled with boots on the ground prospecting. Many holes were drilled to assess base metal environments. During the drilling of geophysical targets, several spodumene pegmatites were intersected.

EarthEx Geophysical Solutions Inc completed LiDAR and magnetic surveys over the project in 2022, which will help guide follow-up prospecting and geochemical surveys. A total of 10 pegmatites are exposed in surface outcrop on the property and together with the 7 drill-indicated spodumene-bearing dykes (Figure 1) will be part of the exploration focus and summer prospecting program in 2023. Interpretations of the surveys which are on-going will be news released on our website when complete and will help serve to determine targets for the 2,000-meter winter 2023/2024 drill program

These claims were staked and registered by the Company with the Manitoba Mining Recorder on January 18, 2022.

**Jean Lake Lithium Property**

The five claim 1002-hectare Jean Lake lithium and gold property is situated in west-central Manitoba 15 kilometers east of the historic town of Snow Lake. It is hosted by the Early Proterozoic (1.832 Ga) Rex Lake Plutonic Complex which is a circular intrusion 8 km in diameter. The property hosts the historic west-northwest striking Beryl lithium pegmatites rediscovered in August of 2021 in blasted trenches beneath 80 years of organic deadfall and glacial sediment. The dykes are characterized by coarse grained light green spodumene crystals in a matrix of potassium feldspar, quartz, and muscovite. The property also hosts the shear zone-hosted Sparky gold occurrence discovered in1918.

Five representative rock chip samples of spodumene-bearing mineralization were collected from two trenched locations of the Beryl pegmatites. Two of the samples were apple green, coarse grained spodumene (Far21-1 and -2)) and three samples were from straw- coloured finer grained spodumene (Far21-3,4 and 5)). Samples were shipped to Activation Laboratories in Ancaster (Ontario) for analysis using the UT-7 method which uses a total dissolution of the sample by sodium peroxide fusion and ICP-MS finish. This analytical approach is the standard analytical technique used by the Company on its Zoro and Jean Lake lithium projects. Results indicate all samples returned high-grade lithium contents regardless of the textural characteristics of the spodumene (Table 1).

**Table 1. Lithium analyses for two styles of spodumene mineralization at the Beryl pegmatite, Jean Lake property, Snow Lake area, Manitoba.**

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| | | |
|:---|:---|:---|
| Element | Li20% | Li2C03% |
| Unit % |  |  |
| Detection Limit |  |  |
| Analysis Method |  |  |
| **Beryl Pegmatite 1:** |  |  |
| FAR 21L-1 | 3.89 | 9.63 |
| FAR 21L-2 | 5.17 | 12.78 |
| **Beryl Pegmatite 2:** |  |  |
| FAR 21L-3 | 4.74 | 11.71 |
| FAR 21L-4 | 4.09 | 10.11 |
| FAR 21L-5 | 3.81 | 9.42 |

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**Gold**

Fifteen representative rock chip samples from the Sparky occurrence returned assay results of up to 20.9 g/t gold (Table 1). All but one sample exceed 1 g/t gold. Grab samples representative of mineralization exposed in outcrop and in pits were collected from pervasively silicified wall rock containing brecciated and mineralized quartz veins. The deformation observed in the rocks sampled is attributed to faults cutting the eastern portion of the Rex Lake Pluton which is bounded on the east by the crustal scale Grass River Fault.

The gold mineralization is associated with disseminated and near-solid fracture fillings consisting of fine grained to blocky arsenopyrite with lesser pyrite and chalcopyrite.

**Table 1. Summary of gold assay results, Jean Lake property.**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample** | **UTM East** | **UTM North** | **Grams Per Ton/ <br> Gold** | **G/T**<br> **Gold** |
| FAR21G-1 | 451647 | 6076201 | 1.6 | 1.66 |
| FAR21G-2 | 451647 | 6076201 | 138 | 0.138 |
| FAR 21G-3 | 452451 | 6076406 | 20.9 | 20.9 |
| FAR 21G-4 | 452451 | 6076406 | 8.6 | 8.66 |
| FAR 21G-5a | 452409 | 6076351 | 1.9 | 1.93 |
| FAR 21G-5b | 452409 | 6076351 | 1.8 | 1.84 |
| FAR 21G-6a | 452377 | 6076246 | 11.2 | 11.2 |
| FAR 21G-6b | 452377 | 6076246 | 6.4 | 6.42 |
| FAR 21G-7 | 452356 | 6076171 | 2 | 2 |
| FAR 21G-8a | 452417 | 6076377 | 7.6 | 7.63 |
| FAR 21G-8b | 452417 | 6076377 | 8.6 | 8.66 |
| FAR 21G-9 | 452366 | 6076105 | 4 | 4.05 |
| FAR 21G-10 | 452395 | 6076407 | 1.3 | 1.38 |
| FAR 21G-11 | 452356 | 6076171 | 1 | 1 |
| FAR 21G-12 | 452441 | 6076396 | 1.2 | 1.29 |

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Ongoing exploration is planned for 2022 utilizing the results from recently completed drone-assisted magnetic and Lidar surveys.

**MB3530**

On July 7, 2022, the Company completed the acquisition of 100% of the right, title, and interest in and to those certain undersurface mineral rights certain comprising Manitoba Mineral Disposition No. MB3530, also known as the Jol Project, from Mae De Graf. The property is subject to a 2% NSR. MB3530 encompasses 25 hectares (62 acres) situated due north from the Company's Jean Lake Property and due west of the Company's Zoro Property and is included as part of the Jean Lake Property for purposes of this disclosure. The Company paid $8,000 and issued 18,181 common shares to the Vendor at a deemed price of $0.33 per common share. Figure 1 below presents Foremost Lithium's cumulative land position in Snow Lake, Manitoba.

**Peg North Lithium Property**

The Peg North lithium property was acquired by the Company subsequent to an option agreement with Strider Resources Ltd. ("Strider") pursuant to which the Company has the right to acquire a 100% interest in the Peg North claims located in the historic Snow Lake mining district in Manitoba. The Peg North property consists of 28 claims hosting five known pegmatite dykes, [Cerny, et. al.1981] <sup>22</sup> and captures the northern extension of the Crowduck Bay Fault and surrounding area, known for its lithium-enriched pegmatite dyke clusters. The acquisition pursuant to the Option Agreement will significantly expand the Company's Snow Lake lithium holdings by 16,697 acres (6,757 hectares) to an amalgamated 43,031 acres (17,414 hectares) in the prospective Snow Lake pegmatite fields. The location of the newly acquired Peg North Claims is illustrated in Figure 1 below. In connection with this important acquisition, the Company wishes to take this opportunity to provide a comprehensive update and overview of the status of each of the properties comprising the Company's impressive package of lithium and precious metals assets.

Under the terms of the Option Agreement, Foremost Lithium has the right to acquire a 100% interest in the Peg North Claims, subject only to a 2% net smelter return royalty granted to Strider (the "NSR") (the "First Option") in consideration for making aggregate cash payments of $750,000, issuing Strider common shares having an aggregate value of $750,000, and incurring an aggregate of $3,000,000 in exploration expenditures on the Peg North Claims on or before the fifth anniversary of the effective date of the Option Agreement. The Common shares will be issued at a deemed price equal to the greater of (a) the average closing price of the Company's shares on the CSE for the last 30 trading days prior to the date such shares are issued; and (b) the minimum price permitted under the policies of the stock exchange. In connection with signing the Option Agreement, on July 4, 2022 the Company made the initial option payment to Strider of $100,000 in cash and issued Strider an aggregate of 526316 common shares at a price of $0.19 per share. Once the First Option has been fully exercised, the Company may, at any time prior to commencement of commercial production on the Peg North Claims, exercise a second option to acquire one half (1/2) of the NSR (1%) for a cash payment of $1,500,000.

<sup>22</sup> P. Cerny, D.L. Trueman, D.V. Ziehlke, B.E. Goad, and B.J. Paul, "**THE CAT LAKE-WINNIPEG RIVER AND THE WESKUSKO LAKE PEGMATITE FIELDS, MANITOBA." Manitoba Department of Energy and Mines, Mineral Resources Division Economic Geology Report ER80-1. 1981**

**Peg North**

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| | | | |
|:---|:---|:---|:---|
| CLAIM NAME | &nbsp;&nbsp;&nbsp;CLAIM NUMBER | AREA IN HECTARES | EXPIRY DATE |
| PEG 13176 | MB13176 | 140 ha | June 5, 2035 |
| PEG 13177 | MB13177 | 220 ha | June 5, 2030 |
| PEG 13181 | MB13181 | 220 ha | June 5, 2030 |
| PEG 13178 | MB13178 | 256 ha | June 5, 2034 |
| PEG 13182 | MB13182 | 256 ha | June 5, 2030 |
| PEG 13184 | MB13184 | 256 ha | June 5, 2030 |
| PEG 13179 | MB 13179 | 256 ha | June 5, 2030 |
| PEG 13183 | MB 13183 | 256 ha | June 5, 2035 |
| PEG 13282 | MB13282 | 256 ha | May 6, 2029 |
| PEG 13285 | MB13285 | 256 ha | May 18, 2030 |
| PEG 13283 | MB13283 | 256 ha | May 6, 2030 |
| PEG 13286 | MB13286 | 256 ha | May 6, 2030 |
| PEG 13284 | MB13284 | 256 ha | May 6, 2030 |
| BEND 13210 | MB13210 | 256 ha | January 12, 2029 |
| BEND 13209 | MB 13209 | 256 ha | January 12, 2029 |
| BEND 12671 | MB12671 | 256 ha | April 16, 2024 |
| BEND 13279 | MB13279 | 256 ha | May 18, 2029 |
| BEND 13474 | MB13474 | 256 ha | January 12, 2029 |
| BEND 13473 | MB13473 | 256 ha | January 12, 2029 |
| BEND 13280 | MB13280 | 256 ha | May 6, 2030 |
| BEND 13277 | MB13277 | 256 ha | May 6, 2030 |
| BEND 13281 | MB13281 | 256 ha | May 6, 2030 |
| BEND 13278 | MB13278 | 256 ha | May 6, 2030 |
| LITH 13213 | MB13213 | 190 ha | January 29, 2035 |
| LITH 13212 | MB13212 | 172 ha | January 29, 2035 |
| LITH 13477 | MB13477 | 245 ha | January 29, 2035 |
| LITH 13478 | MB13478 | 248 ha | January 29, 2035 |
| LITH 13476 | MB13476 | 202 ha | January 29, 2035 |

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| | |
|:---|:---|
| TOTAL NUMBER OF CLAIMS = 28 | TOTAL AREA = 6757 HECTARES (26.39 square miles) (16,892 acres) |

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**Permitting in Manitoba**

All mineral claims in good standing on Crown land in Manitoba are entitled to be explored without any permitting, except as indicated below. All mineral exploration programs in Manitoba require work permits for timber removal, shoreland alteration and road construction. These permits are issued annually by the provincial Department of Conservation and Climate. For more intrusive exploration, such as line cutting (using chain saws), overburden stripping, blasting and/or diamond drilling, a work permit granted under Section 7(1)(c) of The Crown Lands Act or Section 23 (1) of The Wildfires Act, Province of Manitoba is required. Permits address conditions for exploration that must be adhered to in a given work area based on the planned exploration activities.

The type and duration of the camp infrastructure required for exploration also dictates the type of permit required in Manitoba. Temporary camps established for less than one year are covered by a work permit, whereas a separate permit issued by the Manitoba Department of Labor - Fire Commissioners Office is required for exploration camps on Crown land established for periods longer than one year.

Obtaining permits for advanced exploration and exploitation requires consultations with government officials and are based on specific permit requirements. The permitting process will be covered in the scope of our PEA.

**Climate, Local Resources, Infrastructure and Physiography**

*<u>Climate</u>*

The Snow Lake region is marked by short, cool summers and long, cold winters. The region has a sub-humid high boreal climate.

The mean summer temperature is 12.5°C (54.5°F) and the mean winter temperature is -18.5°C (-1.3°F). The temperatures are highest on average in July, at around 17.0°C. January is the coldest month, averaging -23.3°C. The mean annual temperature is approximately -2.5°C. The area is generally clear of snow cover between the beginning of June and the end of September.

The mean annual precipitation is about 450 mm, 35% as snow. The least amount of precipitation occurs in February, averaging 16mm. The most rainfall occurs in July, averaging 74 mm. Average monthly winds for the area range from 10km/hr to 13km/hr, with 40% of the winds originating from the NW, NE or N. Exploration activities can be carried out all year around.

Local vegetation consists of closed stands of black spruce and jack pine, with lesser aspen, white birch, white spruce and balsam fir. Permafrost may occur locally in organic deposits. Wildlife includes moose, black bear, lynx, wolf, barren-ground caribou, beaver, muskrat, snowshoe hare and red-backed vole. Bird species include raven, common loon, spruce grouse, bald eagle, grey jay, hawk owl and waterfowl, including ducks and geese.

![](img045.jpg)

*<u>Local Resources</u>*

Snow Lake is the closest community to the property. Snow Lake had a permanent resident population of 899 in 2016 and has 498 private dwellings. There are two small residential subdivisions located on Wekusko Lake along Highway 392, as well as cottages at Herb Lake and Cotes Landings. There are also a small number of seasonal remote cabins located on Wekusko Lake. The Wekusko Falls Provincial Park (88 ha) is located on the east side of Wekusko Lake and offers camping. The Wekusko Falls Lodge provides accommodations and meals.

Snow Lake is an established mining community and has the infrastructure in place to support exploration and mining operations in the region. Services include a health facility staffed with two doctors, an ambulance, a fire truck, a 3-person RCMP detachment, an RBC bank branch, grocery and hardware stores, two hotels/motels, three service stations, a kindergarten to grade 12 school, a hockey arena, a five-sheet curling rink and a nine-hole golf course. A small-craft charter service operates out of the community of Snow Lake, where small planes and helicopters can be chartered. There is a 1,100m by 20m municipal gravel airstrip located approximately 8.5 km northwest of the Lithium Lane Properties. The nearest rail access is at the Wekusko siding, approximately 65 km southeast of the Lithium Lane Properties.

The nearest larger population centres include Flin Flon (208km) and Thompson (260km), both accessible by paved highway. Flin Flon, with a population of 7,000, is a nearby provincial regional government centre and a major service and supply centre for the region. The nearest full-service commercial airport is located at Baker's Narrows, near Flin Flon. The nearest international airport is located in Winnipeg.

The Snow Lake region has a history of virtually continuous production from a series of base and precious metal mines since 1949. Hudbay Minerals Inc., or Hudbay, currently operates the Lalor gold mine, located about 8 km west of Snow Lake. Hudbay also operates a 2,700 tonne per day zinc and copper concentrator in Snow Lake.

*<u>Infrastructure</u>*

Gridding, trenching, stripping and road building in the target areas on the Lithium Lane Properties, we expect, should be easily accomplished. Ample water is available for drilling purposes.

There are no permanent or temporary structures on the Lithium Lane Properties, and we have not established any exploration infrastructure on the property.

The area of the Lithium Lane Properties is sufficiently large to host a mining operation. A power line traverses the southern extremity of the property. The valley located directly east of the property could serve as a potential tailing storage area. Winter access roads to the property can be used for hauling purposes.

*<u>Physio</u>g<u>raph</u>y*

The Lithium Lane Properties are located along the southern edge of the Precambrian Shield within the Wekusko Eco-district, Churchill River Upland Eco-region, Boreal Shield Eco-zone.

The property straddles Crowduck Bay at the northeastern end of Lake Wekusko. Wekusko Lake is a large, shallow body of water covering an area of approximately 25km long by 3km to 10km wide. Crowduck Bay is part of a long (12km) narrow channel leading to the Grass River that continues towards the northeast. Most of the shoreline of Crowduck Bay is flanked by steep, 15m to 20m slopes. The lake elevation is approximately 257.5m above sea level and the highest topographical point on the Property is approximately 305 m above sea level. Most ridges and low-lying areas trend towards the northeast.

The dominant soils are well to excessively drained dystic brunisols that have developed on shallow, sandy and stony veneers of water- worked glacial till overlying bedrock. Significant areas consist of peat-filled depressions with very poorly drained Typic and Terric Fibrisolic and Mesisolic Organic soils overlying loamy to clayey glaciolacustrine sediments.

**Geological Setting and Mineralization**

*<u>Re</u>g<u>ional Geolo</u>g<u>ical Settin</u>g*

The Lithium Lane Properties are located in the Churchill geological province at the eastern end of the Flin Flon Belt. The Flin Flon Belt (1.92-1.88 Ga) is one of the largest Proterozoic volcanic-hosted massive sulphide districts in the world. More than 118.7 Mt have been mined from 25 distinct deposits and a further 64.3 Mt are contained in 43 sub-economic or pre-production deposits.

The east-trending Flin Flon Volcanic Belt (230km X 50km) is interpreted to be remnant of a Paleoproterozoic orogenic mountain belt, which developed as new ocean basin and arc crust interacted with Archean rocks of the Hearne and Superior cratonnes along complex convergent plate boundaries. To the north of the Flin Flon belt lies the east-trending Kisseynew Sedimentary Gneiss Belt. Located to the south of the Flin Flon belt are the flat-lying Paleozoic rocks of the Western Canada Sedimentary Basin.

*<u>Local Geolo</u>g<u>ical Settin</u>g <u>and Lithium Mineralization</u>*

The bedrock geology to the east of Wekusko Lake consists of several fault-bounded blocks of juvenile ocean floor, arc related volcanic rocks and fluvial–alluvial and turbiditic sedimentary rocks. The Western Missi Block is bounded by the Crowduck Bay fault to the east and the Herb Lake Fault the west and the strata are folded into a tight syncline. The Missi Group rocks (1.85-1.83 Ga), are dominantly sedimentary, but do contain rare, thin units of interbedded felsic volcanic rocks. The sedimentary rocks consist of polymictic conglomerates, greywackes and sandstones interpreted to have been deposited in an alluvial-fluvial environment. Across the Herb Lake Fault towards the southeast, the Herb Lake Block consists of a folded sequence of mafic to felsic volcanic rocks. Basalts dominate in the core of the fold, with basaltic andesites and andesites becoming more prevalent as the contact with the felsic volcanic rocks is approached. The Herb Lake Volcanic Assemblage is intruded by quartz porphyritic granites, which are themselves cut by the faults bounding the Herb Lake Block. To the northeast, the North Roberts Lake Block is characterized by mafic volcanic rocks (1.92-1.87) interpreted as ocean floor. Towards the west, across the Crowduck Bay Fault, the Central Wekusko Block consists of sedimentary strata dominated by turbidites of the Burntwood Group (1.85-1.84 Ga) and intruded by plutonic rocks.

To the east of Wekusko Lake there are three main clusters of spodumene-bearing pegmatite dykes known as the Thompson Brothers, Sherritt Gordon and Zoro pegmatites. The Thompson Brothers (Violet) and Sherritt Gordon type pegmatites both occur on Snow Lake Resources property and appear to connect or extend onto the Company's Jean Lake and Peg North projects. The Green Bay (Zoro) pegmatites are located about 5km east of the Thompson Brothers property. Commonalities in mineralogy, textures and form exist between all three dyke clusters; however, they each occur in separate fault bounded crustal blocks, intrude different host lithologies and have different orientations. All three dyke clusters are interpreted to have been emplaced into fracture systems during the latest regional D5 structural event recognized in the area.

**Property Geology and Lithium Mineralization**

The Lithium Lane Properties are bisected by the regional Crowduck Bay Fault. The rocks on the eastern side of this fault consist of folded Missi Group sandstones (greywackes) and conglomerates, part of the Eastern Missi Block. To the west, across the fault, the Property is underlain by plutonic rocks intruding turbidites of the Burntwood Group, part of the Wekusko Lake Block.

The Zoro, Jean Lake, Peg North, and Grass River spodumene bearing, lithium-enriched pegmatite dyke clusters occur on either side of the Crowduck Bay Fault. The dykes are all tabular in form, but each cluster has a distinct orientation. Additional north-northeasterly trending pegmatite dykes have been mapped along the Crowduck Bay fault corridor towards the north. The major mineralizing events recognized in the Flin Flon belt took place during the three main stages of crustal development: pre-accretion, post-accretion, and continent- continent collision. The pre-accretionary stage is represented by syngenetic base metal and Au deposits. The synto post- accretionary stage is characterized by several examples of intrusion-hosted base and precious metal deposits, and the continental collision stage by the development of orogenic Au deposits and lithium-cesium-tantalum-enriched pegmatites. The primary mineralization of interest on the Zoro Property is spodumene which is a lithium aluminum silicate (8.0% Li2O, 27.4% Al2O3, 64.6% SiO2). Spodumene is a pegmatite mineral that has a glassy lustre and may be opaque; it is nearly white in the low-iron variety and dark green in iron-rich crystals.

*<u>Mineralo</u>gy*

The Zoro Property comprises a minimum of sixteen (16) zoned pegmatite dykes that intrude Proterozoic Amisk Group volcanic and volcaniclastic rocks in a 2-km zone trending approximately 55° northwest (Mulligan, 1965 in Cerny et al., 1981; Fedikow et. al., 1993). The dykes strike north to northwest and dip vertically. Several have been described as gently dipping bodies (Bannatyne, 1985). The main, most westerly dyke or Dyke 1 outcrops along the west side of a ridge, 4.5 to 6m high, and intrudes siliceous metasedimentary rocks and amphibolite (Bannatyne, 1985). It is up to 27 m (90 ft.) wide at surface and is exposed in 16 historical cross-trenches over a length of 183m. Based on Far Resources drilling results, lithium mineralization has been defined for 265m along strike, up to 40m wide and to a depth of 265m, Individual dykes have lengths of approximately 244 m. The outer zones of the pegmatite dykes contain pink aplite and coarse feldspar, locally green muscovite, tourmaline, and occasionally beryl. Spodumene, quartz, cleavelandite, and tourmaline form core zones with interstitial coarse feldspar. Spodumene is usually coarse-grained and is sometimes altered. It is most prevalent in the central 9m (30 ft.) of the main dyke. In this dyke, spodumene crystals (up to 35 cm long) occur either in clusters, over widths of 6m or more, or associated with coarse tourmaline and perthite megacrysts; some spodumene crystals show a preferred orientation of 45° to 55° (Bannatyne, 1985). One of two parallel dykes south of the main outcrop, is 5m wide, and contains spodumene crystals in pods (up to 33 cm across). In other dykes, coarse grained spodumene is abundant in lenticular bands and fine-grained spodumene is distributed through aplitic patches (Bannatyne, 1985). Beryl occurs as white, anhedral to subhedral crystals less than 1 inch (2.5 cm) in diameter in three of the seven dykes. Columbite-tantalite and sparse minute grains of pyrite and chalcopyrite were found in thin sections (Green Bay Mining & Exploration Ltd., Corporation File).

**Foremost Lithium's Phased Mineral Exploration Process**

![](img047.jpg)

 *Figure 6 - The Company has assembled the right technical team with decades of relevant experience exploring and developing hard rock lithium assets in the Wekusko Pegmatite fields of Manitoba Canada and we are judiciously collecting the necessary data to build a world class lithium resource.*

Each of Lithium Lane Properties shall be analyzed in detail to explain current status and scheduled future activities. This is the fundamental execution strategy that Foremost Lithium is employing to create significant enterprise value by unlocking a world-class hard rock lithium resource in Snow Lake Manitoba, Canada.

**How Data Adds Value from Prospecting to Production.**

Finding the next world-class hard rock lithium mineralized spodumene mine requires judicious and methodical work. Our approach is to have a dedicated experienced technical team use all available modern subsurface characterization techniques together with historical field data. Foremost Lithium's primary goal of mineral exploration is simple – to unlock an economic lithium mineral resource hidden beneath the earth's surface. The primary question we pose to ourselves at this stage is: "*Where do we look and how do we find it*?" Deploying exploration capital is fundamental to gaining the requisite data which is then processed into knowledge and understanding of the lithium deposit. This approach has been proven to be the most expedient approach to unlocking mineral resources.

**Phase 1: Acquire Quality Claims**

No amount of exploration budget can find minerals on land that doesn't have minerals. There are two key factors that have allowed us to acquire a land package that is second to none in the region.

 **Working from the known** - Lithium mineralized spodumene pegmatite dykes tend to form in clusters, or fields in prolific belts, hosted by fault structures which permit economic deposition. The Snow Lake pegmatite fields are hosted by the Crowduck Bay fault which runs (strikes) South-West to North-East from Wekusko Lake up into the mouth of the Grass River. For example, Cerney, et. al. [1981]<sup>23</sup> , Frarey, et. al. <sup>24</sup> [1950], Bailes<sup>25</sup> [1985] Cancelled Assessment Files (CAF) of the Manitoba government26, and Jay Kay Exploration Syndicate exploration drilling logs from 1959 provided compelling regional data and supported evidence of a significant spodumene mineralized pegmatite field in this specific area. Prospective areas with potential for discoveries can be identified by reviewing other geological data. There is significant historical geological data which has uncovered only a small fraction of the outcropped resource targets. Foremost Lithium's VP of Exploration Dr. Mark Fedikow has been actively exploring in the Snow Lake area including the Wekusko Lake pegmatite fields for over 3 decades and consequently Foremost Lithium's exploration occurs along and outward from the known mineralization hosted by the Crowduck Bay fault.

**Community Engagement** – Our team has excellent relationships in the Snow Lake area. These relationships ensure we know the owners of the highest quality land and ensure we are given the opportunity to acquire this land when available.

The above factors have allowed us to recently enter into an option agreement for the Peg North claims. Following this transaction, our land position is second to none in the region. can community and community. Foremost Lithium has staked 77 claims controls an amalgamated 17,414 hectares (43,031 acres) in the highly prospective Snow Lake pegmatite fields, including the entire northern extension of the Crowduck Bay Fault. To date, Foremost Lithium has mapped and defined numerous spodumene mineralized pegmatite occurrences and identified 16 spodumene-bearing pegmatites on the Lithium Lane Properties.

<sup>23</sup> P. Cerney, D.L. Trueman, D.V. Ziehlke, B.E. Goad, and B.J. Paul, "**THE CAT LAKE-WINNIPEG RIVER AND TE WESKUSKO LAKE PEGMATITE FIELDS, MANITOBA**." Manitoba Department of Energy and Mines, Mineral Resources Division **Economic Geology Report ER80-1. 1981**

<sup>24</sup> Frarey, M.J., 1950: Crowduck Bay (Descriptive Notes); Geological Survey of Canada, Map 987A.

<sup>25</sup> Bailes, A.H. 1985: Geology of the Saw Lake Area; Geological Report GR83-2, Manitoba Energy and Mines, 47pages + 1 map 1:50 000 scale.

<sup>26</sup> Manitoba Mining Recorder Cancelled Assessment Files: 90088, 90604, 90605, 90606, 90608, 90611, 90612, 91387, 91389, 91614.

 **Phase 2: Prospecting:** 

First pass prospecting of outcrop areas on the claim block focuses on known pegmatites as well as additional lithium-bearing pegmatites. Includes surficial geochemical surveys including Mobile Metal Ions. (MMI Technology) to help delineate new targets and is integrated with other geoscientific databases.

 **Phase 3: UAV-Assisted Surveys** 

Drone-Assisted Magnetic Surveys or Drones aids us by utilizing 3D technology to define the extent and magnetic signature of the spodumene pegmatite dykes and enclosing geologic environment. LiDAR technology records detailed ground elevation measurements via laser light high resolution 3D imagery at a 2-centimeter accuracy. The survey helps with exploration, improving field work planning, and with the delineation of drill target

 **Phase 4: Preparation**

Drill targets have been scientifically defined with the via preparatory work programs and de-risked with final visual reference

 **Phase 5: Drilling** 

The above steps allow us to determine a number of targets. On each target we will have constructed a well thought through thesis of where economic mineralization exists. But it is only a thesis until the exploration drill rigs are brought to site. The drilling phase includes the following:

● **Drilling** – Diamond drills allow exploration holes that can be hundreds of meters deep. Each hole extracts a small diameter of rock (referred to as core) from the subsurface. This is the truth serum for proving our theses.

● **Core logging** – The details of each drill hole (such as rock type, structure, alteration) must be logged extensively and accurately. Core is analyzed and reviewed for visible prospective minerals of interest. In our case we seek to observe visible concentrations of spodumene mineralization hosted within a pegmatite dyke structural fabric.

● **Assay Results** – Core samples are submitted to the lab for assays that determine how much lithium oxide (Li2O) is present in the rock.

● **Re-Interpretation** – Live, on the fly interpretation of the drill data creates a dynamic drill program. This is one of the hallmarks of the technical execution team that Foremost Lithium has assembled.

To date the Company has employed diamond drilling, core logging, assaying, and re-interpretation to inform its discoveries.

 **Phase: 6: Discovery**

Discovery is the most exciting part of the process and is what is determined the quality and quantity of resource that is uncovered. All the learnings from the previous phases have informed the specific targeting and subsequent drilling of high value exploration targets.

 **Additional Phases After Discovery:**

 **Phase 7: Infill drilling** 

When initial drilling yields positive results, we will start step out drilling to see how far the mineralization extends along a strike azimuthal trend, and if it goes deeper. Once we have more information on these boundaries, we can commence infill drilling which is drilling in the gaps between existing holes to build confidence in the cumulative size and grade of the mineralization. to provide more information that can be used to determine if we have a discovery. Going back to 2017, the Company has drilled 70 exploration holes which represent just over 10,000m of diamond drill core on its Zoro Property. That core has been logged and integrated into its 3D data model. Assay results on 60 of the 70 exploration holes are currently inside our 3D data model. Assay results from the spring 2022 twelve (12) exploration hole program were released in July 2022. That drilling allowed the discovery and allowed us to report an inferred resource the details of which are provided elsewhere in this document

Once the drill core has evidenced a discovery of Li2O mineralized spodumene pegmatites then estimation can begin to determine how large the deposit is. At this stage a company can produce a NI 43-101 Sk-1300 compliant resource estimate.

**Deposit Definition**

Lithium discovered during exploration. Scientists and geologists work together to analyze and define a deposit from samples sent out to a laboratory and determine the quality and quantity of Li20 is sufficient to move into production of ≥ 6% Li2O spodumene concentrate (SC6), and potentially upgrade that SC6 into LiOH with the benefit of a chemical processing facility.

**Mineral Resource Calculation**

This vital stage lays out the tonnage and grade of the deposit. Different methods are used in accordance with the ore geology, geometry and boundaries. Some of the steps involved will be:

● **More diamond core drill holes** – This increases the potential resource, boosts confidence level, offers another chance of making additional discoveries and enhances overall knowledge and understanding.

● **Metallurgical tests** – Metallurgical tests mimic the process employed at both a processing facility to yield SC6 and a chemical upgrading facility to yield a saleable battery-grade LiOH product and provide confidence that the lithium ore we will mine can be converted into a saleable product.

● **Environmental assessment and Corporate Social Responsibility** – Significant work is performed to test and model how a potential mine might impact the surrounding environment, ecosystems, and the local community of Snow Lake.

● **Risk Assessment** – A rigorous analysis of what could go wrong is undertaken and solutions are developed to address such problems.

● **3D model** – the Leapfrog 3D model will employ a S-K 1300 compliant economic modelling and analytics platform to use all existing data and create a highly accurate and detailed model of the lithium mineralized pegmatite orebodies in the Lithium Lane pegmatite field.

● **Mine Design** – a detailed engineering analysis will be undertaken to determine how the mine can be designed to maximize Li2O ore extraction in the safest and lowest cost manner.

**Preliminary Economic Assessment (PEA)**

A PEA is a study of the economic viability of a mineral reserve and determines if further work should be done to determine the feasibility of developing a mine for resource extraction. Assessments are made on factors like engineering, economic and geological aspects of the mine. A key point in any PEA is to determine the capital cost required of the project when it goes to production.

 **Pre-feasibility Study (PFS)** 

A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the modifying factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A Pre- Feasibility Study is at a lower confidence level than a Bankable Feasibility Study.

**Bankable Feasibility Study (BFS)**

A BFS is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study.

**Production Decision & Financing**

At this stage, here a company develops finance and production plans to ensure funds for mine construction and mine operations.

**Phase 7: Move to Production**

By this point, the Company will have a clear vision of the deposit and its potential and decide whether to move the resource into production.

We have developed a strategic plan for further exploration and development of the Lithium Lane Properties that includes the following exploration milestones broken out by property. The Company has secured a substantial land package available on this pegmatite field. We are systematically advancing the maturity of each of the four projects, increasing the inventory of drill targets and working methodically to build and expand the resource.

**Marketing and Advertising**

The output of the XPS work will be SC6 and LiOH samples. By the fourth quarter of 2022, we will have available samples of a SC6 technical grade Li20 spodumene concentrate and by Q1 2023 we will have the report that provides XPS findings as well as LiOH samples that can be used to verify the findings in the report. The SC6, as well as the LiOH due diligence samples will be provided to producers of LiOH and relevant electric vehicle manufacturers and stationary battery storage manufacturers. The potential customers that we will provide these to have a long term need to lithium and would typically require long-term supply contracts.

**Our Customers**

Chemical companies that convert SC6 to Li0H and Electric Vehicle Manufacturers would be the primary direct and indirect customers. These include Tesla, Rivian, General Motors, BMW, Nissan, Mercedes, Jaguar, and Audi automobile manufactures among others. We believe that, assuming we prove our lithium resources and operate a functioning lithium ore mining and processing facility, we will be well positioned to be a supplier of choice to these OEMs, based on the competitive economics enabled by our well-situated geographical location, renewable energy sources, and mining friendly government regime.

**Competition**

We face intense competition in the mineral exploration and exploitation industry on an international, national, and local level. We compete with other mining and exploration companies, many of which possess greater financial resources and technical facilities than we do, in connection with the exploration and mining of suitable properties as well as the engagement of qualified personnel. The lithium exploration and mining industry is fragmented, and we are a very small participant in this sector. Many of our competitors explore for a variety of minerals and control many different properties around the world. Many of them have been in business longer than we have and have established more strategic partnerships and relationships and have greater financial accessibility than we have. We are also subject to competition from other large national and international mining companies such as Sayona Mining Limited and Frontier Lithium Ltd. In our view, given the expected level of demand for lithium, it will be a seller's market so there will be many customers interested in the lithium we extract.

**Intellectual Property**

We do not have any registered intellectual property rights.

**Facilities**

Our corporate address is 2500 - 700 West Georgia Street, Vancouver, British Columbia V7Y 1B3 Canada. Currently, we do not maintain any office or operational facilities other than a leased space used to store our core samples in Snow Lake Manitoba. We believe that we will be able to obtain adequate facilities, principally through leasing, to accommodate our future expansion plans.

**Employees**

We do not have any employees currently.

Our executive officers and advisers work for us as independent contractors under consulting agreements. These agreements require consultants to protect our confidential information during their engagement with us. In addition, these consulting agreements include typical non-compete clauses that prohibit the consultants from entering competitive employment relationships while they are working for us.

**Insurance**

We currently insure our directors and officers through our D&O insurance policy. We currently do not insure against mine exploration and development risks.

**Legal Proceedings**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties and an adverse result in these, or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition, or operating results. One legal action the Company is involved with is described following.

On December 22, 2021, the Company commenced litigation against former management, Gammack and Dinning, shortly after they were replaced as directors following the Company's contested shareholder meeting. The claim is for unspecified damages in addition to approximately $150,000 of compensation to Gammack and Dinning that was not paid. The Company disputes that the amounts were owing or that the contracts were validly entered into prior to the payments being made. The Company garnished their bank accounts and the amounts claimed were paid by certain banks into court.

On May 12, 2022, Gammack and Dinning filed a counterclaim for damages relating to their termination including a two-year change of control payments under the alleged management contracts which would total approximately $400,000.

The Company consented to the release of $150,000 that had been garnished to be paid out of court to the defendants.

**Government Regulation**

Our business is subject to a variety of laws and regulations applicable to companies' conducting business in the mining industry. In Canada, mining law is divided between the federal and provincial governments. Ownership of lands and minerals belongs to the province in which they are located. Within the Province of Manitoba, mining activity is regulated by the Department of Agriculture and Resource Development and is governed primarily by provisions of The Mines and Minerals Act (Manitoba) together with its accompanying regulations and guidelines. The provinces have jurisdiction over mineral exploration, development, conservation, and management. The federal government shares jurisdiction with the provinces on some related matters (taxation and the environment) and has exclusive jurisdiction over areas such as exports and foreign investment controls. Federal and provincial legislation affecting mining activities tends to fall into two main categories: (a) private matters of title and taxation; and (b) economic, social, and environmental policies.

**MANAGEMENT**

**Directors and Executive Officers**

On December 2, 2022, the Company held a general meeting of shareholders at which Messrs. John Gravelle and Pierre Yves-Tenn were not nominated to continue to serve as directors. Our board also terminated Mr. Gravelle's service as Chief Executive Officer of the Company in September 2022. The following table sets forth certain information regarding our directors and executive officers as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
| **NAME** | **AGE** | **POSITION** |
| Jason Barnard | 56 | President and Chief Executive Officer, Director |
| Andrew Lyons | 56 | Director |
| Christopher MacPherson | 58 | Director |
| Michael McLeod | 62 | Director |
| Johnathan More | 46 | Director |
| Cyrus Driver | 71 | Chief Financial Officer and Corporate Secretary |
| Mark Fedikow | 70 | Vice President of Exploration |
| Christina Barnard | 52 | Vice President of Operations |

---

 ***Jason Barnard.*** Jason Barnard has served as President and Chief Executive Officer since December 2022 and a director since September 2022. 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.

 ***Andrew Lyons.*** Andrew Lyons was appointed as a director in December 2021 and has over 30 years' experience in program and project management in the public markets, financial and technology sectors. He holds a BSc(CS) and BBA from the University of New Brunswick, an MBA from the University of Ottawa and a PMP from the Project Management Institute. M. Lyons was on the advisory board of Lida Resources before Lida went public and is currently on the advisory board of Lakestone Resources, both Canadian Mining Companies. Mr. Lyons brings proven leadership working at C suite senior management level with corporate experience in the mining sector, utilizing his over 35 years' experience as an independent consultant, helping drive business forward through development and implementation of enterprise-wide information technology solutions. He most recently consulted with several mining company senior boards to refocus their operations and streamline costs and efficiencies. From September 2011 until May 2021 Mr. Lyons was a consulting Program Manager with Oracle Microsystems of BCMr.

 ***Christopher MacPherson.*** Mr. MacPherson was appointed as a Director in December 2022, and is presently self-employed since January 2022. Mr. MacPherson previously served from July 2020 to December 2021 as the Chief Financial Officer of Bathurst Metals Corp. and from June 2016 to February 2019 as the Chief Financial Officer and a director of Sterling Group Ventures Inc. From 1990 to 2016, Mr. MacPherson was Vice President at CIBC World Markets. Mr. MacPherson has 25 years of experience in finance, banking and entrepreneurial enterprises in the North American markets. He has extensive experience in the capital markets. Mr. MacPherson has been responsible for finance and marketing activities, funding and acquisition opportunities as well as assisting in strategic and tactical matters. He has sat on a number of boards, including BC Hydro and Westech.

 ***Michael McLeod.*** Michael McLeod has served as a director since December 2022. Since December 2021, Mr. McLeod has served as the Senior Director of Morrow Sodali, a leading provider of strategic advice and shareholder engagement services in Canada and internationally. He previously served as the Senior Vice President of Gryphon Advisors Inc. from November 2019 to December 2021 and the Vice President, DF King and AST Trust Company of Canada of AST Trust Company of Canada from 2010 to 2019, each of which also provided strategic advice and shareholder engagement services. Mr. 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.

 ***Johnathan More.*** Johnathan More has served as a director since December 2022. Mr. More brings over 28 years of experience in global capital markets focused primarily on natural resource industries. His 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*,* as well as Chairman and Director of Superior Mining International Corp. since January 2020.

 ***Cyrus Driver***, was appointed Chief Financial Officer and Corporate Secretary in January 2023. Mr. Driver is a Chartered Accountant and was founding partner in the firm of Driver Anderson since its inception in 1981. He is a retired partner in the firm of Davidson and Company LLP after merging with them in 2002. Whilst providing general public accounting services to a wide range of clients, he specializes in servicing TSX Venture Exchange-listed companies and members of the brokerage community. He also serves on the boards of several listed companies. His wide knowledge of the securities industry and its rules have enabled him to give valuable advice to clients within the industry with respect to finance, taxation and other accounting related matters. Cyrus also serves as a director on Power Metals Corp and Star Peak Mining.

 ***Mark Fedikow.*** Mark Fedikow was appointed as Vice President Exploration in January 2022. He worked in various capacities with GF Foremost since April 2016. Dr. Fedikow is a graduate of the Department of Geology, University of Windsor where he earned Honors B.Sc. in geology and a M.Sc. in geophysics and geochemistry. Subsequently he received a Natural Sciences and Engineering Research Council of Canada Scholarship and completed a Ph.D. in Exploration Geochemistry at the School of Applied Geology, University of New South Wales, Sydney, Australia. During his more than 40-year career he has worked for exploration and mining companies and for the Manitoba Geological Survey as Chief Geologist of the Mineral Deposits Section. In 2001 he received the Provincial Geologists gold medal, a Canadian national award for excellence in the geosciences. He is currently registered as P.Eng. and P.Geo. with Engineers Geoscientists Manitoba ("EGM"), as P.Geo. with the Northwest Territories and as a Certified Professional Geologist (C.P.G.) with the American Institute of Professional Geologists ("A.I.P.G."), Westminster, Colorado, U.S.A. Mark has been a member of the team responsible for the discovery of a lode gold deposit in east-central Manitoba and of a porphyry copper-molybdenum deposit in southwest Montana. He has served as President, Chief Executive Officer, Vice President of Exploration, and on the board of directors for Canadian and American junior exploration companies. Mark has published numerous articles on mineral deposits and their surficial geochemical expression.

 ***Christina Barnard,*** was appointed Vice President of Operations in December of 2022 and has been part of the organization since August 2020. Mrs. Barnard brings over 20 years' experience in business management, media and marketing where she spent the over ten years working for Rogers Communications. a well-known national public company as senior marketing and media advisor. She has worked with several public companies, including roles in corporate communications and strategist. After leaving Rogers Media in 2019, she worked with a number of public companies in their marketing and communications department and assisted to develop strategies to minimize costs and streamline efficiencies. Christina has helped facilitate several different organization's objectives, via careful evaluation and strategic planning, assessing structure and procedures, and being able to administer their core values in a clear demonstrable way both internally and in in the general public.

No family relationship exists between any of our directors and executive officers other than Jason and Christina Barnard, who are spouses. There are no arrangements or understandings with major shareholders, customers, suppliers, or others pursuant to which any person referred to above was selected as a director or member of senior management.

**Board of Directors**

Nasdaq's listing rules generally require that a majority of an issuer's board of directors must consist of independent directors. Our board of directors currently consists of five directors, three of whom, and are independent within the meaning of Nasdaq's rules.

A director is not required to hold any shares in our company to qualify to serve as a director. Our board of directors may exercise all the powers of our company to borrow money, mortgage or charge its undertaking, property and uncalled capital, and to issue debentures, bonds and other securities, subject to applicable stock exchange limitations, if any, whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third party.

**Board Committees**

We have already established a standing audit committee and a compensation committee of our board of directors. Immediately prior to, and subject to, the closing of this offering, we intend to establish a nominating and corporate governance committee of our board of directors. We intend to adopt a charter for each of the three committees. Each committee's members and functions are described below.

**Audit Committee**

Our audit committee consists of Christopher MacPherson, Johnathan More and Michael McLeod each of whom satisfies the "independence" requirements of Rule 10A-3 under the Exchange Act and Rule5605(c)(2) of the Nasdaq Marketplace Rules. Mr. MacPherson will serve as chairman of the audit committee. Our board has determined that qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of the consolidated financial statements of our company.

The audit committee will be responsible for, among other things: (i) retaining and overseeing our independent accountants; (ii) assisting the board in its oversight of the integrity of our consolidated financial statements, the qualifications, independence and performance of our independent auditors and our compliance with legal and regulatory requirements; (iii) reviewing and approving the plan and scope of the internal and external audit; (iv) pre-approving any audit and non-audit services provided by our independent auditors; (v) approving the fees to be paid to our independent auditors; (vi) reviewing with our chief executive officer and chief financial officer and independent auditors the adequacy and effectiveness of our internal controls; (vii) reviewing hedging transactions; and (viii) reviewing and assessing annually the audit committee's performance and the adequacy of its charter.

**Compensation Committee**

Our compensation committee consists of Michael McLeod, Andrew Lyons and Christopher McPherson, all of whom satisfy the "independence" requirements of Rule 10A-3 under the Exchange Act and Rule 5605(c)(2) of the Nasdaq Marketplace Rules. Mr. Mcleod will serve as chairman of the compensation committee. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers.

The compensation committee will be responsible for, among other things: (i) reviewing and approving the remuneration of our executive officers; (ii) making recommendations to the board regarding the compensation of our independent directors; (iii) making recommendations to the board regarding equity-based and incentive compensation plans, policies and programs; and (iv) reviewing and assessing annually the compensation committee's performance and the adequacy of its charter.

**Nominating and Corporate Governance Committee**

Our Nominating and Corporate Governance Committee consists of Michael McLeod, Andrew Lyons and Jason Barnard. Mr. Lyons will serve as chairman of the nominating and corporate governance committee. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees.

The nominating and corporate governance committee will be responsible for, among other things: (i) identifying and evaluating individuals qualified to become members of the board by reviewing nominees for election to the board submitted by shareholders and recommending to the board director nominees for each annual meeting of shareholders and for election to fill any vacancies on the board; (ii) advising the board with respect to board organization, desired qualifications of board members, the membership, function, operation, structure and composition of committees (including any committee authority to delegate to subcommittees), and self- evaluation and policies; (iii) advising on matters relating to corporate governance and monitoring developments in the law and practice of corporate governance; (iv) overseeing compliance with the our code of ethics; and (v) approving any related party transactions.

The nominating and corporate governance committee's methods for identifying candidates for election to our board of directors will include the solicitation of ideas for possible candidates from a number of sources - members of our board of directors, our executives, individuals personally known to the members of our board of directors, and other research. The nominating and corporate governance committee may also, from time-to-time, retain one or more third-party search firms to identify suitable candidates.

In making director recommendations, the nominating and corporate governance committee may consider some or all of the following factors: (i) the candidate's judgment, skill, experience with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight; (ii) the interplay of the candidate's experience with the experience of other board members; (iii) the extent to which the candidate would be a desirable addition to the board and any committee thereof; (iv) whether or not the person has any relationships that might impair his or her independence; and (v) the candidate's ability to contribute to the effective management of our company, taking into account the needs of our company and such factors as the individual's experience, perspective, skills and knowledge of the industry in which we operate.

**Duties of Directors**

Under Canadian law, directors have fiduciary obligations to our company. Under the BCBCA, directors, when exercising the powers and discharging their duties, must act honestly and in good faith with a view to the best interests of our company and exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances.

Under British Columbia corporate law, the BCBCA imposes specific statutory liabilities on directors of corporations in certain situations. In certain circumstances, directors can be held liable, for example, for paying a dividend contrary to section 70(2) of the BCBCA, or for paying a commission or allowing a discount contrary to section 67 of the BCBCA, or for purchasing, redeeming, or otherwise acquiring shares contrary to section 78 or 79 of the BCBCA. Under numerous other provisions in federal and provincial statutes, directors may also face personal liability for, among other things, environmental offences, source deductions from payrolls, and tax remittances. Corporate directors have a number of defenses to legal actions in which it is alleged that they have breached their statutory or fiduciary duties, including:

● dissenting from a resolution passed or action taken at a board meeting, which may relieve the director of any liability for the results of that decision.

● raising a "good faith reliance" defense to an accusation of breach of a fiduciary duty, whereby the director is entitled to rely in good faith on consolidated financial statements or reports made by an officer of the corporation, the corporation's auditor, or by other professionals, such as a lawyer, an accountant, or an engineer; and

● availing themselves of a due diligence defense that permits directors to avoid a number of statutory liabilities, including breach of fiduciary duty, where the directors exercise the same degree of care, diligence and skill as a reasonably prudent person in comparable circumstances.

**Conflicts of Interest**

There are potential conflicts of interest to which the directors, officers, insiders, and promoters of our company will be subject in connection with the operations of our company. Some of the directors, officers, insiders, and promoters are engaged in and will continue to be engaged in corporations or businesses which may be in competition with the business of our company. Accordingly, situations may arise where the directors, officers, insiders, and promoters will be in direct competition with our company. The directors and officers of our company have a fiduciary obligation to act in the best interests of our company, avoid conflicts of interest and to disclose to all other board members any relevant information about potential conflicts. They have the same obligations to the other companies in respect of which they act as directors and officers. Discharge by the directors and officers of their obligations to our company may result in a breach of their obligations to the other companies, and in certain circumstances this could expose our company to liability to those companies. Similarly, discharge by the directors and officers of their obligations to the other companies could result in a breach of their obligation to act in the best interests of our company. Such conflicting legal obligations may expose our company to liability to others and impair our ability to achieve our business objectives. All of the directors or officers of our company have entered into non- competition or non-disclosure agreements with our company. Conflicts, if any, will be subject to the procedures and remedies as provided under the BCBCA and applicable securities laws, regulations, and policies.

**Terms of Directors and Officers**

Our officers are appointed by and serve at the discretion of our board of directors. Unless the at any time or from time to time, the Company's Articles of incorporation permit directors to hold office for a term expiring later than the close of the next annual meeting of shareholders, the term of office of a director upon election or appointment, subject to a director's prior resignation or removal by a special majority of shareholders pursuant to Section 128 of the BCBCA , shall cease at the close of the first annual meeting of shareholders following his or her election or appointment, provided that if no directors are elected at such annual meeting, he or she shall continue in office until his or her successor is elected or appointed. The following persons are disqualified by the BCBCA from being a director of the Company: (i) anyone who is less than 18 years of age; (ii) a person who is not an individual; and (iii) a person who has the status of a bankrupt.

**Compensation of Directors and Officers**

For the fiscal years ended March 31, 2022, and 2021, we paid aggregate cash compensation of $375,264 (US$272,880) and $73,000 (US$53,083), respectively, to our directors and executive officers as a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our board of directors may determine compensation to be paid to the directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors and the executive officers. For information regarding share awards granted to our directors and executive officers, see "—*Stock Option Plan and Performance Share Unit Plan*."

**Our 2021 Stock Option Plan**

The Company follows the policies of the Canadian Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the policies, the exercise price of each option may not be less than the market price of the Company's stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years.

The intention of the 2021 Stock Option Plan (the "2021 Plan') is to increase the proprietary interest of employees, officers, directors and consultants in the Company (each an "Eligible Person") and thereby aid the Company in attracting, retaining and encouraging the continued involvement of such persons with the Company. Under the 2021 Plan, the total number of common shares that may be reserved for issuance as stock options ("Stock Options") will be 10% of the issued and outstanding common shares of the Company at the time of grant, less any common shares reserved for issuance under other stock option plans. The 2021 Plan complies with the current policies of the CSE.

All Stock Options are non-assignable and non-transferable (except that the Eligible Person's heirs or administrators can exercise any portion of the outstanding option, up to one year from such person's death).

The exercise price of Stock Options granted under the 2021 Plan will be determined by the board. The exercise price for Stock Options must not be lower than the greater of the closing market prices of the Common Shares on: (a) the trading day prior to the date of grant of the stock options; and (b) the date of grant of the stock options.

Stock Options to acquire more than 5% of the issued and outstanding Common Shares may not be granted to any one person in any 12- month period.

The term of any Stock Options granted under the 2021 Plan will be fixed by the board and may not exceed ten years. Should an Eligible Person cease to qualify as an Eligible Person under the 2021 Plan prior to expiry of the term of their respective Stock Options, those Stock Options will terminate at the earlier of: (i) the end of the period of time permitted for exercise of the Stock Option; or (ii) a "reasonable period" not to exceed one year after the option holder ceases to be an Eligible Person for any reason other than death, disability or just cause. If such cessation as an Eligible Person is on account of disability or death, the Stock Options terminate on the first anniversary of such cessation, and if it is on account of termination of employment for just cause, the Stock Options terminate immediately.

The 2021 Plan also provides for adjustments to outstanding options in the event of alteration in the capital structure of the Company, merger or amalgamation involving the Company or the Company's entering a plan of arrangement. The 2021 Plan provides for certain instances (ie. merger transactions, change of control) where all Stock Options outstanding but not yet vested under the 2021 Plan shall become immediately exercisable.

The board may, at their discretion at the time of any grant, impose a schedule over which period Stock Options will vest and become exercisable by the Eligible Person. If a Stock Option is cancelled before its expiry date, the Company may not grant new Stock Options to the same holder until 30 days have elapsed from the date of cancellation.

Subject to any required approval of the CSE, the board may terminate, suspend, or amend the terms of the 2021 Plan, provided that for certain amendments, the board must obtain shareholder approval.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth certain information with respect to the beneficial ownership of our common shares as of January 4, 2023 for (i) each of our executive officers and directors; (ii) all of our executive officers and directors as a group; and (iii) each other shareholder known by us to be the beneficial owner of more than 5% of our outstanding common shares. The following table assumes that the underwriters have not exercised the over-allotment option.

Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. For purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any common shares that such person or any member of such group has the right to acquire within sixty (60) days of January 4, 2023. For purposes of computing the percentage of outstanding shares held by each person or group of persons named above, any shares that such person or persons has the right to acquire within sixty (60) days of January 4, 2023, are deemed to be outstanding for such person, but not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially owned does not constitute an admission of beneficial ownership by any person. Unless otherwise indicated, the address of each beneficial owner is c/o 700 West Georgia Street Vancouver, British Columbia V7Y 1B3 Canada.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Common Shares** <br> **Beneficially Owned Prior to** <br> **this Offering (post-** <br> **consolidation)<sup>(1)</sup>** | **Common Shares** <br> **Beneficially Owned Prior to** <br> **this Offering (post-** <br> **consolidation)<sup>(1)</sup>** | **Common Shares** <br> **Beneficially Owned After** <br> **this Offering (post-** <br> **consolidation)<sup>(2)</sup>** | **Common Shares** <br> **Beneficially Owned After** <br> **this Offering (post-** <br> **consolidation)<sup>(2)</sup>** |
| <br> **<u>Name of Beneficial Owner</u>** | **Shares** | **%** | **Shares** | **%** |
| **Directors and Executive Officers:** |  |  |  |  |
| Jason Barnard, President and CEO, Director<sup>(3)</sup> | 21355799 | 10.8% |  |  |
| Andrew Lyons, Director<sup>(4)</sup> | 1525000 | \* |  |  |
| Christopher MacPherson, Director <sup>(5)</sup> | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |  |  |
| Michael McLeod, Director <sup>(6)</sup> | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |  |  |
| Johnathan More, Director <sup>(7)</sup> | 2200000 | 1.1% |  |  |
| Cyrus Driver, CFO and Corporate Secretary<sup>(9)</sup> | 500000 | \* |  |  |
| Mark Fedikow, VP of Exploration<sup>(9)</sup> | 1595235 | \* |  |  |
| Christina Barnard, VP of Operations<sup>(10)</sup> | 21355799 | &nbsp;&nbsp;&nbsp;&nbsp;10.8% |  |  |
| Directors and executive officers as a group (8 people) | 29926034 | 15.1% |  |  |

---

\* Less than 1%

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on 197,980,799 common shares issued and outstanding
as of January 4, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on common shares issued and outstanding after
this offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes 7,861,000 common shares owned by Claimbank
Exploration Ltd. ("Claimbank") and 9,181,489 owned by Ora Nutraceuticals, Inc. ("Ora"). Mr. Barnard is
the sole owner of each of Claimbank and Ora and has sole voting and investment control over these shares. Also includes shares
held by Mrs. Barnard detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists of 525,000 common shares, and 1,000,000 common shares issuable upon exercise of options at $0.18
per share.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of 400,000 common shares and 1,000,000 common
shares issuable upon exercise of options at $0.18 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of 100,000 common shares, 850,000 common shares
issuable upon exercise of options at $0.18 per share, and 400,000 common shares issuable upon exercise of options at $0.275 per
share.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of 950,000 common shares and 250,000 common
shares issuable upon exercise of options at $0.18 per share, and 1,000,000 common shares issuable upon exercise of options at
$0.255 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of 500,000 issuable upon exercise of options
at $0.19 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Includes 585,235 common shares, 500,000 common shares
issuable upon exercise of options at $0.41 per share and 500,000 common shares issuable upon exercise of options at $0.15 per
share, 500,000 common shares issuable upon exercise of options at $0.19 per share, each held by Mount Morgan Resources Ltd ("Mount
Morgan"). Mr. Fedikow is the sole owner of Mount Morgan and has voting and investment control over these shares. Also includes
10,000 common shares held by Mr. Fedikow's spouse.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Includes 874,411 common shares, 2,688,889 shares owned
by 1374646 B.C. LTD and 750,000 common shares issuable upon exercise of options at $0.33 per share. Also includes shares held
by Mr. Barnard detailed below.

None of our major shareholders have different voting rights from other shareholders. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

**RELATED PARTY TRANSACTIONS**

In addition to the compensation arrangements discussed under "*Management*," the following is a description of the material terms of those transactions with related parties to which we are party and which we are required to disclose pursuant to the disclosure rules of the SEC.

On May 10, 2022, the Company entered into a secured loan agreement in the principal amount of $1,145,520.08 (the "Loan") with Jason Barnard and Christina Barnard (the "Lenders"). Mr. Barnard is the Company's largest shareholder owning approximately 10.8% of the Company's common shares and is now Chief Executive Officer and a director of the Company. Ms. Barnard now serves as the Company's Vice President of Operations. The Loan matures on May 10, 2023 and bears interest at a rate of 8.35% per annum payable in monthly installments of $8,000. The Loan is repayable at any time without penalty.

In July 2021, the Company entered into an option agreement with Mount Morgan Resources Ltd. to acquire a 100% interest in its Jean Lake lithium-gold project. Mount Morgan Resources Ltd. was at that time, and currently is, controlled by Mark Fedikow who is the Company's Vice President Exploration. The Jean Lake property consists of five mineral claims covering 2500 acres/1002 hectares and is situated along the Thompson Brothers Trend, the focus of exploration for lithium-bearing pegmatite dikes in the Snow Lake area. The property hosts recently discovered high-grade lithium pegmatite dikes. Ongoing exploration includes drone-assisted magnetic surveys, prospecting and rock and soil geochemical surveys. Fourteen new drill targets have been defined and together with known pegmatites are planned and approved, and drilling has begun in December 2022.

The Company may exercise the Jean Lake Option by making the following cash payments and common share issuances to Mount Morgan over a 48 month period (the "Jean Lake Option Period"): (a) shares in the capital of the Company valued at $25,000, and $25,000 in cash within two business days following the effective date; (b) shares in the capital of the Company valued at $50,000 and an additional $50,000 in cash on or before July 30, 2022 (in addition, the Company must spend $50,000 on Exploration Expenses by July 30, 2022); c) shares in the capital of the Company valued at $50,000 and an additional $50,000 in cash on or before July 30, 2023; (in addition, the Company must have spent an accumulated total of $100,000 on Exploration Expenses by the second anniversary of the Effective Date); (d) shares in the capital of the Company at $50,000 and an additional $50,000 in cash on or before July 30, 2024 (in addition, the Company must have spent an accumulated total of $150,000 on Exploration Expenses by July 30, 2024); and (e) shares in the capital of the Company valued at $75,000 and an additional $75,000 in cash on or before July 30, 2025 (in addition, the Company must have spent an accumulated $200,000 on Exploration Expenses or before July 30, 2025). Both the initial share and cash issuance and the share and cash issuance due July 30, 2022 have been completed.

**DESCRIPTION OF SHARE CAPITAL**

**General**

The following is a description of the material terms of our share capital as set forth in our articles of incorporation, as amended, and as further amended in connection with this offering, and certain related sections of the BCBCA. For more detailed information, please see our articles of incorporation and amendments thereto, which are filed as exhibits to the registration statement of which this prospectus forms a part.

As of January 4, 2023, we had 15 shareholders of record holding 197,980,799 common shares issued and outstanding, of which 17,865,412 shares (approximately 9.4%) were held by shareholders of record located in the United States.

Upon closing of this offering as of , 2023, our share capital will consist of an unlimited number of common shares, no par value per share, of which will be issued and outstanding (if the underwriters exercise the over-allotment option in full).

**Share Capital**

Under our articles of incorporation, the holders of our common shares are entitled to one vote for each share held at any meeting of the shareholders. The holders of our common shares are entitled to receive dividends as and when declared by our board of directors. In the event of our liquidation, dissolution or winding-up or other distribution of our assets among our shareholders, the holders of our common shares are entitled to share pro rata in the distribution of the balance of our assets.

All common shares outstanding after completion of this offering will be fully paid and non-assessable and are not subject to any pre- emptive rights, conversion or exchange rights, redemption, retraction, purchase for cancellation or surrender provisions, sinking or purchase fund provisions, provisions permitting or restricting the issuance of additional securities or provisions requiring a shareholder to contribute additional capital.

**Warrants**

All of the Company's outstanding warrants were granted in connection with private placements and each warrant can be exercised for one common share. None of the warrants have a cashless exercise feature thus no issuance of common stock would occur if the market price is less than the exercise price. There are currently 1,488,235 warrants issued and outstanding.

**Options**

The Company follows the policies of the Canadian Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. There are currently 11,815,000 stock options issued and outstanding. Under the policies, the exercise price of each option may not be less than the market price of the Company's stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years. The options shall be subject to such vesting requirements, if any, as may be determined by the board from time to time provided that options granted to consultants performing "investor relation activities" must vest in stages over 12 months with no more than ¼ of the options granted vesting in any six month period. See "*Management—Stock Option Plan*."

**Limitation of Liability and Indemnification of Directors and Officers**

Under the BCBCA, we may indemnify our current or former directors or officers or another individual who acts or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity which the Company is or was a shareholder or creditor of, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his or her association with us or another entity. The BCBCA also provides that we may also advance moneys to a director, officer or other individual for costs, charges and expenses reasonably incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfill the conditions described below.

However, indemnification is prohibited under the BCBCA if any of the following circumstances apply:

● if the indemnity is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of the company or the associated corporation, as the case may be;

● in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

Section 20 of our Articles of Incorporation requires us to indemnify each of our current or former directors or alternate directors (each an "eligible party")as well as their respective heirs and legal personal representatives, against all eligible penalties to which such person is or may be liable by reason of the eligible party having been a director or alternate director (an "eligible proceeding"), and deem the Company to have contracted with such eligible parties on the terms of the indemnity provided for therein. Further, following the final disposition of any eligible proceeding, the Company must pay the expenses actually and reasonably incurred by such person in respect of that proceeding.

**Other Important Provisions in our Articles of Incorporation**

The following is a summary of certain important provisions of our articles of incorporation, as amended. Please note that this is only a summary, is not intended to be exhaustive and is qualified in its entirety by reference to our articles of incorporation. For further information, please refer to the full version of our articles of incorporation, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part.

**Objects and Purposes of the Company**

Our articles of incorporation do not contain and are not required to contain a description of our objects and purposes. There is no restriction contained in our articles of incorporation on the business that we may carry on.

**Directors**

*<u>Disclosable Interests</u>*

The BCBCA states that a director must disclose to us, in accordance with the provisions of the BCBCA , the nature and extent of an interest that the director has in a material contract or material transaction, whether made or proposed, with us, if the director has a material interest in or has a material interest in a party to the contract or transaction.

A director who holds an interest in respect of any material contract or transaction into which we have entered or propose to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all of the directors have a disclosable interest in that contract or transaction.

*<u>Remuneration o</u>f Directors*

Neither the BCBCA nor the Company's Articles of Incorporation contain any provisions prohibiting or limiting the compensation that may be paid to directors in their capacity as directors. Currently, any director compensation, including equity based compensation including grants of stock option, restricted share units or performance share units, is determined by the board of directors in its sole discretion.

*<u>Age Limit Requirement</u>*

Neither our articles of incorporation nor the BCBCA impose any mandatory age-related retirement or non-retirement requirement for our directors.

*<u>Share Ownership</u>*

Neither our articles of incorporation nor the BCBCA provide that a director is required to hold any of our shares as a qualification for holding his or her office. Our board of directors has discretion to prescribe minimum share ownership requirements for directors.

*Q<u>uorum</u>*

Under our company articles, the quorum necessary for the transaction of the business of the directors may be fixed by the directors and if not so fixed shall be a majority of the directors. If there is only one director, the quorum necessary for the transaction of the business of the directors is one director, and that director may constitute a meeting.

*<u>Borrowing Powers</u>*

Pursuant to our Articles relating to the borrowing powers of our directors, our board of directors may: (i) borrow any sum of money; (ii)guarantee the repayment of any sum of money borrowed by any person or corporation; and (iii) guarantee the performance of any obligation of any person or corporation, and may raise or secure the repayment of any sum of money for borrowed or obligation guaranteed in any manner and upon such terms as the directors see fit including by the issue of bonds, debentures or other debt obligations or by granting of any mortgages or other security on the undertaking or whole or any part of the property of the Company. .

**Alterations**

Pursuant to our Articles of Incorporation, the shareholders of the Company may by ordinary resolution: i) create one or more classes of shares or, if none of the shares of a class are allotted or issued, eliminate that class of shares; (ii) create one or more series of shares within a class or, if none of the shares of a series or shares are allotted or issued, eliminate that series of shares; (iii) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established; (iv) subdivide or consolidate all or any of its unissued, or fully paid issue d, shares; (v) resolution change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value; or (vi) by ordinary resolution or special resolution otherwise alter its shares or authorized share structure when required or permitted to do so by the Business Corporations Act.

Subject to the BCBCA, the shareholders of the Company may by ordinary resolution: (i) create special rights and restrictions for, and attach those special rights and restrictions to, the shares of any class or series, whether or not any or all of those shares have been issued; and (ii) vary or delete any special rights or restrictions attached to the shares of any c lass or series, whether or not any or all of those shares have been issued.

The Company may by either ordinary resolution or directors' resolution authorize an alteration of its Notice of Articles in order to change its name.

If the BCBCA does not otherwise specify the type of resolution and the Company's Articles of Incorporation do not specify another type of resolution, the shareholders of the Company may by special resolution alter its Articles.

**Shareholder Meetings**

We must hold an annual general meeting of our shareholders at least once every year at a time and place determined by our board of directors, provided that the meeting must not be held later than 15 months after the preceding annual general meeting at such time and place as may be determined by the directors.

Pursuant to the BCBCA, shareholders holding not less than 5% of our issued voting shares may also cause our directors to call a shareholders' meeting.

A notice to convene a meeting, specifying the date, time and location of the meeting, and, where a meeting is to consider special business, the general nature of the special business, must be sent to shareholders, to each director and the auditor not less than 21 days prior to the meeting, although, as a result of applicable securities laws, the time for notice no more than 60 and no less than 30 days before the meeting dated. Under the BCBCA , shareholders and any other person entitled to notice of a meeting may waive or reduce the period of notice for that meeting, provided applicable securities laws requirements are met. Under Our Articles, the accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any person entitled to notice does not invalidate any proceedings at that meeting.

A quorum for meetings under our Articles, as amended in connection with this offering will be two persons present and holding, or represented by proxy, 5% of the issued shares entitled to be voted at the meeting. If a quorum is not present at the opening of the meeting, the shareholders may adjourn the meeting to a fixed time and place but may not transact any further business.

Registered holders of our outstanding common shares and proxyholders appointed by registered shareholders are entitled to attend meetings of our shareholders. Our directors, the president, the, any solicitor for the Company our auditor and any other persons invited by our directors or with the consent of those at the meeting are entitled to attend at any meeting of our shareholders but will not be counted in the quorum or be entitled to vote at the meeting unless he or she is a shareholder or proxyholder entitled to vote at the meeting.

**Director Nominations**

At any shareholder meeting at which directors are to be nominated for election, any such nomination, other than a nomination made by the Company's management, must be made in accordance with and must comply with the advance notice policy (the "Advance Notice Policy") adopted by the Company's board of directors on November 1, 2013 and ratified by the shareholders at the annual general meeting of the shareholders of the Company held on November 28, 2013. The Advance Notice Policy establishes the process to be followed by Shareholders to nominate a person for election as a director of the Company and provides for a reasonable period of time to submit nominee names, as well as specific requirements as to the information which must accompany the nominations (the "Advance Notice of Nomination").

Under the Advance Notice Policy, to be timely, a shareholder's Advance Notice of Nomination must be received (i) in the case of an annual meeting of shareholders, not less than 30 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice by the shareholder must be received not later than the close of business on the 10th day following the date of such public announcement; and (ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for any purpose which includes the election of directors to the board of directors, not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made. This article also prescribes the proper written form for a shareholder's notice.

**Impediments to Change of Control**

Our Articles of incorporation do not contain any change of control limitations with respect to a merger, acquisition or corporate restructuring that involves us.

**Compulsory Acquisition**

The BCBCA provides that if, within 4 months after the date of a take-over bid made to shareholders of a corporation, the bid is accepted by the holders of not less than 9/10 of the shares (other than the shares held by the offeror or an affiliate of the offeror) of any class of shares to which the bid relates, the offeror is entitled to acquire (on the same terms on which the offeror acquired shares under the take- over bid) the shares held by those holders of shares of that class who did not accept the take-over bid. If a shareholder who did not accept the take-over bid (a dissenting offeree) does not receive an offeror's notice, with respect to a compulsory acquisition (as described in the preceding sentence), that shareholder may require the offeror to acquire those shares on the same terms under which the offeror acquired (or will acquire) the shares owned by the shareholders who accepted the take-over bid.

**Ownership and Exchange Controls**

**Competition Act**

Limitations on the ability to acquire and hold our common shares may be imposed by the Competition Act (Canada). This legislation establishes a pre-merger notification regime for certain types of merger transactions that exceed certain statutory shareholding and financial thresholds. Transactions that are subject to notification cannot be closed until the required materials are filed and the applicable statutory waiting period has expired or been waived by the Commissioner of Competition, or the Commissioner. Further, the Competition Act (Canada) permits the Commissioner to review any acquisition of control over or of a significant interest in us, whether or not it is subject to mandatory notification. This legislation grants the Commissioner jurisdiction, for up to one year, to challenge this type of acquisition before the Canadian Competition Tribunal if it would, or would be likely to, substantially prevent or lessen competition in any market in Canada.

**Investment Canada Act**

The Investment Canada Act requires notification and, in certain cases, advance review and approval by the Government of Canada of an investment to establish a new Canadian business by a non-Canadian or of the acquisition by a non-Canadian of "control" of a "Canadian business", all as defined in the Investment Canada Act. Generally, the threshold for advance review and approval will be higher in monetary terms for a member of the World Trade Organization. The Investment Canada Act generally prohibits the implementation of such a reviewable transaction unless, after review, the relevant minister is satisfied that the investment is likely to be of net benefit to Canada.

The Investment Canada Act contains various rules to determine if there has been an acquisition of control. For example, for purposes of determining whether an investor has acquired control of a corporation by acquiring shares, the following general rules apply, subject to certain exceptions. The acquisition of a majority of the voting shares of a corporation is deemed to be acquisition of control of that corporation. The acquisition of less than a majority but one-third or more of the voting shares of a corporation is presumed to be an acquisition of control of that corporation unless it can be established that, on the acquisition, the corporation is not controlled in fact by the acquiror through the ownership of voting shares. The acquisition of less than one-third of the voting shares of a corporation is deemed not to be acquisition of control of that corporation.

In addition, under the Investment Canada Act, national security review on a discretionary basis may also be undertaken by the federal government in respect of a much broader range of investments by a non-Canadian to "acquire, in whole or in part, or to establish an entity carrying on all or any part of its operations in Canada, with the relevant test being whether such an investment by a non-Canadian could be "injurious to national security." The Minister of Industry has broad discretion to determine whether an investor is a non- Canadian and therefore may be subject to national security review. Review on national security grounds is at the discretion of the federal government and may occur on a pre- or post-closing basis.

See "*Material United States and Canadian Income Tax Considerations—U.S. Federal Income Taxation Considerations*" for additional information regarding the material U.S. federal income tax consequences relating to the ownership and disposition of our common shares by U.S. Holders (as defined thereto).

Any of these provisions may discourage a potential acquirer from proposing or completing a transaction that may have otherwise presented a premium to our shareholders. We cannot predict whether investors will find our company and our common shares less attractive because we are governed by foreign laws.

**Listing**

In connection with this offering, we intend to file an application to list our common shares under the symbol "FMST" on the Nasdaq Capital Market.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common shares in the United States will be Odyssey Trust Company. The address for is United Kingdom Building 350 – 409 Granville Street Vancouver BC V6C 1T2, and the telephone number is 888-290-1175.

**SHARES ELIGIBLE FOR FUTURE SALE**

Future sales of our common shares in the public market could adversely affect prevailing market prices and could impair our ability to raise equity capital in the future. Sales of substantial numbers of our shares in the public market could adversely affect prevailing market prices of our common shares. While we have applied to list our common shares on the Nasdaq Capital Market, we cannot assure you that a regular trading market will develop in our common shares.

**Rule 144**

In general, a person who has beneficially owned restricted common shares for at least twelve months, or at least six months in the event we have been a reporting company under the Exchange Act for at least ninety (90) days before the sale, would be entitled to sell such securities, provided that such person is not deemed to be an affiliate of ours at the time of sale or to have been an affiliate of ours at any time during the ninety (90) days preceding the sale. A person who is an affiliate of ours at such time would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of shares that does not exceed the greater of the following:

● 1% of the number of common shares then outstanding; or

● 1% of the average weekly trading volume of our common shares during the four calendar weeks preceding the filing by such person of a notice on Form 144 with respect to the sale;

provided that, in each case, we are subject to the periodic reporting requirements of the Exchange Act for at least 90 days before the sale. Rule 144 trades must also comply with the manner of sale, notice and other provisions of Rule 144, to the extent applicable.

**Rule 701**

In general, Rule 701 allows a shareholder who purchased shares pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of ours during the immediately preceding 90 days to sell those shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. All holders of Rule 701 shares, however, are required to wait until ninety (90) days after the date of this prospectus before selling shares pursuant to Rule 701.

**Lock-Up Agreements**

We, all of our directors and officers, and holders of 5% or greater of our common shares, have agreed with the underwriters, subject to certain exceptions, not to offer, pledge, sell, transfer or dispose of, directly or indirectly, any of our common shares or securities convertible into or exercisable or exchangeable for our common shares for a period of (i) three months after the closing of this offering in the case of our company, (ii) six months after the closing of this offering in the case of our directors and officers, and (iii) three months after the closing of this offering in the case of holders of 5% or greater of our common shares. See "*Underwriting*" for more information.

**MATERIAL UNITED STATES AND CANADIAN INCOME TAX CONSIDERATIONS**

**Canadian Income Tax Considerations**

The following summary describes, as of the date hereof, the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as a beneficial owner, common shares pursuant to this prospectus and who, at all relevant times, for the purposes of the application of the *Income Tax Act* (Canada) and the Income Tax Regulations (which we collectively refer to as the Canadian Tax Act), (i) is not, and is not deemed to be, resident in Canada for purposes of the Canadian Tax Act and any applicable income tax treaty or convention; (ii) deals at arm's length with us; (iii) is not affiliated with us; (iv) does not use or hold, and is not deemed to use or hold, common shares in a business or part of a business carried on in Canada; (v) has not entered into, with respect to the common shares, a "derivative forward agreement", as that term is defined in the Canadian Tax Act and (vi) holds the common shares as capital property (which we refer to as a Non-Canadian Holder). This summary does not apply to a Non-Canadian Holder that is an insurer carrying on an insurance business in Canada and elsewhere or an "authorized foreign bank", as that term is defined in the Canadian Tax Act. Such Non-Canadian Holders should consult their tax advisors for advice having regards to their particular circumstances.

This summary is based on the current provisions of the Canadian Tax Act and the Canada-United States Tax Convention, as amended or the Canada-U.S. Tax Treaty, and an understanding of the current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. It takes into account all specific proposals to amend the Canadian Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (which we refer to as the Proposed Amendments) and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, regulatory, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular circumstances.**

Generally, for purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of the common shares must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Canadian Tax Act. The amount of any dividends, capital gains or capital losses realized by a Non-Canadian Holder may be affected by fluctuations in the Canadian-U.S. dollar exchange rate.

***Dividends***

Dividends paid or credited on the common shares or deemed to be paid or credited on the common shares to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Non-Canadian Holder is entitled under any applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. For example, under the Canada-U.S. Tax Treaty, where dividends on the common shares are considered to be paid to or derived by a Non-Canadian Holder that is the beneficial owner of the dividends and a U.S. resident for the purposes of, and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. **Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.**

***Dispositions***

A Non-Canadian Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a common share, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the common shares are "taxable Canadian property" to the Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the common shares will not constitute "taxable Canadian property" to a Non-Canadian Holder at a particular time provided that the common shares are listed at that time on a "designated stock exchange" (as defined in the Canadian Tax Act), which includes Nasdaq and the CSE unless at any particular time during the 60-month period that ends at that time:

● at least 25% of the issued shares of any class or series of our capital stock was owned by or belonged to any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal at arm's length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, and

● more than 50% of the fair market value of the common shares was derived, directly or indirectly, from one or any combination of : (i) real or immoveable property situated in Canada, (ii) "Canadian resource properties" (as that term is defined in the Canadian Tax Act), (iii) "timber resource properties" (as that term is defined in the Canadian Tax Act) and (iv) options in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.

Notwithstanding the foregoing, in certain circumstances, common shares could be deemed to be "taxable Canadian property."

A Non-Canadian Holder's capital gain (or capital loss) of a disposition or deemed disposition of common shares that constitute or are deemed to constitute taxable Canadian property (and are not "treaty-protected property" as defined in the Canadian Tax Act) generally will be computed and taxed as though the Non-Canadian Holder were a resident of Canada for purposes of the Canadian Tax Act. Such Non-Canadian Holder may be required to report the disposition or deemed disposition of common shares by filing a tax return in accordance with the Canadian Tax Act. **Non-Canadian Holders whose common shares may be taxable Canadian property should consult their own tax advisors regarding the tax and compliance considerations that may be relevant to them.**

**U.S. Federal Income Taxation Considerations**

The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of common shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our common shares pursuant to this prospectus and hold such common shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions, insurance companies, currency or securities dealers and traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies, real estate investment trusts, certain former citizens or residents of the United States, persons who hold our common shares as part of a "straddle", "hedge", "conversion transaction", "synthetic security" or integrated investment, persons that have a "functional currency" other than the U.S. dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our shares, corporations that accumulate earnings to avoid U.S. federal income tax, persons subject to special tax accounting rules under Section 451(b) of the Code, partnerships and other pass-through entities, and investors in such pass-through entities. This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative minimum tax consequences.

As used in this discussion, the term "U.S. Holder" means a beneficial owner of our common shares that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our common shares, the U.S. federal income tax consequences relating to an investment in our common shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition of our common shares. Persons considering an investment in our common shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our common shares, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.

***Passive Foreign Investment Company Consequences***

In general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for any taxable year in which either (1) at least 75% of its gross income is "passive income" or (2) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.

Although we do not believe that we were a PFIC for the year ending March 31, 2021, our determination is based on an interpretation of complex provisions of the law, which are not addressed in a significant number of administrative pronouncements or rulings by the Internal Revenue Service, or IRS. Accordingly, there can be no assurance that our conclusions regarding our status as a PFIC for the 2021 taxable year will not be challenged by the IRS and, if challenged, upheld in appropriate proceedings. In addition, because PFIC status is determined on an annual basis and generally cannot be determined until the end of the taxable year, there can be no assurance that we will not be a PFIC for the current taxable year. Because we may continue to hold a substantial amount of cash and cash equivalents, and because the calculation of the value of our assets may be based in part on the value of our common shares, which may fluctuate considerably, we may be a PFIC in future taxable years. Even if we determine that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis.

If we are a PFIC in any taxable year during which a U.S. Holder owns our common shares, the U.S. Holder could be liable for additional taxes and interest charges under the "PFIC excess distribution regime" upon (1) a distribution paid during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for our common shares, and (2) any gain recognized on a sale, exchange or other disposition, including a pledge, of our common shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for our common shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.

If we are a PFIC for any year during which a U.S. Holder holds our common shares, we must generally continue to be treated as a PFIC by that holder for all succeeding years during which the U.S. Holder holds our common shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our common shares. If the election is made, the U.S. Holder will be deemed to sell our common shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder's common shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.

If we are a PFIC for any taxable year during which a U.S. Holder holds our common shares and one of our non-U.S. corporate subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to our non-U.S. subsidiaries.

If we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized on our common shares if such U.S. Holder makes a valid "mark-to-market" election for our common shares. A mark-to-market election is available to a U.S. Holder only for "marketable stock".

Our common shares will be marketable stock so long as they remain listed on Nasdaq and are regularly traded, other than in *de minimis* quantities, on at least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally would take into account, as ordinary income each year, the excess of the fair market value of our common shares held at the end of such taxable year over the adjusted tax basis of such common shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such our common shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder's tax basis in our common shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our common shares in any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.

A mark-to-market election will not apply to our common shares for any taxable year during which we are not a PFIC, but will remain in effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder's mark-to-market election for our common shares.

The tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund, or QEF, election. At this time, we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF election. Consequently, prospective investors should assume that a QEF election will not be available.

Each U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing such information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.

**The U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our common shares, the consequences to them of an investment in a PFIC, any elections available with respect to our common shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition of the common shares of a PFIC.**

***Distributions***

Subject to the discussion above under "*—Passive Foreign Investment Company Consequences*", a U.S. Holder that receives a distribution with respect to our common shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's common shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's common shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions to be reported to them as dividends. Distributions on our common shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the "dividends received" deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations.

A U.S. Holder receiving a distribution from which the 25% Canadian withholding tax (as described above in "*Canadian Income Tax Considerations – Dividends"*) has been deducted may be entitled to a foreign tax credit in determining the U.S. Holder's federal income tax liability for the year in which the distribution is received. The availability of a full or partial foreign tax credit in respect of such Canadian withholding tax is determined under rules of considerable complexity, and the foreign tax credit may not be available in all cases**. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the availability of the foreign tax credit with respect to distributions received from which Canadian tax has been withheld at source.**

Dividends paid by a "qualified foreign corporation" are eligible for taxation for certain non-corporate U.S. Holders at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain requirements are met. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under "*—Passive Foreign Investment Company Consequences*"), we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains tax rate described above will not apply. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to its particular circumstances.

A non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision and which includes an exchange of information provision, or (b) with respect to any dividend it pays on our common shares that are readily tradable on an established securities market in the United States. We believe that we qualify as a resident of Canada for purposes of, and are eligible for the benefits of, the U.S.-Canada Treaty, although there can be no assurance in this regard. Further, the IRS has determined that the U.S.-Canada Treaty is satisfactory for purposes of the qualified dividend rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under "*—Passive Foreign Investment Company Consequences*", if the U.S.-Canada Treaty is applicable, such dividends will generally be "qualified dividend income" in the hands of individual U.S. Holders, provided that certain conditions are met, including holding period and the absence of certain risk reduction transactions.

***Sale, Exchange or Other Disposition of our Common Shares***

Subject to the discussion above under "*—Passive Foreign Investment Company Consequences*", a U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our common shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in our common shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for noncorporate U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition, our common shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our common shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.

***Medicare Tax***

Certain U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our common shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of this Medicare tax to your income and gains in respect of your investment in our common shares.

***Information Reporting***

U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our common shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "Passive Foreign Investment Company Consequences", each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than US$100,000 for our common shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.

U.S. Holders should consult their own tax advisors regarding the information reporting rules.

**EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN COMMON SHARES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.**

**ENFORCEABILITY OF CIVIL LIABILITIES**

We were incorporated under the laws of the Province of British Columbia, Canada. All of our directors and officers, as well as the certain experts named in the "Experts" section of this prospectus, reside outside of the United States. Service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States. In addition, it may be difficult for an investor, or any other person or entity, to assert United States securities laws claims in original actions instituted in Canada. The Supreme Court of Canada has repeatedly affirmed that the requirements to enforce a foreign judgment are as follows:

● the judgment of the foreign court must be final and conclusive;

● the court granting the foreign judgment must have had jurisdiction over the parties and the cause of action;

● the action to enforce a foreign judgment must have been commenced within applicable limitation periods;

● the judgment is not contrary to the law, public policy, security or sovereignty of Canada and its enforcement is not incompatible with Canadian concepts of justice or contrary to the laws governing enforcement of judgments; and

● the judgment was not obtained by fraud and does not conflict with any other valid judgment in the same matter between the same parties;

Foreign judgments enforced by Canadian courts generally will be payable in Canadian dollars. A Canadian court hearing an action to recover an amount in a non-Canadian currency will render judgment for the equivalent amount in Canadian currency.

Our agent for service of process in the United States is Cogency Global.

**UNDERWRITING**

ThinkEquity LLC is the representative for the several underwriters of this offering, or the representative. We plan to enter into an underwriting agreement with the underwriters named below. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has agreed, severally and not jointly, to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number of common shares at the public offering price, less the underwriting discounts, as set forth on the cover page of this prospectus, the number of shares listed next to its name in the following table:

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| | |
|:---|:---|
| **Underwriter** | **Number**<br> **of Shares** |
| ThinkEquity LLC |  |
| Total |  |

---

The underwriters are committed to purchase all common shares offered by us other than those covered by the over-allotment option described below, if any are purchased. The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, the underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the common shares offered by us in this prospectus are subject to various representations and warranties and other customary conditions specified in the underwriting agreement, such as receipt by the representative of officers' certificates and legal opinions.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect thereof.

The underwriters are offering the common shares subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by its counsel and other conditions specified in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

We have granted the underwriters an over-allotment option. This option, which is exercisable for up to 45 days after the date of the closing of this offering, permits the underwriters to purchase up to an aggregate of additional common shares (equal to 15% of the common shares sold in this offering) at the public offering price per share, less underwriting discounts, solely to cover over-allotments, if any. If the underwriters exercise this option in whole or in part, then the underwriters will be committed, subject to the conditions described in the underwriting agreement, to purchase the additional common shares in proportion to their respective commitments set forth in the prior table.

**Discounts and Reimbursement**

The representative has advised us that the underwriters propose to offer the shares to the public at the public offering price per share set forth on the cover page of this prospectus. The underwriters may offer shares to securities dealers at that price less a concession of not more than $ per share of which up to $ per share may be reallowed to other dealers. After the initial offering to the public, the public offering price and other selling terms may be changed by the representative.

The following table summarizes the underwriting discounts, non-accountable underwriters' expense allowance and proceeds, before expenses, to us assuming both no exercise and full exercise by the underwriters of their over-allotment option:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  |<br>**Per Share** | **Offering without Over-Allotment Option** | **Offering with**<br> **Over-Allotment Option** |
| Public offering price | US$ | US$ | US$ |
| Underwriting discounts (7.5%) |  |  |  |
| Non-accountable expense allowance (1%) |  |  |  |
| Proceeds, before expenses, to us | US$ | US$ | US$ |

---

We have also agreed to pay certain of the representative's expenses relating to the offering, including background checks of our directors and executive officers, the fees and expenses of the representative's legal counsel, the Representative's use of Ipreo's book- building, prospectus tracking and compliance software for this offering, date services and communication expenses, and market making and trading, and cleating firm settlement expenses, for a total amount that shall not exceed $122,500. We have paid an expense deposit of $50,000 to the representative, which will be applied against the representative's accountable out-of-pocket expenses (in compliance with FINRA Rule 5110(f)(2)(C)) that are payable by us in connection with this offering.

We have paid ThinkEquity LLC a non-refundable advisory fee equal to $50,000 for corporate consulting services provided to us in connection with the restructure of our capitalization, management negotiation, and identification of our director candidates.

We estimate that the total expenses of this offering payable by us, not including underwriting discounts and expenses, will be approximately $.

**Representative's Warrants**

Upon the closing of this offering, we have agreed to issue to the representative warrants to purchase a number of common shares equal in the aggregate to 5% of the total shares sold in this public offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at a per share exercise price equal to 125% of the public offering price per share sold in this offering. The Representative's Warrants are exercisable at any time and from time to time, in whole or in part, during the four-and-½-year period commencing six months after the date of commencement of sales of this offering. The Representative's Warrants also provide for one demand registration right of the shares underlying the Representative's Warrants, and unlimited "piggyback" registration rights with respect to the registration of the shares of common stock underlying the Representative's Warrants and customary antidilution provisions. The demand registration right provided will not be greater than five years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration right provided will not be greater than seven years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(D).

The Representative's Warrants and the shares of common stock underlying the Representative's Warrants have been deemed compensation by the Financial Industry Regulatory Authority, or FINRA, and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The representative, or permitted assignees under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative's Warrants or the securities underlying the Representative's Warrants, nor will the representative engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying shares for a period of 180 days beginning on the date of commencement of sales of this offering. Additionally, the Representative's Warrants may not be sold transferred, assigned, pledged or hypothecated for a 180-day period beginning on the date of commencement of sales of this offering except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The Representative's Warrants will provide for adjustment in the number and price of the Representative's Warrants and the shares of common stock underlying such Representative's Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing undertaken by us.

**Right of First Refusal**

Until twelve (18) months from the closing of this offering, the representative shall have an irrevocable right of first refusal to act as sole investment banker, sole book-runner, sole financial advisor, sole underwriter and/or sole placement agent, at the representative's sole discretion, for each and every future public and private equity offerings for our company, or any successor to or any subsidiary of our company, including all equity linked financings, on terms customary to the representative. The representative shall have the sole right to determine whether or not any other broker-dealer shall have the right to participate in any such offering and the economic terms of any such participation. The representative will not have more than one opportunity to waive or terminate the right of first refusal in consideration of any such transaction.

**Lock-Up Agreements**

We agreed that for a period of three (3) months after the closing of this offering we will not, without the prior written consent of the representative and subject to certain exceptions, directly or indirectly:

● offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any common shares or any securities convertible into or exercisable or exchangeable for common shares;

● file or caused to be filed any registration statement with SEC relating to the offering of any common shares or any securities convertible into or exercisable or exchangeable for common shares;

● complete any offering of our debt securities, other than entering into a line of credit with a traditional bank; or

● enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common shares, whether any such transaction is to be settled by delivery of common shares or such other securities, in cash or otherwise.

Additionally, we agreed that for a period of 18 months after the closing of this offering we will not directly or indirectly in any "at-the-market", continuous equity or variable rate transaction, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of capital stock of the company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the company, without the prior written consent of the representative.

In addition, each of our directors and officers and any other 5% or greater holder of outstanding shares of Common Stock as of the date of this prospectus have agreed, for a period of six (6) months from the date of this prospectus with respect to directors and officers, and three (3) months from the date of this prospectus for 5% or greater holder shareholders, that without the prior written consent of the representative and subject to certain exceptions, they will not directly or indirectly:

● offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any of our common shares or any securities convertible into or exercisable or exchangeable for common shares;

● enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common shares or any securities convertible into or exercisable or exchangeable for common shares, whether any such transaction is to be settled by delivery of common shares or such other securities, in cash or otherwise;

● make any demand for or exercise any right with respect to the registration of any common shares or any securities convertible into or exercisable or exchangeable for common shares; or

● publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any common shares or any securities convertible into or exercisable or exchangeable for common shares.

**Electronic Offer, Sale and Distribution of Securities**

A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members. The underwriters may agree to allocate a number of securities to selling group members for sale to its online brokerage account holders. Internet distributions will be allocated by the underwriters and selling group members that will make internet distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us, and should not be relied upon by investors.

**Stabilization**

Stabilizing transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline in the market price of the shares while this offering is in progress.

Over-allotment transactions involve sales by the underwriters of common shares in excess of the number of common shares the underwriters are obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of common shares over-allotted by the underwriters are not greater than the number of common shares that they may purchase in the over-allotment option. In a naked short position, the number of common shares involved is greater than the number of common shares in the over-allotment option. The underwriters may close out any short position by exercising their over-allotment option and/or purchasing common shares in the open market.

Syndicate covering transactions involve purchases of common shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of common shares to close out the short position, the underwriters will consider, among other things, the price of common shares available for purchase in the open market as compared with the price at which it may purchase common shares through exercise of the over-allotment option. If the underwriters sell more common shares than could be covered by exercise of the over-allotment option and, therefore, have a naked short position, the position can be closed out only by buying common shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that after pricing there could be downward pressure on the price of the common shares in the open market that could adversely affect investors who purchase in this offering.

Penalty bids permit an underwriter to reclaim a selling concession from a syndicate member when the common shares originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our common shares or preventing or retarding a decline in the market price of our common shares. As a result, the price of our common shares in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our common shares. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.

**Passive Market Making**

In connection with this offering, underwriters and selling group members may engage in passive market making transactions in our common shares on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the securities and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Other Relationships**

The underwriters and their affiliates may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which they may in the future receive customary fees.

**Offer Restrictions Outside The United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Australia**

This prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.

**China**

The information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors."

**European Economic Area — Belgium, Germany, Luxembourg and Netherlands**

The information in this document has been prepared on the basis that no offers of securities will be in member states ("Member State") of the European Economic Area (the "EEA") other than:

● to legal entities that are qualified investors as defined in the Prospectus Regulation;

● to fewer than 150 natural or legal persons (other than qualified investors within the meaning of the Prospectus Regulation) subject to obtaining the prior consent of our company or any underwriter for any such offer; or

● in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of securities shall result in a requirement for the publication by us of a prospectus pursuant to Article 3 of the Prospectus Directive.

This prospectus has been prepared on the basis that any offer of common shares in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of shares. Accordingly any person making or intending to make an offer in that Member State of shares of our common stock which are the subject of the offering contemplated in this prospectus supplement may only do so in circumstances in which no obligation arises for the Company or any of the Representatives to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in each case, in relation to such offer. Neither the Company nor the Representatives have authorized, nor do they authorize, the making of any offer of shares of our common stock in circumstances in which an obligation arises for the Company or the Representatives to publish a prospectus for such offer.

For the purposes of this provision, the expression an "offer of shares of our common stock to the public" in relation to any common shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the common shares to be offered so as to enable an investor to decide to purchase or subscribe the common shares, as the same may be varied in that Member State by any measure implementing the Prospectus Regulation in that Member State, the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The above selling restriction is in addition to any other selling restrictions set out below.

**Notice to Prospective Investors in the United Kingdom**

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the securities. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to our Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

**France**

This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code monétaire et financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des marchés financiers, or AMF. The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.

This document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.

Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D. 744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number of non-qualified investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation.

Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

**Ireland**

The information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005, or the Prospectus Regulations. The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii) fewer than 100 natural or legal persons who are not qualified investors.

**Israel**

The securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority, or the ISA, nor have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with this offering or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

**Italy**

The offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa), or CONSOB, pursuant to the Italian securities legislation and, accordingly, no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy, other than:

● to Italian qualified investors, or Qualified Investors, as defined in Article 100 of Decree no.58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of 14 May 1999, or Regulation no. 1197l, as amended; and

● in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

Any offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

● made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (as amended), Decree No.58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable laws; and

● in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the investors.

**Japan**

The securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended, or the FIEL, pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.

**Portugal**

This document is not being distributed in the context of a public offer of financial securities (oferta pública de valores mobiliários) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissăo do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

**Sweden**

This document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

**Switzerland**

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority.

This document is personal to the recipient only and not for general circulation in Switzerland.

**United Arab Emirates**

Neither this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by us.

No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

**Canada** 

The securities may be sold in Canada only to purchasers, purchasing, or deemed to be purchasing, as principal, that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or are otherwise qualified under an applicable prospectus exemption available under applicable Canadian securities laws. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable Canadian securities laws. Canadian purchasers should refer to any applicable provisions of the securities legislation of their province or territory for particulars of these rights or consult with a legal advisor.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of our total expenses, excluding underwriting discounts and non-accountable expense allowance, which are expected to be incurred in connection with the offer and sale of the common shares by us. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee | US$ |
| FINRA filing fee |  |
| Nasdaq listing fee |  |
| Accounting fees and expenses |  |
| Legal fees and expenses |  |
| Transfer agent fees and expenses |  |
| Printing fees and expenses |  |
| Miscellaneous | |
| TOTAL | US$ |

---

**LEGAL MATTERS**

Certain legal matters as to the United States federal and New York law in connection with this offering will be passed upon for us by Dorsey & Whitney LLP. Certain legal matters as to the United States federal and New York law in connection with this offering will be passed upon for the underwriters by Hunter Taubman Fischer & Li LLC. The validity of the common shares offered in this offering and certain other legal matters as to Canadian law will be passed upon for us by Farris LLP.

**EXPERTS**

Our consolidated financial statements as of March 31, 2022 and 2021 and for the periods then ended included in this prospectus have been audited by Crowe MacKay LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such consolidated financial statements are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

The offices of Crowe MacKay LLP are located at 1100-1177 West Hastings St., Vancouver, BC V6E 4T5.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules, under the Securities Act with respect to the common shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all the information contained in the registration statement. You should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and the common shares.

Immediately upon completion of this offering, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the website is www.sec.gov. Additionally, we will make these filings available, free of charge, on our website at https://foremostlithium.com as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than these filings, is not, and should not be, considered part of this prospectus and is not incorporated by reference into this document.

As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

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| | |
|:---|:---|
| &nbsp;&nbsp; **INDEX TO FINANCIAL STATEMENTS** | &nbsp;&nbsp; **INDEX TO FINANCIAL STATEMENTS** |
|  | &nbsp;&nbsp; **Page** |
| &nbsp;&nbsp; **Audited Financial Statements as of March 31, 2022 and for the Year Ended March 31, 2022** |  |
| &nbsp;&nbsp; [Report of independent registered public accounting firm](#b001_v3) | &nbsp;&nbsp; F-2 |
| &nbsp;&nbsp; [Consolidated Statements of Financial Position](#b002_v3) | &nbsp;&nbsp; F-5 |
| &nbsp;&nbsp; [Consolidated Statements of Loss and Comprehensive Loss](#b003_v3) | &nbsp;&nbsp; F-6 |
| &nbsp;&nbsp; [Consolidated Statements of Cash Flows](#b004_v3) | &nbsp;&nbsp; F-7 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Equity](#b005_v3) | &nbsp;&nbsp; F-8 |
| &nbsp;&nbsp; [Notes to the Consolidated Financial Statements](#b006_v3) | &nbsp;&nbsp; F-9 |
| &nbsp;&nbsp; **Unaudited Financial Statements as of September 30, 2022, and for the Six Months Ended September 30, 2022** |  |
| &nbsp;&nbsp; [Consolidated Statements of Financial Position](#b007_v3) | &nbsp;&nbsp; F-40 |
| &nbsp;&nbsp; [Consolidated Statements of Loss and Comprehensive Loss](#b008_v3) | &nbsp;&nbsp; F-41 |
| &nbsp;&nbsp; [Consolidated Statements of Cash Flows](#b009_v3) | &nbsp;&nbsp; F-42 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Equity](#b010_v3) | &nbsp;&nbsp; F-43 |
| &nbsp;&nbsp; [Notes to the Consolidated Financial Statements](#b011_v3) | &nbsp;&nbsp; F-44 |

---

**FINANCIAL STATEMENTS**

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.<br> (FORMERLY FAR RESOURCES LTD.)**

**CONSOLIDATED FINANCIAL STATEMENTS**

**(Expressed in Canadian dollars)**

**March 31, 2022**

---

| | |
|:---|:---|
| ![](img048.jpg) | **Crowe MacKay LLP**<br>1100 - 1177 West Hastings Street<br> Vancouver, BC V6E 4T5<br>Main +1 (604) 687-4511<br> Fax +1 (604) 687-5805<br>www.crowemackay.ca |

---

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Directors of Foremost Lithium Resource & Technologies Ltd. (Formerly Far Resources Ltd.)

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statements of financial position of Foremost Lithium Resource & Technology Ltd. and subsidiaries (Formerly Far Resources Ltd.) (the "Company") as of March 31, 2022 and 2021, the related consolidated statements of loss and comprehensive loss and cash flows and shareholders' equity for the years then ended, and the related notes (collectively referred to as the "Consolidated Financial Statements").

In our opinion, the Consolidated Financial Statements present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Emphasis of Matter Regarding Going Uncertainty** 

We draw attention to Note 1 to the Consolidated Financial Statements which describes the material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

**Basis for Opinion** 

These Consolidated Financial Statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these Consolidated Financial Statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Consolidated Financial Statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

**Basis of Opinion (continued)** 

Our audits included performing procedures to assess the risks of material misstatement of the Consolidated Financial Statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the Consolidated Financial Statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Consolidated Financial Statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Crowe MacKay LLP

Chartered Professional Accountants

Vancouver, Canada

August 2, 2022

We have served as the Company's auditor since 2011.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian dollars)

AS AT MARCH 31,

---

| | | | |
|:---|:---|:---|:---|
|  | Note | 2022 | 2021 <br>(as restated – <br>Note 17) |
| &nbsp;&nbsp;&nbsp;**ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  | $235455 | $392213 |
| &nbsp;&nbsp;&nbsp;GST receivable |  | 85891 | 42909 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and deposits |  | 55948 | 32028 |
| &nbsp;&nbsp;&nbsp;Net investment in sublease | 5 | 56823 | 49412 |
| &nbsp;&nbsp;&nbsp;**Total current assets** |  | 434117 | 516562 |
| &nbsp;&nbsp;&nbsp;**Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and deposits |  | 253302 | 48000 |
| &nbsp;&nbsp;&nbsp;Long-term investment | 4 | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation assets | 6 | 7191122 | 6263652 |
| &nbsp;&nbsp;&nbsp;Net investment in sublease | 5 | 31537 | 88360 |
| &nbsp;&nbsp;&nbsp;**Total assets** |  | $7918078 | $6924574 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES AND EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 7, 11 | $1032492 | $977347 |
| &nbsp;&nbsp;&nbsp;Short-term loans payable | 8 | 7500 | 7500 |
| &nbsp;&nbsp;&nbsp;Lease obligation | 5 | 61954 | 53878 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** |  | 1101946 | 1038725 |
| &nbsp;&nbsp;&nbsp;Long-term loans payable | 9 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;Lease obligation – long-term | 5 | 34386 | 96340 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** |  | 1176332 | 1175065 |
| &nbsp;&nbsp;&nbsp;**Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock | 10 | 24164441 | 20169728 |
| &nbsp;&nbsp;&nbsp;Subscriptions received |  |  | 40000 |
| &nbsp;&nbsp;&nbsp;Reserves | 10 | 2294394 | 1140567 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (19717089) | (15600786) |
| &nbsp;&nbsp;&nbsp;**Total equity** |  | 6741746 | 5749509 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and equity** |  | $7918078 | $6924574 |

---

**Nature and continuance of operations (Note 1)**

**Contingencies** (Note 16)

**Subsequent events** (Note 18)

The accompanying notes are an integral part of these consolidated financial statements.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Expressed in Canadian dollars)

FOR THE YEAR ENDED MARCH 31,

---

| | | | |
|:---|:---|:---|:---|
| | Note | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;**EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Consulting |  | $219743 | $115905 |
| &nbsp;&nbsp;&nbsp;Investor relations |  | 267376 | 240486 |
| &nbsp;&nbsp;&nbsp;Management fees | 11 | 375264 | 73000 |
| &nbsp;&nbsp;&nbsp;Office and interest expense |  | 146159 | 202175 |
| &nbsp;&nbsp;&nbsp;Professional fees |  | 443264 | 178630 |
| &nbsp;&nbsp;&nbsp;Share-based payments | 1011 | 2482219 | 1782851 |
| &nbsp;&nbsp;&nbsp;Transfer agent and filing fees |  | 85914 | 34596 |
| &nbsp;&nbsp;&nbsp;Travel |  | 53806 |  |
| &nbsp;&nbsp;&nbsp;**Loss before other items** |  | (4073745) | (2627643) |
| &nbsp;&nbsp;&nbsp;**OTHER ITEMS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance income on sublease | 5 | 16290 | 22735 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) |  | (5734) | 261 |
| &nbsp;&nbsp;&nbsp;Forgiveness of debt |  | (93658) |  |
| &nbsp;&nbsp;&nbsp;Gain on sublease | 5 | 5925 | 4295 |
| &nbsp;&nbsp;&nbsp;Loss on lease amendment | 5 |  | (8956) |
| &nbsp;&nbsp;&nbsp;Unrealized loss on marketable securities | 4 |  | (3000) |
| &nbsp;&nbsp;&nbsp;**Loss and comprehensive loss for the year** |  | $(4150922) | $(2612308) |
| &nbsp;&nbsp;&nbsp;**Basic and diluted loss per common share** |  | $(0.03) | $(0.02) |
| &nbsp;&nbsp;&nbsp;**Weighted average number of common shares outstanding** |  | 163831333 | 139875639 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in Canadian dollars)

FOR THE YEAR ENDED MARCH 31,

---

| | | |
|:---|:---|:---|
| | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;**CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Loss for the year | $(4150922) | $(2612308) |
| &nbsp;&nbsp;&nbsp;Items not involving cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | 2482219 | 1782851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 17749 | 24554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance income on sublease | (16290) | (22735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forgiveness of debt | 93658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on lease amendment |  | 8956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on marketable securities |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares for services | 42933 |  |
| &nbsp;&nbsp;&nbsp;Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GST receivable | (42982) | (26419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits | (229222) | 10521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 400388 | 28658 |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1402469) | (802922) |
| &nbsp;&nbsp;&nbsp;**CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation acquisition costs | (220029) | (162848) |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenditures | (871379) | (151113) |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation recoveries | 200000 |  |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (891408) | (313961) |
| &nbsp;&nbsp;&nbsp;**CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Private placements | 592365 | 467712 |
| &nbsp;&nbsp;&nbsp;Share issue costs | (1785) | (2500) |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | 701889 | 294217 |
| &nbsp;&nbsp;&nbsp;Exercise of options | 850575 | 660250 |
| &nbsp;&nbsp;&nbsp;Long-term loan received |  | 40000 |
| &nbsp;&nbsp;&nbsp;Repayment of lease obligation | (71627) | (59492) |
| &nbsp;&nbsp;&nbsp;Receipt of sublease payments | 65702 | 65702 |
| &nbsp;&nbsp;&nbsp;Subscriptions received in advance |  | 40000 |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 2137119 | 1505889 |
| &nbsp;&nbsp;&nbsp;**Change in cash for the year** | (156758) | 389006 |
| &nbsp;&nbsp;&nbsp;**Cash, beginning of the year** | 392213 | 3207 |
| &nbsp;&nbsp;&nbsp;**Cash, end of year** | $235455 | $392213 |
| &nbsp;&nbsp;&nbsp;**Cash received during the year for interest** | $**—** | $**—** |

---

Supplemental disclosures with respect to cash flow (Note 12)

The accompanying notes are an integral part of these consolidated financial statements.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Expressed in Canadian dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Capital stock | Capital stock | | | | |
|  | Shares | Amount | <br>Subscriptions<br> received<br> (receivable) | <br>Reserves | <br>Deficit | <br>Total equity |
| **Balance, March 31, 2020** | $**131540368** | $**17836640** | $**202000** | $**1130959** | $**(14100312)** | $**5069287** |
| Acquisition of exploration and evaluation assets | 515474 | 50000 |  |  |  | 50000 |
| Private placement | 12461556 | 669712 | (202000) |  |  | 467712 |
| Share issued – options exercised | 7250000 | 1321659 |  | (661409) |  | 660250 |
| Share issued – warrants exercised | 3449936 | 294217 |  |  |  | 294217 |
| Share issuance costs |  | (2500) |  |  |  | (2500) |
| Share-based payments |  |  |  | 1782851 |  | 1782851 |
| Subscriptions received |  |  | 40000 |  |  | 40000 |
| Options cancelled |  |  |  | (1111834) | 1111834 |  |
| Loss for the year |  |  |  |  | (2612308) | (2612308) |
| **Balance, March 31, 2021** | **155217334** | **20169728** | **40000** | **1140567** | **(15600786)** | **5749509** |
| Acquisition of exploration and evaluation assets | 809701 | 94963 |  |  |  | 94963 |
| Private placements | 4398324 | 592365 |  |  |  | 592365 |
| Share issuance costs |  | (1785) |  |  |  | (1785) |
| Share issued – options exercised | 9335000 | 1611848 |  | (761273) |  | 850575 |
| Share issued – warrants exercised | 7756667 | 741889 | (40000) |  |  | 701889 |
| Share issued – PSU redeemed | 1500000 | 532500 |  | (532500) |  |  |
| Share issued for debt | 1000000 | 380000 |  |  |  | 380000 |
| Share issued for services | 408884 | 42933 |  |  |  | 42933 |
| Share-based payments |  |  |  | 2482219 |  | 2482219 |
| Options cancelled |  |  |  | (34619) | 34619 |  |
| Loss for the year |  |  |  |  | (4150922) | (4150922) |
| **Balance, March 31, 2022** | **180425910** | $**24164441** | $**—** | $**2294394** | $**(19717089)** | $**6741746** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**1. NATURE AND CONTINUANCE OF OPERATIONS**

Foremost Lithium Resource & Technology Ltd. (formerly Far Resources Ltd.) (the "Company") which was incorporated under the laws of the Province of British Columbia, is a public company listed on the Canadian Securities Exchange (the "CSE") and trades under the symbol FAT. The Company's head office is located at 2500 – 700 West Georgia Street, Vancouver, BC, V7Y 1K8. The Company's registered and records office is located at 2500 – 700 West Georgia Street, Vancouver, BC, V7Y 1K8.

On January 4, 2022, the Company changed its name to Foremost Lithium Resource & Technology Ltd.

On February 14, 2022, the Company began trading on the OTCQB Venture Market under United States under the symbol FRRSF.

The Company is an exploration company focused on the identification and development of high potential mineral opportunities in stable jurisdictions.

<u>Going concern of operations</u>

These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As at March 31, 2022, the Company has had significant losses. In addition, the Company has not generated revenues from operations. The Company has financed its operations primarily through the issuance of common shares and short-term loans. The Company continues to seek capital through various means including the issuance of equity and/or debt. These circumstances cast significant doubt as to the ability of the Company to meet its obligations as they come due, and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.

In March 2020, there was a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and specifically, the regional economies in which the Company operates. The pandemic could result in delays in the course of business, including potential delays to its business plans and activities, and continue to have a negative impact on the stock market, including trading prices of the Company's shares and its ability to raise new capital. These material uncertainties raise substantial doubt upon the Company's ability to continue as a going concern and realize its assets and settle its liabilities and commitments in the normal course of business.

The Company's business financial condition and results of operations may be further negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action in late February 2022. While the Company expects any direct impacts, of the pandemic and the war in the Ukraine, to the business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect the business and may make it more difficult for it to raise equity or debt financing. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about on its business, results of operations, financial position and cash flows in the future.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**2. BASIS OF PREPARATION** 

**Statement of compliance**

These consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). The financial statements are presented in Canadian dollars, which is also the Company's functional currency.

These consolidated financial statements were approved and authorized for issue by the audit committee of the Board of Directors of the Company and the Board of Directors of the Company on July 29, 2022.

**Basis of measurement**

These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss which are stated at their fair value. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

**Basis of consolidation**

The consolidated financial statements include the financial statements of Foremost Lithium Resource & Technology Ltd. and its subsidiaries, Sierra Gold & Silver Ltd. and Sequoia Gold & Silver Ltd.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name of Subsidiary | &nbsp;&nbsp;Country of <br> Incorporation | &nbsp;&nbsp;Principal <br> Activity | &nbsp;&nbsp;Proportion of<br> Ownership Interest | &nbsp;&nbsp;Proportion of<br> Ownership Interest |
|  |  |  | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;Sierra Gold & Silver Ltd. | &nbsp;&nbsp;USA | &nbsp;&nbsp;Not active | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Sequoia Gold & Silver Ltd. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;Not active | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |

---

All intercompany balances and transactions have been eliminated.

**3. SIGNIFICANT ACCOUNTING POLICIES**

**Use of estimates and judgments**

The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, revenue and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates.

<u>Significant accounting judgments</u>

Significant accounting judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements include, but are not limited to, the following:

i) Determination
 of categories of financial assets and financial liabilities;

ii) Assessment of any indicators of impairment of the carrying value of the Company's exploration and evaluation assets;

iii) The ability of the Company to continue as a going concern; and

iv) Contingencies by their nature, will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. The Company is involved in certain legal claims as described in note 16, and the likelihood or outcomes of these claims involves the exercise of significant judgement.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3. SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Use of estimates and judgments** (cont'd...)

<u>Critical accounting estimates</u>

Key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year include, but are not limited to, the following:

*Income taxes* 

The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements.

Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax assets and liabilities, and tax planning initiatives.

**Cash and cash equivalents** 

Cash and cash equivalents are comprised of cash on hand and cash equivalents. Cash equivalents are short-term, highly liquid holdings that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. The Company does not currently hold any cash equivalents.

**Foreign currency translation**

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the functional currency of the entity at the exchange rate in existence at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated at the period end date exchange rates.

The functional currency of the parent entity and Sequoia Gold & Silver Ltd. is the Canadian dollar, which is also the presentation currency of our consolidated financial statements. The functional currency of Sierra Gold & Silver Ltd. is the United States dollar.

Foreign operations are translated from their functional currencies into Canadian dollars on consolidation as follows:

(i) Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position;

(ii) Income and expenses for each statement of comprehensive income (loss) are translated at the average exchange rate for the period; and

(iii) All resulting exchange differences are recognized in other comprehensive income (loss) as cumulative translation adjustments.

Exchange differences that arise relating to long-term intercompany balances that form part of the net investment in a foreign operation are also recognized in a separate component of equity through other comprehensive income (loss).

On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange differences recorded in this separate component of equity is recognized in profit or loss.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Government grants**

Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period the expense costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the cost of the asset is reduced by the amount of the grant and the grant is recognized as a reduced depreciation expense over the expected useful life of the asset.

**Mineral properties – exploration and evaluation assets**

*Pre-exploration costs*

Pre-exploration costs are expensed in the year in which they are incurred.

*Exploration and evaluation expenditures*

Once the legal right to explore a property has been acquired, all costs related to the acquisition, exploration and evaluation of the property are capitalized. These direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, and depreciation on plant and equipment during the exploration phase. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur.

When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to profit or loss.

The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as "mines under construction". Exploration and evaluation assets are tested for impairment before the assets are transferred to development properties.

As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs.

Exploration and evaluation assets are classified as intangible assets.

The Company enters into farm-out arrangements, whereby the Company will transfer part of a mineral interest, as consideration, for an agreement by the transferee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does not record any expenditures made by the farmee on its behalf. Any cash or other consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess consideration accounted for as a gain on disposal.

The Company accounts for mining tax credits on a cash basis and are applied as a reduction to capitalized exploration costs.

**Provision for environmental rehabilitation**

The Company recognizes liabilities for legal or constructive obligations associated with the retirement of exploration and evaluation assets and equipment. The net present value of future rehabilitation costs is capitalized to the related asset along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Provision for environmental rehabilitation** (cont'd...)

The Company's estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related assets with a corresponding entry to the rehabilitation provision.

Decommissioning obligations:

The Company's activities may give rise to dismantling, decommissioning and site disturbance re-mediation activities. A provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.

Decommissioning obligations are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the reporting date. Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs whereas increases due to changes in the estimated future cash flows are capitalized. Actual costs incurred upon settlement of the decommissioning obligations are charged against the provision to the extent the provision was established.

**Contingencies**

A contingent liability is a possible obligation, and a contingent asset is a possible asset, that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability may also be a present obligation that arises from past events that is not recognized because it is not probable that an outflow of economic resources will be required to settle the obligation or the amount of the obligation cannot be measured reliably.

**Impairment of non-financial assets** 

At the end of each reporting period the carrying amounts of the Company's long-lived assets, including mineral property interests, are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

**Financial instruments**

IFRS 9 uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual cash flows characteristics of the financial asset.

The classification of debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Financial instruments** (cont'd...)

If the business model is not to hold the debt instrument, it is classified as fair value through profit or loss ("FVTPL"). Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

The Company classifies its financial assets into one of the categories described below, depending on the purpose for which the asset was acquired. Management determines the classification of its financial assets at initial recognition.

Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL, for other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income ("FVTOCI").

Fair value through profit or loss ("FVTPL") – Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statement of loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the statement of loss in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges.

Fair value through other comprehensive income ("FVTOCI") - Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.

Financial assets at amortized cost - A financial asset is measured at amortized cost using the effective interest method if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current assets or non-current assets based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost less any impairment.

The following table shows the classification and measurement of the Company's financial instruments under IFRS 9:

---

| | |
|:---|:---|
| Financial assets/liabilities | Classification and measurement |
| Cash | at amortized cost |
| Long-term investment | FVTPL |
| Net investment in sublease | at amortized cost |
| Accounts payable and accrued liabilities | at amortized cost |
| Lease obligation | at amortized cost |
| Short-term loans payable | at amortized cost |
| Long-term loans payable | at amortized cost |

---

Financial liabilities other than derivative liabilities are recognized initially at fair value and are subsequently stated at amortized cost. Transaction costs on financial assets and liabilities other than those classified at FVTPL are treated as part of the carrying value of the asset or liability. Transaction costs for assets and liabilities at FVTPL are expensed as incurred.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Impairment of financial assets at amortized cost**

The Company recognizes the expected credit losses ("ECL") model on a forward-looking basis on financial assets that are measured at amortized cost, contract assets and debt instruments carried at FVTOCI.

At each reporting date, the Company measures the ECL for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the ECL for the financial asset at an amount equal to twelve month expected credit losses. The Company applies the simplified method and measures a loss allowance equal to the lifetime expected credit losses for trade receivables.

The Company recognizes in profit and loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. The loss allowance was $Nil as at March 31, 2022.

**Derecognition of financial assets and financial liabilities**

A financial asset is derecognized when the contractual right to the asset's cash flows expire; or if the Company transfers the financial asset and substantially all risks and rewards of ownership to another entity.

The Company derecognizes a financial liability when its obligations are discharged, cancelled or expired.

**Income taxes** 

Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded using the liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affects neither accounting nor taxable loss, or differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

**Loss per share** 

The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the year. For the year ended March 31, 2022, 11,965,000 (2021 – 11,600,000) stock options, 14,067,213 (2021 – 17,425,556) warrants and 12,499,996 (2021 – Nil) performance share units were not included in the calculation of dilutive earnings per share as their inclusion was anti-dilutive.

Loss per share is calculated using the weighted average number of common shares outstanding during the year.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Share-based payments**

The Company grants stock options to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.

The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized in share-based payment reserve over the vesting period. Consideration paid for the shares along with the fair value recorded in share-based payment reserve on the exercise of stock options is credited to capital stock. When vested options are cancelled, forfeited, or are not exercised by the expiry date, the amount previously recognized in share-based payment reserve is transferred to accumulated losses (deficit). The Company estimates a forfeiture rate and adjusts the corresponding expense each period based on an updated forfeiture estimate.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. Where the terms and conditions of options are modified, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

For performance share units and stock options with vesting containing a market condition, the grant date fair value is measured using the Monte Carlo model to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

The expense recognized for performance-based stock-options is based on an estimation of the probability of achieving the market condition and the timing of the achieving of the market condition, which is difficult to predict. The fair value is recognized straight line over the life of the performance share units or stock options which vest based on a market condition. Upon achieving a market condition, the awards shall vest and any unvested fair value related to the vested awards will be accelerated and recognized.

**Share issue costs** 

Share issue costs are deferred and charged directly to capital stock on completion of the related financing. If the financing is not completed, share issue costs are charged to operations. Costs directly identifiable with the raising of capital will be charged against the related capital stock.

**Valuation of equity units issued in private placements**

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in the private placements was determined to be the more easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, was allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

**Leases**

At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company's incremental borrowing rate. At the commencement date, a right-of-use asset is measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received.

Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset's useful life or the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset's useful life.

When the Company enters into a sublease, it determines at lease inception date whether each sublease is a finance lease or an operating lease based on whether the contract transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the sublease is a financial lease: if not then it is an operational lease.

For financial leases, and when the Company acts as intermediate lessor, it recognizes a sublease receivable and derecognizes the right-of-use assets relating to the head lease that it transfers to the sub leases. Right-of-use assets and net investment in sublease receivables relating to the subleases are measured in the same way as the right-of-use assets and lease liabilities for the head lease, using the same discount rate for the actualization of future payments to be received.

**New accounting standards issued and effective**

Certain new standards, interpretations, and amendments to existing standards have been issued by the IASB or IFRC that are mandatory for accounting years beginning on or after January 1, 2022. New accounting pronouncements that are not applicable or are not consequential to the Company have been excluded in the preparation of these consolidated financial statements.

A number of new standards, and amendments to standards and interpretations, are not effective for the year ended March 31, 2022, and have not been early adopted in preparing these consolidated financial statements. The following accounting standards and amendments are effective for future periods:

i) Onerous
 Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) - The amendments to
 IAS 37 specify which costs an entity includes in determining the cost of fulfilling a
 contract for the purpose of assessing whether the contract is onerous. Costs that relate
 directly to a contract can either be incremental costs of fulfilling that contract (examples
 would be direct labour, materials) or an allocation of other costs that relate directly
 to fulfilling contracts (example would be the allocation of the depreciation charge for
 property, plant and equipment used in fulfilling the contract).

These amendments are effective for reporting periods beginning on or after January 1, 2022.

ii) Classification of Liabilities as Current or Non-current (Amendments to IAS 1) - The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date.

These amendments are effective for reporting periods beginning on or after January 1, 2023.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**4. LONG-TERM INVESTMENT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2022 | March 31, 2022 | March 31, 2022 | March 31, 2021 | March 31, 2021 | March 31, 2021 |
| | Number of <br> shares | Cost | Fair Value | Number of <br> shares | Cost | Fair Value |
| &nbsp;&nbsp;Alchemist Mining Inc. | 10000 | $9500 | $8000 | 10000 | $9500 | $8000 |

---

On August 20, 2014, the Company received 100,000 common shares of Alchemist Mining Inc. ("Alchemist"), a corporation of which the CEO is a family member of the Company's former CEO, at a fair value of $5,500 related to the Tchentlo Lake property. Alchemist shares were initially valued at the trading price of $0.055 per share.

On August 20, 2016, the Company received 100,000 common shares of Alchemist related to the amended Tchentlo Lake property. These shares were initially valued at the trading price of $0.04 per share.

The Company classified the Alchemist shares as an investment at fair value through profit or loss.

Effective November 19, 2021, Alchemist Mining Inc. consolidated its common shares on a 20:1 basis.

At March 31, 2022, the Company valued the shares at $8,000 (2021 - $8,000) and recorded an unrealized loss of $Nil (2021 - $3,000) from changes in the fair value.

**5. LEASES**

For the year ending March 31, 2022, interest expense on the lease obligation were $17,749 (2021 - $24,554). The lease term matures on September 30, 2023. The below tables show the continuity of lease obligation and the reconciliation between the undiscounted and discounted balances:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Lease obligation, March 31, 2020 | $176200 |
| &nbsp;&nbsp;Interest expense | 24554 |
| &nbsp;&nbsp;Loss on lease amendment | 8956 |
| &nbsp;&nbsp;Current portion | (59492) |
| &nbsp;&nbsp;Lease obligation, March 31, 2021 | 150218 |
| &nbsp;&nbsp;Interest expense | 17749 |
| &nbsp;&nbsp;Current portion | (71627) |
| &nbsp;&nbsp;Lease obligation, March 31, 2022 | 96340 |
| &nbsp;&nbsp;Current portion | (61954) |
| &nbsp;&nbsp;Non-current portion | $34386 |

---

---

| | |
|:---|:---|
| | March 31, 2022 |
| &nbsp;&nbsp;Less than one year | $71627 |
| &nbsp;&nbsp;Greater than one year | 35813 |
| &nbsp;&nbsp;Total lease obligation - undiscounted | 107440 |
| &nbsp;&nbsp;Unamortized interest | (11100) |
| &nbsp;&nbsp;Total lease obligation - discounted | $96340 |

---

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**5. LEASES** (cont'd...)

The weighted average incremental borrowing rate applied to the lease liabilities on April 1, 2019 was 15%.

During the year ended March 31, 2021, the Company amended the lease agreement and recognized a loss on lease amendment of $8,956. The Company also recognized a gain on sublease of $4,295.

For the year ending March 31, 2022, finance income of the net investment in sublease was $16,290 (2021 - $22,735). The sublease term matures on September 30, 2023. The below tables show the continuity of net investment in sublease and the reconciliation between the undiscounted and discounted balances:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net investment in sublease, March 31, 2020 | $180739 |
| &nbsp;&nbsp;Finance income | 22735 |
| &nbsp;&nbsp;Payments received | (65702) |
| &nbsp;&nbsp;Net investment in sublease, March 31, 2021 | 137772 |
| &nbsp;&nbsp;Finance income | 16290 |
| &nbsp;&nbsp;Payments received | (65702) |
| &nbsp;&nbsp;Net investment in sublease, March 31, 2022 | 88360 |
| &nbsp;&nbsp;Current portion | (56823) |
| &nbsp;&nbsp;Non-current portion | $31537 |

---

---

| | |
|:---|:---|
| | March 31, 2022 |
| &nbsp;&nbsp;Less than one year | $65702 |
| &nbsp;&nbsp;Greater than one year | 32851 |
| &nbsp;&nbsp;Total net investment in sublease – undiscounted | 98553 |
| &nbsp;&nbsp;Unamortized finance income | (10193) |
| &nbsp;&nbsp;Total net investment in sublease – discounted | $88360 |

---

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**6. EXPLORATION AND EVALUATION ASSETS**

During the year ended March 31, 2022, the following exploration expenditures were incurred on the exploration and evaluation assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Zoro <br>Property | Grass River <br> Property | Winston <br> Property | Jean Lake <br> Property | Total |
| &nbsp;&nbsp;**Acquisition costs** |  |  |  |  |  |
| &nbsp;&nbsp;<br>Balance, March 31, 2021 | $1764444 | $— | 1121057 | $— | $2885501 |
| &nbsp;&nbsp;Cash | 75000 | 40500 | 79529 | 25000 | 220029 |
| &nbsp;&nbsp;Shares | 69963 |  |  | 25000 | 94963 |
| &nbsp;&nbsp;Balance, March 31, 2022 | 1909407 | 40500 | 1200586 | 50000 | 3200493 |
| &nbsp;&nbsp;**Exploration costs** |  |  |  |  |  |
| &nbsp;&nbsp;Balance, March 31, 2021 | 3203419 |  | 174732 |  | 3378151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assay | 1216 |  | 4712 |  | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling | 150633 |  |  |  | 150633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geological and consulting | 47243 |  | 64772 | 543902 | 655917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration cost recovery |  |  |  | (200000) | (200000) |
| &nbsp;&nbsp;Balance, March 31, 2022 | 3402511 |  | 244216 | 343902 | 3990629 |
| &nbsp;&nbsp;Total balance, March 31, 2022 | $5311918 | $40500 | 1444802 | $393902 | $7191122 |

---

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**6. EXPLORATION AND EVALUATION ASSETS** (cont'd…)

During the year ended March 31, 2021, the following exploration expenditures were incurred on the exploration and evaluation assets:

---

| | | | |
|:---|:---|:---|:---|
|  | Zoro <br>Property | Winston <br> Property <br>(as restated <br> - Note 17) | Total |
| &nbsp;&nbsp;**Acquisition costs** |  |  |  |
| &nbsp;&nbsp;<br> Balance, March 31, 2020 | $1664444 | $956671 | $2621115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions – cash | 50000 | 164386 | 214386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions – shares | 50000 |  | 50000 |
| &nbsp;&nbsp;Balance, March 31, 2021 | 1764444 | 1121057 | 2885501 |
| &nbsp;&nbsp;**Exploration costs** |  |  |  |
| &nbsp;&nbsp;Balance, March 31, 2020 | 3192140 | 37715 | 3229855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geological and consulting | 11279 | 137017 | 148296 |
| &nbsp;&nbsp;Balance, March 31, 2021 | 3203419 | 174732 | 3378151 |
| &nbsp;&nbsp;Total balance, March 31, 2021 | $4967863 | $1295789 | $6263652 |

---

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**6. EXPLORATION AND EVALUATION ASSETS** (cont'd...)

**Zoro Property**

<u>Zoro I</u>

The Company has a 100% interest in the Zoro I Claim in the Snow Lake area in Manitoba by paying a total of $150,000 in cash and issuing 7,000,000 common shares (valued at $635,000).

In addition, during the year ended March 31, 2017, the Company issued 1,000,000 common shares to an arm's length party at a fair value of $135,000 as a finder's fee on the Zoro I option agreement.

<u>Zoro North</u>

The Company has earned a 100% interest in ground contiguous with its Zoro 1 near Snow Lake, Manitoba subject to a 2% NSR by paying a total of $250,000 in cash, issuing $250,000 in shares (2,632,803 shares issued) and incurring $1,000,000 of exploration expenditures.

The Company can acquire an undivided fifty percent interest in the NSR, being one-half of the NSR or a 1% Net Smelter Return from by making a $1,000,000 cash payment, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production.

During the option period, the Company will be solely responsible for carrying out and administering exploration, development and mining work on the property and for maintaining the property in good standing.

<u>Manitoba Lithium</u>

The Company has earned a 100% interest in all lithium-bearing pegmatite dykes on three contiguous claims in Manitoba by paying $250,000 in cash and issuing $250,000 in shares (2,724,674 shares issued).

The property is subject to a 2% NSR. The Company can acquire an undivided fifty percent interest in the NSR, being one-half of the NSR or a 1% Net Smelter Return from Strider Resources Limited ("Strider") by making a $1,000,000 cash payment to Strider, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production.

During the option period, the Company is responsible for carrying out and administering exploration, development and mining work on the property and for maintaining the property in good standing.

**Grass River Property**

During the year ended March 31, 2022, the Company staked claims on the Grass River Property in the Snow Lake area of Manitoba for $40,500.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**6. EXPLORATION AND EVALUATION ASSETS** (cont'd...)

**Winston Property**

During the year ended March 31, 2015, the Company entered into an option agreement with Redline Minerals Inc., Redline Mining Corporation and Southwest Land & Exploration Inc. (collectively, the "Optionors") to acquire up to an 80% interest in the Winston Property consisting of the Little Granite claims and the Ivanhoe/Emporia claims located in Sierra County, New Mexico, U.S.A.

During the years ended March 31, 2016 and 2017, the Company amended the option agreement with the Optionors to acquire an initial 50% interest upon completion of the following:

a) Cash
 payment of non-refundable deposits of $35,000 (paid);

b) Cash
 payments of $81,250 (paid);

c) Cash
 payment of $13,750 on or before November 15, 2014 (paid);

d) Share
 issuance of 300,000 common shares of the Company on January 15, 2015 (issued);

e) Cash
 payments of $120,000 as follows;

&nbsp;&nbsp;&nbsp;&nbsp;i) Cash
 payment of $40,000 on or before February 28, 2016 (paid);

ii) Cash payment of $40,000 on or before June 1, 2016 (paid);

iii) Cash payment of $40,000 on or before June 1, 2017 (see amended terms below);

f) Issuance
 of 2,500,000 common shares (1,500,000 shares issued) of the Company as follows;

&nbsp;&nbsp;&nbsp;&nbsp;i) Issue
 500,000 common shares on or before October 17, 2014 (issued);

ii) Issue 500,000 common shares on or before October 17, 2015 (issued);

iii) Issue 500,000 common shares on or before October 17, 2016; (issued)

iv) Issue 500,000 common shares on or before October 17, 2017 (see amended terms below);

&nbsp;&nbsp;&nbsp;&nbsp;v) Issue
 500,000 common shares on or before October 17, 2018 (see amended terms below); and

g) Incurring
 exploration expenditures totaling $300,000 due on or before October 17, 2017 (see amended
 terms below).

The agreement was also amended to include a further option to acquire up to an additional 30% (80% in total interest).

In exchange for the amendment of the option agreement, the Company issued 100,000 common shares at a fair value of $3,000 on February 26, 2016.

During the year ended March 31, 2017, the Company made a $25,000 cash payment to the original vendors of the Winston Property.

During the year ended March 31, 2018, the Company's wholly owned subsidiary offered to acquire a 100% interest to the claims from the Optionors by completing the following:

&nbsp;&nbsp;&nbsp;&nbsp;**a)** Cash
 payment of $35,000 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;**b)** Issuance
 of 2,500,000 common shares of the Company (issued and valued at $275,000); and

&nbsp;&nbsp;&nbsp;&nbsp;**c)** Issuance
 of a $50,000 non-interest-bearing promissory note which is repayable on August 24, 2017
 (issued and repaid).

In accordance with the terms and condition of the underlying purchase agreement in order to complete the acquisition of the Little Granite claims, the Company is required to make the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;a) Cash
 payments of US $12,000 on or before July 15, 2017 (paid)

&nbsp;&nbsp;&nbsp;&nbsp;b) Cash
 payments of US $6,000 on or before March 31, 2018 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;c) Cash
 payments of US $12,000 on or before July 15, 2018 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;d) Cash
 payments of US $12,000 on or before July 15, 2019 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;e) Cash
 payments of US $12,000 on or before July 15, 2020 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;f) Cash
 payment of US $19,000 on or before October 1, 2020 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;g) Cash
 payment of US $19,000 on or before October 1, 2021 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;h) Cash
 payments of US $380,000 on or before October 1, 2022 (paid US$19,000).

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**6. EXPLORATION AND EVALUATION ASSETS** (cont'd...)

**Winston Property** (cont'd...)

In accordance with the terms and condition of the underlying purchase agreement in order to complete the acquisition of the Ivanhoe/Emporia claims, the Company is required to pay the original owner of the claims the remaining purchase price of US$361,375 (US$42,000 paid). Before the remaining purchase price is paid in full, the Company is subject to a minimum monthly royalty payment based on monthly average silver price which reduces the remaining purchase price once paid. The accrued minimum monthly royalty payments outstanding as of March 31, 2022 totals US$207,125 (2021 - US$183,125). The agreement also entitles the owner to a permanent production royalty of 2% of NSR.

**Jean Lake Property**

On July 30, 2021, the Company entered into an option agreement with Mount Morgan Resources Ltd. to acquire a 100% interest in Jean Lake lithium-gold project located in Manitoba.

The option agreement provides for the Company to earn a 100% interest over 4 years by cash payments and share issuances to Mount Morgan Resources Ltd. and exploration expenditures as follows:

&nbsp;&nbsp;&nbsp;&nbsp;i) $25,000
 cash (paid) and common shares of the Company having a value of $25,000 (250,000 shares
 issued) on or before August 1, 2021;

ii) $50,000 cash (paid), $50,000 in common shares and $50,000 exploration expenditures (incurred) on or before August 1, 2022;

iii) $50,000 cash, $50,000 in common shares and $50,000 (further) exploration expenditures (incurred) on or before August 1, 2023;

iv) $50,000 cash, $50,000 in common shares and $50,000 (further) exploration expenditures (incurred) on or before August 1, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;v) $75,000
 cash, $75,000 in common shares and $50,000 (further) exploration expenditures (incurred)
 on or before August 1, 2025.

Once the Company earns the interest, the Company will grant a 2% NSR to Mount Morgan Resources Ltd. The NSR may be reduced to 1% by the Company's payment of $1,000,000 to the NSR holder.

During the year ended March 31, 2022, the Company entered into an agreement with Manitoba Government to receive a grant of $300,000 for drill program on Jean Lake and Zoro Lithium properties and received $200,000 in the current year and $100,000 subsequently.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

Accounts payables and accrued liabilities for the Company are broken down as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Note | March 31, <br>2022 | March 31, <br>2021 <br>(as restated <br> – Note 17) |
| &nbsp;&nbsp; Trade payables |  | $603002 | $536094 |
| &nbsp;&nbsp; Royalty payables |  | 261685 | 231555 |
| &nbsp;&nbsp; Payroll and accrued liabilities |  | 68778 | 105432 |
| &nbsp;&nbsp; Due to related parties | 11 | 99027 | 104266 |
| &nbsp;&nbsp; Total |  | $1032492 | $977347 |

---

**8.** **SHORT-TERM LOANS PAYABLE** 

---

| | | |
|:---|:---|:---|
| | March 31, <br>2022 | March 31, <br> 2021 |
|  Loans payable on demand, unsecured with no interest and no fixed term | $2500 | $2500 |
|  Loans payable on demand, unsecured with 10% interest per annum and no fixed term | 5000 | 5000 |
|  | $7500 | $7500 |

---

**9.** **LONG-TERM LOANS PAYABLE** 

During the year ended March 31, 2021, the Company received a loan of $40,000 for the Canada Emergency Business Account to provide emergency support to business due to the impact of COVID-19. The loan is non-interest bearing until December 31, 2023, after which it will incur interest at 5% per annum. If the principal of $30,000 is fully repaid on or before December 31, 2023, the remaining $10,000 will be forgiven.

**10.** **CAPITAL STOCK AND RESERVES** 

**a)** **Authorized capital stock:** 

As at March 31, 2022, the authorized capital stock of the Company was:

i) Unlimited
 number of common shares without par value.

ii) All issued shares are fully paid.

**b) Issued capital stock:**

During the year ended March 31, 2022, the Company:

● issued
 9,335,000 common shares upon exercise of options for gross proceeds of $850,575. The
 weighted average share price on the date of the option exercises was $0.24.

● issued
 7,756,667 common shares upon exercise of warrants for gross proceeds of $741,889.

● closed
 a non-brokered private placement of 2,008,324 units at $0.17 per unit for gross proceeds
 of $341,415. Each unit consists of one common share and one share purchase warrant. The
 warrant entitles the holder to purchase one additional common share for a period of 18
 months at a price of $0.25 per share.

● issued
 250,000 common shares at a value of $25,000 as part of the acquisition payments for the
 Jean Lake Option Agreement (see note 6).

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**b)** **Issued capital stock :** (cont'd…)

● issued
 559,701 common shares at a value of $69,963 as part of the acquisition payments for the
 Zoro North Option Agreement (see note 6).

● closed
 a non-brokered private placement of 2,390,000 units at $0.105 per unit for gross proceeds
 of $250,950. Each unit consists of one common share and one share purchase warrant. The
 warrant entitles the holder to purchase one additional common share for a period of 24
 months at a price of $0.13 per share.

● issued
 408,884 common shares valued at $42,933 to settle $42,933 of services with a non-related
 party.

● reinstated
 200,000 options previously forfeited.

● issued
 1,000,000 common shares valued at $380,000 to settle $279,644 of debt with a non-related
 party and recorded $100,356 as loss on the settlement.

● issued
 1,500,000 common shares valued at $532,500 pursuant to PSU redemption to a related party.

During the year ended March 31, 2021, the Company:

● issued
 7,250,000 common shares upon exercise of options for gross proceeds of $660,250.

● issued
 3,449,936 common shares upon exercise of warrants for gross proceeds of $294,217.

● closed
 a non-brokered private placement of 7,461,556 units at $0.056 per unit for gross proceeds
 of $419,712. Each unit consists of one common share and two share purchase warrants,
 warrant A and B. Warrant A entitles the holder to purchase one additional common share
 for a period of two years at a price of $0.075 per share and warrant B entitles the holder
 to purchase one additional common share for a period of two years at a price of $0.10
 per share.

● issued
 515,474 common shares at a value of $50,000 as part of the acquisition payments for the
 Zoro North Option Agreement (see note 6).

● closed
 a non-brokered private placement of 5,000,000 units at $0.05 per unit for gross proceeds
 of $250,000. Each unit consists of one common share and one share purchase warrants,
 warrant entitles the holder to purchase one additional common share for a period of two
 years at a price of $0.10 per share. The Company paid $2,500 in cash issuance fees.

**c) Stock options:**

The Company follows the policies of the Canadian Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the policies, the exercise price of each option may not be less than the market price of the Company's stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years.

The options shall be subject to such vesting requirements, if any, as may be determined by the Board from time to time provided that options granted to consultants performing "investor relation activities" must vest in stages over 12 months with no more than ¼ of the options granted vesting in any six month period.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**c)** **Stock options:** (cont'd…)

During the year ended March 31, 2022, the Company:

● granted 250,000 stock options to consultants of the Company. The options are exercisable at $0.105 per option for five years with an estimated fair value of $21,500 and vest immediately.

● granted 500,000 stock options to consultants of the Company. The options are exercisable at $0.15 per option for five years with an estimated fair value of $66,100 and vest immediately.

● granted 300,000 stock options to consultants of the Company. The options are exercisable at $0.25 per option for five years with an estimated fair value of $61,600 and vest immediately.

● granted 5,500,000 stock options to consultants of the Company. The options are exercisable at $0.285 per option for one year with an estimated fair value of $666,100 and vest immediately.

● granted 500,000 stock options to a consultant of the Company. The options are exercisable at $0.41 per option for five years with an estimated fair value of $163,700 and vest immediately.

● granted 1,000,000 stock options to a consultant of the Company. The options are exercisable at $0.35 per option for five years with an estimated fair value of $285,300 and vest immediately.

● granted 750,000 stock options to a consultant of the Company. The options are exercisable at $0.33 per option for two years with an estimated fair value of $150,400 and vest immediately.

● granted 200,000 stock options to a consultant of the Company. The options are exercisable at $0.31 per option for three years with an estimated fair value of $46,600 and will vest 100% on December 8, 2022. For the year ended March 31, 2022, the Company recorded $3,897 as share-based compensation.

During the year ended March 31, 2021, the Company:

● granted 5,050,000 stock options to directors and consultants of the Company. The options are exercisable at $0.07 per option for five years with an estimated fair value of $325,000 and vest immediately.

● granted 9,000,000 stock options to directors and consultants of the Company. The options are exercisable at $0.08 per option for five years with an estimated fair value of $635,700 and vest immediately.

● granted 4,800,000 stock options to consultants of the Company. The options are exercisable at $0.145 per option for five years with an estimated fair value of $799,600 and vest immediately.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**c)** **Stock options:** (cont'd…)

Stock option transactions for the year ended March 31, 2022 are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Expiry Date | Exercise Price | Balance <br>March 31, <br>2021 | Granted | Exercised | Forfeited/ <br> Expired | Balance <br>March 31, <br>2022 | Exercisable |
| &nbsp;&nbsp; June 27, 2021 | $0.100 | 250000 |  |  | (250000) |  |  |
| &nbsp;&nbsp; January 4, 2023 | $0.285 |  | 5500000 | (250000) |  | 5250000 | 5250000 |
| &nbsp;&nbsp; January 17, 2024 | $0.120 |  | 200000 | (200000) |  |  |  |
| &nbsp;&nbsp; March 1, 2024 | $0.330 |  | 750000 |  |  | 750000 | 750000 |
| &nbsp;&nbsp; March 8, 2025 | $0.310 |  | 200000 |  |  | 200000 |  |
| &nbsp;&nbsp; June 12, 2025 | $0.070 | 1950000 |  | (1950000) |  |  |  |
| &nbsp;&nbsp; November 20, 2025 | $0.080 | 6350000 |  | (5950000) |  | 400000 | 400000 |
| &nbsp;&nbsp; January 15, 2026 | $0.145 | 3050000 |  | (985000) |  | 2065000 | 2065000 |
| &nbsp;&nbsp; October 21, 2026 | $0.105 |  | 250000 |  |  | 250000 | 250000 |
| &nbsp;&nbsp; November 1, 2026 | $0.150 |  | 500000 |  |  | 500000 | 500000 |
| &nbsp;&nbsp; December 3, 2026 | $0.250 |  | 300000 |  |  | 300000 | 300000 |
| &nbsp;&nbsp; January 17, 2027 | $0.410 |  | 500000 |  |  | 500000 | 500000 |
| &nbsp;&nbsp; February 16, 2027 | $0.350 |  | 1000000 |  |  | 1000000 | 1000000 |
| &nbsp;&nbsp; Total |  | 11600000 | 9200000 | (9335000) | (250000) | 11215000 | 11015000 |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.10 | $0.29 | $0.09 | $0.10 | $0.26 | $0.25 |
| &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  |  | 2.45 |  |

---

The fair value of stock options was calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
| | For the year ended <br>March 31, 2022 | For the year ended <br>March 31, 2021 |
| &nbsp;&nbsp; Fair value per option | $0.15 | $0.09 |
| &nbsp;&nbsp; Exercise price | $0.29 | $0.09 |
| &nbsp;&nbsp; Expected life (years) | 2.26 | 5 |
| &nbsp;&nbsp; Interest rate | 1.16% | 0.41% |
| &nbsp;&nbsp; Annualized volatility (based on historical volatility) | 114% | 144% |
| &nbsp;&nbsp; Dividend yield | 0.00% | 0.00% |

---

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**c)** **Stock options:** (cont'd…)

Stock option transactions for the year ended March 31, 2021 are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Expiry Date | Exercise <br> Price | Balance <br>March 31, <br> 2020 | Granted | Exercised | Forfeited/ <br> Expired | Balance <br>March 31, <br>2021 | Exercisable |
| &nbsp;&nbsp; November 16, 2020 | $0.050 | 100000 |  |  | (100000) |  |  |
| &nbsp;&nbsp; May 18, 2021 | $0.130 | 250000 |  |  | (250000) |  |  |
| &nbsp;&nbsp; June 27, 2021 | $0.100 | 250000 |  |  |  | 250000 | 250000 |
| &nbsp;&nbsp; October 17, 2021 | $0.050 | 250000 |  | (250000) |  |  |  |
| &nbsp;&nbsp; February 6, 2022 | $0.110 | 500000 |  |  | (500000) |  |  |
| &nbsp;&nbsp; January 17, 2024 | $0.120 | 9000000 |  |  | (9000000) |  |  |
| &nbsp;&nbsp; February 5, 2025 | $0.050 | 950000 |  |  | (950000) |  |  |
| &nbsp;&nbsp; June 12, 2025 | $0.070 |  | 5050000 | (2600000) | (500000) | 1950000 | 1950000 |
| &nbsp;&nbsp; November 20, 2025 | $0.080 |  | 9000000 | (2650000) |  | 6350000 | 6350000 |
| &nbsp;&nbsp; January 15, 2026 | $0.145 |  | 4800000 | (1750000) |  | 3050000 | 3050000 |
| &nbsp;&nbsp; Total |  | 11300000 | 18850000 | (7250000) | (11300000) | 11600000 | 11600000 |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.11 | $0.09 | $0.09 | $0.11 | $0.10 | $0.10 |
| &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  |  | 4.52 |  |

---

**d)** **Performance Stock Options:** 

During the year ended March 31, 2022, the Company granted 750,000 performance-based stock options to a consultant of the Company. The options are exercisable at $0.285 per option for two years with an estimated fair value of $126,297 and will vest 100% when the closing share price is $0.50 or higher for 3 consecutive trading days. For the year ended March 31, 2022, the Company recorded $Nil as share-based compensation as the fair value will be recorded on a straight-line basis over the life of the performance-based stock option.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Expiry Date | Exercise <br> Price | Balance <br>March 31, <br>2021 | Granted | Exercised | Forfeited/ <br> Expired | Balance <br>March 31, <br>2022 | Exercisable |
| &nbsp;&nbsp; March 31, 2024 | $0.285 |  | 750000 |  |  | 750000 |  |
| &nbsp;&nbsp; Total |  |  | 750000 |  |  | 750000 |  |
| &nbsp;&nbsp; Weighted average exercise price |  |  | $0.29 |  |  | $0.285 |  |
| &nbsp;&nbsp; Weighted average remaining life (years) | &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  | 2.00 |  |

---

There was no performance-based stock option activity during the year ended March 31, 2021.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**d)** **Performance Stock Options:** (cont'd…)

For performance-based stock options with a market condition, a Monte Carlo simulation model is used to determine the fair value. The Monte Carlo model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award. The expense recognized for performance-based options is based on an estimation of the probability of achieving the market condition and the timing of the achieving of the market condition, which is difficult to predict. The following assumptions were used at the time of grant:

---

| | | |
|:---|:---|:---|
| | For the year ended <br>March 31, 2022 | For the year ended <br>March 31, 2021 |
| &nbsp;&nbsp; Market target price | $0.50 |  |
| &nbsp;&nbsp; Share price | $0.30 |  |
| &nbsp;&nbsp; Expected life (years) | 2 |  |
| &nbsp;&nbsp; Interest rate | 2.27% |  |
| &nbsp;&nbsp; Annualized volatility (based on historical volatility) | 111.2% |  |

---

**e)** **Performance Share Units:** 

On January 17, 2022, the Company adopted a performance share unit plan (the "PSU Plan"). The PSU Plan provides for the issuance of up to 17,169,535 restricted share units (the "PSUs"). The PSU Plan is a fixed number plan, and the number of common shares issued under the PSU Plan, when combined with the number of stock options available under the Company's stock option plan, will not exceed 10% of the Company's outstanding common shares. Under the terms of the PSU Plan, the Company is required to obtain shareholder approval for the PSU Plan within 3 years after its adoption, and at least every three years thereafter. Any PSUs issued are subject to a four month hold from date of issue.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number of PSUs <br>Outstanding | Number of PSUs <br>Redeemable | Weighted <br> Average <br> Grant <br>Date Fair Value | Share-based <br> payment reserve |
| &nbsp;&nbsp; Balance at March 31, 2020 and 2021 |  |  | $— | $— |
| &nbsp;&nbsp; PSUs granted | 13999996 |  | 0.297 | 1063622 |
| &nbsp;&nbsp; PSUs vested |  | 2500000 | 0.355 |  |
| &nbsp;&nbsp; PSUs redeemed | (1500000) | (1500000) | 0.355 | (532500) |
| &nbsp;&nbsp; Balance at March 31, 2022 | 12499996 | 1000000 | $0.290 | $531122 |

---

On January 31, 2022, the Company granted 13,999,996 PSUs fair valued at $4,156,210, to certain directors and officers under the Company's PSU Plan. Of the 13,999,996 PSUs granted. 2,500,000 PSUs vested and became redeemable by the holders, and the remaining 11,499,996 PSUs will vest and become redeemable only upon the achievement of certain closing price milestones ranging between $0.50 and $1.75 which will expire on January 31, 2025.

Of the 13,999,996 PSUs granted, 2,500,000 PSUs vested during the year ended March 31, 2022 and the remaining unvested PSUs are vested straight line over 3 years. During the year ended March 31, 2022 the Company recognized share-based payment expense of $1,063,622. Of the 2,500,000 PSUs that vested, 1,500,000 were converted to common shares during the year-ended March 31, 2022 and 12,499,996 remain issued and 1,000,000 remain redeemable as at March 31, 2022.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**e)** **Performance Share Units** (cont'd…)

For performance-based PSUs with a market condition, a Monte Carlo simulation model is used to determine the fair value. The Monte Carlo model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award. The expense recognized for performance-based PSUs is based on an estimation of the probability of achieving the market condition and the timing of the achieving of the market condition, which is difficult to predict. The following assumptions were used at the time of grant:

---

| | | |
|:---|:---|:---|
| | For the year ended <br>March 31, 2022 | For the year ended <br>March 31, 2021 |
| &nbsp;&nbsp; Market target price | $1.19 |  |
| &nbsp;&nbsp; Share price | $0.355 |  |
| &nbsp;&nbsp; Expected life (years) | 3 |  |
| &nbsp;&nbsp; Interest rate | 1.42% |  |
| &nbsp;&nbsp; Annualized volatility (based on historical volatility) | 108% |  |

---

**f)** **Unit warrants:** 

During the year ended March 31, 2022, the Company issued 4,398,324 unit warrants in connection with private placement financings. Based on the residual method, no value was allocated to the unit warrants issued. A continuity of the unit warrants granted is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Expiry Date | Exercise <br> Price | Balance <br> March 31, <br> 2021 | Granted | Exercised | Cancelled/ <br> Expired | Balance <br>March 31, <br>2022 |  |
| &nbsp;&nbsp; August 28, 2022 | $0.075 | 5240000 |  | (2551111) |  | 2688889 | \* |
| &nbsp;&nbsp; August 28, 2022 | $0.10 | 7285556 |  | (1205556) |  | 6080000 |  |
| &nbsp;&nbsp; December 15, 2022 | $0.10 | 4900000 |  | (3800000) |  | 1100000 |  |
| &nbsp;&nbsp; October 29, 2022 | $0.25 |  | 2008324 | (200000) |  | 1808324 | \*\* |
| &nbsp;&nbsp; December 2, 2023 | $0.13 |  | 2390000 |  |  | 2390000 | \*\*\* |
| &nbsp;&nbsp; Total |  | 17425556 | 4398324 | (7756667) |  | 14067213 |  |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.09 | $0.18 | $0.10 | $0.00 | $0.12 |  |
| &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  |  | 0.67 |  |

---

\*2,688,889 warrants exercised subsequently

\*\*33,600 warrants exercised subsequently

\*\*\*800,000 warrants exercised subsequently

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**f)** **Unit warrants:** (cont'd…)

During the year ended March 31, 2021, the Company issued 19,923,112 unit warrants in connection with private placement financings. Based on the residual method, no value was allocated to the unit warrants issued. A continuity of the unit warrants granted is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Expiry Date | Exercise <br> Price | Balance <br> March 31,<br> 2020 | Granted | Exercised | Cancelled/ <br> Expired | Balance <br>March 31, <br>2021 |
| &nbsp;&nbsp; June 25, 2022 | $0.105 | 952380 |  | (952380) |  |  |
| &nbsp;&nbsp; August 28, 2022 | $0.075 |  | 7461556 | (2221556) |  | 5240000 |
| &nbsp;&nbsp; August 28, 2022 | $0.10 |  | 7461556 | (176000) |  | 7285556 |
| &nbsp;&nbsp; December 15, 2022 | $0.10 |  | 5000000 | (100000) |  | 4900000 |
| &nbsp;&nbsp; Total |  | 952380 | 19923112 | -(3449936) |  | 17425556 |
| &nbsp;&nbsp; Weighted average exercise price |  |  |  |  |  | $0.09 |
| &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  |  | 1.44 |

---

**g)** **Agent warrants:** 

During the year ended March 31, 2022 and 2021, the Company did not grant any agent warrants.

**h)** **Reserves:** 

Reserves comprise of share-based payments, warrant reserves and PSU reserves.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**11. RELATED PARTY TRANSACTIONS**

Related party transactions are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the year ended March 31, 2022 |  |  |  |
| &nbsp;&nbsp;Paid or accrued to: | Management fees | Share-based <br> payments | Total |
| &nbsp;&nbsp;**<u>Key management personnel:</u>** |  |  |  |
| &nbsp;&nbsp;CEO | $50664 | $607784 | $658448 |
| &nbsp;&nbsp;CFO | 12000 | 227919 | 239919 |
| &nbsp;&nbsp;Director | 12000 | 227919 | 239919 |
| &nbsp;&nbsp;Former CEO | 158650 |  | 158650 |
| &nbsp;&nbsp;Former CFO | 141950 |  | 141950 |
|  | $375264 | $1063622 | $1438886 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the year ended March 31, 2021 |  |  |  |
| &nbsp;&nbsp;Paid or accrued to: | Management fees | Share-based <br> payments | Total |
| &nbsp;&nbsp;**<u>Key management personnel:</u>** |  |  |  |
| &nbsp;&nbsp;Former Directors | $18000 | $16089 | $34089 |
| &nbsp;&nbsp;Former CEO | 5000 | 141267 | 146267 |
| &nbsp;&nbsp;Former CEO | 45000 | 16089 | 61089 |
| &nbsp;&nbsp;Former CFO | 5000 | 141267 | 146267 |
|  | $73000 | $314712 | $387712 |

---

The amounts due to related parties included in accounts payable and accrued liabilities are as follows:

---

| | | |
|:---|:---|:---|
| | As at <br>March 31, 2022 | As at <br>March 31, 2021 |
| &nbsp;&nbsp;Due to CFO | $30 | $— |
| &nbsp;&nbsp;Due to former CEO |  | 1461 |
| &nbsp;&nbsp;Due to former CEO | 80997 | 80997 |
| &nbsp;&nbsp;Due to former CFO |  | 3808 |
| &nbsp;&nbsp;Due to former directors of the Company | 18000 | 18000 |
|  | $99027 | $104266 |

---

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

**12.** **SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS** 

During the year ended March 31, 2022, significant non-cash investing and financing transactions included:

a) included
 in accounts payable and accrued liabilities is $542,221 related to exploration and evaluation
 assets.

b) issued
 809,701 common shares with a fair value of $94,963 for the acquisition of exploration
 and evaluation assets.

c) issued
 9,335,000 common shares upon exercise of options resulting in a reallocation of share-based
 reserves of $761,273 from reserves to share capital.

d) issued
 408,884 common shares with a fair value of $42,933 for the services.

e) issued
 1,000,000 common shares with a fair value of $380,000 to settle $279,644 of debt with
 a non-related party.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**12.** **SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS** (cont'd…)

f) issued
 1,500,000 common shares pursuant to PSU redemption resulting in a reallocation of share-based
 reserves of $532,500 from reserves to share capital.

During the year ended March 31, 2021, significant non-cash investing and financing transactions included:

a) included
 in accounts payable and accrued liabilities is $601,122 (as restated – Note 17)
 related to exploration and evaluation assets.

b) issued
 515,474 common shares with a fair value of $50,000 for the acquisition of exploration
 and evaluation assets.

c) issued
 7,250,000 common shares upon exercise of options resulting in a reallocation of share-based
 reserves of $661,409 from reserves to share capital.

**13. SEGMENTED INFORMATION**

The Company primarily operates in one reportable operating segment, being the acquisition and exploration of exploration and evaluation assets. Geographic information is as follows:

---

| | | |
|:---|:---|:---|
| | March 31, <br>2022 | March 31, <br>2021 <br>(as restated – <br> Note 17) |
| &nbsp;&nbsp;Exploration and evaluation assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | $5746320 | $4967863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1444802 | 1295789 |
|  | $7191122 | $6263652 |

---

**14. FINANCIAL RISK MANAGEMENT** 

**Capital management**

The Company's objective when managing capital is to safeguard the entity's ability to continue as a going concern. In the management of capital, the Company monitors its adjusted capital which comprises all components of equity (i.e. capital stock, reserves and deficit).

The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue common shares through private placements. The Company is not exposed to any externally imposed capital requirements. The Company's overall strategy remains unchanged from fiscal year 2021.

**Fair value** 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**14. FINANCIAL RISK MANAGEMENT** (cont'd…)

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 – Inputs that are not based on observable market data.

The fair value of the Company's long-term investment constitutes a Level 1 fair value measurement.

The carrying value of cash, accounts payable and accrued liabilities, current portion of net investment in sublease, lease obligation, short-term loans payable and long-term loans payable approximate their fair value because of the short-term nature of these instruments.

**Financial risk factors** 

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

*Credit risk* 

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and net investment in sublease. The Company limits its exposure to credit loss by placing its cash with major Canadian financial institutions and monitors the incoming sublease monthly payments to ensure they are current.

*Liquidity risk* 

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at March 31, 2022, the Company had a cash balance of $235,455 (2021 – $392,213) to settle current liabilities of $1,101,946 (2021 - $1,038,725 (as restated – Note 17)). All of the Company's financial liabilities except lease obligation have contractual maturities of 30 days or are due on demand and are subject to normal trade terms. The Company is exposed to liquidity risk and is dependent on obtaining regular financings in order to continue as a going concern. Despite previous success in acquiring these financings, there is no guarantee of obtaining future financings.

*Market risk* 

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

a) Interest rate risk

The Company has cash balances and no interest-bearing debt. The Company's cash does not have significant exposure to interest rate risk.

b) Foreign currency risk

The Company is exposed to foreign currency risk on fluctuations related to cash, accounts payable and accrued liabilities, and option agreement payments that are denominated in a foreign currency. There is a risk in the exchange rate of the Canadian dollar relative to the US dollar and a significant change in this rate could have an effect on the Company's results of operations, financial position or cash flows. The Company has not hedged its exposure to currency fluctuations.

c) Price risk

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and lithium, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**15. INCOME TAXES**

The actual income tax provisions differ from the expected amounts calculated by applying the Canadian combined federal and provincial corporate income tax rates to the Company's loss before income taxes. The components of these differences are as follows:

---

| | | |
|:---|:---|:---|
| | 2022 | 2021 |
| &nbsp;&nbsp;Loss before taxes for the year | $(4150922) | $(2612308) |
| &nbsp;&nbsp;Canadian federal and provincial income tax rates | 27% | 27% |
| &nbsp;&nbsp;Expected income tax recovery based on the above rates | $(1120749) | $(705323) |
| &nbsp;&nbsp;Non-deductible items | 699278 | 482643 |
| &nbsp;&nbsp;Tax benefit not realized | 421471 | 222680 |
| &nbsp;&nbsp;Deferred income tax recovery | $— | $— |

---

The significant components of the Company's deferred income tax assets and liabilities, using a Canadian basic statutory rate of 27% (2021 – 27%) are as follows:

---

| | | |
|:---|:---|:---|
| | March 31, <br>2022 | March 31, <br>2021 |
| &nbsp;&nbsp;Non-capital losses | $3015000 | $2206000 |
| &nbsp;&nbsp;Cumulative exploration and development expenses | (209000) | 274000 |
| &nbsp;&nbsp;Share issuance costs and others | 6000 | 8000 |
|  | 2812000 | 2488000 |
| &nbsp;&nbsp;Unrecognized deferred tax assets | (2812000) | (2488000) |
| &nbsp;&nbsp;Net deferred tax assets | $— | $— |

---

At March 31, 2022, the Company has accumulated non-capital losses of approximately $11,165,000 (2021 - $8,172,000) which may be available to offset future income for Canadian income tax purposes which expire over the next twenty years. These losses, if not utilized, will expire through to 2042. In addition, there are resource-related expenditures of approximately $6,416,000 (2021 - $7,277,000) which may be used to offset future taxable income indefinitely, subject to annual rates prescribed by the Canadian Income Tax Act. Deferred tax benefits, which may arise as a result of these losses, have not been recognized in these consolidated financial statements as it is not probable that the Company will generate future taxable income against which to utilize the temporary differences.

**16. CONTINGENCIES**

During the year, the Company filed a claim against certain previous directors of the Company for wrongful transfer of funds in the amount of $157,185 for alleged deferred compensation to these directors. As a result of the claim, the amounts were garnished and are being held by the courts until further order of the court.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**16. CONTINGENCIES** (cont'd…)

The previous directors have also filed a counter claim against the Company, alleging that they are entitled to the compensation that has been garnished and being held in escrow, and are also entitled to termination or change of control clauses as per their alleged management agreements. The alleged management agreements would entitle each of the two directors to 12 months compensation in lieu of notice to termination without cause or 24 months of compensation if their agreements were terminated and within 6 months of a change of control of the Company, which includes a change in power to elect a majority of the board of directors or otherwise direct the management of the Company through proxies, voting agreements, or otherwise. Per the counter claim, the management agreement containing these clauses had allegedly been executed during the year prior to their dismissal and the change in control. The Company is currently in the process of working with legal counsel to respond to the counter claim. At this time the probability and amounts of any potential loss resulting from such claims is not determinable and no amounts have been accrued for any potential liability resulting from this in these consolidated financial statements.

We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs.

**17. PRIOR YEAR RESTATEMENT**

During the year, management determined that there was an error pertaining to exploration and evaluation assets and accounts payable and accrued liabilities. This error was the result of the under accrual of payments required on the Company's Winston mineral property (see note 6). The comparatives of the Company for the year ended March 31, 2021 have therefore been restated.

Effects of these adjustments on the consolidated statement of financial position as at March 31, 2021 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | March 31, 2021 as <br> originally presented | Adjustments | March 31, 2021 <br>restated |
| &nbsp;&nbsp;Exploration and evaluation assets | $6032097 | $231555 | $6263652 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | $745792 | $231555 | $977347 |

---

Effects of these adjustments on the consolidated statement of financial position as at March 31, 2020 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | March 31, 2020 as <br> originally presented | Adjustments | March 31, 2020 <br>restated |
| &nbsp;&nbsp;Exploration and evaluation assets | $5634616 | $216354 | $5850970 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | $683614 | $216354 | $899968 |

---

The correction of errors did not have an impact on total cash used in operating activities, total cash from financing activities and total cash used in investing activities for the year ended March 31, 2021 and 2020.

The increase in exploration and evaluation assets resulted in a non-cash addition to investing activities which was offset with non-cash working capital movement of accounts payable and accrued liabilities, as shown in the supplemental disclosures with respect to cash flows note (see note 12).

There was no change to loss and comprehensive loss or basic and diluted loss per common share for the year ended March 31, 2021 or 2020 as a result of this restatement.

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. (FORMERLY FAR RESOURCES LTD.)**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

March 31, 2022

**18. SUBSEQUENT EVENTS**

Subsequent to the year ended March 31, 2022, the Company

i) issued
 3,522,489 common shares upon exercise of warrants for gross proceeds of $314,067.

ii) entered into an option agreement to acquire a 100% interest in the MB3530 claim in the Snow Lake area in Manitoba. To earn the interest, the Company paid $8,000 and issued 18,181 common shares. The property is subject to a 2% NSR.

iii) entered into an option agreement to acquire a 100% interest in the Peg North claims located in the historic Snow Lake mining district in Manitoba. To earn the interest, the Company will pay $750,000 in cash (paid $100,000) and $750,000 in shares (issued 526,316 shares valued at $100,000) and incur $3,000,000 of exploration expenditures. The property is subject to a 2% NSR for which the Company can make a one-time $1,500,000 payment to re-purchase 1% of the NSR once 100% interest has been achieved.

iv) closed a non-brokered private placement of 4,887,668 flow-through common shares at $0.34 per common shares for gross proceeds of $1,661,807. Cash finder's fees of $98,000 were paid on the financings and the Company issued 288,235 share purchase finders warrants. Each finders warrant entitles the holder to purchase one common share at a price of $0.20 for a two-year period.

v) entered
 into a loan agreement to borrow $1,145,520, inclusive of a prior advance of $145,520
 ("Initial Advance") included in accounts payable and accrued liabilities.
 The loan accrues interest at a rate of 8.35%, payable monthly, including an aggregate
 of $5,134 accrued to date on the Initial Advance, and matures on May 10, 2023.

vi) granted 2,000,000 PSUs, to an officer under the Company's PSU Plan. The PSUs will vest and become redeemable only upon the achievement of certain closing price milestones ranging between $0.50 and $1.75 which will expire on April 12, 2025.

NOTE: GST is a Canadian commodity tax which is refundable by the Canada Revenue Agency. The company received a refund cheque from Canada Revenue Agency quarterly. The GST amount in not material thus does not warrant additional disclosure.

 **FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.** 

 **CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

 **(Unaudited)**

 **(Expressed in Canadian dollars)**

 **September 30, 2022**

 **FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.** 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited – Prepared by Management)

(Expressed in Canadian dollars)

AS AT,

---

| | | | |
|:---|:---|:---|:---|
| | Note | September 30, <br> 2022 | March 31, <br> 2022 |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash |  | $305893 | $235455 |
| GST receivable |  | 44818 | 85891 |
| Accounts receivable |  | 6166 |  |
| Prepaid expenses and deposits |  | 168739 | 55948 |
| Net investment in sublease | 5 | 60971 | 56823 |
| **Total current assets** |  | 586587 | 434117 |
| **Non-current assets** |  |  |  |
| Prepaid expenses and deposits |  | 74767 | 253302 |
| Long-term investment | 4 | 4000 | 8000 |
| Exploration and evaluation assets | 6 | 9711390 | 7191122 |
| Net investment in sublease | 5 |  | 31537 |
| **Total assets** |  | $10376744 | $7918078 |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 7, 11 | $762403 | $1032492 |
| Flow-through premium | 10 | 880097 |  |
| Short-term loans payable | 8 | 1151804 | 7500 |
| Lease obligation | 5 | 66477 | 61954 |
| **Total current liabilities** |  | 2860781 | 1101946 |
| Long-term loans payable | 9 | 40000 | 40000 |
| Lease obligation – long-term | 5 |  | 34386 |
| **Total liabilities** |  | 2900781 | 1176332 |
| **Equity** |  |  |  |
| Capital stock | 10 | 25884839 | 24164441 |
| Reserves | 10 | 2827815 | 2294394 |
| Deficit |  | (21236691) | (19717089) |
| **Total equity** |  | 7475963 | 6741746 |
| **Total liabilities and equity** |  | $10376744 | $7918078 |

---

 **Nature and continuance of operations** (Note 1)

 **Contingencies** (Note 15)

 **Subsequent events** (Note 16)

 **Approved and authorized on behalf of the Board on November 30, 2022:**

---

| | | | |
|:---|:---|:---|:---|
| ***"Jason Barnard"*** | Director | ***"Andrew Lyons"*** | Director |
| *Jason Barnard* |  | *Andrew Lyons* |  |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

 **FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.** 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Unaudited – Prepared by Management)

(Expressed in Canadian dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | For the three-month period <br> Ended September 30, | For the three-month period <br> Ended September 30, | For the six-month period <br> Ended September 30, | For the six-month period <br> Ended September 30, |
| |<br>Note | 2022 | 2021 | 2022 | 2021 |
| **EXPENSES** |  |  |  |  |  |
| Consulting |  | $41464 | $16711 | $170509 | $90367 |
| Investor relations and promotion |  | 67967 | 14003 | 96219 | 84003 |
| Management and director fees | 11 | 83251 | 50100 | 139569 | 100200 |
| Office and interest expense | 8 | 93760 | 8403 | 133493 | 20540 |
| Professional fees |  | 359961 | 21858 | 514175 | 63611 |
| Share-based payments | 1011 | 208426 |  | 539974 |  |
| Transfer agent and filing fees |  | 22141 | 5947 | 29035 | 15991 |
| Travel |  | 5328 | 11469 | 18887 | 11469 |
| Loss before other items |  | (882298) | (128491) | (1641861) | (386181) |
| **OTHER ITEMS** |  |  |  |  |  |
| Finance income on sublease |  | 2489 | 4324 | 5560 | 9069 |
| Foreign exchange loss |  | (20601) | (466) | (28576) | (2456) |
| Forgiveness of debt |  |  |  |  | 6697 |
| Gain on sublease |  | 1481 | 1481 | 2962 | 2962 |
| Recovery flow-through premium liability | 10 | 146313 |  | 146313 |  |
| Unrealized gain (loss) on marketable securities |  | 1000 |  | (4000) |  |
| **Loss and comprehensive loss for the period** |  | $(751616) | $(123152) | $(1519602) | $(369909) |
| **Basic and diluted loss per common share** |  | $(0.00) | $(0.00) | $(0.01) | $(0.00) |
| **Weighted average number of common shares outstanding** |  | 190753414 | 158377273 | 185858943 | 157856017 |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – Prepared by Management)

(Expressed in Canadian dollars)

FOR THE SIX MONTH PERIOD ENDED SEPTEMBER 30,

---

| | | |
|:---|:---|:---|
| | 2022 | 2021 |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Loss for the period | $(1519602) | $(369909) |
| Items not involving cash: |  |  |
| &nbsp;&nbsp;&nbsp; Share-based payments | 539974 |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 5951 | 9881 |
| &nbsp;&nbsp;&nbsp; Recovery flow-through premium liability | (146313) |  |
| &nbsp;&nbsp;&nbsp; Finance income on sublease | (5462) | (9069) |
| &nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities | 4000 |  |
| Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp; GST receivable | 41073 | 33714 |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (6166) |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and deposits | 65744 | (11408) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | (105733) | (139297) |
| Net cash used in operating activities | (1126534) | (486088) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Exploration and evaluation acquisition costs | (176495) | (134880) |
| Exploration and evaluation expenditures | (2473324) | (40640) |
| Exploration and evaluation recoveries | 100000 |  |
| Net cash used in investing activities | (2549819) | (175520) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Private placements | 1661807 | 341415 |
| Share issue costs | (99624) | (1785) |
| Exercise of warrants | 1009017 | 10000 |
| Exercise of options | 34250 | 36000 |
| Short-term loan received | 1144304 |  |
| Repayment of lease obligation | (35814) | (35813) |
| Receipt of sublease payments | 32851 | 32851 |
| Net cash provided by financing activities | 3746791 | 382668 |
| **Change in cash for the period** | 70438 | (278940) |
| **Cash, beginning of the period** | 235455 | 392213 |
| **Cash, end of period** | $305893 | $113273 |
| **Cash received during the period for interest** | $**—** | $**—** |

---

Supplemental disclosures with respect to cash flow (Note 12)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

 **FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.** 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited – Prepared by Management)

(Expressed in Canadian dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Capital stock | Capital stock | | | | |
| | Shares | Amount | <br>Subscriptions received (receivable)  | <br>Reserves | <br>Deficit | <br>Total equity |
| **Balance, March 31, 2021** | **155217334** | $**20169728** | $**40000** | $**1140567** | $**(15600786)** | $**5749509** |
| Acquisition of exploration and evaluation assets | 809701 | 94963 |  |  |  | 94963 |
| Private placement | 2008324 | 341415 |  |  |  | 341415 |
| Share issuance costs |  | (1785) |  |  |  | (1785) |
| Share issued – options exercised | 450000 | 67740 |  | (31740) |  | 36000 |
| Share issued – warrants exercised | 500000 | 50000 | (40000) |  |  | 10000 |
| Options cancelled |  |  |  | (24183) | 24183 |  |
| Loss for the period |  |  |  |  | (369909) | (369909) |
| **Balance, September 30, 2021** | **158985359** | $**20722061** | $**—** | $**1084644** | $**(15946512)** | $**5860193** |
| **Balance, March 31, 2022** | **180425910** | $**24164441** | $**—** | $**2294394** | $**(19717089)** | $**6741746** |
| Acquisition of exploration and evaluation assets | 879732 | 134805 |  |  |  | 134805 |
| Private placement | 4887668 | 1661807 |  |  |  | 1661807 |
| Flow-through premium |  | (1026410) |  |  |  | (1026410) |
| Share issuance costs |  | (121624) |  |  |  | (121624) |
| Share issuance costs – warrants |  |  |  | 22000 |  | 22000 |
| Share issued – options exercised | 350000 | 62803 |  | (28553) |  | 34250 |
| Share issued – warrants exercised | 10137489 | 1009017 |  |  |  | 1009017 |
| Share-based payments |  |  |  | 539974 |  | 539974 |
| Loss for the period |  |  |  |  | (1519602) | (1519602) |
| **Balance, September 30, 2022** | **196680799** | $**25884839** | $**—** | $**2827815** | $**(21236691)** | $**7475963** |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

**1.** **NATURE AND CONTINUANCE OF OPERATIONS** 

Foremost Lithium Resource & Technology Ltd. (the "Company") which was incorporated under the laws of the Province of British Columbia, is a public company listed on the Canadian Securities Exchange (the "CSE") and trades under the symbol FAT. The Company's head office is located at 2500 – 700 West Georgia Street, Vancouver, BC, V7Y 1K8. The Company's registered and records office is located at 2500 – 700 West Georgia Street, Vancouver, BC, V7Y 1K8.

On February 14, 2022, the Company began trading on the OTCQB Venture Market under United States under the symbol FRRSF.

The Company is an exploration company focused on the identification and development of high potential mineral opportunities in stable jurisdictions.

Going concern of operations

These condensed interim consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As at September 30, 2022, the Company has had significant losses. In addition, the Company has not generated revenues from operations. The Company has financed its operations primarily through the issuance of common shares and short-term loans. The Company continues to seek capital through various means including the issuance of equity and/or debt. These circumstances cast significant doubt as to the ability of the Company to meet its obligations as they come due, and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These condensed interim consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.

In March 2020, there was a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and specifically, the regional economies in which the Company operates. The pandemic could result in delays in the course of business, including potential delays to its business plans and activities, and continue to have a negative impact on the stock market, including trading prices of the Company's shares and its ability to raise new capital. These material uncertainties raise substantial doubt upon the Company's ability to continue as a going concern and realize its assets and settle its liabilities and commitments in the normal course of business.

The Company's business financial condition and results of operations may be further negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action in late February 2022. While the Company expects any direct impacts, of the pandemic and the war in the Ukraine, to the business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect the business and may make it more difficult for it to raise equity or debt financing. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about on its business, results of operations, financial position and cash flows in the future.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

**2.** **BASIS OF PREPARATION** 

 **Statement of compliance**

These condensed interim consolidated financial statements, including comparatives, have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34"), as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the IFRS Interpretations Committee (IFRICs). Accordingly, they do not include all of the information required for full annual financial statements by International Financial Reporting Standards ("IFRS") for complete financial statements for year-end reporting purposes. These condensed interim consolidated financial statements should be read in conjunction with the Company's audited financial statements for the year ended March 31, 2022, which have been prepared in accordance with IFRS. The condensed interim financial statements are presented in Canadian dollars, which is also the Company's functional currency.

 **Basis of measurement**

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss which are stated at their fair value. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

 **Basis of consolidation**

The condensed interim consolidated financial statements include the financial statements of Foremost Lithium Resource & Technology Ltd. And its subsidiaries, Sierra Gold & Silver Ltd. and Sequoia Gold & Silver Ltd.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of Subsidiary | Country of Incorporation | Principal Activity | Proportion of Ownership Interest  | Proportion of Ownership Interest  |
|  |  |  | September 30, 2022 | March 31, 2022 |
| Sierra Gold & Silver Ltd. | USA | Not active | 100% | 100% |
| Sequoia Gold & Silver Ltd. | Canada | Not active | 100% | 100% |

---

All intercompany balances and transactions have been eliminated.

**3.** **SIGNIFICANT ACCOUNTING POLICIES** 

 **Use of estimates and judgments**

The preparation of these condensed interim consolidated financial statements in conformity with IFRS requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, revenue and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates.

Significant accounting judgments

Significant accounting judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements include, but are not limited to, the following:

i) Determination of categories of financial
 assets and financial liabilities;

ii) Assessment of any indicators of impairment of the carrying value of the Company's exploration and evaluation assets;

iii) The ability of the Company to continue as a going concern; and

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Use of estimates and judgments** (cont'd...)

iv) Contingencies by their nature, will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. The Company is involved in certain legal claims as described in note 15, and the likelihood or outcomes of these claims involves the exercise of significant judgement.

Critical accounting estimates

Key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year include, but are not limited to, the following:

 *Income taxes* 

The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements.

Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax assets and liabilities, and tax planning initiatives.

 **Cash and cash equivalents** 

Cash and cash equivalents are comprised of cash on hand and cash equivalents. Cash equivalents are short-term, highly liquid holdings that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. The Company does not currently hold any cash equivalents.

 **Foreign currency translation** 

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the functional currency of the entity at the exchange rate in existence at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated at the period end date exchange rates.

The functional currency of the parent entity and Sequoia Gold & Silver Ltd. is the Canadian dollar, which is also the presentation currency of our consolidated financial statements. The functional currency of Sierra Gold & Silver Ltd. is the United States dollar.

Foreign operations are translated from their functional currencies into Canadian dollars on consolidation as follows:

(i) Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position;

(ii) Income and expenses for each statement of comprehensive income (loss) are translated at the average exchange rate for the period; and

(iii) All resulting exchange differences are recognized in other comprehensive income (loss) as cumulative translation adjustments.

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Foreign currency translation (cont'd...)** 

Exchange differences that arise relating to long-term intercompany balances that form part of the net investment in a foreign operation are also recognized in a separate component of equity through other comprehensive income (loss).

On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange differences recorded in this separate component of equity is recognized in profit or loss.

 **Government grants**

Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period the expense costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the cost of the asset is reduced by the amount of the grant and the grant is recognized as a reduced depreciation expense over the expected useful life of the asset.

 **Mineral properties – exploration and evaluation assets**

 *Pre-exploration costs*

Pre-exploration costs are expensed in the year in which they are incurred.

 *Exploration and evaluation expenditures*

Once the legal right to explore a property has been acquired, all costs related to the acquisition, exploration and evaluation of the property are capitalized. These direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, and depreciation on plant and equipment during the exploration phase. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur.

When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to profit or loss.

The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as "mines under construction". Exploration and evaluation assets are tested for impairment before the assets are transferred to development properties.

As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs.

Exploration and evaluation assets are classified as intangible assets.

The Company enters into farm-out arrangements, whereby the Company will transfer part of a mineral interest, as consideration, for an agreement by the transferee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does not record any expenditures made by the farmee on its behalf. Any cash or other consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess consideration accounted for as a gain on disposal.

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Mineral properties – exploration and evaluation assets** (cont'd...)

The Company accounts for mining tax credits on a cash basis and are applied as a reduction to capitalized exploration costs.

 **Provision for environmental rehabilitation**

The Company recognizes liabilities for legal or constructive obligations associated with the retirement of exploration and evaluation assets and equipment. The net present value of future rehabilitation costs is capitalized to the related asset along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value.

The Company's estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related assets with a corresponding entry to the rehabilitation provision.

Decommissioning obligations:

The Company's activities may give rise to dismantling, decommissioning and site disturbance re-mediation activities. A provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.

Decommissioning obligations are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the reporting date. Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs whereas increases due to changes in the estimated future cash flows are capitalized. Actual costs incurred upon settlement of the decommissioning obligations are charged against the provision to the extent the provision was established.

 **Contingencies**

A contingent liability is a possible obligation, and a contingent asset is a possible asset, that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability may also be a present obligation that arises from past events that is not recognized because it is not probable that an outflow of economic resources will be required to settle the obligation or the amount of the obligation cannot be measured reliably.

 **Impairment of non-financial assets** 

At the end of each reporting period the carrying amounts of the Company's long-lived assets, including mineral property interests, are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Financial instruments**

IFRS 9 uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual cash flows characteristics of the financial asset.

The classification of debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest.

If the business model is not to hold the debt instrument, it is classified as fair value through profit or loss ("FVTPL"). Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

The Company classifies its financial assets into one of the categories described below, depending on the purpose for which the asset was acquired. Management determines the classification of its financial assets at initial recognition.

Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL, for other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income ("FVTOCI").

Fair value through profit or loss ("FVTPL") – Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statement of loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the statement of loss in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges.

Fair value through other comprehensive income ("FVTOCI") - Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.

Financial assets at amortized cost - A financial asset is measured at amortized cost using the effective interest method if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current assets or non-current assets based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost less any impairment.

The following table shows the classification and measurement of the Company's financial instruments under IFRS 9:

---

| | |
|:---|:---|
|  Financial assets/liabilities | Classification and measurement |
|  Cash | at amortized cost |
|  Long-term investment | FVTPL |
|  Net investment in sublease | at amortized cost |
|  Accounts payable and accrued liabilities | at amortized cost |
|  Lease obligation | at amortized cost |
|  Short-term loans payable | at amortized cost |
|  Long-term loans payable | at amortized cost |

---

Financial liabilities other than derivative liabilities are recognized initially at fair value and are subsequently stated at amortized cost. Transaction costs on financial assets and liabilities other than those classified at FVTPL are treated as part of the carrying value of the asset or liability. Transaction costs for assets and liabilities at FVTPL are expensed as incurred.

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Impairment of financial assets at amortized cost**

The Company recognizes the expected credit losses ("ECL") model on a forward-looking basis on financial assets that are measured at amortized cost, contract assets and debt instruments carried at FVTOCI.

At each reporting date, the Company measures the ECL for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the ECL for the financial asset at an amount equal to twelve month expected credit losses. The Company applies the simplified method and measures a loss allowance equal to the lifetime expected credit losses for trade receivables.

The Company recognizes in profit and loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. The loss allowance was $Nil as at September 30, 2022.

 **Derecognition of financial assets and financial liabilities**

A financial asset is derecognized when the contractual right to the asset's cash flows expire; or if the Company transfers the financial asset and substantially all risks and rewards of ownership to another entity.

The Company derecognizes a financial liability when its obligations are discharged, cancelled or expired.

 **Income taxes** 

Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded using the liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affects neither accounting nor taxable loss, or differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

 **Loss per share** 

The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the year. For the period ended September 30, 2022, 13,015,000 (March 31, 2022 – 11,965,000) stock options, 4,217,959 (March 31, 2022 – 14,067,213) warrants and 1,000,000 (March 31, 2022 – 12,499,996) performance share units were not included in the calculation of dilutive earnings per share as their inclusion was anti-dilutive.

Loss per share is calculated using the weighted average number of common shares outstanding during the period.

**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Share-based payments**

The Company grants stock options to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.

The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized in share-based payment reserve over the vesting period. Consideration paid for the shares along with the fair value recorded in share-based payment reserve on the exercise of stock options is credited to capital stock. When vested options are cancelled, forfeited, or are not exercised by the expiry date, the amount previously recognized in share-based payment reserve is transferred to accumulated losses (deficit). The Company estimates a forfeiture rate and adjusts the corresponding expense each period based on an updated forfeiture estimate.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. Where the terms and conditions of options are modified, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

For performance share units and stock options with vesting containing a market condition, the grant date fair value is measured using the Monte Carlo model to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

The expense recognized for performance-based stock-options is based on an estimation of the probability of achieving the market condition and the timing of the achieving of the market condition, which is difficult to predict. The fair value is recognized straight line over the life of the performance share units or stock options which vest based on a market condition. Upon achieving a market condition, the awards shall vest and any unvested fair value related to the vested awards will be accelerated and recognized.

 **Share issue costs** 

Share issue costs are deferred and charged directly to capital stock on completion of the related financing. If the financing is not completed, share issue costs are charged to operations. Costs directly identifiable with the raising of capital will be charged against the related capital stock.

 **Valuation of equity units issued in private placements**

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in the private placements was determined to be the more easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, was allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves.

 **Flow-through shares** 

Canadian Income Tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium paid for the flow-through shares in excess of the market value of the shares without flow-through features at the time of issue is credited to other liabilities and included in profit or loss at the same time the qualifying expenditures are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **SIGNIFICANT ACCOUNTING POLICIES** (cont'd...)

 **Leases**

At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company's incremental borrowing rate. At the commencement date, a right-of-use asset is measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received.

Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset's useful life or the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset's useful life.

When the Company enters into a sublease, it determines at lease inception date whether each sublease is a finance lease or an operating lease based on whether the contract transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the sublease is a financial lease: if not then it is an operational lease.

For financial leases, and when the Company acts as intermediate lessor, it recognizes a sublease receivable and derecognizes the right-of-use assets relating to the head lease that it transfers to the sub leases. Right-of-use assets and net investment in sublease receivables relating to the subleases are measured in the same way as the right-of-use assets and lease liabilities for the head lease, using the same discount rate for the actualization of future payments to be received.

 **New accounting standards issued and effective**

Certain new standards, interpretations, and amendments to existing standards have been issued by the IASB or IFRC that are mandatory for accounting years beginning on or after January 1, 2022. New accounting pronouncements that are not applicable or are not consequential to the Company have been excluded in the preparation of these consolidated financial statements.

i) Onerous Contracts - Cost of Fulfilling
 a Contract (Amendments to IAS 37) - The amendments to IAS 37 specify which costs an entity
 includes in determining the cost of fulfilling a contract for the purpose of assessing
 whether the contract is onerous. Costs that relate directly to a contract can either
 be incremental costs of fulfilling that contract (examples would be direct labour, materials)
 or an allocation of other costs that relate directly to fulfilling contracts (example
 would be the allocation of the depreciation charge for property, plant and equipment
 used in fulfilling the contract).

These amendments are effective for reporting periods beginning on or after January 1, 2022.

A number of new standards, and amendments to standards and interpretations, are not effective and have not been early adopted in preparing these consolidated financial statements. The following accounting standards and amendments are effective for future periods:

i) Classification of Liabilities as
 Current or Non-current (Amendments to IAS 1) - The amendments to IAS1 provide a more
 general approach to the classification of liabilities based on the contractual arrangements
 in place at the reporting date.

These amendments are effective for reporting periods beginning on or after January 1, 2023.

**4.** **LONG-TERM INVESTMENT** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | September 30, 2022 | September 30, 2022 | September 30, 2022 | March 31, 2022 | March 31, 2022 | March 31, 2022 |
| | Number of <br> shares | Cost | Fair Value | Number of <br> shares | Cost | Fair Value |
| Alchemist Mining Inc. | 10000 | $9500 | $4000 | 10000 | $9500 | $8000 |

---

On August 20, 2014, the Company received 100,000 common shares of Alchemist Mining Inc. ("Alchemist"), a corporation of which the CEO is a family member of the Company's former CEO, at a fair value of $5,500 related to the Tchentlo Lake property. Alchemist shares were initially valued at the trading price of $0.055 per share.

On August 20, 2016, the Company received 100,000 common shares of Alchemist related to the amended Tchentlo Lake property. These shares were initially valued at the trading price of $0.04 per share.

The Company classified the Alchemist shares as an investment at fair value through profit or loss.

Effective November 19, 2021, Alchemist Mining Inc. consolidated its common shares on a 20:1 basis.

At September 30, 2022, the Company valued the shares at $4,000 (March 31, 2022 - $8,000) and recorded an unrealized loss of $4,000 (March 31, 2022 - $Nil) from changes in the fair value.

**5.** **LEASES** 

For the period ending September 30, 2022, interest expense on the lease obligation were $5,951 (2021 - $9,881). The lease term matures on September 30, 2023. The below tables show the continuity of lease obligation and the reconciliation between the undiscounted and discounted balances:

---

| | |
|:---|:---|
| Lease obligation, March 31, 2021 | $150218 |
| Interest expense | 17749 |
| Current portion | (71627) |
| Lease obligation, March 31, 2022 | 96340 |
| Interest expense | 5951 |
| Current portion | (35814) |
| Lease obligation, September 30, 2022 | 66447 |
| Current portion | (66447) |
| Non-current portion | $— |

---

---

| | |
|:---|:---|
| | September 30, 2022 |
| Less than one year | $71596 |
| Greater than one year |  |
| Total lease obligation - undiscounted | 71596 |
| Unamortized interest | (5149) |
| Total lease obligation - discounted | $66447 |

---

**5.** **LEASES** (cont'd...)

The weighted average incremental borrowing rate applied to the lease liabilities on April 1, 2019 was 15%.

During the year ended March 31, 2021, the Company amended the lease agreement and recognized a loss on lease amendment of $8,956. The Company also recognized a gain on sublease of $4,295.

For the period ending September 30, 2022, finance income of the net investment in sublease was $5,462 (2021 - $9,069). The sublease term matures on September 30, 2023. The below tables show the continuity of net investment in sublease and the reconciliation between the undiscounted and discounted balances:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Net investment in sublease, March 31, 2021 | $137772 |
| &nbsp;&nbsp; Finance income | 16290 |
| &nbsp;&nbsp; Payments received | (65702) |
| &nbsp;&nbsp; Net investment in sublease, March 31, 2022 | 88360 |
| &nbsp;&nbsp; Finance income | 5462 |
| &nbsp;&nbsp; Payments received | (32851) |
| &nbsp;&nbsp; Net investment in sublease, September 30, 2022 | 60971 |
| &nbsp;&nbsp; Current portion | (60971) |
| &nbsp;&nbsp; Non-current portion | $— |

---

---

| | |
|:---|:---|
| | September 30, 2022 |
| &nbsp;&nbsp; Less than one year | $65702 |
| &nbsp;&nbsp; Greater than one year |  |
| &nbsp;&nbsp; Total net investment in sublease – undiscounted | 65702 |
| &nbsp;&nbsp; Unamortized finance income | (4731) |
| &nbsp;&nbsp; Total net investment in sublease – discounted | $60971 |

---

**6.** **EXPLORATION AND EVALUATION ASSETS** 

During the period ended September 30, 2022, the following exploration expenditures were incurred on the exploration and evaluation assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Zoro <br>Property | Grass River Property | Winston <br> Property | Peg North <br>Property | Jean Lake <br> Property | Jol Lithium <br>Property | Total |
| &nbsp;&nbsp; **Acquisition costs** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br> Balance, March 31, 2022  | $1909407 | $40500 | 1200586 | $— | $50000 | $— | $3200493 |
| &nbsp;&nbsp; Cash |  | 3000 | 15495 | 100000 | 50000 | 8000 | 176495 |
| &nbsp;&nbsp; Shares |  |  |  | 73684 | 58666 | 2454 | 134804 |
| &nbsp;&nbsp; Balance, September 30, 2022 | 1909407 | 43500 | 1216081 | 173684 | 158666 | 10454 | 3511792 |
| &nbsp;&nbsp; **Exploration costs** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Balance, March 31, 2022 | 3402511 |  | 244216 |  | 343902 |  | 3990629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assay | 626 |  |  |  |  |  | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geological and consulting | 602128 | 412875 | 31535 | 465234 | 796571 |  | 2308343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration cost recovery |  |  |  |  | (100000) |  | (100000) |
| &nbsp;&nbsp; Balance, September 30, 2022 | 4005265 | 412875 | 275751 | 465234 | 1040473 |  | 6199598 |
| &nbsp;&nbsp; Total balance, September 30, 2022 | $5914672 | $456375 | 1491832 | $638918 | $1199139 | $10454 | $9711390 |

---

**6.** **EXPLORATION AND EVALUATION ASSETS** (cont'd…)

During the year ended March 31, 2022, the following exploration expenditures were incurred on the exploration and evaluation assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Zoro <br>Property | Grass River <br> Property | Winston <br> Property | Jean Lake <br> Property | Total |
| &nbsp;&nbsp; **Acquisition costs** |  |  |  |  |  |
| &nbsp;&nbsp; Balance, March 31, 2021 | $1764444 | $— | 1121057 | $— | $2885501 |
| &nbsp;&nbsp; Cash | 75000 | 40500 | 79529 | 25000 | 220029 |
| &nbsp;&nbsp; Shares | 69963 |  |  | 25000 | 94963 |
| &nbsp;&nbsp; Balance, March 31, 2022 | 1909407 | 40500 | 1200586 | 50000 | 3200493 |
| &nbsp;&nbsp; **Exploration costs** |  |  |  |  |  |
| &nbsp;&nbsp; Balance, March 31, 2021 | 3203419 |  | 174732 |  | 3378151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assay | 1216 |  | 4712 |  | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drilling | 150633 |  |  |  | 150633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geological and consulting | 47243 |  | 64772 | 543902 | 655917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration cost recovery |  |  |  | (200000) | (200000) |
| &nbsp;&nbsp; Balance, March 31, 2022 | 3402511 |  | 244216 | 343902 | 3990629 |
| &nbsp;&nbsp; Total balance, March 31, 2022 | $5311918 | $40500 | 1444802 | $393902 | $7191122 |

---

**6.** **EXPLORATION AND EVALUATION ASSETS** (cont'd...)

**Zoro Property**

Zoro I

The Company has a 100% interest in the Zoro I Claim in the Snow Lake area in Manitoba by paying a total of $150,000 in cash and issuing 7,000,000 common shares (valued at $635,000).

In addition, during the year ended March 31, 2017, the Company issued 1,000,000 common shares to an arm's length party at a fair value of $135,000 as a finder's fee on the Zoro I option agreement.

Zoro North

The Company has earned a 100% interest in ground contiguous with its Zoro 1 near Snow Lake, Manitoba subject to a 2% NSR by paying a total of $250,000 in cash, issuing $250,000 in shares (2,632,803 shares issued) and incurring $1,000,000 of exploration expenditures.

The Company can acquire an undivided fifty percent interest in the NSR, being one-half of the NSR or a 1% Net Smelter Return from by making a $1,000,000 cash payment, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production.

During the option period, the Company will be solely responsible for carrying out and administering exploration, development and mining work on the property and for maintaining the property in good standing.

Manitoba Lithium

The Company has earned a 100% interest in all lithium-bearing pegmatite dykes on three contiguous claims in Manitoba by paying $250,000 in cash and issuing $250,000 in shares (2,724,674 shares issued).

The property is subject to a 2% NSR. The Company can acquire an undivided fifty percent interest in the NSR, being one-half of the NSR or a 1% Net Smelter Return from Strider Resources Limited ("Strider") by making a $1,000,000 cash payment to Strider, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production.

During the option period, the Company is responsible for carrying out and administering exploration, development and mining work on the property and for maintaining the property in good standing.

**Grass River Property**

During the year ended March 31, 2022, the Company staked claims on the Grass River Property in the Snow Lake area of Manitoba for $40,500.

**Peg North Property**

During the period ended September 30, 2022, the Company entered into an option agreement to acquire a 100% interest in the Peg North claims located in the historic Snow Lake mining district in Manitoba. To earn the interest, the Company will pay $750,000 in cash (paid $100,000) and $750,000 in shares (issued 526,316 shares valued at $73,684) and incur $3,000,000 of exploration expenditures. The property is subject to a 2% NSR for which the Company can make a one-time $1,500,000 payment to re-purchase 1% of the NSR once 100% interest has been achieved.

**6.** **EXPLORATION AND EVALUATION ASSETS** (cont'd...)

**Winston Property**

Subsequent to September 30, 2022, the Company acquired a 100% interest in the Winston Property by issuing a US$75,000 promissory note (US$25,000 paid subsequently). The promissory note is due on October 15, 2023 and is non interest bearing.

In accordance with the terms and condition of the underlying purchase agreement in order to complete the acquisition of the Ivanhoe/Emporia claims, the Company is required to pay the original owner of the claims the remaining purchase price of US$361,375 (US$42,000 paid). Before the remaining purchase price is paid in full, the Company is subject to a minimum monthly royalty payment based on monthly average silver price which reduces the remaining purchase price once paid. The accrued minimum monthly royalty payments outstanding as of September 30, 2022 totals US$219,125 (March 31, 2022 - US$207,125). The agreement also entitles the owner to a permanent production royalty of 2% of NSR.

Prior to acquiring the 100% interest, during prior fiscal years, the Company had the following option agreements which are now superseded:

During the year ended March 31, 2015, the Company entered into an option agreement with Redline Minerals Inc., Redline Mining Corporation and Southwest Land & Exploration Inc. (collectively, the "Optionors") to acquire up to an 80% interest in the Winston Property consisting of the Little Granite claims and the Ivanhoe/Emporia claims located in Sierra County, New Mexico, U.S.A.

During the years ended March 31, 2016 and 2017, the Company amended the option agreement with the Optionors to acquire an initial 50% interest upon completion of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Cash
 payment of non-refundable deposits of $35,000 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Cash
 payments of $81,250 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Cash
 payment of $13,750 on or before November 15, 2014 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Share
 issuance of 300,000 common shares of the Company on January 15, 2015 (issued);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Cash
 payments of $120,000 as follows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Cash
 payment of $40,000 on or before February 28, 2016 (paid);

ii) Cash payment of $40,000 on or before June 1, 2016 (paid);

iii) Cash payment of $40,000 on or before June 1, 2017 (see amended terms below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Issuance
 of 2,500,000 common shares (1,500,000 shares issued) of the Company as follows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Issue
 500,000 common shares on or before October 17, 2014 (issued);

ii) Issue 500,000 common shares on or before October 17, 2015 (issued);

iii) Issue 500,000 common shares on or before October 17, 2016; (issued)

iv) Issue 500,000 common shares on or before October 17, 2017 (see amended terms below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Issue
 500,000 common shares on or before October 17, 2018 (see amended terms below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Incurring
 exploration expenditures totaling $300,000 due on or before October 17, 2017 (see amended
 terms below).

The agreement was also amended to include a further option to acquire up to an additional 30% (80% in total interest).

In exchange for the amendment of the option agreement, the Company issued 100,000 common shares at a fair value of $3,000 on February 26, 2016.

During the year ended March 31, 2017, the Company made a $25,000 cash payment to the original vendors of the Winston Property.

**6.** **EXPLORATION AND EVALUATION ASSETS** (cont'd...)

**Winston Property** (cont'd...)

During the year ended March 31, 2018, the Company's wholly owned subsidiary offered to acquire a 100% interest to the claims from the Optionors by completing the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** Cash
 payment of $35,000 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** Issuance
 of 2,500,000 common shares of the Company (issued and valued at $275,000); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** Issuance
 of a $50,000 non-interest-bearing promissory note which is repayable on August 24, 2017
 (issued and repaid).

In accordance with the terms and condition of the underlying purchase agreement in order to complete the acquisition of the Little Granite claims, the Company is required to make the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Cash
 payments of US $12,000 on or before July 15, 2017 (paid)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Cash
 payments of US $6,000 on or before March 31, 2018 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Cash
 payments of US $12,000 on or before July 15, 2018 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Cash
 payments of US $12,000 on or before July 15, 2019 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Cash
 payments of US $12,000 on or before July 15, 2020 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Cash
 payment of US $19,000 on or before October 1, 2020 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Cash
 payment of US $19,000 on or before October 1, 2021 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Cash
 payments of US $380,000 on or before October 1, 2022 (paid US$19,000).

**Jean Lake Property**

On July 30, 2021, the Company entered into an option agreement with Mount Morgan Resources Ltd. to acquire a 100% interest in Jean Lake lithium-gold project located in Manitoba.

The option agreement provides for the Company to earn a 100% interest over 4 years by cash payments and share issuances to Mount Morgan Resources Ltd. and exploration expenditures as follows:

&nbsp;&nbsp;&nbsp;&nbsp;i) $25,000
 cash (paid) and common shares of the Company having a value of $25,000 (250,000 shares
 issued) on or before August 1, 2021;

ii) $50,000 cash (paid), $50,000 in common shares (335,235 shares issued) and $50,000 exploration expenditures (incurred) on or before August 1, 2022;

iii) $50,000 cash, $50,000 in common shares and $50,000 (further) exploration expenditures (incurred) on or before August 1, 2023;

iv) $50,000 cash, $50,000 in common shares and $50,000 (further) exploration expenditures (incurred) on or before August 1, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;v) $75,000
 cash, $75,000 in common shares and $50,000 (further) exploration expenditures (incurred)
 on or before August 1, 2025.

Once the Company earns the interest, the Company will grant a 2% NSR to Mount Morgan Resources Ltd. The NSR may be reduced to 1% by the Company's payment of $1,000,000 to the NSR holder.

During the year ended March 31, 2022, the Company entered into an agreement with Manitoba Government to receive a grant of $300,000 for drill program on Jean Lake and Zoro Lithium properties and received $200,000 during the year ended March 31, 2022 and $100,000 during the period ended September 30, 2022.

**Jol Lithium Property**

During the period ended September 30, 2022, the Company entered into an option agreement to acquire a 100% interest in the MB3530 claim in the Snow Lake area in Manitoba. To earn the interest, the Company paid $8,000 and issued 18,181 common shares. The property is subject to a 2% NSR.

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

Accounts payables and accrued liabilities for the Company are broken down as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Note | September 30, <br>2022 | March 31, <br>2022 |
| &nbsp;&nbsp; Trade payables |  | $320986 | $603002 |
| &nbsp;&nbsp; Royalty payables |  | 299973 | 261685 |
| &nbsp;&nbsp; Accrued liabilities |  | 50200 | 68778 |
| &nbsp;&nbsp; Due to related parties | 11 | 91244 | 99027 |
| &nbsp;&nbsp; Total |  | $762403 | $1032492 |

---

**8.** **SHORT-TERM LOANS PAYABLE** 

---

| | | |
|:---|:---|:---|
| | September 30, <br>2022 | March 31, <br>2022 |
|  Loans payable on demand, unsecured with no interest and no fixed term | $2500 | $2500 |
|  Loans payable on demand, unsecured with 10% interest per annum and no fixed term | 5000 | 5000 |
|  Loans payable on May 10, 2023 unsecured with 8.35% interest per annum | 1144304 |  |
|  | $1151804 | $7500 |

---

During the period ended September 30, 2022, the Company entered into a loan agreement with a related party to borrow $1,145,520, inclusive of a prior advance of $145,520 ("Initial Advance") included in accounts payable and accrued liabilities owing to a director of the Company. The loan accrues interest at a rate of 8.35%, payable monthly, and matures on May 10, 2023. The Company paid an aggregate of $45,134 in interest during the period ended September 30, 2022.

**9.** **LONG-TERM LOANS PAYABLE** 

During the year ended March 31, 2021, the Company received a loan of $40,000 for the Canada Emergency Business Account to provide emergency support to business due to the impact of COVID-19. The loan is non-interest bearing until December 31, 2023, after which it will incur interest at 5% per annum. If the principal of $30,000 is fully repaid on or before December 31, 2023, the remaining $10,000 will be forgiven.

**10.** **CAPITAL STOCK AND RESERVES** 

**a)** **Authorized capital stock:** 

As at September 30, 2022, the authorized capital stock of the Company was:

i) Unlimited
 number of common shares without par value.

ii) All issued shares are fully paid.

**b)** **Issued capital stock:** 

During the period ended September 30, 2022, the Company:

● issued
 350,000 common shares upon exercise of options for gross proceeds of $34,250. The weighted
 average share price on the date of the option exercises was $0.31.

● issued
 10,137,489 common shares upon exercise of warrants for gross proceeds of $1,009,017.

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**b)** **Issued capital stock:** (cont'd…)

● issued
 526,316 common shares at a value of $73,684 as part of the acquisition payments for the
 Peg North Option Agreement (see note 6).

● issued
 18,181 common shares at a value of $2,454 as part of the acquisition payments for the
 Snow Lake Option Agreement (see note 6).

● closed
 a non-brokered private placement of 4,887,668 flow-through common shares at $0.34 per
 common shares for gross proceeds of $1,661,807. Cash finder's fees of $98,000 were
 paid on the financings and the Company issued 288,235 share purchase finders warrants.
 Each finders warrant entitles the holder to purchase one common share at a price of $0.20
 for a two-year period. A value of $1,026,410 was attributed to the flow-through premium
 liability in connection with the financing. As at September 30, 2022, the Company has
 fulfilled $236,887 of the flow-through exploration commitments.

● issued
 335,235 common shares at a value of $58,666 as part of the acquisition payments for the
 Jean Lake Option Agreement (see note 6).

During the year ended March 31, 2022, the Company:

● issued
 9,335,000 common shares upon exercise of options for gross proceeds of $850,575. The
 weighted average share price on the date of the option exercises was $0.24.

● issued
 7,756,667 common shares upon exercise of warrants for gross proceeds of $741,889.

● closed
 a non-brokered private placement of 2,008,324 units at $0.17 per unit for gross proceeds
 of $341,415. Each unit consists of one common share and one share purchase warrant. The
 warrant entitles the holder to purchase one additional common share for a period of 18
 months at a price of $0.25 per share.

● issued
 250,000 common shares at a value of $25,000 as part of the acquisition payments for the
 Jean Lake Option Agreement (see note 6).

● issued
 559,701 common shares at a value of $69,963 as part of the acquisition payments for the
 Zoro North Option Agreement (see note 6).

● closed
 a non-brokered private placement of 2,390,000 units at $0.105 per unit for gross proceeds
 of $250,950. Each unit consists of one common share and one share purchase warrant. The
 warrant entitles the holder to purchase one additional common share for a period of 24
 months at a price of $0.13 per share.

● issued
 408,884 common shares valued at $42,933 to settle $42,933 of services with a non-related
 party.

● reinstated
 200,000 options previously forfeited.

● issued
 1,000,000 common shares valued at $380,000 to settle $279,644 of debt with a non-related
 party and recorded $100,356 as loss on the settlement.

● issued
 1,500,000 common shares valued at $532,500 pursuant to PSU redemption to a related party.

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**c)** **Stock options:** 

The Company follows the policies of the Canadian Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the policies, the exercise price of each option may not be less than the market price of the Company's stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years.

The options shall be subject to such vesting requirements, if any, as may be determined by the Board from time to time provided that options granted to consultants performing "investor relation activities" must vest in stages over 12 months with no more than ¼ of the options granted vesting in any six month period.

During the period ended September 30, 2022, the Company:

● granted 1,000,000 stock options to a consultant of the Company. The options are exercisable at $0.255 per option for three years with an estimated fair value of $198,300 and vest immediately.

● granted 400,000 stock options to a consultant of the Company. The options are exercisable at $0.275 per option for three years with an estimated fair value of $83,200 and vest immediately.

During the year ended March 31, 2022, the Company:

● granted 250,000 stock options to consultants of the Company. The options are exercisable at $0.105 per option for five years with an estimated fair value of $21,500 and vest immediately.

● granted 500,000 stock options to consultants of the Company. The options are exercisable at $0.15 per option for five years with an estimated fair value of $66,100 and vest immediately.

● granted 300,000 stock options to consultants of the Company. The options are exercisable at $0.25 per option for five years with an estimated fair value of $61,600 and vest immediately.

● granted 5,500,000 stock options to consultants of the Company. The options are exercisable at $0.285 per option for one year with an estimated fair value of $666,100 and vest immediately.

● granted 500,000 stock options to a consultant of the Company. The options are exercisable at $0.41 per option for five years with an estimated fair value of $163,700 and vest immediately.

● granted 1,000,000 stock options to a consultant of the Company. The options are exercisable at $0.35 per option for five years with an estimated fair value of $285,300 and vest immediately.

● granted 750,000 stock options to a consultant of the Company. The options are exercisable at $0.33 per option for two years with an estimated fair value of $150,400 and vest immediately.

● granted 200,000 stock options to a consultant of the Company. The options are exercisable at $0.31 per option for three years with an estimated fair value of $46,600 and will vest 100% on December 8, 2022. For the year ended March 31, 2022, the Company recorded $3,897 as share-based compensation. For the period ended September 30, 2022, the Company recorded $31,010 as share-based compensation.

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**c)** **Stock options:** (cont'd…)

Stock option transactions for the period ended September 30, 2022 are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Expiry Date | Exercise Price | Balance <br>March 31, <br>2022 | Granted | Exercised | Forfeited/ Expired | Balance <br>September 30, <br>2022 | Exercisable |
| &nbsp;&nbsp; January 4, 2023 | $0.285 | 5250000 |  |  |  | 5250000 | 5250000 |
| &nbsp;&nbsp; March 1, 2024 | $0.330 | 750000 |  |  |  | 750000 | 750000 |
| &nbsp;&nbsp; March 8, 2025 | $0.310 | 200000 |  |  |  | 200000 |  |
| &nbsp;&nbsp; September 2, 2025 | $0.255 |  | 1000000 |  |  | 1000000 | 1000000 |
| &nbsp;&nbsp; September 6, 2025 | $0.275 |  | 400000 |  |  | 400000 | 400000 |
| &nbsp;&nbsp; November 20, 2025 | $0.080 | 400000 |  | (100000) |  | 300000 | 300000 |
| &nbsp;&nbsp; January 15, 2026 | $0.145 | 2065000 |  |  |  | 2065000 | 2065000 |
| &nbsp;&nbsp; October 21, 2026 | $0.105 | 250000 |  | (250000) |  |  |  |
| &nbsp;&nbsp; November 1, 2026 | $0.150 | 500000 |  |  |  | 500000 | 500000 |
| &nbsp;&nbsp; December 3, 2026 | $0.250 | 300000 |  |  |  | 300000 | 300000 |
| &nbsp;&nbsp; January 17, 2027 | $0.410 | 500000 |  |  |  | 500000 | 500000 |
| &nbsp;&nbsp; February 16, 2027 | $0.350 | 1000000 |  |  |  | 1000000 | 1000000 |
| &nbsp;&nbsp; Total |  | 11215000 |  |  |  | 12265000 | 12065000 |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.26 | $0.26 | $0.10 |  | $0.26 | $0.26 |
| &nbsp;&nbsp; Weighted average remaining life (years) | &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  | 1.54 |  |

---

The fair value of stock options was calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
| | For the period ended <br>September 30, 2022 | For the year ended <br>March 31, 2022 |
| &nbsp;&nbsp; Fair value per option | $0.20 | $0.15 |
| &nbsp;&nbsp; Exercise price | $0.26 | $0.29 |
| &nbsp;&nbsp; Expected life (years) | 3.00 | 2.26 |
| &nbsp;&nbsp; Interest rate | 3.54% | 1.16% |
| &nbsp;&nbsp; Annualized volatility (based on historical volatility) | 118% | 114% |
| &nbsp;&nbsp; Dividend yield | 0.00% | 0.00% |

---

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**c)** **Stock options:** (cont'd…)

Stock option transactions for the year ended March 31, 2022 are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Expiry Date | Exercise Price | Balance <br>March 31, <br>2021 | Granted | Exercised | Forfeited/ Expired | Balance <br>March 31, <br>2022 | Exercisable |
| &nbsp;&nbsp; June 27, 2021 | $0.100 | 250000 |  |  | (250000) |  |  |
| &nbsp;&nbsp; January 4, 2023 | $0.285 |  | 5500000 | (250000) |  | 5250000 | 5250000 |
| &nbsp;&nbsp; January 17, 2024 | $0.120 |  | 200000 | (200000) |  |  |  |
| &nbsp;&nbsp; March 1, 2024 | $0.330 |  | 750000 |  |  | 750000 | 750000 |
| &nbsp;&nbsp; March 8, 2025 | $0.310 |  | 200000 |  |  | 200000 |  |
| &nbsp;&nbsp; June 12, 2025 | $0.070 | 1950000 |  | (1950000) |  |  |  |
| &nbsp;&nbsp; November 20, 2025 | $0.080 | 6350000 |  | (5950000) |  | 400000 | 400000 |
| &nbsp;&nbsp; January 15, 2026 | $0.145 | 3050000 |  | (985000) |  | 2065000 | 2065000 |
| &nbsp;&nbsp; October 21, 2026 | $0.105 |  | 250000 |  |  | 250000 | 250000 |
| &nbsp;&nbsp; November 1, 2026 | $0.150 |  | 500000 |  |  | 500000 | 500000 |
| &nbsp;&nbsp; December 3, 2026 | $0.250 |  | 300000 |  |  | 300000 | 300000 |
| &nbsp;&nbsp; January 17, 2027 | $0.410 |  | 500000 |  |  | 500000 | 500000 |
| &nbsp;&nbsp; February 16, 2027 | $0.350 |  | 1000000 |  |  | 1000000 | 1000000 |
| &nbsp;&nbsp; Total |  | 11600000 | 9200000 | (9335000) | (250000) | 11215000 | 11015000 |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.10 | $0.29 | $0.09 | $0.10 | $0.26 | $0.25 |
| &nbsp;&nbsp; Weighted average remaining life (years) | &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  | 2.45 |  |

---

**d)** **Performance Stock Options:** 

During the year ended March 31, 2022, the Company granted 750,000 performance-based stock options to a consultant of the Company. The options are exercisable at $0.285 per option for two years with an estimated fair value of $126,297 and will vest 100% when the closing share price is $0.50 or higher for 3 consecutive trading days. For the year ended March 31, 2022, the Company recorded $Nil as share-based compensation as the fair value will be recorded on a straight-line basis over the life of the performance-based stock option as it was issued on March 31, 2022. For the period ended September 30, 2022, the Company recorded $31,574 as share-based compensation.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Expiry Date | Exercise Price | Balance <br>March 31, <br>2022 | Granted | Exercised | Forfeited/ Expired | Balance <br>September 30, <br>2022 | Exercisable |
| &nbsp;&nbsp; March 31, 2024 | $0.285 | 750000 |  |  |  | 750000 |  |
| &nbsp;&nbsp; Total |  | 750000 |  |  |  | 750000 |  |
| &nbsp;&nbsp; Weighted average exercise price | &nbsp;&nbsp; Weighted average exercise price | $0.285 |  |  |  | $0.285 |  |
| &nbsp;&nbsp; Weighted average remaining life (years) | &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  | 1.75 |  |

---

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**e)** **Performance Share Units:** ("PSU")

For performance-based stock options with a market condition, a Monte Carlo simulation model is used to determine the fair value. The Monte Carlo model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award. The expense recognized for performance-based options is based on an estimation of the probability of achieving the market condition and the timing of the achieving of the market condition, which is difficult to predict. The following assumptions were used at the time of grant:

---

| | | |
|:---|:---|:---|
| | For the period ended <br>September 30, 2022 | For the year ended <br>March 31, 2022 |
| &nbsp;&nbsp; Market target price |  | $0.50 |
| &nbsp;&nbsp; Share price |  | $0.30 |
| &nbsp;&nbsp; Expected life (years) |  | 2 |
| &nbsp;&nbsp; Interest rate |  | 2.27% |
| &nbsp;&nbsp; Annualized volatility (based on historical volatility) |  | 111.2% |

---

Effective January 17, 2022, amended September 7, 2022, the Company's board of directors adopted a performance based share unit plan (the "PSU Plan") which reserved a fixed aggregate of 17,169,535 common shares (being 10% of the Company's then issued and outstanding common shares") for issuance upon the redemption of performance-based share award units (each a "PSU"). Under the terms of the PSU Plan, the Company is required to obtain shareholder approval for the PSU Plan within 3 years after its adoption, and at least every three years thereafter. Any PSUs issued are subject to a four month hold from date of issue.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number of PSUs <br>Outstanding | Number of PSUs <br>Vested | Weighted Average Grant Date <br> Fair Value | Share-based payment reserve |
| &nbsp;&nbsp; Balance at March 31, 2021 |  |  | $— | $— |
| &nbsp;&nbsp; PSUs granted | 13999996 |  | 0.297 | 1063622 |
| &nbsp;&nbsp; PSUs vested |  | 2500000 | 0.355 |  |
| &nbsp;&nbsp; PSUs redeemed | (1500000) | (1500000) | 0.355 | (532500) |
| &nbsp;&nbsp; Balance at March 31, 2022 | 12499996 | 1000000 | 0.290 | 531122 |
| &nbsp;&nbsp; PSUs granted | 2000000 |  | 0.190 | 60495 |
| &nbsp;&nbsp; PSUs vesting through the period\* |  |  | 0.290 | 135395 |
| &nbsp;&nbsp; PSUs forfeited/cancelled | (13499996) |  | 0.297 |  |
| &nbsp;&nbsp; Balance at September 30, 2022 | 1000000 | 1000000 | $0.290 | $727012 |

---

\*On January 31, 2022, the Company granted 13,999,996 PSUs fair valued at $4,156,210, to certain directors and officers under the Company's PSU Plan. Of the 13,999,996 PSUs granted. 2,500,000 PSUs vested and became redeemable by the holders, and the remaining 11,499,996 PSUs will vest and become redeemable only upon the achievement of certain closing price milestones ranging between $0.50 and $1.75 which will expire on January 31, 2025. During the period ended September 30, 2022, all unvested PSUs were cancelled.

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**e)** **Performance Share Units** (cont'd…)

Of the 13,999,996 PSUs granted, 2,500,000 PSUs vested during the year ended March 31, 2022 and the remaining unvested PSUs are expensed straight line over 3 years. During the year ended March 31, 2022, the Company recognized share-based payment expense of $1,063,622. Of the 2,500,000 PSUs that vested, 1,500,000 were converted to common shares during the year-ended March 31, 2022. During the period ended September 30, 2022, 13,499,996 PSUs were forfeited/cancelled and 1,000,000 remain redeemable as at September 30, 2022. Subsequent to September 30, 2022 13,000,000 new PSUs become effective with an expiry date of October 9, 2025. New PSUs will vest and become redeemable upon the occurrence of certain capital market liquidity events, with the balance vesting on the achievement of certain closing price milestones ranging between $0.39 and $1.36. The CFO forfeited 2,999,998 of these PSU's in November 2022.

Subsequent to September 30, 2022, 500,000 PSUs were redeemed. During the period ended September 30, 2022, all the remaining unvested PSUs were cancelled. As the PSUs were replaced subsequently, the Company recognized share-based payment expense of $135,395 during the period ended September 30, 2022.

During the period ended September 30, 2022, the Company granted 2,000,000 PSUs fair valued at $387,379, to a director under the Company's PSU Plan. The PSUs will vest and become redeemable only upon the achievement of certain closing price milestones ranging between $0.50 and $1.75 which were to expire on April 12, 2025. During the period ended September 30, 2022, all the remaining unvested PSUs were cancelled. As the PSUs were replaced subsequently, the Company recognized share-based payment expense of $60,495 during the period ended September 30, 2022.

For performance-based PSUs with a market condition, a Monte Carlo simulation model is used to determine the fair value. The Monte Carlo model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award. The expense recognized for performance-based PSUs is based on an estimation of the probability of achieving the market condition, and the timing of the achieving of the market condition, which are difficult to predict. The following assumptions were used at the time of grant:

---

| | | |
|:---|:---|:---|
|  | For the period ended<br> September 30, 2022 | For the year ended <br> March 31, 2022 |
| &nbsp;&nbsp; Market target price | $1.19 | $1.19 |
| &nbsp;&nbsp; Share price | $0.265 | $0.355 |
| &nbsp;&nbsp; Expected life (years) | 3 | 3 |
| &nbsp;&nbsp; Interest rate | 2.39% | 1.42% |
| &nbsp;&nbsp; Annualized volatility (based on historical volatility) | 108% | 108% |

---

 **f) Unit warrants:**

A continuity of the unit warrants granted is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Expiry Date | Exercise <br> Price | Balance <br> March 31, <br> 2022 | Granted | Exercised | Cancelled/ Expired | Balance September 30, 2022 |
| &nbsp;&nbsp; August 28, 2022 | $0.075 | 2688889 |  | (2688889) |  |  |
| &nbsp;&nbsp; August 28, 2022 | $0.10 | 6080000 |  | (6080000) |  |  |
| &nbsp;&nbsp; October 29, 2022 | $0.25 | 1808324 \* |  | (178600) |  | 1629724 \* |
| &nbsp;&nbsp; December 15, 2022 | $0.10 | 1100000 |  |  |  | 1100000 |
| &nbsp;&nbsp; December 2, 2023 | $0.13 | 2390000 |  | (1190000) |  | 1200000 |
| &nbsp;&nbsp; Total |  | 14067213 |  | (10137489) |  | 3929724 |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.12 |  | $0.10 |  | $0.17 |
| &nbsp;&nbsp; Weighted average remaining life (years) | &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  | 0.45 |

---

\*1,629,724 warrants expired subsequently

**10.** **CAPITAL STOCK AND RESERVES** (cont'd…)

**f)** **Unit warrants:** (cont'd…)

During the year ended March 31, 2022, the Company issued 4,398,324 unit warrants in connection with private placement financings. Based on the residual method, no value was allocated to the unit warrants issued. A continuity of the unit warrants granted is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Expiry Date | Exercise <br> Price | Balance <br> March 31, <br> 2021 | Granted | Exercised | Cancelled/ <br> Expired | Balance <br> March 31, <br> 2022 |
| &nbsp;&nbsp; August 28, 2022 | $0.075 | 5240000 |  | (2551111) |  | 2688889 |
| &nbsp;&nbsp; August 28, 2022 | $0.10 | 7285556 |  | (1205556) |  | 6080000 |
| &nbsp;&nbsp; December 15, 2022 | $0.10 | 4900000 |  | (3800000) |  | 1100000 |
| &nbsp;&nbsp; October 29, 2022 | $0.25 |  | 2008324 | (200000) |  | 1808324 |
| &nbsp;&nbsp; December 2, 2023 | $0.13 |  | 2390000 |  |  | 2390000 |
| &nbsp;&nbsp; Total |  | 17425556 | 4398324 | (7756667) |  | 14067213 |
| &nbsp;&nbsp; Weighted average exercise price |  | $0.09 | $0.18 | $0.10 | $0.00 | $0.12 |
| &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  |  | 0.67 |

---

**g)** **Agent warrants:** 

During the period ended September 30, 2022, the Company issued 288,235 agent warrants in connection with private placement financings. A continuity of the unit warrants granted is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Expiry Date | Exercise <br> Price | Balance <br> March 31, <br> 2022 | Granted | Exercised | Cancelled/ Expired | Balance September 30, 2022 |
| &nbsp;&nbsp; July 19, 2024 | $0.200 |  | 288235 |  |  | 288235 |
| &nbsp;&nbsp; Total |  |  | 288235 |  |  | 288235 |
| &nbsp;&nbsp; Weighted average exercise price |  |  | $0.20 |  |  | $0.20 |
| &nbsp;&nbsp; Weighted average remaining life (years) |  |  |  |  |  | 1.80 |

---

**h)** **Reserves:** 

Reserves comprise of share-based payments, warrant reserves and PSU reserves.

**11.** **RELATED PARTY TRANSACTIONS** 

Related party transactions are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; For the period ended September 30, 2022 <br> Paid or accrued to: | Management <br> and director <br> fees | Investor <br> relation <br> fees | Share-based <br> payments | Total |
| &nbsp;&nbsp;&nbsp; **Key management personnel:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Former CEO, namely John Gravelle | $52000 | $— | $60495 | $112495 |
| &nbsp;&nbsp;&nbsp; Corporation owned by a former CEO, namely Scott Taylor | 51569 |  | 104775 | 156344 |
| &nbsp;&nbsp;&nbsp; CFO and Director, namely Andrew Lyons | 18000 |  | 67698 | 85698 |
| &nbsp;&nbsp;&nbsp; Director, namely Pierre-Yves Tenn | 18000 |  | 67698 | 85698 |
| &nbsp;&nbsp;&nbsp; A company in which a Director has an interest, namely Jason Barnard |  | 36530 |  | 36530 |
|  | $139569 | $36530 | $300666 | $476765 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; For the period ended September 30, 2021 <br> Paid or accrued to: | Management fees | Share-based <br> payments | Total |
| &nbsp;&nbsp;&nbsp; **Key management personnel:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Former CEO, namely John Gammack | $50100 | $— | $50100 |
| &nbsp;&nbsp;&nbsp; Former CFO, namely Robert Dinning | 50100 |  | 50100 |
|  | $100200 | $— | $100200 |

---

Short term related party loans payable (Note 8).

The amounts due to related parties included in accounts payable and accrued liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | As at <br> September 30, <br> 2022 | As at <br> March 31, <br> 2022 |
| &nbsp;&nbsp; Due to corporation owned by a former CEO, namely John Gravelle | $27000 | $— |
| &nbsp;&nbsp; Due to the former CFO, namely Robert Dinning |  | 30 |
| &nbsp;&nbsp; Due to a corporation owned by a former CEO, namely Toby Mayo | 80997 | 80997 |
| &nbsp;&nbsp; Due to a former director of the Company, namely Frank Anderson | 18000 | 18000 |
|  | $125997 | $99027 |

---

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

**12.** **SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS** 

During the period ended September 30, 2022, significant non-cash investing and financing transactions included:

a) included
 in accounts payable and accrued liabilities is $328,300 related to exploration and evaluation
 assets.

b) issued
 879,732 common shares with a fair value of $134,805 for the acquisition of exploration
 and evaluation assets.

**12.** **SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS** (cont'd…)

During the period ended September 30, 2021, significant non-cash investing and financing transactions included:

a) included
 in accounts payable and accrued liabilities is $377,865 related to exploration and evaluation
 assets.

b) issuance
 of 450,000 common shares upon exercise of options resulting in a reallocation of share-based
 reserves of $37,740 from reserves to share capital.

**13.** **SEGMENTED INFORMATION** 

The Company primarily operates in one reportable operating segment, being the acquisition and exploration of exploration and evaluation assets. Geographic information is as follows:

---

| | | |
|:---|:---|:---|
|  | September 30, <br> 2022 | March 31, <br> 2022 |
| &nbsp;&nbsp; Exploration and evaluation assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $8219558 | $5746320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1491832 | 1444802 |
|  | $9711390 | $7191122 |

---

**14.** **FINANCIAL RISK MANAGEMENT** 

 **Capital management**

The Company's objective when managing capital is to safeguard the entity's ability to continue as a going concern. In the management of capital, the Company monitors its adjusted capital which comprises all components of equity (i.e. capital stock, reserves and deficit).

The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue common shares through private placements. The Company is not exposed to any externally imposed capital requirements. The Company's overall strategy remains unchanged from fiscal year 2022.

 **Fair value** 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

**14.** **FINANCIAL RISK MANAGEMENT** (cont'd…)

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 – Inputs that are not based on observable market data.

The fair value of the Company's long-term investment constitutes a Level 1 fair value measurement.

The carrying value of cash, accounts payable and accrued liabilities, current portion of net investment in sublease, lease obligation, short-term loans payable and long-term loans payable approximate their fair value because of the short-term nature of these instruments.

 **Financial risk factors** 

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

 *Credit risk* 

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and net investment in sublease. The Company limits its exposure to credit loss by placing its cash with major Canadian financial institutions and monitors the incoming sublease monthly payments to ensure they are current.

 *Liquidity risk* 

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2022, the Company had a cash balance of $305,893 (March 31, 2022 – $235,455) to settle current liabilities of $2,860,781 (March 31, 2022 - $1,101,946). All of the Company's financial liabilities except lease obligation and loan payable have contractual maturities of 30 days or are due on demand and are subject to normal trade terms. The Company is exposed to liquidity risk and is dependent on obtaining regular financings in order to continue as a going concern. Despite previous success in acquiring these financings, there is no guarantee of obtaining future financings.

 *Market risk* 

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

a) Interest rate risk

The Company has cash balances and no interest-bearing debt. The Company's cash does not have significant exposure to interest rate risk.

b) Foreign currency
 risk

The Company is exposed to foreign currency risk on fluctuations related to cash, accounts payable and accrued liabilities, and option agreement payments that are denominated in a foreign currency. There is a risk in the exchange rate of the Canadian dollar relative to the US dollar and a significant change in this rate could have an effect on the Company's results of operations, financial position or cash flows. The Company has not hedged its exposure to currency fluctuations.

c) Price risk

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and lithium, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

**15.** **CONTINGENCIES** 

During the year ended March 31, 2022, the Company filed a claim against certain previous directors of the Company for wrongful transfer of funds in the amount of $157,185 for alleged deferred compensation to these directors. As a result of the claim against the Company, alleging that they are entitled to the compensation that had been garnished, and are also entitled to termination or change of control clauses as per their alleged management agreements. The amounts were garnished and are being held by the courts until further order of the court.

The previous directors have also filed a counter claim against the Company, alleging that they are entitled to the compensation that has been garnished and being held in escrow, and are also entitled to termination or change of control clauses as per their alleged management agreements. The alleged management agreements would entitle each of the two directors to 12 months compensation in lieu of notice to termination without cause or 24 months of compensation if their agreements were terminated and within 6 months of a change of control of the Company, which includes a change in power to elect a majority of the board of directors or otherwise direct the management of the Company through proxies, voting agreements, or otherwise. Per the counter claim, the management agreement containing these clauses had allegedly been executed during the year prior to their dismissal and the change in control. The Company is currently in the process of working with legal counsel to respond to the counter claim. At this time the probability and amounts of any potential loss resulting from such claims is not determinable and no amounts have been accrued for any potential liability resulting from this in these consolidated financial statements.

Subsequent to the period ended September 30, 2022, the Company received correspondence from legal counsel to a former officer and current officer of the Company alleging: 1) the former officer was in an employment relationship with the Company and the Company failed to pay him wages, claiming damages from alleged wrongful dismissal, bad faith damages and related claims; and 2) the current officer is also in an employment relationship with the Company alleging he has been subject to inappropriate conduct in the course of his alleged employment . The Company has not made an assessment on the validity of the claims at this time. At this time the probability and amounts of any potential loss resulting from such claims is not determinable and no amounts have been accrued for any potential liability resulting from this in these consolidated financial statements.

The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs.

**16.** **SUBSEQUENT EVENTS** 

Subsequent to the period ended September 30, 2022, the Company

i) had 13,000,000 new PSUs become effective
 (Note 10e).

ii) signed a binding term sheet with respect to the sale of its 60% interest in the Hidden Lake Project in Yellowknife, NWT for $3,500,000 to an arm's length party. The Company has received a $100,000 non-refundable deposit in connection with signing the term sheet. The closing is subject to the parties entering into and approving definitive binding documentation, final due diligence by the purchaser, receipt of applicable third-party consents and other customary conditions for a transaction of this nature.

**Common Shares**

![](img049.jpg)

**Foremost Lithium Resource & Technology Ltd.**

**PRELIMINARY PROSPECTUS**

**ThinkEquity**

, 2023

Through and including , 2023 (the 25<sup>th</sup> day after the date of this offering), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

Under the BCBCA, we may indemnify our current or former directors or officers or another individual who acts or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity which the Company is or was a shareholder or creditor of, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his or her association with us or another entity. The BCBCA also provides that we may also advance moneys to a director, officer or other individual for costs, charges and expenses reasonably incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfill the conditions described below.

However, indemnification is prohibited under the BCBCA if any of the following circumstances apply:

● if the indemnity is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of the company or the associated corporation, as the case may be;

● in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

Section 20 of our Articles of Incorporation requires us to indemnify each of our current or former directors or alternate directors (each an "eligible party")as well as their respective heirs and legal personal representatives, against all eligible penalties to which such person is or may be liable by reason of the eligible party having been a director or alternate director (an "eligible proceeding"), and deem the Company to have contracted with such eligible parties on the terms of the indemnity provided for therein. Further, following the final disposition of any eligible proceeding, the Company must pay the expenses actually and reasonably incurred by such person in respect of that proceeding.

**Item 7. Recent Sales of Unregistered Securities.**

During the past three years, we have issued and sold the below securities. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. We believe that our issuances of options to our employees, directors, officers and consultants were exempt from registration under the Securities Act in reliance on Rule 701 under the Securities Act. No underwriters were involved in these issuances of securities.

During the period from April 1, 2022 to November 30, 2022, the Company:

● issued 500,000 common shares at $0.10 (US$0.07) upon exercise of warrants for gross proceeds of $50,000 (US$36,358).

● issued 500,000 common shares in exchange for 500,000 PSU Redemption (no proceeds).

● issued 125,000 common shares at $0.25 (US$0.18) upon exercise of warrants for gross proceeds of $31,250 (US$22,724).

● issued 50,000 common shares at $0.105 (US$0.075) upon exercise of options for gross proceeds of $26,250 (US$19,088).

● issued 20,000 common shares at $0.25 (US$0.18) upon exercise of warrants for gross proceeds of $5,000 (US$3,636).

● issued 117,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $15,210 (US$11,060).

● issued 100,000 common shares at $0.08 (US$0.06) upon exercise of options for gross proceeds of $8,000 (US$5,817).

● issued 130,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $16,900 (US$12,289).

● issued 83,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $10,790 (US$7,846).

● issued 60,000 common shares at $0.13 (US$0.095) upon exercise of warrants for gross proceeds of $7,800 (US$5,672).

● issued 5,368,889 common shares at $0.10 (US$0.07) upon exercise of warrants for gross proceeds of $536,889 (US$390,408).

● closed a non-brokered private placement of 4,887,668 flow-through common shares at $0.34 (US$0.25) per common shares for gross proceeds of $1,661,807 (US$1,208,411). Cash finder's fees of $98,000 (US$71,262) were paid on the financings and the Company issued 288,235 share purchase finders warrants. Each finders warrant entitles the holder to purchase one common share at a price of $0.20 (US$0.15) for a two- year period.

● issued 18,181 common shares at a value of $6,000 (US$4,363) as part of the acquisition payment for the Jol Lithium Option Agreement.

● entered into a loan agreement to borrow $1,145,520 (US$832,984), inclusive of prior advance of $145,520 (US$105,817) ("Initial Advance" included withing accounts payable and accrued liabilities. The loan accrues interest at a rate of 8.35%, payable monthly, including an aggregate of $5,134 (US$3,733) accrued to date on the Initial Advance, and matures on May 10, 2023.

● issued 833,600 common shares upon exercise of warrants for gross proceeds of $112,400 (US$81,734).

● issued 526,316 common shares at a value of $73,684 (US$53,581) as part of the acquisition payments for the Peg North Option Agreement.

● issued 2,688,889 common shares upon exercise of warrants for gross proceedsof $201,667 (US$146,646).

● issued 335,235 common shares at a value of $50,000 (US$36,358) pursuant to the acquisition of the Jean Lake Property.

During the year ended March 31, 2022, the Company:

● issued 9,335,000 common shares upon exercise of options for gross proceeds of $850,575 (approximately US$618,510). The weighted average share price on the date of the option exercises was $0.24 (approximately US$0.17).

● issued 7,756,667 common shares upon exercise of warrants for gross proceeds of $741,889 (approximately US$539,477).

● closed a non-brokered private placement of 2,008,324 units at $0.17 (approximately US$0.12) per unit for gross proceeds of $341,415 (approximately US$248,266). Each unit consists of one common share and one share purchase warrant. The warrant entitles the holder to purchase one additional common share for a period of 18 months at a price of $0.25 (approximately US$0.18) per share.

● issued 250,000 common shares at a value of $25,000 (approximately US$18,179) as part of the acquisition payments for the Jean Lake Option Agreement.

● issued 559,701 common shares at a value of $69,963 (approximately US$50,875) as part of the acquisition payments for the Zoro North Option Agreement.

● closed a non-brokered private placement of 2,390,000 units at $0.105 (approximately US0.08) per unit for gross proceeds of $250,950 (approximately US$182,483). Each unit consists of one common share and one share purchase warrant. The warrant entitles the holder to purchase one additional common share for a period of 24 months at a price of $0.13 (approximately US$0.09) per share.

● issued 408,884 common shares valued at $42,933 (approximately US$31,219) to settle $42,933 (approximately US$31,219) of services with a non-related party.

● reinstated 200,000 options previously forfeited.

● issued 1,000,000 common shares valued at $380,000 (approximately US$276,323) to settle $279,644 (approximately US$203,348) of debt with a non-related party and recorded $100,356 (approximately US$72,976) as loss on the settlement.

● issued 1,500,000 common shares valued at $532,500 (approximately US$387,216) pursuant to PSU redemption to a related party.

During the year ended March 31, 2021, the Company:

● issued 7,250,000 common shares upon exercise of options for gross proceeds of $660,250 (approximately US$480,112).

● issued 3,449,936 common shares upon exercise of warrants for gross proceeds of $294,217 (approximately US$213,945).

● closed a non-brokered private placement of 7,461,556 units at $0.056 (approximately US$0.04) per unit for gross proceeds of $419,712 (approximately US$305,200). Each unit consists of one common share and two share purchase warrants, warrant A and B. Warrant A entitles the holder to purchase one additional common share for a period of two years at a price of $0.075 (approximately US$0.05) per share and warrant B entitles the holder to purchase one additional common share for a period of two years at a price of $0.10 (approximately US$0.07) per share.

● issued 515,474 common shares at a value of $50,000 (approximately US$40,058) as part of the acquisition payments for the Zoro North Option Agreement.

● closed a non-brokered private placement of 5,000,000 units at $0.05 (approximately US$0.04) per unit for gross proceeds of $250,000 (approximately US$181,792). Each unit consists of one common share and one share purchase warrants, warrant entitles the holder to purchase one additional common share for a period of two years at a price of $0.10 (approximately US$0.07) per share. The Company paid $2,500 (approximately US$1,818) in cash issuance fees.

During the year ended March 31, 2020, the Company:

● issued 2,619,403 with a fair value of $125,000 (approximately US$90,896) to Strider Resources Limited as property acquisition payments, with 1,500,000 shares valued at $75,000 (approximately US$54,538) as part of the Manitoba Lithium Option Agreement, and 1,119,403 shares valued at $50,000 (approximately US$36,358) as part of the Zoro North Option Agreement.

● issued 2,000,000 common shares at a price of $0.10 (approximately US$0.07) per share as a result of the completion of a private placement. Proceeds received net of share issue costs were $200,000 (approximately US$145,433).

● issued 1,904,761 units at a price of $0.053 (approximately US$0.04) per unit as a result of the completion of a private placement. Proceeds received net of share issue costs were $94,004 (approximately US$68,357). Each unit is comprised of one common share and one-half of a common share purchase warrant. Each warrant will be exercisable into one common share for a three year term at a price of $0.105 (approximately US$0.08).

● issued 2,500,800 shares with a fair value of $125,040 (approximately US$90,925) to repay non-related party short-term loans of $125,040 (approximately US$90,025).

● issued 65,763 shares valued at $7,778 (approximately US$5,656) to settle $7,778 (approximately US$5,656) of debt with the CEO and other directors.

● issued 16,655,769 shares valued at $832,789 (approximately US$605,577) to settle $832,789 (approximately US$605,577) of debt with related parties and non-related parties.

**Item 8. Exhibits and Financial Statement Schedules.**

(a) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Exhibit No.</u>** | **<u>Description</u>** |
| &nbsp;&nbsp; 1.1\* | Form of Underwriting Agreement |
| &nbsp;&nbsp; 3.1\*\* | Articles of Incorporation of Foremost Lithium Resource & Technology Ltd. |
| &nbsp;&nbsp; 5.1\* | Opinion of Farris LLP regarding the legality of the common shares |
| &nbsp;&nbsp; 5.2\* | Opinion of Dorsey & Whitney LLP |
| &nbsp;&nbsp; [10.1](g083204_ex10-1.htm) | [Option Agreement by and between the Company and Mount Morgan Resources Ltd., dated July 30, 2021](g083204_ex10-1.htm) |
| &nbsp;&nbsp; [10.2](g083204_ex10-2.htm) | [Company Stock Option Plan (2021)](g083204_ex10-2.htm) |
| &nbsp;&nbsp; [10.3](g083204_ex10-3.htm) | [Promissory Note to Jason Barnard and Christina Barnard, dated May 10, 2022](g083204_ex10-3.htm) |
| &nbsp;&nbsp; [10.4](g083204_ex10-4.htm) | [General Security Agreement by and between the Company and Jason Barnard and Christina Barnard, dated May 10, 2021](g083204_ex10-4.htm) |
| &nbsp;&nbsp; [10.5](g083204_ex10-5.htm) | [Mineral Property Acquisition Agreement by and between the Company and Mae de Graff, dated June 9, 2022](g083204_ex10-5.htm) |
| &nbsp;&nbsp; [10.6](g083204_ex10-6.htm) | [Option Agreement by and between the Company and Strider Resources Limited, dated June 28, 2022](g083204_ex10-6.htm) |
| &nbsp;&nbsp; [10.7](g083204_ex10-7.htm) | [Amendment to Option Agreement by and between the Company, Top Notch Marketing Ltd., and Double-U-Em Investments Ltd. Dated April 28, 2017](g083204_ex10-7.htm) |
| &nbsp;&nbsp; [10.8](g083204_ex10-8.htm) | [Stock Option Agreement dated January 15, 2021, by and between the Company and David Edmondson](g083204_ex10-8.htm) |
| &nbsp;&nbsp; [10.9](g083204_ex10-9.htm) | [Option Agreement by and between the Company and Strider Resources Limited, dated September 20, 2017](g083204_ex10-9.htm) |
| &nbsp;&nbsp; [10.10](g083204_ex10-10.htm) | [Option Agreement by and between the Company and 92 Resources Corp. dated February 28, 2018](g083204_ex10-10.htm) |
| &nbsp;&nbsp; [10.11](g083204_ex10-11.htm) | [Option Agreement by and between the Company and Strider Resources Limited, dated August 4, 2016](g083204_ex10-11.htm) |
| &nbsp;&nbsp; [10.12](g083204_ex10-12.htm) | [Option Agreement by and between the Company, Top Notch Marketing Ltd., R. Ross Blusson, and Double-U-Em Investments Ltd. dated April 28, 2016](g083204_ex10-12.htm) |
| &nbsp;&nbsp; 21.1\* | List of Subsidiaries |
| &nbsp;&nbsp;[23.1](g083204_ex23-1.htm) | [Consent of Crowe MacKay LLP](g083204_ex23-1.htm) |
| &nbsp;&nbsp; 23.2\* | Consent of Farris LLP (included in Exhibit 5.1) |
| &nbsp;&nbsp; 23.3\* | Consent of Dorsey & Whitney LLP (included in Exhibit 5.2) |
| &nbsp;&nbsp;[23.4](g083204_ex23-4.htm) | [Consent of Mark Fedikow related to the Zoro Lithium Project](g083204_ex23-4.htm) |
| &nbsp;&nbsp;[23.5](g083204_ex23-5.htm) | [Consent of Scott Zelligan related to the Zoro Lithium Project](g083204_ex23-5.htm) |
| &nbsp;&nbsp; 24.1 | Power of Attorney (included on the signature page of this registration statement) |
| &nbsp;&nbsp;[96.1](g083204_ex96-1.htm) | [Technical Report Summary (Zoro Lithium Project)](g083204_ex96-1.htm) |
| &nbsp;&nbsp; 99.1\* | Audit Committee Charter |
| &nbsp;&nbsp; 99.2\* | Compensation Committee Charter |
| &nbsp;&nbsp; 99.3\* | Nominating and Corporate Governance Committee Charter |
| &nbsp;&nbsp; 107\* | Filing Fee Table |

---

\* To be filed by amendment

\*\* Previously filed

† Indicates management contract or compensatory
 plan or arrangement

(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or the notes thereto.

**Item 9. Undertakings.**

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted
 from the form of prospectus filed as part of this registration statement in reliance
 upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
 to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part
 of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 purposes of determining any liability under the Securities Act, each post-effective amendment
 that contains a form of prospectus shall be deemed to be a new registration statement
 relating to the securities offered therein, and the offering of such securities at that
 time shall be deemed to be the initial bona fide offering thereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, Canada on the day of , 2023.

---

| | |
|:---|:---|
| **FOREMOST LITHIUM RESEARCH & TECHNOLOGY LTD.**  | **FOREMOST LITHIUM RESEARCH & TECHNOLOGY LTD.**  |
| By: |  |
| Name: | Jason Barnard |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Jason Barnard and Andrew Lyons, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement, and any registration statement relating to the offering covered by this registration statement and filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys in fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  | Chairman, President and Chief Executive Officer (Principal Executive Officer) | ________, 2023 |
| Jason Barnard |  |  |
|  | Chief Financial Officer (Principal Financial and Accounting Officer) | ________, 2023 |
| Cyrus Driver |  |  |
|  | Director | ________, 2023 |
| Andrew Lyons  |  |  |
|  | Director | ________, 2023 |
| Michael McLeod <br>|  |  |
|  | Director | ________, 2023 |
|  | Director  | ________, 2023 <br>|
| Christopher MacPherson |  |  |
|  | Director | ________, 2023 |
| Johnathan More <br>|  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Foremost Lithium Research & Technology Ltd. has signed this registration statement or amendment thereto in New York on , 2023.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| By: | /s/ |
| Name: |  |
| Title: |  |

---

## Exhibit 10.1

**Exhibit 10.1**

**THIS OPTION AGREEMENT** made and dated for reference the 30th day of July, 2021.<br> **BETWEEN:**

**MOUNT MORGAN RESOURCES LTD.**, a company incorporated under the laws of British Columbia, having an office at 1207 Sunset Drive, Saltspring Island, B.C., V8K 1EP (the "**Optionor**")

**AND**

**FAR RESOURCES LTD.** a company incorporated under the laws of British Columbia, having an office at #510 — 580 Hornby Street, Vancouver, BC V6C 3B6 (the "**Optionee**")

**WHEREAS:**

A. The Optionor is the owner and the registered holder of certain lithium properties located in the
Province of Manitoba, which properties are more particularly described and shown in Schedule A annexed hereto and forming a part
hereof (hereinafter called the "**Property** ");

B. The Optionor has agreed to grant to the Optionee an option entitling the Optionee to acquire certain
legal and beneficial interests in and to the Property as provided for in this Agreement;

NOW THEREFORE THIS AGREEMENT WITNESSES that in that, in consideration of the premises and the covenants and agreements herein contained, the receipt and sufficiency of which is hereby acknowledged by each of the parties, the parties agree as follows:

**Article I.<br> DEFINITIONS**

1.1. In this Agreement and in all Schedules attached to and made a part hereof, the following words
and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Applicable Law**" means any and all federal, provincial, territorial or municipal
laws, statutes, regulations, by-laws, ordinances, rules, guidelines, policies, notices, orders and directions, or other requirements
of any Governmental Authority having jurisdiction over the parties or the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Business Day**" means any day other than Saturdays, Sundays and statutory holidays
in the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Commercial Production**" means, and is deemed to have been achieved, when the
concentrator processing ores from the Optioned Interest has operated (for processing activities other than processing of bulk ore
samples or other testing purposes) for a period of 21 consecutive production days at an average rate of not less than 65% of design
capacity or, if a concentrator is not erected for the purpose of concentrating the ores from the Optioned Interest, when ores have
been produced for a period of 21 consecutive production days at a rate of not less than 45% of the mining rate specified in a feasibility
study recommending placing the Optioned Interest in commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Conditions of Exercise**" has the meaning set out in paragraph 4.2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**CSE**" means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Effective Date**" means July 30, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Environment Laws**" means all Applicable Laws currently in effect relating to
pollution or protection of the environment, health, safety or natural resources, including, without limitation, the use, consumption,
handling, transportation, storage or Release of Hazardous Substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Environmental Order**" means any prosecution, order, decision, notice, direction,
report, recommendation or request issued, rendered or made by any Governmental Authority in connection with Environmental Laws
or environmental orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Exercise Notice**" means a written notice to the Optionor, signed by the Optionee,
indicating that the Optionee has satisfied the Conditions of Exercise and is irrevocably exercising the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Exploration Expenses**" has the meaning ascribed to it in the Mines and Minerals
Act, Manitoba Regulations 64/92, Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Governmental Authority**" means any government or governmental, administrative,
regulatory or judicial body, department, commission, authority, tribunal, agency or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Hazardous Substance**" means any substance, combination of substances or byproduct
of any substance which is or may become hazardous, toxic, injurious or dangerous to any person, property, air, land, water, flora,
fauna or wildlife; and includes but is not limited to contaminants, pollutants, wastes and dangerous, toxic, deleterious or designated
substances as defined in or pursuant to any Environmental Laws or Environmental Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Net Smelter Return Royalty**" means the form of agreement set out in Schedule
B annexed hereto and forming a part hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**NSR**" means the 2% Net Smelter Return Royalty on the Optioned Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Option**" means the option granted by the Optionor to the Optionee under paragraph 4.1
hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Option Deadline**" means each and every date referred to for the issuance of
Shares or making the cash payment set out in paragraph 4.2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Optioned Interest**" means all of the Optionor's direct and indirect right,
title and interest in all minerals on the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Release**" includes abandon, add, deposit, discharge, disperse, dispose, dump,
emit, empty, escape, leach, leak, migrate, pour, pump, release or spill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**this Agreement**" refers to and collectively includes this Agreement and every
Schedule attached to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Valued**" for the purposes of calculating the number of Optionee's common
shares to be issued as part of the Option payments set out in paragraph 4.2 hereof (the "**Shares** "), means
the average closing stock price of the Optionee's common shares on the CSE (or if not trading on the CSE then on the prime
stock exchange for public trading of the Optionee's shares) for the 10 trading days immediately preceding the date due for
the issuance of the Shares ()"**Due Date**") and in the event the Optionee's stock has not traded for 10 days
immediately preceding the Due Date then the average closing stock price of the Optionee's common shares during the 10 days
immediately preceding the last date the Optionee's shares traded prior to the Due Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Work**" has the meaning set out in paragraph 4.5 hereof

1.2. In this Agreement, other words and phrases that are capitalized have the meaning assigned in this
Agreement.

**Article II.<br> REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR**

2.1. The Optionor represents and warrants to the Optionee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been duly incorporated under the laws of British Columbia, validly exists as a company in
good standing under the laws of British Columbia and is legally entitled to hold its interest in the Property and will remain so
entitled until the Optioned Interest in the Property as set out herein has been duly transferred to the Optionee as contemplated
herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is, and at the time of any transfer to the Optionee of the Optioned Interest in the Property
it will be, the beneficial owner of a 100% of the Optioned Interest, free and clear of all liens, charges, royalties and claims
of others, and no taxes or rentals are due in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the time of any transfer to the Optionee the Optioned Interest will be free and clear of all
liens, charges, royalties and claims of others, without taxes or rentals due or payable in respect thereof, save and except for
the NSR herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the best of its knowledge, after due inquiry, the mineral claims comprising the Property are
contiguous and have been duly and validly located pursuant to the laws of the Manitoba and are in good standing in the office of
the Mining Recorder on the date hereof to and including the anniversary of their recording date in 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there is no adverse claim or challenge against or to the ownership of or title to the Optioned
Interest or the Property, nor to its knowledge, after due inquiry, is there any basis therefor, and there are no outstanding agreements
or options to acquire or purchase the Optioned Interest or the Property or any portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the best of its knowledge, after due inquiry, the Property and the activities and operations
that have been carried out to date thereon have been in compliance, in all material respects, with all Applicable Laws and directives
of all Governmental Authorities and it has not received notice of non-compliance from any such Government Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the best of its knowledge, all the lands covered by the Property are free and clear of any Hazardous
Substance and there is no judicial or administrative proceeding pending and no Environmental Order has been issued or, to the best
of its knowledge, after due inquiry, threatened, concerning the possible violation of any Environmental Laws or Environmental Orders
in respect of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the best of its knowledge, after due inquiry, all environmental approvals required with respect
to activities carried out by the Optionor on any part of the lands covered by the Property, have been obtained, are valid and in
full force and effect, have been complied with and there have been and are no proceedings commenced or threatened to revoke or
amend any such environmental approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the best of its knowledge, there are no outstanding obligations or liabilities, contingent or
otherwise, related to environmental, reclamation or rehabilitation work associated with the Property or arising out of exploration
work, development work or mining activities previously carried out thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has duly obtained all corporate authorizations for the execution of this Agreement and for the
performance of this Agreement by it, and the consummation of the transaction herein contemplated will not conflict with or result
in any breach of any covenants or agreements contained in, or constitute a default under, or result in the creation of any encumbrance
under the provisions of, its Articles or constating documents or any shareholders' or directors' resolution, indenture,
agreement or other instrument whatsoever to which it is a party or by which it is bound or to which it may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there are no proceedings pending for, and it is not aware of any basis for the institution of any
proceedings leading to, its dissolution or winding-up or the placing of it in bankruptcy or subject to any laws governing the affairs
of insolvent persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has advised the Optionee of all material information relating to the Optioned Interest including,
but not limited to, the title thereto of which it has knowledge.

2.2. The Optionor acknowledges that the representations and warranties set forth in paragraph 2.1
hereof form a part of this Agreement and are conditions upon which the Optionee has relied in entering into this Agreement, and
that these representations and warranties shall survive the acquisition of the Optioned Interest or any consequent interest in
the Property hereunder by the Optionee.

2.3. The parties also acknowledge and agree that the representations and warranties set forth in paragraph 2.1
hereof are provided for the exclusive benefit of the Optionee, and a breach of any one or more thereof may be waived by the Optionee
in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation
or warranty.

**Article III.<br> REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE**

3.1. The Optionee represents and warrants to the Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been duly incorporated under the laws of British Columbia, validly exists as a company in
good standing under the laws of British Columbia and is in the process of updating its registration as an extra provincial corporation
in the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has duly obtained all corporate authorizations for the execution of this Agreement and for the
performance of this Agreement by it, and the consummation of the transaction herein contemplated will not conflict with or result
in any breach of any covenants or agreements contained in, or constitute a default under, or result in the creation of any encumbrance
under the provisions of, its Articles or constating documents or any shareholders' or directors' resolution, indenture,
agreement or other instrument whatsoever to which it is a party or by which it is bound or to which it may be subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no proceedings are pending for, and it is not aware of any basis for the institution of any proceedings
leading to, its dissolution or winding-up or the placing of it in bankruptcy or subject to any laws governing the affairs of insolvent
persons.

3.2. The Optionee acknowledges that the representations and warranties set forth in paragraph 3.1
hereof form a part of this Agreement and are conditions upon which the Optionor has relied in entering into this Agreement, and
that these representations and warranties shall survive the acquisition of any interest in the Property hereunder by the Optionee.

3.3. The parties also acknowledge and agree that the representations and warranties set forth in paragraph 3.1
hereof are provided for the exclusive benefit of the Optionor, and a breach of any one or more thereof may be waived by the Optionor
in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation
or warranty.

**Article IV.<br> GRANT OF OPTION**

4.1. The Optionor hereby irrevocably grants to the Optionee the sole and exclusive right and option
to acquire an undivided 100% right, title and interest in and to the Property free and clear of all liens, charges, royalties (save
and except for the NSR contemplated herein) and claims of others.

4.2. The Optionee may exercise the Option by making the following cash payments and common share issuances
to the Optionor over a 48 month period (the "**Option Period** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares in the capital of the Optionee Valued at $25,000 and $25,000 cash within two Business Days
following the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before
one year from the Effective Date; the Optionee must spend $50,000 on Exploration Expenses by the first anniversary of the Effective
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before
2 years from the Effective Date; the Optionee must have spent an accumulated total of $100,000 on Exploration Expenses by
the second anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before
3 years from the Effective Date; the Optionee must have spent an accumulated total of $150,000 on Exploration Expenses by
the third anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares in the capital of the Optionee Valued at $75,000 and an additional $75,000 cash on or before
4 years from the Effective Date; the Optionee must have spent an accumulated $200,000 on Exploration Expenses by the fourth
anniversary of the Effective Date.

(each respectively, a "**Condition of Exercise**" and collectively the "**Conditions of Exercise**").

4.3. Nothing in this Agreement shall be construed as obligating the Optionee to exercise the Option.

4.4. Subject to paragraph 8.2 hereof, in the event the Conditions of Exercise applicable to the
Option are not duly satisfied by the final Option Deadline, then the Option shall forthwith terminate.

4.5. The Optionee at its own risk and at its sole cost shall undertake such work on the Property as
it deems in its own best interest and shall act as the operator ()"**Operator**") of the Property during the Option
Period. As Operator, the Optionee shall be responsible in its sole discretion for carrying out and administering exploration, development
and mining work on the Property and all activities related thereto (collectively the "**Work** "). As Operator, the
Optionee and its directors, officers, employees, agents and independent contractors shall have the immediate, non-exclusive and
unfettered right to enter upon, explore, develop and mine the Optioned Interest from and on the Property and to have quiet and
non-exclusive possession of the Property with sole power and authority to the Optionee and its directors, officers, employees,
agents and independent contractors to sample, extract, diamond drill, prospect, explore, develop and mine the Property in such
manner as the Optionee in its sole discretion may determine, including without limitation, the right to erect, bring, and install
on the Property all buildings, plant, machinery, equipment and supplies as the Optionee shall deem necessary and proper and, subject
to the NSR reserved to the Optionor, to remove therefrom reasonable quantities of ores, minerals or metals for assay and testing
purposes. The Optionee agrees to indemnify and save harmless the Optionor from any liability that may arise from any Work or other
activity carried out by the Optionee or at is direction on the Property.

4.6. This Agreement represents an option only, and except as herein specifically provided otherwise,
nothing herein contained shall be construed as obligating the Optionee to do any acts or make any payments to the Optionor hereunder,
and any act or acts or payment or payments as shall be made hereunder shall not be construed as obligating the Optionee to do any
further act or make any further payment or payments. This Agreement does not create and is not intended to create a legal relationship
between the Optionee and the Optionor of agency, partnership, co-venture, joint venture or make either party liable for the debts
and obligations of the other.

4.7. The Optionor acknowledges and agrees that each issuance of Shares contemplated in paragraph 4.2
will be issued pursuant to an exemption from the prospectus requirements of applicable securities legislation and subject to a
statutory hold period of four months and a day from the date of issue (the "**Mandatory Hold Period**") and the
Optionor hereby consents to the Optionee legending the certificates representing the Shares to reflect the Mandatory Hold Period.
The Optionor acknowledges that there are risks associated with the acquisition of the Shares and no securities commission, stock
exchange or similar regulatory authority has reviewed or passed on the merits of an investment in the Shares.

**Article V.<br> TRANSFER OF PROPERTY AND NSR**

5.1. Upon the exercise by the Optionee of the Option, the Optionor at the Optionee's request shall
cause to be delivered to the Optionee duly executed registerable transfers or evidence of ownership in favour of the Optionee of
the Optioned Interest in the Property acquired by the Optionee, all as provided for herein.

5.2. The Optionee shall be entitled to record all transfers or indicia of interest provided for in paragraph 5.1
hereof with the appropriate governmental office at its own cost and expense in order to affect the transfer into its name of whatever
interest(s) in the Property has been acquired by it. All recordings by the Optionee shall at all times clearly indicate the NSR
interest of the Optionor.

5.3. Upon the exercise of the Option in accordance with paragraph 4.2, the Optionor will retain
the NSR in accordance with the form of agreement set out in Schedule B (the "**Royalty Agreement** ").

5.4. The Royalty Agreement contains provision for a reduction in the NSR. Upon payment by Optionee of
$1,000,000 to the Optionor at any time before the Property reaches commercial production, the NSR of 2.0% is reduced by 1.0% to
1.0%.

**Article VI.<br> OBLIGATIONS OF THE PARTIES DURING THE OPTION PERIOD**

6.1. The Optionee hereby covenants and agrees that for so long as the Option remains in effect and it
is acting as the Operator it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain the Property in good standing by the doing and filing of applicable assessment work or
the making of payments in lieu thereof, by the payment of taxes and rentals and the performance of all other actions which may
be necessary in that regard and in order to keep the Property free and clear of all liens and other charges except those at the
time contested in good faith by the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file all applicable assessment work carried out in respect of the Property to the allowable extent
required and permitted under all applicable mining legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct all Work on or with respect to the Property in a careful and miner-like manner and in accordance
with all Applicable Laws of any Governmental Authority and indemnify and save the Optionor harmless from any and all claims, suits
or actions made or brought against it as a result of Work done by the Optionee on or with respect to the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pay all of the Optionee' s accounts in respect of the Property and the Work in connection
therewith as they fall due and keep the Property free and clear of any encumbrances arising out of the Work or the Optionee's
activities including, without limiting, liens arising under the Builders' Liens Act (Manitoba).

6.2. Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the
Optionee will not be responsible for rectifying any environmental damage sustained on the Property prior to the date hereof or
by the Optionor or any other person (other than the Optionee) after the Effective Date and that the Optionor will indemnify and
hold the Optionee harmless from and against any claims as a result of environmental damage on the Property where such damage was
created prior to the Effective Date or by the Optionor or any other person (other than the Optionee) after the Effective Date.

6.3. Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the
Optionee will indemnify and hold the Optionor harmless from and against any claims as a result of environmental damage on the Property
where such damage was created after the Effective Date and as a direct result of the Optionee's activities on the Property.

**Article VII.<br> OBLIGATION OF THE PARTIES PERTAINING TO RELEASE OF INFORMATION**

7.1. The parties shall in good faith use their best efforts to timely and fully disclose and make available
to the other party all information resulting from such party's Work or other mining activities on or about the Property including,
but not limited to, information as it pertains to the interest of the other party retained or optioned in the Property. For further
clarification the parties confirm that they are obliged to act in utmost good faith as it pertains to the results of their activities
on or about the Property and to disclose to the other party all information in its possession or under its control as it directly
or indirectly pertains to the Property and the Optioned Interest from time to time. For the purposes of this paragraph 7.1
information shall include all geotechnical (including mineralogical) information in both electronic and non- electronic form, all
logs of and the actual core recovered in drilling for minerals on the Property and copies of all interpretive reports pertaining
to the information.

**Article VIII.<br> TERMINATION**

8.1. This Agreement shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Option Deadline, by the Optionee giving notice of termination to the Optionor;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to paragraph 8.2, in the event the Option is not exercised by the final Option Deadline.

8.2. Notwithstanding any other provision of this Agreement, if at any time during the Option Period,
the Optionee fails to advance to the Optionor any cash payment or Shares required under paragraph 4.2 hereof, or is in breach
of any covenant, representation or warranty contained herein, the Optionor may terminate this Agreement, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall have first given to the Optionee a notice of default containing particulars of the payment
not advanced or Shares not issued, or the covenant, representation or warranty breached; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (the Optionee has not, within 10 days following delivery of such notice of default, cured
such default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount to be spent on work as set out in paragraph 4.2 is not expended.

8.3. Should the Optionee fail to comply with the provisions of sub-paragraph 8.2(b) hereof, the
Optionor, without any further notice, may thereafter terminate this Agreement, and the provisions of paragraph 8.5 hereof
shall then apply.

8.4. The Optionee shall vacate the Property within a reasonable time after termination, but shall have
the right of access to the Property for three months following termination for the purpose of removing its buildings, plant, equipment,
machinery, tools, appliances and supplies from the Property. All buildings, plant, equipment, machinery, tools, appliances or supplies
on the Property beyond this three month period after termination at the absolute discretion of the Optionor shall become the property
of the Optionor free and clear of any claim or encumbrance by or through the Optionee.

8.5. If this Agreement terminates prior to the Option Deadline at a time when the Optionee is acting
as Operator, the Optionee shall forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that all filings for assessment credit have been made in respect of all Work to the maximum
extent permitted, or all payments of money in lieu thereof have been made to maintain the Property in good standing for at least
120 days from the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that the Optionor is provided with copies of all geotechnical information, including, without
limiting, plans, assay maps, diamond drill records, diamond drill core and all other data information in all formats including
without limiting, electronic records pertaining to the Property and relating to the work or activities of the Optionee on the Property
which had theretofore not been delivered to the Optionor.

**Article IX.<br> TRANSFER OF INTERESTS**

9.1. The Optionee may at any time sell, transfer or otherwise dispose of all or any part of its interest
in and to the Optioned Interest and this Agreement to a bona fide transferee ()"**Transferee** "), provided that it
shall have first delivered to the Optionor its agreement related to this Agreement and to the Property, containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a covenant by the Transferee to jointly and severally perform all the obligations of the Optionee
to be performed under this Agreement in respect of the interest to be acquired by it from the Optionee to the same extent as if
this Agreement had been originally executed by the Optionee and the Transferee as joint and several obligors making joint and several
covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of Section 4.3 hereof, an undertaking and covenant by the
Transferee to issue common shares of the Transferee Valued proportionate to its interest acquired from the Optionee under the Option
on the next and further ensuing dates for cash payment and issuance of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a provision subjecting any further sale, transfer or other disposition of such interest or any
portion thereof in and to the Property and this Agreement to the restrictions contained in sub-paragraph 9.1(a) hereof.

9.2. Upon the transfer by the Optionee of all and not less than all of the interest held by it pursuant
to this Agreement and in the Optioned Interest, the Optionee shall be deemed

9.3. to be, upon the date of such assignment or transfer, discharged from all obligationshereunder or
other fulfilment of contractual commitments save and except the Optionee shall not be discharged from any environmental liabilities,
occurring from and after the Effective Date arising out of any Work carried out on the Property by the Optionee and all indemnities
in respect thereof shall survive notwithstanding the assignment or transfer of the Optionee's interest hereunder.

**Article X.<br> FORCE MAJEURE**

10.1. If the Optionee is at any time during the term of this Agreement either prevented or delayed in
complying with any provisions of this Agreement by reason of strikes, labour shortages, power shortages, fuel shortages, fires,
wars, acts of God, governmental regulations restricting normal operations, shipping delays or any other reason or reasons (other
than lack of funds) beyond the control of the Optionee, the time limited for the performance by the Optionee of its obligations
hereunder shall be extended by a period of time equal in length to the period of each such prevention or delay.

10.2. The Optionee shall give prompt notice to the Optionor of each event of force majeure under paragraph 10.1
hereof and upon cessation of such event shall furnish the Optionor with notice to that effect together with particulars of the
number of days by which the obligations of the Optionee hereunder have been extended by virtue of such event of force majeure and
all preceding events of force majeure.

**Article XI.<br> CONFIDENTIAL INFORMATION**

11.1. Except as otherwise provided in this paragraph, both parties shall treat all data, reports, records
and other information relating to this Agreement, the Property and the Optioned Interest as strictly confidential. The text of
any news release or other public statements, other than those required by law or regulatory bodies or stock exchanges, which a
party desires to make shall be sent to the other party for its comments prior to publication and shall not include references to
the other party unless such party has given its prior consent to such inclusion, such consent not to be unreasonably withheld or
delayed. The text of any disclosure which a party is required to make by law, by regulatory bodies or stock exchanges shall be
sent to the other party at least 48 hours prior to its release or filing in order that the other party may have the opportunity
to comment thereon. For all public disclosure, whether required to be made or not, any reasonable changes requested by the non-disclosing
party shall be incorporated into the disclosure document.

**Article XII.<br> NOTICES AND PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Any notice, demand, payment or other communication under this Agreement will be given in writing and must be delivered or sent by email or facsimile and addressed to the party to which it is being given at the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Optionor:

Mount Morgan Resources Ltd.<br> 1207 Sunset Drive<br> Saltspring Island, BC V8K 1E3

Attention: Mark Fedikow, PhD. P. Geo<br> Email: markfedikow@telus.net

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Optionee:

Far Resources Ltd.<br> 510 — 580 Hornby Street<br> Vancouver, BC V6C 3B6

Attention: John Gammack<br> Email: lohn0101telus.net

12.2. If notice, demand, payment or other communication is delivered, or sent by facsimile or email,
it will be deemed to have been received, if delivered by hand, on the date of delivery, if sent by facsimile to the numbers set
out above, on the business day next following the date of transmission if the machine on which it is sent receives the answer back
code of the party to whom it is sent, or if emailed to the addresses set out above, on the business day next following the date
of transmission provided that the sender of the email receives back confirmation of receipt of such email from the recipient thereof.
Any party may change its address, fax number or email address for the purposes of receiving notices, demands, payments or other
communications under this Agreement by giving notice to the other party of such change in accordance with the provisions of this
paragraph 12.2.

**Article XIII.<br> GENERAL**

13.1. All references to monies hereunder will be in lawful currency of Canada.

13.2. This Agreement is subject to the Optionee's filing requirements with the CSE.

13.3. Each of the parties hereto agrees to do and/or execute all such further and other acts, deeds,
things, devices, documents and assurances as may be required in order to carry out the true intent and meaning of this Agreement,
including the registration thereof against any of the mineral property interests comprising the Property at the request of any
party.

13.4. Time shall be of the essence of this Agreement.

13.5. Each of the parties hereto will be responsible for paying its own costs relating to the preparation
and execution of this Agreement and for the purposes of interpretation neither party shall be deemed to have prepared this Agreement.

13.6. The parties hereto agree that the terms and conditions of this Agreement shall supersede and replace
any other agreements or arrangements, whether oral or written, heretofore existing among the parties in respect of the subject
matter of this Agreement.

13.7. This Agreement and any certificate or other writing delivered in connection herewith may be executed
in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will
be deemed to be an original and all of which counterparts of this Agreement or such other writing, as the case may be, taken together,
will be deemed to be one and the same instrument. The execution of this Agreement or any other writing by any party hereto will
not become effective until all counterparts hereof have been executed by all the parties hereto.

13.8. Each of the parties hereto will be entitled to rely upon delivery by email or facsimile of executed
copies of this Agreement and any certificates or other writings delivered in connection herewith, and such email or facsimile copies
will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions
of this Agreement.

13.9. This Agreement shall be governed by and construed in accordance with the laws of the Province of
Manitoba and the federal laws of Canada applicable therein and each party irrevocably and unconditionally submits to the exclusive
jurisdiction of the courts Manitoba and all courts competent to hear appeals therefrom.

13.10. This Agreement shall enure to the benefit of and be binding upon the parties hereto and each of
their successors and permitted assigns, as the case may be.

**Balance of this page left intentionally blank.**

**IN WITNESS WHEREOF** this Agreement has been executed as of the day and year first above written.

---

| |
|:---|
| &nbsp;&nbsp;**MOUNT MORGAN RESOURCES LTD** |
| &nbsp;&nbsp;/s/ Mark Fedikow |
| &nbsp;&nbsp;Authorized Signatory |

---

---

| |
|:---|
| &nbsp;&nbsp;**FAR RESOURCES LTD.** |
| &nbsp;&nbsp;/s/ John Gammack |
| &nbsp;&nbsp;Authorized Signatory |

---

**SCHEDULE A**

The following is a description of the properties within which the Optionee has been granted the Option to acquire an undivided 100% Optioned Interest, all of which properties are located in the Province of Manitoba:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Claim Name | &nbsp;&nbsp;Claim Number | &nbsp;&nbsp;Area (Hectares) | &nbsp;&nbsp;Expiry |
| &nbsp;&nbsp;MB8429 | &nbsp;&nbsp;JOL8429 | &nbsp;&nbsp;164 | &nbsp;&nbsp;2022/06/29 |
| &nbsp;&nbsp;MB8428 | &nbsp;&nbsp;JOL8428 | &nbsp;&nbsp;255 | &nbsp;&nbsp;2022/06/29 |
| &nbsp;&nbsp;MB8248 | &nbsp;&nbsp;JOL8248 | &nbsp;&nbsp;207 | &nbsp;&nbsp;2022/04/13 |
| &nbsp;&nbsp;MB8247 | &nbsp;&nbsp;JOL8247 | &nbsp;&nbsp;233 | &nbsp;&nbsp;2022/04/13 |
| &nbsp;&nbsp;M89419 | &nbsp;&nbsp;JOL9419 | &nbsp;&nbsp;143 | &nbsp;&nbsp;2022/12/29 |

---

**SCHEDULE B**

Form of Royalty Agreement

**ROYALTY AGREEMENT**

**THIS AGREEMENT** made as of the 30th day of July, 2021

**BETWEEN:**

**FAR RESOURCES LTD.**, a company incorporated under the laws of British Columbia having an office at Suite 510 —580 Hornby Street, Vancouver, BC, V6C 3B6

(the "**Payor**")

AND:

**MOUNT MORGAN RESOURCES LTD.**, a company incorporated under the laws of British Columbia, having an office at 1207 Sunset Drive, Saltspring Island, BC, V8K 1E P

(the "**Holder**")

**WHEREAS:**

A. The Holder and the Payor are parties to an option agreement dated July 30, 2021 (the "**Option Agreement**") whereby the Holder agreed to option to the Payor, the mineral exploration claims located in Manitoba, Canada and listed in Schedule "**A**" to the Option Agreement and this Agreement (the "**Property**"); and

B. Pursuant to the terms of the Option Agreement, the Payor, upon acquiring a legal and beneficial interest in the Property pursuant to the Option Agreement, has granted to the Holder the royalty contemplated in this Agreement.

**NOW THEREFORE, THIS AGREEMENT WITNESSES** that for good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Payor and the Holder agree as follows:

**1.** **Royalty Obligation and Buy Down Right** 

1.1 The Payor hereby agrees to pay the Holder a 2.0% Net Smelter Returns royalty on all minerals produced
from the Property or any portion thereof, which Net Smelter Returns royalty shall be defined, calculated and payable on the terms
set out in this Agreement.

1.2 The Holder shall have no right, title or interest in the Property, save for those rights granted
under this Agreement.

1.3 At any time before Commercial Production at the Property,
the Payor may purchase 1.0% of the Net Smelter Returns royalty from the Holder to reduce the rate of the Net Smelter Returns royalty
from 2.0% to 1.0% by payment of $1,000,000 to the Holder.

**2.** **Definitions** 

2.1 "**Commercial Production**" means, and is deemed to have been achieved, when the
concentrator processing ores from the Optioned Interest has operated (for processing activities other than processing of bulk ore
samples or other testing purposes) for a period of 21 consecutive production days at an average rate of not less than 65% of design
capacity or, if a concentrator is not erected for the purpose of concentrating the ores from the Optioned Interest, when ores have
been produced for a period of 21 consecutive production days at a rate of not less than 45% of the mining rate specified in a feasibility
study recommending placing the Optioned Interest in commercial production;

2.2 "**Mining Operations**" means every kind of work done by or on behalf of the Payor
or the operator of the Property if other than the Payor, on or in respect of the Property, including, without limitation, investigating,
prospecting, exploring, developing, carrying-out property maintenance, preparing reports, estimates and studies, designing, equipping,
improving, surveying, and carrying-out construction, and mining, milling, concentrating, and carrying-out reclamation.

2.3 "**Net Smelter Returns**" is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where all or a portion of the Products are sold as a mineral product, the Net Smelter Returns shall
be the gross amount received by the Payor from the purchaser following sale thereof after deduction, if applicable under the sale
contract, of all costs, penalties, fees, expenses, charges and other deductions, and after deducting all costs of transporting
and insuring the ores or concentrates from the mine to the smelter, refinery or other place of final delivery and after deducting
all Taxes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where all or a portion of the Products are treated in a smelter or refinery, and a portion of the
metals recovered therefrom are delivered to, and sold by the Payor, the Net Smelter Returns shall be the gross amount received
by the Payor from the purchaser following sale of the metals so delivered, after deduction of all costs, penalties, fees, expenses,
charges and other deductions, including smelter, tolling or refining charges, and after deducting all costs of transporting and
insuring the ores or concentrates from the mine to the smelter or refinery and, if applicable under the smelter contract, all costs
to market the Products and all costs of transporting and insuring the metals from the smelter or refinery to the place of final
delivery by the purchaser and after deducting all Taxes.

Where any ores or concentrates are sold to, or treated in, a smelter or refinery owned or controlled by the Payor, the pricing for that sale or treatment will be established by the Payor on an arm's-length basis so as to be fairly competitive with pricing, net of transportation, insurance, treatment charges and other related costs, then available on world markets for product of like quantity and quality.

2.4 "**Products**" shall mean ores, concentrates (including dore) and minerals mined
from the Property, or solutions, concentrates or cathodes retrieved through leaching or solution mining or solution extraction/electrowinning
or other processing of mineralized material mined from the Property. The term "**minerals**" means, without limitation,
all metals, minerals and mineral rights, including without limitation, diamonds, metals, precious metals, base metals and other
materials that are mined, excavated, extracted, recovered or produced from the Property.

2.5 "**Property**" means the mineral property described in Schedule A to this Agreement
andshall include any renewal thereof and any other form of successor or substitute title therefor, but shall exclude any mineral
properties, claims, licence, or interests which have been abandoned or permitted to lapse.

2.6 "**Taxes**" means all sales, production, extraction, net proceeds, use, gross receipts,
severance, ad valorem, value added tax, excise, export, import and other taxes, custom duties, governmental royalties and other
governmental charges, if any, payable by the Payor or its affiliates with respect to the existence, severance, production, removal,
sale, import, export, transportation, or disposition of Products produced from the Property, but excluding taxes based on net or
gross income and like taxes, the value of the Property or the privilege of doing business and any value added or other taxes that
are recoverable by the Payor.

**3.** **Payment of Net Smelter Returns** 

3.1 From the date of commencement of Commercial Production from the Property, the Payor shall calculate
the amount of the Net Smelter Returns and the sums to be disbursed to the Holder as at the end of each calendar quarter.

3.2 The Payor shall, within 60 days of the end of each calendar quarter, as and when any Net Smelter
Returns are available for distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay or cause to be paid to the Holder that percentage of the Net Smelter Returns to which the Holder
is entitled under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver to the Holder a statement indicating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the gross amounts received from the purchaser contemplated in §2.3 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the deductions therefrom in accordance with §2.3 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount of Net Smelter Returns remaining; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amount of those Net Smelter Returns to which the Holder is entitled; supported by such reasonable
information as to the tonnage and grade of ores or concentrates shipped as will enable the Holder to verify the gross amount payable
by the smelters or other purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Payment to the Holder shall be made in Canadian dollars by wire transfer to an account specified by the Holder upon not less than 48 hours prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Holder may elect to receive the Net Smelter Returns in kind so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Holder has provided notice to the Payor of its intention to take the Net Smelter Returns for such calendar quarter in kind not less than 90 days prior to the commencement of such calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon timely receipt of such notice, the Payor shall direct any offtaker that is the final refiner or other processor of the applicable Products to pay the Net Smelter Returns to the account of the Holder in kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all costs incurred by the Payor with respect to arranging for such payment in kind shall be for the account of the Holder and may be deducted from any subsequent payment of the Net Smelter Returns.

**4.** **Adjustments and Verification** 

4.1 Payment of any Net Smelter Returns by the Payor shall not prejudice the right of the Payor to adjust any statement supporting the payment; provided, however, that all statements presented to the Holder by the Payor for any quarter shall conclusively be presumed to be true and correct upon the expiration of 12 months following the end of the quarter to which the statement relates, unless within that 12-month period the Payor either gives Notice to the Holder claiming an adjustment to the statement, which will be reflected in the next subsequent payment of Net Smelter Returns, or the Holder provides the Payor with Notice under §4.2.

4.2 The Holder shall have the right to request, upon 30 days' Notice to the Payor, that the Payor have its independent external auditor (or if the Payor does not have an independent external auditor, an international accounting firm that is independent of the Payor) provide an audit of the statement or adjusted statement, as it may relate to this Agreement and the calculation of Net Smelter Returns for the applicable period.

4.3 The cost of the audit shall be solely for the account of the Holder unless the audit discloses an error of 1.5% or more in the calculation of Net Smelter Returns, in which case the Payor shall reimburse the Holder the reasonable costs of the audit. Without limiting the generality of the foregoing, a discrepancy of less than three percent in the calculation of Net Smelter Returns shall be deemed to be immaterial and not require adjustment.

4.4 In the event the Holder has been underpaid, the Payor shall pay the amount of the deficiency within 15 days after such deficiency has been determined. If the Holder has been overpaid, the Payor shall reduce subsequent royalty payments as necessary to bring the Holder's royalty into balance.

**5.** **Payor to Determine Operations** 

5.1 The Payor will have complete discretion concerning the nature, timing and extent of all Mining Operations and may suspend, curtail, expand or terminate Mining Operations, including production, on the Property at any time it considers prudent or appropriate to do so. The Payor will owe the Holder no duty to explore, develop or mine the Property, or to do so at any rate or in any manner other than that which the Payor may determine in its sole and unfettered discretion.

5.2 The Payor may, but will not be obligated to treat, mill, heap leach, sort, concentrate, refine, smelt, or otherwise process, beneficiate or upgrade the Products at sites located on or off the Property, prior to sale, transfer, or conveyance to a purchaser, user, or consumer. The Payor will not be liable for mineral values lost in processing under sound practices and procedures, and no royalty will be due on any such lost mineral values.

**6.** **Commingling and Sampling** 

6.1 Ores, concentrates and derivatives mined or retrieved from the Property may be commingled with ores, concentrates or derivatives mined or retrieved from other properties. All determinations required for calculation of Net Smelter Returns, including without limitation the amount of the metals contained in or recovered from ores, solutions, concentrates or derivatives mined or retrieved from the Property, the amount of the metals contained in or recovered from commingled ores, solutions, concentrates or derivatives shall be made in accordance with prudent engineering, metallurgical and cost accounting practices.

6.2 The Payor shall have the right to mine and remove 100 tons of material constituting Products as is reasonably necessary for sampling, assaying, metallurgical testing and evaluation of the minerals' potential of the Property and the Holder shall not be entitled to a Net Smelter Returns royalty payment/credit in respect of such minerals except to the extent that any such minerals are sold by the Payor.

**7.** **Trading Activities** 

7.1 The Payor may, but need not, engage in forward sales, futures trading or commodity options trading, and other price hedging, price protection, and speculative arrangements ("**Trading Activities**") which may involve the possible delivery of base or precious metals produced from the Property. The parties acknowledge and agree that the Holder shall not be entitled to participate in the proceeds or be obligated to share in any losses generated by the Trading Activities.

**8.** **Books and Inspections** 

8.1 The Payor shall keep true and accurate books and records of all of its operations and activities on the Property and under this Agreement. Such books and records shall be kept on the accrual basis in accordance with generally accepted accounting principles consistently applied.

8.2 The Holder may from time to time request reasonable supporting documentation for statements that are within the period contemplated in §4.1 and the Payor, acting in good faith, shall provide the same as soon as reasonably practical to the Holder.

8.3 In order to satisfy itself as to the Payor's compliance with this Agreement, the Holder may during the term of this Agreement, enter upon and inspect the Property and operations thereon and copy such records and data that pertain to activities and operations on the Property, subject to the following conditions:the Holder shall schedule any such inspection in written consultation with the Payor at least five (5) business days in advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) inspections shall be conducted during regular business hours on business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Holder shall not exercise its inspection rights more than once in any 12-month period, unless
the Payor consents in writing to an additional inspection or inspections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Holder (either directly or through an affiliate) shall perform inspections using a reasonable
number of persons, all of whom have been duly authorized for that purpose in writing by the Holder and a copy of that authorization
shall be provided to the Payor prior to the inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the Holder uses a person who is not an employee to participate in the inspection, the Holder
shall advise the Payor, in advance of the inspection, of that person's credentials and the Payor acting reasonably shall
be entitled to deny entry to that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) when performing the inspection, the Holder's authorized persons shall adhere to all of the
Payor's on-site protocols and guidelines, including safety protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Payor or its designee may accompany the Holder's authorized representatives at any times
during the performance of the inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Holder's inspection rights under this Agreement shall not extend to any portions of the
Property, documents, records or other information that do not relate to the Net Smelter Returns or the Payor or to the extent they
relate to third parties or their products or materials. The Payor may redact information relating to third parties and their respective
products or materials from any documents deliverable to the Holder in connection with the Holder's exercise of its inspection
rights under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Holder, or its authorized agents or representatives, shall enter the Property at the Holder's
own risk and expense and shall not unreasonably interfere with the Payor's activities and operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Holder shall indemnify and hold the Payor harmless from any liability, damage, claim or demand
by reason of injury to the Holder or any of its agents or representatives caused by the Holder's exercise of its rights under
this §8.3.

**9.** **Indemnities** 

9.1 Notwithstanding any provision of this Agreement, the Payor shall indemnify, save, defend and hold the Holder harmless from and against all claims, damages and liability relating to any injury to or death of persons, occupational sickness or disease, or any damage to or loss or destruction of property arising out of the operations of the Payor on or with respect to the Property.

9.2 Without limiting the generality of §9.1, the Payor shall indemnify and hold the Holder harmless from any and all liabilities, obligations, claims (including administrative claims and claims or injunctive relief), losses, costs, damages, expenses, attorney fees and causes of action asserted against the Holder related to the Payor's ownership and operation of the Property subsequent to the execution of this Agreement, including, without limiting generality, the Payor's failure to comply with and satisfy any present or future applicable environmental or reclamation law, statute, rule, regulation, permit, ordinance, certificate, license and other regulatory requirement, policy or guidelines with respect to the Property.

**10.** **Perpetuity** 

10.1 The Net Smelter Returns royalty shall be perpetual. If
a court of competent jurisdiction determines that any provision hereof violates a legal rule against perpetuities, then such provision
shall automatically be revised and reformed as necessary in order for the Net Smelter Returns royalty to terminate on the end
of the maximum time permitted under applicable law for the royalty to be valid.

**11.** **Title, Maintenance, Taxes and Abandonment** 

11.1 Subject to §11.2, the Payor shall maintain title
to the Property and perform all work or other matters necessary to maintain title in accordance with all applicable laws, statutes,
rules, regulations, permits, ordinances, certificates, licenses and other regulatory requirements, policies and guidelines. The
Payor shall pay all taxes and other payments when due on or with respect to the Property, and shall do all things and make all
payments necessary or appropriate to maintain the right, title and interest of the Holder in the Net Smelter Returns on the Property
and under this Agreement.

11.2 If the Payor intends to abandon any portion of the Property
(" **Abandonment Property** "), the Payor shall first give Notice of such intention to the Holder at least 90 days
in advance of the proposed date of abandonment. If the Payor receives from the Holder Notice not later than 10 days before
the proposed date of abandonment that the Holder desires the Payor to convey the Abandonment Property to the Holder, the Payor
shall not abandon the Abandonment Property but shall convey the Abandonment Property in good standing, without warranty, to the
Holder for one year past the date of transfer. Following such conveyance or, if the Holder had not elected such conveyance and
the Abandonment Property is abandoned, the Payor shall have no further obligations to maintain the title to the Abandonment Property.

**12.** **Tailings and Residues** 

12.1 All tailings, residues, waste rock, spoiled leach materials,
and other materials (collectively "**Materials**") resulting from the Payor's operations and activities on
the Property shall be the sole property of the Payor (as applicable), but shall remain subject to the Net Smelter Returns should
the same be processed or reprocessed (whether or not involving a smelter), as the case may be, in the future and result in the
production of ores, concentrates, solutions and derivatives. Notwithstanding the foregoing, the Payor shall have the right to
dispose of Materials from the Property on or off of the Property and to commingle the same with Materials from other properties.
If Materials from the Property are commingled with Materials from other properties and such commingled Materials are processed
or reprocessed (whether or not involving a smelter), as the case may be, the Net Smelter Returns payable thereon shall be determined
on a pro rata basis as determined by using the best engineering and technical practices then available.

**13.** **Assignment** 

13.1 The Holder shall have the right to assign this Agreement
without the consent of the Payor. Despite any assignment by the Holder, the Payor will not be or become liable to make payments
in respect of the royalty to, or to otherwise deal in respect of this Agreement, more than one person. If the interests of the
Holder under this Agreement are at any time owned by more than one person, those owners must, as a condition of receiving payment
under this Agreement, nominate one person to act as agent and common trustee for receipt of monies payable under this Agreement
and to otherwise deal with the Payor in respect of such and no royalty owner will be entitled to administer or enforce any provisions
of this Agreement except through such agent and trustee. After receipt of notice in accordance with this subsection 13.1 nominating
an agent and trustee, the Payor will thereafter make and be entitled to make payments due under this Agreement in respect of the
royalty to that agent and trustee and to otherwise deal with that agent and trustee as if it were the sole holder of the royalty.

13.2 The Payor may, at any time, sell or transfer all or a
portion of the Property, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Payor, including any party who is a successor to the Payor hereunder, shall cause any assignee
of any of the Property to assume in writing the obligations to Holder hereunder with respect to such Property and to cause an original
of such writing to be delivered to Holder. Notwithstanding that such assumption in writing has been obtained and delivered to Holder,
the Payor shall not be relieved of its obligations under this Agreement upon the assignment, foreclosure, or other transfer of
such Property without the prior written consent of Holder, acting reasonably.

Nothing in this section 13.2 shall prevent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a sale, transfer or assignment of all or a portion of the Property to an affiliate of the Payor,
provided that the Payor shall cause any such affiliate to assume in writing the obligations to the Holder hereunder with respect
to such Property and to retransfer all or such portion of the Property to the Payor before ceasing to be an affiliate of the Payor;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amalgamation or corporate reorganization involving the Payor which has the effect at law of
the amalgamated or surviving entity possessing all of the property, rights and interests and being subject to all of the debts,
liabilities and obligations of each amalgamating or predecessor corporation.

**14.** **General Provisions** 

14.1 The parties shall execute all such further instruments
and documents and do all such further actions as may be necessary to effectuate the purposes or requirements of this Agreement.

14.2 This Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective heirs and personal representatives or successors and assigns.

14.3 The royalty set out herein shall run with the land, and
bind title to the Property and all Products, in situ, regardless of the form of tenure held.

14.4 Nothing herein shall be construed to create, expressly
or by implication, a joint venture, mining partnership, commercial partnership, or other partnership relationship between the
parties.

14.5 Time is of essence in this Agreement.

14.6 The Payor will, upon the written request of the Holder,
execute and deliver such documents as may be necessary to permit the Holder to record its Net Smelter Returns and this Agreement
against title to the Property.

**15.** **Counterparts** 

15.1 This Agreement may be executed in any number of counterparts
and all such counterparts, taken together, will be deemed to constitute one and the same instrument. In addition, execution of
this Agreement by either of the Parties may be evidenced by way of email transmission of such party's signature (which signature
may be by separate counterpart) or a photocopy of such email transmission, and such emailed signature, or photocopy of such emailed
signature, shall be deemed to constitute the original signature of such party to this Agreement.

**16.** **Notice** 

16.1 Any notice ()"**Notice**") or other instrument
given hereunder shall be in writing (including as an attachment to an email) and will, if delivered, be deemed to have been given
on the business day following the day it was delivered and, if sent by email prior to 5:00 p.m. local time of the place of receipt,
be deemed to have been given on the business day on which it was so sent, or if sent by email outside normal business hours, on
the next following business day. Any Notice to be given under this Agreement will be addressed as follows:

**If to Payor:**

Far Resources Ltd.<br> Suite 510 — 580 Hornby Street<br> Vancouver, BC, V6C 3B6<br> Email: john0-101@telus,net

**If to Holder:**

Mount Morgan Resources Ltd.<br> 1207 Sunset Drive<br> altspring Island, BC, V8K 1EP<br> Email: nnarkfedikowtelus.net

Any party may at any time give to the other Notice of any change of address of the party giving such Notice and from and after the giving of such Notice, the address or addresses therein specified will be deemed to be the address of such party for the purposes of giving Notice hereunder.

17. Governing Law and Dispute Resolution

17.1 This Agreement shall be governed by and interpreted in
accordance with the laws of Manitoba.

17.2 Should any dispute or disagreement of any kind arise
at any time with respect to this Agreement (or a document or instrument to be executed and delivered pursuant to this Agreement),
its interpretation or application, its performance by the parties, or in respect of any defined legal relationship associated
therewith or derived therefrom, which the parties have not resolved, the parties agree to have such matter in dispute, except
where injunctive relief is claimed, referred to final and binding arbitration. Matters referred to final and binding arbitration
pursuant to this Agreement shall be arbitrated under the rules of the British Columbia International Commercial Arbitration Centre
(" **BCICAC**") by a sole arbitrator. Any party may refer any such matter to arbitration by Notice to the other
party. Once the Notice is received by the other party, the parties shall then endeavour to agree on the appointment of an arbitrator,
who will be capable of commencing the arbitration within 15 Business Days of his or her appointment. The arbitrator will be a
person who by a combination of education and experience is competent to adjudicate the matter in dispute and who has indicated
his or her willingness and ability to act as arbitrator in accordance with this Agreement. If the parties are unable to agree
on an arbitrator within 5 Business Days from the delivery of the Notice invoking arbitration, then pursuant to the rules of the
BCICAC, a party may request that an arbitrator be appointed by the BCICAC. The case will be administered by the BCICAC in accordance
with its Rules of Procedure. The place of arbitration will be Vancouver, British Columbia, Canada and the language of the arbitration
will be English. The award of the arbitrator will be final and binding upon each of the parties and will not be subject to appeal
or judicial review except under §17.3.

17.3 The parties agree that arbitration shall all be without
recourse to the courts and that the award of the arbitrator shall be final and binding, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any party may appeal an arbitration award to the courts of the Province of British Columbia on
a question of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any party may apply to a court of competent jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for an interim measure of protection; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any order for equitable relief which the arbitrator does not have the jurisdiction to provide.

**IN WITNESS WHEREOF** this Agreement has been executed as of the day and year first above written.

---

| | |
|:---|:---|
| **FAR RESOURCES LTD** | **FAR RESOURCES LTD** |
| Per: | &nbsp;&nbsp;/s/ John Gammack |
|  | &nbsp;&nbsp;Authorized Signatory |

---

---

| | |
|:---|:---|
| **MOUNT MORGAN RESOURCES LIMITED** | **MOUNT MORGAN RESOURCES LIMITED** |
| Per: | &nbsp;&nbsp;/s/ Mark Fedikow |
|  | &nbsp;&nbsp;Authorized Signatory |

---

**SCHEDULE A**

The following is a description of the properties within which the Optionee has been granted the Option to acquire an undivided 100% Optioned Interest, all of which properties are located in the Province of Manitoba:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Claim Name | &nbsp;&nbsp;Claim Number | &nbsp;&nbsp;Area (Hectares) | &nbsp;&nbsp;Expiry |
| &nbsp;&nbsp;MB8429 | &nbsp;&nbsp;JOL8429 | &nbsp;&nbsp;164 | &nbsp;&nbsp;2022/06/29 |
| &nbsp;&nbsp;MB8428 | &nbsp;&nbsp;JOL8428 | &nbsp;&nbsp;255 | &nbsp;&nbsp;2022/06/29 |
| &nbsp;&nbsp;MB8248 | &nbsp;&nbsp;JOL8248 | &nbsp;&nbsp;207 | &nbsp;&nbsp;2022/04/13 |
| &nbsp;&nbsp;MB8247 | &nbsp;&nbsp;JOL8247 | &nbsp;&nbsp;233 | &nbsp;&nbsp;2022/04/13 |
| &nbsp;&nbsp;M89419 | &nbsp;&nbsp;JOL9419 | &nbsp;&nbsp;143 | &nbsp;&nbsp;2022/12/29 |

---

## Exhibit 10.2

**Exhibit 10.2**

**<u>Schedule "A"</u><br>FAR RESOURCES LTD.<br>STOCK OPTION PLAN (2021)**

**PART 1<u><br> INTERPRETATION</u>**

 **1.1 <u>Definitions</u>**: In this Plan the following words and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Award Date" means the date on which the Board grants a particular Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Board" means the board of directors of the Company and includes any committee of directors
appointed by the directors as contemplated by to Section 3.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Cause" means: (i) "Cause" as such term is defined in the written
employment agreement, if any, between the Company and Employee; or (ii) if there is no written employment agreement between the
Company and the Employee or "Cause" in not defined in the written employment agreement between the Company and the
Employee, the usual meaning of just cause under the common law or the laws of British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Company" mean Far Resources Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Consultant" means an individual who: (i) is engaged to provide on an ongoing
bona fide basis, consulting, technical, management or other services to the Company or to an Affiliate of the Company, other than
services provided in relation to a distribution; (ii) provides the services under a written contract between the Company or the
Affiliate and the individual or the Consultant Company, as the case may be; (c) in the reasonable opinion of the Company,
spends or will spend a significant amount of time and attention on the affairs and business of the Company or an Affiliate of the
Company; and (d) has a relationship with the Company or an Affiliate of the Company that enables the individual to be knowledgeable
about the business and affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Director" means any director, Officer and Management Company Employees of the Company
or of any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Employee" means: (i) an individual who is considered an employee of the Company
or its subsidiary under the *Income Tax Act* (Canada) (and for whom income tax, employment insurance and CPP deductions must
be made at source); (ii) an individual who works full-time for the Company or its subsidiary providing services normally provided
by an employee and who is subject to the same control and direction by the Company over the details and methods of work as an employee
of the Company, but for whom income tax deductions are not made at source; or (iii) an individual who works for a Company or its
subsidiary on a continuing and regular basis for a minimum amount of time per week (the number of hours should be disclosed in
the submission) providing services normally provided by an employee and who is subject to the same control and direction by the
Company over the details and methods of work as an employee of the Company, but for whom income tax deductions are not made at
source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Exchange" means the Canadian Securities Exchange and any other stock exchange on which
the Shares are listed for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Exchange Policy" means the policies, bylaws, rules and regulations of the Exchange
governing definitions, interpretation and the granting of options by the Company, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Exercise Notice" means the notice respecting the exercise of an Option, in the form
set out as Schedule "B" hereto, duly executed by the Option Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Exercise Price" means the price at which an Option may be exercised as determined
in accordance with Section 4.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Expiry Date" means not later than ten years from the Award Date of the Option or such
shorter period as may be prescribed by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Insider" has the meaning ascribed thereto in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Joint Actor" means a person acting "jointly or in concert with" another
person as that phrase is interpreted in section 1.9 of National Instrument 62-104 – *Take Over Bids and Issuer Bids*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Management Company Employee" means an individual employed by a person providing management
services to the Company, which are required for the ongoing successful operation of the business enterprise of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Officer" means any senior officer of the Company or of any of its subsidiaries as
defined in the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Option" means an option to acquire Shares awarded under and pursuant to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Option Certificate" means the certificate, substantially in the form set out as Schedule
"A" hereto, evidencing an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Option Holder" means a current or former Director, Employee, or Consultant who holds
an unexercised and unexpired Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Plan" means this stock option plan as from time to time amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Securities Act" means the *Securities Act*, R.S.B.C. 1996, c.418, as amended,
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Securities Laws" means the act, policies, bylaws, rules and regulations of the securities
commissions governing the granting of options by the Company, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "Shares" means common shares of the Company.

1.2 **<u>Interpretation</u>**: Any words capitalized but not defined in this Plan shall have the meanings ascribed to them in Exchange Policy.

1.3 **<u>Gender</u>**: Throughout this Plan, words importing the masculine gender shall be interpreted as including the female gender.

**PART 2<u><br> PURPOSE OF PLAN</u>**

2.1 **<u>Purpose</u>**: The purpose of this Plan is to attract and retain Employees, Consultants, or Directors to the Company and to motivate them to advance the interests of the Company by affording them with the opportunity to acquire an equity interest in the Company through Options granted under this Plan to purchase Shares.

**PART 3<u><br> GRANTING OF OPTIONS</u>**

3.1 **<u>Administration</u>**: This Plan shall be administered by the Board or, if the Board so elects, by a committee (which may consist of only one person) appointed by the Board from its members.

3.2 **<u>Committee's Recommendations</u>**: The Board may accept all or any part of recommendations of the committee or may refer all or any part thereof back to the committee for further consideration and recommendation.

3.3 **<u>Grant by Resolution</u>**: The Board may, by resolution, designate eligible persons who are bona fide Employees, Consultants, Directors, or corporations employing or wholly owned by such Employee, Consultant, or Director, to whom Options should be granted and specify the terms of such Options which shall be in accordance with Exchange Policy and Securities Laws. It is the responsibility of the Company and the Option Holder for ensuring and confirming that the Option Holder is a bona fide Employee, Consultant or Management Company Employee, as the case may be. The Company will also issue a news release at the time of the grant for any Options granted to Insiders.

3.4 **<u>Terms of Option</u>**: The resolution of the Board shall specify the number of Shares that should be placed under option to each such Employee, Consultant or Director, the Exercise Price to be paid for such Shares, and the period, including any applicable vesting periods during which such Option may be exercised.

3.5 **<u>Option Certificate</u>**: Every Option granted under this Plan shall be evidenced by an Option Certificate, and all Option Certificates will be so legended as required by Exchange Policy and Securities Laws.

**PART 4<u><br> CONDITIONS GOVERNING THE GRANTING AND EXERCISING OF OPTIONS</u>**

4.1 **<u>Exercise Price</u>**: The Exercise Price of an Option granted under this Plan shall not be less than the greater of the closing market price of the Shares on (a) the trading day prior to the date of grant of the Options; and (b) the date of grant of the Options. In any event, no Options shall be granted which are exercisable at an Exercise Price of less than permitted by Exchange Policy. An Exercise Price cannot be established unless the Options are allocated to a particular Option Holder.

4.2 **<u>Expiry Date</u>**: Each Option shall, unless sooner terminated, expire on a date to be determined by the Board which will not be later than the Expiry Date. However, if the Expiry Date falls within a period (a "blackout period") during which the Company prohibits Option Holders from exercising their Options, the Expiry Date may be extended to a maximum of 10 business days after the expiry of the blackout period. The blackout period must be formally imposed by the Company pursuant to its internal trading policies as a result of the bona fide existence of undisclosed Material Information. For greater certainty, in the absence of the Company formally imposing a blackout period, the Expiry Date of any options will not be automatically extended in any circumstances.

4.3 **<u>Different Exercise Periods, Prices and Number</u>** The Board may, in its absolute discretion, upon granting an Option under this Plan and subject to the provisions of Section 6.4 hereof, specify a particular time period or periods (i.e. vesting) following the date of granting the Option during which the Option Holder may exercise his Option to purchase Shares and may designate the Exercise Price and the number of Shares in respect of which such Option Holder may exercise his Option during each such time period.

4.4 **<u>Number of Shares (Restrictions)</u>** The number of Shares reserved for issuance under the Plan shall not exceed 5% of the issued Shares of the Company to any one person (and companies wholly owned by that person) in any 12- month period, calculated on the date the Option is granted.

4.5 **<u>Ceasing to hold Office</u>** If an Option Holder holds his or her Options as a Director and such Option Holder ceases to be Director for any reason other than death, such Director shall have rights to exercise any Option not exercised prior to such termination (but only to the extent that such Option has vested on or before the date the Option Holder ceased to be a Director) within a reasonable period of time after the date of termination, as set out in the Option Holder's Option Certificate, such "reasonable period" not to exceed one year after termination. However, if the Option Holder ceases to be a Director of the Company as a result of: (i) ceasing to meet the qualifications set forth in the *Business Corporations Act* (British Columbia); or (ii) his or her removal as a director of the Company pursuant to the *Business Corporations Act* (British Columbia); or (iii) an order made by any regulatory authority having jurisdiction to so order; in which case the Expiry Date shall be the date the Option Holder ceases to be a Director of the Company. Notwithstanding anything contained herein, in no case will an Option be exercisable later than the Expiry Date of such Option fixed by the Board at the time the Option is awarded to the Option Holder.

4.6 **<u>Ceasing to be an Employee, Management Company Employee or Consultant</u>** If an Option Holder holds his or her Options as an Employee, Management Company Employee or Consultant and such Option Holder ceases to be an Employee, Management Company Employee or Consultant for any reason other than death, such Employee, Management Company Employee or Consultant shall have rights to exercise any Option not exercised prior to such termination (but only to the extent that such Option has vested on or before the date the Option Holder ceased to be so employed or provide services to the Company) within a reasonable period of time after the date of termination, as set out in the Option Holder's Option Certificate, such "reasonable period" not to exceed one (1) year after termination. However, (i) if the Option Holder ceases to be an Employee as a result of termination for Cause; (ii) a Management Company Employee of a person providing management services to the Company as a result of termination for Cause; or (iii) an Employee, Management Company Employee or Consultant of the Company as a result of an order made by any regulatory authority having jurisdiction to so order, in which case the Expiry Date shall be the date the Option Holder is terminated by the Company. Notwithstanding anything contained herein, in no case will an Option be exercisable later than the Expiry Date of such Option fixed by the Board at the time the Option is awarded to the Option Holder.

4.7 **<u>Death of Option Holder</u>** If a Director, Consultant or Employee dies prior to the expiry of his option, his legal representatives may, within the lesser of one (1) year from the date of the Option Holder's death or the Expiry Date of the Option, exercise that portion of an Option granted to the Director, Consultant or Employee under this Plan which remains outstanding.

4.8 **<u>Assignment</u>** No Option granted under this Plan or any right thereunder or in respect thereof shall be transferable or assignable otherwise than by will or pursuant to the laws of succession except that, if permitted by the rules and policies of the Exchange, an Option Holder shall have the right to assign any Option granted to him hereunder to a trust, RRSP, RESP or similar legal entity established by such Option Holder.

4.9 **<u>Notice</u>** Options shall be exercised only in accordance with the terms and conditions of the Option Certificates under which they are respectively granted and shall be exercisable only by notice in writing to the Company.

4.10 **<u>Payment</u>** Options may be exercised in whole or in part at any time prior to their lapse or termination. Shares purchased by an Option Holder on exercise of an Option shall be paid for in full, in cash, bank wire transfer, bank draft, or by cheque, at the time of their purchase.

4.11 **<u>Options to Employees, Consultants or Management Company Employees</u>** In the case of Options granted to Employees, Consultants or Management Company Employees, the Option Holder must be a bona-fide Employee, Consultant or Management Company Employee, as the case may be, of the Company or its subsidiary.

4.12 **<u>Withholding Tax</u>** Upon exercise of an Option, the Option Holder will, upon notification of the amount due and prior to or concurrently with the delivery of the certificates representing the Shares, pay to the Company amounts necessary to satisfy applicable withholding tax requirements or will otherwise make arrangements satisfactory to the Company for such requirements. In order to implement this provision, the Company or any related corporation will have the right to retain and withhold from any payment of cash or Shares under this Plan the amount of taxes required to be withheld or otherwise deducted and paid in respect of such payment. At its discretion, the Company may require an Option Holder receiving Shares to reimburse the Company for any such taxes required to be withheld by the Company and withhold any distribution to the Option Holder in whole or in part until the Company is so reimbursed. In lieu thereof, the Company will have the right to withhold from any cash amount due or to become due from the Company to the Option Holder an amount equal to such taxes. The Company may also retain and withhold or the Option Holder may elect, subject to approval by the Company at its sole discretion, to have the Company retain and withhold a number of Shares having a market value not less than the amount of such taxes required to be withheld by the Company to reimburse the Company for any such taxes and cancel (in whole or in part) any such Shares so withheld.

**PART 5<u><br> RESERVE OF SHARES FOR OPTIONS</u>**

5.1 **<u>Sufficient Authorized Shares to be Reserved</u>** Whenever the Notice of Articles or Articles of the Company limit the number of authorized Shares, a sufficient number of Shares shall be reserved by the Board to satisfy the exercise of Options granted under this Plan. Shares that were the subject of Options that have lapsed or terminated shall thereupon no longer be in reserve and may once again be subject to an Option granted under this Plan.

5.2 **<u>Maximum Number of Shares to be Reserved Under Plan</u>** The aggregate number of Shares which may be subject to issuance pursuant to Options granted under this Plan, inclusive of all other stock options outstanding shall not be greater than 10% of the Shares issued and outstanding at the date of the grant of Options. Cancelled and expired Options are returned to the Plan.

**PART 6<u><br> CHANGES IN OPTIONS</u>**

6.1 **<u>Share Consolidation or Subdivision</u>** If the Shares are at any time subdivided or consolidated, the number of Shares reserved for Option and the price payable for any Shares that are then subject to Option shall be adjusted accordingly.

6.2 **<u>Stock Dividend</u>** If the Shares are at any time changed as a result of the declaration of a stock dividend thereon, the number of Shares reserved for Option and the price payable for any Shares that are then subject to Option may be adjusted by the Board to such extent as they deem proper in their absolute discretion.

6.3 **<u>Reorganization</u>** Subject to any required action by its shareholders, if the Company is a party to a reorganization, merger, amalgamation, arrangement, sale of assets or undertaking, winding up or dissolution or its Shares are exchanged or reclassified in any way (collectively, the "Event"), whether or not the Company is the surviving entity, an Option will be adjusted by the Board in accordance with the Event and in a manner the Board deems appropriate.

6.4 **<u>Effect of a Take-Over Bid</u>** If a bona fide offer (an "Offer") for Shares is made to the Option Holder or to shareholders of the Company generally or to a class of shareholders which includes the Option Holder, which Offer, if accepted in whole or in part, would result in the offeror becoming a control person of the Company, within the meaning of subsection 1(1) of the Securities Act, the Company shall, upon receipt of notice of the Offer, notify each Option Holder of full particulars of the Offer, whereupon all Shares subject to such Option ("Option Shares") will become vested and the Option may be exercised in whole or in part by the Option Holder so as to permit the Option Holder to tender the Option Shares received upon such exercise, pursuant to the Offer. However, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Offer is not completed within the time specified therein including any extensions thereof;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the Option Shares tendered by the Option Holder pursuant to the Offer are not taken up or
paid for by the offeror in respect thereof,

then the Option Shares received upon such exercise, or in the case of clause (b) above, the Option Shares that are not taken up and paid for, may be returned by the Option Holder to the Company and reinstated as authorized but unissued Shares and with respect to such returned Option Shares, the Option shall be reinstated as if it had not been exercised and the terms upon which such Option Shares were to become vested pursuant to section 4.3 shall be reinstated. If any Option Shares are returned to the Company under this section 6.4, the Company shall immediately refund the Exercise Price to the Option Holder for such Option Shares.

6.5 **<u>Acceleration of Expiry Date</u>** If at any time when an Option granted under the Plan remains unexercised with respect to any unissued Option Shares, an Offer is made by an offeror, the Directors may, upon notifying each Option Holder of full particulars of the Offer, declare all Option Shares issuable upon the exercise of Options granted under the Plan, vested, and declare that the Expiry Date for the exercise of all unexercised Options granted under the Plan is accelerated so that all Options will either be exercised or will expire prior to the date upon which Shares must be tendered pursuant to the Offer.

6.6 **<u>Effect of a Change of Control</u>** If a Change of Control (as defined below) occurs, all Shares subject to each outstanding Option will become vested, whereupon such Option may be exercised in whole or in part by the Option Holder. "Change of Control" means the acquisition by any person or by any person and a Joint Actor, whether directly or indirectly, of voting securities as defined in the Securities Act) of the Company, which, when added to all other voting securities of the Company at the time held by such person or by such person and a Joint Actor, totals for the first time not less than fifty percent (50%) of the outstanding voting securities of the Company or the votes attached to those securities are sufficient, if exercised, to elect a majority of the Board of Directors of the Company.

**PART 7<u><br> SECURITIES LAWS AND EXCHANGE POLICY</u>**

7.1 **<u>Exchange's Rules and Policies Apply</u>** This Plan and the granting and exercise of any Options hereunder are also subject to such other terms and conditions as are set out from time to time in the Securities Laws and Exchange Policy and such rules and policies shall be deemed to be incorporated into and become a part of this Plan. In the event of an inconsistency between the provisions of such rules and policies and of this Plan, the provisions of such Securities Laws and Exchange Policy shall govern. If the Company's Shares are listed on a new stock exchange, the granting of Options shall be governed by the rules and policies of new stock exchange and unless inconsistent with the terms of this Plan, the Company shall be able to grant Options pursuant to the rules and policies of such new stock exchange without requiring shareholder approval.

**PART 8<u><br> AMENDMENT OF PLAN</u>**

8.1 **<u>Board May Amend</u>** The Board may, by resolution, amend or terminate this Plan, but no such amendment or termination shall, except with the written consent of the Option Holders concerned, affect the terms and conditions of Options previously granted under this Plan which have not then been exercised or terminated.

8.2 **<u>Exchange Approval</u>** Any amendment to this Plan shall not become effective until any such Exchange and shareholder approval as is required by Exchange Policy and Securities Laws has been received. Unless approved by the Exchange, Options may not be amended once issued, and if an Option is cancelled before its Expiry Date, the Board may not grant new Options to the same Option Holder until 30 days have elapsed from the date of cancellation.

**PART 9<u><br> EFFECTIVE DATE OF PLAN</u>**

9.1 **<u>Effective Date</u>** This Plan shall become effective upon the approval of this Plan by the directors of the Company. The Plan may be subject to annual approval by the Company's shareholders at a shareholder meeting; however, Options may be granted under this Plan prior to the receipt of approval of the Plan by shareholders.

DATE OF PLAN: November 8, 2021 as approved by the Board and to be submitted to shareholders for approval on December 10, 2021

**SCHEDULE A<br>FAR RESOURCES LTD.<br> (the "Company")<br>STOCK OPTION PLAN<br> <u>OPTION CERTIFICATE</u>**

This certificate is issued pursuant to the provisions of the Company's Stock Option Plan (the "**Plan**") and evidences that) ________________________ (*Name of Option Holder* is the holder of an option (the "Option") to purchase up to ________________ (*Number of Shares*) common shares (the "Shares") in the capital stock of the Company at a purchase price of $_______ per Share. Subject to the provisions of the Plan:

(a) the Award Date of this Option is ________________ (*insert date of grant*);

(b) the Expiry Date of this Option is ________________ (*insert date of expiry*); and

(c) the termination of this Option under sections 4.5 and 4.6 of the Plan is _______ days after the Option Holder ceases to
be involved with the Company, subject to the terms of such sections.

<u>Additional Vesting or Other Restrictions</u>: (insert as applicable)

This Option may be exercised in accordance with its terms at any time and from time to time from and including the Award Date through to and including up to 5:00 p.m. (Vancouver time) on the Expiry Date, by delivering to the Company an Exercise Notice, in the form provided in the Plan, together with this certificate and a certified cheque or bank draft payable to the Company in an amount equal to the aggregate of the Exercise Price of the Shares in respect of which this Option is being exercised.

This certificate and the Option evidenced hereby is not assignable, transferable or negotiable and is subject to the detailed terms and conditions contained in the Plan. This certificate is issued for convenience only and in the case of any dispute with regard to any matter in respect hereof, the provisions of the Plan and the records of the Company shall prevail.

This Option is also subject to the terms and conditions contained in the schedules, if any, attached hereto.

**Signed this _______ day of __________________, 20____.**

**FAR RESOURCES LTD.**

by its authorized signatory:

Name:

Title:

**<u>OPTION CERTIFICATE - SCHEDULE</u>**

The additional terms and conditions attached to the Option represented by this Option Certificate are as follows:

1. include Vesting Provisions, if any

**SCHEDULE B**

**EXERCISE NOTICE**

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| | |
|:---|:---|
| TO: | **FAR RESOURCES LTD.** (the "**Company**") |

---

AND TO: THE BOARD OF DIRECTORS

The undersigned hereby irrevocably gives notice, pursuant to the Company's Stock Option Plan (the "**Plan**"), of the exercise of the Option to acquire and hereby subscribes for (cross out inapplicable item):

(a) all of the Shares; or

(b) ________________ of the Shares, which are the subject of the Option Certificate attached hereto.

Calculation of total Exercise Price:

---

| | | | |
|:---|:---|:---|:---|
| (i) | number of Shares to be acquired on exercise: | | Shares |
| (ii) | multiplied by the Exercise Price per Share: | $|  |
| TOTAL EXERCISE PRICE, enclosed herewith: | TOTAL EXERCISE PRICE, enclosed herewith: | $|  |

---

The undersigned tenders herewith a certified cheque or bank draft in an amount equal to the total Exercise Price of the aforesaid Shares, as calculated above, and directs the Company to issue the share certificate evidencing said Shares in the name of the undersigned to be mailed to the undersigned at the following address:

DATED the _____ day of _____________________, 20__.

Signature of Option Holder

Name of Option Holder (please print)

## Exhibit 10.3

**Exhibit 10.3**

**Promissory Note**

---

| | |
|:---|:---|
| Principal Amount: | $1145520.08 |

---

Debtor: Foremost Lithium Resource & Technology Ltd.

Lender: Jason Barnard and Christina Barnard

Date: May 10, 2022

**FOR VALUE RECEIVED, Foremost Lithium Resource & Technology Ltd. (hereinafter "Debtor") promises to pay to Jason Barnard and Christina Barnard (hereinafter "Lender") the principal sum of One Million One Hundred Forty-Five Thousand Five Hundred Twenty dollars and 08/100 cents ($1,145,520.08) (the "Principal Amount"), with interest thereon from May 10, 2022, on the unpaid principal at the rate of eight and thirty-five one hundredths percentum (8.35%) per annum, compounded monthly, on the following terms and conditions:**

1. DUE DATE: The entire balance of this Note (the "Loan") together with all interest accrued thereon and other amounts owing, shall be due and payable in full on May 10, 2023.

2. MONTHLY PAYMENTS. Debtor shall pay the Lender monthly payments of $8,000.00. The payments shall begin on June 10, 2022, and shall continue on the 10th day of each succeeding calendar month, in addition to interest in the amount of $5,133.85 in interest accrued as of the date hereof.

3. PREPAYMENT. Debtor may at any time and from time to time prepay the Loan in full or in part, including accrued and unpaid interest, at any time, without penalty. Any prepayment of the Loan will first be applied to the outstanding Principal Amount and then to any accrued and unpaid interest.

4. ACKNOWLEDGEMENT: Debtor hereby acknowledges and confirms and this Note evidences in part, funds previously advanced by the Lender to the Debtor, and this Note shall be good and sufficient evidence of the same.

5. CURRENCY: All principal and interest payments shall be made in lawful money of Canada.

6. WAIVER OF PRESENTMENTS: Debtor waives presentment for payment, notice of dishonor, protest and notice of protest.

7. NON-WAIVER: No failure or delay by Lender in exercising Lender's rights under this Note shall be a waiver of such rights.

8. SEVERABILITY: If any clause or any other portion of this Note shall be determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other clause or portion of this Note, all of which shall remain in full force and effect.

**DATED MAY 10, 2022**

---

| |
|:---|
| **FOREMOST LITHIUM RESOURCE** <br> **& TECHNOLOGY LTD.** by its <br> authorized signatory: |
| /s/ Andrew Lyons |
| **ANDREW LYONS** |
| Chief Financial Officer & Director |

---

## Exhibit 10.4

**Exhibit 10.4**

GENERAL SECURITY AGREEMENT

THIS SECURITY AGREEMENT made May 10, 2022

FROM:

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD. BC0729352**

25th Floor, 700 West Georgia Street, Vancouver, BC V7Y 1K8

(the "Debtor")

TO:

**JASON BARNARD AND CHRISTINA BARNARD**

822 17th Street East, North Vancouver BC V7L 2X1

(the "Secured Party")

WHEREAS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant
 to a promissory note dated May 10, 2022, the Secured Party has advanced a loan to
 the Debtor in the Principal Amount of CAD $1,145,520.08 (the "Loan"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 parties now wish to enter in to this agreement (this "Agreement") securing
 repayment by the Debtor of all indebtedness owing by the Debtor to the Secured Party
 under the Loan, including the principal amount and all interest accruing thereon.

FOR VALUE RECEIVED, the Debtor covenants, agrees, warrants, represents, acknowledges, and confirms to and with the Secured Party and creates and grants the mortgages, charges, transfers, assignments, and security interests as follows:

1. Security Interest

As security for the payment and performance of the Obligations (as defined in paragraph 3), the Debtor, subject to the exceptions set out in paragraph 2, does:

---

| | |
|:---|:---|
| 1.1A | Grant to the Secured Party a security interest in, and mortgages, charges, transfers, and assigns to the Secured Party absolutely, all of the Debtor's present and after acquired personal property, and all personal property in which the Debtor has rights, of whatever nature or kind and wherever situate, including, without limitation, all of the following now owned or in future owned or acquired by or on behalf of the Debtor: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Goods, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 inventory of whatever kind and wherever situate, including, without limitation, goods
 acquired or held for sale or lease or furnished or to be furnished under contracts of
 rental or service, all raw materials, work in progress, finished goods, returned goods,
 repossessed goods, and all packaging materials, supplies, and containers relating to
 or used or consumed in connection with any of the foregoing (collectively the "Inventory");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 equipment of whatever kind and wherever situate, including, without limitation, all machinery,
 tools, apparatus, plant, fixtures, furniture, furnishings, chattels, motor vehicles,
 vessels, and other tangible personal property of whatever nature or kind (collectively
 the "Equipment");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 book accounts and book debts and generally all accounts, debts, dues, claims, choses
 in action, and demands of every nature and kind however arising or secured including
 letters of credit and advices of credit, which are now due, owing, or accruing, or growing
 due to, or owned by, or which may in future become due, owing, or accruing or growing
 due to, or owned by the Debtor (collectively the "Accounts");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 contractual rights, insurance claims, licences, goodwill, patents, trademarks, trade
 names, copyrights, and other industrial or intellectual property of the Debtor or in
 which the Debtor has an interest, all other choses in action of the Debtor of every kind
 which now are, or may in future be, due or owing to or owned by the Debtor, and all other
 intangible property of the Debtor that is not Accounts, Chattel Paper, Instruments, Documents
 of Title, Investment Property, or Money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 Money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 property described any schedule at any time in future annexed to this Agreement or agreed
 in writing to form part of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 undertaking of the Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 Chattel Paper, Documents of Title (whether negotiable or not), Instruments, Intangibles,
 and Investment Property now owned or in future owned or acquired by or on behalf of the
 Debtor (including those returned to or repossessed by the Debtor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all
 proceeds, renewals, accretions, and substitutions of any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 deeds, documents, writings, papers, books of account, and other books and electronically
 recorded data relating to any of the foregoing or by which any of the foregoing is or
 may in future be secured, evidenced, acknowledged, or made payable.

1.2A Charge as and by way of a floating charge to and in favour of the Secured Party, and grant to the Secured Party a security interest, mortgage, and charge in and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 the Debtor's right, title, and interest in and to all its presently owned or held
 and after acquired or held real, immovable, and leasehold property and all interests
 therein, and all easements, rights-of-way, privileges, benefits, licences, improvements,
 and rights whether connected therewith or appurtenant thereto or separately owned or
 held, including all structures, plant, and other fixtures (collectively "Real Property");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 property, assets, and undertakings of the Debtor, both present and future, of whatever
 nature or kind and wherever situate, and all Proceeds thereof and therefrom, other than
 its property, assets, and undertakings otherwise validly and effectively subject to the
 charges and security interests in favour of the Secured Party created under paragraph 1.1A
 of this Agreement. This charge attaches immediately upon the Debtor acquiring any rights
 in any of that property.

---

| | |
|:---|:---|
| 1.3A | Mortgage and charge as and by way of a fixed and specific charge to and in favour of the Secured Party, and assign and transfer to the Secured Party and grant to the Secured Party, by way of mortgage, charge, assignment, and transfer, a security interest in all of the Debtor's right, title, and interest, both present and future, in and to all of its presently owned or held and after acquired or held property which: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 or in future becomes a fixture, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) constitutes
 a licence, quota, permit, or other similar right or benefit, or crops.

---

| | |
|:---|:---|
| 1.4A | The mortgages, charges, assignments, transfers, and security interests created or granted under paragraphs 1.1A, 1.2A, and 1.3A of this Agreement are collectively called the "Security Interest", and all property, assets, interests, and undertakings (including Proceeds) subject to the Security Interest or otherwise charged or secured by this Agreement or expressed to be charged, assigned or transferred, or secured by any instruments supplemental to this Agreement or in implementation of this Agreement are collectively called the "Collateral". |

---

2. Exceptions and Definitions

The Security Interest granted by this Agreement shall not extend or apply to and the Collateral shall not extend to the last day of the term of any lease or agreement to lease real property, but upon the enforcement of the Security Interest the Debtor shall stand possessed of such last day in trust to assign and dispose thereof as the Secured Party shall direct.

The terms "Chattel Paper", "Document of Title", "Equipment", "Consumer Goods", "Goods", "Instrument", "Intangible", "Investment Property", "Proceeds", "Inventory", "Accessions", "Money", "financing statement", "financing change statement", "verification statement", and "control" shall, unless otherwise defined in this Agreement or otherwise required by the context, be interpreted according to their respective meanings as set out in the British Columbia *Personal Property Security Act*, as amended.

Any reference in this Agreement to "Collateral" shall, unless the context otherwise requires, be deemed a reference to "Collateral or any part thereof". The Collateral shall not include consumer goods of the Debtor.

The term "Proceeds", whenever used and interpreted as above, shall by way of example include trade-ins, equipment, cash, bank accounts, notes, chattel paper, goods, contract rights, accounts, and any other personal property or obligation received when such collateral or proceeds are sold, exchanged, collected, or otherwise disposed of. The term "licence" means any licence or similar right at any time owned or held by the Debtor including without limitation a "licence" as defined in the Act, and the meaning of the term "crops" whenever used in this Agreement includes but is not limited to "crops" as defined in the Act.

3. Obligations Secured

This Agreement and the Security Interest are in addition to and not in substitution for any other security interest now or in future held by the Secured Party from the Debtor or from any other person and shall be general and continuing security for the payment of all indebtedness liability and obligation of the Debtor to the Secured Party pursuant to the Loan (including interest thereon), and for the performance and satisfaction of all obligations of the Debtor to the Secured Party pursuant to the Loan, (all of which indebtedness, liability, and obligations are collectively the "Obligations").

4. Prohibitions

Without the prior written consent of the Secured Party, the Debtor shall not and shall not have power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) grant,
 create, or permit to be created any security interest in, charge, encumbrance, or lien
 over, or claim against any of its property, assets, or undertakings that rank or could
 rank in priority to or *pari passu* with the Security Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant,
 sell, or otherwise assign its Chattel Paper; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 or have outstanding at any time any secured or unsecured bonds, debentures, debenture
 stock, or other evidences of indebtedness of the Debtor or of any predecessor in title
 of the Debtor issued under a trust deed or other instrument running in favour of a trustee.

5. Attachment

The Debtor acknowledges and confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there

 Agreement, and the Security Interest shall attach at the earliest time permissible under
 the laws governing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) value
 has been given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Debtor has (or in the case of any after acquired property, will have at the time of acquisition)
 rights in the Collateral.

6. Representations and Warranties

The Debtor represents and warrants to the Secured Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Debtor is a company or a partnership, this Agreement is granted in accordance with
 resolutions of the directors, of the Debtor, and that all other reasonable matters and
 things have been done and performed so as to authorize and make the execution and delivery
 of this Agreement, and the performance of the Debtor's obligations hereunder, legal,
 valid, and binding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 its knowledge, as at the date hereof, the Debtor lawfully owns and possesses all presently
 held Collateral and has good title thereto, free from all security interests, charges,
 encumbrances, liens, and claims, save only the permitted encumbrances, shown in Schedule
 "A" to this Agreement and charges or security interests subsequently consented
 to in writing by the Secured Party, and the Debtor has good right and lawful authority
 to grant a security interest in the Collateral as provided by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the Collateral includes Accounts, Chattel Paper, or Instruments, each is enforceable
 in accordance with its terms against the party obligated thereunder, and that the Debtor
 has fully and accurately disclosed to the Secured Party the amount owing thereunder and
 any other relevant information concerning liability for payment thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 the Collateral includes investment property, the Debtor has not given control of the
 investment property to any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 goods constituting Collateral, the Debtor has in this Agreement or elsewhere fully and
 accurately disclosed to the Secured Party the locations thereof and of the business operations
 and records of the Debtor.

7. Covenants of the Debtor

7.1 The
 Debtor covenants with the Secured Party that at all times while this Agreement remains
 in effect the Debtor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) defend
 the title to the Collateral for the benefit of the Secured Party against the claims and
 demands of all persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fully
 and effectually maintain and keep maintained the validity and effectiveness of the Security
 Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) maintain
 the Collateral in good order and repair in accordance with its normal business practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) forthwith
 pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 taxes, assessments, rates, duties, levies, government fees, claims, dues and other charges
 of every nature that may be lawfully levied, assessed, or imposed upon it or the Collateral
 when due, unless the Debtor shall in good faith contest its obligations so to pay; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 security interests, charges, encumbrances, liens and claims that rank or could in any
 event rank in priority to the Security Interest, other than the charges or security interests,
 if any, shown in any Schedule to this Agreement and those consented to in writing by
 the Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) forthwith
 reimburse and indemnify the Secured Party for all costs, charges, expenses, and legal
 fees and disbursements that may be incurred by the Secured Party in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inspecting
 the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) negotiating,
 preparing, perfecting, and registering this Agreement or notice of it and other documents,
 whether or not relating to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) investigating
 title to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) taking,
 recovering, keeping possession of, and insuring the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 other actions and proceedings taken in connection with the preservation of the Collateral
 and the enforcement of this Agreement and of any other Security Interest held by the
 Secured Party as security for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) at
 the Secured Party's reasonable request at any time and from time to time, execute
 and deliver such further and other documents and instruments and do all acts and things
 that the Secured Party reasonably requires in order to confirm and perfect, and maintain
 perfection of, the Security Interest in favour of the Secured Party upon any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) notify
 the Secured Party promptly of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 change in the information contained in this Agreement relating to the Debtor, its address,
 its business, or the Collateral, including without limitation any change of name or address
 of the Debtor and any change in location of any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 details of any material acquisition of Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 material loss or damage to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 material default by any account debtor in payment or other performance of their obligations
 to the Debtor with respect to any Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 return to or repossession by the Debtor of the Collateral where such return or repossession
 of the Collateral is material in relation to the business of the Debtor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 details of any claims or litigation affecting the Debtor or the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) prevent
 the Collateral, other than Inventory sold, leased, or otherwise disposed of in the ordinary
 course of business (excluding the lapsing of any option on, or any mineral property deemed
 by the Debtor's directors or officers to be a non-material asset) or as permitted
 by this Agreement, from being or becoming an accession to other property not covered
 by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit
 the Secured Party and its representatives, at all reasonable times, access to all its
 property, assets, and undertakings, and to all its books of account and records for the
 purpose of inspection, and render all assistance necessary for such inspection; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) deliver
 to the Secured Party from time to time promptly upon request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Documents of Title, Instruments, certificated Securities, and Chattel Paper constituting,
 representing, or relating to Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 books of account and all records, ledgers, reports, correspondence, schedules, documents,
 statements, lists, and other writings relating to the Collateral for the purpose of inspecting,
 auditing, or copying;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) account
 control agreements in respect of Investment Property, in form and substance satisfactory
 to the Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 financial statements prepared by or for the Debtor regarding the Debtor's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 policies and certificates of insurance relating to the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 information concerning the Collateral, the Debtor, and the Debtor's business and
 affairs as the Secured Party may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) carry
 on and conduct the business of the Debtor in a proper and efficient manner and so as
 to protect and preserve the Collateral and to keep, in accordance with generally accepted
 accounting principles, consistently applied, proper books of account for the Debtor's
 business as well as accurate and complete records concerning the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) where
 the Collateral is Investment Property, prevent any party other than the Secured Party
 from having control over such Investment Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) observe
 and perform the additional covenants, if any, set out in any schedule attached to this
 Agreement.

7.2 The
 Debtor covenants that at all times while this Agreement remains in effect, without the
 prior written consent of the Secured Party, it shall not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare
 or pay any dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 or redeem any of its shares or otherwise reduce its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) become
 guarantor of any obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) become
 an endorser of any obligation or otherwise become liable upon any note or other obligation
 other than bills of exchange deposited to any bank accounts of the Debtor.

7.3 Except
 as provided in this Agreement, without the prior written consent of the Secured Party,
 the Debtor shall not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell,
 lease, or otherwise dispose of any material part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) release,
 surrender, or abandon possession of any material part of the Collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) move
 or transfer the Collateral from the jurisdiction or jurisdictions in which the Security
 Interest has been perfected.

7.4 Provided
 that the Debtor is not in default under this Agreement, at any time without the consent
 of the Secured Party the Debtor may lease, sell, license, consign, or otherwise deal
 with items of Inventory in the ordinary course of its business and for the purposes of
 carrying on its business.

7.5 The
 Debtor covenants that to the extent that any monies, credit, or other consideration provided
 by the Secured Party has enabled the Debtor to purchase or acquire rights in any personal
 property or assets, the Security Interest is and shall remain a purchase money security
 interest.

8. Insurance

8.1 If
 proceeds of any insurance maintained by the debtor in respect of any Collateral under
 this Agreement become payable, the Secured Party may, in its absolute discretion, apply
 those proceeds to such part or parts of the Obligations as the Secured Party may see
 fit, or the Secured Party may release any such insurance proceeds to the Debtor for the
 purpose of repairing, replacing, or rebuilding, but any release of insurance proceeds
 to the Debtor shall not operate as a payment on account of the Obligations or in any
 way affect this Agreement.

8.2 The
 Debtor shall forthwith, on the happening of loss or damage to the Collateral, notify
 the Secured Party thereof and furnish to the Secured Party at the Debtor's expense
 any necessary proof and do any necessary act to enable the Secured Party to obtain payment
 of any insurance proceeds payable in respect of such Collateral, but nothing contained
 in this Agreement shall limit the Secured Party's right to submit to the insurer
 a proof of loss on its own behalf.

8.3 If
 the Debtor fails to maintain insurance in respect of any of the Collateral, the Secured
 Party may, but shall not be obliged to, maintain or effect such insurance coverage, or
 so much thereof as the Secured Party considers necessary for its protection.

9. Use and Verification of Collateral

Subject to compliance with the Debtor's covenants contained in this Agreement and compliance with paragraph 11 of this Agreement, the Debtor may, until default, possess, operate, collect, use and enjoy, and deal with the Collateral in the ordinary course of the Debtor's business in any manner not inconsistent with the provisions of this Agreement; provided always that the Secured Party shall have the right at any time and from time to time while any part of the Obligations remain outstanding and unpaid to verify the existence and state of the Collateral in any manner the Secured Party may consider appropriate. The Debtor agrees to furnish all assistance and information and to perform all such acts as the Secured Party may reasonably request in connection therewith, and for such purpose to grant to the Secured Party or its agents access to all places where the Collateral may be located and to all premises occupied by the Debtor.

10. Investment Property

If Collateral at any time includes Investment Property, following the occurrence of a default which remains the on-going and remedied for at least 10 business days after the Debtor has received notice of such default, Debtor authorizes the Secured Party to transfer the same or any part of it into its own name or that of its nominee(s) so that the Secured Party or its nominee(s) may appear on record as the sole owner of it, or has sole rights to it, as applicable; following which the Debtor waives all rights to receive any notices or communications received by the Secured Party or its nominee(s) as such registered owner and agrees that no proxy issued by the Secured Party to the Debtor or its order as aforesaid shall thereafter be effective.

11. Collection of Debts

After default under this Agreement, on notice to the Debtor, the Secured Party may notify all or any account debtors of the Debtor of the Security Interest and may also direct such account debtors to make all payments on Collateral to the Secured Party. The Debtor acknowledges that any payments on or other proceeds of Collateral received by the Debtor from account debtors, whether before or after notification of this Security Interest to account debtors, and whether before or after default under this Agreement, shall be received and held by the Debtor in trust for the Secured Party and shall be turned over to the Secured Party upon request. This includes interest on deferred payment contracts, and the payments themselves, and lease payments, if any.

12. Income from and Interest on Collateral

12.1 Until
 default, the Debtor reserves the right to receive any money constituting income from
 or interest on Collateral and if the Secured Party receives any such money before default,
 the Secured Party shall either credit that money against the Obligations or pay it promptly
 to the Debtor.

12.2 After
 default, the Debtor shall not request or receive any money constituting income from or
 interest on Collateral and if the Debtor receives any such money in any event, the Debtor
 shall hold that money in trust for the Secured Party and shall pay it promptly to the
 Secured Party.

13. Increases, Profits, Payments, or Distributions

13.1 After
 default has occurred, the Debtor authorizes the Secured Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 receive any increase in or profits on the Collateral (other than money) and to hold the
 same as part of the Collateral. Money so received shall be treated as income for the
 purposes of paragraph 12 of this Agreement and dealt with accordingly, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 receive any payment or distribution upon redemption or retirement or upon dissolution
 and liquidation of the issuer of Collateral; to surrender such Collateral in exchange
 therefor; and to hold any such payment or distribution as part of Collateral.

13.2 If,
 after default has occurred, the Debtor receives any such increase or profits (other than
 money) or payments or distributions, the Debtor shall deliver the same promptly to the
 Secured Party to be held by the Secured Party as provided in this Agreement.

14. Disposition of Monies

Subject to any applicable requirements of the Act, all monies collected or received by the Secured Party under or in exercise of any right it possesses with respect to Collateral shall be applied on account of the Obligations in such manner as the Secured Party deems best or, at the option of the Secured Party, may be held unappropriated in a collateral account or released to the Debtor, all without prejudice to the liability of the Debtor or the rights of the Secured Party under this Agreement, and any surplus shall be returned to the Debtor.

15. Performance of Obligations

If the Debtor fails to perform any of its obligations under this Agreement, the Secured Party may, but shall not be obliged to, perform any or all of those obligations without prejudice to any other rights and remedies of the Secured Party under this Agreement, and any payments made and any costs, charges, expenses, and legal fees and disbursements (on a solicitor and own client basis) incurred in connection therewith shall be payable by the Debtor to the Secured Party forthwith with interest and such amounts shall be secured by this Agreement and rank prior to all claims subsequent to this Agreement.

16. Default

16.1 Unless
 waived by the Secured Party, it shall be an event of default ("default")
 under this Agreement and the security constituted by this Agreement shall immediately
 become enforceable if any of the foregoing shall occur and remain ongoing and un remedied
 by the Debtor for at least 10 business days after the date that the Debtor received notice
 of the same:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 term or covenant contained in this Agreement is breached or any representation contained
 in this Agreement proves to be untrue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 amount owed to the Secured Party is not paid when due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Debtor defaults in payment when due or performance of any of the Obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Debtor or any guarantor of the Debtor declares itself to be insolvent, makes an assignment
 for the benefit of its creditors, is declared bankrupt, declares bankruptcy, makes a
 proposal, or otherwise takes advantage of provisions under the *Bankruptcy and Insolvency Act*, the *Companies' Creditors Arrangement Act*, or similar legislation
 in any jurisdiction, or fails to pay its debts generally as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 receiver or receiver-manager is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Debtor ceases to carry on all or a substantial part of its business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) distress,
 execution, or seizure of any of the Collateral occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if
 the Debtor is a corporation, there is a change of control (as defined within the policies
 of the Canadian Securities Exchange) without the Secured Party's consent.

16.2 The
 doctrine of consolidation applies to this Agreement.

17. Acceleration

The Secured Party, in its sole discretion, may declare all or any part of the Obligations that are not by their terms payable on demand to be immediately due and payable in the event of any default. The provisions of this paragraph do not and are not intended to affect in any way any rights of the Secured Party with respect to any Obligations that may now or in future be payable on demand.

18. Enforcement

18.1 Upon
 any default under this Agreement, the security constituted by this Agreement shall immediately
 become enforceable, and any floating charge will immediately attach the Real Property
 and Collateral. To enforce and realize on the security constituted by this Agreement,
 the Secured Party may take any action permitted by law or in equity, as it may deem expedient,
 and in particular, but without limiting the generality of the foregoing, the Secured
 Party may do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint
 by instrument a receiver, receiver and manager, or receiver-manager (the person so appointed
 is called the "Receiver") of the Collateral, with or without bond as the
 Secured Party may determine, and from time to time in its absolute discretion remove
 such Receiver and appoint another in its stead;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 upon any premises of the Debtor and take possession of the Collateral with power to exclude
 the Debtor, its agents, and its servants from those premises, without becoming liable
 as a mortgagee in possession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) preserve,
 protect, and maintain the Collateral and make such replacements and repairs and additions
 as the Secured Party may deem advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sell,
 lease, or otherwise dispose of all or any part of the Collateral, whether by public or
 private sale or lease or otherwise, in such manner, at such price as can be reasonably
 obtained, and on such terms as to credit and with such conditions of sale and stipulations
 as to title or conveyance or evidence of title or otherwise as to the Secured Party may
 seem reasonable, provided that if any sale, lease, or other disposition is on credit,
 the Debtor shall not be entitled to be credited with the proceeds of any such sale, lease,
 or other disposition until the monies therefor are actually received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exercise
 all of the rights and remedies of a secured party under the Act.

18.2 A
 Receiver appointed under this Agreement shall be the agent of the Debtor and not of the
 Secured Party, and the Secured Party shall not be in any way responsible for any misconduct,
 negligence or nonfeasance on the part of any Receiver, its servants, agents, or employees.
 A Receiver shall, to the extent permitted by law or to such lesser extent permitted by
 its appointment, have all the powers of the Secured Party under this Agreement, and in
 addition shall have power to carry on the business of the Debtor and for such purpose
 to enter upon, use, and occupy all premises owned or occupied by the Debtor in which
 Collateral may be situate, maintain Collateral upon such premises, use, Collateral directly
 or indirectly in carrying on the Debtor's business, and from time to time borrow
 money either unsecured or secured by a security interest in any of the Collateral.

18.3 Subject
 to the claims, if any, of the creditors of the Debtor ranking in priority to this Agreement,
 all amounts realized from the disposition of Collateral under this Agreement shall be
 applied as the Secured Party, in its absolute discretion, may direct or as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 payment of all costs, charges, and expenses (including legal fees and disbursements on
 a solicitor and own client basis) incurred by the Secured Party in connection with or
 incidental to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 exercise by the Secured Party of all or any of the powers granted to it under this Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 appointment of the Receiver and the exercise by the Receiver of all or any of the powers
 granted to it under this Agreement, including the Receiver's reasonable remuneration
 and all outgoings properly payable by the Receiver excluding the Receiver's borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 payment of any sum or sums borrowed by the Receiver from the Secured Party and interest
 thereon if such sum or sums are secured by the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 or toward payment to the Secured Party of all principal and other monies (except interest)
 due in respect of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 or toward payment to the Secured Party of all interest remaining unpaid in respect of
 the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 or toward payment of any sum or sums borrowed by the Receiver from any financial institution,
 corporation, or person other than the Secured Party, and interest thereon if such sum
 or sums are secured by the Collateral.

Subject to applicable law and the claims, if any, of other creditors of the Debtor, any surplus shall be paid to the Debtor.

18.4 The
 Debtor agrees that the Secured Party may exercise its rights and remedies under this
 Agreement immediately upon default, except as may be otherwise provided in the Act, and
 the Debtor expressly confirms that, except as may be otherwise provided in this Agreement
 or in the Act, the Secured Party has not given any covenant, express or implied.

19. Deficiency

If the amounts realized from the disposition of the Collateral are not sufficient to pay the Obligations in full, the Debtor shall pay to the Secured Party the amount of such deficiency immediately upon demand for the same.

20. Rights Cumulative

All rights and remedies of the Secured Party set out in this Agreement are cumulative, and no right or remedy contained in this Agreement is intended to be exclusive but each shall be in addition to every other right or remedy contained in this Agreement or in any existing or future security agreement or now or in future existing at law, in equity, or by statute, or under any other agreement between the Debtor and the Secured Party that may be in effect from time to time.

21. Liability of Secured Party

The Secured Party shall not be responsible or liable for any debts contracted by it, for damages to persons or property or for salaries or non-fulfillment of contracts during any period when the Secured Party shall manage the Collateral upon entry, as provided in this Agreement, nor shall the Secured Party be liable to account as mortgagee in possession or for anything except actual receipts or be liable for any loss on realization or for any default or omission for which a mortgagee in possession may be liable. The Secured Party shall not be bound to do, observe, or perform or to see to the observance or performance by the Debtor of any obligations or covenants imposed upon the Debtor, nor shall the Secured Party, in the case of Investment Property, Instruments, or Chattel Paper, be obliged to preserve rights against other persons, nor shall the Secured Party be obliged to keep any of the Collateral identifiable. The Debtor waives any applicable provision of law permitted to be waived by it that imposes higher or greater obligations upon the Secured Party than as contained in this paragraph.

22. Appointment of Attorney and Deed

22.1 The
 Debtor irrevocably appoints the Secured Party or the Receiver, as the case may be, with
 full power of substitution, to be the attorney of the Debtor for and in the name of the
 Debtor to sign, endorse, or execute under seal or otherwise any deeds, documents, transfers,
 cheques, instruments, demands, assignments, assurances, or consents that the Debtor is
 obliged to sign, endorse, or execute, and generally to use the name of the Debtor and
 to do all things as may be necessary or incidental to the exercise of all or any of the
 powers conferred on the Secured Party or the Receiver, as the case may be, under this
 Agreement.

22.2 Whether
 or not the Debtor attaches its corporate seal, if a corporation, this Agreement is intended
 to be and is deemed to be a deed given under seal.

23. Accounts

Notwithstanding any other provision of this Agreement, the Secured Party may collect, realize, sell, or otherwise deal with the Accounts or any part of them in such manner, upon such terms and conditions, and at such time or times after default, as may seem to it advisable, and on notice to the Debtor and subject to the provisions of Part 5 of the Act. After default, all monies or other forms of payment received by the Debtor in payment of any Account shall be received and held by the Debtor in trust for the Secured Party.

24. Appropriation of Payments

Any and all payments made in respect of the Obligations from time to time and monies realized from any security interests held therefor (including monies collected in accordance with or realized on any enforcement of this Agreement) may be applied to such part or parts of the Obligations as to any accrued and unpaid interest and secondly at to repayment of the principal amount of the Loan.

25. Liability to Advance

None of the preparation, execution, perfection, and registration of this Agreement or notice of this Agreement or the advance of any monies shall bind the Secured Party to make any advance or loan or further advance or loan, or renew any note or extend any time for payment of any indebtedness or liability of the Debtor to the Secured Party.

26. Waiver

The Secured Party may from time to time and at any time waive in whole or in part any right, benefit, or default under any paragraph of this Agreement but any such waiver of any right, benefit, or default on any occasion shall be deemed not to be a waiver of any such right, benefit, or default thereafter, or of any other right, benefit or default, as the case may be, and no delay or omission by the Secured Party in exercising any right or remedy under this Agreement or with respect to any default shall operate as a waiver thereof or of any other right or remedy.

27. Notice

Any notice, demand, or other communication required or permitted to be given under this Agreement shall be effectually made or given if delivered by prepaid private courier or by facsimile transmission to the address of each party set out below:

To the Debtor: 25th Floor, 700 West Georgia Street, Vancouver, BC V7Y 1K8;

Email: scott.taylor@farresources.com

To the Secured Party: 822 17th Street East, North Vancouver BC V7L 2X1;

Email: Carmstrong@hotmail.com

or to such other address or facsimile number as either party may designate in the manner set out above. Any notice, demand, or other communication shall be deemed to have been given and received on the day of prepaid private courier delivery or facsimile transmission.

28. Extensions

The Secured Party may grant extensions of time and other indulgences, take and give up security, accept compositions, compound, compromise, settle, grant releases and discharges, refrain from perfecting or maintaining perfection of the Security Interest, and otherwise deal with the Debtor, account debtors of the Debtor, sureties, and others and with the Collateral, the Security Interest, and other security interests as the Secured Party sees fit without prejudice to the liability of the Debtor or the Secured Party's right to hold and realize on the security constituted by this Agreement.

29. No Merger

This Agreement shall not operate to create any merger or discharge of any of the Obligations, or of any assignment, transfer, guarantee, lien, mortgage, contract, promissory note, bill of exchange, or security interest of any form held or which may in future be held by the Secured Party from the Debtor or from any other person. The taking of a judgment with respect to any of the Obligations shall not operate as a merger of any of the covenants contained in this Agreement.

30. Assignment

The Secured Party may, on written notice to the Debtor, at any time assign, transfer, or grant a security interest in this Agreement and the Security Interest. The Debtor expressly agrees that the assignee, transferee, or secured party, as the case may be, shall have all of the Secured Party's rights and remedies under this Agreement, and the Debtor shall not assert any defence, counterclaim, right of setoff, or otherwise with respect to any claim that the Debtor now has or in future acquires against the Secured Party in any action commenced by such assignee, transferee, or secured party, as the case may be, and shall pay the Obligations to the assignee, transferee, or secured party, as the case may be, as the Obligations become due.

31. Satisfaction and Discharge

Any partial payment or satisfaction of the Obligations shall be deemed not to be a redemption or discharge of this Agreement. The Debtor shall be entitled to a release and discharge of this Agreement upon full payment and satisfaction of all Obligations and upon written request by the Debtor and payment to the Secured Party of all costs, charges, expenses, and legal fees and disbursements (on a solicitor and own client basis) incurred by the Secured Party in connection with the Obligations and such release and discharge. Concurrently with discharge this Agreement and the security interest created hereby shall terminate and neither party shall thereafter have any right or obligation hereunder.

32. Enurement

This Agreement shall enure to the benefit of and be binding upon the parties and their respective heirs, executors, personal representatives, successors, and permitted assigns.

33. Interpretation

33.1 In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Debtor"
 and the personal pronoun "it" or "its" and any verb relating
 thereto and used therewith shall be read and construed as required by and in accordance
 with the context in which such words are used, depending upon whether the Debtor is one
 or more individuals, corporations, or partnerships and, if more than one, shall apply
 to and be binding upon each of them jointly and severally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Act"
 means the British Columbia *Personal Property Security Act* and all regulations
 thereunder as amended.

33.2 Words
 and expressions used in this Agreement that have been defined in the Act shall be interpreted
 in accordance with their respective meanings given in the Act, whether expressed in this
 Agreement with or without initial capital letters and whether in the singular or the
 plural, unless otherwise defined in this Agreement or unless the context otherwise requires,
 and, wherever the context so requires, in this Agreement the singular shall be read as
 if the plural were expressed, and vice-versa, and the provisions of this Agreement shall
 be read with all grammatical changes necessary dependent upon the person referred to
 being a male, female, firm, or corporation.

33.3 Should
 any provision of this Agreement be declared or held invalid or unenforceable in whole
 or in part or against or with respect to the Debtor by a court of competent jurisdiction,
 such invalidity or unenforceability shall not affect the validity or enforceability of
 any or all of the remaining provisions of this Agreement, which shall continue in full
 force and effect and be construed as if this Agreement had been executed without the
 invalid or unenforceable provision.

33.4 The
 headings of the paragraphs of this Agreement have been inserted for reference only and
 do not define, limit, alter, or enlarge the meaning of any provision of this Agreement.

33.5 This
 Agreement shall be governed by the laws of British Columbia.

34. Miscellaneous

34.1 The
 Debtor authorizes the Secured Party to file such financing statements, financing change
 statements, and other documents, and do such acts, matters, and things as the Secured
 Party may deem appropriate, to perfect on an ongoing basis and continue the Security
 Interest, to protect and preserve the Collateral, and to realize upon the Security Interest.

34.2 The
 Debtor waives protest of any Instrument constituting Collateral at any time held by the
 Secured Party on which the Debtor is any way liable and, subject to the provisions of
 the Act, notice of any other action taken by the Secured Party.

34.3 The
 Debtor acknowledges and agrees that if it amalgamates with any other company or companies,
 then it is the intention of the parties that the term "Debtor" when used
 in this Agreement shall apply to each of the amalgamating companies and to the amalgamated
 company, so that the Security Interest granted by this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 extend to "Collateral" (as that term is defined in this Agreement) owned
 by each of the amalgamating companies and the amalgamated company at the time of amalgamation
 and to any "Collateral" owned or acquired by the amalgamated company thereafter;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 secure the "Obligations" (as that term is defined in this Agreement) of each
 of the amalgamating companies and the amalgamated company to the Secured Party at the
 time of amalgamation and any "Obligations" of the amalgamated company to
 the Secured Party arising thereafter. The Security Interest shall attach to "Collateral"
 owned by each company amalgamating with the Debtor, and by the amalgamated company, at
 the time of amalgamation, and shall attach to any "Collateral" thereafter
 owned or acquired by the amalgamated company when that Collateral becomes owned or is
 acquired.

34.4 The
 Debtor authorizes the Secured Party to provide a copy of this Agreement and such other
 information and documents specified under the Act to any person entitled under the Act
 to demand and receive them.

35. Copy of Agreement and Financing Statement

35.1 The
 Debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledges
 receiving a copy of this Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 copy of the financing statement, and verification statement filed, issued, or obtained
 by the Secured Party in connection with the execution of this Agreement.

36. Signature in Counterpart

36.1 The
 parties may execute this Agreement in counterparts and deliver same by facsimile, email,
 scan or other electronic means, each being deemed to be an original and such counterparts,
 if any, being deemed to form one and the same instrument bearing the date set forth above
 notwithstanding the date of actual execution.

IN WITNESS WHEREOF the Parties have executed this Agreement on the date indicated below.

---

| | |
|:---|:---|
| **FOREMOST LITHIUM RESOURCE** <br> **& TECHNOLOGY LTD.** by its <br> authorized signatory: | **FOREMOST LITHIUM RESOURCE** <br> **& TECHNOLOGY LTD.** by its <br> authorized signatory: |
| /s/ Andrew Lyons | /s/ Andrew Lyons |
|  | **ANDREW LYONS** |
|  | Chief Financial Officer & Director |

---

**Accepted and agreed to this __16_ day of May, 2022**

---

| | |
|:---|:---|
| /s/ Jason Barnard | /s/ Christina Barnard |
| **JASON BARNARD** | **CHRISTINA BARNARD** |

---

**Schedule "A"**

Permitted Encumbrances

● 2% Net Smelter Royalty ("NSR") that is expected to be payable to Mae de Graff on the Manitoba Mineral Disposition No. MB3530 property pursuant to a Mineral Property Acquisition Agreement to be entered into subsequent to the date hereof;

● 2% NSR payable to DG Resource Management Ltd. pursuant to a property purchase agreement on Hidden Lake Property dated February 16, 2016, as amended November 27, 2017;

● 2% NSR payable to Strider Resources Limited pursuant to an option agreement on Zoro property made as of September 20th, 2017;

● 2% NSR payable to Mount Morgan Resources pursuant to an option agreement on Jean Lake property made as of July 30th, 2021;

● 2% NSR payable to Sarah G. Howe pursuant to an option agreement on Ivanhoe-Emporia property made as of August 21st, 1987;

● NSR's payable to any person on any mineral claim or other mineral interest acquired after the date hereof;

● liens for taxes not yet due and payable;

● repair and storage or other like liens arising or incurred in the ordinary course of business consistent with past practice or amounts that are not delinquent and that are not, individually or in the aggregate, material to the business of the Debtor; and

● security interests arising under conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business consistent with past practice that are not, individually or in the aggregate, material to the business of the Debtor.

## Exhibit 10.5

**Exhibit 10.5**

**MINERAL PROPERTY ACQUISITION AGREEMENT**

**THIS AGREEMENT** is made the 9 day of June, 2022.

BETWEEN:

**Mae de Graff,** an individual resident at Snow Lake, in the Province of Manitoba (the **"Vendor")**

AND:

**Foremost Lithium Resources & Technology Ltd.,** a corporation incorporated under the laws of the Province of British Columbia having a registered office at 2500 - 700 West Georgia Street, Vancouver B.C. V4L 2K8 (the **"Purchaser")**

WHEREAS:

---

| | |
|:---|:---|
| **A** | The Vendor is the beneficial owners of a 100% right, title and interest in and to those certain undersurface mineral rights comprising Manitoba Mineral Disposition No. MB3530 and more particularly described and illustrated in Schedule "A" attached hereto (the **"Property"),** located within the Province of Manitoba; |

---

---

| | |
|:---|:---|
| **B** | The Vendor has agreed to sell to the Purchaser and the Purchaser has agreed to purchase from the Vendor, all right, title and interest in and to the Property, subject only to the NSR Royalty (as defined herein) in accordance with the terms and conditions hereinafter set forth |

---

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the sum of $1.00 now paid by the Purchaser to the Vendor and for other good and valuable consideration, the receipt and sufficiency whereof the Vendor hereby acknowledge, THE PARTIES HERETO AGREE AS FOLLOWS:

1. Definitions

1.1 In this Agreement the following expressions shall, where the context so admits, bear the meaning respectively set opposite them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Acquisition Period"** The period during the term of this Agreement from the date hereof to
 and including the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Agreement"** This Agreement, as the same may be amended, supplemented or modified from time to
 time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Closing Date"** That date which is the first day on which all of the Purchase Price has
 been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Net Smelter Returns"** has the meaning as defined in Schedule **"B"** attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"NSR Royalty"** The royalty on Net Smelter Returns from time to time payable to the
 Vendor pursuant to section 6 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **"Parties"** The parties to this Agreement consist of the Vendor and the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Purchase Price"** The consideration specified in Subsection 3.2 hereof for the purchase
 of the Property by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **"Royalty"** The 2% NSR Royalty;

2. Representations and Warranties of the Purchaser and the Vendor

2.1 The Purchaser hereby represents and warrants to the Vendor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser has the capacity to enter into, execute and deliver this Agreement and to acquire
 the Property from the Vendor and to hold the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither
 the execution of this Agreement nor its performance by the Purchaser will result in:

i the breach of, or constitute a default under, any term or provision of any agreement to which the Purchaser is a party or by which the Purchaser is bound to which the Property are or may become subject; or

ii the violation of any law, rule or regulation applicable to the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchaser expressly represents, warrants and acknowledges to the that: (i) the Purchaser has been offered all reasonable opportunity to conduct due diligence with respect to the Property and has had reasonable access to the Vendor, and it is entering into and completing the transaction contemplated herein solely on the basis of its own independent judgment, having regard to such due diligence; and (ii) the Purchaser has the technical and legal capacity to independently evaluate the present, and potential future, legal, financial, operational and environmental risks and liabilities that are or may be associated with, or that may flow from the decision to purchase, the Property, on an as is, where is basis (subject to the terms of this Agreement), and that the Purchaser shall bear all risks associated with the Property including risks associated with the ownership, occupation, operation and quality thereof, from and after the Closing, except as expressly stated otherwise herein.

2.2 The representations and warranties contained in subsection 2.1 are provided for the exclusive benefit of the Vendor, and a breach of any one or more thereof may be waived by the Vendor, in whole or in part, at any time without prejudice to their rights in respect of any other breach of the same or any other representation or warranty; and the representations and warranties contained in that subsection shall survive the execution hereof.

2.3 The Vendor hereby represents and warrants to the Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Vendor is, and at the time of transfer to the Purchaser of the Property will be, the
 beneficial owner of a 100% undivided right, title and interest in and to the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other
 than as set forth in this Agreement, neither the Vendor nor, to the best of its knowledge
 without having made specific inquiry, any predecessor in interest or title of the Vendor
 to the Property has done anything whereby the Property may be encumbered or subject to
 any liability or adverse interest of any nature or kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Vendor currently owns or controls zero (0) common shares of the Purchaser and zero (0)
 securities convertible into, or exercisable to acquire common shares of the Purchaser.

2.4 The representations and warranties contained in subsection 2.3 are provided for the exclusive benefit of the Purchaser, and a breach of any one or more thereof may be waived by the Purchaser, in whole or in part, at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty; and the representations and warranties contained in that subsection shall survive the execution hereof.

3. Acquisition of the Property

3.1 The Vendor, subject to the terms hereof, hereby agree to sell to the Purchaser and, on the Closing Date, to transfer to the Purchaser, a 100% undivided right, title and interest in and to the Property free from all liens, mortgages, charges, pledges, encumbrances, other than the NSR Royalty, (each, a "burden") with all rights now or thereafter attached thereto. If the Purchaser should notify the Vendor in writing of any burden or burdens against the Property in favor of any Vendor, existing as at the Closing Date then the Vendor shall, after ascertaining the validity thereof, which shall be prosecuted in good faith, and in any event within a reasonable period of time after notification thereof by the Purchaser, attend to the discharge of such burden or burdens at their own expense, or will indemnify the Purchaser against the same; provided that the extent of any indemnification under this Agreement by any Vendor will be limited to the consideration received by such Vendor pursuant to this Agreement.

3.2 The Purchaser agrees to purchase the Property from the Vendor and pay the consideration hereinafter specified.

3.3 The Purchaser shall pay to the Vendor on the Closing Date, a cash payment in the amount of $8,000, and issue to the Vendor an aggregate of 18,181 common shares of the Purchaser at a deemed price of $0.33 per common share.

3.4 The Vendor hereby acknowledges that the Purchaser's ability to issue the common shares contemplated under paragraph 3.3 above, below is subject to the applicable securities laws and, if applicable, the policies rules and regulations of the Canadian Securities Exchange upon which the Purchaser's common shares are listed, and that the common share issued to the Vendor will be subject to resale restrictions imposed by the applicable securities laws and, if applicable, stock exchange requirements, which will require that a restrictive legend be placed on share certificates delivered to the Vendor under this Agreement restricting trading in such common shares for at least four months and one day from the date of issuance, and the Vendor covenants and agrees with the Purchaser to abide by all such resale restrictions.

4. Registration and Transfer of Property

4.1 On the Closing Date, the Vendor shall, at the Purchaser's expense, execute and deliver to the Purchaser such transfer documents (hereinafter referred to as the **"Property Transfer Documents")** as the Purchaser may reasonably deem necessary to assign, transfer and assure to the Purchaser, good, safe and marketable holding and title to 100% undivided right, title and interest, subject to the NSR Royalty in and to the Property which said royalty interest shall be registered on the record of the Property at the time of and in series with the Transfer (as defined below). For greater certainty, the Vendor, at the Purchaser's reasonable expense, shall prepare all required Property Transfer Documents, (the "Transfer") and on the Closing Date shall execute Transfer, and, at the Purchaser's reasonable expense, shall complete all registrations, filings and payments associated therewith necessary to effect the transfer of the Vendor's interest in and to the Property from the Vendor to the Purchaser in accordance herewith.

5. Right of Entry

5.1 Throughout the Acquisition Period, the directors and officers of the Purchaser and its employees, servants, agents and independent contractors, shall have the sole and exclusive right in respect of the Property to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter
 thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 exclusive and quiet possession thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) do
 such prospecting, exploration, development and/or other mining work thereon and thereunder
 as the Purchaser in its sole discretion may determine advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) bring
 upon and erect upon the Property buildings, plant and machinery as the Purchaser may
 deem advisable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) remove
 therefrom and dispose of reasonable quantities of ores, minerals and metals for the purpose
 of obtaining assays or making other tests.

Provided further, that prior entry unto the Property the Purchaser shall indemnify the Vendor for all activities of and for and behalf of the Purchaser on the Property during the Acquisition Period.

6. NSR Royalty

6.1 Upon the Commencement of Commercial Production (as defined in Schedule "B"), the Purchaser shall pay to the Vendor the NSR Royalty, being equal, in aggregate, to 2% of the Net Smelter Returns (as defined in Schedule **"**B"), on the terms and conditions as set out in this Section and Schedule "B" hereto, such terms and conditions to be finalized in a formal royalty agreement in accordance with Article 6 hereof and in the form of Schedule "B" hereto prior to the Commencement of Commercial Production.

6.2 Installments of the NSR Royalty payable shall be paid by the Purchaser to the Vendor immediately upon the receipt by the Purchaser of the payment from the smelter, refinery or other place of treatment of the proceeds of sale of the minerals, ore, concentrates or other product from the Property. The Purchaser will estimate in good faith the amount of the NSR Royalty and pay the NSR Royalty based on such estimate.

6.3 No later than March 1st of each calendar year, commencing with the year in which Commencement of Commercial Production occurs, the accounts of the Purchaser relating to operations on the Property and the statement of operations, which shall include the statement of calculation of NSR Royalty for the year last completed, shall be audited by the auditors of the Purchaser at its expense and delivered to the Vendor. The Vendor shall have 45 days after receipt of such statements to question the accuracy thereof in writing and, failing such objection, the statements shall be deemed to be correct and unimpeachable thereafter.

6.4 If such audited financial statements disclose any overpayment of NSR Royalty by the Purchaser during the fiscal year, the amount of the overpayment shall be deducted from future installments of NSR Royalty payable.

6.5 If such audited financial statements disclose any underpayment of NSR Royalty by the Purchaser during the year, the amount thereof shall be paid to the Vendor together with interest accruing from the original due date for the payment of the said underpaid royalty at the prime rate plus two (2%) percent of the Purchaser's principal banker forthwith after determination thereof.

6.6 The Purchaser agrees to maintain for each mining operation on the Property, up-to-date and complete records relating to the production and sale of minerals, ore, bullion and other product from the Property, including accounts, records, statements and returns relating to treatment and smelting arrangements of such product, and the Vendor or its agents shall have the right at all reasonable times, including for a period of 12 months following the expiration or termination of this Agreement, to inspect such records, statements and returns and make copies thereof at its own expense for the purpose of verifying the amount of NSR Royalty payments to be made by the Purchaser to the Vendor pursuant hereto. The Vendor shall have the right to have such accounts audited by independent auditors at its own expense once each fiscal year.

6.7 In the event the Vendor considers that an underpayment of the NSR Royalty has been made, the Vendor at any time may audit the books of the Purchaser relating to production and the sale of product from the Property at their own expense. If such audit determines that there has been an underpayment of 3% or more, the Purchaser will pay all costs of said audit, and will pay the amount of the underpayment together with interest of two (2%) per month on the underpaid amount from the date it should have been paid to the date of payment.

7. General

7.1 This Agreement shall supersede and replace any other agreement or arrangement, whether oral or written, heretofore existing between the parties in respect of the subject matter of this Agreement.

7.2 The parties have not created a partnership and nothing contained in this Agreement shall in any manner whatsoever constitute any party the partner, agent or legal representative of any other party, nor create any fiduciary relationship between them for any purpose whatsoever. No party shall have any authority to act for, or to assume any obligations or responsibility on behalf of, any other party except as may be, from time to time, agreed upon in writing between the parties or as otherwise expressly provided.

7.3 No consent or waiver expressed or implied by either party in respect of any breach or default by the other in the performance by such other of its obligations hereunder shall be deemed or construed to be a consent to or a waiver of any other breach or default.

7.4 The parties shall promptly execute or cause to be executed all documents, deeds, conveyances and other instruments of further assurance which may be reasonably necessary or advisable to carry out fully the intent of this Agreement or to record wherever appropriate the respective interests from time to time of the parties in the Property.

7.5 Time shall be of Essence in this Agreement.

7.6 This Agreement shall be construed in accordance with the laws in force from time to time in the Province of Manitoba and the parties hereto hereby irrevocably attorn to the exclusive jurisdiction of the Courts of Manitoba..

7.7 This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and permitted assigns.

7.8 Neither Party may assign or otherwise transfer all or part of its interest in and to this Agreement to any third party without prior written consent of the of the other Party. Any assignment shall be subject to the assignee entering into an agreement, in form and substance satisfactory to counsel for the other party, to be bound by this Agreement and the NSR Royalty.

7.9 The parties may execute this Agreement in counterparts and deliver same by separate photocopies, facsimile, scan, or other electronic format, each being deemed to be an original and such counterparts, if any, being deemed to form one and the same instrument bearing the date set forth above notwithstanding the date of actual execution.

7.10 All notices, reports or other communications required or permitted by this Agreement shall be deemed to have been properly given and delivered when delivered in writing by electronic mail or by delivery by courier or by hand with all delivery charges fully prepaid and addressed to the Parties, respectively, as follows:

To the Vendor at:

Attention: Mae de Graff

PO Box 1428<br> 442 Commerce St. E.

Neepawa, Manitoba ROI 1H0

E-mail: maedegraff@gmail.com

To Purchaser at:

Attention: CEO

Suite 2500 - 700 West Georgia Street.<br> Vancouver, BC V7Y 1B3

E-mail: info@foremostlithium.com

or to the latest known address of the party concerned, as furnished to the other.

IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **FOREMOST LITHIUM SOURCES & TECHNOLOGY LTD.** | **FOREMOST LITHIUM SOURCES & TECHNOLOGY LTD.** |
| Per: | /s/ Scott Taylor |
|  | Authorized Signatory |

---

---

| |
|:---|
| /s/ Mae de Graff |
| **MAE DE GRAFF** |

---

**SCHEDULE "A"**

THIS IS SCHEDULE "A" to the Mineral Property Acquisition Agreement made as of the __9_ day of June, 2022

**"THE PROPERTY"**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Name** | **Claim**<br> **Number** | **Claim Type** | **Area** | **Staked Date** | **Good To**<br> **Date** |
| JOL | MB3530 | Mining Claim | 25 ha | 2005.05.19 | 2022.07.18 |

---

**SCHEDULE "B"**

THIS IS SCHEDULE "B" to the Mineral Property Acquisition Agreement made as of the _9_ day of June 2022.

**<u>NET SMELTER RETURNS</u>**

1. For the purposes of this Agreement the following words and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Commencement of Commercial Production**" means the last day of the first period of 30 consecutive
 days during which ore has been shipped (excluding bulk sampling) from the Property for
 the purpose of earning revenue, but no period of time during which ore or concentrate
 is shipped from the Property for testing purposes, and no period of time during which
 milling operations are undertaken as initial tune-up, shall be taken into account in
 determining the date of Commencement of Commercial Production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Net Smelter Returns"** shall mean the gross proceeds received by the Purchaser in
 any year from the sale of Product from the mining operation on the Property, less successively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 cost of transportation of such Product to a smelter or other place of treatment, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) smelter
 and treatment charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Product
 sales taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Ore"** shall mean any material containing a mineral or minerals of commercial economic value
 mined from the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Product"** shall mean Ore mined from the Property and any concentrates or other materials or
 products derived therefrom, but if any such Ore, concentrates or other materials or products
 are further treated as part of the mining operation in respect of the Property, such
 Ore, concentrates or other materials or products shall not be considered to be "Product"
 until after they have been so treated.

2. For the purposes of calculating the amount of NSR Royalty payable to the Vendor hereunder, if, after the Commencement of Commercial Production, the Purchaser sells any Product to one of its subsidiaries or affiliates, and if the sale price of such Product is not negotiated on an arm's-length basis, the Purchaser shall for the purposes of calculating Net Smelter Returns only and notwithstanding the actual amount of such sale price, add to the proceeds from the sale of such Product an amount which would be sufficient to make such sale price represent a reasonable net sale price for such Product as if negotiated at arm's length and after taking into account all pertinent circumstances including, without limitation, then current market conditions relating to Ore, concentrates or products similar to such Product.

3. The Purchaser shall by notice inform the Vendor of the quantum of such reasonable net sale price and, if the Vendor does not object thereto, within 60 days after receipt of such notice, said quantum shall be final and binding for the purposes of this Agreement.

4. The Purchaser may remove reasonable quantities of Product and rock from the Property for the purpose of bulk sampling and of testing, and there shall be no Royalty payable to the Vendor with respect thereto unless revenues are derived therefrom.

5. The Purchaser shall have the right to commingle Ore with ore produced from other properties, provided that prior to such commingling, the Purchaser shall adopt and employ reasonable practices and procedures for weighing, determination of moisture content, sampling and assaying, as well as utilize reasonable accurate recovery factors in order to determine the amounts of Products derived from, or attributable to, Ore mined and produced from the Property. The Purchaser shall maintain accurate records of the results of such sampling, weighing and analysis as pertaining to Ore mined and produced from the Property.

## Exhibit 10.6

**Exhibit 10.6**

**THIS AGREEMENT** made and dated for reference the 28th day of June, 2022.

**BETWEEN:**

**STRIDER RESOURCES LIMITED**, a body corporate, incorporated under the laws of Manitoba, having an office at P.O. Box 144, Cranberry Portage, Manitoba, R0B 0H0<br> (hereinafter called the "**Optionor**")

OF THE FIRST PART

**AND:**

**FOREMOST LITHIUM RESOURCE AND TECHNOLOGY LTD**. a body corporate, incorporated under the laws of British Columbia, having a registered address at 2500 – 700 West Georgia Street, Vancouver BC V7Y 1B3,<br> (hereinafter called the "**Optionee**")

**OF THE SECOND PART**

**WHEREAS:**

A. The Optionor is the owner and the registered holder of certain mineral claims located in the Province of Manitoba, which properties are more particularly described and shown in Schedule "**A**" annexed hereto and forming a part hereof (hereinafter called the "**Property**");

B. The Optionor has agreed to grant to the Optionee an option entitling the Optionee to acquire a 100% legal and beneficial interests in and to the Property, subject only to the NSR (as defined herein) as provided for in this Agreement;

**NOW THEREFORE THIS AGREEMENT WITNESSETH** that in consideration of these presents and the sum of Ten Dollars ($10.00) now paid by each of the parties to each of the other parties hereto, the receipt and sufficiency of which is hereby acknowledged by each of the parties, and for other good and valuable consideration, the receipt and sufficiency of which is also hereby acknowledged by each of the parties, the parties hereby agree as follows:

**1 <u>DEFINITIONS</u>**

1.01. In this Agreement and in all Schedules attached to and made a part hereof, the following words and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Applicable Law**" means any and all federal, provincial, territorial or municipal laws,
 statutes, regulations, by-laws, ordinances, rules, guidelines, policies, notices, orders
 and directions, or other requirements of any Governmental Authority having jurisdiction
 over the parties or the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Business Day**" means any day other than Saturdays, Sundays and statutory holidays in
 the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Commercial Production**" means, and is deemed to have been achieved, when the concentrator
 processing ores from the Optioned Interest has operated (for processing activities other
 than processing of bulk ore samples or other testing purposes) for a period of 35 consecutive
 production days at an average rate of not less than 65% of design capacity or, if a concentrator
 is not erected for the purpose of concentrating the ores from the Optioned Interest,
 when ores have been produced for a period of 21 consecutive production days at a rate
 of not less than 45% of the mining rate specified in a feasibility study recommending
 placing the Optioned Interest in commercial production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Conditions of Exercise**" has the meaning set out in paragraph 4.02 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**CSE** "
 means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Effective Date**" means June 28, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Environment Laws**" means all Applicable Laws currently in effect relating to pollution or
 protection of the environment, health, safety or natural resources, including, without
 limitation, the use, consumption, handling, transportation, storage or Release of Hazardous
 Substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Environmental Order**" means any prosecution, order, decision, notice, direction, report, recommendation
 or request issued, rendered or made by any Governmental Authority in connection with
 Environmental Laws or environmental orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Exercise Notice**" means a written notice to the Optionor, signed by the Optionee, indicating
 that the Optionee has satisfied the Conditions of Exercise and is irrevocably exercising
 the applicable Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Exploration** "
 has the meaning ascribed to it in the Mines and Minerals Act, Manitoba Regulations 64/92,
 section 47;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**First Option**" has the meaning set out in sub-paragraph 4.01(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**First Option Deadline**" means each and every date referred to for the issuance of
 shares or making the cash payment set out in sub-paragraph 4.02(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Governmental Authority**" means any government or governmental, administrative, regulatory
 or judicial body, department, commission, self-regulatory organization, stock exchange,
 authority, tribunal, agency or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Hazardous Substance**" means any substance, combination of substances or by-product of
 any substance which is or may become hazardous, toxic, injurious or dangerous to any
 person, property, air, land, water, flora, fauna or wildlife; and includes but is not
 limited to contaminants, pollutants, wastes and dangerous, toxic, deleterious or designated
 substances as defined in or pursuant to any Environmental Laws or Environmental Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Net Smelter Return Royalty**" has the meaning set out in Schedule "B"
 annexed hereto and forming a part hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**NSR** "
 means the 2% Net Smelter Return Royalty on the Optioned Interest to be granted to the
 Optionor pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Options** "
 collectively means the First Option and the Second Option, and "**Option** "
 means either one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Optioned Interest**" means all of the Optionor's direct and indirect right, title
 and interest in and to the Property that may arise as a consequence of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Release** "
 includes abandon, add, deposit, discharge, disperse, dispose, dump, emit, empty, escape,
 leach, leak, migrate, pour, pump, release or spill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Second Option**" has the meaning set out in sub-paragraph 4.01(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Second Option Payment**" has the meaning set out in sub-paragraph 4.02(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**this Agreement**" refers to and collectively includes this Agreement and every Schedule
 attached to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Valued** "
 for the purposes of calculating the number of Optionee's common shares to be issued
 as part of the First Option payments set out in sub-paragraph 4.02(a) hereof (the
 "**Shares** "), means the greater of : (i) the average closing stock
 price of the Optionee's common shares on the CSE (or if not trading on the CSE
 then on the prime stock exchange for public trading of the Optionee's shares) for
 the thirty (30) trading days immediately preceding the date that is three (3) Business
 Days prior to the date on which the Shares are issued ()"**Issue Date** ")
 and in the event the Optionee's stock has not traded for 30 days immediately
 preceding the Issue Date then the average closing stock price of the Optionee's
 common shares during the 30 days immediately preceding the last date the Optionee's
 shares traded prior to the Issue Date; and (ii) the minimum price permitted under
 the policies of the principal stock exchange upon which the Optionee's common shares
 are listed for trading at the time such Shares are to be issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Work** "
 has the meaning set out in paragraph 4.06 hereof.

1.02. In this Agreement, other words and phrases that are capitalized have the meaning assigned in this Agreement.

**2 <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR</u>**

2.01. The Optionor represents and warrants to the Optionee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has been duly incorporated under the laws of the Province of Manitoba, validly exists
 as a corporation in good standing under the laws of the Province of Manitoba and is legally
 entitled to hold its interest in the Property and will remain so entitled until the Optioned
 Interest in the Property as set out herein has been duly transferred to the Optionee
 as contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 is, and at the time of any transfer to the Optionee of any of the Optioned Interest in
 the Property it will be, the beneficial owner of a one hundred percent (100%) of
 the Optioned Interest, free and clear of all liens, charges, royalties and claims of
 others, and no taxes or rentals are due in respect thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at
 the time of any transfer to the Optionee the Optioned Interest will be free and clear
 of all liens, charges, royalties and claims of others, without taxes or rentals due or
 payable in respect thereof, save and except for the NSR herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no
 other person has any agreement or other right to acquire any interest in the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 the best of its knowledge, after due inquiry, the mineral claims comprising the Property
 are contiguous and have been duly and validly located pursuant to the laws of the Manitoba
 and are in good standing in the office of the Mining Recorder on the date hereof to and
 including the applicable expiry date set forth in Schedule "A" hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there
 is no adverse claim or challenge against or to the ownership of or title to the Optioned
 Interest or the Property, nor to its knowledge, after due inquiry, is there any basis
 therefor, and there are no outstanding agreements or options to acquire or purchase the
 Optioned Interest or the Property or any portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 the best of its knowledge, after due inquiry, the Property and the activities and operations
 that have been carried out to date thereon have been in compliance, in all material respects,
 with all Applicable Laws and directives of all Governmental Authorities and it has not
 received notice of non-compliance from any such Government Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to
 the best of its knowledge, all the lands covered by the Property are free and clear of
 any Hazardous Substance and there is no judicial or administrative proceeding pending
 and no Environmental Order has been issued or, to the best of its knowledge, after due
 inquiry that would be satisfied by the optionor undertaking searches of the applicable
 authorities or court searches in Manitoba threatened, concerning the possible violation
 of any Environmental Laws or Environmental Orders in respect of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the best of its knowledge, after due inquiry, all environmental and other approvals permits,
 licenses, authorizations, and registrations required with respect to activities carried
 out by the Optionor on any part of the lands covered by the Property, have been obtained,
 are valid and in full force and effect, have been complied with and there have been and
 are no proceedings commenced or threatened to revoke or amend any such environmental
 and other approvals permits, licenses, authorizations, and registrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to
 the best of its knowledge, there are no outstanding obligations or liabilities, contingent
 or otherwise, related to environmental, reclamation or rehabilitation work associated
 with the Property or arising out of exploration work, development work or mining activities
 previously carried out thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there
 are no actions, suits, claims, proceedings, litigation or investigations pending, or
 to the best of the Optionor's knowledge after due investigation, threatened, or
 any judgments outstanding and unsatisfied, against or affecting, the Optionor or any
 part or all of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) full
 and complete copies of all available exploration information and data, including all
 geological, geophysical and geochemical information and data (including all drill, sample
 and assay results and all maps) concerning the Property in its possession or control
 have been provided to the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it
 has duly obtained all corporate authorizations for the execution of this Agreement and
 for the performance of this Agreement by it, and the consummation of the transaction
 herein contemplated will not conflict with or result in any breach of any covenants or
 agreements contained in, or constitute a default under, or result in the creation of
 any encumbrance under the provisions of, its Articles or constating documents or any
 shareholders' or directors' resolution, indenture, agreement or other instrument
 whatsoever to which it is a party or by which it is bound or to which it may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) there
 are no proceedings pending for, and it is not aware of any basis for the institution
 of any proceedings leading to, its dissolution or winding-up or the placing of it in
 bankruptcy or subject to any laws governing the affairs of insolvent persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it
 has advised the Optionee of all material information relating to the Optioned Interest
 including, but not limited to, the title thereto of which it has knowledge.

2.02. The Optionor acknowledges that the representations and warranties set forth in paragraph 2.01 hereof form a part of this Agreement and are conditions upon which the Optionee has relied in entering into this Agreement, and that these representations and warranties shall survive the acquisition of the Optioned Interest or any consequent interest in the Property hereunder by the Optionee.

2.03. The parties also acknowledge and agree that the representations and warranties set forth in paragraph 2.01 hereof are provided for the exclusive benefit of the Optionee, and a breach of any one or more thereof may be waived by the Optionee in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty.

**3 <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE</u>**

3.01. The Optionee represents and warrants to the Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has been duly incorporated under the laws of the Province of British Columbia, validly
 exists as a corporation in good standing under the laws of the Province of British Columbia
 and is registered as an extra provincial corporation in the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 has duly obtained all corporate authorizations for the execution of this Agreement and
 for the performance of this Agreement by it, and the consummation of the transaction
 herein contemplated will not conflict with or result in any breach of any covenants or
 agreements contained in, or constitute a default under, or result in the creation of
 any encumbrance under the provisions of, its Articles or constraining documents or any
 shareholders' or directors' resolution, indenture, agreement or other instrument
 whatsoever to which it is a party or by which it is bound or to which it may be subject;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 proceedings are pending for, and it is not aware of any basis for the institution of
 any proceedings leading to, its dissolution or winding-up or the placing of it in bankruptcy
 or subject to any laws governing the affairs of insolvent persons.

3.02. The Optionee acknowledges that the representations and warranties set forth in paragraph 3.01 hereof form a part of this Agreement and are conditions upon which the Optionor has relied in entering into this Agreement, and that these representations and warranties shall survive the acquisition of any interest in the Property hereunder by the Optionee.

3.03. The parties also acknowledge and agree that the representations and warranties set forth in paragraph 3.01 hereof are provided for the exclusive benefit of the Optionor, and a breach of any one or more thereof may be waived by the Optionor in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty.

**4 <u>GRANT OF OPTIONS AND COMMITMENTS</u>**

4.01. The Optionor hereby irrevocably grants to the Optionee two (2) exclusive and separate rights and options to acquire undivided legal and beneficial interests in the Property free and clear of all liens, charges, royalties (save and except for the NSR contemplated herein) and claims of others, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 undivided one-hundred percent (100%) interest in the Property, subject to the NSR (the
 "**First Option** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 undivided fifty percent (50%) interest in the NSR, being one-half of the NSR or a 1%
 Net Smelter Return, in addition to the undivided one-hundred percent (100%) interest
 in the Property that has been acquired under the First Option (the "**Second Option** ").

4.02. The Optionee may exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 First Option by making the following cash payments and common share issuances to the
 Optionor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares
 in the capital of the Optionee Valued at $100,000 and $100,000 cash within ten Business
 Days following the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares
 in the capital of the Optionee Valued at $100,000 and an additional $100,000 cash on
 or before the twelfth month anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares
 in the capital of the Optionee Valued at $100,000 and an additional $100,000 cash on
 or before the twenty-fourth month anniversary of the Effective Date; .and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Shares
 in the capital of the Optionee Valued at $150,000 and an additional $150,000 cash on
 or before the thirty-sixth month anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares
 in the capital of the Optionee Valued at $150,000 and an additional $150,000 cash on
 or before the forty- eighth month anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Shares
 in the capital of the Optionee Valued at $150,000 and an additional $150,000 cash on
 or before the sixty month anniversary of the Effective date. The Optionee must also have
 spent a total of three million dollars ($3,000,000 $Cdn) on Exploration Expenses or development
 on the Property by the sixty month anniversary of the Effective Date (the "**Final First Option Deadline** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided
 it has exercised the First Option, the Second Option, by making a cash payment to the
 Optionor of $1,500,000 prior to the commencement of Commercial Production (the "**Second Option Payment** "); (each respectively, a "**Condition of Exercise** "
 and collectively the "**Conditions of Exercise** ").

4.03. Nothing in this Agreement shall be construed as obligating the Optionee to exercise either of the Options.

4.04. In the event the Optionee has satisfied a Condition of Exercise and wishes to exercise an Option, then to do so it must deliver to the Optionor an Exercise Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the First Option, on or before the sixty month anniversary of the Effective
 Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of the Second Option concurrently with the Second Option Payment;

4.05. On delivery of an Exercise Notice from the Optionee, the Optionor shall be deemed to have transferred to the Optionee the following undivided legal and equitable interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the First Option, a one-hundred percent (100%) interest in the Optioned Interest,
 subject only to the NSR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of the Second Option, an undivided fifty percent (50%) interest in the NSR.

4.06. Subject to paragraph 8.02 hereof, in the event the Conditions of Exercise applicable to the First Option are not duly satisfied by the Final First Option Deadline, then the First Option and the Second Option shall each forthwith terminate.

4.07. The Optionee at its own risk and at its sole cost shall undertake such work on the Property as it deems in its own best interest and shall act as the operator ("**Operator**") of the Property during the Option Period. As Operator, the Optionee shall be responsible in its sole discretion for carrying out and administering exploration, development and mining work on the Property and all activities related thereto (collectively the "**Work**"). As Operator, the Optionee and its directors, officers, employees, agents and independent contractors shall have the immediate, non-exclusive and unfettered right to enter upon, explore, develop and mine the Optioned Interest from and on the Property and to have quiet and non-exclusive possession of the Property with sole power and authority to the Optionee and its directors, officers, employees, agents and independent contractors, in such manner as the Optionee in its sole discretion may determine, including without limitation, the right to erect, bring, and install on the Property all buildings, plant, machinery, equipment and supplies as the Optionee shall deem necessary and proper and, subject to the NSR reserved to the Optionor, to remove therefrom reasonable quantities of ores, minerals or metals for assay and testing purposes. The Optionee agrees to indemnify and save harmless the Optionor from any liability that may arise from any Work or other activity carried out by the Optionee or at is direction on the Property.

4.08. This Agreement represents an option only, and except as herein specifically provided otherwise, nothing herein contained shall be construed as obligating the Optionee to do any acts or make any payments to the Optionor hereunder, and any act or acts or payment or payments as shall be made hereunder shall not be construed as obligating the Optionee to do any further act or make any further payment or payments. This Agreement does not create and is not intended to create a legal relationship between the Optionee and the Optionor of agency, partnership, co-venture, joint venture or make either party liable for the debts and obligations of the other.

4.09. The Optionor acknowledges and agrees that each issuance of Shares contemplated in subparagraph 4.02(a) will be issued pursuant to an exemption from the prospectus requirements of applicable securities legislation and subject to a statutory hold period of four months and a day from the date of issue (the "**Mandatory Hold Period**") and the Optionor hereby consents to the Optionee legending the certificates representing the Shares to reflect the Mandatory Hold Period.

**5 <u>TRANSFER OF PROPERTY</u>**

5.01. Upon the exercise by the Optionee of the First Option, the Optionor at the Optionee's written request shall, within five Business Days, cause to be delivered to the Optionee duly executed registerable transfers or evidence of ownership in favour of the Optionee of the Property acquired by the Optionee, all as provided for herein.

5.02. Subject to the prior exercise by the Optionee of the First Option, and until the Exercise of the Second Option, upon the commencement of Commercial Production, the Optionee shall pay to the Optionor the NSR, being equal to 2% of the Net Smelter Returns (as defined in Schedule "**B**" hereto), on the terms and conditions as set out in Schedule "**B**" hereto from the Optioned Interest on the Property. Following exercise of the Second Option, the Optionee shall pay to the Optionor a 1% NSR, on the terms and conditions as set out in Schedule "**B**".

5.03. The Optionee shall be entitled to record all transfers or indicia of interest provided for in paragraph 5.01 hereof with the appropriate governmental office at its own cost and expense in order to affect the transfer into its name of whatever interest(s) in the Property has been acquired by it. All recordings by the Optionee shall at all times clearly indicate and record the NSR interest of the Optionor.

**6 <u>OBLIGATIONS OF THE PARTIES DURING THE FIRST OPTION PERIOD</u>**

6.01. The Optionee hereby covenants and agrees that for so long as the First Option remains in effect and it is acting as the Operator it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain
 the Property in good standing by the doing and filing of applicable assessment work or
 the making of payments in lieu thereof, by the payment of taxes and rentals and the performance
 of all other actions which may be necessary in that regard and in order to keep the Property
 free and clear of all liens and other charges except those at the time contested in good
 faith by the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file
 all applicable assessment work carried out in respect of the Property to the allowable
 extent required and permitted under all applicable mining legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct
 all Work on or with respect to the Property in a careful and miner-like manner and in
 accordance with all Applicable Laws of any Governmental Authority and indemnify and save
 the Optionor harmless from any and all claims, suits or actions made or brought against
 it as a result of Work done by the Optionee on or with respect to the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pay
 all of the Optionee's accounts in respect of the Property and the Work in connection
 therewith as they fall due and keep the Property free and clear of any encumbrances arising
 out of the Work or the Optionee's activities including, without limiting, liens
 arising under the Builders' Liens Act (Manitoba).

6.02. Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the Optionee will not be responsible for rectifying any environmental damage sustained on the Property prior to the date hereof or by the Optionor or any other person (other than the Optionee) after the Effective Date and that the Optionor will indemnify and hold the Optionee harmless from and against any claims as a result of environmental damage on the Property where such damage was created prior to the Effective Date or by the Optionor or any other person (other than the Optionee) after the Effective Date.

6.03. Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the Optionee will indemnify and hold the Optionor harmless from and against any claims as a result of environmental damage on the Property where such damage was created after the Effective Date and as a direct result of the Optionee's activities on the Property.

**7 <u>OBLIGATION OF THE OPTIONEE PRETAINING TO RELEASE OF INFORMATION</u>**

7.01. The Optionee shall, in good faith, use reasonable commercial efforts to copy the Optionor on all exploration results during the term of the Option including all geophysical and geochemical exploration results as filed as Exploration Expenses. In turn, the Optionor shall make available to the Optionee all exploration results from any work conducted on any contiguous property wholly owned by Strider and not under option to another party. This clause is included to further the geological and other scientific knowledge data base of the Property and adjacent Strider property with the purpose of expediting successful exploration in the area for both the Optionee and the Optionor.

**8 <u>TERMINATION</u>**

8.01. This Agreement shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any time prior to the First Option Deadline, by the Optionee giving written notice of
 termination to the Optionor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to paragraph 8.02, by the Optionor on written notice to the Optionee, in the event
 the First Option is not exercised by the applicable First Option Deadline from time to
 time.

8.02. Notwithstanding any other provision of this Agreement, if at any time during the term of the First Option, the Optionee fails to advance to the Optionor any cash payment or Shares required under sub-paragraph 4.02(a) hereof, or is in breach of any covenant, representation or warranty contained herein, the Optionor may terminate this Agreement, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall have first given to the Optionee a notice of default containing particulars of
 the payment not advanced or shares not issued, or the covenant, representation or warranty
 breached; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Optionee has not, within twenty-two (22) days following delivery of such notice
 of default, cured such default.

8.03. Should the Optionee fail to cure any default in accordance with the provisions of sub-paragraph 8.02(b) hereof, the Optionor, without any further notice, may thereafter terminate this Agreement, and the provisions of paragraph 8.06 hereof shall then apply.

8.04. Notwithstanding any other provision of this Agreement and provided that the Optionee has exercised the First Option, if Optionee has not advanced the Second Option Payment to the Optionor prior to the commencement of Commercial Production (the "**Commencement Date**"), the Second Option shall automatically lapse and be or no further force or effect as of the first Business Day immediately following the Commencement Date.

8.05. The Optionee shall vacate the Property within a reasonable time after termination of this Agreement, but shall have the right of access to the Property for three (3) months following termination for the purpose of removing its buildings, plant, equipment, machinery, tools, appliances and supplies from the Property. All buildings, plant, equipment, machinery, tools, appliances or supplies on the Property beyond this three (3) month period after termination at the absolute discretion of the Optionor shall become the property of the Optionor free and clear of any claim or encumbrance by or through the Optionee.

8.06. If this Agreement terminates prior to a First Option Deadline at a time when the Optionee is acting as Operator, the Optionee shall forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure
 that all filings for assessment credit have been made in respect of all Work to the maximum
 extent permitted, or all payments of money in lieu thereof have been made to maintain
 the Property in good standing for at least 120 days from the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure
 that the Optionor is provided with copies of all geotechnical information, including,
 without limiting, plans, assay maps, diamond drill records, diamond drill core and all
 other data information in all formats including without limiting, electronic records
 pertaining to the Property and relating to the work or activities of the Optionee on
 the Property which had theretofore not been delivered to the Optionor.

**9 <u>TRANSFER OF INTERESTS</u>**

9.01. The Optionee may at any time sell, transfer or otherwise dispose of all or any part of its interest in and to the Optioned Interest and this Agreement to a bona fide transferee ("**Transferee**"), provided that it shall have first delivered to the Optionor its agreement related to this Agreement and to the Property, containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 covenant by the Transferee to jointly and severally perform all the obligations of the
 Optionee to be performed under this Agreement in respect of the interest to be acquired
 by it from the Optionee to the same extent as if this Agreement had been originally executed
 by the Optionee and the Transferee as joint and several obligors making joint and several
 covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limiting the generality of Section 4.03 hereof, an undertaking and covenant by the
 Transferee to issue shares of the Transferee Valued proportionate to its interest acquired
 from the Optionee under the First Option on the next and further ensuing dates for cash
 payment and issuance of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 provision subjecting any further sale, transfer or other disposition of such interest
 or any portion thereof in and to the Property and this Agreement to the restrictions
 contained in sub-paragraph 9.01(a) hereof.

9.02. Upon the transfer by the Optionee of all and not less than all of the interest held by it pursuant to this Agreement and in the Optioned Interest, the Optionee shall be deemed to be, upon the date of such assignment or transfer, discharged from all obligations hereunder or other fulfilment of contractual commitments save and except the Optionee shall not be discharged from any environmental liabilities, occurring from and after the Effective Date arising out of any Work carried out on the Property by the Optionee and all indemnities in respect thereof shall survive notwithstanding the assignment or transfer of the Optionee's interest hereunder.

**10 <u>FORCE MAJEURE</u>**

10.01. If the Optionee is at any time during the term of this Agreement either prevented or delayed in complying with any provisions of this Agreement by reason of strikes, labour shortages, power shortages, fuel shortages, fires, wars, acts of God, governmental regulations restricting normal operations, shipping delays or any other reason or reasons (other than lack of funds) beyond the control of the Optionee, the time limited for the performance by the Optionee of its obligations hereunder shall be extended by a period of time equal in length to the period of each such prevention or delay.

10.02. The Optionee shall give prompt notice to the Optionor of each event of force majeure under paragraph 10.01 hereof and upon cessation of such event shall furnish the Optionor with notice to that effect together with particulars of the number of days by which the obligations of the Optionee hereunder have been extended by virtue of such event of force majeure and all preceding events of force majeure.

**11 <u>CONFIDENTIAL INFORMATION</u>**

11.01. Except as otherwise provided in this paragraph, both parties shall treat all data, reports, records and other information relating to this Agreement, the Property and the Optioned Interest as strictly confidential. The text of any news release or other public statements, other than those required by law or regulatory bodies or stock exchanges, which a party desires to make shall be sent to the other party for its comments prior to publication and shall not include references to the other party unless such party has given its prior consent to such inclusion, such consent not to be unreasonably withheld or delayed. The text of any disclosure which a party is required to make by law, by regulatory bodies or stock exchanges shall be sent to the other party at least 48 hours prior to its release or filing in order that the other party may have the opportunity to comment thereon. For all public disclosure, whether required to be made or not, any reasonable changes requested by the non-disclosing party shall be incorporated into the disclosure document. Notwithstanding the foregoing, noting in this Agreement shall prevent the Optionee or the Optionor from making any disclosure required to made by it under any Applicable Law.

**12 <u>NOTICES AND PAYMENT</u>**

12.01. Any notice, demand, payment or other communication under this Agreement will be given in writing and must be delivered or sent by email or telecopier and addressed to the party to which it is being given at the following addresses:

(a) if
 to the Optionor: <br>
 <br> Strider Resources
 Limited <br> 208 Lakeside
 Ave, <br> Cranberry Portage
 Manitoba, R0B 0H0 <br>
 <br>  **<u>Attention: D.V. Ziehlke</u>** <br> Email: <u>dziehlke@mymts.net</u> <br>
 <br> With copy to
 (which shall not constitute notice): <br>
 <br> PKF Lawyers <br> 900 –
 444 St. Mary Ave. <br> Winnipeg, Manitoba,
 R3C 3TF <br>
 <br> Attention:
 T.G. Frohlinger <br> Fax: 204-947-3747 <br> Email: tfrohlinger@pkflawyers.com

(b) if
 to the Optionee: <br>
 <br> Foremost Lithium
 Resource and Technology Ltd. <br> 25th Floor
 – 700 West Geogia Street <br> Vancouver,
 BC, V7Y 1K8 <br>
 <br>  **<u>Attention: Chairman:</u>** <br> Email: <u>info@foremostlithium.com</u> <br> With a copy
 to (which shall not constitute notice) <br>
 <br> Farris LLP <br> 2500 –
 700 West Georgia Street <br> Vancouver,
 BC V4L 2K8 <br> Attention:
 Lyndsay Schooley <br> Email: lschooley@farris.com

12.02. If notice, demand, payment or other communication is delivered, or sent by telecopier or email, it will be deemed to have been received, if delivered by hand, on the date of delivery, if telecopied to the numbers set out above, on the business day next following the date of transmission if the machine on which it is sent receives the answer back code of the party to whom it is sent, or if emailed to the addresses set out above, on the business day next following the date of transmission provided that the sender of the email receives back confirmation of receipt of such email from the recipient thereof. Any party may change its address, telecopier number or email address for the purposes of receiving notices, demands, payments or other communications under this Agreement by giving notice to the other party of such change in accordance with the provisions of this paragraph 12.02.

**13 <u>CURRENCY</u>**

13.01. All references to monies hereunder will be in lawful currency of Canada.

**14 <u>FURTHER ASSURANCES</u>**

14.01. Each of the parties hereto agrees to do and/or execute all such further and other acts, deeds, things, devices, documents and assurances as may be required in order to carry out the true intent and meaning of this Agreement, including the registration thereof against any of the mineral property interests comprising the Property at the request of any party.

**15 <u>TIME OF THE ESSENCE</u>**

15.01. Time shall be of the essence of this Agreement.

**16 <u>COSTS</u>**

16.01. Each of the parties hereto will be responsible for paying its own costs relating to the preparation and execution of this Agreement and for the purposes of interpretation neither party shall be deemed to have prepared this Agreement.

**17 <u>ENTIRE AGREEMENT</u>**

17.01. The parties hereto agree that the terms and conditions of this Agreement shall supersede and replace any other agreements or arrangements, whether oral or written, heretofore existing among the parties in respect of the subject matter of this Agreement.

**18 <u>COUNTERPARTS</u>**

18.01. This Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Agreement or such other writing, as the case may be, taken together, will be deemed to be one and the same instrument. The execution of this Agreement or any other writing by any party hereto will not become effective until all counterparts hereof have been executed by all the parties hereto.

**19 <u>EXECUTION BY EMAIL OR FACSIMILE</u>**

19.01. Each of the parties hereto will be entitled to rely upon delivery by email, facsimile pdf, or other electronic format, of executed copies of this Agreement and any certificates or other writings delivered in connection herewith, and such email or facsimile copies will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions of this Agreement.

**20 <u>TITLES</u>**

20.01. The titles to the respective paragraphs hereof shall not be deemed to form part of this Agreement but shall be regarded as having been used for convenience only.

**21 <u>GOVERNING LAW</u>**

21.01. This Agreement shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein and each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts Manitoba and all courts competent to hear appeals therefrom.

**22 <u>ENUREMENT</u>**

22.01. This Agreement shall enure to the benefit of and be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be.

**Balance of this page left intentionally blank.**

**IN WITNESS WHEREOF** this Agreement has been executed as of the day and year first above written.

**SIGNED and DELIVERED by**<br> **STRIDER RESOURCES LIMITED**<br> in the presence of:

/s/ D.V. Ziehlke

Authorized Signatory

**SIGNED and DELIVERED by**<br> **FORMOST LITHIUM RESOURCE AND TECHNOLOGY LTD**.<br> in the presence of:

/s/ John Gravelle

Authorized Signatory

**<u>SCHEDULE "A" TO THE AGREEMENT MADE AND DATED FOR REFERENCE THE _ DAY OF JUNE, 2022 BETWEEN STRIDER RESOURCES LIMITED AND FORMOST LITHIUM RESOURCE AND TECHNOLOGY LTD.</u>**

The following is a description of the mineral claims to which the Optionee has been granted the First Option to acquire an undivided one-hundred percent (100%) Optioned Interest, all of which claims are located in the Province of Manitoba:

NTS: 63 –J13

---

| | | | |
|:---|:---|:---|:---|
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| &nbsp;&nbsp;PEG 13177 | &nbsp;&nbsp;MB 13177 | &nbsp;&nbsp;220 | &nbsp;&nbsp;June 5, 2030 |
| &nbsp;&nbsp;PEG 13181 | &nbsp;&nbsp;MB 13181 | &nbsp;&nbsp;220 | &nbsp;&nbsp;June 5, 2030 |
| &nbsp;&nbsp;PEG 13178 | &nbsp;&nbsp;MB 13178 | &nbsp;&nbsp;256 | &nbsp;&nbsp;June 5, 2034 |
| &nbsp;&nbsp;PEG 13184 | &nbsp;&nbsp;MB 13184 | &nbsp;&nbsp;256 | &nbsp;&nbsp;June 5, 2030 |
| &nbsp;&nbsp;PEG 13179 | &nbsp;&nbsp;MB 13179 | &nbsp;&nbsp;256 | &nbsp;&nbsp;June 5, 2030 |
| &nbsp;&nbsp;PEG 13183 | &nbsp;&nbsp;MB 13183 | &nbsp;&nbsp;256 | &nbsp;&nbsp;June 5, 2035 |
| &nbsp;&nbsp;PEG 13282 | &nbsp;&nbsp;MB 13282 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2029 |
| &nbsp;&nbsp;PEG13285 | &nbsp;&nbsp;MB 13285 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 18, 2030 |
| &nbsp;&nbsp;PEG13283 | &nbsp;&nbsp;MB 13283 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
| &nbsp;&nbsp;PEG 13286 | &nbsp;&nbsp;MB 13286 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
| &nbsp;&nbsp;PEG 13284 | &nbsp;&nbsp;MB 13284 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
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| &nbsp;&nbsp;BEND 13209 | &nbsp;&nbsp;MB 13209 | &nbsp;&nbsp;256 | &nbsp;&nbsp;January 12, 2029 |
| &nbsp;&nbsp;BEND 12671 | &nbsp;&nbsp;MB 12671 | &nbsp;&nbsp;256 | &nbsp;&nbsp;April 16, 2024 |
| &nbsp;&nbsp;BEND 13279 | &nbsp;&nbsp;MB 13279 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 18, 2029 |
| &nbsp;&nbsp;BEND 13474 | &nbsp;&nbsp;MB 13474 | &nbsp;&nbsp;256 | &nbsp;&nbsp;January 12, 2029 |
| &nbsp;&nbsp;BEND 13473 | &nbsp;&nbsp;MB 13473 | &nbsp;&nbsp;256 | &nbsp;&nbsp;January 12, 2029 |
| &nbsp;&nbsp;BEND 13280 | &nbsp;&nbsp;MB 13280 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
| &nbsp;&nbsp;BEND 13277 | &nbsp;&nbsp;MB 13277 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
| &nbsp;&nbsp;BEND 13281 | &nbsp;&nbsp;MB 13281 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
| &nbsp;&nbsp;BEND 13278 | &nbsp;&nbsp;MB 13278 | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 6, 2030 |
| &nbsp;&nbsp;LITH 13213 | &nbsp;&nbsp;MB 13213 | &nbsp;&nbsp;190 | &nbsp;&nbsp;January 29, 2035 |
| &nbsp;&nbsp;LITH 13212 | &nbsp;&nbsp;MB 13212 | &nbsp;&nbsp;172 | &nbsp;&nbsp;January 29, 2035 |
| &nbsp;&nbsp;LITH 13477 | &nbsp;&nbsp;MB 13477 | &nbsp;&nbsp;245 | &nbsp;&nbsp;January 29, 2035 |
| &nbsp;&nbsp;LITH 13478 | &nbsp;&nbsp;MB 13478 | &nbsp;&nbsp;248 | &nbsp;&nbsp;January 29, 2035 |
| &nbsp;&nbsp;LITH 13476 | &nbsp;&nbsp;MB 13476 | &nbsp;&nbsp;202 | &nbsp;&nbsp;January 29, 2035 |

---

**<u>TOTAL # OF CLAIMS = 28 TOTAL AREA = 6757 HA (26.4 square miles)</u>**

**<u>SCHEDULE "B" TO THE AGREEMENT MADE AND DATED FOR REFERENCE THE __ DAY OF JUNE, 2022 BETWEEN STRIDER RESOURCES LIMITED AND F0REMOST LITHIUM RESOURCE AND TECHNOLOGY LTD.</u>**

"**Net Smelter Return**" shall mean the aggregate proceeds actually received by the Optionee from time to time from any arms length smelter or other arms length purchaser from the sale of any ores, concentrates, metals or any other material of commercial value produced by and from the Optioned Interest on the Property, deducting therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the product is treated by an arm's length party at a smelter, refinery or mint,
 all expenses, relating thereto, including all costs and charges for the treatment, tolling,
 smelting, refining or minting of such products and all costs associated therewith such
 as transporting, insuring, handling, weighing, sampling, assaying and marketing, as well
 as all penalties, representation charges, referee's fees and expenses, import taxes
 and export taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the product is treated at a smelter, refiner or mint owned, operated or controlled by
 the Optionee or an affiliate thereof, all charges, costs and expenses referred to in
 sub-paragraph (a) above, such charges, costs and expenses to be equivalent to the
 prevailing rates charged by similar smelters, refineries or mints as the case may be,
 in arm's length transactions for the treatment of like quantities and quality of
 product.

The Optionee shall reserve and pay to the Optionor a Net Smelter Return Royalty equal to two (2%) percent of Net Smelter Return ("**NSR**").

Payment of NSR from the Optionee to the Optionor hereunder shall be made quarterly within thirty (30) days after the end of each fiscal quarter of the Optionee during which the Optionee receives Net Smelter Returns. Within one hundred and twenty (120) days after the end of each fiscal year of the Optionee for which the NSR is payable to the Optionor, the records relating to the calculation of NSR for such year shall be audited by the Optionee and any adjustments in the payment of NSR to the Optionor shall be made forthwith after completion of the audit statements (the "**Initial Audit**"). All payments of NSR to the Optionor for a fiscal year shall be deemed final and in full satisfaction of all obligations of the Optionee in respect thereof if such payments or the calculations thereof are not disputed by the Optionor within sixty (60) days after receipt by the Optionor of the Initial Audit. The Optionee shall maintain accurate records relevant to the determination of NSR and the Optionor, or its authorized agent, shall, subject to the immediately preceding sentence, be permitted the right to examine, upon reasonable notice to the Optionee, such records during regular business hours at the Optionee's head office or primary place of business.

If within sixty (60) days after the Optionor received the Initial Audit, the Optionor provides written notice to the Optionee that it disputes the Initial Audit, Optionee shall, for a period of ninety (90) days after Optionee's receipt of notice of such objection, have the right to have Optionee's accounts and records relating to the calculation of the NSR in question audited (the "**Second Audit**") by a certified public accounting firm acceptable to Optionee, acting reasonably. In the Second Audit reveals any deficiency or excess in the NSR payment made by the Optionee to the Optionor pursuant to the Initial Audit, unless the Optionee provides written notice that it disputes the Second Audit within sixty (60) days after receiving the Second Audit, the Optionee shall account for any deficiency or excess in the payment made to Optionor within ninety (90) days of receiving the Second Audit. If the amount of a particular NSR payment made hereunder, as determined by the Second Audit, is deficient by three percent (3%) or more, the Optionee shall pay all reasonable costs for the Second Audit. Otherwise, Optionor shall pay all costs of such Second Audit. If the parties are still unable to agree as to the correct amount of the disputed payment, after such Second Audit, either party may refer the issue to arbitration to be held in the City of Winnipeg pursuant to The Arbitration Act of Manitoba.

DATED: June 28, 2022

**BETWEEN:**

**STRIDER RESOURCES LIMITED**

**OF THE FIRST PART**

**AND:**

**FOREMOST LITHIUM RESOURCE AND TECHNOLOGY LTD.**

**OF THE SECOND PART**

**OPTION AGREEMENT**

## Exhibit 10.7

**Exhibit 10.7**

**AMENDMENT TO OPTION AGREEMENT**

THIS AGREEMENT is made as of and effective the 28th day of April, 2017 (the "**Effective Date**")

AMONG:

**TOP NOTCH MARKETING LTD.**, a British Columbia company having an office at #1307 – 1473 Johnston Road, White Rock, B.C. V4B 0A2 (email: <u>madkatz@telus.net</u>), **R. ROSS BLUSSON**, geologist, of #406 – 22327 River Road, Maple Ridge, B.C. V2X 2C7 (email: <u>monablusson@yahoo.com</u>) and **DOUBLE-U-EM INVESTMENTS LTD**., a British Columbia company having an office at 8880 Myhill Road, Richmond, B.C. V6Y 2J2 (email: <u>Wayne1453@shaw.ca</u>)

(individually an "**Optionor**" and collectively the "**Optionors**")

AND:

**FAR RESOURCES LTD.**, a British Columbia company having an office at Unit 114B – 8988 Fraserton Court, Burnaby, B.C. V5J 5H8 (email: <u>keithanderson43@gmail.com</u>)

("**Far**")

WHEREAS:

A. By
 option agreement made as of April 28, 2016 (the "**Option Agreement** "),
 the Optionors granted Far the sole and exclusive right and option (the "**Option** ")
 to acquire a 100% right, title, estate and interest in and to the Zoro 1 mining claim
 situated in the Province of Manitoba as more particularly described in the Option Agreement
 (the "**Property**") and held in the name of Dalton Bruce Dupasquier (the
 "**Concession Holder**") on the terms and conditions set out therein;

B. To
 date, Far has paid the sum of $16,666.66 cash and issued a total of 333,333 common shares
 of Far to each of the Optionors pursuant to section 2.2(a) of the Option Agreement;

C. In
 order to maintain the Option in good standing, Far is required to pay the Optionors an
 aggregate additional consideration of $300,000 on or before April 28, 2017 in accordance
 with subsection 2.2(b) of the Option Agreement; and

D. The
 Optionors and Far have agreed to amend the terms of the Option Agreement and the total
 consideration to be paid by Far to the Optionors in order to exercise the Option on the
 terms and conditions set out herein.

NOW THEREFORE in consideration of the sum of $10.00 now paid by Far to the Optionors, the mutual covenants and premises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties, the parties agree as follows:

**1.** **Defined Terms** 

1.1. Except
 as otherwise defined in this Agreement, capitalized terms used in this Agreement have
 the meanings ascribed to those terms in the Option Agreement.

**2.** **Amendment to Option Agreement** 

2.1. Each
 of the Optionors hereby acknowledges its prior receipt of the sum of $16,666.66 cash
 and 333,333 Shares of Far pursuant to and in accordance with Section 2.2(a) of the
 Option Agreement.

2.2. Effective
 on the Effective Date, the Optionors and Far covenant and agree that the Option Agreement
 is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 definition of "**Completion Date**" in Section 1.1(b) of the Option
 Agreement is amended to mean "May 9, 2017 or such other date as mutually agreed
 to by the Optionors and Far";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sections 2.2(b)
 and 2.2(c) of the Option Agreement are deleted in their entirety and replaced by a new
 Section 2.2.1 as follows:

"2.2.1 **Final Exercise of Option.** Far may exercise and shall be deemed to have exercised the Option in full and earned a 100% right, title, estate and interest in the Property, free and clear of all Encumbrances, royalties and net profits interests whatsoever, upon payment to the Optionors of the following consideration on the Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issuance
 to the Optionors of a total of 6,000,000 Shares of Far at a deemed price of 0.10 per
 Share (collectively the "**Closing Shares** "), which Closing Shares shall
 be allocated equally amongst the Optionors on the basis of 2,000,000 Closing Shares each;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance
 to each of the Optionors of a non-interest bearing promissory note in the principal amount
 of $33,333.33 ($99,999.99 in total) payable on the first anniversary of the Completion
 Date.

The Optionors acknowledge and agree that the Closing Shares shall be subject to the following resale restrictions and that the certificates representing the Closing Shares will bear legends to such effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 6,666
 of the Closing Shares shall be subject a statutory hold period of four months and one
 day from the Completion Date (the "**Statutory Hold Period** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 1,666,667
 of the Closing Shares shall be subject to the Statutory Hold Period and an additional
 voluntary hold period expiring four (4) months after the expiry of the Statutory
 Hold Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 balance of 1,666,667 Closing Shares shall be subject to the Statutory Hold Period and
 an additional voluntary hold period expiring eight (8) months after the expiry of
 the Statutory Hold Period."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 2.3
 of the Option Agreement is deleted in its entirety and replaced by the following:

"2.3 **Conveyance.** On the Completion Date, the Optionor shall deliver or cause the Concession Holder to deliver to Far any and all transfer documents, duly executed and in registrable form, which are necessary to validly assign, transfer and convey a 100% interest in and to the Property to Far free and clear of all Encumbrances, royalties and net profits interests whatsoever."

**3.** **Acknowledgement of Optionors** 

3.1. Each
 of the Optionors acknowledges and understands that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 securities commission or similar regulatory authority has reviewed or passed on the merits
 of the Closing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 is no government or other insurance covering the Closing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 are risks associated with the acquisition of the Closing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 are restrictions on each Optionor`s ability to resell the Closing Shares and it is the
 responsibility of each Optionor to ascertain what those restrictions are and to comply
 with such restrictions before selling the Closing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Far
 has advised the Optionors that it is relying on an exemption from the requirements of
 applicable securities legislation in Canada to provide the Optionors with a prospectus
 and as a consequence of acquiring the Closing Shares pursuant to such exemption, certain
 protections, rights and remedies provided by such legislation, including statutory rights
 of rescission or damages in Canada, will not be available to the Optionors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 decision to accept the Closing Shares hereunder has not been based upon any oral or written
 representation as to fact or otherwise (except as expressly set out herein) made by or
 on behalf of Far;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each
 Optionor is solely responsible for its own due diligence investigation of Far and its
 business and for its own analysis of the merits and risks of its investment in the Closing
 Shares, has had the opportunity to obtain independent legal, income tax and investment
 advice with respect to the Closing Shares and is able to bear the economic risk of loss
 of its entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Closing Shares have not been, and will not be, registered under the United States *Securities Act of 1933*, as amended (the "**1933 Act**") or the securities or
 "blue sky" laws of any state in the United States and may not be offered
 or sold in the United States or to a U.S. Person (as such term is defined in Rule 902(o)
 of Regulation S promulgated under the *1933 Act*, and includes (i) any natural
 person resident in the United States and (ii) any partnership or corporation organized
 or incorporated under the laws of the United States, among other persons specified in
 such Rule) unless registered under the 1933 Act and the securities laws of all applicable
 states of the United States or an exemption from such registration requirements is available,
 and Far has no obligation or present intention of filing a registration statement under
 the 1933 Act in respect of the Closing Shares and no obligation to register or qualify
 the Closing Shares in the United States or elsewhere for resale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 may be material tax consequences to the Optionors resulting from the acquisition or disposition
 of the Closing Shares and that Far gives no opinion and makes no representation with
 respect to the tax consequences to the Optionors under Canadian federal, provincial,
 local or foreign tax law of the Optionor`s acquisition or disposition of the Closing
 Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) neither
 Far nor any other person has made any written or oral representations to the Optionors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 any person will resell or repurchase the Closing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 any person will refund the consideration for the Closing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as
 to the future price or value of the Closing Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that
 the Closing Shares will be listed and posted for trading on a stock exchange or that
 application has been made to list and post the Closing Shares for trading on any stock
 exchange, save and except for the Canadian Securities Exchange.

**4.** **Miscellaneous** 

4.1. **Notice.** Any notice given in connection with this Agreement will be delivered to the respective
 addresses set out above or to such other address as any of the parties may designate
 in writing, and such notice may be delivered in accordance with Section 7.7 of the
 Option Agreement or by email addressed to the parties at the email addresses set out
 on the first page of this Agreement, provided that if such notice is delivered by email,
 such notice shall be deemed to have been received on the first business day following
 the transmission thereof.

4.2. **Further Assurances.** Each party will, at all times hereafter at the request and cost of any
 other party, execute such further and other documents as such other party may reasonably
 require in order to evidence or give effect to the terms of this Agreement.

4.3. **Amendment of Option Agreement.** The Option Agreement is hereby deemed to be amended with all
 necessary changes being made to incorporate and give effect to the provisions of this
 Agreement. Except as amended by this Agreement, the parties acknowledge that the Option
 Agreement is unamended, and that, as amended by this Agreement, the Option Agreement
 is in full force and effect and in good standing, in accordance with its terms.

4.4. **Enurement.** This Agreement will enure to the benefit of and be binding upon the parties and their
 respective heirs, administrators, personal representatives, successors, and permitted
 assigns.

4.5. **Governing Law.** This Agreement will be governed by and interpreted in accordance with laws of
 the Province of British Columbia and the federal laws of Canada applicable therein.

4.6. **Independent Legal Advice.** All parties acknowledge and agree that each party has been advised
 to obtain independent legal, accounting, investment and tax advice prior to the execution
 and delivery of this Agreement and that in the event a party did not avail itself of
 such opportunity before signing this Agreement, such party did so voluntarily and without
 any undue pressure or influence by any of the other parties and that any failure to obtain
 independent legal, accounting, investment or tax advice shall not be used as a defense
 to the enforcement of a party's obligations under this Agreement.

4.7. **Counterparts.** This Agreement may be executed in one or more counterparts and delivered by facsimile
 or scanned email attachment, each of which will be deemed to be an original and all of
 which will constitute one agreement, effective as of Effective Date.

[EXECUTION PAGE TO FOLLOW]

IN WITNESS WHEREOF the parties executed this Agreement as of the date first above written.

**TOP NOTCH MARKETING LTD.**

Per: <br> Authorized Signatory

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SIGNED AND DELIVERED** by<br> **R. ROSS BLUSSON** in the presence of: | &nbsp;&nbsp;&nbsp;) ) ) )  | |
|  | &nbsp;&nbsp;&nbsp;) | |
| &nbsp;&nbsp;*[name]* | &nbsp;&nbsp;&nbsp;) )  | |
|  | &nbsp;&nbsp;&nbsp;) | |
| &nbsp;&nbsp;*[address]* | &nbsp;&nbsp;&nbsp;) )  | **R. Ross Blusson** |
|  | &nbsp;&nbsp;&nbsp;) | **R. Ross Blusson** |
| &nbsp;&nbsp;*[occupation]* | &nbsp;&nbsp;&nbsp;) | **R. Ross Blusson** |

---

**DOUBLE-U-EM INVESTMENTS LTD.**

Per: <br> Authorized Signatory

**FAR RESOURCES LTD.**

Per: <br> Authorized Signatory

## Exhibit 10.8

**Exhibit 10.8**

**STOCK OPTION AGREEMENT**

**DATED** effective as of the January 15, 2021

**THIS AGREEMENT** is made

**BETWEEN**:

**Far Resources Ltd.**, a company incorporated under the laws of British Columbia and having its head office located at #510 - 580 Hornby Street, Vancouver, BC, V6C 3B6; (the "**Company**")

---

| | |
|:---|:---|
| **AND**: | David Edmondson, 5761 Quarry Cresc., Nanaimo, BC, V9T 6H9 |

---

(the "**Optionee**")

**BACKGROUND**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Company wishes to grant to the Optionee an option to purchase Shares in the equity of
 the Company in accordance with the Company's Stock Option Plan (the "**Plan** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Optionee wishes to accept the option to purchase Shares in the equity of the Company
 under the terms of the Plan.

**TERMS OF AGREEMENT:**

In consideration of the premises and the covenants, agreements, representations, warranties, and payments contained in this Agreement, the receipt and sufficiency of which is hereby acknowledged the parties agree with each other as follows:

1. <u>Grant of Option</u>. The Company grants to the Optionee, under the provisions of the Plan and
 on the terms and conditions set out in this Agreement and in the Plan, an irrevocable
 right and option (the "**Option**") to purchase, from time to time, up
 to 250,000 Shares (the "**Option Shares**") as fully paid and non-assessable
 at the Option Price of CAD $0.145 per Option Share.

2. <u>Term of Option</u>. Subject to the terms, conditions, and restrictions set forth in this Agreement,
 the term of this Option will expire at 5:00 p.m. Vancouver time on January 15, 2026
 (the "**Expiry Date** "), unless terminated earlier under Section 9

3. <u>Tax Implications</u>. The acceptance and exercise of the Option and the sale of Option Shares
 issued pursuant to the exercise of the Option may have consequences under applicable
 tax and securities laws, which may vary depending on the individual circumstances of
 the Optionee. Accordingly, the Optionee acknowledges that the Optionee has been advised
 to consult his or her personal legal and tax advisors in connection with this Agreement
 and the Optionee's dealings with respect to the Option or the Option Shares issued
 pursuant to the exercise of the Option.

4. <u>Expiry</u>.
 The Option will, after 5:00 p.m. (Vancouver Time) on the Expiry Date, expire and be of
 no further force or effect as to any Option Shares in respect of which the Option has
 not been exercised.

5. <u>Exercise of Option</u>. Subject to the provisions of this Agreement and the Plan, the Optionee
 or the Optionee's legal personal representative(s) may exercise the Option or a
 portion of the Option from time to time by completing the Option Exercise Form attached
 to this Agreement and delivering such form to the Company at its head office. The Option
 Exercise Form must be completed in its entirety and must be accompanied by 1) this Agreement
 and 2) payment in full for the Option Shares being purchased, in cash or by certified
 cheque, bank draft or money order payable to the Company.

6. <u>Restrictions on Transfer</u>. The Option is non-assignable and non-transferable and, except in the
 case of the Optionee's death, is exercisable only by the Optionee; provided that,
 subject to the prior approval of the Company's Board of Directors and, if necessary,
 the Exchange, the Optionee may assign the Option to a company of which all of the voting
 securities are beneficially owned by the Optionee, which ownership will continue for
 as long as any portion of the Option remains unexercised.

7. <u>Eligibility</u>.
 The Optionee and the Company represent that the Optionee is either a Director, Officer,
 Employee, or Consultant of the Company or an Affiliate, or a company of which all of
 the voting securities are beneficially owned by one or more of the foregoing (an "**Eligible Person** ").

8. <u>No Inducement Offered</u>. The Optionee represents that he or she has not been induced to
 enter into this Agreement by the expectation of employment or continued employment or
 retention or continued retention by the Company or any Affiliate.

9. <u>Exercise after Certain Events</u>. The Option will terminate under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Optionee is an Employee or Consultant and is neither a Director nor Officer and ceases
 to be an Employee or Consultant by reason of termination of employment of the Employee
 for cause or termination of engagement of the Consultant for breach, the Option will
 terminate on the effective date of the Optionee ceasing to be an Employee or Consultant
 for that reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Optionee dies, the Optionee's personal representative or administrator will
 have the right to exercise in whole or in part any unexercised Option at any time until
 the earlier of (a) the Expiry Date and (b) the date that is one year after
 the date of the Optionee's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Optionee ceases to be an Eligible Participant for any reason other than as set out
 in subsections 9(a) or (b), the Option will terminate on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 Expiry Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
 date that is 90 days after the effective date of the Optionee ceasing to be an Eligible
 Participant for that other reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 subsection 9(c) hereof, if the Optionee is an Employee who is engaged in investor relations
 activities (within the meaning of the Exchange's policies) and is neither a Director
 nor an Officer, the Option will terminate on the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 Expiry Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
 date that is 30 days after the date on which the Optionee ceases to provide services
 to the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 the Optionee ceases to be one type of Eligible Participant but concurrently is or becomes
 one or more other type of Eligible Participant, the Option will not terminate but will
 continue in full force and effect and the Optionee may exercise the Option until the
 earlier of 9(a) the Expiry Date and 9(b) the applicable date set forth in subsection
 9(a), (b), (c) or (d) where the Optionee ceases to be any type of Eligible
 Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Option will not be affected by any change of the Optionee's employment where the
 Optionee continues to be employed by the Company or an Affiliate.

10. <u>No Right to Employment</u>. Neither this Agreement nor the Plan confers on the Optionee
 the right to continue in the employ or service of or association with the Company or
 any Affiliate, nor do they interfere in any way with the right of the Optionee or the
 Company or any Affiliate to terminate the Optionee's employment, office or engagement
 at any time.

11. <u>Adjustments for Alterations in Share Capital</u>. Reference is made to the Plan for particulars of
 the rights and obligations of the Optionee and the Company in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 terms and conditions on which the Option is granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 consolidation or subdivision of the Company's share capital or an amalgamation
 or merger;

all to the same effect as if the provisions of the Plan were set out in this Agreement and to all of which the Optionee assents.

12. <u>The Plan</u>. The Company will give a copy of the Plan to the Optionee on request. The Plan
 is hereby incorporated by reference and made a part of this Agreement.

13. <u>Approvals</u>.
 This Agreement and any amendments are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 provisions of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 acceptance of the Exchange.

14. <u>Time</u>.
 Time is of the essence of this Agreement.

15. <u>Binding</u>.
 This Agreement will enure to the benefit of and be binding on the Company and its successors,
 and the Optionee and, to the extent provided in subsection 9(b) of this Agreement, the
 Optionee's personal representative(s).

16. <u>Definitions</u>.
 Capitalized terms not otherwise defined in this Agreement have the same meaning as set
 out in the Stock Option Plan.

17. <u>Governing Law</u>. This Agreement will be governed by the laws of the Province of British Columbia
 and the applicable federal laws of Canada.

**IN WITNESS WHEREOF** the parties have signed this Agreement as of the date written on the first page of this Agreement.

**FAR RESOURCES LTD.**

Per: <br> Authorized Signatory

**DAVID EDMONDSON**

Per: <br> Authorized Signatory

**OPTION EXERCISE FORM<br>TO BE COMPLETED IF OPTIONS ARE TO BE EXERCISED**

**TO: FAR RESOURCES LTD.**

#510-580 Hornby Street, Vancouver, BC, V6C 3B6<br> Attention: Frances Murphey

The undersigned wishes to exercise ___________________ Options of Far Resources Ltd. at an exercise price of CAD $0.145 per Share for a total amount tendered of $___________ according to the terms and conditions set forth in this Option Agreement.

---

| | |
|:---|:---|
| **INCLUDE THE FOLLOWING DOCUMENTS:** | **INCLUDE THE FOLLOWING DOCUMENTS:** |
| ☐ | Fully completed Option Exercise Form |
| ☐ | Option Agreement |
| ☐ | Payment in full for Option Shares being purchased in cash or by certified cheque, bank draft or money order payable to Far Resources Ltd. |

---

---

| |
|:---|
| **Address for Delivery of Shares:** |
| **Address for Delivery of Shares:** |
| **Address for Delivery of Shares:** |
| **Attention:** |

---

**If Shares are to be issued DRS please**<br> **indicate to what e-mail address you wish**<br> **the DRS statement delivered.**

Dated at   , this   day of   , 20  

---

| |
|:---|
| &nbsp;&nbsp;**Optionee's Name** |
| &nbsp;&nbsp;**Authorized Signature** |
| &nbsp;&nbsp;**Title (if applicable)** |

---

## Exhibit 10.9

**Exhibit 10.9**

DATED: SEPTEMBER 20, 2017:

 **BETWEEN:** 

**STRIDER RESOURCES LIMITED** 

**OF THE FIRST PART** 

**AND:** 

**FAR RESOURCES LTD.** 

**OF THE SECOND PART** 

**OPTION AGREEMENT**

**THIS AGREEMENT** made and dated for reference the 20th day of September, 2017.

**BETWEEN:**

**<u>STRIDER RESOURCES LIMITED</u>**, a body corporate, incorporated under the laws of Manitoba, having an office at P.O. Box 144, Cranberry Ridge, Manitoba, ROB OHO (hereinafter called the "**Optionor**")

**OF THE FIRST PART**

**AND:**

**<u>FAR RESOURCES LTD</u>**. a body corporate, incorporated under the laws of British Columbia, having an office at 201-2691 Viscount Way, Richmond, BC V6V 2R5 (hereinafter called the "**Optionee**")

**OF THE SECOND PART**

**WHEREAS:**

A. The Optionor is the owner and the registered holder of certain lithium properties located in the Province of Manitoba, which properties are more particularly described and shown in Schedule "A" annexed hereto and forming a part hereof (hereinafter called the "**Property**");

B. The Optionor has agreed to grant to the Optionee an option entitling the Optionee to acquire certain legal and beneficial interests in and to the Property as provided for in this Agreement;

**NOW THEREFORE THIS AGREEMENT WITNESSETH** that in consideration of these presents and the sum of Ten Dollars ($10.00) now paid by each of the parties to each of the other parties hereto, the receipt and sufficiency of which is hereby acknowledged by each of the parties, and for other good and valuable consideration, the receipt and sufficiency of which is also hereby acknowledged by each of the parties, the parties hereby agree as follows:

1. <u>DEFINITIONS</u> 

1.01 In this Agreement and in all Schedules attached to and made a part hereof, the following words and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Applicable Law**" means any and all federal, provincial, territorial or municipal
laws, statutes, regulations, by-laws, ordinances, rules, guidelines, policies, notices, orders and directions, or other requirements
of any Governmental Authority having jurisdiction over the parties or the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Business Day**" means any day other than Saturdays, Sundays and statutory holidays
in the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Commercial Production**" means, and is deemed to have been achieved, when the
concentrator processing ores from the Optioned Interest has operated (for processing activities other than processing of bulk ore
samples or other testing purposes) for a period of 21 consecutive production days at an average rate of not less than 65% of design
capacity or, if a concentrator is not erected for the purpose of concentrating the ores from the Optioned Interest, when ores have
been produced for a period of 21 consecutive production days at a rate of not less than 45% of the mining rate specified in a feasibility
study recommending placing the Optioned Interest in commercial production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Conditions of Exercise**" has the meaning set out in paragraph 4.02 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**CSE**" means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Effective Date**" means September 20, 2017;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Environment Laws**" means all Applicable Laws currently in effect relating to
pollution or protection of the environment, health, safety or natural resources, including, without limitation, the use, consumption,
handling, transportation, storage or Release of Hazardous Substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Environmental Order**" means any prosecution, order, decision, notice, direction,
report, recommendation or request issued, rendered or made by any Governmental Authority in connection with Environmental Laws
or environmental orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Exercise Notice**" means a written notice to the Optionor, signed by the Optionee,
indicating that the Optionee has satisfied the Conditions of Exercise and is irrevocably exercising the applicable Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Exploration Expenses**" has the meaning ascribed to it in the *Mines and Minerals Act*, Manitoba Regulations 64/92, Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**First Option**" has the meaning set out in sub-paragraph 4.01(a) hereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**First Option Deadline**" means each and every date referred to for the issuance
of shares or making the cash payment set out in sub-paragraph 4.02(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Governmental Authority**" means any government or governmental, administrative,
regulatory or judicial body, department, commission, authority, tribunal, agency or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Hazardous Substance**" means any substance, combination of substances or by-product
of any substance which is or may become hazardous, toxic, injurious or dangerous to any person, property, air, land, water, flora,
fauna or wildlife; and includes but is not limited to contaminants, pollutants, wastes and dangerous, toxic, deleterious or designated
substances as defined in or pursuant to any Environmental Laws or Environmental Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Options**" collectively means the First Option and the Second Option, and "Option"
means either one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Net Smelter Return Royalty**" has the meaning set out in Schedule "B"
annexed hereto and forming a part hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**NSR**" means the 2% Net Smelter Return Royalty on the Optioned Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Optioned Interest**" means all of the Optionor's direct and indirect right,
title and interest in and to all lithium bearing pegmatite dykes contained in, on or under the Property (collectively the "**Lithium Dykes**") and including, without limitation, all related commercial pegmatite minerals ()"**Pegmatite Minerals** ")
contained or occurring within or immediately adjacent to or contiguous with any of the Lithium Dykes. For greater clarity the Optioned
Interest shall not and does not include any interest in and to any minerals not contained or within or immediately adjacent to
or contiguous with the Lithium Dykes including, without limiting, gold and other precious metals or minerals or ore containing
same, base metals or minerals or ore containing same, diamonds, garnets, amphiboles and talc in or on the Property (collectively
the "**Non-Pegmatite Minerals**") and the Optionee either before or upon exercising the Option shall not directly
or indirectly acquire any right, title or interest in the Non-Pegmatite Minerals in or about the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Release**" includes abandon, add, deposit, discharge, disperse, dispose, dump,
emit, empty, escape, leach, leak, migrate, pour, pump, release or spill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Second Option**" has the meaning set out in sub-paragraph 4.01(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Second Option Payment**" has the meaning set out in sub-paragraph 4.02(b) hereof-,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**this Agreement**" refers to and collectively includes this Agreement and every
Schedule attached to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Valued**" for the purposes of calculating the number of Optionee's common
shares to be issued as part of the First Option payments set out in sub-paragraph 4.02(a) hereof (the "**Shares** "),
means the average closing stock price of the Optionee's common shares on the CSE (or if not trading on the CSE then on the
prime stock exchange for public trading of the Optionee's shares) for the thirty (30) trading days immediately preceding
the date due for the issuance of the Shares ()"**Due Date**") and in the event the Optionee's stock has not
traded for 30 days immediately preceding the Due Date then the average closing stock price of the Optionee's common shares
during the 30 days immediately preceding the last date the Optionee's shares traded prior to the Due Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Work**" has the meaning set out in paragraph 4.06 hereof

1.02 In this Agreement, other words and phrases that are capitalized have the meaning assigned in this Agreement.

2. <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR</u> 

2.01 The Optionor represents and warrants to the Optionee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been duly incorporated under the laws of the Province of Manitoba, validly exists as a corporation
in good standing under the laws of the Province of Manitoba and is legally entitled to hold its interest in the Property and will
remain so entitled until the Optioned Interest in the Property as set out herein has been duly transferred to the Optionee as contemplated
herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is, and at the time of any transfer to the Optionee of any of the Optioned Interest in the Property
it will be, the beneficial owner of a one hundred percent (100%) of the Optioned Interest, free and clear of all liens, charges,
royalties and claims of others, and no taxes or rentals are due in respect thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the time of any transfer to the Optionee the Optioned Interest will be free and clear of all
liens, charges, royalties and claims of others, without taxes or rentals due or payable in respect thereof, save and except for
the NSR herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the best of its knowledge, after due inquiry, the mineral claims comprising the Property are
contiguous and have been duly and validly located pursuant to the laws of the Manitoba and are in good standing in the office of
the Mining Recorder on the date hereof to and including the anniversary of their recording date in 2030;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there is no adverse claim or challenge against or to the ownership of or title to the Optioned
Interest or the Property, nor to its knowledge, after due inquiry, is there any basis therefor, and there are no outstanding agreements
or options to acquire or purchase the Optioned Interest or the Property or any portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the best of its knowledge, after due inquiry, the Property and the activities and operations
that have been carried out to date thereon have been in compliance, in all material respects, with all Applicable Laws and directives
of all Governmental Authorities and it has not received notice of non-compliance from any such Government Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the best of its knowledge, all the lands covered by the Property are free and clear of any Hazardous
Substance and there is no judicial or administrative proceeding pending and no Environmental Order has been issued or, to the best
of its knowledge, after due inquiry, threatened, concerning the possible violation of any Environmental Laws or Environmental Orders
in respect of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the best of its knowledge, after due inquiry, all environmental approvals required with respect
to activities carried out by the Optionor on any part of the lands covered by the Property, have been obtained, are valid and in
full force and effect, have been complied with and there have been and are no proceedings commenced or threatened to revoke or
amend any such environmental approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the best of its knowledge, there are no outstanding obligations or liabilities, contingent or
otherwise, related to environmental, reclamation or rehabilitation work associated with the Property or arising out of exploration
work, development work or mining activities previously carried out thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has duly obtained all corporate authorizations for the execution of this Agreement and for the
performance of this Agreement by it, and the consummation of the transaction herein contemplated will not conflict with or result
in any breach of any covenants or agreements contained in, or constitute a default under, or result in the creation of any encumbrance
under the provisions of, its Articles or constating documents or any shareholders' or directors' resolution, indenture,
agreement or other instrument whatsoever to which it is a party or by which it is bound or to which it may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there are no proceedings pending for, and it is not aware of any basis for the institution of any
proceedings leading to, its dissolution or winding-up or the placing of it in bankruptcy or subject to any laws governing the affairs
of insolvent persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has advised the Optionee of all material information relating to the Optioned Interest including,
but not limited to, the title thereto of which it has knowledge.

2.02 The Optionor acknowledges that the representations and warranties set forth in paragraph 2.01 hereof form a part of this Agreement and are conditions upon which the Optionee has relied in entering into this Agreement, and that these representations and warranties shall survive the acquisition of the Optioned Interest or any consequent interest in the Property hereunder by the Optionee.

2.03 The parties also acknowledge and agree that the representations and warranties set forth in paragraph 2.01 hereof are provided for the exclusive benefit of the Optionee, and a breach of any one or more thereof may be waived by the Optionee in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE</u> 

3.01 The Optionee represents and warrants to the Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been duly incorporated under the laws of the Province of British Columbia, validly exists
as a corporation in good standing under the laws of the Province of British Columbia and is registered as an extra provincial corporation
in the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has duly obtained all corporate authorizations for the execution of this Agreement and for the
performance of this Agreement by it, and the consummation of the transaction herein contemplated will not conflict with or result
in any breach of any covenants or agreements contained in, or constitute a default under, or result in the creation of any encumbrance
under the provisions of, its Articles or constating documents or any shareholders' or directors' resolution, indenture,
agreement or other instrument whatsoever to which it is a party or by which it is bound or to which it may be subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no proceedings are pending for, and it is not aware of any basis for the institution of any proceedings
leading to, its dissolution or winding-up or the placing of it in bankruptcy or subject to any laws governing the affairs of insolvent
persons.

3.02 The Optionee acknowledges that the representations and warranties set forth in paragraph 3.01 hereof form a part of this Agreement and are conditions upon which the Optionor has relied in entering into this Agreement, and that these representations and warranties shall survive the acquisition of any interest in the Property hereunder by the Optionee.

3.03 The parties also acknowledge and agree that the representations and warranties set forth in paragraph 3.01 hereof are provided for the exclusive benefit of the Optionor, and a breach of any one or more thereof may be waived by the Optionor in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty.

4. <u>GRANT OF OPTIONS AND COMMITMENTS</u> 

4.01 The Optionor hereby irrevocably grants to the Optionee two (2) exclusive and separate rights and options to acquire undivided legal and beneficial interests in the Property free and clear of all liens, charges, royalties (save and except for the NSR contemplated herein) and claims of others, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an undivided one-hundred percent (100%) interest in the Optioned Interest, subject to the NSR (the
" **First Option** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an undivided fifty percent (50%) interest in the NSR, being one-half of the NSR or a 1% Net Smelter
Return, in addition to the undivided one-hundred percent (100%) interest in the Optioned Interest that has been acquired under
the First Option (the "**Second Option** ").

4.02 The Optionee may exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the First Option by making the following cash payments and common share issuances to the Optionor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares in the capital of the Optionee Valued at $25,000 and $25,000 cash within two Business Days
following the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before
the twelfth month anniversary of the Effective Date; the Optionee must spend $50,000 on Exploration Expenses by the end of the
first 12 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before
the twenty-fourth month anniversary of the Effective Date; the Optionee must have spent an accumulated total of $100,000 on Exploration
Expenses by the end of the first 24 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before
the thirty-sixth month anniversary of the Effective Date; the Optionee must have spent an accumulated total of $150,000 on Exploration
Expenses by the end of the first 36 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares in the capital of the Optionee Valued at $75,000 and an additional $75,000 cash on or before
the forty- eighth month anniversary of the Effective Date; the Optionee must have spent an accumulated $200,000 on Exploration
Expenses by the end of the first 48 months and an accumulated total of $500,000 on Exploration Expenses by the end of the first
84 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided it has exercised the First Option, the Second Option, by making a cash payment to the
Optionor of $1,000,000, together with all accrued but unpaid NSR at the time, prior to the commencement of Commercial Production
(the "**Second Option Payment** ");

(each respectively, a "**Condition of Exercise**" and collectively the "**Conditions of Exercise**").

4.03 Nothing in this Agreement shall be construed as obligating the Optionee to exercise either of the Options.

4.04 In the event the Optionee has satisfied a Condition of Exercise and wishes to exercise an Option, then to do so it must deliver to the Optionor an Exercise Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the First Option, on or before the thirty-sixth month anniversary of the Effective
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Second Option concurrently with the Second Option Payment;

On delivery of an Exercise Notice from the Optionee, the Optionor shall be deemed to have transferred to the Optionee the following undivided legal and equitable interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the First Option, a one-hundred percent (100%) interest in the Optioned Interest;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of the Second Option, an undivided fifty percent (50%) interest in the NSR.

4.05 Subject to paragraph 8.02 hereof, in the event the Conditions of Exercise applicable to the First Option are not duly satisfied by the First Option Deadline, then the First Option and the Second Option shall each forthwith terminate.

4.06 The Optionee at its own risk and at its sole cost shall undertake such work on the Property as it deems in its own best interest and shall act as the operator ("**Operator**") of the Property during the Option Period. As Operator, the Optionee shall be responsible in its sole discretion for carrying out and administering exploration, development and mining work on the Property and all activities related thereto (collectively the "**Work**"). As Operator, the Optionee and its directors, officers, employees, agents and independent contractors shall have the immediate, non-exclusive and unfettered right to enter upon, explore, develop and mine the Optioned Interest from and on the Property and to have quiet and non-exclusive possession of the Property with sole power and authority to the Optionee and its directors, officers, employees, agents and independent contractors to sample, extract, diamond drill, prospect, explore, develop and mine the Pegmatite Dykes in such manner as the Optionee in its sole discretion may determine, including without limitation, the right to erect, bring, and install on the Property all buildings, plant, machinery, equipment and supplies as the Optionee shall deem necessary and proper and, subject to the NSR reserved to the Optionor, to remove therefrom reasonable quantities of ores, minerals or metals for assay and testing purposes. The Optionee agrees to indemnify and save harmless the Optionor from any liability that may arise from any Work or other activity carried out by the Optionee or at is direction on the Property.

4.07 This Agreement represents an option only, and except as herein specifically provided otherwise, nothing herein contained shall be construed as obligating the Optionee to do any acts or make any payments to the Optionor hereunder, and any act or acts or payment or payments as shall be made hereunder shall not be construed as obligating the Optionee to do any further act or make any further payment or payments. This Agreement does not create and is not intended to create a legal relationship between the Optionee and the Optionor of agency, partnership, co-venture, joint venture or make either party liable for the debts and obligations of the other.

4.08 The Optionor acknowledges and agrees that each issuance of Shares contemplated in subparagraph 4.02(a) will be issued pursuant to an exemption from the prospectus requirements of applicable securities legislation and subject to a statutory hold period of four months and a day from the date of issue (the "**Mandatory Hold Period**") and the Optionor hereby consents to the Optionee legending the certificates representing the Shares to reflect the Mandatory Hold Period.

5. <u>TRANSFER OF PROPERTY</u> 

5.01 Upon the exercise by the Optionee of the First Option, the Optionor at the Optionee's request shall cause to be delivered to the Optionee duly executed registerable transfers or evidence of ownership in favour of the Optionee of the Optioned Interest in the Property acquired by the Optionee, all as provided for herein.

5.02 The Optionee shall be entitled to record all transfers or indicia of interest provided for in paragraph 5.01 hereof with the appropriate governmental office at its own cost and expense in order to affect the transfer into its name of whatever interest(s) in the Property has been acquired by it. All recordings by the Optionee shall at all times clearly indicate the NSR interest of the Optionor.

5.03 Upon transfer of the Optioned Interest to the Optionee, the Optionor and Optionee covenant and agree to negotiate in good faith to enter into an agreement governing their respective rights and obligations pertaining to their respective use of the Property with respect to the ongoing exploration and, if warranted, development of the Property by the Optionor and of the Optioned Interest by the Optionee.

6. <u>OBLIGATIONS OF THE PARTIES DURING THE FIRST OPTION PERIOD</u> 

6.01 The Optionee hereby covenants and agrees that for so long as the First Option remains in effect and it is acting as the Operator it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain the Property in good standing by the doing and filing of applicable assessment work or
the making of payments in lieu thereof, by the payment of taxes and rentals and the performance of all other actions which may
be necessary in that regard and in order to keep the Property free and clear of all liens and other charges except those at the
time contested in good faith by the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file all applicable assessment work carried out in respect of the Property to the allowable extent
required and permitted under all applicable mining legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct all Work on or with respect to the Property in a careful and miner-like manner and in accordance
with all Applicable Laws of any Governmental Authority and indemnify and save the Optionor harmless from any and all claims, suits
or actions made or brought against it as a result of Work done by the Optionee on or with respect to the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pay all of the Optionee's accounts in respect of the Property and the Work in connection
therewith as they fall due and keep the Property free and clear of any encumbrances arising out of the Work or the Optionee's
activities including, without limiting, liens arising under the *Builders' Liens Act* (Manitoba).

6.02 Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the Optionee will not be responsible for rectifying any environmental damage sustained on the Property prior to the date hereof or by the Optionor or any other person (other than the Optionee) after the Effective Date and that the Optionor will indemnify and hold the Optionee harmless from and against any claims as a result of environmental damage on the Property where such damage was created prior to the Effective Date or by the Optionor or any other person (other than the Optionee) after the Effective Date.

6.03 Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the Optionee will indemnify and hold the Optionor harmless from and against any claims as a result of environmental damage on the Property where such damage was created after the Effective Date and as a direct result of the Optionee's activities on the Property.

7. <u>OBLIGATION OF THE PARTIES PERTAINING TO RELEASE OF INFORMATION</u> 

7.01 The parties shall in good faith use their best efforts to timely and fully disclose and make available to the other party all information resulting from such party's Work or other mining activities on or about the Property including, but not limited to, information as it pertains to the interest of the other party retained or optioned in the Property. For further clarification the parties confirm that they are obliged to act in utmost good faith as it pertains to the results of their activities on or about the Property and to disclose to the other party all information in its possession or under its control as it directly or indirectly pertains to the Property and the Optioned Interest from time to time. For the purposes of this paragraph 7.01 information shall include all geotechnical (including mineralogical) information in both electronic and non-electronic form, all logs of and the actual core recovered in drilling for minerals on the Property and copies of all interpretive reports pertaining to the information.

8. <u>TERMINATION</u> 

8.01 This Agreement shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the First Option Deadline, by the Optionee giving notice of termination to
the Optionor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to paragraph 8.02, in the event the First Option is not exercised by the First Option Deadline
from time to time.

8.02 Notwithstanding any other provision of this Agreement, if at any time during the term of the First Option, the Optionee fails to advance to the Optionor any cash payment or shares required under sub-paragraph 4.02(a) hereof, or is in breach of any covenant, representation or warranty contained herein, the Optionor may terminate this Agreement, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall have first given to the Optionee a notice of default containing particulars of the payment
not advanced or shares not issued, or the covenant, representation or warranty breached; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Optionee has not, within twenty-two (22) days following delivery of such notice of default,
cured such default.

8.03 Should the Optionee fail to comply with the provisions of sub-paragraph 8.02(b) hereof, the Optionor, without any further notice, may thereafter terminate this Agreement, and the provisions of paragraph 8.06 hereof shall then apply.

8.04 Notwithstanding any other provision of this Agreement and provided that the Optionee has exercised the First Option, if Optionee has not advanced the Second Option Payment to the Optionor prior to the commencement of Commercial Production (the "**Commencement Date**"), the Second Option shall automatically lapse and be or no further force or effect as of the first Business Day immediately following the Commencement Date.

8.05 The Optionee shall vacate the Property within a reasonable time after termination, but shall have the right of access to the Property for three (3) months following termination for the purpose of removing its buildings, plant, equipment, machinery, tools, appliances and supplies from the Property. All buildings, plant, equipment, machinery, tools, appliances or supplies on the Property beyond this three (3) month period after termination at the absolute discretion of the Optionor shall become the property of the Optionor free and clear of any claim or encumbrance by or through the Optionee.

8.06 If this Agreement terminates prior to a First Option Deadline at a time when the Optionee is acting as Operator, the Optionee shall forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that all filings for assessment credit have been made in respect of all Work to the maximum
extent permitted, or all payments of money in lieu thereof have been made to maintain the Property in good standing for at least
120 days from the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that the Optionor is provided with copies of all geotechnical information, including, without
limiting, plans, assay maps, diamond drill records, diamond drill core and all other data information in all formats including
without limiting, electronic records pertaining to the Property and relating to the work or activities of the Optionee on the Property
which had theretofore not been delivered to the Optionor.

9. <u>TRANSFER OF INTERESTS</u> 

9.01 The Optionee may at any time sell, transfer or otherwise dispose of all or any part of its interest in and to the Optioned Interest and this Agreement to a bona fide transferee ("Transferee"), provided that it shall have first delivered to the Optionor its agreement related to this Agreement and to the Property, containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a covenant by the Transferee to jointly and severally perform all the obligations of the Optionee
to be performed under this Agreement in respect of the interest to be acquired by it from the Optionee to the same extent as if
this Agreement had been originally executed by the Optionee and the Transferee as joint and several obligors making joint and several
covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of Section 4.03 hereof, an undertaking and covenant by the Transferee
to issue shares of the Transferee Valued proportionate to its interest acquired from the Optionee under the First Option on the
next and further ensuing dates for cash payment and issuance of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a provision subjecting any further sale, transfer or other disposition of such interest or any
portion thereof in and to the Property and this Agreement to the restrictions contained in sub-paragraph 9.01(a) hereof

9.02 Upon the transfer by the Optionee of all and not less than all of the interest held by it pursuant to this Agreement and in the Optioned Interest, the Optionee shall be deemed to be, upon the date of such assignment or transfer, discharged from all obligations hereunder or other fulfilment of contractual commitments save and except the Optionee shall not be discharged from any environmental liabilities, occurring from and after the Effective Date arising out of any Work carried out on the Property by the Optionee and all indemnities in respect thereof shall survive notwithstanding the assignment or transfer of the Optionee's interest hereunder.

10. <u>FORCE MAJEURE</u> 

10.01 If the Optionee is at any time during the term of this Agreement either prevented or delayed in complying with any provisions of this Agreement by reason of strikes, labour shortages, power shortages, fuel shortages, fires, wars, acts of God, governmental regulations restricting normal operations, shipping delays or any other reason or reasons (other than lack of funds) beyond the control of the Optionee, the time limited for the performance by the Optionee of its obligations hereunder shall be extended by a period of time equal in length to the period of each such prevention or delay.

10.02 The Optionee shall give prompt notice to the Optionor of each event of force majeure under paragraph 10.01 hereof and upon cessation of such event shall furnish the Optionor with notice to that effect together with particulars of the number of days by which the obligations of the Optionee hereunder have been extended by virtue of such event of force majeure and all preceding events of force majeure.

11. <u>CONFIDENTIAL INFORMATION</u> 

11.01 Except as otherwise provided in this paragraph, both parties shall treat all data, reports, records and other information relating to this Agreement, the Property and the Optioned Interest as strictly confidential. The text of any news release or other public statements, other than those required by law or regulatory bodies or stock exchanges, which a party desires to make shall be sent to the other party for its comments prior to publication and shall not include references to the other party unless such party has given its prior consent to such inclusion, such consent not to be unreasonably withheld or delayed. The text of any disclosure which a party is required to make by law, by regulatory bodies or stock exchanges shall be sent to the other party at least 48 hours prior to its release or filing in order that the other party may have the opportunity to comment thereon. For all public disclosure, whether required to be made or not, any reasonable changes requested by the non-disclosing party shall be incorporated into the disclosure document.

12. <u>NOTICES AND PAYMENT</u> 

12.01 Any notice, demand, payment or other communication under this Agreement will be given in writing and must be delivered or sent by email or telecopier and addressed to the party to which it is being given at the following addresses:

(a) if to the Optionor:

Strider Resources Limited<br> 208 Lakeside Ave,<br> Cranberry Portage Manitoba, ROB OHO

**<u>Attention: D.V. Ziehlke</u>**<br> Email: <u>dziehlke@mymts.net</u>

With copy to (which shall not constitute notice):

Pullan Kammerloch Frohlinger<br> 300-240 Kennedy Street,<br> Winnipeg, Manitoba R3C 1T1

Attention: T.G. Frohlinger<br> Fax: 204 947 3747<br> Email: tfrohlinger@pkflawyers.com

(b) if to the Optionee:

Far Resources Ltd.<br> 201-2691 Viscount Way<br> Richmond, BC V6V 2R5

**<u>Attention: Keith C. Anderson</u>**<br> Fax: 778-372-1790<br> Email: <u>keithanderson43@gmail.com</u><br> With a copy to (which shall not constitute notice)<br> Email: 1p@corpsec.ca

12.02 If notice, demand, payment or other communication is delivered, or sent by telecopier or email, it will be deemed to have been received, if delivered by hand, on the date of delivery, if telecopied to the numbers set out above, on the business day next following the date of transmission if the machine on which it is sent receives the answer back code of the party to whom it is sent, or if emailed to the addresses set out above, on the business day next following the date of transmission provided that the sender of the email receives back confirmation of receipt of such email from the recipient thereof. Any party may change its address, telecopier number or email address for the purposes of receiving notices, demands, payments or other communications under this Agreement by giving notice to the other party of such change in accordance with the provisions of this paragraph 12.02.

13. <u>CURRENCY</u> 

13.01 All references to monies hereunder will be in lawful currency of Canada.

14. <u>FURTHER ASSURANCES</u> 

14.01 Each of the parties hereto agrees to do and/or execute all such further and other acts, deeds, things, devices, documents and assurances as may be required in order to carry out the true intent and meaning of this Agreement, including the registration thereof against any of the mineral property interests comprising the Property at the request of any party.

15. <u>TIME OF THE ESSENCE</u> 

15.01 Time shall be of the essence of this Agreement.

16. <u>COSTS</u> 

16.01 Each of the parties hereto will be responsible for paying its own costs relating to the preparation and execution of this Agreement and for the purposes of interpretation neither party shall be deemed to have prepared this Agreement.

17. <u>ENTIRE AGREEMENT</u> 

17.01 The parties hereto agree that the terms and conditions of this Agreement shall supersede and replace any other agreements or arrangements, whether oral or written, heretofore existing among the parties in respect of the subject matter of this Agreement.

18. <u>COUNTERPARTS</u> 

18.01 This Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Agreement or such other writing, as the case may be, taken together, will be deemed to be one and the same instrument. The execution of this Agreement or any other writing by any party hereto will not become effective until all counterparts hereof have been executed by all the parties hereto.

19. <u>EXECUTION BY EMAIL OR FACSIMILE</u> 

19.01 Each of the parties hereto will be entitled to rely upon delivery by email or facsimile of executed copies of this Agreement and any certificates or other writings delivered in connection herewith, and such email or facsimile copies will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions of this Agreement.

20. <u>TITLES</u> 

20.01 The titles to the respective paragraphs hereof shall not be deemed to form part of this Agreement but shall be regarded as having been used for convenience only.

21. <u>GOVERNING LAW</u> 

21.01 This Agreement shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein and each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts Manitoba and all courts competent to hear appeals therefrom.

22. <u>ENUREMENT</u> 

22.01 This Agreement shall enure to the benefit of and be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be.

**Balance of this page left intentionally blank.**

**IN WITNESS WHEREOF** this Agreement has been executed as of the day and year first above written.

**SIGNED and DELIVERED by**<br> **STRIDER RESOURCES LIMITED**<br> in the presence of:

Authorized Signatory

**SIGNED and DELIVERED by**<br> **FAR RESOURCES LTD.**<br> in the presence of:

Authorized Signatory

**SCHEDULE "A" TO THE AGREEMENT MADE AND DATED FOR REFERENCE THE 20th DAY OF SEPTEMBER, 2017 BETWEEN STRIDER RESOURCES LIMITED AND FAR RESOURCES LTD.**

<br> The following is a description of the properties within which the Optionee has been granted the First Option to acquire an undivided one-hundred percent (100%) Optioned Interest, all of which properties are located in the Province of Manitoba:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;NTS: 63-J13 | &nbsp;&nbsp;NTS: 63-J13 | &nbsp;&nbsp;NTS: 63-J13 | &nbsp;&nbsp;NTS: 63-J13 |
| &nbsp;&nbsp;**CLAIM NAME** | &nbsp;&nbsp;**CLAIM #** | &nbsp;&nbsp;**AREA IN HA** | &nbsp;&nbsp;**EXPIRY DATE** |
| &nbsp;&nbsp;JAKE 9 | &nbsp;&nbsp;P3031F | &nbsp;&nbsp;256 | &nbsp;&nbsp;May 26, 2030 |
| &nbsp;&nbsp;JAKE 1054 | &nbsp;&nbsp;MB1054 | &nbsp;&nbsp;240 | &nbsp;&nbsp;July 16, 2030 |
| &nbsp;&nbsp;JAKE 2655 | &nbsp;&nbsp;MB2655 | &nbsp;&nbsp;255 | &nbsp;&nbsp;" |
| &nbsp;&nbsp;JAKE 3557 | &nbsp;&nbsp;MB3557 | &nbsp;&nbsp;256 | &nbsp;&nbsp;Sept. 1, 2030 |
| &nbsp;&nbsp;JAKE 54199 | &nbsp;&nbsp;W54199 | &nbsp;&nbsp;131 | &nbsp;&nbsp;Jan. 7, 2030 |
| &nbsp;&nbsp;JAKE 10 | &nbsp;&nbsp;P3032F | &nbsp;&nbsp;173 | &nbsp;&nbsp;Apr. 28, 2030 |
| &nbsp;&nbsp;JAKE 2412 | &nbsp;&nbsp;MB2412 | &nbsp;&nbsp;256 | &nbsp;&nbsp;July 16, 2030 |
| &nbsp;&nbsp;JAKE 2413 | &nbsp;&nbsp;MB2413 | &nbsp;&nbsp;196 | &nbsp;&nbsp;" |
| &nbsp;&nbsp;JAKE 54745 | &nbsp;&nbsp;W54745 | &nbsp;&nbsp;245 | &nbsp;&nbsp;July 8, 2030 |
| &nbsp;&nbsp;CRO 5734 | &nbsp;&nbsp;MB5734 | &nbsp;&nbsp;192 | &nbsp;&nbsp;Apr. 12, 2030 |
| **<u>TOTAL OF 10 CLAIMS = 2200 HA</u>** | **<u>TOTAL OF 10 CLAIMS = 2200 HA</u>** | **<u>TOTAL OF 10 CLAIMS = 2200 HA</u>** | **<u>TOTAL OF 10 CLAIMS = 2200 HA</u>** |

---

**SCHEDULE "B" TO THE AGREEMENT MADE AND DATED FOR REFERENCE THE 20th DAY OF SEPTEMBER, 2017 BETWEEN STRIDER RESOURCES LIMITED AND FAR RESOURCES LTD.**

<br> ------

"**Net Smelter Return**" shall mean the aggregate proceeds actually received by the Optionee from time to time from any arms length smelter or other arms length purchaser from the sale of any ores, concentrates, metals or any other material of commercial value produced by and from the Optioned Interest on the Property, deducting therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the product is treated by an arm's length party at a smelter, refinery or mint, all expenses,
relating thereto, including all costs and charges for the treatment, tolling, smelting, refining or minting of such products and
all costs associated therewith such as transporting, insuring, handling, weighing, sampling, assaying and marketing, as well as
all penalties, representation charges, referee's fees and expenses, import taxes and export taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the product is treated at a smelter, refiner or mint owned, operated or controlled by the Optionee
or an affiliate thereof, all charges, costs and expenses referred to in sub-paragraph (a) above, such charges, costs and expenses
to be equivalent to the prevailing rates charged by similar smelters, refineries or mints as the case may be, in arm's length
transactions for the treatment of like quantities and quality of product.

The Optionee shall reserve and pay to the Optionor a Net Smelter Return Royalty equal to two (2%) percent of Net Smelter Return ("**NSR**").

Payment of NSR from the Optionee to the Optionor hereunder shall be made quarterly within thirty (30) days after the end of each fiscal quarter of the Optionee during which the Optionee receives Net Smelter Returns. Within one hundred and twenty (120) days after the end of each fiscal year of the Optionee for which the NSR is payable to the Optionor, the records relating to the calculation of NSR for such year shall be audited by the Optionee and any adjustments in the payment of NSR to the Optionor shall be made forthwith after completion of the audit. All payments of NSR to the Optionor for a fiscal year shall be deemed final and in full satisfaction of all obligations of the Optionee in respect thereof if such payments or the calculations thereof are not disputed by the Optionor within sixty (60) days after receipt by the Optionor of the same audited statement. The Optionee shall maintain accurate records relevant to the determination of NSR and the Optionor, or its authorized agent, shall, subject to the immediately preceding sentence, be permitted the right to examine, upon reasonable notice to the Optionee, such records during regular business hours at the Optionee's head office or primary place of business.

## Exhibit 10.10

**Exhibit 10.10**

**Execution Version**

**<u>OPTION AGREEMENT</u>**

THIS AGREEMENT is made as of and effective the 28th day of February, 2018 (the "**Effective Date**")

**BETWEEN**:

**<u>92 RESOURCES CORP.</u>**, a company incorporated under the laws of British Columbia having an office at #1400 – 1111 West Georgia Street, Vancouver, B.C. V6C 4M2

(the "**Optionor**")

OF THE FIRST PART

**AND**:

**<u>FAR RESOURCES LTD.</u>**, a company incorporated under the laws of British Columbia and having an office at #201 – 2691 Viscount Way, Richmond, B.C. V6V 2R5

(the "**Optionee**")

OF THE SECOND PART

**WHEREAS**:

A. The
 Optionor is the legal and beneficial owner of an undivided 100% interest in and to a
 total of five (5) contiguous mineral exploration claims totaling approximately 1,659
 hectares located in the Northwest Territories, Canada as more particularly described
 in Schedule "A" hereto (collectively the "**Claims** ");

B. By
 binding letter agreement dated January 22, 2018 (the "**LOI**") between
 the Optionor and the Optionee, the Optionor granted the Optionee the sole and exclusive
 right and option to acquire up to an undivided 90% interest in and to Claims and all
 rights and benefits appurtenant thereto owned or controlled by the Optionor including
 where applicable, but not limited to, surface rights, land use permits, leases, rights
 of way, water rights and Technical Data (as hereinafter defined), if any and to the extent
 such rights and benefits are transferable (collectively the "**Assets** ");
 and

C. Pursuant
 to the terms and conditions of the LOI, the Optionor and the Optionee have agreed to
 enter into this Agreement in place and stead of the LOI to govern the rights and obligations
 of the parties with respect to the Claims and the Assets (collectively the "**Hidden Lake Property** ").

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the sum of $10.00 now paid by the Optionee to the Optionor (the receipt and sufficiency of which is hereby acknowledged), the Parties agree as follows:

1. <u>DEFINITIONS</u> 

1.1 For
 the purposes of this Agreement the following words and phrases shall have the following
 meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Applicable
 Law" means any and all federal, provincial, territorial or municipal laws, statutes,
 regulations, by-laws, ordinances, rules, guidelines, policies, notices, orders and directions,
 or other requirements of any Governmental Authority having jurisdiction over the Parties
 or the Hidden Lake Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Assets"
 has the meaning ascribed to such term in recital B of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Business
 Day" means any day of the year, other than a Saturday, Sunday or any day on which
 Canadian chartered banks are closed for business in Vancouver, British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Claims"
 has the meaning ascribed to such term in recital A of this Agreement including any replacement
 or successor claims, and all mining leases, licenses and other mining interests derived
 from any such claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "DGRM"
 means DG Resource Management Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "DGRM
 Royalty" means the two percent (2%) net smelter returns royalty over the Claims
 in favour of DGRM, of which one-half of the DGRM Royalty or 1% net smelter returns can
 be purchased from DGRM for $2,000,000 cash on or before September 20, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Encumbrances"
 means liens, security interests, royalties, charges, mortgages, pledges, encumbrances,
 adverse claims or challenges of any nature or kind whatsoever, whether written or oral,
 or direct or indirect, but does not include rights of way or similar rights granted to
 a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Environment
 Laws" means all Applicable Laws currently in effect relating to pollution or protection
 of the environment, health, safety or natural resources, including, without limitation,
 the use, consumption, handling, transportation, storage or Release of Hazardous Substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Environmental
 Order" means any prosecution, order, decision, notice, direction, report, recommendation
 or request to take action issued, rendered or made by any Governmental Authority in connection
 with Environmental Laws or environmental orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "CSE"
 means the Canadian Securities Exchange or such other stock exchange or exchanges on which
 the Optionee's shares may become listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Exploration
 Expenditures" includes all costs, expenses and charges, direct or indirect, of
 or incidental to every kind of work done on or in respect of the Hidden Lake Property
 during the Option Period by or under the direction of the Optionee including, but not
 limited to, work of assessment, geophysical, geochemical and geological surveys, studies
 and mapping, investigating, drilling, designing, examining, assaying, prospecting, equipping,
 improving, surveying, searching for, digging, trucking, sampling, trenching, working
 and procuring minerals, ores and metals, surveying, reclaiming and all other work usually
 considered to be prospecting, exploration, development, mining and/or reclamation work
 including those of a capital nature and all fees, taxes, rentals, payments and other
 governmental charges required to maintain the Hidden Lake Property in good standing,
 provided that Exploration Expenditures does not include management, administrative or
 overhead costs of the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Governmental
 Authority" means any government or governmental, administrative, regulatory or
 judicial body, department, commission, authority, tribunal, agency or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Hazardous
 Substance" means any substance, combination of substances or by-product of any
 substance which is or may become hazardous, toxic, injurious or dangerous to any person,
 property, air, land, water, flora, fauna or wildlife; and includes but is not limited
 to contaminants, pollutants, wastes and dangerous, toxic, deleterious or designated substances
 as defined in or pursuant to any Environmental Laws or Environmental Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Hidden
 Lake Property" has the meaning ascribed to such term in recital C of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "First
 Instalment" means the first instalment of the Option as defined in subsection 2.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Fourth
 Instalment" means the fourth instalment of the Option as defined in subsection
 2.2(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Instalments"
 means collectively the First Instalment, Second Instalment, Third Instalment and Fourth
 Instalment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Instalment
 Shares" has the meaning ascribed to such term in section 5.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Joint
 Venture" has the meaning ascribed to such term in section 4.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Joint
 Venture Agreement" has the meaning ascribed to such term in section 4.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Option"
 has the meaning ascribed to such term in section 2.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Option
 Period" has the meaning ascribed to such term in section 6.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "Parties"
 means, collectively, the Optionor and the Optionee and any other Person who may become
 a party to this Agreement and "Party" shall mean any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Person"
 includes an individual, partnership, limited partnership, limited liability partnership,
 corporation, limited liability company, unlimited liability company, joint stock company,
 trust, unincorporated association, joint venture or other entity or Governmental Authority,
 and pronouns have a similarly extended meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "Release"
 includes abandon, add, deposit, discharge, disperse, dispose, dump, emit, empty, escape,
 leach, leak, migrate, pour, pump, release or spill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "Second
 Instalment" means the second instalment of the Option as defined in subsection
 2.2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "Shares"
 means common shares in the capital stock of the Optionee as presently constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "Technical
 Data" has the meaning ascribed to such term in section 9.1 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "Third
 Instalment" means the third instalment of the Option as defined in subsection 2.2(c).

1.2 In
 this Agreement, other words and phrases that are capitalized have the meanings ascribed
 in this Agreement.

1.3 In
 this Agreement, words importing gender will include all genders, words importing the
 singular number only will include the plural and vice versa, and any reference to any
 statute will be deemed to extend to and include any amendment or re-enactment of such
 statute.

1.4 The
 division of this Agreement into sections, subsections and other subdivisions and the
 insertion of headings are for convenience of reference only and will not affect or be
 utilised in the construction or interpretation of this Agreement.

1.5 All
 references in this Agreement to dollars, unless otherwise specifically indicated, are
 expressed in Canadian dollars.

1.6 Any
 section, subsection or other subdivision of this Agreement and any other provision of
 this Agreement which is, or becomes, illegal, invalid or unenforceable will be severed
 from this Agreement and be ineffective to the extent of such illegality, invalidity or
 unenforceability and will not affect or impair the spirit or intent of the remaining
 provisions hereof.

1.7 The
 following schedules are incorporated by reference into this Agreement:

Schedule "A" - Description of Claims<br> Schedule "B" - Material Joint Venture Terms

2. <u>GRANT OF OPTION</u> 

2.1 The
 Optionor hereby irrevocably grants to the Optionee the sole and exclusive right and option
 to acquire up to an undivided 90% interest in and to the Hidden Lake Property (the "**Option** ")
 free and clear of all Encumbrances whatsoever, save and except for the DGRM Royalty.

2.2 The
 Option shall be exercisable by the Optionee in Instalments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Optionee shall be entitled to acquire an initial 60% undivided interest in and to the
 Hidden Lake Property (the "**First Instalment**") by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) concurrent
 with the execution of this Agreement, paying $50,000 cash to or to the order of the Optionor
 (the receipt of which is hereby acknowledged by the Optionor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) concurrent
 with the execution of this Agreement, issuing to the Optionor such number of Shares in
 the capital stock of the Optionee (the "**First Instalment Shares** ")
 having an aggregate fair market value equal to $500,000 at an issue price per First Instalment
 Share of $0.90 (the receipt of which is hereby acknowledged by the Optionor); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) incurring
 $500,000 in Exploration Expenditures on or in respect of the Hidden Lake Property on
 or before the first anniversary of the Effective Date (the "**First Anniversary Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided
 that the Optionee has exercised the First Instalment and acquired an initial 60% undivided
 interest in and to the Hidden Lake Property pursuant to subsection 2.2(a) above, the
 Optionee shall be entitled to acquire an additional 10% undivided interest (70% interest
 in total) in and to the Hidden Lake Property (the "**Second Instalment** ")
 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuing
 to the Optionor within 10 Business Days following the First Anniversary Date such additional
 number of Shares in the capital stock of the Optionee (the "**Second Instalment Shares**") having a then aggregate fair market value equal to $250,000 based
 on an issue price per Second Instalment Share equal to the lesser of (A) the average
 closing price of the Optionee's Shares on the CSE for the 20 trading days immediately
 preceding the date of issuance of the Second Instalment Shares, and (B) $1.50 per
 Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurring
 an additional $500,000 in Exploration Expenditures on or in respect of the Hidden Lake
 Property on or before the second anniversary of the Effective Date (the "**Second Anniversary Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provided
 that the Optionee has exercised the First Instalment and Second Instalment and acquired
 a 70% undivided interest in and to the Hidden Lake Property pursuant to subsections 2.2(a)
 and (b) above, the Optionee shall be entitled to acquire an additional 10% undivided
 interest (80% in total) in and to the Hidden Lake Property (the "**Third Instalment** ")
 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuing
 to the Optionor within 10 Business Days following the Second Anniversary Date such additional
 number of Shares in the capital stock of the Optionee (the "**Third Instalment Shares**") having a then aggregate fair market value equal to $300,000 based
 on an issue price per Third Instalment Share equal to the lesser of (A) the average
 closing price of the Optionee's Shares on the CSE for the 20 trading days immediately
 preceding the date of issuance of the Third Instalment Shares and (B) $1.50 per
 Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurring
 an additional $600,000 in Exploration Expenditures on or in respect of the Hidden Lake
 Property on or before the third anniversary of the Effective Date (the "**Third Anniversary Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provided
 that the Optionee has exercised the First Instalment, Second Instalment and Third Instalment
 and acquired a 80% undivided interest in and to the Hidden Lake Property pursuant to
 subsections 2.2(a), (b) and (c) above, the Optionee shall be entitled to acquire
 an additional 10% undivided interest (90% in total) in and to the Hidden Lake Property
 (the "**Fourth Instalment**") by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuing
 to the Optionor within 10 Business Days following the Third Anniversary Date such additional
 number of Shares in the capital stock of the Optionee (the "**Fourth Instalment Shares**") having a then aggregate fair market value equal to $400,000 based
 on an issue price per Fourth Instalment Share equal to the lesser of (A) the average
 closing price of the Optionee's Shares on the CSE for the 20 trading days immediately
 preceding the date of issuance of the Fourth Instalment Shares, and (B) $1.50 per
 Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurring
 an additional $700,000 in Exploration Expenditures on or in respect of the Hidden Lake
 Property on or before the fourth anniversary of the Effective Date (the "**Fourth Anniversary Date** ").

2.3 In
 the event that the Optionee spends less than the specified Exploration Expenditures in
 any year of the Option, the Optionee may pay to the Optionor the difference between the
 amount it actually spent and the specified sum within 30 days following the expiry
 of such year in full satisfaction of the Exploration Expenditures to be incurred in such
 year. On the other hand, if the Optionee spends more than the required Exploration Expenditures
 in any year of the Option, the excess shall be carried forward and applied to the Exploration
 Expenditures to be incurred in the following years.

2.4 The
 Optionee may, in its sole discretion, accelerate the exercise of the Second Instalment,
 Third Instalment and/or Fourth Instalment of the Option by issuing the applicable Instalment
 Shares and incurring the requisite Exploration Expenditures set out in subsections 2.2(b),
 (c) and (d), respectively, prior to the respective due dates thereof.

2.5 This
 Agreement represents the granting of an option only, and except as herein specifically
 provided otherwise, nothing herein contained shall be construed as obligating the Optionee,
 to do any acts or make, issue or fund any payments, Shares or expenditures hereunder,
 and any act or acts, payment or payments or issuance or issuances as shall be made hereunder
 shall not be construed as an obligation of the Optionee to do or perform any further
 work or make any further payments or issuances. For greater certainty, the Optionee may
 terminate the Option at any time.

3. <u>EXERCISE OF OPTION</u> 

3.1 If
 the Optionee exercises the First Instalment of the Option by paying the sum of $50,000
 cash and issuing a total of $500,000 in First Instalment Shares to the Optionor and incurring
 $500,000 in Exploration Expenditures on the Hidden Lake Property as set out in subsection
 2.2(a), a 60% undivided right, title and interest in and to the Hidden Lake Property
 shall automatically vest in the Optionee free and clear of all Encumbrances, save and
 except for the DGRM Royalty, and the Optionor shall forthwith following the exercise
 of the First Instalment execute and deliver to the Optionee such transfers, instruments,
 assignments and other documents, in registrable form, as shall be effective to transfer
 and convey such interest in and to the Hidden Lake Property to the Optionee, which the
 Optionee shall be entitled to register with all applicable government or regulatory offices.

3.2 If
 the Optionee exercises the Second Instalment by issuing the additional $250,000 in Second
 Instalment Shares to the Optionor and incurring $500,000 in additional Exploration Expenditures
 on the Hidden Lake Property as set out in subsection 2.2(b), an additional 10% (70% in
 total) undivided right, title and interest in and to the Hidden Lake Property shall automatically
 vest in the Optionee free and clear of all Encumbrances, save and except for the DGRM
 Royalty, and the Optionor shall forthwith following the exercise of the Second Instalment
 execute and deliver to the Optionee such transfers, instruments, assignments and other
 documents, in registrable form, as shall be effective to transfer and convey such additional
 interest in and to the Hidden Lake Property to the Optionee, which the Optionee shall
 be entitled to register with all applicable government or regulatory offices.

3.3 If
 the Optionee exercises the Third Instalment by issuing the additional $300,000 in Third
 Instalment Shares to the Optionor and incurring $600,000 in additional Exploration Expenditures
 on the Hidden Lake Property as set out in subsection 2.2(c), an additional 10% (80% in
 total) undivided right, title and interest in and to the Hidden Lake Property shall automatically
 vest in the Optionee free and clear of all Encumbrances, save and except for the DGRM
 Royalty, and the Optionor shall forthwith following the exercise of the Third Instalment
 execute and deliver to the Optionee such transfers, instruments, assignments and other
 documents, in registrable form, as shall be effective to transfer and convey such additional
 interest in and to the Hidden Lake Property to the Optionee, which the Optionee shall
 be entitled to register with all applicable government or regulatory offices.

3.4 If
 the Optionee exercises the Fourth Instalment by issuing the additional $400,000 in Fourth
 Instalment Shares to the Optionor and incurring $700,000 in additional Exploration Expenditures
 on the Hidden Lake Property as set out in subsection 2.2(d), an additional 10% (90% in
 total) undivided right, title and interest in and to the Hidden Lake Property shall automatically
 vest in the Optionee free and clear of all Encumbrances, save and except for the DGRM
 Royalty, and the Optionor shall forthwith following the exercise of the Fourth Instalment
 execute and deliver to the Optionee such transfers, instruments, assignments and other
 documents, in registrable form, as shall be effective to transfer and convey such interest
 in and to the Hidden Lake Property to the Optionee, which the Optionee shall be entitled
 to register with all applicable government or regulatory offices.

4. <u>JOINT VENTURE</u> 

4.1 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 First Instalment is exercised pursuant to subsection 2.2(a) but not the Second Instalment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 First Instalment and Second Instalment are exercised pursuant to subsections 2.2(a)
 and (b) but not the Third Instalment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 First Instalment, Second Instalment and Third Instalment are exercised pursuant to subsections 2.2(a),
 (b) and (c) but not the Fourth Instalment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 First Instalment, Second Instalment, Third Instalment and Fourth Instalment are exercised
 pursuant to subsections 2.2(a), (b), (c) and (d),

a joint venture (the "**Joint Venture**") for the further exploration, development and mining of the Hidden Lake Property will thereafter be immediately constituted and the Optionor and the Optionee shall forthwith negotiate in good faith and execute a customary form of joint venture agreement (the "**Joint Venture Agreement**") governing the terms and conditions of the Joint Venture which shall include the material terms and conditions set out in Schedule "B" attached hereto.

5. <u>INSTALMENT SHARES</u> 

5.1 The
 Optionor acknowledges and agrees that the issuance of the First Instalment Shares, the
 Second Instalment Shares, the Third Instalment Shares and the Fourth Instalment Shares
 (collectively the "**Instalment Shares**") contemplated in subsections 2.2(a)(ii),
 2.2(b)(i), 2.2(c)(i) and 2.2(d)(i), respectively, will be issued pursuant to an exemption
 from the prospectus requirements of applicable securities legislation and subject to
 a statutory hold period of four months and a day from the date of issue and that the
 certificates representing the Instalment Shares will be legended to reflect such hold
 period.

5.2 If
 between the date of the LOI and the issuance of the First Instalment Shares, the Optionee
 issues or declares a record date for a cash or share dividend, or through a plan of arrangement
 or otherwise issues or declares a record date for issuance of shares in its capital or
 in the capital of another corporation to its shareholders (the "**Dividend** "),
 upon issuance of the First Instalment Shares, the Optionee shall also issue the Dividend
 to the Optionor as if the Optionor were a shareholder of the Optionee as at the record
 date set for the Dividend, holding the number of Optionee shares as equals the First
 Instalment Shares.

5.3 The
 Optionor further acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 securities commission or similar regulatory authority has reviewed or passed on the merits
 of the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 is no government or other insurance covering the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 are risks associated with the acquisition of the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 are restrictions on the Optionor's ability to resell the Instalment Shares and
 it is the responsibility of the Optionor to ascertain what those restrictions are and
 to comply with such restrictions before selling the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Optionee has advised the Optionor that it is relying on an exemption from the requirements
 of applicable securities legislation in Canada to provide the Optionor with a prospectus
 and as a consequence of acquiring the Instalment Shares pursuant to this exemption, certain
 protections, rights and remedies provided by such legislation, including statutory rights
 of rescission or damages in Canada, will not be available to the Optionor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 decision to accept the Instalment Shares hereunder has not been based upon any oral or
 written representation as to fact or otherwise (except as expressly set out herein) made
 by or on behalf of the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Optionor is solely responsible for its own due diligence investigation of the Optionee
 and its business and for its own analysis of the merits and risks of its investment in
 the Instalment Shares, has had the opportunity to obtain independent legal, income tax
 and investment advice with respect to the Instalment Shares and is able to bear the economic
 risk of loss of its entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Instalment Shares have not been registered under the United States *Securities Act of 1933*, as amended (the "**1933 Act**") or the securities or "blue
 sky" laws of any state in the United States and may not be offered or sold in the
 United States or to a U.S. Person (as such term is defined in Rule 902(o) of Regulation
 S promulgated under the 1933 Act, and includes (i) any natural person resident in
 the United States and (ii) any partnership or corporation organized or incorporated under
 the laws of the United States, among other persons specified in such Rule) unless registered
 under the 1933 Act and the securities laws of all applicable states of the United States
 or an exemption from such registration requirements is available, and the Optionee has
 no obligation or present intention of filing a registration statement under the 1933
 Act in respect of the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 may be material tax consequences to the Optionor resulting from the acquisition or disposition
 of the Instalment Shares and that the Optionee gives no opinion and makes no representation
 with respect to the tax consequences to the Optionor under Canadian federal, provincial,
 territorial, local or foreign tax law of the Optionor's acquisition or disposition
 of the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 constating documents of the Optionee contain no pre-emptive rights for the shareholders
 of the Optionee pursuant to which the shareholders must be offered the right to acquire
 shares of the Optionee in any future offering of shares of any class before such shares
 can be offered to others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) neither
 the Optionee nor any other Person has made any written or oral representations to the
 Optionor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 any Person will resell or repurchase the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 any Person will refund the consideration for the Instalment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as
 to the future price or value of the Instalment Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that
 the Instalment Shares will be listed and posted for trading on a stock exchange or that
 application has been made to list and post the Instalment Shares for trading on any stock
 exchange, save and except for the CSE.

6. <u>RIGHT OF ENTRY</u> 

6.1 Throughout
 the term of the Option (the "**Option Period** "), the Optionee and its
 directors, officers, employees, servants, agents and independent contractors, shall,
 subject to Applicable Law, have the unfettered right in respect of the Hidden Lake Property
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter
 thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 quiet possession thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) do
 such prospecting, exploration, development and other mining work thereon and thereunder
 as the Optionee in its sole discretion may determine advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) bring
 upon and erect upon the Property such buildings, plant, machinery and equipment as the
 Optionee may deem advisable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) remove
 therefrom and dispose of reasonable quantities of ores, minerals and metals for the purposes
 of obtaining assays or making other tests.

6.2 During
 the Option Period, the Optionee shall permit the Optionor and its agents and representatives
 at their own risk and expense, reasonable access to the Hidden Lake Property and to all
 information obtained, results produced, samples, core and data collected and records,
 maps, sections and reports prepared by or on behalf of the Optionee in connection with
 any work done on or with respect to the Hidden Lake Property, provided that reasonable
 notice is given and that such access shall not unduly interfere with or disrupt the activities
 of the Optionee.

6.3 Nothing
 contained in this Agreement shall be construed as creating a partnership of any kind
 or as imposing on any party any partnership duty, obligation or liability to any other
 party.

7. <u>OBLIGATIONS OF THE OPTIONEE DURING OPTION PERIOD</u> 

7.1 During
 the Option Period, the Optionee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain
 the Claims comprising the Hidden Lake Property in good standing by the doing and filing
 of assessment work or the making of payments in lieu thereof, by the payment of taxes
 and rentals, and the performance of all other actions which may be necessary in that
 regard and in order to keep such mineral claims free and clear of all Encumbrances arising
 from the Optionee's activities thereon except those at the time contested in good
 faith by the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) record,
 at its discretion, such assessment work against the Hidden Lake Property as may be required
 from time to time to maintain the Hidden Lake Property in good standing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) do
 all work on the Hidden Lake Property in a competent and workmanlike fashion and in accordance
 with Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify
 and save the Optionor harmless from any and all costs, claims, liabilities and expenses
 arising out of the Optionee's activities on the Hidden Lake Property, but the Optionee
 shall incur no obligation hereunder in respect of claims arising or damages suffered
 after termination of this Agreement if upon termination of this Agreement any workings
 on or improvements to the Hidden Lake Property made by the Optionee are left in a safe
 condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deliver
 to the Optionor, upon request and subject to section 16.1, copies of all reports,
 maps, assay results and other technical data compiled by or prepared at the direction
 of the Optionee with respect to the Hidden Lake Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use
 its reasonable commercial efforts to maintain a listing for its common shares on a stock
 exchange or share trading system in Canada and/or the United States for a period of at
 least one year following the issuance of any Instalment Shares.

8. <u>REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONOR</u> 

8.1 The
 Optionor hereby represents and warrants to the Optionee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 "A" to this Agreement sets out a true, accurate and complete description
 of the Claims comprising the Hidden Lake Property and all such Claims are in full force
 and effect and in good standing as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Optionor is the legal and beneficial owner of the Hidden Lake Property free and clear
 of all Encumbrances of whatsoever nature or kind, save and except for the DGRM Royalty,
 and to the best of its information, knowledge and belief, after due inquiry, there is
 no adverse claim or challenge against or to the ownership of or title to any part of
 the Hidden Lake Property, and no party, other than the Optionor and DGRM has any right,
 title, claim or other interest in the Hidden Lake Property or any of the Claims comprised
 therein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 the best of its information, knowledge and belief, after due inquiry, the Claims comprising
 the Hidden Lake Property have been validly located, tagged, staked, filed and recorded
 in compliance with all applicable federal, territorial and local laws and regulations
 including, but not limited to, the laws of the Northwest Territories (collectively "**Applicable Mining Laws**") as they relate to the location and recording of such mineral
 claims and are valid and subsisting mineral claims in good standing as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Optionor has paid all taxes, fees, levies, assessments, rentals and other monies and
 performed all acts and things required to be paid and done under Applicable Mining Laws
 to maintain the Claims comprising the Hidden Lake Property in good standing until the
 dates set out opposite the respective Claim names in Schedule "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 activities and operations carried out on the Hidden Lake Property to date by the Optionor
 and, to the best of its information, knowledge and belief, after due inquiry, all activities
 and operations carried out on the Hidden Lake Property to date by others, have been and
 are in compliance in all material respects with all Applicable Mining Laws and directives
 of all Governmental Authorities having jurisdiction, and the Optionor has not received
 notice of non-compliance from any such authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 the best of its information, knowledge and belief, after due inquiry, the Hidden Lake
 Property is free and clear of any known or documented Hazardous Substance, or other adverse
 environmental conditions which may give rise to any environmental liability under any
 Environmental Laws and there is no judicial or administrative proceeding pending and
 no Environmental Order has been issued or, to the best of the Optionor's knowledge,
 information and belief, after due inquiry, threatened, concerning possible violation
 of any Environmental Laws or Environmental Orders in respect of the Hidden Lake Property
 and the Optionor has not received notice of non-compliance from any Governmental Authorities
 and is not aware of any circumstances that could give rise to a notice of non- compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 environmental approvals required with respect to activities carried out by the Optionor
 on any part of the Hidden Lake Property, have been obtained, are valid and in full force
 and effect, have been complied with and there have been and are no proceedings commenced
 or threatened to revoke or amend any such environmental approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) save
 and except for the DGRM Royalty, the Optionor has not entered into any arrangement or
 agreement and has not made any commitment in respect of the Hidden Lake Property or any
 part thereof and the Optionor is not subject to, nor a party to, any agreement, contract,
 order, judgment or decree, or any other restriction of any kind or character, which materially
 adversely affects the Hidden Lake Property or which would prevent the consummation of
 the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 is no litigation, proceeding or investigation pending or threatened, against or involving
 the Optionor or affecting the Hidden Lake Property before or by any court or Governmental
 Authority, which, if adversely determined, would prohibit or frustrate the transactions
 and covenants contemplated in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 granting of the Option by the Optionor to the Optionee does not and will not constitute
 a sale, lease or exchange of all or substantially all of the undertaking of the Optionor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Optionor is duly incorporated, validly subsisting and in good standing under the laws
 of its jurisdiction of incorporation and has full corporate power, capacity and authority
 to enter into and perform its obligations under this Agreement and any agreement or instrument
 referred to or contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 entering into this Agreement and the performance by the Optionor of its obligations hereunder
 have been duly authorized by all necessary corporate action and this Agreement constitutes
 a legal, valid and binding obligation of the Optionor enforceable against it in accordance
 with its terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) neither
 the execution and delivery of this Agreement, nor the performance of the transactions
 contemplated hereunder, conflict with, result in the breach of or accelerate the performance
 required by any agreement to which the Optionor is a party or bound and the Optionor
 has full right, power and authority to sell, assign and transfer all of its rights, title
 and interest in and to the Hidden Lake Property to the Optionee as contemplated herein
 without the prior consent or approval of any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) no
 proceedings are pending for, and it is unaware of any basis for the institution of any
 proceedings leading to, the dissolution or winding up of the Optionor or the placing
 of the Optionor in bankruptcy or subject to any other laws governing the affairs of insolvent
 corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 Optionor is not aware of any material facts or circumstances which have not been disclosed
 in this Agreement and which should be disclosed to the Optionee in order to prevent the
 representations and warranties set forth herein from being materially misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the
 Optionor is not a non-resident of Canada within the meaning of Section 116 of the *Income Tax Act* (Canada).

8.2 The
 representations and warranties contained in section 8.1 are provided for the exclusive
 benefit of the Optionee, and a breach of any one or more thereof may be waived by the
 Optionee in whole or in part at any time without prejudice to its rights in respect of
 any other breach of the same or any other representation or warranty, and the representations
 and warranties contained in section 8.1 shall survive the execution of this Agreement
 and of any transfers, assignments, deeds or further documents respecting the Property
 for a period of two years.

8.3 The
 Optionor covenants and agrees that it will indemnify and save the Optionee harmless from
 any and all costs, claims, liabilities and expenses arising out of the Optionor's
 activities on the Hidden Lake Property prior to the Effective Date.

9. <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE</u> 

9.1 The
 Optionee represents and warrants to the Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is duly incorporated, validly subsisting and in good standing under the laws of its jurisdiction
 of incorporation and has full corporate power, capacity and authority to enter into and
 perform its obligations under this Agreement and any agreement or instrument referred
 to or contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 entering into this Agreement and the performance by the Optionee of its obligations hereunder
 have been duly authorized by all necessary corporate action and this Agreement constitutes
 a legal, valid and binding obligation of the Optionee enforceable against it in accordance
 with its terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither
 the execution and delivery of this Agreement, nor the performance of the transactions
 contemplated hereunder, conflict with, result in the breach of or accelerate the performance
 required by any agreement to which the Optionee is a party or bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as
 of the date hereof, the authorized capital of the Optionee consists of an unlimited number
 of common shares without par value, of which 97,694,883 common shares are issued and
 outstanding as fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Optionee will reserve or set aside sufficient shares in its treasury to issue the Instalment
 Shares, as applicable, to the Optionor and, upon issuance, such Shares will be duly and
 validly issued as fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no
 proceedings are pending for, and the Optionee is unaware of any basis for the institution
 of any proceedings leading to, the dissolution or winding up of the Optionee or the placing
 of the Optionee in bankruptcy or subject to any other laws governing the affairs of insolvent
 corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it
 is a "reporting issuer" within the meaning of applicable securities legislation
 in the Canadian provinces of British Columbia, Alberta and Ontario (the securities regulators
 of those jurisdictions called the "**Securities Authorities**") and does
 not appear on the list of reporting issuers in default maintained by the Securities Authorities
 as being in default of the filing requirements concerning annual or interim financial
 statements or other continuous disclosure documents prescribed by such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each
 report and document filed by Optionee with the Securities Authorities (collectively,
 and as such documents have since the time of their filing been amended, "**Optionee's Public Record** "), as of their respective dates, complied in all material respects
 with the requirements of Applicable Laws. Optionee's Public Record constitutes
 all of the documents and reports that Optionee was required to file with and the rules
 and regulations promulgated thereunder by Applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its
 Shares are listed for trading on the CSE and no order ceasing, halting or suspending
 trading in securities of the Optionee nor prohibiting the sale of such securities has
 been issued to and is outstanding against the Optionee or its directors, officers or
 promoters and no investigations or proceedings for such purposes are pending or threatened.

9.2 The
 representations and warranties contained in section 9.1 are provided for the exclusive
 benefit of the Optionor and a breach of any one or more thereof may be waived by the
 Optionor in whole or in part at any time without prejudice to its rights in respect of
 any other breach of the same or any other representation or warranty, and the representations
 and warranties contained in section 9.1 shall survive the execution hereof for a
 period of two years.

10. <u>ACCESS TO INFORMATION</u> 

10.1 Forthwith
 following the Effective Date, the Optionor shall provide the Optionee with full access
 to and/or copies of all reports, maps, samples, assay results, drill logs, drill core,
 data and other technical or scientific information and documents in its possession or
 under its control with respect to the Hidden Lake Property (collectively the "**Technical Data** ").

10.2 The
 Optionee shall treat the Technical Data as confidential and will not disclose same to
 any Person other than its directors, officers, employees, agents, professional advisors
 and, if applicable, regulatory authorities having jurisdiction, on a "need to know
 basis" and if the Optionee determines not to proceed with the Option or the Option
 is otherwise terminated pursuant to Section 11 below prior to the exercise of the
 First Instalment, the Optionee shall promptly destroy or return to the Optionor the Technical
 Data (including any copies and reproductions thereof). For greater certainty, the confidentiality
 obligations of the Optionee contained in this section 10.2 shall not apply to Technical
 Data that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 in the public domain, other than by reason of a breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 lawfully known to the Optionee prior to its disclosure pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was
 subsequently acquired by the Optionee from a third party legally entitled to possess
 and disclose the Technical Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is
 required to be disclosed in the ordinary course of events by law or by any competent
 authority having jurisdiction over the Optionee including, but not limited to, any stock
 exchange on which the Shares of the Optionee are listed for trading from time to time,
 in which case such disclosure is only permitted to the extent necessary to comply with
 legal and regulatory obligations.

10.3 The
 confidentiality obligations of the Optionee set out in section 10.2 shall survive
 termination of the Option for a period of two (2) years.

11. <u>TERMINATION OF OPTION</u> 

11.1 The
 Optionee may terminate the Option at any time upon giving notice of such termination
 to the Optionor.

11.2 If
 the Optionee fails to incur or make any expenditure or payment or issuance of Shares
 which must be incurred or made or issued in order to exercise the Option or any Instalment
 thereof, as the case may be, on the due date thereof, the Optionor may terminate the
 Option with respect to any Instalments which have not previously been exercised by the
 Optionee, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall have first given to the Optionee a written notice of default containing particulars
 of the expenditures, payment or issuance which the Optionee has not made or the obligation
 which the Optionee has not performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Optionee has not within 30 days following delivery of such notice of default cured
 such default.

11.3 Upon
 termination of the Option under this Section 11:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Optionee has previously exercised the First Instalment, the Second Instalment and/or
 the Third Instalment, as the case may be, the Optionor and the Optionee shall forthwith
 negotiate and enter into the Joint Venture Agreement in accordance with the provisions
 of section 4.1 hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Optionee has not previously exercised the First Instalment, the Optionee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver
 to the Optionor, within 30 days of the effective date of termination, copies of
 all factual maps, reports, assay results and other factual data and documentation in
 its possession relating to its operations on the Hidden Lake Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver
 to the Optionor transfers of the Claims or quit claims as requested by Optionor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) vacate
 the Hidden Lake Property within a reasonable period of time after such termination, provided
 that the Optionee shall have the right, within a period of 180 days following such termination,
 to remove from the Hidden Lake Property all buildings, plant, equipment, machinery, tools,
 appliances and supplies which have been brought upon the Hidden Lake Property by or on
 behalf of the Optionee, and any such property not removed within such 180 day period
 shall thereafter become the property of the Optionor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ensure
 that the Claims are valid and in good standing for a period of not less than 180 days
 after termination.

12. <u>INDEPENDENT ACTIVITIES</u> 

12.1 Except
 as expressly provided herein, each Party shall have the free and unrestricted right to
 independently engage in and receive the full benefit of any and all business endeavours
 of any sort whatsoever, whether or not competitive with the endeavours contemplated herein
 without consulting the other or inviting or allowing the other to participate therein.
 No party shall be under any fiduciary or other duty to the other which will prevent it
 from engaging in or enjoying the benefits of competing endeavours within the scope of
 the endeavours contemplated herein.

13. <u>TRANSFERS</u> 

13.1 Subject
 to the consent of the Optionor, which consent shall not be unreasonably withheld or delayed,
 the Optionee may at any time during the Option Period or thereafter, sell, transfer or
 otherwise dispose of all or any portion of its interest in and to the Hidden Lake Property
 and this Agreement provided that any purchaser, grantee or transferee of any such interest
 shall have first delivered to the Optionor its agreement relating to this Agreement and
 to the Hidden Lake Property containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 covenant to perform all the obligations of the Optionee to be performed under this Agreement
 in respect of the interest to be acquired by it from the Optionee to the same extent
 as if this Agreement had been originally executed by such purchaser, grantee or transferee;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 provision subjecting any further sale, transfer or other disposition of such interest
 in the Hidden Lake Property and this Agreement or any portion thereof to the restrictions
 contained in this section 13.1.

13.2 For
 clarity, it shall not be unreasonable for Optionor to refuse consent where the Shares
 to be issued on any Instalment are not or are not expected to be in future, in Optionor's
 sole discretion, acting reasonably, as valuable or as liquid as the Instalment Shares
 that would have been issued by the Optionee.

13.3 No
 assignment or transfer by the Optionee of any interest less than its entire interest
 in this Agreement and in the Hidden Lake Property shall, as between the Optionee and
 the Optionor, discharge it from any of its obligations hereunder, but upon the transfer
 by the Optionee of the entire interest at the time held by it in this Agreement, whether
 to one or more transferees and whether in one or in a number of successive transfers,
 the Optionee shall be deemed to be discharged from all obligations hereunder save and
 except for the fulfillment of contractual commitments accrued due prior to the date on
 which the Optionee shall have no further interest in this Agreement.

14. <u>SURRENDER OF PROPERTY INTERESTS PRIOR TO TERMINATION OF AGREEMENT</u> 

14.1 The
 Optionee may at any time during the Option Period elect to surrender or abandon any one
 or more of the Claims (the "**Abandoned Claims**") comprised in the Hidden
 Lake Property by giving not less than 10 days notice to the Optionor of such intention
 (the "**Abandonment Notice** "), provided that such Abandoned Claims shall
 be in good standing with respect to the filing of claim maintenance fees for a period
 of at least three months from the date of the Abandonment Notice. If, at the time of
 giving of the Abandonment Notice to the Optionor, the Abandoned Claims are not in good
 standing with respect to the filing of claim maintenance fees for a period of at least
 three months from the date of the Abandonment Notice, the Optionee shall, concurrent
 with the giving of the Abandonment Notice, pay to the Optionors in cash an amount equal
 to three months' claim maintenance fees for the Abandoned Claims, less the amount
 of such fees already paid in respect of the Abandoned Claims as of the date of the Abandonment
 Notice. Upon any such abandonment, the Abandoned Claims shall for all purposes of this
 Agreement cease to form part of the Hidden Lake Property. For greater certainty, nothing
 contained in this section 14.1 shall in any way limit or restrict the ability of
 the Optionee to terminate, in its sole discretion, the Option at any time upon giving
 notice of such termination to the Optionor in accordance with section 11.1 hereof.

15. <u>FORCE MAJEURE</u> 

15.1 If
 the Optionee is at any time during the Option Period or thereafter prevented or delayed
 in complying with any provisions of this Agreement by reason of strikes, lock-outs, labor
 shortages, power shortages, fuel shortages, fires, wars, acts of God, governmental regulations
 restricting normal operations, shipping delays or any other reason or reasons, other
 than lack of funds, beyond the control of the Optionee, the time limited for the performance
 by the Optionee of its obligations hereunder shall be extended by a period of time equal
 in length to the period of each such prevention or delay, but nothing herein shall discharge
 the Optionee from its obligations hereunder to maintain the Hidden Lake Property in good
 standing.

15.2 The
 Optionee shall give prompt notice to the Optionor of each event of force majeure and
 upon cessation of such event shall furnish to the Optionor notice to that effect together
 with particulars of the number of days by which the obligations of the Optionee hereunder
 have been extended by virtue of such event of force majeure and all preceding events
 of force majeure.

16. <u>CONFIDENTIAL INFORMATION</u> 

16.1 Except
 as otherwise provided in this section, both parties shall treat all data, results, reports,
 records and other information relating to this Agreement and the Hidden Lake Property
 as confidential. The text of any news release or other public statements, other than
 those required by law or regulatory bodies or stock exchanges, which a party desires
 to make shall be sent to the other party for its comments prior to publication and shall
 not include references to the other party unless such party has given its prior consent
 to such inclusion, such consent not to be unreasonably withheld or delayed. The text
 of any disclosure which a party is required to make by law, by regulatory bodies or stock
 exchanges shall be sent to the other party at least 24 hours prior to its release or
 filing in order that the other party may have the opportunity to comment thereon. For
 all public disclosure, whether required to be made or not, any reasonable changes requested
 by the non-disclosing party shall be incorporated into the disclosure document.

17. <u>ARBITRATION</u> 

17.1 All
 questions or matters in dispute under this Agreement shall be submitted to arbitration
 pursuant to the terms hereof.

17.2 It
 shall be a condition precedent to the right of any party to submit any matter to arbitration
 pursuant to the provisions hereof, that such party intending to refer any matter to arbitration
 shall have given not less than 10 days' prior notice of its intention to do
 so to the other party, together with particulars of the matter in dispute. On the expiration
 of such 10 days, the party who gave such notice may proceed to refer the dispute
 to arbitration as provided in section 17.3.

17.3 The
 party desiring arbitration shall appoint one arbitrator, and shall notify the other party
 of such appointment, and the other party shall, within 15 days after receiving such
 notice, either consent to the appointment of such arbitrator which shall then carry out
 the arbitration or appoint an arbitrator, and the two arbitrators so named, before proceeding
 to act, shall, within 30 days of the appointment of the last appointed arbitrator,
 unanimously agree on the appointment of a third arbitrator to act with them and be chairman
 of the arbitration herein provided for. If the other party shall fail to appoint an arbitrator
 within 15 days after receiving notice of the appointment of the first arbitrator,
 the first arbitrator shall be the only arbitrator. If the two arbitrators appointed by
 the parties shall be unable to agree on the appointment of the chairman, the chairman
 shall be appointed under the provisions of the *Arbitration Act* (British Columbia).
 Except as specifically otherwise provided in this section, the arbitration herein provided
 for shall be conducted in accordance with such *Act*. The chairman, or in the case
 where only one arbitrator is appointed, the single arbitrator, shall fix a time and place
 in Vancouver, British Columbia, for the purpose of hearing the evidence and representations
 of the parties, and he or she shall preside over the arbitration and determine all questions
 of procedure not provided for under such *Act* or this section. After hearing any
 evidence and representations that the parties may submit, the single arbitrator, or the
 arbitrators, as the case may be, shall make an award and reduce the same to writing,
 and deliver one copy thereof to each of the Parties. The expense of the arbitration shall
 be paid as specified in the award.

17.4 The
 parties agree that the award of a majority of the arbitrators, or in the case of a single
 arbitrator, of such arbitrator, shall be final and binding upon each of them.

18. <u>NOTICES</u> 

18.1 Any
 notice, request, demand, direction or other communication given regarding the matters
 contemplated by this Agreement including an Abandonment Notice (each a "**Notice** ")
 must be in writing, sent by personal delivery, courier, registered mail or email and
 addressed to the parties at their respective addresses set out above and will be deemed
 to be given and received (i) if sent by personal delivery or courier, on the date
 of delivery if it is a Business Day and the delivery was made prior to 4:00 p.m. (local
 time in place of receipt) and otherwise on the next Business Day, (ii) if sent by registered
 mail, on the third business day following the posting thereof, or (iii) if sent by email,
 on the Business Day following the date the recipient thereof acknowledges receipt of
 such email. A party may change its address for service from time to time by providing
 a Notice to the other party in accordance with the foregoing.

19. <u>GENERAL</u> 

19.1 This
 Agreement shall supersede and replace any other agreement or arrangement, whether oral
 or written, heretofore existing between the Parties in respect of the subject matter
 of this Agreement including, but not limited to, the LOI.

19.2 No
 consent or waiver expressed or implied by either Party in respect of any breach or default
 by the other in the performance by such other of its obligations hereunder shall be deemed
 or construed to be consent to or a waiver of any other breach or default.

19.3 The
 Parties shall promptly execute or cause to be executed all documents, deeds, conveyances
 and other instruments of further assurance and do such further and other acts which may
 be reasonably necessary or advisable to carry out fully the intent of this Agreement
 or to record wherever appropriate the respective interest from time to time of the Parties
 in the Hidden Lake Property.

19.4 Except
 as otherwise expressly provided for herein, neither Party shall assign its rights or
 obligations under this Agreement without the prior written consent of the other Party,
 which consent shall not be unreasonably withheld or delayed.

19.5 This
 Agreement shall enure to the benefit of and be binding upon the Parties and their respective
 successors and permitted assigns.

19.6 This
 Agreement shall be construed in accordance with and governed by the laws of the Province
 of British Columbia and the federal laws of Canada applicable therein.

19.7 This
 Agreement may be executed by the Parties in counterpart and delivered by facsimile signature
 or scanned email attachment, each of which so signed shall be deemed to be an original,
 and such counterparts together shall constitute one and the same agreement and notwithstanding
 the date of execution shall be deemed to bear the date as set forth above.

**[execution page to follow]**

**IN WITNESS WHEREOF** the Parties hereto have executed this Agreement as of the day and year first above written.

**92 RESOURCES CORP.**

Per: <u><br></u> <br> Authorized Signatory

**FAR RESOURCES LTD.**

Per: <u><br></u> <br> Authorized Signatory

**SCHEDULE "A"<br><u>DESCRIPTION OF CLAIMS</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**OBJECT ID** | &nbsp;&nbsp;**CLAIM NUM** | &nbsp;&nbsp;**CLAIM STAT** | &nbsp;&nbsp;**DIST- RICT** | &nbsp;&nbsp;**ISSUE DT** | &nbsp;&nbsp;**ANNIV DT** | &nbsp;&nbsp;**AREA HA** | &nbsp;&nbsp;**OWNER** | &nbsp;&nbsp;**CLAIM NAME** | &nbsp;&nbsp;**LAND CLAIM AREA** |
| &nbsp;&nbsp;28484 | &nbsp;&nbsp;K19925 | &nbsp;&nbsp;ACTIVE | &nbsp;&nbsp;2 | &nbsp;&nbsp;Mon Feb 29 2016 17:00:00 GMT-0700 (Mountain Standard Time) | &nbsp;&nbsp;Wed Feb 28 2018 17:00:00 GMT-0700 (Mountain Standard Time) | &nbsp;&nbsp;410.14 | &nbsp;&nbsp;92 Resources Corp. (100%) | &nbsp;&nbsp;HID 1 | &nbsp;&nbsp;AKAITCHO |
| &nbsp;&nbsp;28485 | &nbsp;&nbsp;K19926 | &nbsp;&nbsp;ACTIVE | &nbsp;&nbsp;2 | &nbsp;&nbsp;Mon Feb 29 2016 17:00:00 GMT-0700 (Mountain Standard Time) | &nbsp;&nbsp;Wed Feb 28 2018 17:00:00 GMT-0700 (Mountain Standard Time) | &nbsp;&nbsp;692.15 | &nbsp;&nbsp;92 Resources Corp. (100%) | &nbsp;&nbsp;HID 2 | &nbsp;&nbsp;AKAITCHO |
| &nbsp;&nbsp;28486 | &nbsp;&nbsp;K19927 | &nbsp;&nbsp;ACTIVE | &nbsp;&nbsp;2 | &nbsp;&nbsp;Mon Feb 29 2016 17:00:00 GMT-0700 (Mountain Standard Time) | &nbsp;&nbsp;Wed Feb 28 2018 17:00:00 GMT-0700 (Mountain Standard Time) | &nbsp;&nbsp;500 | &nbsp;&nbsp;92 Resources Corp. (100%) | &nbsp;&nbsp;HID 3 | &nbsp;&nbsp;AKAITCHO |
| &nbsp;&nbsp;29453 | &nbsp;&nbsp;K06903 | &nbsp;&nbsp;ACTIVE | &nbsp;&nbsp;2 | &nbsp;&nbsp;Wed Jun 29 2016 18:00:00 GMT-0600 (Mountain Daylight Time) | &nbsp;&nbsp;Fri Jun 29 2018 18:00:00 GMT-0600 (Mountain Daylight Time) | &nbsp;&nbsp;48 | &nbsp;&nbsp;92 Resources Corp. (100%) | &nbsp;&nbsp;HID 4 | &nbsp;&nbsp;AKAITCHO |
| &nbsp;&nbsp;29454 | &nbsp;&nbsp;K06959 | &nbsp;&nbsp;ACTIVE | &nbsp;&nbsp;2 | &nbsp;&nbsp;Wed Jun 29 2016 18:00:00 GMT-0600 (Mountain Daylight Time) | &nbsp;&nbsp;Fri Jun 29 2018 18:00:00 GMT-0600 (Mountain Daylight Time) | &nbsp;&nbsp;9 | &nbsp;&nbsp;92 Resources Corp. (100%) | &nbsp;&nbsp;HID 5 | &nbsp;&nbsp;AKAITCHO |

---

**SCHEDULE "B"<br><u>MATERIAL JOINT VENTURE TERMS</u>**

1. Unless
 otherwise defined herein, capitalized words and phrases in this Schedule "B"
 shall have the meanings ascribed to such words and phrases in the option agreement (the
 "**Option Agreement**") to which this schedule is attached.

2. Upon
 the formation of a Joint Venture pursuant to section 4.1 of the Option Agreement,
 the initial interests of the Optionee and the Optionor shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a Joint Venture formed upon exercise of the First Instalment pursuant subsection
 2.2(a) of the Option Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Optionee - 60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Optionor - 40%;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a Joint Venture formed upon exercise of the Second Instalment, Third Instalment
 or Fourth Instalment pursuant to subsections 2.2(b), (c) or (d) of the Option Agreement,
 respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Optionee - 70%,
80% or 90%, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Optionor - 30%,
20% or 10%, as the case may be.

3. Subject
 to paragraph 14 below, in the event the Optionee does not exercise the Option to
 acquire the Second Instalment or Third Instalment pursuant to subsections 2.2(b)
 or (c) of the Option Agreement, respectively, the Optionee shall be responsible for funding
 100% of the first $1,000,000 in Joint Venture expenditures pursuant to one or more approved
 Exploration Programs (as defined below), such that the Optionor's interest is a
 carried interest respecting such amount. Thereafter, each Party will contribute its proportionate
 share to the Joint Venture.

4. For
 the purposes of the Joint Venture and dilution thereunder, upon formation of the Joint
 Venture and at any date that dilution is to be calculated, each Party will be deemed
 to have incurred Exploration Expenditures as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Optionee
 - the amount actually expended by the Optionee in Exploration Expenditures (the "**Optionee Actual EE**") at any date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Optionor
 - its Joint Venture interest (i.e. 40%. 30%, 20% or 10%) multiplied by the Optionee Actual
 EE as at the date the Optionee last exercised and closed on its Option pursuant to subsections 2.2(a),
 (b), (c) or (d) of the Option Agreement, plus any Exploration Expenditures actually expended
 by the Optionor since such date.

5. Subject
 to paragraph 14 below, the Optionee will be the initial operator (the "**JV Operator**") under the Joint Venture and will remain as JV Operator unless its
 interest is reduced below 50% or the Optionee resigns, in which event the Optionor shall
 become JV Operator.

6. The
 JV Operator must keep the Hidden Lake Property in good standing and free from Encumbrances
 (save for the DGRM Royalty), comply with Applicable Laws and maintain proper books and
 accounts and adequate insurance with respect to the Joint Venture.

7. The
 JV Operator shall provide the Parties with quarterly progress reports and semi-annual
 lists of expenditures, and duplicates of all documents created, received or acquired
 on the Hidden Lake Property including maps, assays, analysis, invoices, statements, communications,
 applications, or otherwise in a timely manner but in any event not more than 60 days
 from the date of the JV Operator's receipt thereof.

8. The
 JV Operator shall be entitled to receive a management fee equal to 5% of the Exploration
 Expenditures of the Joint Venture in consideration for its efforts and services as JV
 Operator;

9. Each
 Party to the Joint Venture shall be responsible for its proportionate share of the costs
 and expenses of the Joint Venture including, but not limited to, any lease, purchase
 and/or royalty payments (including the DGRM Royalty) and other monies due to arm's
 length third parties including, but not limited to, DGRM.

10. The
 Joint Venture shall constitute a management committee comprised of two representatives
 of each Party (the "**Management Committee** "), with the representatives
 of each Party being entitled to cast collectively that number of votes which is equal
 to the percentage interest of the Party that he or they represent.

11. Subject
 to paragraph 14 below, on or before February 1 of each calendar year during
 the joint venture period, the JV Operator shall submit to the Management Committee for
 approval a complete exploration program (an "**Exploration Program** ")
 to be carried out during that calendar year. Any Party not intending to participate in
 an approved Exploration Program pursuant to its pro rata share for a particular calendar
 year shall advise the other Party in writing on or before March 1 of that year.
 A non-participating Party shall be deemed to have forfeited all of its rights to enter,
 work, explore and develop the Hidden Lake Property during any calendar year that it elects
 to be non-participating until such time as the participating Party has incurred all of
 the expenditures that were set out in the Exploration Program for that calendar year.

12. If
 a Party elects not to participate in an Exploration Program for any calendar year during
 the joint venture period, or elects to participate in an Exploration Program but subsequently
 fails to pay in full for its proportionate share of the costs thereof, the interest of
 the non-participating or defaulting Party, as the case may be, shall be subject to dilution
 in accordance with the following calculation:

AB + Y

B + C

(Where:

A = the interest of the Party being diluted prior to the start of the Relevant Program, as defined below;

B = the sum of all deemed and prior contributions of all Parties prior to the start of the Relevant Program;

Y = the actual contributions (if any) of the diluting Party to the Relevant Program; and

C = the total amount actually contributed by all Parties to the Relevant Program; and

"Relevant Program" means an Exploration Program to which the diluting Party elected not to contribute or failed to fully contribute and the Exploration Program is subsequently funded by the other Party increasing its contribution by the amount of the shortfall);

and the contributing Party's interest will be correspondingly increased.

13. No
 withdrawal by a Party or winding up of the Joint Venture will be permitted without adequate
 payment of or security for reclamation and closure costs.

14. In
 the event paragraph 3 above applies, the Optionee shall be entitled to delay submitting
 an Exploration Program to the Management Committee for approval until the third calendar
 year following the calendar year in which the Joint Venture is formed (the "**JV Formation Year**") as long as the Optionee is otherwise maintaining the Claims
 in good standing, provided that if the Optionee fails to submit an Exploration Program
 to the Management Committee on or before February 1 of the third calendar year following
 the JV Formation Year, the Optionor shall be entitled to take over as JV Operator upon
 notice in writing to the Optionee.

## Exhibit 10.11

**Exhibit 10.11**

**Execution Version**

**THIS AGREEMENT** made and dated for reference the 4th day of August, 2016.

**BETWEEN:**

**<u>STRIDER RESOURCES LIMITED</u>**, a body corporate, incorporated under the laws of Manitoba, having an office at P.O. Box 144, Cranberry Ridge, Manitoba, R0B 0H0 (hereinafter called the "**Optionor**")

**OF THE FIRST PART**

**AND:**

**<u>FAR RESOURCES LTD.</u>** a body corporate, incorporated under the laws of British Columbia, having an office at 114B-8988 Fraserton Court, Burnaby, BC V5J 5H8 (hereinafter called the "**Optionee**")

**OF THE SECOND PART**

**WHEREAS:**

A. The Optionor is the owner and the registered holder of certain lithium properties located in the Province of Manitoba, which properties are more particularly described and shown in Schedule "A" annexed hereto and forming a part hereof (hereinafter called the "**Property**");

B. The Optionor has agreed to grant to the Optionee an option entitling the Optionee to acquire certain legal and beneficial interests in and to the Property as provided for in this Agreement;

**NOW THEREFORE THIS AGREEMENT WITNESSETH** that in consideration of these presents and the sum of Ten Dollars ($10.00) now paid by each of the parties to each of the other parties hereto, the receipt and sufficiency of which is hereby acknowledged by each of the parties, and for other good and valuable consideration, the receipt and sufficiency of which is also hereby acknowledged by each of the parties, the parties hereby agree as follows:

1. <u>DEFINITIONS</u>

1.01 In this Agreement and in all Schedules attached to and made a part hereof, the following words and phrases shall have the following meanings, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Applicable Law**" means any and all federal, provincial, territorial or municipal laws,
 statutes, regulations, by-laws, ordinances, rules, guidelines, policies, notices, orders
 and directions, or other requirements of any Governmental Authority having jurisdiction
 over the parties or the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Business Day**" means any day other than Saturdays, Sundays and statutory holidays in
 the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Commercial Production**" means, and is deemed to have been achieved, when the concentrator
 processing ores from the Optioned Interest has operated (for processing activities other
 than processing of bulk ore samples or other testing purposes) for a period of 21 consecutive
 production days at an average rate of not less than 65% of design capacity or, if a concentrator
 is not erected for the purpose of concentrating the ores from the Optioned Interest,
 when ores have been produced for a period of 21 consecutive production days at a rate
 of not less than 45% of the mining rate specified in a feasibility study recommending
 placing the Optioned Interest in commercial production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Conditions of Exercise**" has the meaning set out in paragraph 4.02 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**CSE** "
 means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Effective Date**" means August 4, 2016;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Environment Laws**" means all Applicable Laws currently in effect relating to pollution or
 protection of the environment, health, safety or natural resources, including, without
 limitation, the use, consumption, handling, transportation, storage or Release of Hazardous
 Substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Environmental Order**" means any prosecution, order, decision, notice, direction, report, recommendation
 or request issued, rendered or made by any Governmental Authority in connection with
 Environmental Laws or environmental orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Exercise Notice**" means a written notice to the Optionor, signed by the Optionee, indicating
 that the Optionee has satisfied the Conditions of Exercise and is irrevocably exercising
 the applicable Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**First Option**" has the meaning set out in sub-paragraph 4.01(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**First Option Deadline**" means each and every date referred to for the issuance of
 shares or making the cash payment set out in sub-paragraph 4.02(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Governmental Authority**" means any government or governmental, administrative, regulatory
 or judicial body, department, commission, authority, tribunal, agency or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Hazardous Substance**" means any substance, combination of substances or by-product of
 any substance which is or may become hazardous, toxic, injurious or dangerous to any
 person, property, air, land, water, flora, fauna or wildlife; and includes but is not
 limited to contaminants, pollutants, wastes and dangerous, toxic, deleterious or designated
 substances as defined in or pursuant to any Environmental Laws or Environmental Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Letter of Intent**" means the letter of understanding dated June 24, 2016 between
 the Optionor and the Optionee in respect of the acquisition by the Optionee of the Optioned
 Interest in the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Options** "
 collectively means the First Option and the Second Option, and "Option" means
 either one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Net Smelter Return Royalty**" has the meaning set out in Schedule "B"
 annexed hereto and forming a part hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**NSR** "
 means the 2% Net Smelter Return Royalty on the Optioned Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Optioned Interest**" means all of the Optionor's direct and indirect right, title
 and interest in and to all lithium bearing pegmatite dykes contained in, on or under
 the Property (collectively the "**Lithium Dykes**") and including, without
 limitation, all related commercial pegmatite minerals ()"**Pegmatite Minerals** ")
 contained or occurring within or immediately adjacent to or contiguous with any of the
 Lithium Dykes. For greater clarity the Optioned Interest shall not and does not include
 any interest in and to any minerals not contained or within or immediately adjacent to
 or contiguous with the Lithium Dykes including, without limiting, gold and other precious
 metals or minerals or ore containing same, base metals or minerals or ore containing
 same, diamonds, garnets, amphiboles and talc in or on the Property (collectively the
 "**Non-Pegmatite Minerals**") and the Optionee either before or upon exercising
 the Option shall not directly or indirectly acquire any right, title or interest in the
 Non-Pegmatite Minerals in or about the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Release** "
 includes abandon, add, deposit, discharge, disperse, dispose, dump, emit, empty, escape,
 leach, leak, migrate, pour, pump, release or spill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Second Option**" has the meaning set out in sub-paragraph 4.01(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Second Option Payment**" has the meaning set out in sub-paragraph 4.02(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**this Agreement**" refers to and collectively includes this Agreement and every Schedule
 attached to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Valued** "
 for the purposes of calculating the number of Optionee's common shares to be issued
 as part of the First Option payments set out in sub-paragraph 4.02(a) hereof (the
 "**Shares** "), means the average closing stock price of the Optionee's
 common shares on the CSE (or if not trading on the CSE then on the prime stock exchange
 for public trading of the Optionee's shares) for the thirty (30) trading days
 immediately preceding the date due for the issuance of the Shares ()"**Due Date** ")
 and in the event the Optionee's stock has not traded for 30 days immediately
 preceding the Due Date then the average closing stock price of the Optionee's common
 shares during the 30 days immediately preceding the last date the Optionee's
 shares traded prior to the Due Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Work** "
 has the meaning set out in paragraph 4.06 hereof.

1.02 In this Agreement, other words and phrases that are capitalized have the meaning assigned in this Agreement.

2. <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONOR</u>

2.01 The Optionor represents and warrants to the Optionee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has been duly incorporated under the laws of the Province of Manitoba, validly exists
 as a corporation in good standing under the laws of the Province of Manitoba and is legally
 entitled to hold its interest in the Property and will remain so entitled until the Optioned
 Interest in the Property as set out herein has been duly transferred to the Optionee
 as contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 is, and at the time of any transfer to the Optionee of any of the Optioned Interest in
 the Property it will be, the beneficial owner of a one hundred percent (100%) of the
 Optioned Interest, free and clear of all liens, charges, royalties and claims of others,
 and no taxes or rentals are due in respect thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at
 the time of any transfer to the Optionee the Optioned Interest will be free and clear
 of all liens, charges, royalties and claims of others, without taxes or rentals due or
 payable in respect thereof, save and except for the NSR herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 the best of its knowledge, after due inquiry, the mineral claims comprising the Property
 are contiguous and have been duly and validly located pursuant to the laws of the Manitoba
 and are in good standing in the office of the Mining Recorder on the date hereof to and
 including the anniversary of their recording date in 2030;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there
 is no adverse claim or challenge against or to the ownership of or title to the Optioned
 Interest or the Property, nor to its knowledge, after due inquiry, is there any basis
 therefor, and there are no outstanding agreements or options to acquire or purchase the
 Optioned Interest or the Property or any portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 the best of its knowledge, after due inquiry, the Property and the activities and operations
 that have been carried out to date thereon have been in compliance, in all material respects,
 with all Applicable Laws and directives of all Governmental Authorities and it has not
 received notice of non-compliance from any such Government Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 the best of its knowledge, all the lands covered by the Property are free and clear of
 any Hazardous Substance and there is no judicial or administrative proceeding pending
 and no Environmental Order has been issued or, to the best of its knowledge, after due
 inquiry, threatened, concerning the possible violation of any Environmental Laws or Environmental
 Orders in respect of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to
 the best of its knowledge, after due inquiry, all environmental approvals required with
 respect to activities carried out by the Optionor on any part of the lands covered by
 the Property, have been obtained, are valid and in full force and effect, have been complied
 with and there have been and are no proceedings commenced or threatened to revoke or
 amend any such environmental approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the best of its knowledge, there are no outstanding obligations or liabilities, contingent
 or otherwise, related to environmental, reclamation or rehabilitation work associated
 with the Property or arising out of exploration work, development work or mining activities
 previously carried out thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it
 has duly obtained all corporate authorizations for the execution of this Agreement and
 for the performance of this Agreement by it, and the consummation of the transaction
 herein contemplated will not conflict with or result in any breach of any covenants or
 agreements contained in, or constitute a default under, or result in the creation of
 any encumbrance under the provisions of, its Articles or constating documents or any
 shareholders' or directors' resolution, indenture, agreement or other instrument
 whatsoever to which it is a party or by which it is bound or to which it may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there
 are no proceedings pending for, and it is not aware of any basis for the institution
 of any proceedings leading to, its dissolution or winding-up or the placing of it in
 bankruptcy or subject to any laws governing the affairs of insolvent persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it
 has advised the Optionee of all material information relating to the Optioned Interest
 including, but not limited to, the title thereto of which it has knowledge.

2.02 The Optionor acknowledges that the representations and warranties set forth in paragraph 2.01 hereof form a part of this Agreement and are conditions upon which the Optionee has relied in entering into this Agreement, and that these representations and warranties shall survive the acquisition of the Optioned Interest or any consequent interest in the Property hereunder by the Optionee.

2.03 The parties also acknowledge and agree that the representations and warranties set forth in paragraph 2.01 hereof are provided for the exclusive benefit of the Optionee, and a breach of any one or more thereof may be waived by the Optionee in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE</u>

3.01 The Optionee represents and warrants to the Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has been duly incorporated under the laws of the Province of British Columbia, validly
 exists as a corporation in good standing under the laws of the Province of British Columbia
 and is registered as an extra provincial corporation in the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 has duly obtained all corporate authorizations for the execution of this Agreement and
 for the performance of this Agreement by it, and the consummation of the transaction
 herein contemplated will not conflict with or result in any breach of any covenants or
 agreements contained in, or constitute a default under, or result in the creation of
 any encumbrance under the provisions of, its Articles or constating documents or any
 shareholders' or directors' resolution, indenture, agreement or other instrument
 whatsoever to which it is a party or by which it is bound or to which it may be subject;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 proceedings are pending for, and it is not aware of any basis for the institution of
 any proceedings leading to, its dissolution or winding-up or the placing of it in bankruptcy
 or subject to any laws governing the affairs of insolvent persons.

3.02 The Optionee acknowledges that the representations and warranties set forth in paragraph 3.01 hereof form a part of this Agreement and are conditions upon which the Optionor has relied in entering into this Agreement, and that these representations and warranties shall survive the acquisition of any interest in the Property hereunder by the Optionee.

3.03 The parties also acknowledge and agree that the representations and warranties set forth in paragraph 3.01 hereof are provided for the exclusive benefit of the Optionor, and a breach of any one or more thereof may be waived by the Optionor in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty.

4. <u>GRANT OF OPTIONS AND COMMITMENTS</u>

4.01 The Optionor hereby irrevocably grants to the Optionee two (2) exclusive and separate rights and options to acquire undivided legal and beneficial interests in the Property free and clear of all liens, charges, royalties (save and except for the NSR contemplated herein) and claims of others, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 undivided one-hundred percent (100%) interest in the Optioned Interest, subject to the
 NSR (the "**First Option** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 undivided fifty percent (50%) interest in the NSR, being one-half of the NSR or a 1%
 Net Smelter Return, in addition to the undivided one-hundred percent (100%) interest
 in the Optioned Interest that has been acquired under the First Option (the "**Second Option** ").

4.02 The Optionee may exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 First Option by making the following cash payments and common share issuances to the
 Optionor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares
 in the capital of the Optionee Valued at $50,000 and $50,000 cash within two Business
 Days following the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares
 in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or
 before the twelfth month anniversary of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares
 in the capital of the Optionee Valued at $75,000 and an additional $75,000 cash on or
 before the twenty-fourth month anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Shares
 in the capital of the Optionee Valued at $75,000 and an additional $75,000 cash on or
 before the thirty-sixth month anniversary of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided
 it has exercised the First Option, the Second Option, by making a cash payment to the
 Optionor of $1,000,000, together with all accrued but unpaid NSR at the time, prior to
 the commencement of Commercial Production (the "**Second Option Payment** ");

(each respectively, a "**Condition of Exercise**" and collectively the "**Conditions of Exercise**").

4.03 Nothing in this Agreement shall be construed as obligating the Optionee to exercise either of the Options.

4.04 In the event the Optionee has satisfied a Condition of Exercise and wishes to exercise an Option, then to do so it must deliver to the Optionor an Exercise Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the First Option, on or before the thirty-sixth month anniversary of the
 Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of the Second Option concurrently with the Second Option Payment;

On delivery of an Exercise Notice from the Optionee, the Optionor shall be deemed to have transferred to the Optionee the following undivided legal and equitable interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the First Option, a one-hundred percent (100%) interest in the Optioned Interest;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of the Second Option, an undivided fifty percent (50%) interest in the NSR.

4.05 Subject to paragraph 8.02 hereof, in the event the Conditions of Exercise applicable to the First Option are not duly satisfied by the First Option Deadline, then the First Option and the Second Option shall each forthwith terminate.

4.06 The Optionee at its own risk and at its sole cost shall undertake such work on the Property as it deems in its own best interest and shall act as the operator ("**Operator**") of the Property during the Option Period. As Operator, the Optionee shall be responsible in its sole discretion for carrying out and administering exploration, development and mining work on the Property and all activities related thereto (collectively the "**Work**"). As Operator, the Optionee and its directors, officers, employees, agents and independent contractors shall have the immediate, non-exclusive and unfettered right to enter upon, explore, develop and mine the Optioned Interest from and on the Property and to have quiet and non-exclusive possession of the Property with sole power and authority to the Optionee and its directors, officers, employees, agents and independent contractors to sample, extract, diamond drill, prospect, explore, develop and mine the Pegmatite Dykes in such manner as the Optionee in its sole discretion may determine, including without limitation, the right to erect, bring, and install on the Property all buildings, plant, machinery, equipment and supplies as the Optionee shall deem necessary and proper and, subject to the NSR reserved to the Optionor, to remove therefrom reasonable quantities of ores, minerals or metals for assay and testing purposes. The Optionee agrees to indemnify and save harmless the Optionor from any liability that may arise from any Work or other activity carried out by the Optionee or at is direction on the Property.

4.07 This Agreement represents an option only, and except as herein specifically provided otherwise, nothing herein contained shall be construed as obligating the Optionee to do any acts or make any payments to the Optionor hereunder, and any act or acts or payment or payments as shall be made hereunder shall not be construed as obligating the Optionee to do any further act or make any further payment or payments. This Agreement does not create and is not intended to create a legal relationship between the Optionee and the Optionor of agency, partnership, co-venture, joint venture or make either party liable for the debts and obligations of the other.

4.08 The Optionor acknowledges and agrees that each issuance of Shares contemplated in subparagraph 4.02(a) will be issued pursuant to an exemption from the prospectus requirements of applicable securities legislation and subject to a statutory hold period of four months and a day from the date of issue (the "**Mandatory Hold Period**") and the Optionor hereby consents to the Optionee legending the certificates representing the Shares to reflect the Mandatory Hold Period.

5. <u>TRANSFER OF PROPERTY</u>

5.01 Upon the exercise by the Optionee of the First Option, the Optionor at the Optionee's request shall cause to be delivered to the Optionee duly executed registerable transfers or evidence of ownership in favour of the Optionee of the Optioned Interest in the Property acquired by the Optionee, all as provided for herein.

5.02 The Optionee shall be entitled to record all transfers or indicia of interest provided for in paragraph 5.01 hereof with the appropriate governmental office at its own cost and expense in order to affect the transfer into its name of whatever interest(s) in the Property has been acquired by it. All recordings by the Optionee shall at all times clearly indicate the NSR interest of the Optionor.

5.03 Upon transfer of the Optioned Interest to the Optionee, the Optionor and Optionee covenant and agree to negotiate in good faith to enter into an agreement governing their respective rights and obligations pertaining to their respective use of the Property with respect to the ongoing exploration and, if warranted, development of the Property by the Optionor and of the Optioned Interest by the Optionee.

6. <u>OBLIGATIONS OF THE PARTIES DURING THE FIRST OPTION PERIOD</u>

6.01 The Optionee hereby covenants and agrees that for so long as the First Option remains in effect and it is acting as the Operator it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain
 the Property in good standing by the doing and filing of applicable assessment work or
 the making of payments in lieu thereof, by the payment of taxes and rentals and the performance
 of all other actions which may be necessary in that regard and in order to keep the Property
 free and clear of all liens and other charges except those at the time contested in good
 faith by the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file
 all applicable assessment work carried out in respect of the Property to the allowable
 extent required and permitted under all applicable mining legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct
 all Work on or with respect to the Property in a careful and miner-like manner and in
 accordance with all Applicable Laws of any Governmental Authority and indemnify and save
 the Optionor harmless from any and all claims, suits or actions made or brought against
 it as a result of Work done by the Optionee on or with respect to the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pay
 all of the Optionee's accounts in respect of the Property and the Work in connection
 therewith as they fall due and keep the Property free and clear of any encumbrances arising
 out of the Work or the Optionee's activities including, without limiting, liens
 arising under the *Builders' Liens Act* (Manitoba).

6.02 Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the Optionee will not be responsible for rectifying any environmental damage sustained on the Property prior to the date hereof or by the Optionor or any other person (other than the Optionee) after the Effective Date and that the Optionor will indemnify and hold the Optionee harmless from and against any claims as a result of environmental damage on the Property where such damage was created prior to the Effective Date or by the Optionor or any other person (other than the Optionee) after the Effective Date.

6.03 Notwithstanding any of the provisions of this Agreement, the parties specifically agree that the Optionee will indemnify and hold the Optionor harmless from and against any claims as a result of environmental damage on the Property where such damage was created after the Effective Date and as a direct result of the Optionee's activities on the Property.

7. <u>OBLIGATION OF THE PARTIES PERTAINING TO RELEASE OF INFORMATION</u>

7.01 The parties shall in good faith use their best efforts to timely and fully disclose and make available to the other party all information resulting from such party's Work or other mining activities on or about the Property including, but not limited to, information as it pertains to the interest of the other party retained or optioned in the Property. For further clarification the parties confirm that they are obliged to act in utmost good faith as it pertains to the results of their activities on or about the Property and to disclose to the other party all information in its possession or under its control as it directly or indirectly pertains to the Property and the Optioned Interest from time to time.. For the purposes of this paragraph 7.01 information shall include all geotechnical (including mineralogical) information in both electronic and non-electronic form, all logs of and the actual core recovered in drilling for minerals on the Property and copies of all interpretive reports pertaining to the information.

8. <u>TERMINATION</u>

8.01 This Agreement shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any time prior to the First Option Deadline, by the Optionee giving notice of termination
 to the Optionor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to paragraph 8.02, in the event the First Option is not exercised by the First Option
 Deadline from time to time.

8.02 Notwithstanding any other provision of this Agreement, if at any time during the term of the First Option, the Optionee fails to advance to the Optionor any cash payment or shares required under sub-paragraph 4.02(a) hereof, or is in breach of any covenant, representation or warranty contained herein, the Optionor may terminate this Agreement, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall have first given to the Optionee a notice of default containing particulars of
 the payment not advanced or shares not issued, or the covenant, representation or warranty
 breached; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Optionee has not, within twenty-two (22) days following delivery of such notice
 of default, cured such default.

8.03 Should the Optionee fail to comply with the provisions of sub-paragraph 8.02(b) hereof, the Optionor, without any further notice, may thereafter terminate this Agreement, and the provisions of paragraph 8.06 hereof shall then apply.

8.04 Notwithstanding any other provision of this Agreement and provided that the Optionee has exercised the First Option, if Optionee has not advanced the Second Option Payment to the Optionor prior to the commencement of Commercial Production (the "**Commencement Date**"), the Second Option shall automatically lapse and be or no further force or effect as of the first Business Day immediately following the Commencement Date.

8.05 The Optionee shall vacate the Property within a reasonable time after termination, but shall have the right of access to the Property for three (3) months following termination for the purpose of removing its buildings, plant, equipment, machinery, tools, appliances and supplies from the Property. All buildings, plant, equipment, machinery, tools, appliances or supplies on the Property beyond this three (3) month period after termination at the absolute discretion of the Optionor shall become the property of the Optionor free and clear of any claim or encumbrance by or through the Optionee.

8.06 If this Agreement terminates prior to a First Option Deadline at a time when the Optionee is acting as Operator, the Optionee shall forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure
 that all filings for assessment credit have been made in respect of all Work to the maximum
 extent permitted, or all payments of money in lieu thereof have been made to maintain
 the Property in good standing for at least 120 days from the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure
 that the Optionor is provided with copies of all geotechnical information, including,
 without limiting, plans, assay maps, diamond drill records, diamond drill core and all
 other data information in all formats including without limiting, electronic records
 pertaining to the Property and relating to the work or activities of the Optionee on
 the Property which had theretofore not been delivered to the Optionor.

9. <u>TRANSFER OF INTERESTS</u>

9.01 The Optionee may at any time sell, transfer or otherwise dispose of all or any part of its interest in and to the Optioned Interest and this Agreement to a bona fide transferee ("Transferee"), provided that it shall have first delivered to the Optionor its agreement related to this Agreement and to the Property, containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 covenant by the Transferee to jointly and severally perform all the obligations of the
 Optionee to be performed under this Agreement in respect of the interest to be acquired
 by it from the Optionee to the same extent as if this Agreement had been originally executed
 by the Optionee and the Transferee as joint and several obligors making joint and several
 covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limiting the generality of Section 4.03 hereof, an undertaking and covenant by the
 Transferee to issue shares of the Transferee Valued proportionate to its interest acquired
 from the Optionee under the First Option on the next and further ensuing dates for cash
 payment and issuance of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 provision subjecting any further sale, transfer or other disposition of such interest
 or any portion thereof in and to the Property and this Agreement to the restrictions
 contained in sub-paragraph 9.01(a) hereof.

9.02 Upon the transfer by the Optionee of all and not less than all of the interest held by it pursuant to this Agreement and in the Optioned Interest, the Optionee shall be deemed to be, upon the date of such assignment or transfer, discharged from all obligations hereunder or other fulfilment of contractual commitments save and except the Optionee shall not be discharged from any environmental liabilities, occurring from and after the Effective Date arising out of any Work carried out on the Property by the Optionee and all indemnities in respect thereof shall survive notwithstanding the assignment or transfer of the Optionee's interest hereunder.

10. <u>FORCE MAJEURE</u>

10.01 If the Optionee is at any time during the term of this Agreement either prevented or delayed in complying with any provisions of this Agreement by reason of strikes, labour shortages, power shortages, fuel shortages, fires, wars, acts of God, governmental regulations restricting normal operations, shipping delays or any other reason or reasons (other than lack of funds) beyond the control of the Optionee, the time limited for the performance by the Optionee of its obligations hereunder shall be extended by a period of time equal in length to the period of each such prevention or delay.

10.02 The Optionee shall give prompt notice to the Optionor of each event of force majeure under paragraph 10.01 hereof and upon cessation of such event shall furnish the Optionor with notice to that effect together with particulars of the number of days by which the obligations of the Optionee hereunder have been extended by virtue of such event of force majeure and all preceding events of force majeure.

11. <u>CONFIDENTIAL INFORMATION</u>

11.01 Except as otherwise provided in this paragraph, both parties shall treat all data, reports, records and other information relating to this Agreement, the Property and the Optioned Interest as strictly confidential. The text of any news release or other public statements, other than those required by law or regulatory bodies or stock exchanges, which a party desires to make shall be sent to the other party for its comments prior to publication and shall not include references to the other party unless such party has given its prior consent to such inclusion, such consent not to be unreasonably withheld or delayed. The text of any disclosure which a party is required to make by law, by regulatory bodies or stock exchanges shall be sent to the other party at least 48 hours prior to its release or filing in order that the other party may have the opportunity to comment thereon. For all public disclosure, whether required to be made or not, any reasonable changes requested by the non-disclosing party shall be incorporated into the disclosure document.

12. <u>NOTICES AND PAYMENT</u>

12.01 Any notice, demand, payment or other communication under this Agreement will be given in writing and must be delivered or sent by email or telecopier and addressed to the party to which it is being given at the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Optionor:

Strider Resources Limited<br> 208 Lakeside Ave,<br> Cranberry Portage Manitoba, R0B 0H0

**<u>Attention: D.V. Ziehlke</u>**<br> Email: dziehlke@mymts.net

With copy to (which shall not constitute notice):

Pullan Kammerloch Frohlinger<br> 300-240 Kennedy Street,<br> Winnipeg, Manitoba R3C 1T1

Attention: T.G. Frohlinger<br> Fax: 204 947 3747<br> Email: tfrohlinger@pkflawyers.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Optionee:

Far Resources Ltd.<br> 114B-8988 Fraserton Court, Burnaby, BC V5J 5H8

**<u>Attention: Keith C. Anderson</u>**<br> Fax: N/A<br> Email: keithanderson43@gmail.com

12.02 If notice, demand, payment or other communication is delivered, or sent by telecopier or email, it will be deemed to have been received, if delivered by hand, on the date of delivery, if telecopied to the numbers set out above, on the business day next following the date of transmission if the machine on which it is sent receives the answer back code of the party to whom it is sent, or if emailed to the addresses set out above, on the business day next following the date of transmission provided that the sender of the email receives back confirmation of receipt of such email from the recipient thereof. Any party may change its address, telecopier number or email address for the purposes of receiving notices, demands, payments or other communications under this Agreement by giving notice to the other party of such change in accordance with the provisions of this paragraph 12.02.

13. <u>CURRENCY</u>

13.01 All references to monies hereunder will be in lawful currency of Canada.

14. <u>FURTHER ASSURANCES</u>

14.01 Each of the parties hereto agrees to do and/or execute all such further and other acts, deeds, things, devices, documents and assurances as may be required in order to carry out the true intent and meaning of this Agreement, including the registration thereof against any of the mineral property interests comprising the Property at the request of any party.

15. <u>TIME OF THE ESSENCE</u>

15.01 Time shall be of the essence of this Agreement.

16. <u>COSTS</u>

16.01 Each of the parties hereto will be responsible for paying its own costs relating to the preparation and execution of this Agreement and for the purposes of interpretation neither party shall be deemed to have prepared this Agreement.

17. <u>ENTIRE AGREEMENT</u>

17.01 The parties hereto agree that the terms and conditions of this Agreement shall supersede and replace any other agreements or arrangements, whether oral or written, heretofore existing among the parties in respect of the subject matter of this Agreement, including, without limiting the generality of the foregoing, the Letter of Intent.

18. <u>COUNTERPARTS</u>

18.01 This Agreement and any certificate or other writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute any counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of this Agreement or such other writing, as the case may be, taken together, will be deemed to be one and the same instrument. The execution of this Agreement or any other writing by any party hereto will not become effective until all counterparts hereof have been executed by all the parties hereto.

19. <u>EXECUTION BY EMAIL OR FACSIMILE</u>

19.01 Each of the parties hereto will be entitled to rely upon delivery by email or facsimile of executed copies of this Agreement and any certificates or other writings delivered in connection herewith, and such email or facsimile copies will be legally effective to create a valid and binding agreement among the parties in accordance with the terms and conditions of this Agreement.

20. <u>TITLES</u>

20.01 The titles to the respective paragraphs hereof shall not be deemed to form part of this Agreement but shall be regarded as having been used for convenience only.

21. <u>GOVERNING LAW</u>

21.01 This Agreement shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein and each party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts Manitoba and all courts competent to hear appeals therefrom.

22. <u>ENUREMENT</u>

22.01 This Agreement shall enure to the benefit of and be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be.

**Balance of this page left intentionally blank.**

**IN WITNESS WHEREOF** this Agreement has been executed as of the day and year first above written.

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| |
|:---|
| **SIGNED and DELIVERED by**<br> **STRIDER RESOURCES LIMITED**<br> in the presence of: |
| Authorized Signatory |

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| |
|:---|
| **SIGNED and DELIVERED by**<br> **FAR RESOURCES LTD.**<br> in the presence of: |
| Authorized Signatory |

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**SCHEDULE "A" TO THE AGREEMENT MADE AND DATED FOR REFERENCE THE 4th DAY OF AUGUST, 2016 BETWEEN STRIDER RESOURCES LIMITED AND FAR RESOURCES LTD.**

The following is a description of the properties within which the Optionee has been granted the First Option to acquire an undivided one-hundred percent (100%) Optioned Interest, all of which properties are located in the Province of Manitoba:

&nbsp;&nbsp;&nbsp;&nbsp;1. Jake
 3558 (P3558F); and

&nbsp;&nbsp;&nbsp;&nbsp;2. in
 addition to Jake 3558 a further 350 meter wide strip along the entire NE edge of the
 said claim that includes portions of the adjacent Bert 6304 (MB6304) and Bert 797 (MB797)
 claims all as more particularly shown on the attached map and identified by GPS coordinates
 noted thereon.

**SCHEDULE "B" TO THE AGREEMENT MADE AND DATED FOR REFERENCE THE 4th DAY OF AUGUST, 2016 BETWEEN STRIDER RESOURCES LIMITED AND FAR RESOURCES LTD.**

"**Net Smelter Return**" shall mean the aggregate proceeds actually received by the Optionee from time to time from any arms length smelter or other arms length purchaser from the sale of any ores, concentrates, metals or any other material of commercial value produced by and from the Optioned Interest on the Property, deducting therefrom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the product is treated by an arm's length party at a smelter, refinery or mint,
 all expenses, relating thereto, including all costs and charges for the treatment, tolling,
 smelting, refining or minting of such products and all costs associated therewith such
 as transporting, insuring, handling, weighing, sampling, assaying and marketing, as well
 as all penalties, representation charges, referee's fees and expenses, import taxes
 and export taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the product is treated at a smelter, refiner or mint owned, operated or controlled by
 the Optionee or an affiliate thereof, all charges, costs and expenses referred to in
 sub-paragraph (a) above, such charges, costs and expenses to be equivalent to the
 prevailing rates charged by similar smelters, refineries or mints as the case may be,
 in arm's length transactions for the treatment of like quantities and quality of
 product.

The Optionee shall reserve and pay to the Optionor a Net Smelter Return Royalty equal to two (2%) percent of Net Smelter Return ("**NSR**").

Payment of NSR from the Optionee to the Optionor hereunder shall be made quarterly within thirty (30) days after the end of each fiscal quarter of the Optionee during which the Optionee receives Net Smelter Returns. Within one hundred and twenty (120) days after the end of each fiscal year of the Optionee for which the NSR is payable to the Optionor, the records relating to the calculation of NSR for such year shall be audited by the Optionee and any adjustments in the payment of NSR to the Optionor shall be made forthwith after completion of the audit. All payments of NSR to the Optionor for a fiscal year shall be deemed final and in full satisfaction of all obligations of the Optionee in respect thereof if such payments or the calculations thereof are not disputed by the Optionor within sixty (60) days after receipt by the Optionor of the same audited statement. The Optionee shall maintain accurate records relevant to the determination of NSR and the Optionor, or its authorized agent, shall, subject to the immediately preceding sentence, be permitted the right to examine, upon reasonable notice to the Optionee, such records during regular business hours at the Optionee's head office or primary place of business.

DATED: AUGUST 4, 2016

BETWEEN:

STRIDER RESOURCES LIMITED

OF THE FIRST PART

AND:

FAR RESOURCES LTD.

OF THE SECOND PART

OPTION AGREEMENT

## Exhibit 10.12

**Exhibit 10.12**

**OPTION AGREEMENT**

This Agreement is made as of <u>28 April</u>, 2016

AMONG

**Top Notch Marketing Ltd.**, a British Columbia company with an office at 201-14881 Marine Drive, White Rock, British Columbia, V4B 1Z2

("**Top Notch**")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R. Ross Blusson**, a geologist residing at 470 W. 37'1' Avenue, Vancouver, British Columbia, V5Y 2N3

("**Blusson**")

**Double-U-Em Investments Ltd.**, 54-35 Mildmay Road, Nanaimo, British Columbia, V9T 4Z3

("**Double-U-Em**")

AND

Far Resources Ltd., a British Columbia company with an office at Unit 114B - 8988 Fraserton Court, Burnaby, British Columbia, V5J 5H8

("**Far**")

WHEREAS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Optionors collectively hold a 100% beneficial interest in the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 Concession Holder holds the legal title in the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 Optionors has agreed to grant to option to Far to purchase all of the Optionors'
 interest in and to the Property;

NOW THEREORE, IN CONSIDERATION of the premises, mutual covenants and agreements contained herein, and other good and valuable consideration (the receipt and sufficiency of which is hereby mutually acknowledged) the parties agree as follows:

**Part 1 INTERPRETATION**

1.1. **Definitions**.
 In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Average Price**" means the average of the Shares' closing prices for the 10 consecutive
 trading days immediately before the date in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Completion Date**" means the date on which all of the payments and issuances set out in
 section 2.2 have been made or fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Concession Holder**" means Dalton Dupasquier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Encumbrances** "
 means any lien, claim, charge, pledge, hypothecation, security interest, mortgage, title
 retention agreement, option or encumbrance of any nature or kind whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Mineral Exploration**" means those activities that Far, in its sole judgment and discretion,
 may deem advisable for the purpose of ascertaining any facts relating to the occurrence,
 nature and extent of lithium and related lithium compounds or mineralization in and under
 the Property and the metallurgical and physical properties of such minerals; including,
 but not limited to, surface trenching, excavations, geophysical and geochemical surveys,
 drilling, the sinking of shafts for bulk sampling, and further including the right to
 use the surface for access, to place and use facilities on the surface and to use water
 and other surface resources that may be useful or convenient in connection with such
 activities. Mineral Exploration shall specifically include such testing as may be required
 for filings with any applicable stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Optionors** "
 means Top Notch, Blusson and Double-U-Em;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Party** "
 and "**Parties**" means a party and the parties to this Agreement respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Property** "
 means the mineral claims situated in the Province of Manitoba as described in Schedule
 A attached hereto and made a part hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Shares** "
 means the voting common shares without par value in the capital of Far;

1.2. **Time of Essence**. Time is of the essence of this Agreement.

1.3. **Number and Gender**. This Agreement is to be read with all changes in gender or number as
 required by the context.

1.4. **Headings**.
 The headings in this Agreement are for convenience of reference only and do not affect
 the interpretation of this Agreement.

1.5. **Currency**.
 Unless otherwise indicated, all dollar amounts referred to in this Agreement are in the
 lawful currency of Canada.

1.6. **Governing Law**. This Agreement, any amendment, addendum or supplement hereto, and all other
 documents relating hereto will be governed by and construed in accordance with the laws
 of British Columbia. The parties hereto irrevocably attorn and submit to the exclusive
 jurisdiction of the courts of British Columbia with respect to any dispute related to
 or arising from this Agreement.

1.7. **Statutes**.
 Unless otherwise stated, any reference to a statute includes and is a reference to such
 statute and to the regulations made pursuant to it, with all amendments thereto and in
 force from time to time, and to any statute or regulations that may be passed which supplement
 or supersede such statute or such regulations.

1.8. **No Contra Proferentem**. The language in all parts of this Agreement shall in all cases
 be construed as a whole and neither strictly for nor strictly against any of the parties
 to this Agreement.

**Part 2 GRANT AND EXERCISE OF OPTION**

2.1. **Grant of Option**. The Optionors hereby grant to «Recipient» the sole and exclusive
 right and Option, upon the terms and conditions in this Agreement, to acquire a 100%
 right, title, estate and interest in the Property, free and clear of all charges, encumbrances,
 claims, royalties and net profit interests of whatsoever nature.

2.2. **Exercise of Option**. «Recipient» may exercise the Option, subject to the terms
 and conditions as stated herein, by performing or satisfying all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within
 the 15 days following the execution of this Agreement, paying each of the Optionors
 $16,666.66 in cash and issuing each of the Optionors 333,333 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 the first anniversary of the date of this Agreement, providing the Optionors with aggregate
 consideration of $300,000 which, at the election of the Optionors, can be satisfied by
 either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 each of the Optionors $50,000 in cash and issuing each of the Optionors that number of
 Shares worth $50,000 at the time of issuance, based on the Average Price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issuing
 each of the Optionors that number of Shares worth $100,000 at the time of issuance, based
 on the Average Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 the second anniversary of the date of this Agreement, providing the Optionors with aggregate
 consideration of $600,000 which, at the election of the Optionors, can be satisfied by
 either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 each of the Optionors $100,000 in cash and issuing each of the Optionors that number
 of Shares worth $100,000 at the time of issuance, based on the Average Price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issuing
 each of the Optionors that number of Shares worth $200,000 at the time of issuance, based
 on the Average Price.

For clarity, the Parties acknowledge and agree that Far shall not have exercised the Option in full nor earn any interest in the Property until all of the conditions set out in this clause are satisfied.

2.3. **Conveyance**.
 Within 10 Business Days of the Completion Date, the Optionors shall deliver to Far
 any and all transfer documents, duly executed, which are necessary to convey to Far the
 Optionors' interest in the Property. If requested by Far, the Optionors shall,
 at Far's expense, execute and deliver to a mutually acceptable escrow agent recordable
 but undated transfer documents which shall be delivered to either (a) Far upon the
 exercise of the Option; or (b) the Optionors upon the termination of the Option
 before the Completion Date.

2.4. **Title to Property**. The recorded title to the Property shall remain in the name of the Concession
 Holder until the Completion Date.

2.5. **Issuance of Securities**. The Parties hereby agree that the Shares shall be issued in the names
 of the Optionors or their nominees at the Optionors' discretion.

2.6. **No Partnership**. Nothing herein contained shall be construed as creating a partnership
 of any kind or as imposing upon any Party any partnership duty, obligation or liability
 to any other Party hereto.

**Part 3 REPRESENTATIONS, WARRANTIES AND CONDITIONS PRECEDENT**

3.1. **By All Parties**. Each of the Parties hereby represents and warrants to the other Parties
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has full power and capacity to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a corporation, it has been duly incorporated and validly exists as a corporation in good
 standing under the laws of its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 necessary authorizations for the execution, delivery and performance by it of this Agreement
 in accordance with its terms have been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution, delivery and performance of this Agreement complies with its constitution
 and does not constitute a breach of any law or obligation, or cause a default under any
 agreement by which it is bound.

3.2. **By the Optionors**. The Optionors hereby represent and warrant to Far that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest and Title.</u> The Optionors are the beneficial owners of a 100% undivided interest collectively
 in the Property, free and clear of any and all Encumbrances. The Optionors has the full
 power to hold its interest in the Property and hold recorded or registered title to the
 Property and no person has any proprietary or other possessory interest in the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Adverse Notice.</u> The Optionors have not received any notice of the existence of any condemnation,
 expropriation or similar proceeding respecting the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Property in Good Standing.</u> The mining concessions forming part of the Property are in good
 standing and no event, condition or occurrence exists that, after notice or lapse of
 time or both, would constitute a default under such mining concessions and all required
 assessment work, reports, fees, duties and payments have been filed or made and are current.
 There are no pending or unpaid dues, fees, duties or charges of any kind relating to
 the Property.

3.3. **Conditions Precedent**. The obligation of any of the Parties to complete the transactions herein
 is subject to the approval of this Agreement by the Canadian Securities Exchange.

**Part 4 EXPLORATION**

4.1. **Grant of License**. The Optionors hereby grant to Far an exclusive license to enter upon
 the Property together with the right to conduct Mineral Exploration on or with respect
 to the Property during the term of this Agreement.

4.2. **Covenants**.
 Far covenants and agrees with the Optionors that until the Option is exercised or otherwise
 terminates, Far shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter
 the Property at its own risk and expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carry
 out and record or cause to be carried out and recorded all such assessment work upon
 the Property as may be required in order to maintain the Property in good standing at
 all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) keep
 the Property clear of liens and other charges arising from its operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) carry
 on all operations on the Property in a good and miner-like manner and in compliance with
 all applicable governmental regulations and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pay
 or cause to be paid any reasonable rates, taxes, duties, royalties, assessments or fees
 levied with respect to the Property or Far's operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) indemnify
 and hold the Optionors harmless from any and all liabilities, costs, damages or charges
 arising from the failure of Far to comply with the covenants contained in this Part 4
 or otherwise arising from its operations on the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) allow
 the Optionors or any duly authorized agent or representative of the Optionors to inspect
 the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) allow
 the Optionors access at all reasonable times and intervals to all factual maps, reports,
 assay results and other factual technical data prepared or obtained by Far in connection
 with its operations on the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide
 the Optionors with an annual factual progress report, in writing, with respect to its
 operations on the Property and shall provide the Optionors with copies of any and all
 documents filed by Far to record assessment work on the Property.

**Part 5 TERMINATION**

5.1. **By the Optionors**. The Optionors may terminate this Agreement without further notice
 if Far, after 10 business days has elapsed since receiving a notice from the Optionors
 advising that Far is in default of this Agreement, fails to remedy such default.

5.2. **By Far**. Far may terminate this Agreement by giving 5 days' written notice
 to the Optionors, provided Far is not in default of this Agreement at the time.

5.3. **Obligations Upon Termination**. Upon termination of this Agreement Far shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vacate
 the Property within a reasonable time after such termination, but shall have the right
 of access to the Property for a period of three months thereafter for the purpose of
 removing its chattels, machinery, equipment and fixtures therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) turn
 over to the Optionors originals of all maps, reports, assay results and other data and
 documentation with respect to the Property in Far's possession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) leave
 the Property free and clear of all liens and encumbrances and in good standing for a
 period of one year following the date of termination with respect to the payment of all
 taxes and other land holding costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) leave
 the Property in a safe condition in accordance with any applicable requirements of law.

5.4. **Forfeiture**.
 Upon the termination of this Agreement, whether by the Optionors or by Far:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Far
 forfeits any and all interest in the Property hereunder and shall cease to be liable
 to the Optionors in debt, damages or otherwise save for the performance of those of its
 obligations which theretofore should have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 the avoidance of doubt, Far also forfeits any payments or issuances it has made under
 section 2.2.

**Part 6 CONFIDENTIALITY**

6.1. **No Disclosure**. A Party which receives information (the "Recipient") from
 another Party (the "Discloser") with respect to the Property or this Agreement
 shall not disclose such information ("Confidential Information") to any third
 party without the prior written consent of the Discloser, unless such information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 or subsequently becomes publicly available,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) became
 known to Recipient before the Discloser's disclosure of such information to Recipient,
 as evidenced by the Recipient's written records,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was
 obtained in good faith from a third party not under any obligation of confidentiality
 or secrecy for such information, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) was
 independently developed by Recipient as evidenced by the Recipient's written records.

6.2. **Required Disclosure**. If the Recipient is compelled to disclose Confidential Information by
 law or regulatory order, it may do so provided that Recipient shall first notify the
 Discloser before such disclosure in order to give the Discloser a reasonable opportunity
 to seek an appropriate protective order and/or waive compliance with the terms of this
 Agreement and if Recipient is still required to make a disclosure, Recipient shall disclose
 only as much of the information as is required by law or regulatory order.

6.3. **Return or Destruction of Information**. Within five business days of receipt of the Discloser's
 request, a Recipient shall destroy or return to the Discloser all materials containing
 Confidential Information, and at the Discloser's option, the Recipient shall certify
 that it has fully satisfied this request.

**Part 7 GENERAL**

7.1. **Entire Agreement**. This Agreement contains the whole agreement between the Parties pertaining
 to the subject matter hereof and supersedes all prior agreements, understandings, negotiations
 and discussions between the Parties and there are no representations, warranties, covenants,
 conditions or other terms other than expressly contained in this Agreement.

7.2. **Severability**.
 The invalidity, illegality or unenforceability of any provision of this Agreement shall
 not affect the validity, legality or enforceability of any other provision hereof

7.3. **Further Assurances**. Each Party will execute and deliver to the other any additional instruments
 and will take any additional steps that may be reasonably required to give full effect
 to this Agreement.

7.4. **No Assignment**. This Agreement, which includes any interest granted or right arising
 under this Agreement, may not be assigned or transferred without the prior written consent
 of the other Party.

7.5. **Amendment & Waiver**.
 No amendment to this Agreement will be valid or binding unless set forth in writing and
 duly executed by all the Parties. No waiver of any breach of any term or provision of
 this Agreement will be effective or binding unless made in writing and signed by the
 Party purporting to give the same, and unless otherwise provided, will be limited to
 the specific breach waived.

7.6. **Enurement**.
 This Agreement binds and enures to the benefit of the Parties and their respective successors
 and permitted assigns.

7.7. **Notice**.
 All notices or communications required in this Agreement shall be given in writing and
 must be delivered to the address(es) set forth above (or at such other address as the
 other Party may direct in writing): (a) in person, (b) by facsimile, (c) by
 registered mail, or (d) by a commercial courier that provides a signature of receipt.
 Any such communication shall be effective only upon delivery, which for any communication
 given by facsimile shall mean the transmission date as confirmed by the facsimile transmission
 report. A signed receipt for the communication shall constitute proof of delivery, but
 if the sender can prove that delivery was made as provided for above, then it will constitute
 delivery despite the absence of a signed receipt. If a communication is rejected or undeliverable
 through no fault of the sender, notice will be deemed served one business day after the
 date of attempted service.

7.8. **Independent Legal Advice**. All Parties acknowledges and agrees that each Party has been advised
 to obtain independent legal, accounting, investment and tax advice prior to the execution
 and delivery of this Agreement, and in the event a Party did not avail itself of that
 opportunity before signing this Agreement, such Party did so voluntarily and without
 any undue pressure or influence of any of the other Parties and that any failure to obtain
 independent legal, accounting, investment or tax advice shall not be used as a defense
 to the enforcement of a Party's obligations under this Agreement.

7.9. **Force Majeure**. The Parties will exercise every reasonable effort to meet their respective
 obligations hereunder but shall not be liable for any delay resulting from force majeure
 or other cause beyond their reasonable control, including but not limited to an act of
 God, fire, strike, lockout, national disaster, war, riot or transportation problem. Any
 such cause will extend the time of performance of the delayed obligation to the extent
 of the delay so incurred.

[the rest of this page left intentionally blank]

7.10. **Execution by Counterparts**. This Agreement may be executed in counterparts with original, telefacsimile
 or electronic signatures, with each counterpart when delivered to be deemed an original
 and all of which when taken together to constitute one and the same instrument.

The Parties have executed this Agreement on the date first written above.

---

| |
|:---|
| &nbsp;&nbsp;**TOP NOTCH MARKETING, LTD.** |
| &nbsp;&nbsp;Per: Anita Gontier, Director |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;SIGNED, SEALED and DELIVERED by R.<br> Ross Blusson in the presence of: |  |
| &nbsp;&nbsp;Signature of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
|  | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Name of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
|  | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Address of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
|  | &nbsp;&nbsp;**R. Ross Buisson** |

---

---

| |
|:---|
| &nbsp;&nbsp;**DOUBLE-U-EM INVESTMENTS LTD.** |
| &nbsp;&nbsp;Per: Wayne Morgan, Director |

---

---

| |
|:---|
| &nbsp;&nbsp;**FAR RESOURCES LTD.** |
| &nbsp;&nbsp;Per: Keith Anderson, CEO |

---

7.10. **Execution by Counterparts**. This Agreement may be executed in counterparts with original, telefacsimile
 or electronic signatures, with each counterpart when delivered to be deemed an original
 and all of which when taken together to constitute one and the same instrument.

The Parties have executed this Agreement on the date first written above.

---

| |
|:---|
| &nbsp;&nbsp;**TOP NOTCH MARKETING, LTD.** |
| &nbsp;&nbsp;Per: Anita Gontier, Director |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;SIGNED, SEALED and DELIVERED by R.<br> Ross Blusson in the presence of: |  |
| &nbsp;&nbsp;Signature of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Mona Blusson | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Name of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;470 W 37<sup>th</sup> Ave. | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Address of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Vancouver BC V5Y2N3 | &nbsp;&nbsp;**R. Ross Buisson** |

---

---

| |
|:---|
| &nbsp;&nbsp;**DOUBLE-U-EM INVESTMENTS LTD.** |
| &nbsp;&nbsp;Per: Wayne Morgan, Director |

---

---

| |
|:---|
| &nbsp;&nbsp;**FAR RESOURCES LTD.** |
| &nbsp;&nbsp;Per: Keith Anderson, CEO |

---

7.10. **Execution by Counterparts**. This Agreement may be executed in counterparts with original, telefacsimile
 or electronic signatures, with each counterpart when delivered to be deemed an original
 and all of which when taken together to constitute one and the same instrument.

The Parties have executed this Agreement on the date first written above.

---

| |
|:---|
| &nbsp;&nbsp;**TOP NOTCH MARKETING, LTD.** |
| &nbsp;&nbsp;Per: Anita Gontier, Director |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;SIGNED, SEALED and DELIVERED by R.<br> Ross Blusson in the presence of: |  |
| &nbsp;&nbsp;Signature of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
|  | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Name of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
|  | &nbsp;&nbsp;**R. Ross Buisson** |
| &nbsp;&nbsp;Address of Witness | &nbsp;&nbsp;**R. Ross Buisson** |
|  | &nbsp;&nbsp;**R. Ross Buisson** |

---

---

| |
|:---|
| &nbsp;&nbsp;**DOUBLE-U-EM INVESTMENTS LTD.** |
| &nbsp;&nbsp;Per: Wayne Morgan, Director |

---

---

| |
|:---|
| &nbsp;&nbsp;**FAR RESOURCES LTD.** |
| &nbsp;&nbsp;Per: Keith Anderson, CEO |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in the Registration Statement on Form F-1 of our report dated August 2, 2022 relating to the consolidated financial statements of Foremost Lithium Resource & Technologies for the years ended March 31, 2022 and 2021. Our report contains an exploratory paragraph regarding the Company's ability to continue as a going concern. We also consent to the reference to us under the caption "Experts" in the Registration Statement.

Crowe MacKay LLP

Vancouver, British Columbia

January 17, 2023

## Exhibit 23.4

**Exhibit 23.4**

CONSENT OF QUALIFIED PERSON

To: U.S. Securities and Exchange Commission

Re: Registration Statement on Form F-1 of Foremost Lithium Resource and Technology Ltd. (the "Company")

I, Mark Fedikow of Mount Morgan Resources Ltd., in connection with the Company's Registration Statement on Form F- 1 (and any amendments or supplements and/or exhibits thereto, the "Registration Statement"), consent to:

● the public filing by the Company and use of the technical report titled "TECHNICAL REPORT ON THE ZORO LITHIUM PROJECT, SNOW LAKE, MANITOBA" (the "Technical Report"), with an effective date of December 28, 2022 and that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Registration Statement;

● the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the Registration Statement and any such Technical Report; and

● any extracts from or a summary of the Technical Report in the Registration Statement and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Registration Statement.

I am responsible for authoring, and this consent pertains to, portions of Sections 1 through 12 and 14 through 23 of the Technical Report. I certify that I have read the Registration Statement and that both fairly and accurately represent the information in the sections of the Technical Report for which I am responsible.

---

| | |
|:---|:---|
| Dated: | January 17, 2023 |
| By: | /s/ Mark Fedikow |
| Name: | Mark Fedikow |
| Title: | Geologist, AIPG CPG #110 |

---

## Exhibit 23.5

**Exhibit 23.5**

CONSENT OF QUALIFIED PERSON

To: U.S. Securities and Exchange Commission

Re: Registration Statement on Form F-1 of Foremost Lithium Resource and Technology Ltd. (the "Company")

I, Scott Zelligan of Mount Morgan Resources Ltd., in connection with the Company's Registration Statement on Form F- 1 (and any amendments or supplements and/or exhibits thereto, the "Registration Statement"), consent to:

● the public filing by the Company and use of the technical report titled "TECHNICAL REPORT ON THE ZORO LITHIUM PROJECT, SNOW LAKE, MANITOBA" (the "Technical Report"), with an effective date of December 28, 2022 and that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as an exhibit to and referenced in the Registration Statement;

● the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the Registration Statement and any such Technical Report; and

● any extracts from or a summary of the Technical Report in the Registration Statement and the use of any information derived, summarized, quoted or referenced from the Technical Report, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Registration Statement.

I am responsible for authoring, and this consent pertains to, portions of Sections 13 of the Technical Report. I certify that I have read the Registration Statement and that both fairly and accurately represent the information in the sections of the Technical Report for which I am responsible.

---

| | |
|:---|:---|
| Dated: | January 17, 2023 |
| By: | /s/ Scott Zelligan |
| Name: | Scott Zelligan |
| Title: | Geologist, P.Geo #2078, *Association of Professional Engineers Geoscientists of Ontario* |

---

## Exhibit 96.1

**Exhibit 96.1**

**REPORT**

S-K 1300 TRS Technical Report Summary

*Foremost Lithium Resource and Technology:* 

*TECHNICAL REPORT ON THE ZORO LITHIUM PROJECT, SNOW LAKE, MANITOBA*

Submitted to:

**Foremost Lithium Resource and Technology Ltd.**

Prepared by the following Qualified Persons:

**Mark A. F. Fedikow**

**Scott Zelligan**

Project No.

20230401-R-Rev0

January 16, 2023

![](img050.jpg)

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *1*

**Table of Contents**

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| | | | |
|:---|:---|:---|:---|
| **DATE AND SIGNATURE PAGE** | **DATE AND SIGNATURE PAGE** | **DATE AND SIGNATURE PAGE** | **11** |
| 1 |  | EXECUTIVE SUMMARY | 13 |
| **1.1** |  | **GEOLOGICAL SETTING AND MINERALIZATION** | **14** |
| **1.2** |  | **MINERAL RESOURCE ESTIMATE** | **15** |
| **1.3** |  | **PROJECT INFRASTRUCTURE** | **16** |
| **1.4** |  | **ENVIRONMENT** | **16** |
| **1.5** |  | **Conclusions and Recommendations** | **16** |
| 2 |  | INTRODUCTION AND TERMS OF REFERENCE | 17 |
| **2.1** |  | **INTRODUCTION** | **17** |
| **2.2** |  | **REGISTRANT INFORMATION** | **18** |
| **2.3** |  | **TERMS OF REFERENCE** | **18** |
| **2.4** |  | **Site Visits** | **20** |
| **2.5** |  | **RELIANCE ON OTHER EXPERTS** | **21** |
| **2.6** |  | **Definitions** | **21** |
| 3 |  | PROPERTY DESCRIPTION AND LOCATION | 22 |
| **3.1** |  | **PROPERTY LOCATION** | **22** |
| **3.2** |  | **Other Factors Affecting Access** | **26** |
| 4 |  | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | 27 |
| **4.1** |  | **ACCESS** | **27** |
| **4.2** |  | **CLIMATE AND PHYSIOGRAPHY** | **28** |
| **4.3** |  | **LOCAL RESOURCES AND INFRASTRUCTURE** | **30** |
| 5 |  | HISTORY | 33 |
| **5.1** |  | **HISTORIC RESOURCE WORK** | **36** |
| **5.2** |  | **GREEN BAY MINING & EXPLORATION Ltd. (Previously Green Bay Uranium Limited)** | **37** |
|  | 5.2.1 | Geology of Dyke 1 (Figures 9.1.1 and 9.1.2) | 38 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *2*

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| | | | |
|:---|:---|:---|:---|
| **5.3** | **FORCE ENERGY LTD.** | **FORCE ENERGY LTD.** | **41** |
| **5.4** | **HISTORICAL DRILLING** | **HISTORICAL DRILLING** | **50** |
| 6.0 | GEOLOGICAL SETTING AND MINERALIZATION | GEOLOGICAL SETTING AND MINERALIZATION | 57 |
| **6.1** | **BEDROCK GEOLOGY - INTRODUCTION** | **BEDROCK GEOLOGY - INTRODUCTION** | **57** |
| **6.2** | **GEOLOGICAL EVOLUTION AND COMPONENT OF THE FLIN FLON SNOW LAKE GREENSTONE BELT** | **GEOLOGICAL EVOLUTION AND COMPONENT OF THE FLIN FLON SNOW LAKE GREENSTONE BELT** | **60** |
| **6.3** | **GENERAL AND DETAILED GEOLOGY** | **GENERAL AND DETAILED GEOLOGY** | **64** |
| **6.4** | **SURFICIAL GEOLOGY** | **SURFICIAL GEOLOGY** | **68** |
| **6.5** | **GEOPHYSICAL CHARACTERISTICS OF THE ZORO LITHIUM PROPERTY** | **GEOPHYSICAL CHARACTERISTICS OF THE ZORO LITHIUM PROPERTY** | **69** |
| **6.6** | **MINERALIZATION** | **MINERALIZATION** | **70** |
| **6.7** | **MINERAL CHEMISTRY** | **MINERAL CHEMISTRY** | **73** |
|  | 6.7.1 | Muscovite | 73 |
|  | 6.7.2 | K-Feldspar | 74 |
| **6.8** | **WHOLE ROCK GEOCHEMISTRY** | **WHOLE ROCK GEOCHEMISTRY** | **75** |
|  | 6.8.1 | Background Values | 76 |
|  | 6.8.2 | Results | 77 |
| **6.9** | **OTHER MINERALIZATION** | **OTHER MINERALIZATION** | **79** |
| 7.0 | DEPOSIT TYPES | DEPOSIT TYPES | 81 |
| **7.1** | **RARE ELEMENT LITHIUM-CESIUM-TANTALUM PEGMATITES** | **RARE ELEMENT LITHIUM-CESIUM-TANTALUM PEGMATITES** | **81** |
| **7.2** | **GENERAL CHARACTERISTICS OF RARE ELEMENT LITHIUM-CESIUM-TANTALUM PEGMATITES** | **GENERAL CHARACTERISTICS OF RARE ELEMENT LITHIUM-CESIUM-TANTALUM PEGMATITES** | **82** |
| **7.3** | **PEGMATITE EMPLACEMENT** | **PEGMATITE EMPLACEMENT** | **83** |
| **7.4** | **THE TANCO PEGMATITE** | **THE TANCO PEGMATITE** | **85** |
|  | 7.4.1 | General | 85 |
|  | 7.4.2 | Zonation and Mineralogy | 85 |
|  | 7.4.3 | Geochemistry | 86 |
|  | 7.4.4 | Lithium-Cesium-Tantalum Mineralization | 86 |
|  | 7.4.5 | Alteration and Element Dispersion | 88 |
| **7.5** | **RARE-ELEMENT PEGMATITES FROM THE SUPERIOR PROVINCE** | **RARE-ELEMENT PEGMATITES FROM THE SUPERIOR PROVINCE** | **89** |
| **7.6** | **THE ZORO PEGMATITES** | **THE ZORO PEGMATITES** | **92** |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *3*

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| | | | |
|:---|:---|:---|:---|
| 8.0 | EXPLORATION | EXPLORATION | 94 |
| **8.1** | **FOREMOST** | **FOREMOST** | **94** |
|  | 8.1.1 | Prospecting | 99 |
|  | 8.1.2 | Geological mapping and Petrography | 100 |
|  | 8.1.3 | Rock Geochemical Surveys | 102 |
| **8.2** | **SOIL GEOCHEMICAL SURVEYS** | **SOIL GEOCHEMICAL SURVEYS** | **105** |
|  | 8.2.1 | Results | 106 |
| **8.3** | **DATA QUALITY** | **DATA QUALITY** | **110** |
|  | 8.3.1 | Rock Samples | 110 |
| 9.0 | DRILLING | DRILLING | 110 |
| **9.1** | **FOREMOST DRILLING** | **FOREMOST DRILLING** | **110** |
|  | 9.1.1 | Phase 1 Drilling | 114 |
|  | 9.1.2 | Phase 2 Drilling | 115 |
|  | 9.1.3 | Phase 3 Drilling | 116 |
|  | 9.1.4 | Phase 4 Drilling | 118 |
| **9.2** | **CORE HANDLING, SAMPLING METHODS, AND APPROACH** | **CORE HANDLING, SAMPLING METHODS, AND APPROACH** | **122** |
|  | 9.2.1 | Historical Work | 122 |
|  | 9.2.2 | Foremost Survey method | 123 |
|  | 9.2.3 | Core Handling, Logging and Sampling Methods | 123 |
| 10.0 | SAMPLING PREPARATION, ANALYSES AND SECURITY | SAMPLING PREPARATION, ANALYSES AND SECURITY | 125 |
| **10.1** | **SAMPLE COLLECTION AND SECURITY** | **SAMPLE COLLECTION AND SECURITY** | **125** |
| **10.2** | **HISTORIC SAMPLING METHODS** | **HISTORIC SAMPLING METHODS** | **127** |
| **10.3** | **SAMPLE PREPARATION** | **SAMPLE PREPARATION** | **128** |
|  | 10.3.1 | Rock | 128 |
|  | 10.3.2 | Soil | 129 |
| **10.4** | **SAMPLE ANALYSIS-ROCK SAMPLES** | **SAMPLE ANALYSIS-ROCK SAMPLES** | **129** |
|  | SOIL SAMPLES | SOIL SAMPLES | 133 |
| 11.0 | DATA VERIFICATION | DATA VERIFICATION | 136 |
| **11.1** | **Mark Fedikow Verification** | **Mark Fedikow Verification** | **136** |
|  | 11.1.1 | HISTORIC WORK | 136 |
|  | 11.1.2 | DIAMOND DRILLING | 136 |
|  | 11.1.3 | OUTCROP SAMPLING | 136 |
|  | 11.1.4 | DRILL CORE | 137 |
|  | 11.1.5 | ROCK AND SOIL SAMPLE COLLECTION | 137 |
| **11.2** | **Scott Zelligan Verification** | **Scott Zelligan Verification** | **137** |
|  | 11.2.1 | Data Validation | 137 |
|  | 11.2.2 | Site Visit | 137 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *4*

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| | | | |
|:---|:---|:---|:---|
|  | 11.2.3 | Qualified Persons Statements | 145 |
| 12.0 | MINERAL PROCESSING AND METALLURGICAL TESTING | MINERAL PROCESSING AND METALLURGICAL TESTING | 146 |
| 13.0 | MINERAL RESOURCE ESTIMATES | MINERAL RESOURCE ESTIMATES | 147 |
| **13.1** | **Dyke 1 Inferred Resource Estimate** | **Dyke 1 Inferred Resource Estimate** | **147** |
|  | 13.1.1 | Data | 150 |
|  | 13.1.2 | Geological Interpretation | 151 |
|  | 13.1.3 | Wireframing | 153 |
|  | 13.1.4 | Contact Profiles | 154 |
|  | 13.1.5 | Exploratory Data analysis | 156 |
|  | 13.1.6 | Compositing | 157 |
|  | 13.1.7 | Outlier Management and capping Strategy | 158 |
|  | 13.1.8 | Density | 160 |
|  | 13.1.9 | Interpolation Plan | 160 |
|  | 13.1.10 | Block Model Parameters | 160 |
|  | 13.1.11 | Resource Block Model | 161 |
|  | 13.1.12 | Cell Attributes | 161 |
|  | 13.1.13 | Resource Categorization | 162 |
|  | 13.1.14 | Model Validation | 163 |
|  | 13.1.15 | Population Distribution | 164 |
|  | 13.1.16 | Sections and Plans | 167 |
|  | 13.1.17 | Mineral Resource Tabulation | 173 |
| 14.0 | MINERAL RESERVE ESTIMATES | MINERAL RESERVE ESTIMATES | 174 |
| 15.0 | MINING METHODS | MINING METHODS | 174 |
| 16.0 | PROCESSING AND RECOVERY METHODS | PROCESSING AND RECOVERY METHODS | 174 |
| 17.0 | PROJECT INFRASTRUCTURE | PROJECT INFRASTRUCTURE | 174 |
| 18.0 | MARKET STUDIES AND CONTRACTS | MARKET STUDIES AND CONTRACTS | 174 |
| 19.0 | ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL AND COMMUNITY IMPACT | ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL AND COMMUNITY IMPACT | 175 |
| 20.0 | CAPITAL AND OPERATING COSTS | CAPITAL AND OPERATING COSTS | 175 |
| 21.0 | ECONOMIC ANALYSIS | ECONOMIC ANALYSIS | 175 |
| 22.0 | ADJACENT PROPERTIES | ADJACENT PROPERTIES | 175 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *5*

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| | | | | |
|:---|:---|:---|:---|:---|
| 23.0 |  | OTHER RELEVANT DATA AND INFORMATION | OTHER RELEVANT DATA AND INFORMATION | 178 |
| 24.0 |  | INTERPRETATION AND CONCLUSIONS | INTERPRETATION AND CONCLUSIONS | 180 |
| **24.1** |  | **MINERALOGY** | **MINERALOGY** | **180** |
| **24.2** |  | **RESOURCE ESTIMATES** | **RESOURCE ESTIMATES** | **181** |
| **24.3** |  | **GEOCHEMICAL STUDIES** | **GEOCHEMICAL STUDIES** | **181** |
|  | 24.3.1 | 24.3.1 | Mineral Chemistry | 181 |
|  | 24.3.2 | 24.3.2 | Soil Chemistry | 182 |
| 25.0 |  | RECOMMENDATIONS | RECOMMENDATIONS | 183 |
| 26.0 |  | REFERENCES | REFERENCES | 185 |

---

**LIST OF FIGURES**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 4.1: Location map for the Zoro Lithium Project, Snow Lake, Manitoba | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 5.3.1: Infrastructure in the vicinity of the Zoro Lithium Project | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.1.1: Location map after Hoffman (1989) illustrating the position of the Flin Flon-Snow Lake Belt in relation to the Precambrian geology of North America (A) and central Canada (B). The latter illustrates the components of the dominantly juvenile core to the Trans-Hudson Orogen in relation to the bordering Archean terranes, middle Proterozoic Athabasca Basin and overlying Phanerozoic strata of the Western Canada Sedimentary Basin. FFB: Flin Flon Belt; GD: Glennie Domain; HLB: Hanson Lake Block: LL-LT: Lynn Lake-LaRonge Belt; KD: Kisseynew Domain; RD: Rottenstone Domain; RL: Rusty Lake Belt; TB: Thompson Belt; TB: Tabernor Fault Zone; WB: Wathaman-Chipewayan Batholith; WD: Wollaston Domain. Modified from Lucas *et al.* (1996) from the original by Hoffman (1989). Dashed box represents area shown in more detail in Figure 7.1.2 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.1.2: Map of the Flin Flon-Snow Lake Belt, illustrating the tectonio-stratigraphic assemblages, the location of the various accretionary assemblages, and major mineral deposits. B: Birch Lake assemblage; FMI: Fourmile Island assemblage; ML: Morton Lake fault zone; S: Sandy Bay assemblage; TB: Tabernor Fault Zone; SW: Sturgeon-Weir fault zone. Modified from Zwanzig (1999) and Lucas *et al.* (1996). Zoro Lithium Project is marked on Figure 7.1.3 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.1.3: regional geology map of the Flin Flon-Snow lake greenstone belt emphasizing pre- and syn/post-accretion rocks | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.3.1: General geology in vicinity of the Zoro Lithium Project with claim boundaries | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.3.2: Detailed geology at the Zoro Lithium Project with claim boundaries | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.3.3: Overgrown and slumped trenches at the Zoro Lithium Project | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.4.1: Surficial geology of the Zoro1 property with claim boundaries | 68 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *6*

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.5.1: Regional airborne Residual Magnetic Intensity survey results of the Zoro Lithium Project, Wekusko Lake area with claim boundaries | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.5.2: Regional airborne Vertical Gradient for the Zoro Lithium Project with claim boundaries | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.6.1: Coarse-grained bladed spodumene, trench muck sample, Dyke 1, Zoro Lithium Project | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.7.1: Mineral-chemistry results for muscovite and K-feldspar from Dyke 1 (From Martins *et al.,* 2017): a) general fractionation trend (arrows) for micas from Ontario pegmatites (blue dots; data from Selway et al., 2005) and those from the Tanco pegmatite (brown dots; S. Margison, unpublished data) and Dyke 1 (red dots); b) general fractionation trend (arrows) for K-feldspar from Ontario pegmatites (blue dots; Selway *et al*., 2005), Tanco pegmatite (brown dots; data from Brown, 2001) and Dyke 1 (red dots) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.8.1: Location of drill holes FAR16-001, FAR16-005 and FAR17-010 in relation to Dyke 1 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7.8.2: Element distribution diagrams showing variations along the length of the studied drill holes from Dyke 1: a) Li for drillhole FAR16-005; b) Rb for drillhole FAR16-005; c) Cs for drillhole FAR16-005; d) Li for drillhole FAR17-010; e) Rb for drillhole FAR17-010; f) Cs for drillhole FAR17-010. Shaded areas mark the location of the pegmatite. Plots from Martins *et al.* (2017) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8.3.1: Regional Zoning in Fertile Granites and Pegmatites (after Cerny, 1991b and Selway *et al.*, 2005). A) Regional zoning of a fertile granite (outwardly fractionated) with an aureole of exterior lithium pegmatites; B) Schematic representation of regional zoning in a cogenetic parent granite and pegmatite group. Pegmatites increase in the degree of fractionation with increasing distance from the parent granite | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8.4.1: West to east longitudinal section through the Tanco pegmatite. (Modified from Stilling *et al*., 2006; Cerny *et al*., 2005). *Note:* The border zone (Zone 10) is not shown at this scale | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.1.1: Location map for the seven known pegmatite dykes comprising the Zoro Lithium Project | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.1.2: Outcrop, geology and trench location map, Dyke 1, Zoro Lithium Project. Data from historic information sourced in Manitoba Mining Recorder's assessment files | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.1: Location of historic trenches on the Zoro 1 claim, Dyke 1 that have been mucked out, washed and channel sampled | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.2: Channel samples (number and sampling interval) for trenches 01, 02, 03 and 04, Zoro 1 claim | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.3: Channel samples (number and sampling interval) for trenches 05, 06 and 07, Zoro 1 claim | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.4: Channel samples (number and sampling interval) for trenches 08 and 09, Zoro 1 claim | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.5: Channel samples (number and sampling interval) for trench 10, Zoro 1 claim | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.6: Channel samples (number and sampling interval) for trenches 11 and 12, Zoro 1 claim | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.7: Channel samples (number and sampling interval) for trenches 13 and 14, Zoro 1 claim | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.2.8: Channel samples (number and sampling interval) for trenches 15 and 16, Zoro 1 claim | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.1: Reconstruction of Dyke 1 based on historic and recent drill information including spodumene intercepts | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.2: Reconstruction of Dykes 2 and 3 based on historic drill information | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.3: Reconstruction of Dyke 4 based on historic and recent drill information | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.4: Reconstruction of Dykes 5 and 6 based on historic drill information | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.5: Reconstruction of Dyke 7 based on historic drill information | 99 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *7*

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.6: Rock chip sample location map for the assessment of lithium and multi-element compositions of the seven historic dykes on the Zoro Lithium Project. The results of geological mapping and LIDAR surveys form the base for this figure | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.7: Assay results for rock chip samples at pegmatite dykes 2 and 3 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.8: Assay results for rock chip samples at pegmatite dyke 4 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.3.9: Assay results for rock chip samples at pegmatite dykes 5, 6 and 7 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.4.1: Sample location map for soil samples collected to assess areas of overburden cover for buried pegmatite dykes and areas of possible extensions of known pegmatite dykes. The base for this figure is compiled from historic and recent geological mapping | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.4.2: Sample location map for soil samples collected to assess areas of overburden cover for buried pegmatite dykes and areas of possible extensions of known pegmatite dykes. The base for this figure is from recent LIDAR surveys | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.4.3: Bubble plot depicting results for lithium in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium mineralization | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.4.4: Bubble plot depicting results for rubidium in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium and tantalum mineralization | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.4.5: Bubble plot depicting results for cesium in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium-tantalum mineralization | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 9.4.6: Bubble plot depicting results for tantalum in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium and tantalum mineralization | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10.1.1: Historical drillhole collars located by Far Resources | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10.1.2: Drill core in collapsed core racks from the Green Bay Exploration and Development historic diamond drill programs, Zoro Lithium Project | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10.2.1: Phases 1, 2 and 3 drill collar locations at Dyke 1 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10.2.2: Phase 4 drill collar locations on multiple lithium bearing dykes | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10.2.3: Drill results from testing a Mobile Metal Ions Li soil geochemical anomaly | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11.3.1: Channel cut for sampling of the Zoro1 spodumene pegmatite | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.1: Collar locations visited on the site visit | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.2: Historical trench and mineralized sample | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.3: Core logging and cutting facilities in Snow Lake | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.4: Location of reviewed holes in deposit (3D view looking down to the North-east) | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.5: Interval reviewed in FAR16-007 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.6: Interval reviewed in FAR17-010 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 12.6.7: Interval reviewed in FAR18-020 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.1: Log-Histogram of Li<sub>2</sub>O% values within Dyke 1 results | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.2: Probability Plot of Li<sub>2</sub>O% values within Dyke 1 results | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.3: Domain wireframes. (Transparent light blue – Dyke 1; Green – "HW"; Pink – "FW"; Blue – internal waste) | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.4: Log-Histogram plots of Li<sub>2</sub>O% values for: A – Low grade, B – "HW" domain, C – "FW" domain | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.5: Contact plots for Li<sub>2</sub>O% | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.6: Contact Plots for other metals | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.7: Histogram of Length by Domain | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.8: Histograms of Be, Cs, Ga, Rb and Ta | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.9: Li<sub>2</sub>O% HW Histograms (A – Raw Samples; B – Composites; C – Block Model) | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.10: Li<sub>2</sub>O% FW Histograms (A – Raw Samples; B – Composites; C – Block Model) | 166 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *8*

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.11: Cs (ppm) FW Histograms (A – Raw Samples; B – Composites; C – Block Model) | 167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.12: Plan 1, Li<sub>2</sub>O% grades displayed, 25 m Section Width | 168.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.13: Plan 2, Li<sub>2</sub>O% grades displayed, 25 m Section Width | 169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.14: Plan 3, Cs ppm grades displayed, 25 m Section Width | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.15: Section 1, Li<sub>2</sub>O% grades displayed, 25 m Section Width | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 14.2.16: Section 2, Li<sub>2</sub>O% grades displayed, 25 m Section Width | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 15.1: Available infrastructure in the area of the Zoro Lithium Project | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIST OF TABLES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 1.1: Resource estimates based on Li<sub>2</sub>0 percentage cut-offs | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 5.2.1: Monthly climate averages for Flin Flon, including temperature highs, lows and precipitation values. Flin Flon climate data from the airport (54⁰41'N, 101⁰41'W at elevation 303.9 m) (source: Environment Canada website) | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 6.1: Summary of claims, Far Resources Zoro Lithium Project | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7.6.1: The compositional characteristics of selected minerals from Dyke 1, Zoro lithium property (Cerny, 1981) | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7.9.1: Summary of historic gold assay results from drill core at Dyke 1. Mineralization consisted of fine-grained, disseminated pyrrhotite, chalcopyrite and arsenopyrite | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7.9.2: Typical recent gold assay results from DDH Far17-015 and -019 | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8.4.1: Zonation, mineralogy, textures and geochemistry of the Tanco pegmatite (Cerny, 2005) | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8.6.1: Pegmatite classification abbreviated after Rudenko *et al.* (1975) showing the possible field of the Dyke 1 spodumene pegmatite (from Cerny, 1982) | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 9.2.1: Summary of channel and grab samples collected from the Zoro 1 claim. UTM coordinates (datum NAD 83, Zone 14) | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 9.2.2: Summary of lithium analyses presented as weighted averages per trench and conversion to Li2O and Li2CO3 | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 9.3.1: Summary of historic physical characteristics of dykes 2 through 7 (Assessment File AF95362) | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.1.1: Summary of historical drilling by pegmatite dyke | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.1.2: Historical diamond drillhole collar locations identified by Far Resources field crew. (\*UTM coordinates displayed in NAD 83, Zone 14N.) | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.1.3: List of historical drillhole information | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.1.4: Historical drillhole weighted averages | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.1.5: Far Resources Phase 1 Drilling | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.2.1: Far Resources Phase 2 drilling | 116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.2.2: Far Resources Phase 3 drilling | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10.2.3: Far Resources Phase 4 drilling | 121.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11.4.1: Ultratrace-7 analysis: elements and detection Limits (ppm) unless otherwise indicated | 130.0 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *9*

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 12.6.1: Collar locations visited on the site visit (NAD83 14U) | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 12.6.2: Drill core intervals reviewed on site visit | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.1.1: Parameters for the calculation of grade and tonnage at Dyke 1, lithium-bearing pegmatite dyke | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.1.2: Combined calculations used to derive grade and tonnage, Dyke 1 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.1: Raw Li2O% Sample Data by Mineralization Zone | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.2: Raw Sample Data for Be, Cs, Ga, Rb, and Ta. Units at ppm | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.3: Search Parameters | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.4: Estimation Parameters | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.5: Block Model Configuration | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.6: Block Model Attributes | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.7: Li<sub>2</sub>O% Summary Statistics | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.8: Be, Ga, Rb, and Ta (ppm) Summary Statistics. Units are ppm | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 14.2.9: Cs (ppm) Summary Statistics. Units are ppm | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 23.2.1: Estimates of grade and tonnage for Dyke 1 at various cut-off levels | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 24.1: Recommended ongoing exploration program and budget for the Zoro Lithium Project | 184 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *10*

**DATE AND SIGNATURE PAGE**

The effective date of this TRS report is January 15, 2023. The effective date of the Mineral Resource estimates was July 6, 2018; however, it is the Qualified Person's opinion that there has been no change in the Mineral Resource estimate between July 6, 2018 and March 31, 2022.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Author** | &nbsp;&nbsp;&nbsp;**Section(s)** | &nbsp;&nbsp;&nbsp;**Signature** |
| Mark Fedikow | 1-12, 14-26 | &nbsp;&nbsp;&nbsp;&nbsp;![](img050a.jpg) |
| Scott Zelligan | 13 | &nbsp;&nbsp;&nbsp;&nbsp;![](img050b.jpg) |

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The qualifications and relevant experience of each QP are shown below.

Mark A. F. Fedikow

■ Education:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Bachelor's Degree, Geology, University of Windsor, Ontario, Canada, 1975.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Master's Degree, Geophysics and Geochemistry, University of Windsor, Ontario, Canada, 1978.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Doctor of Philosophy, Exploration Geochemistry, University of New South Wales, Sydney, Australia, 1982.

■ Years of Experience:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Practiced as a professional geologist for more than 34 years, since graduation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Over 30 years of experience in the mining industry.

■ Relevant Experience:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Acted as the Qualified Person for the Geological and Exploration sections for more than 25 technical reports used on public markets and more than 40 detailed geochemical investigations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Involved in all aspects of geoscientific investigation and exploration for base and precious metals deposits, diamonds, and industrial minerals for more than 50 international clients.

■ Professional Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Professional Geologist (P.Geo, Assoc Professional Engineers Geoscientists of Manitoba)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Professional Engineer (P. Eng, Assoc Professional Engineers Geoscientists of Manitoba)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Professional Geoscientist (P. Geo, Northwest Territories and Nunavut)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Fellow of the Association of Applied Geochemists (Prospectors and Developers Assoc of Canada)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Is in good standing as a Certified Professional Geologist (CPG, American Institute of Professional Geologists, CPG#11039)

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 11

Scott Zelligan

■ Education:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Bachelor's Degree, Earth Sciences, Carleton University, Ottawa, Canada, 2008.

■ Years of Experience:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Has 15 years of experience in the Mining Industry with 12 years in geological and mineral resource and reserves reporting, practiced as resource geologist for over 15 years, since graduation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Over 15 years of experience in the mining industry.

■ Relevant Experience:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Acted as the Qualified Person for the Resource Modeling and Calculation Sections for more than 12 technical reports used on public markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Mr. Zelligan has more than 10 years of experience in resource estimation work including: modelling, estimating, and evaluating mineral properties of all types (including base, precious, and other minerals) throughout North America and occasionally globally. He has previously worked on numerous properties with similar mineralization styles to the Project.

■ Professional Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Is in good standing as a Professional Geologist (P.Geo #2078, Assoc Professional Engineers Geoscientists of Ontario)

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 12

&nbsp;&nbsp;&nbsp;&nbsp;1.0 EXECUTIVE
SUMMARY

This Technical Report Summary (TRS) is an initial assessment within the meaning of Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601(b)(96) of Regulation S-K, Technical Report Summary of the United States Securities and Exchange Commission (SEC). The QP confirms that this report satisfies the requirements of an initial assessment. This TRS was prepared to support ongoing exploration and development on the Zoro Lithium Project by the current property operator, Foremost Lithium Resource and Technology Ltd. (Foremost) and to allow Foremost to disclose Inferred Mineral Resources on the Zoro Lithium Project in compliance with S-K 1300. In January of 2022 Foremost registered a corporate name change from FAR Resources Ltd. to Foremost Lithium Resource and Technology Ltd. As such, usage of these two names throughout this TRS should not misconstrue that Foremost Lithium Resource and Technology Ltd. is the current project operator.

The main objective of this TRS is to allow Foremost to disclose Inferred Mineral Resources on the Zoro Lithium Project in compliance with S-K 1300.

The Zoro property consists of 16 claims with a total of 3005 hectares. The Zoro1 claim is wholly owned by Foremost and 15 claims have been optioned by Foremost from the property vendor, Strider Resources Limited.

Spodumene mineralization on the property occurs within laterally and vertically extensive pegmatite dykes hosted within andesitic volcanic rocks and intermediate to felsic sedimentary rocks. Abundant overburden cover characterizes much of the property. Geophysically, the pegmatite dykes do not have a recognizable signature.

Based on current exploration results a base case inferred resource for Dyke 1 on the property has been determined. The reporting cut-off is 0.3 percent Li<sub>2</sub>O. Dyke 1 contains 1,074,567 tonnes at 0.91% Li<sub>2</sub>O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 Rb, and 43 ppm Ta. The full sensitivity analysis of tonnage and grade is summarized below in Table 1, based on various Li<sub>2</sub>O cut-off percentages, is summarized below in Table 1.1 based on Li<sub>2</sub>O cut-off percentages. Recommendations for ongoing exploration are included.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 13

**Table 1.1.1: Inferred Resource Estimates for Open Pit Scheme, using % Li<sub>2</sub>O, and sensitivities to tonnage and grade based on increased cut-offs.**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O (%) Cut-off** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tonnes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O (%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Be (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cs (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ga (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rb (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ta (ppm)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |

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The Zoro property hosts numerous historic pegmatite dykes and on the basis of its exploration program has defined additional spodumene-bearing dykes on the property. Utilizing an innovative approach to exploring beneath overburden cover based on Mobile Metal Ion Technology, Foremost has discovered an additional previously unrecognized spodumene-bearing pegmatite dyke.

It is concluded that based on results to date an ongoing program based on a combination of MMI soil geochemistry and diamond drilling have the potential to discover additional lithium-bearing pegmatite dykes on the property. A recommended program of helicopter-assisted MMI surveys and diamond drilling costing $885,500.00 has been proposed for the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 GEOLOGICAL SETTING AND MINERALIZATION

The Zoro Lithium Project is located at the east end of the Flin Flon-Snow Lake greenstone belt in Manitoba, Canada. The Paleoproterozoic Flin Flon-Snow Lake Belt is approximately 200 km in strike length and has an exposed width of up to 70 km. The Belt is overlain to the south by Ordovician Red River Formation sandstone, limestone, and dolomite of the Western Canada Sedimentary Basin, and is bordered to the north by high-grade paragneiss and granitoid rocks of the Kisseynew Domain. The Flin Flon Belt is interpreted to be an accreted assemblage of oceanic to continental margin arc terrane, interspersed with oceanic basins representing back-arc, fore-arc, and oceanic settings.

At the project scale the general and detailed geology for the Zoro Lithium Project is underlain by Ocean Floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group sedimentary rocks. The Ocean Floor rocks comprise mafic volcanic rocks and related intrusions and the Missi Group consists of sandstone, siltstone, mudstone and quartzo-feldspathic gneiss and migmatite.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 14

The major mineralizing events recognized in the Flin Flon belt took place during the three main stages of crustal development: pre-accretion, post-accretion, and continent- continent collision. The pre-accretionary stage is represented by syngenetic base metal and Au deposits. The syn- to post-accretionary stage is characterized by several examples of intrusion-hosted base and precious metal deposits, and the continental collision stage by the development of orogenic Au deposits and lithium-cesium-tantalum-enriched pegmatites.

The spodumene-bearing pegmatite dykes on the property strike northwest with steep dips and crosscut the regional foliation at a low angle. The dykes tend to be concentric in internal structure and the grain size of the constituent minerals (potassium feldspar, quartz, spodumene and black tourmaline) coarsens towards the center of the dykes. This pattern may be locally interrupted by patches of saccharoidal albite, large muscovite aggregates and coarse albite stringers with garnet and beryl. Spodumene is concentrated in the core of the majority of the dykes. Some of the dykes have been split into sub-parallel veins by post-emplacement tectonic activity.

The pegmatite dykes and the host Ocean Floor mafic volcanic rocks are transected by northwest-trending structures. The general area is also crosscut by a series of northeast and near-east-trending structures including the major Berry Creek fault that extends along Crowduck Bay, to the west of the project area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 MINERAL RESOURCE ESTIMATE

A current Inferred Mineral Resource estimate is calculated to be 1,074,567 tonnes grading 0.91% Li<sub>2</sub>O at a cut-off grade of 0.3%.

Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources as an Indicated or Measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the Inferred Mineral Resources discussed herein will be converted into a Mineral Reserve in the future.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 PROJECT INFRASTRUCTURE

The Zoro Lithium Project is located approximately 20 km east of the Town of Snow Lake. Nearby infrastructure includes a power line servicing the town of Snow Lake approximately 5 km south of the property, the Snow Lake airport and an all-weather gravel road 11 km west of the property, and a rail link located at Wekusko siding, 20 km to the south of Herb Lake Landing which is 30 km south of the property. The nearest road link is a seasonal road on the east side of Wekusko Lake that accesses the village of Herb Lake Landing and Provincial Highway 392 to the south.

For purposes of exploration access to the property can be achieved using provincial highway 39 and driving north to Bartlett's Landing where a boat can be launched from the shores of Wekusko Lake. It is approximately a 20-km boat ride to the Property. From this point the property can be reached using drill roads and ATV trails. Gogal Air Services, a helicopter and float plane charter company, operates from Snow Lake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 ENVIRONMENT

The Zoro Lithium Project is an early-stage exploration project despite a long history of exploration activity at the site since 1956. The status of the project precludes the undertaking of an Environment Impact Assessment (fauna, flora and social) for both federal (Canadian Environmental Assessment Agency) and provincial authorities. Regular communications are ongoing with the nearby town of Snow Lake. Work permits are routinely acquired from the Manitoba department of Sustainable Development, Snow Lake District in 2-4 weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Conclusions and Recommendations

Ongoing soil geochemical surveys based on the use of Mobile Metal Ions Technology is strongly recommended given the success of drill testing an MMI anomaly by drill hole FAR18-035. This method should be applied where extensions of lithium-bearing pegmatite below overburden are sought and routinely in areas deemed to be highly prospective for lithium-bearing pegmatite but where no surface outcrop exposure is available. Drill testing of defined MMI anomalies is mandatory based on results to date.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 16

Diamond drilling should target the remaining pegmatite dykes exposed on the property with the aim of ascertaining the physical size and extent of the main or historic dyke in three dimensions. The deeper sections of Dyke 1 may warrant additional drilling and additional holes are required to assess the three high-grade intersections in newly discovered Dyke 8 by drill hole DDHFar18-035. To this end a program of 2000 m of core drilling is recommended.

A mineralogical and metallurgical program for Zoro dyke 1 is strongly recommended. A total budget of $885,500.00 is recommended for advancement of the Zoro Project. Unless otherwise indicated, all $ are Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 iNTRODUCTION AND TERMS OF REFERENCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 INTRODUCTION

The Zoro Lithium Project is located near the east shore of Wekusko Lake in west-central Manitoba, Canada, approximately 25 km east of the mining town of Snow Lake, 249 km southeast of Thompson and 571 km north-northeast of Winnipeg.

The property has a long history of intermittent exploration commencing in 1956 and after a lengthy period of no activity exploration was re-started in 2009. This TRS is an update of 43-101 technical reports produced in 2009 (Fedikow, 2009) and in 2012 (Fedikow, 2012). These reports utilized evaluations of historic data from the Manitoba Cancelled Assessment files, Historic Corporate Files and data summarized from non-confidential assessment reports within the files of Manitoba Mining Recorder's office (Winnipeg) in addition to results for exploration undertaken by Force Energy between 2009 and 2012. The objectives in each of the preceding technical reports was to provide an understanding of the geological setting of spodumene-bearing lithium-cesium-tantalum-bearing pegmatite dykes thereby providing guidelines for further exploration. The current report builds on these reports with recent exploration results by Foremost between 2016 and 2017 including diamond drilling and geological and geochemical surveys. The business of Foremost is the acquisition, exploration and development of lithium-bearing mineral properties and to this end Foremost has been actively exploring for lithium in the Snow Lake area of Manitoba.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 17

Recently, the expansion of the initial Zoro 1 claim of 52 hectares optioned from Dalton Dupasquier of Top Notch Marketing Inc. in 2016 was expanded to 3005 hectares by the acquisition through option in two separate agreements with Strider Resources Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 REGISTRANT INFORMATION

This Technical Report Summary (TRS) for the Zoro Lithium Project located to the east of Snow Lake, Manitoba, Canada, was prepared by Mark A.F. Fedikow and Scott Zelligan, Qualified Persons (QP), for Foremost Lithium Resource and Technology Ltd. ("Foremost", previously known as FAR Resources Ltd., Official Name Change in January 2022). As noted on the Date and Signature Page**,** several Qualified Persons (QPs) were involved in the technical work summarized in this TRS. This Technical Report Summary (TRS) is an initial assessment that conforms to SEC's Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601(b)(96) of Regulation S-K, Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 TERMS OF REFERENCE

This TRS was prepared with the purpose to disclose Inferred Mineral Resources for the Project located in Manitoba, Canada, in accordance with the requirements of Regulation S-K, Subpart 1300 of the SEC. The effective date of this TRS report is December 28, 2022. The effective date of the Mineral Resource estimates was July 6, 2018; however, it is the Qualified Person's opinion that there has been no change in the Mineral Resource estimate between July 6, 2018 and December 28, 2022.

This report entitled "*TECHNICAL REPORT ON THE ZORO LITHIUM PROJECT, SNOW LAKE, MANITOBA*" is prepared at the request of Foremost, their business address is 2500- 700 West Georgia Street, Vancouver, British Columbia V7Y 1B3, Canada. The current report is an SK-1300 report based upon the 2018 Report, NI 43-101 TECHNICAL REPORT ON THE ZORO LITHIUM PROJECT, SNOW LAKE, MANITOBA. This report includes a description of survey results on the property following the format defined by Regulation S-K, Subpart 1300 of the SEC. Sources of information that have been utilized to build this report include:

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Manitoba Mining Recorders Office (Winnipeg) has provided the recorded description including the current status of the Zoro claims as well as recorded adjacent claims. Copies of archived assessment files which include historic work reports, maps, data and diamond drill logs of exploration work completed on and in the general vicinity of the property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Public domain geological literature from the Manitoba Geological Survey and the Geological Survey of Canada which describe the geological setting of the area of the Wekusko Gold Project property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Interviews with mineral exploration companies actively exploring in the general area of the Foremost Zoro Lithium Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Personal and telephone/e-mail discussions with exploration personnel that have done work on the property in the past.

The Qualified Persons (QP) responsible for this report are Mark Fedikow, Ph.D. P.Eng. P.Geo. C.P.G., consulting geologist and geochemist, and Scott Zelligan, an independent resource geologist. Mark Fedikow is the QP for sections 1-12 and 14-23. Scott Zelligan is the QP responsible for section 13. The primary author has previously been a consultant to, and is currently the Vice President-Exploration for Foremost.

It is crucial to convey that the Inferred Mineral Resource, reported here, is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Site Visits

The primary author, Mark Fedikow, has visited the property on numerous occasions. The first was to undertake a mineral deposit description for the Manitoba Geological Survey as part of a program to document mineral deposits and occurrences in the Province. This field visit was made in 1986 and results published in Fedikow *et al.* (1986) and expanded upon in Fedikow *et al.* (1993). A subsequent visit was made in August of 2009 on behalf of optionee Force Energy (Colorado Springs, U.S.A.) to assess the availability of outcrop for geological mapping, to examine the property area for exposures of the pegmatite dykes, to review the immediate area for historic and new diamond drill hole collars and to assess the general area for considerations relating to further exploration and possible production decisions.

On May 26th, 2018, Scott Zelligan, P.Geo., visited the Project, accompanied by Mark Fedikow. The visit included flying by helicopter from Snow Lake to visit the drilling locations, as well as visiting the core logging/cutting facilities and the core inventory yard in Snow Lake.

7 drill collar locations (with 12 collars total) were visited and measured using a Garmin GPS Map 60Csx handheld GPS. Table 12.6.1 displays the locations measured and their location according to the drill logs as compared to the validation measurement, in NAD83 (14U) Datum. The locations correspond well within the accuracy of the device (+/- 10 m). Figure 12.6.1 displays the collars visited. Additionally, one historical trench was visited (Figure 12.6.2).

The core logging and cutting facilities were visited (Figure 12.6.3) and are appropriate facilities for conducting drill logging and cutting and are maintained in excellent condition to facilitate a high-quality sampling program.

While visiting the core farm three mineralized intervals were reviewed by the authors. These mineralized intervals were selected from three different holes, one each from three of the Far drilling campaigns (locations shown in Figure 12.6.4). Table 12.6.2 shows the intervals reviewed, and Figures 12.6.5 through 12.6.7 are photos of the core reviewed. The mineralization is visually obvious and was observed as expected from the assay results for the reviewed intervals.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 RELIANCE ON OTHER EXPERTS

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Definitions

This report follows the formatting and definitions which have been defined by S-K 1300. Some supplementary definitions and abbreviations are provided in table XX, below.

---

| | | |
|:---|:---|:---|
| abbreviation | term | definition |
| ppm | Part-per-million | Elemental concentration |
| Li | Lithium | Element 3 |
| Li20 | Lithium-Oxide | Lithium Oxide, |
| Be | Beryllium | Element 4 |
| Cs | Cesium | Element 55 |
| Ga | Gallium | Element 31 |
| Rb | Rubidium | Element 37 |
| Ta | Tantalum | Element 73 |
| spod | Spodumene | Li-enriched Feldspar |
| peg | Pegmatite | Coarse Grained Intrusive Rock |
| dyke | Dyke | Intrusive igneous rock filling a fissure |

---

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 PROPERTY DESCRIPTION AND LOCATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 PROPERTY LOCATION

The Zoro Lithium Project is located near the east shore of Wekusko Lake (Figure 3-1) in west-central Manitoba, approximately 25 km east of the mining community of Snow Lake, 249 km southeast of Thompson and 571 km north-northeast of Winnipeg. Provincial Road 393 occurs 23 km to the northwest. The pegmatite dykes are located northwest of the northwest corner of Johnson Lake a small lake east of the east shore of Wekusko Lake. The small historic gold mining community of Herb Lake is located about 10 km southwest of the property.

The property is located within NTS map sheet 63J/13SE (latitude: 54⁰51.27' and longitude: 99⁰38.46'; Township 68N; Range 15WPM). The property is comprised of 16 mineral claims totaling 7,425.5 acres (3,005 Ha.).

The ZORO 1 claim is 100% owned by Foremost, it was acquired on April 2, 2016 from Top Notch Marketing Ltd., a British Columbia company. The remaining 15 claims are owned by Strider Resources Ltd. In 2016, Foremost and Strider Resources entered an option agreement whereby Foremost could earn 100% interest of JAKE 3558 and an additional 350m strip of BERT 6304 and BERT 797 subject to a [1% NSR to Strider Resources]. The agreement was expanded in 2017 to include JAKE 9, JAKE 1054, JAKE 2655, JAKE 3557, JAKE 54199, JAKE 10, JAKE 2412, JAKE 2413, JAKE 54745 and CRO 55734 and subsequent to that agreement, additionally BAZ 12131 and BAZ 12133 were added in the same year. There are no known additional royalties or back-in-rights to the property. No negotiations are required for access to the property and surface rights reside with the Manitoba government. To earn it's 100% interest in the property, Foremost will make a combination of cash-payments/share-issuances and also undertake an integrated exploration program of Mobile Metal Ion Soil Geochemical Surveys coupled with diamond drilling.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 22

To earn a 100% interest in the property free and clear of all liens, charges, royalties (save and except for the NSR contemplated herein) and claims of others, Foremost must satisfy the following conditions:

The Optionee may exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the First Option by making the following cash payments and common share issuances to the Optionor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares in the capital of the Optionee Valued at $25,000 and $25,000 cash within two Business Days following the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before the twelfth month anniversary of the Effective Date; the Optionee must spend $50,000 on Exploration Expenses by the end of the first 12 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before the twenty-fourth month anniversary of the Effective Date; the Optionee must have spent an accumulated total of $100,000 on Exploration Expenses by the end of the first 24 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Shares in the capital of the Optionee Valued at $50,000 and an additional $50,000 cash on or before the thirty-sixth month anniversary of the Effective Date; the Optionee must have spent an accumulated total of $150,000 on Exploration Expenses by the end of the first 36 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares in the capital of the Optionee Valued at $75,000 and an additional $75,000 cash on or before the forty- eighth month anniversary of the Effective Date; the Optionee must have spent an accumulated $200,000 on Exploration Expenses by the end of the first 48 months and an accumulated total of $500,000 on Exploration Expenses by the end of the first 84 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided it has exercised the First Option, the Second Option, by making a cash payment to the Optionor of $1,000,000, together with all accrued but unpaid NSR at the time, prior to the commencement of Commercial Production (the "Second Option Payment");

Claim maintenance fees are set by the Canadian Governement. The rate is $12.50 per hectare for the first 10 years and $25 per hectare afterwards. Claims are issued on yearly terms and extendable. Conditions for maintaining the property claims are outlined below in Table 3-1

**Table 3-1. Yearly holding costs of claims.** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME** | &nbsp;&nbsp;**NUMBER** | &nbsp;&nbsp;**HOLDER** | &nbsp;&nbsp;**HECTARES** | &nbsp;&nbsp;**Yearly Holding Costs** |
| &nbsp;&nbsp;ZORO 1 | &nbsp;&nbsp;P1993F | &nbsp;&nbsp;FAR RESOURCES LTD. | &nbsp;&nbsp;52 | &nbsp;&nbsp;$1300 |
| &nbsp;&nbsp;JAKE | &nbsp;&nbsp;P3558F | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;250 | &nbsp;&nbsp;$6250 |
| &nbsp;&nbsp;BERT | &nbsp;&nbsp;MB6304 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;28 | &nbsp;&nbsp;$700 |
| &nbsp;&nbsp;BERT | &nbsp;&nbsp;MB797 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;27 | &nbsp;&nbsp;$675 |
| &nbsp;&nbsp;JAKE 9 | &nbsp;&nbsp;P3031F | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;256 | &nbsp;&nbsp;$6400 |
| &nbsp;&nbsp;JAKE 1054 | &nbsp;&nbsp;MB1054 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;240 | &nbsp;&nbsp;$6000 |
| &nbsp;&nbsp;JAKE 2655 | &nbsp;&nbsp;MB2655 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;255 | &nbsp;&nbsp;$6375 |
| &nbsp;&nbsp;JAKE 3557 | &nbsp;&nbsp;MB3557 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;256 | &nbsp;&nbsp;$6400 |
| &nbsp;&nbsp;JAKE 54199 | &nbsp;&nbsp;W53199 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;131 | &nbsp;&nbsp;$3275 |
| &nbsp;&nbsp;JAKE 10 | &nbsp;&nbsp;P3032F | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;173 | &nbsp;&nbsp;$4325 |
| &nbsp;&nbsp;JAKE 2412 | &nbsp;&nbsp;MB2412 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;256 | &nbsp;&nbsp;$6400 |
| &nbsp;&nbsp;JAKE 2413 | &nbsp;&nbsp;MB2413 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;196 | &nbsp;&nbsp;$4900 |
| &nbsp;&nbsp;JAKE 54745 | &nbsp;&nbsp;W54745 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;245 | &nbsp;&nbsp;$6125 |
| &nbsp;&nbsp;CRO 5734 | &nbsp;&nbsp;MB5734 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;192 | &nbsp;&nbsp;$4800 |
| &nbsp;&nbsp;BAZ 12131 | &nbsp;&nbsp;MB12131 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;192 | &nbsp;&nbsp;$2400 |
| &nbsp;&nbsp;BAZ12133 | &nbsp;&nbsp;MB12133 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;256 | &nbsp;&nbsp;$3200 |

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Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 23

A work permit must be granted by Sustainable Development, a department of the Government of Manitoba, for any exploration work which may cause a disturbance to the local environment. Foremost has adhered to the legislations put forth by the Manitoba Mines Act for any work that has been conducted on the Zoro Property. To the authors knowledge, there is no known environmental liabilities or other significant factors or risks which may affect the access, title or the right or ability to perform work on the property. Work permits for exploration including diamond drilling are issued 2 weeks subsequent to application being made and prior to the actual work being undertaken. There are no jurisdictional encumbrances on the property, nor any history of violations, fines, or negative issue. Existing work permit, gives right to access claims and drill exploration drill holes and all associated operations. There is no financial requirement for the work permit. This permit is reviewed by the various government branches.

Future permitting of project exploration is a well-defined process overseen by the local administrators in Snow Lake. Permits required to advance this project to a development/construction stage are granted by the following Departments of the Manitoba Government: Environment, Wildlife , Fisheries, Historic Resources, and Mines. This process would likely take 6-8 weeks for review after completion of all other supplementary reports/studies completed.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 24

**Table 3-2. Summary of claims, Foremost Zoro Lithium Project.**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME** | &nbsp;&nbsp;**NUMBER** | &nbsp;&nbsp;**HOLDER** | &nbsp;&nbsp;**STAKED** | &nbsp;&nbsp;**RECORDED** | &nbsp;&nbsp;**EXPIRES** | &nbsp;&nbsp;**HECTARES** |
| &nbsp;&nbsp;ZORO 1 | &nbsp;&nbsp;P1993F | &nbsp;&nbsp;FAR RESOURCES LTD. | &nbsp;&nbsp;2/13/1994 | &nbsp;&nbsp;3/14/1994 | &nbsp;&nbsp;5/13/2067 | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;JAKE | &nbsp;&nbsp;P3558F | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;6/7/1996 | &nbsp;&nbsp;7/3/1996 | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;250 |
| &nbsp;&nbsp;BERT | &nbsp;&nbsp;MB6304 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;2/26/2008 | &nbsp;&nbsp;3/17/2008 | &nbsp;&nbsp;5/16/2030 | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;BERT | &nbsp;&nbsp;MB797 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;5/28/1999 | &nbsp;&nbsp;6/16/1999 | &nbsp;&nbsp;8/15/2030 | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;JAKE 9 | &nbsp;&nbsp;P3031F | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;3/20/1995 | &nbsp;&nbsp;3/27/1995 | &nbsp;&nbsp;5/26/2030 | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;JAKE 1054 | &nbsp;&nbsp;MB1054 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;4/27/2002 | &nbsp;&nbsp;5/17/2002 | &nbsp;&nbsp;7/16/2030 | &nbsp;&nbsp;240 |
| &nbsp;&nbsp;JAKE 2655 | &nbsp;&nbsp;MB2655 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;4/28/2002 | &nbsp;&nbsp;5/17/2002 | &nbsp;&nbsp;7/16/2030 | &nbsp;&nbsp;255 |
| &nbsp;&nbsp;JAKE 3557 | &nbsp;&nbsp;MB3557 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;6/6/1996 | &nbsp;&nbsp;7/3/1996 | &nbsp;&nbsp;9/1/2030 | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;JAKE 54199 | &nbsp;&nbsp;W53199 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;10/16/1996 | &nbsp;&nbsp;11/8/1996 | &nbsp;&nbsp;1/7/2030 | &nbsp;&nbsp;131 |
| &nbsp;&nbsp;JAKE 10 | &nbsp;&nbsp;P3032F | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;1/30/1995 | &nbsp;&nbsp;2/27/1995 | &nbsp;&nbsp;4/28/2030 | &nbsp;&nbsp;173 |
| &nbsp;&nbsp;JAKE 2412 | &nbsp;&nbsp;MB2412 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;4/29/2002 | &nbsp;&nbsp;5/17/2002 | &nbsp;&nbsp;7/16/2030 | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;JAKE 2413 | &nbsp;&nbsp;MB2413 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;4/30/2002 | &nbsp;&nbsp;5/17/2002 | &nbsp;&nbsp;7/16/2030 | &nbsp;&nbsp;196 |
| &nbsp;&nbsp;JAKE 54745 | &nbsp;&nbsp;W54745 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;4/23/1997 | &nbsp;&nbsp;5/9/1997 | &nbsp;&nbsp;7/8/2030 | &nbsp;&nbsp;245 |
| &nbsp;&nbsp;CRO 5734 | &nbsp;&nbsp;MB5734 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;1/20/2010 | &nbsp;&nbsp;2/11/2010 | &nbsp;&nbsp;4/12/2030 | &nbsp;&nbsp;192 |
| &nbsp;&nbsp;BAZ 12131 | &nbsp;&nbsp;MB12131 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;12/20/2017 | &nbsp;&nbsp;1/10/2018 | &nbsp;&nbsp;3/10/2030 | &nbsp;&nbsp;192 |
| &nbsp;&nbsp;BAZ12133 | &nbsp;&nbsp;MB12133 | &nbsp;&nbsp;STRIDER RESOURCES LTD. | &nbsp;&nbsp;12/21/2017 | &nbsp;&nbsp;1/10/2018 | &nbsp;&nbsp;3/10/2030 | &nbsp;&nbsp;256 |

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Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 25

![](img051.jpg)

**Figure 3-1. Location map for the Zoro Litihium Project, Snow Lake, Manitoba.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Other Factors Affecting Access

Work and drill permits for exploration are received within two weeks from the local Snow Lake office of Sustainable Development. The Zoro Lithium Project occurs within the immediate area of the historic mining town of Snow Lake and as such very little negative community and social impact is evident. Exploration and mine development has been a part of the local community for 80 years. Currently the project is an early stage exploration project. Accordingly, environmental studies have not been undertaken.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ACCESS

The Property is located approximately 20 km east of the Town of Snow Lake. Access can be achieved using the main highway #39 and driving north on highway #392 to Bartlett's Landing where a boat can be launched from the shores of Wekusko Lake. It is approximately a 20-km boat ride to the Property. From this point the property boundary is approximately 1.5km southeast, and is accessed by a network of drill roads and ATV trails; Dyke-1 is approximately 6km along drill/atv trails from landing point on Lake Wekusko. The nearest rail link is at Wekusko siding, some 20 km to the south of Herb Lake Landing. The nearest road link is a seasonal road on the east side of Wekusko Lake that accesses the village of Herb Lake Landing and Provincial Highway 392 to the south. The nearest runway is 20km East, in Snow Lake and operated by Gogal Air Services, a helicopter and float plane charter company which provide year-round service to the area.

The Zoro Lithium Project is located within 10 km of paved Highway 392 that connects to the historic mining town of Snow Lake where an experienced mining labour force is available and to the local airport (Figure 4-1). Highway 392 also connects to paved provincial road 39 providing access to Flin Flon and Thompson. The property is 1.2 km north of the power line that services Snow Lake. Abundant drill roads and ATV trails crosscut the property.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 27

![](img052.jpg)

**Figure 4-1. Available infrastructure in the area of the Zoro Lithium Project.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 CLIMATE AND PHYSIOGRAPHY

Temperature averages for the community of Flin Flon, Manitoba are given in Table 4-1 for general information only. No detailed data were available from Environment Canada for Snow Lake. The Snow Lake climate is continental and characterized by cold winters (January mean temperature -21.1<sup>o</sup>C and relatively warm summers (July mean temperature +18.3<sup>o</sup>C). Total average precipitation is 477.9 mm per annum with 342.6 mm falling as rain and 137.2 mm falling as snow (for the years 1927-1990). Wind directions and velocities are well distributed, but predominate to the southeast and southwest, with strong components to the northwest, north and south. Electrical storms are common and forest fires can be problematic. Summer exploration work is best conducted between the months of May to September. Winter exploration work can be conducted from November to March.

The Property is located near the eastern shore of Crowduck Bay at the northeast end of Wekusko Lake. The shoreline of the bay is marked by approximately 10 metre slopes surrounded by heavily wooded flat areas, interspersed with low outcrop ridges. Lake elevation is around 260 m A.S.L. with the highest topographical ridge having an elevation of 290 m. Wekusko Lake is a large body of water 25 km long by 3 to 10 km wide. Crowduck Bay is located at the end of a 12 km long narrow channel that is the head of the Grass River.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 28

The ecoregion is classified as sub-humid high boreal eco-climate. It forms part of the continuous coniferous boreal forest that extends from northwestern Ontario to Great Slave Lake in the southern Northwest Territories. The predominant vegetation comprises black spruce and jack pine with ericaceous shrubs and ground cover of mosses and lichens. Black spruce is the predominant species. Depending on the nature of local drainage and surficial sediments, trembling aspen, white birch, white spruce and, to a lesser extent, balsam fir predominate.

Bedrock exposures are covered with lichen. Poorly drained peat-filled depressions are marked by stunted black spruce with ericaceous shrubs and a ground cover of sphagnum moss. Permafrost is distributed throughout the ecoregion but is only widespread in organic surficial materials. In the western part of the ecoregion, uplands are blanketed by discontinuous sandy acidic tills, whereas extensive thin clay-rich lacustrine deposits and locally prominent, sandy fluvio-glacial uplands are common in the eastern section. Exposed bedrock occurs throughout the ecoregion and is locally prominent. Dystric and Eutric Brunisols are associated with sandy uplands, whereas Gray Luvisols occur on clayey lacustrine uplands and loamy to silty fluvioglacial deposits. On level and in depressions, Gleysolic soils are associated with clayey sediments, whereas Mesisols and Organic Cryosols are associated with shallow to deep peatlands.

A pulpwood and dimension lumber industry operates to a limited extent in the southern part of the ecoregion. Wildlife includes barren-ground caribou, moose, black bear, lynx, wolf, beaver, muskrat, snowshoe hare and red-backed vole. Bird species include raven, common loon, spruce grouse, bald eagle, grey jay, hawk owl and waterfowl, including ducks and geese. Trapping, hunting, fishing and tourism are the dominant uses of land in this region.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 29

**Table 4-1. Monthly climate averages for Flin Flon, including temperature highs, lows and precipitation values. Flin Flon climate data from the airport (54⁰41'N, 101⁰41'W at elevation 303.9 m) (source: Environment Canada website).**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Temperature** | &nbsp;&nbsp;**Jan** | &nbsp;&nbsp;**Feb** | &nbsp;&nbsp;**Mar** | &nbsp;&nbsp;**Apr** | &nbsp;&nbsp;**May** | &nbsp;&nbsp;**Jun** | &nbsp;&nbsp;**Jul** | &nbsp;&nbsp;**Aug** | &nbsp;&nbsp;**Sep** | &nbsp;&nbsp;**Oct** | &nbsp;&nbsp;**Nov** | &nbsp;&nbsp;**Dec** | &nbsp;&nbsp;**Year** |
| &nbsp;&nbsp;Daily Average (°C) | &nbsp;&nbsp;-21.4 | &nbsp;&nbsp;-16.7 | &nbsp;&nbsp;-9.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;-8.4 | &nbsp;&nbsp;-18.4 | &nbsp;&nbsp;-0.2 |
| &nbsp;&nbsp;Daily Maximum (°C) | &nbsp;&nbsp;-16.6 | &nbsp;&nbsp;-11 | &nbsp;&nbsp;-2.9 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;15 | &nbsp;&nbsp;20.4 | &nbsp;&nbsp;23.1 | &nbsp;&nbsp;21.8 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;-5.1 | &nbsp;&nbsp;-14 | &nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Daily Minimum (°C) | &nbsp;&nbsp;-26.2 | &nbsp;&nbsp;-22.3 | &nbsp;&nbsp;-15.8 | &nbsp;&nbsp;-5.5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;-0.8 | &nbsp;&nbsp;-11.7 | &nbsp;&nbsp;-22.6 | &nbsp;&nbsp;-5.3 |
| &nbsp;&nbsp;Extreme Maximum (°C) | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;10 | &nbsp;&nbsp;15 | &nbsp;&nbsp;27 | &nbsp;&nbsp;32.5 | &nbsp;&nbsp;35 | &nbsp;&nbsp;35 | &nbsp;&nbsp;33.9 | &nbsp;&nbsp;30 | &nbsp;&nbsp;24 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;8.3 |  |
| &nbsp;&nbsp;Date (yyyy/dd) | &nbsp;&nbsp;1993/30 | &nbsp;&nbsp;1984/21 | &nbsp;&nbsp;1993/24 | &nbsp;&nbsp;1980/30 | &nbsp;&nbsp;1986/28 | &nbsp;&nbsp;1988/05 | &nbsp;&nbsp;1989/21 | &nbsp;&nbsp;1970/08 | &nbsp;&nbsp;1991/01 | &nbsp;&nbsp;1987/03 | &nbsp;&nbsp;1978/02 | &nbsp;&nbsp;1969/01 |  |
| &nbsp;&nbsp;Extreme Minimum (°C) | &nbsp;&nbsp;-44.5 | &nbsp;&nbsp;-45.6 | &nbsp;&nbsp;-41 | &nbsp;&nbsp;-31 | &nbsp;&nbsp;-13 | &nbsp;&nbsp;-2 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;-1.5 | &nbsp;&nbsp;-6.7 | &nbsp;&nbsp;-16.5 | &nbsp;&nbsp;-35 | &nbsp;&nbsp;-44 |  |
| &nbsp;&nbsp;Date (yyyy/dd) | &nbsp;&nbsp;1996/30 | &nbsp;&nbsp;1974/01 | &nbsp;&nbsp;1995/04 | &nbsp;&nbsp;1979/06 | &nbsp;&nbsp;1990/02 | &nbsp;&nbsp;1987/03 | &nbsp;&nbsp;1969/05 | &nbsp;&nbsp;1982/27 | &nbsp;&nbsp;1974/28 | &nbsp;&nbsp;1996/30 | &nbsp;&nbsp;1985/28 | &nbsp;&nbsp;1989/19 |  |
| &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** | &nbsp;&nbsp;**Precipitation** |
| &nbsp;&nbsp;Rainfall (mm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;36.9 | &nbsp;&nbsp;66.6 | &nbsp;&nbsp;76.5 | &nbsp;&nbsp;66.6 | &nbsp;&nbsp;55.3 | &nbsp;&nbsp;25.6 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;339.2 |
| &nbsp;&nbsp;Snowfall (cm) | &nbsp;&nbsp;19.6 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp;19.1 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;13 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;141.3 |
| &nbsp;&nbsp;Precipitation (mm) | &nbsp;&nbsp;17.6 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;19 | &nbsp;&nbsp;28.3 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;66.6 | &nbsp;&nbsp;76.5 | &nbsp;&nbsp;66.6 | &nbsp;&nbsp;57.3 | &nbsp;&nbsp;38.3 | &nbsp;&nbsp;24.8 | &nbsp;&nbsp;21.8 | &nbsp;&nbsp;470.8 |
| &nbsp;&nbsp;Average Snow Depth (cm) | &nbsp;&nbsp;33 | &nbsp;&nbsp;39 | &nbsp;&nbsp;32 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;11 | &nbsp;&nbsp;25 |  |
| &nbsp;&nbsp;Extreme Daily Rainfall (mm) | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;62.6 | &nbsp;&nbsp;54 | &nbsp;&nbsp;78.2 | &nbsp;&nbsp;53.8 | &nbsp;&nbsp;55.6 | &nbsp;&nbsp;24.9 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;10 |  |
| &nbsp;&nbsp;Date (yyyy/dd) | &nbsp;&nbsp;1984/02 | &nbsp;&nbsp;1986/25 | &nbsp;&nbsp;1987/20 | &nbsp;&nbsp;1971/16 | &nbsp;&nbsp;1985/04 | &nbsp;&nbsp;1993/24 | &nbsp;&nbsp;1981/23 | &nbsp;&nbsp;1988/21 | &nbsp;&nbsp;1984/07 | &nbsp;&nbsp;1969/03 | &nbsp;&nbsp;1974/08 | &nbsp;&nbsp;1987/07 |  |
| &nbsp;&nbsp;Extreme Daily Snowfall (cm) | &nbsp;&nbsp;13 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;24 | &nbsp;&nbsp;39.4 | &nbsp;&nbsp;18 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;29.6 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;18.6 |  |
| &nbsp;&nbsp;Date (yyyy/dd) | &nbsp;&nbsp;1973/02 | &nbsp;&nbsp;1987/12 | &nbsp;&nbsp;1982/12 | &nbsp;&nbsp;1973/20 | &nbsp;&nbsp;1975/20 | &nbsp;&nbsp;1987/03 | &nbsp;&nbsp;1969/01 | &nbsp;&nbsp;1969/01 | &nbsp;&nbsp;1984/22 | &nbsp;&nbsp;1991/27 | &nbsp;&nbsp;1973/28 | &nbsp;&nbsp;1981/06 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 LOCAL RESOURCES AND INFRASTRUCTURE

The property is adequate in terms of area to permit the commercial exploitation of the lithium-bearing pegmatite dykes discovered to date. Exploration is assisted by helicopter support to mobilize drill and exploration crews in and out of the property. Helicopter flights from the Snow Lake airstrip to the property take approximately 15 minutes. Personnel and equipment can also be transported overland via Wekusko Lake and winter drill roads during freeze-up.

Nearby infrastructure (Figure 4-2) includes a power line servicing the town of Snow Lake approximately 5 km south of the property, the Snow Lake airport and an all-weather gravel road 11 km west of the property, and a rail link is located at Wekusko siding, 20 km to the south of Herb Lake Landing which is 30 km south of the property. The nearest road link is a seasonal road on the east side of Wekusko Lake that accesses the village of Herb Lake Landing and Provincial Highway 392 to the south (Figure 4-2).

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 30

The closest community to the property is Snow Lake (about 20 km west), which has a population of approximately 800 people. The town of Flin Flon is about 150 km west of Snow Lake, has a population of 7,000 and is a provincial regional government centre. The town is a major support centre for smaller communities in northwestern Manitoba. There is a regional hospital in Flin Flon, a newly built shopping centre, and all necessary infrastructures to support the local town. Hudson Bay Mining and Smelting Ltd. (HBMS) operates the Lalor mine and a concentrator to the south of Snow Lake.

The Town of Snow Lake area has the necessary infrastructure in place to accommodate the regional mining industry and is the nearest logistical center. The HBMS operations represent the largest employer in the area. The presence of HBMS also provides the basis for secondary support and supply local businesses. The municipal, regional and provincial government activities in the area also provide significant employment. There are tourist camps and lumber operations in the district. Consequently, there is a stable and experienced work force possessing the necessary skills in exploration and mining in the area.

There is no permanent infrastructure on the Property. High-voltage power exists 5km to the southwest. Surface water is available for drilling purposes.

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 31

![](img053.jpg)

**Figure 4-2. Infrastructure in the vicinity of the Zoro Lithium Project.**

Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd. 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 HISTORY

The Zoro1 pegmatite dykes are located on the north side of a small lake between Roberts Lake and the south end of Crowduck Bay. Early in 1953, Cs No. 3-10, 12 (P 26973-80, 82), S.R. No. 1-6 (P 7877-82) and Linda 1 (P 26983) were staked by Mrs. Johanna Stoltz, Eric Stoltz, Carl Stoltz and Edwin Stoltz, and Key No. 1-4, 8-14 (P 27159-62, 27226-27, 27164-68) were staked by John Tikkanen, Hjalmar Peterson, and Loren Fredeen. These were cancelled the following year.

**Lit** Nos. 11-5 (P 31758-62) was staked by J.J. Johnson in 1954. In 1955 **Lit** Nos. 6-1l8 (P 35014-26) were added by J.A. Syme. All the **Lit** claims were assigned to Green Bay Uranium Limited in 1956 which changed its name to Green Bay Mining & Exploration Ltd.

Early in 1956, before drilling commenced, samples containing more than 2% Li<sub>2</sub>O were reported (Northern Miner, January 12, 1956). A shipment of 136 kg (300 lbs.) of spodumene was sent to Ottawa for testing in 1956. This sample assayed 1.19% Li<sub>2</sub>O, with minor NbO<sub>5</sub>. Historic ore dressing tests concluded that good liberation and separation could not be effected (Mineral Dressing and Process Metallurgy Report in Green Bay Mining & Exploration Ltd., Corporation File).

Over 6096 m (20 000 ft.) of diamond drilling was done on **Lit** No. 1-4, with at least 3048 m (10 000 ft.) of this on the main dyke. Results of the drilling on dykes 1, 3, 5 and 7 were reported to be "promising". Assays of 2.42% to 7.28% Li<sub>2</sub>O were reported from Dyke 5 (Green Bay; Corporation File). Dyke 5 was apparently 305 m long x 12 m wide (1000 x 40 ft.); Dyke No. 7, over 457 m x 24 m (1500 x 80 ft.). Several of the holes went deeper than 305 m (1000 ft.). Drilling on **Lit** 10, 16 and 17 amounted to 1950 m (6399 ft.). Gold was also found on the property, with a 3.3 kg (7.25 lb.) sample across 3.4 m (11 ft.) yielding 0.17 ounces per ton gold (Green Bay; Corporation File).

The claims were assigned to J.A. Syme in 1963.

Several airborne surveys were done in the area between 1948 and1973:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Inco/1948: Aeromagnetic Survey; Non-confidential assessment file 91614.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Canadian Nickel/1957: Airborne Electromagnetic Survey; Non-confidential assessment file 91624.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Hudson Bay Exploration and Development/1965: Helicopter-borne Electromagnetic and Radiometric survey; Non-confidential assessment file 91650.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *33*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Falconbridge Nickel Limited/1973: Airborne Electromagnetic and Magnetic Surveys; Non-confidential assessment file 91564.

Databases from these surveys are unavailable.

In 1980, J.A. Syme cancelled the **Lit** No. 6-18 claims and obtained Explored Area Lease No. 40 for the **Lit** No. 1-4 claims.

Sampling and detailed geological mapping (Scale 1:1200) of the deposit was done by Cerny *et al.* (1981, p. 155). The analysis of four samples of "core muscovite" had an average content (in weight %) of 0.171% Li, 0.792% Rb, 0.0702% Cs, 0.0021% Be; nine samples of beryl averaged 0.331% Li, 0.903% Na, 0.939% Cs; three samples of spodumene averaged 0.23% Na<sub>2</sub>O, 0.943% Fe as Fe<sub>2</sub>O<sub>3</sub> (Cerny *et al*., 1981, p. 192).

The **Lit** Nos. 6-18 claims were re-staked under Nor 5 and 6 (W 49000, 49001) by Ross Colon and Moses Crane, respectively, for Noranda Exploration Company Limited in 1983. Fedikow *et al.* (1986) examined quartz veins and outcrop (*c.f.* mineral occurrence RL-95) in the general area. The Nor 6 claim was cancelled in 1987; the Nor 5 in 1988. In 1989, this area was staked as Kelly 3 (P 8412E) by Strider Resources Limited.

Historic lithium tonnage estimates vary. An unsubstantiated visual estimate in September 1956 suggested up to 9-11 million tonnes (10-12 million tons) of Li<sub>2</sub>O occur on the entire group. In mid-March the main dyke was estimated to contain 1.8 million tonnes (2 million tons) grading 1.4% Li<sub>2</sub>O to a depth of 305 m (1000 ft.) in the main dyke ("Dyke 1"; Northern Miner, October 25, 1956; Mulligan, 1965, p. 81). A reserve estimate of 1,815,000 tonnes grading 1.4% Li<sub>2</sub>O was reported by Bannatyne (1985). In 1957, the estimate was revised to 1.72 million tonnes averaging 1.3% Li<sub>2</sub>O or 2.72 million tonnes (3.0 million tons) at 1.0% Li<sub>2</sub>O in Dyke 1 (Mulligan, 1957a, 1957b). By March 1958, 12 different tonnage estimates had been made (Northern Miner, March 13, 1958). Also by that time, a permanent camp and a 4-mile road into the property had been built. Plans for a heavy media separation plant on the property were being prepared by the Lummus Co. of New York together with Knowles Associates and the Colorado School of Mines (Green Bay Mining & Exploration Ltd., Corporation File). The description of mineral resources cited above is presented as historical resource estimates and use historical terminology for these estimates. These citations are given to provide an historical frame of reference. The author has not carried out work to classify these historical estimates under current mineral resource or mineral reserve terminology. The historical estimates are not meant to be interpreted as current estimates, do not comply with S-K 1300 and should not be relied upon. FOREMOST does not consider these as current resources or reserves.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *34*

The property owner Dalton Bruce Dupasquier optioned the Zoro 1 claim to Force Energy Ltd. of Denver, Colorado (U.S.A.) in 2011. Force Energy defaulted in 2012 and the claim was optioned to Foremost (Vancouver) in 2016. Foremost completed the acquisition of the Zoro 1 mineral claim as announced on May 9, 2017 in consideration for common shares of the Company and a non-interest bearing promissory note for $100,000 payable in 12 months. Subsequently two option agreements were struck with Strider Resources Limited (Snow Lake, Manitoba) to enlarge the property. In the first option agreement (August 10, 2016) Foremost increased the size of the property by 600% acquiring an undivided 100% interest in all lithium-bearing pegmatite dykes on Claim Jake 3558 (P3558F) and a 350-metre wide strip along the northeast edge of claim Jake 3558 and a portion of adjacent claims Bert 6304 (MB6304) and Bert 797 (MB797). The claims are contiguous with its Zoro 1 claim. The second option agreement (September 28, 2017) with Strider Resources expanded the property by an additional 2200 hectares. Claims Jake 9 (P3031F), Jake 1054 (MB 1054), Jake 2655 (MB 2655), Jake 3557 (MB 3557), Jake 54199 (W54199), Jake 10 (P3032F), Jake 2412 (MB 2412), Jake 2413 (MB 2413), Jake 54745 (W54745), CRO 5734 (MB 5734) were included in this second option agreement. Recently claims BAZ 12131 (MB12131) and BAZ 12133 (MB12133) have been acquired by Foremost. The current total area of the property is 3005 hectares.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *35*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 HISTORIC RESOURCE WORK

Historic lithium tonnage estimates for Dyke 1 have varied since the initial discovery in 1956. More than 12 different tonnage estimates were made by various parties in the 1950s. The tonnage calculation by Huston in 1956 returned a bulk reserve of 1,727,550 undiluted tons grading 0.945% Li<sub>2</sub>O" based on a length of 444ft and a vertical extent of 800ft. The parameters applied to the calculation by Huston were provided and are presented in this section.

The parameters of the calculations for the above stated tonnage and grade are presented here with the original units intact (Tables 5-1 and 5-2).

**Table 5-1. Parameters for the calculation of grade and tonnage at Dyke 1, lithium-bearing pegmatite dyke.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Horizon/Level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Length**<br> **(feet)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **True Width**<br> **(feet)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade Li<sub>2</sub>O <br> (%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surface | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.052 |

---

**Table 5-2. Combined calculations used to derive grade and tonnage, Dyke 1.**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Length x Width x Depth = Factor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xGrade%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade Factor** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surface | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600'x40'x50'=1,200,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720'x42.8'x140'=4,314,240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165'x74.8x250'=3,085,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290'x87.2'x220'=5,563,360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444'x52'x660'=14,163,100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13705048 |

---

Based on an 11-cubic foot per ton factor (in place): 14,163,100/11=1,287,550 tons to 660'. Diamond drill hole 17 (zl-56-017intersected a zone grading 0.882% over 204.4' at 780 vertical feet below surface. This intersection is interpreted to be 0.882% across 110 feet true width and is assumed for the purposes of this calculation to extend 100' laterally and 220' vertically.

This gives:

● *200' long x 110' wide x 220' depth/11 = 440,000 tons grading 0.882%.* 

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *36*

The final historic resource estimate produced for the westernmost dyke was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *1,287,550 tons grading 0.967% Li<sub>2</sub>O to a depth of 660' vertically below surface outcrop plus a possible 440,000 tons grading 0.882% to a depth of between 660' and 880' below outcrop.*

The total undiluted tonnage was given as 1,727,550 at 0.945% Li<sub>2</sub>O. An appropriate dilution factor was given as 5%.

The description of mineral resources and mineral reserves cited above is presented as a historical estimate and uses historical terminology for these estimates. These citations are given to provide an historical frame of reference. The author has not carried out work to classify these historical estimates under current mineral resource or mineral reserve terminology. The historical estimates are not meant to be interpreted as current estimates, do not comply with S-K 1300 and should not be relied upon. FOREMOST is not treating these as current resources or reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 GREEN BAY MINING & EXPLORATION Ltd. (Previously Green Bay Uranium Limited)

Green Bay Mining and Exploration Ltd. (Green Bay) undertook basic prospecting, rock chip sampling from blasted trenches and assay work prior to a major drill campaign between 1956 and 1958. Most work was undertaken on the seven known dykes on this property (Figure 5-1) with emphasis on Dyke 1 where assays from trench samples documented >2% lithium (Northern Miner, January 12, 1956). A geological map was produced for Dyke 1 at a scale of 1":50 feet by C.C. Huston and Associates acting for Green Bay (Figure 9.1.2) showing trench locations. Dykes 2 through 7 were also assessed by rock chip sampling and assay with Dyke 5 returning assays of 2.42% to 7.28% Li<sub>2</sub>O. Numerous additional assays are available for this work by Green Bay however assay certificates do not contain details of when and where the assay sample was collected from drill core. Assays were performed by Correlation Laboratories Ltd. of Cobden, Ontario.

Over 6096 m (20 000 ft.) of diamond drilling was done on the property with a minimum of 3048 m (10 000 ft.) of this on Dyke 1. Results of the drilling on dykes 1, 3, 5 and 7 were reported to be "promising". Gold was also found on the property, with a 3.3 kg (7.25 lb.) sample across 3.4 m (11 ft.) yielding 0.17 ounces per ton gold (Green Bay Exploration Corporation File).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *37*

Review of historic drill and assay information was significantly hampered by the lack of control over historic drill collar locations and information documenting the location of the drill hole upon completion. No down hole information is available. Assay results are incomplete with location of the sample collected for assay not detailed. For the construction of three-dimensional imagery for Dykes 1 through 7 the approach has been to use available historic information supplemented by the identification of recognizable collar locations in the field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Geology of Dyke 1 (Figures 5-1 and 5-2)

The historic geologic map in Figure 5-2 is based on available outcrop at the time of exploration by Green Bay. Dyke 1 is a 280 m long sinuous pegmatite dyke with coarse grained spodumene that intrudes variably textured mafic volcanic rocks and a variety of sedimentary rocks. The north end of the dyke is marked by a faulted extension that forms a northeast-trending arm of spodumene-bearing pegmatite. The contact between the pegmatite dyke and adjacent sediments is schistose. Outcrop is scarce in the surrounding area.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *38*

![](img054.jpg)

**Figure 5-1. Location map for the seven known pegmatite dykes comprising the Zoro Lithium Project.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *39*

**Figure 5-2. Outcrop, geology and trench location map, Dyke 1, Zoro Lithium Project. Data from historic information sourced in Manitoba Mining Recorder's assessment files.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *40*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 FORCE ENERGY LTD.

Exploration commencing in 2012 by Force Energy was designed to assess the lithium potential of Dyke 1 on the Zoro 1 claim. The work consisted of cleaning out, washing, channel and chip sampling of pegmatite exposed in historic trenches exposed on the property. Samples were analyzed for lithium and a multielement suite at Activation Laboratories (Ancaster, Ontario). The locations of individual trenches that were sampled are given in Figure 5-3. Figures 5.3.2 through 5-11 give sample numbers and sampling intervals for each trench. Table 5-3 summarizes the channel and chip samples collected from the Zoro 1 claim. A total of 165 channel samples were cut with a rock saw and 5 representative chip samples were collected using a sledge hammer and chisel. Weight averaged Li<sub>2</sub>O assay data from each trench are summarized in Table 5-4. Analytical results for channel samples documented elevated lithium concentrations in the spodumene-bearing pegmatite on the Zoro 1 claim.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *41*

**Table 5-3. Summary of channel and grab samples collected from the Zoro 1 claim. UTM coordinates (datum NAD 83, Zone 14).**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trench** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Samples** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UTM North** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UTM East** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-1 to ZR-7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-8 to ZR-12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-13 to ZR-16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-17 to ZR-22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-23 to ZR-28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-29 to ZR-36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-37 to ZR-46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-47 to ZR-55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-56 to ZR-64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-65 to ZR-81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-82 to ZR-90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-91 to ZR-105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-106 to ZR-120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-121 to ZR-142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-143 to ZR-154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench-16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-155 to ZR-165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Chip Sample | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Chip Sample | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Chip Sample | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Chip Sample | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representative Chip Sample | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458879 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *42*

**Figure 5-3. Location of historic trenches on the Zoro 1 claim, Dyke 1 that have been mucked out, washed and channel sampled.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *43*

![](img057.jpg)

**Figure 5-4. Channel samples (number and sampling interval) for trenches 01, 02, 03 and 04, Zoro 1 claim.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *44*

![](img058.jpg)

**Figure 5-5. Channel samples (number and sampling interval) for trenches 05, 06 and 07, Zoro 1 claim.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *45*

![](img059.jpg)

**Figure 5-6. Channel samples (number and sampling interval) for trenches 08 and 09, Zoro 1 claim.**

**Figure 5-7. Channel samples (number and sampling interval) for trench 10, Zoro 1 claim.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *46*

![](img061.jpg)

**Figure 5-8. Channel samples (number and sampling interval) for trenches 11 and 12, Zoro 1 claim.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *47*

![](img062.jpg)

**Figure 5-9: Channel samples (number and sampling interval) for trenches 13 and 14, Zoro 1 claim.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *48*

![](img063.jpg)

**Figure 5-10. Channel samples (number and sampling interval) for trenches 15 and 16, Zoro 1 claim.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trench (n of samples)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Li (ppm) Per Trench** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% Li<sub>2</sub>O Per Trench** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% Li<sub>2</sub>CO<sub>3 </sub>Per Trench** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 (n=7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 (n=5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 (n=4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 (n=5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 (n=6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 (n=8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 (n=10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 (n=9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 (n=9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 (n=17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 (n=9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 (n=15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 (n=15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 (n=22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 (n=12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 (n=11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *49*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 HISTORICAL DRILLING

Initial drilling on the Zoro dykes (historically referred to as the LIT Group) occurred between 1956 and 1957 and was completed by Green Bay Uranium Group, based in Edmonton, Alberta. Seven major dykes were initially identified due to their exposure in outcrop and were subsequently uncovered through trenching and blasting. Six of these dykes were targeted with drilling to test their depth extent. Historical drilling is reported in cancelled assessment report #93562. Historical drilling comprises 78 diamond drillholes totaling 8,469.3 m (27,786.6 ft). Table 5-5 summarizes the breakdown of drilling on each of the 7 major dykes.

**Table 5-5. Summary of historical drilling by pegmatite dyke.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of DDH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Feet Drilled** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Meters Drilled** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,015.6 ft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,100.8 m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,689.0 ft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819.6 m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864.0 ft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263.3 m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612.0 ft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186.5 m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,840.0 ft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865.6 m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*\*\*\*Not Drilled\*\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*\*\*\*Not Drilled\*\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*\*\*\*Not Drilled\*\*\*\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766.0 ft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233.5 m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27,786.6 ft** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8,469.3 m** |

---

The collar locations for these historical drillholes were referenced to a local grid with no modern reference control points, therefore their exact location on the ground remains uncertain. Planview maps for Dykes 1, 2, 3, 4, and 7 were included in assessment report #93562 showing the location of the drillhole collars relative to each other. The historical drillhole collar locations can also be found in the GIS Map Gallery drillhole database maintained by the Mineral Resources Division of the Government of Manitoba Department of Growth, Enterprise, and Trade. These collar locations approximated the relative spatial arrangement of the report plan view maps, however appeared to be displaced approximately 150m northeast from where the dykes are located on the ground.

Foremost mobilized a reconnaissance field crew to ground-truth the locations of the collars. This effort permitted successful verification of 19 historical collar locations around Dyke 1 using the historical plan view map as a guideline. UTM coordinates for these 19 historical collar locations were recorded by a handheld Garmin GPS and plotted in ArcGIS (Table 5-6, Figure 5-12). Utilizing these 18 collars, the guideline plan view map was rubber sheeted into the correct geographic space, and the remaining 29 drillholes around Dyke 1 were digitized into place.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *50*

The reconnaissance crew also identified surface trenches. However, the crew were unable to identify drill collars for the remaining 6 dykes; therefore, the true locations for the remaining 48 collar locations cannot be verified. The surficially exposed trenches were used as control points for the historical plan view maps to approximate collar placement for the 48 unverified collar locations targeted under trenches. The collars were placed as close to their true location as could be interpreted based on surface exposure of the dykes and location of trenches and pits. Drillhole information for all 78 historical drillholes are listed in Table 5-6. Figure 5.13 illustrates the nature of much of the historic infrastructure on the Zoro Lithium Project.

**Table 5-6. Historical diamond drillhole collar locations identified by Foremost field crew. (\*UTM coordinates displayed in NAD 83, Zone 14N.)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BHID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Easting\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Northing\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Waypoint** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-029 and zl-56-032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-001 or zl-56-073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP0018 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *51*

![](img064.jpg)

**Figure 5-11. Historical drillhole collars located by Foremost.**

![](img065.jpg)

**Figure 5-12. Drill core in collapsed core racks from the Green Bay Exploration and Development historic diamond drill programs, Zoro Lithium Project.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *52*

**Table 5-7. List of historical drillhole information.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BHID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Easting\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Northing\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dip** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Intervals (m)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.50-58.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.27-50.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.73-69.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50-58.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.59-68.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.46-61.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.58-56.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.73-12.13<br> 41.97-45.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-008A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.75-42.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131.36-132.16<br> 139.75-140.90<br> 146.21-148.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115.51-117.10<br> 122.68-127.55<br> 130.42-155.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.47-137.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.27-134.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.19-132.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.81-116.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-60° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207.87-212.65<br> 230.73-232.25<br> 263.34-325.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-65° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189.15-195.95<br> 201.28-262.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.92-92.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125.15-126.55<br> 136.73-142.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-60° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.81-226.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-67° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-022A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-62° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300.31-302.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-60° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163.98-164.01<br> 171.90-175.44<br> 230.42-231.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-60° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.62-161.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.53-41.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-60° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78.51-78.94<br> 358.74-360.70<br> 364.84-368.89<br> 377.83-378.13<br> 378.43-379.29 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *53*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BHID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Easting\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Northing\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dip** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Intervals (m)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-60° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.03-21.09<br> 22.55-22.61<br> 29.87-30.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-30° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.29-32.88<br> 44.80-45.44<br> 46.51-48.09<br> 53.27-54.86<br> 57.05-64.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.04-58.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.06-49.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.76-30.48<br> 44.80-47.54<br> 48.40-49.19<br> 53.15-54.25<br> 60.35-60.74<br> 63.97-67.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 7\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62-12.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.74-30.02<br> 63.24-65.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 7\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45-4.87<br> 9.75-10.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.07-24.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.80-46.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.04-54.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.88-12.98<br> 13.41-14.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.75-67.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-30° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.11-20.42<br> 24.56-24.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-30° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25-2.43<br> 36.14-36.97<br> 46.45-47.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82-3.04<br> 25.17-28.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 3\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.63-16.70<br> 23.16-25.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-30° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 3\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.03-12.86<br> 26.21-31.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.83-13.5<br> 20.17-21.70<br> 24.50-28.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.59-25.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26-5.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32-9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.45-16.61<br> 24.56-25.17<br> 72.66-72.93<br> 73.39-73.97<br> 75.62-76.10 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *54*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BHID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Easting\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Northing\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dip** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Intervals (m)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.19-34.86<br> 47.64-49.59<br> 76.41-76.50<br> 94.33-94.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6079962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -43° | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.22-23.95<br> 52.91-53.94<br> 64.49-64.80<br> 87.99-90.15<br> 90.70-91.89<br> 100-103.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.47-34.71<br> 35.14-35.84<br> 48.24-48.88<br> 85.19-86.95<br> 102.96-103.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.06-13.99<br> 27.12-28.25<br> 64.80-65.83<br> 88.97-91.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 5\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.24-15.81<br> 16.88-17.03<br> 17.83-19.05<br> 29.13-29.80<br> 32.61-33.00<br> 67.97-68.12<br> 94.85-96.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-30° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 7\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40-6.88<br> 20.6-25.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 7\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70-9.75<br> 28.34-29.56<br> 32.00-32.18<br> 55.47-55.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.46-58.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 3\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.71-25.23<br> 51.17-51.57<br> 52.12-52.48<br> 60.62-61.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.95-34.35<br> 58.97-64.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.42-59.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.35-35.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66-14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26-12.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.59-64.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 3\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.24-32.27<br> 37.21-37.61<br> 52.54-53.00<br> 58.55-58.85<br> 63.88-64.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.03-36.33<br> 38.25-38.95 |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *55*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BHID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Easting\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Northing\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dip** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Intervals (m)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.81-22.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68-51.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96-5.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.81-42.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 4\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.94-27.79<br> 34.89-36.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-35° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19-38.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.51-49.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.69-67.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 4\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.09-54.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 4\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.69-35.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-55° | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169.89-181.50<br> 182.08-182.33<br> 183.18-183.73<br> 184.49-191.20<br> 199.12-205.61<br> 207.75-219.97<br> 220.73-222.80<br> 223.63-225.94<br> 228.60-246.15 |

---

**\*UTM coordinates in NAD 83, Zone 14N**

**\*\*Historical drillhole collar locations for Dykes 2-7 cannot be verified.**

Included in assessment report #93562 were several assay results reported in Li<sub>2</sub>O% for the major dykes. However, it was not possible for Foremost to match sample ID to the corresponding drillhole nor to a specified interval because the naming convention was inconsistent and the drill logs themselves rarely identified sample intervals. Four historical drillholes, however, were re-sampled in 1957 for use in a resource estimate. That assay documentation could be easily related back to the four historical drillholes. Foremost calculated composites to be used for drillhole targeting. The four historical composites are listed in Table 5-8

**Table 5-8. Historical drillhole weighted averages.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BHID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Composite** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% Li<sub>2</sub>O over 22.8m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0% Li<sub>2</sub>O over 18.2m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; zl-56-017<br> and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.2% Li<sub>2</sub>O over 7.9m<br> 1.0% Li<sub>2</sub>O over 15.2m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zl-56-021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4% Li<sub>2</sub>O over 49.8m |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *56*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 GEOLOGICAL SETTING AND MINERALIZATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 BEDROCK GEOLOGY - INTRODUCTION

**[NTD: Item 601(b)(96)(iii)(6)(iii) requires 6.0 to include at least one stratigraphic column and at least one cross-section of the property. QPs to confirm if each of these requirements is satisfied by the pictures below]**

The Paleoproterozoic Flin Flon-Snow Lake Belt is approximately 200 km in strike length and has an exposed width of up to 70 km. The Belt is overlain to the south by Ordovician Red River Formation sandstone, limestone, and dolomite of the Western Canada Sedimentary Basin, and is bordered to the north by high-grade paragneiss and granitoid rocks of the Kisseynew Domain (Figure 6-1).

The Flin Flon Belt is interpreted to be an accreted assemblage of oceanic to continental margin arc terrane, interspersed with oceanic basins representing back-arc, fore-arc, and oceanic settings (Lucas *et al*., 1996; Syme *et al*., 1996). It is part of the Reindeer zone, a largely juvenile portion of the Trans-Hudson Orogen separating the Archean Superior and Hearne provinces (Figure 6-1, 6-2 and 6-3). Recent tracer isotope studies have confirmed the presence of >3.0 Ga Archean crust (the Sask Craton) below parts of the Trans-Hudson (Lucas *et al*., 1996). The Shield Margin National Mapping Program (NATMAP; Lucas *et al*., 1996) traced the Flin Flon Belt assemblages below the Phanerozoic to the south and recognized highly metamorphosed and deformed Flin Flon volcanic and sedimentary formations (Zwanzig, 1990, 1999) within the Kisseynew Domain to the north. To the east, the Flin Flon Belt is separated from the Paleoproterozoic Thompson Nickel Belt by Kisseynew Domain rocks. To the west, the Flin Flon Belt is terminated against the Tabernor Fault Zone (Figure 6.1.1).

The Geological Survey of Canada (GSC) - Manitoba-Saskatchewan NATMAP Shield Margin Project and LITHOPROBE Trans-Hudson Orogen transect built on an extensive existing geological database that led to a much-improved understanding of the components and evolution of the southeastern Reindeer Zone, including the Flin Flon Belt (e.g., Lucas *et al*., 1996). These investigations have shown that, at a crustal scale, the Flin Flon "greenstone" belt is only one of three components in a northeast-dipping stack, juxtaposed during 1.84 to 1.80 Ga collisional deformation:

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *57*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At the lowest structural level (exposed in the Pelican Window, Figure 6.1.2, within the Hanson Lake Block): metaplutonic rocks and paragneisses (3.20-2.40 Ga) of the "Sask Craton" (Corrigan *et al*., 2007).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At intermediate structural levels: Flin Flon Belt (now defined to include the Attitti Block and Paleoproterozoic rocks in the Hanson Lake Block) and Glennie Domain, shown in Figures 6.1.1 and 6.1.2, (together comprising the "Flin Flon-Glennie Complex" [FFGC]; Lucas *et al*., 1996).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At the highest structural levels: marine turbidites (Burntwood Group; 1.85-1.84 Ga) and distal facies of alluvial-fluvial sandstones (Missi Group) in the Kisseynew Domain (Figure 6.1.1).

![](img066.jpg)

**Figure 6-1. Location map after Hoffman (1989) illustrating the position of the Flin Flon-Snow Lake Belt in relation to the Precambrian geology of North America (A) and central Canada (B). The latter illustrates the components of the dominantly juvenile core to the Trans-Hudson Orogen in relation to the bordering Archean terranes, middle Proterozoic Athabasca Basin and overlying Phanerozoic strata of the Western Canada Sedimentary Basin. FFB: Flin Flon Belt; GD: Glennie Domain; HLB: Hanson Lake Block: LL-LT: Lynn Lake-LaRonge Belt; KD: Kisseynew Domain; RD: Rottenstone Domain; RL: Rusty Lake Belt; TB: Thompson Belt; TB: Tabernor Fault Zone; WB: Wathaman-Chipewayan Batholith; WD: Wollaston Domain. Modified from Lucas *et al.* (1996) from the original by Hoffman (1989). Dashed box represents area shown in more detail in Figure 6-2**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *58*

**Figure 6-2. Map of the Flin Flon-Snow Lake Belt, illustrating the tectonio-stratigraphic assemblages, the location of the various accretionary assemblages, and major mineral deposits. B: Birch Lake assemblage; FMI: Fourmile Island assemblage; ML: Morton Lake fault zone; S: Sandy Bay assemblage; TB: Tabernor Fault Zone; SW: Sturgeon-Weir fault zone. Modified from Zwanzig (1999) and Lucas *et al.* (1996). Zoro Lithium Project is marked on Figure 7.1.3.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *59*

**Figure 6-3. Regional geology map of the Flin Flon-Snow lake greenstone belt emphasizing pre- and syn/post-accretion rocks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 GEOLOGICAL EVOLUTION AND COMPONENT OF THE FLIN FLON SNOW LAKE GREENSTONE BELT

The stratigraphy of the Flin Flon-Snow Lake Belt has been previously subdivided into two major groups, the Amisk Group metavolcanic rocks and Missi Group continental metasedimentary rocks (Bruce, 1918; Harrison, 1951). The Flin Flon Belt is now recognized as consisting of several 1.9 to 1.88 Ga terranes comprised of four main tectono-stratigraphic assemblages that represent both juvenile and continentally underlying oceanic segments of a Paleoproterozoic ocean basin that were accreted during formation of the Trans- Hudson orogen (Syme, 1990; Syme and Bailes, 1993; Stern *et al*., 1995a, b; Lucas *et al*., 1999). The orogen was formed by oblique collision between the Superior and Hearne Archean terranes, and the resulting collage is separated into assemblages distinguished by unique tectono-stratigraphy and dismembered by fault systems that were originally thrust surfaces (Syme, 1995, Lucas *et al*., 1996). Each tectonostratigraphic assemblage is a distinct package of rocks in terms of its stratigraphy, geochemistry, isotopic signature, age, and inferred plate tectonic setting (see below; Syme and Bailes, 1993; Lucas *et al*., 1996; Corrigan *et al*., 2007).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *60*

The tectonostratigraphic assemblages were juxtaposed in an accretionary complex at ca. 1.88 to 1.87 Ga, probably as a result of arc-arc collision (D1; Lucas *et al*., 1996; Stern *et al*., 1999; Figure 6-3). Accretionary collage-bounding structures were largely obliterated by subsequent deformation and metamorphic events (D2-D5) but are inferred where juxtaposed terranes are "stitched" together by calc-alkaline plutons related to a 1.866 to 1.838 Ga successor arc formation (Whalen *et al*., 1999). Coeval subaerial volcanism is recorded in ca. 1.87 to 1.85 Ga calc-alkaline to shoshonitic volcaniclastic sequences (Syme, 1988; Bailes and Syme, 1989; Lucas *et al*., 1996; Stern *et al*., 1996). Unroofing of the accretionary collage, development of a paleosol, and deposition of alluvial-fluvial sedimentary rocks (Missi suite; Bailes and Syme, 1989; Holland *et al*., 1989) occurred ca. 1.85 to 1.84 Ga (Ansdell, 1993). These events were coeval with the waning stages of post-accretion arc magmatism (Stern and Lucas, 1994; Whalen and Hunt, 1994; Lucas *et al*., 1996). Development of the Kisseynew turbidite basin (now part of the Kisseynew Domain) was synchronous with continental sedimentation in the Flin Flon Belt (Ansdell, 1993; David *et al*., 1993, 1996; Machado and Zwanzig, 1995; Connors, 1996; Connors *et al*., 1999).

The transition from Kisseynew basin extension to collisional collapse occurred rapidly at about 1.840 Ga, although sedimentation and magmatism continued through to ~1.830 Ga (Ansdell and Norman, 1995; Machado and Zwanzig, 1995; David *et al*., 1996; Connors *et al*., 1999). The Kisseynew Domain was thrust over the Amisk collage along the southern flank of the Kisseynew Domain (Harrison, 1951; Zwanzig, 1990; Lucas *et al*., 1994; Connors, 1996; Connors *et al*., 1999; Zwanzig, 1999). Following collisional thickening and peak metamorphism at 1.83 to 1.80 Ga, the Flin Flon Belt experienced protracted intracontinental deformation to ca. 1.69 Ga (Lucas *et al*., 1996; Stern *et al*., 1999).

The Flin Flon-Snow Lake Belt consists of two principal segments (Amisk collage and Snow Lake arc assemblage) that were juxtaposed during southwest-verging continent-continent collision between 1.84 and 1.82 Ga. To the west of the Amisk collage is a volcano-sedimentary domain of similar age (Hanson Lake arc assemblage; Figure 6-2). Although not traditionally designated as part of the Flin Flon Belt, the Hanson Lake arc assemblage will be included here due to the presence of volcano-sedimentary rock units and several VMS occurrences and deposits of similar age (Maxeiner *et al*., 1993, 1999).

![](img068a.jpg)

**Figure 6-4. Regional Cross-Section showing the basment rock context of the Snow Lake Area and the House Treehouse Volcanic Sequence indicated by red box.**

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Although each of these three tectonic segments has a distinct character, their metallogenic tenor is a product of the same three tectonically controlled evolutionary stages of the region. The first is represented by syngenetic polymetallic base metal and precious metal deposits and occurrences that formed during a pre-accretionary stage within distinct oceanic, supra-subduction environments. The second consists of post-accretion intrusion-related mineralization associated with successor arc formation and extensional magmatism. The third is comprised of shear zone-related orogenic Au deposits that formed during periods of collision, oblique compression, and crustal thickening.

The Amisk collage is comprised of a series of fault-bounded tectonostratigraphic assemblages (Syme, 1995; Lucas *et al*., 1996; Figure 6-2). These are intruded by post-accretionary plutons and are overlain by fluvial-alluvial sedimentary rocks of the Missi Group. The collage is bounded to the west by the Sturgeon-Weir fault system, to the east by the Morton Lake fault zone, and to the north by the southern flank of the Kisseynew domain. It extends to the south below the Phanerozoic cover. The Amisk collage contains the West Amisk, Birch Lake, Flin Flon, and Fourmile Island oceanic arc assemblages, and the Sandy Bay and Elbow-Athapapuskow back-arc basin basalt assemblages (Stern *et al*., 1999; Syme *et al*., 1999; Figure 6-2).

The arc and ocean floor assemblages in the eastern part of the Flin Flon Belt are collectively sufficiently distinct from the Amisk collage arc assemblages to suggest that they represent remnants of unrelated arc terranes (Lucas *et al*., 1996; Syme *et al*., 1996). This eastern part of the belt is characterized by a number of allochthons in a thrust stack that is bordered to the west by the Morton Lake fault zone and to the east and north by the overthrust Kisseynew Domain (Bailes *et al*., 1994; Syme, 1995). These allochthons are comprised of the Snow Lake arc and the Northeast Reed and Roberts Lake ocean floor assemblages (Figure 6-2) that are separated by major bounding fault systems. The 1.89 Ga Snow Lake arc assemblage (David *et al*., 1996; Bailes and Galley, 1999) is the only one that contains significant VMS mineralization. It is exposed in a thrust stack that includes several structurally imbricated slivers of 1.84 to 1.83 Ga post-accretion sedimentary strata of the Burntwood suite (Stern *et al*., 1995a; Connors *et al*., 1999). The >6 km-thick dominantly juvenile oceanic to crustally contaminated arc succession of the Snow Lake arc assemblage consists of three conformable volcanic successions that record the evolution from nascent or primitive arc through mature arc, to rifting and opening of a back-arc basin.

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The Hanson Lake arc assemblage structurally overlies Archean crust and contains coeval volcanic and sedimentary assemblages that are found within the neighbouring Flin Flon Belt. It is also host to numerous VMS deposits and occurrences. The fault-bounded area containing the Hanson Lake arc assemblage and underlying Archean crust is known as the Hanson Lake Block (HLB) (Figures 6-1 and 6-2).

The HLB is composed of a highly deformed and metamorphosed assemblage of 1.91 to 1.85 Ga volcanic and sedimentary rock, and 1.86 to 1.81 Ga syntectonic intrusions and migmatitic gneisses that have been thrust over the ca. 2.5 Ga Neoarchean charnokitic and enderbitic intrusive rocks known as the Pelican Window (surface expression of the Sask Craton; Ashton *et al*., 1987; Maxeiner *et al*., 1993, 1999; Ashton and Lewry, 1994; Figure 6-2). The HLB is terminated to the west by the Tabernor fault zone and to the east by the Sturgeon-Weir fault zone, which separates the HLB from those assemblages traditionally included within the Flin Flon Belt and extends southward below the Phanerozoic cover. The principal reason for the original exclusion of the arc assemblages of the HLB from those of the Flin Flon Belt was that they were originally believed to have formed upon Archean crust and were, therefore, not considered part of the Flin Flon oceanic supra-subduction suite.

Supracrustal rocks of the HLB are dominated by metavolcanic and metasedimentary rocks. Volcanism and sedimentation are coeval from 1910 to 1880 Ma, with sedimentation continuing to at least 1850 Ma. Volcanic strata are dominantly tholeiites and include pillowed basalt overlain by intermediate to felsic flows and volcaniclastic rocks. Also present is a large felsic hypabyssal intrusive/extrusive complex. The volcanic assemblage is in contact with calc-silicate-carbonate-rich strata, silicate-facies iron formation, and polymictic conglomerate, and overlain by psammitic greywacke and mafic wacke (Maxeiner *et al*., 1993, 1999).

![](img068b.jpg)

**Figure 6-5. Snow Lake Stratigraphic Column, the Treehouse Formation is the main host rock for pegmatite emplacement on the Zoro Project.** 

The supracrustal assemblages of the HLB are intruded by numerous syn-volcanic intrusions, ranging in composition from ultramafic through gabbro and quartz diorite to rhyolitic. Large antiformal domes of migmatitic gneiss are accompanied by lit-par-lit injection into the supracrustal formations. Metamorphic grade generally increases from south to north, from upper greenschist to upper amphibolite facies, with regional metamorphism peaking between 1810 and 1806 Ma. A major folding event took place between 1860 and 1850 Ma and was followed by 1810 to 1800 Ma continental collision that caused the thrusting of this terrain over Archean basement (Ashton and Lewry, 1994). Deformation that accompanied crustal thickening and post-peak metamorphism continued until 1770 Ma.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 GENERAL AND DETAILED GEOLOGY

General and detailed geology for the Zoro Lithium Project is depicted in Figures 6-4 and 6-5. Mapping by the Manitoba Geological Survey on the property documents the Zoro Lithium Project is underlain by Ocean Floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group sedimentary rocks. The Ocean Floor rocks comprise mafic volcanic and related intrusions and the Missi Group consists of sandstone, siltstone, mudstone and quartzo-feldspathic gneiss and migmatite. These lithologies are flanked to the south by Missi Group calc-alkaline and tholeiitic basalt and rhyolite to dacite ash flow tuff and flows and to the east and west more Missi Group sedimentary rocks. The Ocean Floor mafic volcanic rocks adjacent to the dykes consist of a fine- to medium-grained strongly foliated dark green lithology. These andesitic to basaltic lithologies are locally interbedded with volcaniclastic sedimentary rocks and all are intruded by a quartz-phyric granite intrusion. The flows are generally fine- to medium-grained, massive with a 50°-70° lineation and strikes of N10°-30°E and steep northwest dips. Localized quartz veins, quartz laminae and associated iron carbonate veinlets are also present in outcrop adjacent to lineaments interpreted to represent faults. Minor arsenopyrite was noted in the quartz veins and laminae. These rocks are locally rusty-weathered and crosscut by veinlets of iron carbonate and quartz. Minor arsenopyrite and pyrite was observed in the quartz veins and laminae.

The pegmatite dykes generally strike northwest to north-northwest with steep dips and crosscut the regional foliation at a low angle. The dykes tend to be concentric in internal structure and the grain size of the constituent minerals (potassium feldspar, quartz, spodumene and black tourmaline) coarsens towards the center of the dykes. This pattern may be locally interrupted by patches of saccharoidal albite, large muscovite aggregates and coarse albite stringers with garnet and beryl. Spodumene is concentrated in the cores of the dykes. Some of the dykes have been split into sub-parallel veins by post-emplacement tectonic activity.

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![](img069.jpg)

**Figure 6-6. General geology in vicinity of the Zoro Lithium Project with claim boundaries.**

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**Figure 6-7. Detailed geology at the Zoro Lithium Project with claim boundaries.**

Detailed geologic observations of the pegmatites on the property were initially hampered by caved, filled and overgrown trenches (Figure 6-6) however subsequent to trench cleaning and mucking and the availability of drill core Martins *et al.* (2017) provide a detailed description of Dyke 1. It is a north-trending, near-vertical body that extends for at least 280 m along strike, with a maximum thickness of approximately 35 m. The presence of country-rock alteration was not noted in historical drill logs however, the mineral holmquistite (Li<sub>2</sub>(Mg, Fe<sup>2+</sup>)<sub>3</sub>Al<sub>2</sub>Si<sub>8</sub>O<sub>22</sub>(OH)<sub>2</sub>) was recently identified in the mafic volcanic host rock during field examinations, indicating metasomatic alteration associated with pegmatite intrusion. Rock and mineral analyses demonstrate that a broad metasomatic geochemical and mineralogical halo is present. The development of holmquistite-bearing assemblages is controlled by the introduction of Li into the country rock during pegmatite emplacement. These assemblages reflect greenschist-facies metamorphic conditions and are only found in amphibolitic wallrock, usually replacing hornblende, pyroxene or biotite (Heinrich, 1965; London, 1986). Based on historical and recent field and laboratory work zonation in the Dyke 1 pegmatite can be defined as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the wall zone, composed predominantly of quartz, microcline and muscovite, with accessory tourmaline, hornblende, biotite and rare beryl and spodumene;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the intermediate zone, with medium-sized crystals of microcline, albite, quartz, muscovite and spodumene (<5%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the central zone, with abundant spodumene (locally up to 50% but more commonly varying between 10% and 30%), albite, quartz and locally pollucite, and accessory apatite, tourmaline, pyrrhotite, lepidolite, columbite-group minerals and Fe-Mn–phosphate minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the core zone, composed mainly of quartz with small- to medium-grained spodumene crystals (although locally 15–20 cm crystals of spodumene are observed) in a quartz matrix, with minor tourmaline and muscovite.

![](img071.jpg)

**Figure 6-8. Overgrown and slumped trenches at the Zoro Lithium Project.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 SURFICIAL GEOLOGY

Glacial sediments including till, glaciolacustrine and glaciofluvial deposits cover the project area (Figure 6-7). Most small streams flow primarily over organic deposits. Reworked glacial sediments form beaches on some lakes. Till and glacio-fluvial deposits associated with the Labrador and Keewatin sectors of the Laurentide Ice Sheet were developed approximately 115,000 years ago. During late Pleistocene, the ice sheet radiated southwest from Hudson Bay, and covered most of Manitoba. An extensive cover of carbonate-rich till derived from the James Bay and Hudson Bay Lowlands has been deposited over the area. As the ice sheet receded, glacial Lake Agassiz formed and resulted in the deposition of a veneer of glaciolacustrine silt and clay.

![](img072.jpg)

**Figure 6-9. Surficial geology of the Zoro 1 property with claim boundaries.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 GEOPHYSICAL CHARACTERISTICS OF THE ZORO LITHIUM PROPERTY

The Zoro Lithium Project occurs in a generally magnetically "active" zone in an area of low Total Magnetic Intensity. The low magnetic signature of the property area is flanked on all sides by large, very strong magnetic responses. The property encompasses two north-northeast-trending magnetic anomalies which are visible in both the Total Magnetic Intensity and Vertical Gradient maps presented in Figures 6-8 and 6-9, respectively. The more westerly of these anomalies extends the full length of the property and continues well past the northern property boundary. The eastern anomaly is confined within property boundaries but also extends the entire length of the property. Historic exploration has not fully explained these anomalies that are likely due, in part, to mineralized quartz-feldspar porphyry intrusions that occur within faults on the property and to the pegmatite dykes that trend both north and northwest.

![](img073.jpg)

**Figure 6-10. Regional airborne Residual Magnetic Intensity survey results of the Zoro Lithium Project, Wekusko Lake area with claim boundaries.**

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![](img074.jpg)

**Figure 6-11. Regional airborne Vertical Gradient for the Zoro Lithium Project with claim boundaries.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 MINERALIZATION

The major mineralizing events recognized in the Flin Flon belt took place during the three main stages of crustal development: pre-accretion, post-accretion, and continent- continent collision. The pre-accretionary stage is represented by syngenetic base metal and Au deposits. The syn- to post-accretionary stage is characterized by several examples of intrusion-hosted base and precious metal deposits, and the continental collision stage by the development of orogenic Au deposits and lithium-cesium-tantalum-enriched pegmatites. The primary mineralization of interest on the Zoro Lithium Project is spodumene which is a lithium aluminum silicate (8.0% Li<sub>2</sub>O, 27.4% Al<sub>2</sub>O<sub>3</sub>, 64.6% SiO<sub>2</sub>). Spodumene is a pegmatite mineral that has a glassy lustre and may be opaque; it is nearly white in the low-iron variety and dark green in iron-rich crystals. An example of coarse bladed spodumene in outcrop at the Zoro Lithium Project is given in Figure 6-10.

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![](img075.jpg)

**Figure 6-12. Coarse-grained bladed spodumene, trench muck sample, Dyke 1, Zoro Lithium Project.**

The Zoro Lithium Project comprises a minimum of seven zoned pegmatite dykes that intrude Proterozoic Amisk Group volcanic and volcaniclastic rocks in a 2-km zone trending approximately 55° northwest (Mulligan, 1965 in Cerny *et al*., 1981; Fedikow *et. al*., 1993). The dykes strike north to northwest and dip vertically. Several have been described as gently dipping bodies (Bannatyne, 1985). The main, most westerly dyke or Dyke 1 outcrops along the west side of a ridge, 4.5 to 6 m high, and intrudes siliceous metasedimentary rocks and amphibolite (Bannatyne, 1985). It is up to 27 m (90 ft.) wide at surface and is exposed in 16 historical cross-trenches over a length of 183 m. Based on Foremost drilling results, lithium mineralization has been defined for 265m along strike, up to 40m wide and to a depth of 265m, Individual dykes have lengths of approximately 244 m. The outer zones of the pegmatite dykes contain pink aplite and coarse feldspar, locally green muscovite, tourmaline, and occassionally beryl. Spodumene, quartz, cleavelandite, and tourmaline form core zones with interstitial coarse feldspar. Spodumene is usually coarse-grained and is sometimes altered. It is most prevalent in the central 9 m (30 ft.) of the main dyke. In this dyke, spodumene crystals (up to 35 cm long) occur either in clusters, over widths of 6 m or more, or associated with coarse tourmaline and perthite megacrysts; some spodumene crystals show a preferred orientation of 45° to 55° (Bannatyne, 1985). One of two parallel dykes south of the main outcrop, is 5 m wide, and contains spodumene crystals in pods (up to 33 cm across). In other dykes, coarse grained spodumene is abundant in lenticular bands and fine-grained spodumene is distributed through aplitic patches (Bannatyne, 1985). Beryl occurs as white, anhedral to subhedral crystals less than 1 inch (2.5 cm) in diameter in three of the seven dykes. Chemical analyses for selected minerals from the Zoro Lithium Project dykes are presented in Table 6-1 and discussed later in this report. Columbite-tantalite and sparse minute grains of pyrite and chalcopyrite were found in thin sections (Green Bay Mining & Exploration Ltd., Corporation File).

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**Table 6-1. The compositional characteristics of selected minerals from Dyke 1, Zoro lithium property (Cerny, 1981).**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Blocky Potassium Feldspar (n=19 samples)** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Rb** | &nbsp;&nbsp;**K/Rb** | &nbsp;&nbsp;**Cs** |
| &nbsp;&nbsp;**Blocky Potassium Feldspar (n=19 samples)** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;0.392 | &nbsp;&nbsp;33.7 | &nbsp;&nbsp;0.0603 |
| &nbsp;&nbsp;**Blocky Potassium Feldspar (n=19 samples)** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;**Arithmetic Mean (weight %) Standard Deviation** | &nbsp;&nbsp;+/-0.144 | &nbsp;&nbsp;+/-15.1 | &nbsp;&nbsp;+/-0.0383 |
| &nbsp;&nbsp;**Range:** | &nbsp;&nbsp;**Range:** | &nbsp;&nbsp;**Range:** | &nbsp;&nbsp;**Range:** | &nbsp;&nbsp;0.183-0.668 | &nbsp;&nbsp;17.1-62.8 | &nbsp;&nbsp;0.0158-0.1404 |
| &nbsp;&nbsp; **Core Muscovite**<br> **(n=4)** | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**Rb** | &nbsp;&nbsp;**K/Rb** | &nbsp;&nbsp;**Cs** | &nbsp;&nbsp;**Be** |  |
| &nbsp;&nbsp; **Core Muscovite**<br> **(n=4)** | &nbsp;&nbsp;0.171 | &nbsp;&nbsp;0.792 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;0.0702 | &nbsp;&nbsp;0.0021 |  |
| &nbsp;&nbsp; **Core Muscovite**<br> **(n=4)** | &nbsp;&nbsp;+/-0.122 | &nbsp;&nbsp;+/-0.432 | &nbsp;&nbsp;+/-5.1 | &nbsp;&nbsp;+/-0.0497 | &nbsp;&nbsp;+/-0.0003 |  |
| &nbsp;&nbsp; **Core Muscovite**<br> **(n=4)** | &nbsp;&nbsp;0.025-0.460 | &nbsp;&nbsp;0.473-1.42 | &nbsp;&nbsp;5.9-17.7 | &nbsp;&nbsp;0.025-0.123 | &nbsp;&nbsp;0.0017-0.0023 | &nbsp;&nbsp;0.0017-0.0023 |
| &nbsp;&nbsp; **Core Muscovite**<br> **(n=4)** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Late Beryl<br> (n=9)** | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**Na** | &nbsp;&nbsp;**Na/Li** | &nbsp;&nbsp;**Cs** |  |  |
| &nbsp;&nbsp;**Late Beryl<br> (n=9)** | &nbsp;&nbsp;0.331 | &nbsp;&nbsp;0.903 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;0.939 |  |  |
| &nbsp;&nbsp;**Late Beryl<br> (n=9)** | &nbsp;&nbsp;+/-0.080 | &nbsp;&nbsp;+/-0.101 | &nbsp;&nbsp;+/-0.50 | &nbsp;&nbsp;+/-0.452 |  |  |
| &nbsp;&nbsp;**Late Beryl<br> (n=9)** | &nbsp;&nbsp;0.202-0.460 | &nbsp;&nbsp;0.720-1.01 | &nbsp;&nbsp;2.00-3.56 | &nbsp;&nbsp;0.334-1.67 |  |  |
| &nbsp;&nbsp; **Spodumene**<br> **(n=3)** | &nbsp;&nbsp;**Na<sub>2</sub>O** | &nbsp;&nbsp;**Fe as Fe<sub>2</sub>O<sub>3</sub>** |  |  |  |  |
| &nbsp;&nbsp; **Spodumene**<br> **(n=3)** | &nbsp;&nbsp;0.230 | &nbsp;&nbsp;0.943 |  |  |  |  |
| &nbsp;&nbsp; **Spodumene**<br> **(n=3)** | &nbsp;&nbsp;+-0.104 | &nbsp;&nbsp;+/-0.446 |  |  |  |  |
| &nbsp;&nbsp; **Spodumene**<br> **(n=3)** | &nbsp;&nbsp;0.16-0.35 | &nbsp;&nbsp;0.428-1.21 |  |  |  |  |
| &nbsp;&nbsp; **Garnet**<br> **(n=1)** | &nbsp;&nbsp;**FeO** | &nbsp;&nbsp;**MnO** | &nbsp;&nbsp;**MnOx100/MnO+FeO** | &nbsp;&nbsp;**MnOx100/MnO+FeO** | &nbsp;&nbsp;**CaO** | &nbsp;&nbsp;**MgO** |
| &nbsp;&nbsp; **Garnet**<br> **(n=1)** | &nbsp;&nbsp;24.80 | &nbsp;&nbsp;17.10 | &nbsp;&nbsp;40.81 |  | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.49 |

---

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Utilizing historical descriptions and recent preliminary petrographic work, Martins *et al.* (2017) were able to distinguish at least three different stages of spodumene growth in the dykes. These included greenish spodumene with characteristics typical of a primary phase; spodumene-quartz intergrowths, possibly after petalite breakdown (Cerny and Ferguson, 1972); and late bands of very fine grained spodumene that crosscut other mineral phases or surround feldspar and muscovite grains. Locally, spodumene crystals are surrounded by fine-grained mica, possibly Li-mica or lepidolite. This could be indicative of a late Li-enriched fluid episode such as autometasomatism that could have produced late Li-enriched mica. Acicular opaque minerals of the columbite group are present, and late bands of fluorite occur locally in fractures. The latest event, identified in thin section, produced Fe-rich, quartz-calcite stringers with no preferred orientation crosscutting the pegmatite. In thin section, feldspar and muscovite show evidence of deformation such as kink bands in muscovite, suggesting that pegmatite emplacement occurred prior to the latest stages of regional deformation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 MINERAL CHEMISTRY

Mineral-chemistry data for both muscovite and K-feldspar from Dyke 1 is similar to results reported by Cerny *et al*. (1981) for pegmatites from the Green Bay group of the Wekusko Lake pegmatite group. The full dataset of electron microprobe results can be found in (Martins and Linnen, 2017). Observations for muscovite and K-feldspar mineral chemistry are given in (Martins and Linnen, 2017) and are reviewed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1 Muscovite

Two generations of mica were identified in Dyke 1 but only results for primary muscovite are described. Primary muscovite is identified by the presence of sharp grain boundaries, subhedral to euhedral shape, grain size comparable to other magmatic minerals, absence of reactions with other minerals, absence of alteration in surrounding minerals and relative abundance, are described.

The mica compositions are all close to the stoichiometric dioctahedral muscovite end-member within the expected values for spodumene-subtype pegmatite (e.g., Selway *et al*., 2005; Martins *et al*., 2012). With respect to major element variability, muscovite has minor variation in Si and Al content, and Fe contents vary between 0.60 and 4.70 wt. % FeO. Trace-element concentrations include: variable F from below detection limit to 1.53 wt. % F, Rb from 0.18 to 0.81 wt. % Rb<sub>2</sub>O, and Cs from below detection limit to 0.36 wt. % Cs<sub>2</sub>O. The K/Rb ratio values of muscovite in Dyke 1 vary between 10.99 and 28.73, comparable to moderately evolved pegmatites from Ontario (Tindle *et al*., 2002; Selway *et al*., 2005) but higher than the highly evolved Tanco pegmatite, in which mica has ratio values varying from 2.9 to 10.6 (Cerny, 2005). These results indicate that the Dyke 1 pegmatite is less fractionated than the Tanco pegmatite. Moreover, the K/Cs ratio values of muscovite vary from 27.89 to 871.48 and corroborate the lower level of fractionation of Dyke 1 compared to Tanco, in which mica ratio values vary from 14 to 93 (Cerny, 2005).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2 K-Feldspar

Selected K-feldspar grains were initially classified as primary but petrography and backscattered imagery revealed the k-feldspar had likely been albitized and as such the analyzed grains might not be good indicators of high-temperature primary crystallization processes. The stoichiometry of the analyzed K-feldspar is slightly non-ideal, which is typical for K-feldspar in granitic pegmatites (Cerny *et al*., 2012; Brown *et al*., 2017). Major elements do not vary significantly however trace elements have significant variability. Rubidium varies from below detection limit (et al., 2002; Selway *et al*., 2005). The K/Rb ratio values vary from 13.45 to 43.92, higher than the values listed for Tanco feldspar (4.0 to 14.2; Cerny, 2005) but typical for spodumene-type pegmatites in Ontario (Tindle *et al*., 2002). The K/Cs ratio values of K-feldspar from Dyke 1 vary from 48.26 to 584.62, well above the values reported for the Tanco pegmatite (6 to 26; Cerny, 2005), corroborating the lower degree of fractionation of Dyke 1 (Figure 6-11).

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![](img076.jpg)

**Figure 6-13. Mineral-chemistry results for muscovite and K-feldspar from Dyke 1 (From Martins *et al.,* 2017): a) general fractionation trend (arrows) for micas from Ontario pegmatites (blue dots; data from Selway et al., 2005) and those from the Tanco pegmatite (bro brown dots; S. Margison, unpublished data) and Dyke 1 (red dots); b) general fractionation trend (arrows) for K-feldspar from Ontario pegmatites (blue dots; Selway *et al*., 2005), Tanco pegmatite (brown dots; data from Brown, 2001) and Dyke 1 (red dots).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 WHOLE ROCK GEOCHEMISTRY

A whole rock geochemical study based on three drill holes from the Dyke 1 pegmatite was recently undertake (Martins *et al.* (2017)). Sixty-nine samples of mafic-volcanic country rock and one sample of biotite-garnet-muscovite schist were collected from the hanging wall and footwall of the pegmatite dyke. Sample spacing was 5 m close to the contact with the pegmatite, and 10 m and 20 m apart farther away from the contact. The samples consisted of about 20 cm of split drill core from drill holes FAR16-001, FAR16-005 and FAR17-010 (Figure 6-12). Analyses were performed by Activation Laboratories (Ancaster, Ontario) using a sodium-pyrophosphate fusion technique, followed by multi-element ICP-MS. Selected samples of muscovite and K-feldspar from Dyke 1 were analyzed using a JEOL JXA-8530F field-emission electron microprobe at Western University. Analytical details are provided in DRI2017004 (Martins and Linnen, 2017).

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![](img077.jpg)

**Figure 6-14. Location of drill holes FAR16-001, FAR16-005 and FAR17-010 used in the whole rock geochemistry study, in relation to Dyke 1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1 Background Values

Values for Li in Dyke 1 country rock are generally not available in the literature because this element is not routinely analyzed. Lithium is a moderately incompatible trace element in magmatic systems and its abundance in the mantle is estimated to be about 1.9 ppm (Ryan and Langmuir, 1987). These authors reported the world-wide range in Li content for mid-ocean ridge basalt (MORB) is 3–17 ppm and >8 ppm Li for evolved Fe-Ti basalt; andesite and dacite from the East Pacific Rise contain up to 30 ppm Li, indicating that Li increases with differentiation. Given that Dyke 1 country rock has flat rare earth element (REE) profiles characteristic of MORB (not plotted; data from Gilbert and Bailes, 2005b), the assumption for this study is that the background concentrations of Li should be low (<8 ppm) in non-metasomatized country rock to Dyke 1. Values for Rb and Cs are more readily available in the literature. Samples from an equivalent unit to the Dyke 1 country rock at south Wekusko Lake contain <7 ppm Rb and <0.03 ppm Cs (Gilbert and Bailes, 2005b). Thus, based on available data, values >6 ppm Rb and >0.02 ppm Cs are considered anomalous (twice the values of the standard deviation of data from Gilbert and Bailes, 2005b). For Li background, values are interpreted as anomalous at >16 ppm (double the maximum value for non-evolved MORB defined by Ryan and Langmuir, 1987).

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In the absence of available Li analyses from the host rocks to the Dyke 1 pegmatite previous work conducted by Linnen *et al*. (2009, 2015) have been used for comparison with results obtained for the host rocks to Dyke 1. For the country rock to the Dyke 1 pegmatite, some of the highest values attained are 1900 ppm Li, 196 ppm Rb and 225 ppm Cs adjacent to the upper contact of the pegmatite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2 Results

The Rb and Cs values for Dyke 1 host rocks are well above what is reported for non-metasomatized ocean-floor mafic volcanic rocks from the same area (Gilbert and Bailes, 2005b). They are comparable to values obtained by Linnen *et al*. (2009) in country rock at the upper contact of the Dibs pegmatite (southeast Manitoba) and include values up to 2256 ppm Li, 184.5 ppm and 72.4 ppm Cs. For the Dibs pegmatite, values of Li, Rb and Cs in the country rock increase substantially toward the contact of the pegmatite (Linnen *et al*., 2009, 2015). For Dyke 1, the maximum concentrations for each element occur primarily in the country rock adjacent to the pegmatite contacts although the increase in concentration approaching the contact is not consistent. Within the same drillhole (FAR17-010), values at 11 m for Li, Rb and Cs are 48, 39.1 and 1.1 ppm, respectively (all values above background; Figure 6-13). These values close to surface are higher than at roughly 70 m downhole (14 ppm Li, 1 ppm Rb, 0.2 ppm Cs). Below 70 m there is a steady increase of Li, Rb and Cs as the contact with the pegmatite is approached at 163 m with values of 922 ppm Li, 51 ppm Rb, 23.9 ppm Cs; (Figure 6-13). This Li, Rb and Cs halo is likely related to the presence of fractures, the size or shape of the pegmatite and consequently the metasomatic halo, and the location of the Li, Rb or Cs mineralization within the pegmatite (i.e. the zonation). The Li, Rb and Cs halo can be measured up to 150 m away from the pegmatite contact. Elements such as Nb and Ta are low and are not enriched at the contacts with the pegmatite (Nb <5 ppm; Ta <2 ppm, with only one analysis as high as 8 ppm). Values for Sn are usually <4 ppm, with a few higher values of up to 91 ppm that occur close to the contact with the pegmatite and values for Tl are usually below detection limit but locally vary up to 6 ppm. High concentrations of As up to 6450 ppm are present in the country rock of Dyke 1 and may be related to processes responsible for the formation of gold mineralization known to occur in the area (Galley *et al*., 1989).

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![](img078.jpg)

**Figure 6-15. Element distribution diagrams showing variations along the length of the studied drill holes from Dyke 1: a) Li for drillhole FAR16-005; b) Rb for drillhole FAR16-005; c) Cs for drillhole FAR16-005; d) Li for drillhole FAR17-010; e) Rb for drillhole FA FAR17-010; f) Cs for drillhole FAR17-010. Shaded areas mark the location of the pegmatite. Plots from Martins *et al.* (2017).**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 OTHER MINERALIZATION

During historic and recent diamond drill testing of the Zoro 1 Dyke 1 pegmatite disseminated pyrrhotite, chalcopyrite and arsenopyrite were observed in andesitic wall rocks adjacent to pegmatite and in isolated zones throughout the host andesite, usually associated with quartz-carbonate veins. Green Bay Mining and Exploration presented assay results from the 1476'-1485' segment of drill hole 22A that indicated approximately 0.17 ounces per ton gold. Assay results are summarized in Table 6-2 and indicate that uniformly low values were documented from similar mineralization observed in Foremost drill core. Representative samples of this core were sampled occasionally and assayed for gold during their drill programs.

**Table 6-2. Summary of historic gold assay results from drill core at Dyke 1. Mineralization consisted of fine-grained, disseminated pyrrhotite, chalcopyrite and arsenopyrite.**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DDH#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sample Width**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(feet)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gold Assay**<br> **(opt or ounces per ton)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trace |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |

---

Recent assays by Foremost of intervals of drill core with disseminated arsenopyrite +/- pyrite and chalcopyrite within a pervasive front of silicification and quartz-carbonate +/- feldspar veinlets document the presence of gold in the core. The abundance of gold in these intervals is typified by the results for drill holes FAR17-015 and -019 in Table 6-3.

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**Table 6-3. Typical recent gold assay results from DDH FAR17-015 and -019.**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Drill Hole #** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sample** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**From To (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Width (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fire Assay (AAS)**<br> **Parts per billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DDH FAR17-015** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95-27.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.45-28.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.45-29.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.0-30.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.0-31.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.0-31.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.64-32.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DDH FAR17-019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6-10.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.55-11.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3-12.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0-13.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.0-14.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0-15.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0-16.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.0-17.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.0-18.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0-19.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0-19.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0 DEPOSIT TYPES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 RARE ELEMENT LITHIUM-CESIUM-TANTALUM PEGMATITES

Pegmatite deposits belong to a category of granite-related ore deposits distinct from magmatic ores with disseminated mineralization in granites. Cerny and Ercit (2005) provided an update for the classification of pegmatite deposits based on geochemical composition and the geological location. Using these criteria five classes were recognized:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Abyssal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Muscovite;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Muscovite – rare element;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Rare-element;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Miarolitic.

Most of these classes can be further subdivided using geochemical and geological characteristics. The subclasses can also be broken down into types and subtypes using more subtle differences in geochemical signatures or pressure and temperatures conditions of solidification, evidenced by different accessory mineral assemblages. Cerny and Ercit (2005) propose a petrogenic subdivision developed for pegmatites derived by igneous differentiation from plutonic parents. Three groups are distinguished:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Progressive accumulation of Nb, Y and F (including Be, REE, Sc, Ti, Zr, Th and U), fractionated from sub-aluminous to meta-aluminous A- and I-type granites that can be generated by a variety of processes involving depleted crust or mantle contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A peraluminous LCT group with prominent accumulation of Li, Cs and Ta (including Rb, Be, Sn, B, P and F), derived mainly from S-type granites, less commonly from I-type granites, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A mixed group with diverse origins, such as contamination of Nb-Y-F plutons by digestion of undepleted supracrustal rocks.

Using the Cerny and Ercit model the Zoro pegmatites are classified as rare-element LCT-type.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 GENERAL CHARACTERISTICS OF RARE ELEMENT LITHIUM-CESIUM-TANTALUM PEGMATITES

Cerny et al. (2005) document rare-element pegmatite deposits of the LCT family from orogens spanning from early Archean to very recent (Pezzotta, 2000). The granite-pegmatite suites are syn- to late orogenic and related to fold structures, shears and fault systems. The pegmatites vary greatly in form and are controlled by the competency of the enclosing rocks, the depth of emplacement, and the tectonic regime during and after emplacement. The pegmatites rarely occur within their parent granites, but in three scenarios pegmatites form swarms or networks of fracture-filling dykes hosted by contraction fractures or structures generated by post-consolidation stresses (Ginsburg *et al*., 1979). Many of the deposits are hosted by schists and gneisses, and their shapes vary from lenticular, ellipsoidal, turnip- or mushroom-like forms in plastic environments, to fracture fracture-filling dykes and stocks in brittle host rocks (e.g. Cameron *et al*., 1949). The length of a mineralized pegmatite intrusion is typically tens to hundreds of metres, but they may be up to several km (Greenbushes, Australia; Partington *et al.*, 1995), and interconnected dyke systems are known to be up to 12 km long (Manono, Zaire; Thoreau, 1950).

Generally, a zoning sequence for individual pegmatite districts (Cameron *et al*., 1949; Cerny *et al*., 2005) has been recognized such that minerals present in each zone decrease in number from the margins (border and wall zones) to the central or latest primary unit, termed the core. Assemblages of the border and wall zones typically consist of quartz-plagioclase-microcline-biotite-garnet-tourmaline-(beryl-apatite), and the internal zoning sequence ends with nearly monomineralic masses of microcline followed by a monomineralic quartz core.

Cerny *et al*. (2005) note the shape and attitude of pegmatite intrusions have considerable control over the internal structure of the deposits such that homogeneous bodies are unusual. The pegmatites are largely concentrically zoned or layered, or they display a combination of both features (Cameron *et al.*, 1949; Cerny, 1991b). Concentric patterns typical of three-dimensional bodies can be extensively disturbed in flat pegmatites. Sub-vertical dykes commonly exhibit telescoping of strongly asymmetric zoning patterns, with the inner zones prominently shifted upward. The zoning progresses from finer grained zones of approximate granitic composition on the outside to inner zones that exhibit enrichment in rare-element mineralogy and textural diversity, some are also near-monomineralic.

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In conjunction with the accumulation of rare-element mineralization in the inner zones, complex pegmatites also show inwardly increasing geochemical fractionation in rock-forming minerals (e.g. Cerny *et al*., 1985; Cerny, 2005; London, 2005) which serves as an important exploration guide (e.g. Cerny, 1992).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 PEGMATITE EMPLACEMENT

Passive emplacement of pegmatite magma was historically advocated by many authors, but structural-geological analysis appears to contradict this interpretation (Cerny *et al*., 2005). Forcible intrusion is indicated in all closely examined cases (Brisbin, 1986). Beus (1966) determined empirically a distance of 2 km for the maximum distance of a pegmatite from its parent granite. Baker (1998), however considers the magma pressure in the parental chamber sufficient to propel low-viscosity pegmatite melts up to 10 km from the source.

In the presence of higher contents of Li, B., P, F and H<sub>2</sub>O polymerization is reduced, fluidity and mobility are increased, and the thermal stability of pegmatite melts to lower temperatures is enhanced (Cerny *et al*., 2005). The result is that pegmatite melts enriched in volatiles and rare-elements can travel the farthest from the source (Figure 7-1). This explains the regional zoning of the rare-element pegmatites around parental granites (Cerny, 1992). The lithium-rich complex pegmatites in general and in particular the lepidolite-subtype dykes are invariably the most distal ones relative to the parent plutons (Cerny *et al.*, 2005). These categories of LCT rare-element pegmatites appear to be separated from granites by the interplay of hosts structures and erosional exposure.

Pegmatite dykes commonly occur as groups of similar pegmatite-types that originated from the same parent granite intrusion. A pegmatite field can occur over territories of hundreds to thousands of square km when favorable conditions are met.

Cerny *et al.* (2005) provide the following definitions for various groupings of pegmatites:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Pegmatite Group</u>**: a spatially and genetically coherent pegmatite population, generated by differentiation from a single granitic pluton. Pegmatite dykes interior, marginal, and exterior to a particular fertile granite intrusion maybe neatly distributed around the plutonic parent, although asymmetric arrays are much more common (Figure 8.3.1.; Beus, 1966; Cerny, 1989b; 1990; 1991c; Cerny *et al*., 2005). In many examples radiometric dating confirms the link between fertile granites and surrounding pegmatite dykes (e.g. Baadsgaard and Cerny, 1993; Breaks *et al*., 2005). The pegmatites tend to show different kinds and degrees of mineralization in a regional zonal pattern concentric to unidirectional. The common progression from proximal to distal pegmatites is from barren to Be, Be-Nb-Ta, Li-Be-Ta-Nb and Li-Cs-Be-Ta-(F) assemblages, with B, P., and Sn appearing at locally different stages. The zoning tends to be strongly developed, with the most evolved pegmatites at the top of the three-dimensional array. Locally, the more evolved pegmatites are relatively late, as they crosscut the primitive dykes (Cerny, 1991c; 1992b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Pegmatite Fields</u>**: result from favourable conditions for partial melting that generate fertile granites, are regional in scale, and commonly lead to intrusions and differentiation of multiple fertile plutons over territories of hundreds to thousands of square km (Cerny *et al*., 2005). The ensuing pegmatite fields contain granite-pegmatites suites that are more or less closely related, having been mobilized and differentiated from related or identical metamorphic protoliths during a single anatectic event. This results in similarities in mineral assemblages and geochemical signatures of the granite-pegmatite groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Pegmatite Provinces</u>**: are huge terranes characterized by commonality of geologic history that tend to generate arrays of pegmatite fields that are at lease loosely related in time, structural style, and mode of origin; geologic provinces locally represent rare-element pegmatite provinces of enormous dimensions (Cerny 1991a; c).

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![](img079.jpg)

**Figure 7-1. Regional Zoning in Fertile Granites and Pegmatites (after Cerny, 1991b and Selway *et al.*, 2005). A) Regional zoning of a fertile granite (outwardly fractionated) with an aureole of exterior lithium pegmatites; B) Schematic representation of regional zoning in a cogenetic parent granite and pegmatite group. Pegmatites increase in the degree of fractionation with increasing distance from the parent granite.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 THE TANCO PEGMATITE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 General

The Tanco deposit (Figure 7-2) is situated in the Archean Superior Province of the Canadian Shield in southeast Manitoba. The following description is taken from Cerny *et al*. (1998), Cerny (2005), Cerny *et al*. (2005) and Martins *et.al*. (2013). The pegmatite has an age of 2640 Ma and is completely blind forming a sub-horizontal lenticular undeformed bilobate intrusion consisting of four concentric and five layered zones with approximate dimensions of 1520 m in length, 1060 m in width and 100 m in thickness. Its parental granite is not exposed, however, nearby pegmatite groups of similar character show a clear connection to pegmatitic leucogranites. The deposit is not exposed as it lies beneath Bernic Lake and accordingly geological observations are based on examination of drill core and exposures created during underground mining. Tanco is a highly fractionated lithium-cesium-tantalum (LCT) pegmatite with an extensive mineralogy of >100 minerals from nine internal zones. The zonation consists of concentric outer zones and segmented and complex layered inner zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 Zonation and Mineralogy

The Tanco pegmatite is a complexly zoned intrusion described in detail by various researchers (Cerny, 2005; Cerny *et al.*, 1996, 1998; Stilling *et al*., 2006). Table 7-1 summarizes zonation, mineralogy, texture and geochemistry for the deposit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3 Geochemistry

The Tanco pegmatite is a peraluminous LCT-type pegmatite intrusion belonging to the Rare Element-Lithium subclass, complex type, subtype petalite of Cerny and Ercit (2005). Based on the work of Stilling et. al., 2006 the bulk mode of Tanco closely approximates a muscovite granite with the exception of 8 weight % petalite, 2.8 weight % lithian mica and 1 weight % primary spodumene. The percentages of all other silicate and phosphatic mineral phases are very low. Tanco therefore approximates a moderately silicic, high phosphorus Na>K granite enriched in Li, Rb, Cs and F, moderate contents of Tl, Be, B, Ga, Sn, Nb and Ta and highly depleted in Fe, Mn, Mg, Ca, Ba, Sc, Ti and Zr. A high degree of fractionation is indicated by values for K/Rb of 4.7, K/Cs of 9.3, Rb/Cs of 2.0, Rb/Tl of 137, Fe/Mn of 0.63, Mg/Li of 0.02, Al/Ga of 917, Zr/Hf of 2.6, Zr/Sn of 0.21 and Nb/Ta of 0.19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.4 Lithium-Cesium-Tantalum Mineralization

Tanco has been a major producer of spodumene (Li), pollusite (Cs) and tantalite (Ta). High tantalum zones in the deposit are spatially associated with metagabbro rafts however textural and geochemical studies (van Lichtervelde *et al*., 2007) indicate the tantalum mineralization is likely of magmatic origin.

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**Table 7-1. Zonation, mineralogy, textures and geochemistry of the Tanco pegmatite (Cerny, 2005).**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Zone** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Main constituents** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Characteristics subordinate (accessory) and <u>rare minerals</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textural and structural characteristics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Geochemistry important major & minor elements** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exomorphic unit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotite, tourmaline, holmquistite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenopyrite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fine-grained reaction rims and diffuse veins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K, Li, B (P, F) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(10) Border zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albite, quartz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourmaline, apatite, (biotite), <u>beryl, triphylite</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fine-grained layers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Na, (B, P, Be, Li) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(20) Wall zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albite, quartz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beryl, (tourmaline), muscovite, Li-muscovite, microcline-perthite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medium-grained, with giant K-feldspar crystals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K, Na, (Li, Be, F) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(30) Aplitic albite zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albite, quartz, (muscovite) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muscovite, Ta-oxides, beryl, (apatite, tourmaline, cassiterite), <u>ilmenite, zircon, sulfides</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fine-grained undulating layers, fracture fillings, rounded blebs, diffuse veins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Na, (Be, Ta, Sn, Zr, Hf, Ti) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(40) Lower intermediate zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microcline-perthite, albite, quartz, spodumene, amblygonite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li-muscovite, lithiophilite, lepidolite, petalite, Ta-oxides | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medium- to coarse- grained; heterogeneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K, Na, Li, P, F, (Ta) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(50) Upper intermediate zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spodumene, quartz, amblygonite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microcline-perthite, pollucite, lithiophilite, (albite, Li-muscovite), <u>petalite, eucryptite, Ta-oxides</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giant crystal size of major and most of the subordinate minerals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li, P, F, (K, Na, Cs, Ta) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(60) Central intermediate zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microcline-perthite, quartz, albite, muscovite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beryl, (Ta-oxides), <u>zircon, ilmenite, spodumene, sulfides, lithiophilite, apatite, cassiterite</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medium- to coarse-grained | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K, (Na, Be, Ta, Sn, Zr, Hf, Ti) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(70) Quartz zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Spodumene, amblygonite</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monomineralic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Si, (Li) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(80) Pollucite zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pollucite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz, spodumene, <u>petalite, muscovite, lepidolite, albite, microcline, apatite</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Almost monomineralic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs, (Li) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(90) Lepidolite zone* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li-muscovite, lepidolite, microcline-perthite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albite, quartz, beryl, (Ta-oxides, cassiterite), <u>zircon</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fine-grained | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li, K, Rb, F, (Na, Be, Ta, Sn, Zr, Hf, Ga) |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *87*

**Figure 7-2. West to east longitudinal section through the Tanco pegmatite. (Modified from Stilling *et al*., 2006; Cerny *et al*., 2005). *Note:* The border zone (Zone 10) is not shown at this scale.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.5 Alteration and Element Dispersion

Alteration haloes resulting from metasomatism have been documented around many pegmatites, with Cabot Corporation's Tanco mine in the Bird River greenstone belt of southeastern Manitoba being the most studied example in the province (e.g., Trueman, 1978; Morgan and London, 1987; Halden *et al*., 1989). At Tanco, this type of country-rock metasomatism has been utilized for exploration (Trueman, 1978), and this methodology has since been applied throughout the Bird River greenstone belt (Galeschuk and Vanstone, 2005; 2007; Linnen *et al*., 2015). Lithium anomalies define the widest haloes adjacent to Li-Cs-Ta (LCT) pegmatites (Linnen *et al*., 2012) and, in the case of Tanco, Li haloes have been recognized to extend more than 100 m away from the pegmatite body (Cerny, 1989). However, dispersion of other elements such as Rb and Cs seems to be more restricted (e.g., Cerny, 1989; London, 2008). This type of country-rock alteration is caused by the influx of pegmatite magma and coexisting fluids rich in incompatible elements. The composition of the fluid phase is related to the magma composition; therefore, the diagnostic elements of the alteration aureoles are related to element enrichments and mineralogy of the associated pegmatite intrusion (Beus, 1960). In the case of evolved LCT pegmatites, the adjacent country rock is altered by an influx of alkali rare elements (e.g., Li, Rb and Cs) and subsequent interaction between the fluid phase and the country rock, forming a dispersion halo. This interaction results in a change of the composition of pre-existing mineral assemblages in the country rock and stabilization of exotic mineral assemblages. Metasomatism by Li-enriched fluids can produce holmsquistite-bearing assemblages in amphibolitic country rock, as has been documented at several locations, including the Edison pegmatite in the Black Hills of South Dakota (Shearer *et al*., 1986; Shearer and Papike, 1988) and the Tanco pegmatite in Manitoba (Morgan and London, 1987; Selway *et al*., 2000). These alteration assemblages can be a good exploration tool and have been used in many pegmatite districts (e.g., Beus, 1960; Truman and Cerny, 1982; Norton, 1984; London, 1986). This study focuses on alteration haloes caused by 1) the Dibs LCT pegmatite from the Cat Lake–Winnipeg River pegmatite field in the Archean Bird River greenstone belt; and 2) the Dyke 1 LCT pegmatite from the Wekusko Lake pegmatite field in the Paleoproterozoic Flin Flon–Snow Lake greenstone belt. Although the ages differ, both bodies intrude metamorphosed volcanic rocks and the premise for this study is that both would be associated with above-normal background values for elements that are enriched in the pegmatite. Factors that could influence the metasomatic halo around Li-bearing pegmatites, include 1) the relationship between dyke thickness and the size of the metasomatic halo; 2) the shape of the halo related to the location of the Li mineralization within the pegmatite; 3) fluid pressures at time of emplacement; 4) structural permeability; 5) country-rock composition; 6) emplacement history; and 7) overprinting by later structural, metamorphic or hydrothermal events.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 RARE-ELEMENT PEGMATITES FROM THE SUPERIOR PROVINCE

Selway *et al*. (2005) reviewed rare-element pegmatites in the Superior Province of Ontario and Manitoba and determined rare-element pegmatite dykes within this Province cluster to form pegmatite fields that contain one or two large and highly fractionated pegmatites and numerous small pegmatite dykes. An example would be the Bernic Lake pegmatite group, part of the Cat Lake-Winnipeg River pegmatite field in southeastern Manitoba, that includes the Tanco pegmatite (1.99 km long x 1.06 km wide x 100 m thick; Stilling, 1998) and eight other smaller, less-fractionated pegmatite dykes (Cerny *et al*.,1981). The Separation Rapids pegmatite group lies to the east of the Cat Lake–Winnipeg River pegmatite within the same Bird River–Separation Lake metavolcanic belt (Breaks *et al*., 1975). The Separation Rapids pegmatite group contains two large highly fractionated pegmatites: Big Whopper (350 m in strike length x 60 m thick) and Big Mack (30 x 100 m; Breaks and Tindle,1997 Breaks *et al*., 1999). The Big Whopper and Big Mack pegmatites are members of the Southwestern pegmatite subgroup, which contains at least 23 additional smaller pegmatite dykes. Additional large pegmatite fields in the Superior Province of Ontario with economic potential include: the Dryden pegmatite field, which includes the highly-fractionated Fairservice pegmatite dykes and Tot Lake pegmatite, and the Seymour Lake pegmatite group, which includes the highly-fractionated North Aubry and South Aubry pegmatites (Breaks *et al*., 2003). These pegmatites contain elevated Rb, Cs, Be, and Ta contents. The Case pegmatite in northeastern Ontario is unique in that it is a large fractionated pegmatite with no identified associated smaller pegmatite dykes, likely due to thick overburden (Breaks *et al*., 2003).

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Selway et al. (2005) noted geological features common amongst pegmatites of the Superior Province of Ontario (Breaks and Tindle, 2001; Breaks *et al*., 2003) and Manitoba (Cerny *et al*., 1981; Cerny *et al*., 1998):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The pegmatites tend to occur along sub-province boundaries. For example, Tanco (Manitoba) and Separation Rapids (Ontario) pegmatites within the Bird Lake-Separation Lake metavolcanic belt occur along the boundary between the English River and Winnipeg River sub-provinces; the beryl-phosphate Sandy Creek and McCombe pegmatites, and the Lilypad Lake pegmatite field occur along the Uchi–English River sub-provincial boundary; the Dryden pegmatite field occurs within the Sioux Lookout Domain along the Winnipeg River–Wabigoon sub-provincial boundary; and the North Aubry, South Aubry, and Tebishogeshik pegmatites occur along the English River–Wabigoon sub-provincial boundary north of Armstrong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Most pegmatites in the Superior Province (in Ontario and Manitoba) occur along sub-province boundaries, except for those that occur within the metasedimentary Quetico Subprovince. Examples of pegmatites occurring in this area from west to east are: Wisa Lake (south of Atikokan), the Georgia Lake pegmatite field (north of Nipigon), and the Lowther Township (south of Hearst) pegmatites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pegmatites are present at greenschist to amphibolite metamorphic grade. In Ontario and Manitoba, pegmatites are absent in the granulite terranes of the Quetico and English River sub-provinces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Most pegmatites in the Superior Province (Ontario and Manitoba) are genetically derived from fertile parent granite. The Cat Lake–Winnipeg River pegmatite field (Manitoba) contains six leucogranite intrusions (Greer Lake, Eaglenest Lake, Axial, Rush Lake, Tin Lake, and Osis Lake) emplaced along east-trending faults, which are parents to numerous pegmatites (Cerny *et al*., 1981; Cerny et al., 1998). In contrast, the Tanco pegmatite has no fertile granite outcropping in reasonably close vicinity that could be its potential parent (Cerny *et al*., 1998). The peraluminous Separation Rapids pluton (4 km wide) is the parent to the Separation Rapids pegmatite field, including Big Whopper and Big Mack pegmatites, north of Kenora, Ontario. The peraluminous Ghost Lake batholiths (80 km wide) is the parent to the Mavis Lake pegmatite group, including the Fairservice pegmatite dykes, north of Dryden, Ontario.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Highly fractionated spodumene- and petalite- subtype pegmatites are commonly hosted by mafic metavolcanic rocks (amphibolite) in contact with a fertile granite intrusion along sub-provincial boundaries, whereas numerous beryl-type pegmatites are hosted by metasedimentary rocks (metawacke or metapelite) of the Sioux Lookout Domain. Pegmatites within the Quetico Subprovince are hosted by metasedimentary rocks or their fertile granitic parents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Biotite and tourmaline are common minerals within metasomatic aureoles in mafic metavolcanic host rocks to pegmatites. Tourmaline, muscovite, and biotite are common within metasomatic aureoles in metasedimentary host rocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Most of the pegmatites of the Superior Province contain spodumene and/or petalite as the dominant lithium mineral, except for the Lilypad Lake, Swole Lake, and Lowther Township pegmatite (all in Ontario), and the Red Cross Lake lithium pegmatite (Manitoba), which have lepidolite as the dominant Li mineral. Amblygonite- and elbaite-dominant pegmatites have not yet been found in the Superior Province, although amblygonite and elbaite occur in the Tanco pegmatite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Cesium-rich minerals only occur in the most extremely fractionated pegmatites. Pollucite occurs in the Tanco, Marko's, and Pakeagama petalite-subtype pegmatites, the Tot Lake spodumene-subtype pegmatites, and the Lilypad Lake lepidolite-subtype pegmatites (Teertstra and Cerny, 1995). The Pakeagama pegmatite in northwestern Ontario occurs along the Sachigo-Berens River subprovincial boundary. Cesium-rich beryl occurs in the spodumene-subtype North Aubry, South Aubry, Case, Tot Lake, and McCombe pegmatites and the lepidolite-subtype Lowther pegmatite, all in Ontario, and in the Tanco pegmatite, Manitoba.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Most of the pegmatites in the Superior Province contain ferro-columbite and mangano-columbite as the dominant Nb-Ta-bearing minerals. Some pegmatites contain mangano-tantalite as the dominant Ta-oxide mineral, for example the North Aubry, South Aubry, Fairservice, Tot Lake, and Tebishogeshik pegmatites. The Tanco pegmatite contains wodginite as the dominant Ta-oxide mineral. Tantalum-bearing cassiterite is relatively rare in pegmatites of the Superior Province, except for the Separation Rapids and Tanco pegmatites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Fine-grained tantalum-oxides (e.g. manganotantalite, wodginite, and microlite) commonly occur in the aplite, albitized K-feldspar, mica-rich, and spodumene core zones in pegmatites in the Superior province. At Tanco, tantalum mineralization occurs in the albitic aplite zone (30), central intermediate muscovite-quartz after microcline zone (60), and lepidolite zone (90).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 THE ZORO PEGMATITES

Dyke 1 of the Zoro pegmatite dykes is classified as a rare metal spodumene pegmatite (Rudenko *et al*. (1975)) though it may be marginal to the lepidolite sub-formation (Table 7-2). It shares many of the characteristics of Superior Province pegmatites described by Selway *et. al*. (2005) including the Tanco pegmatite.

**Table 7-2. Pegmatite classification abbreviated after Rudenko *et al.* (1975) showing the possible field of the Dyke 1 spodumene pegmatite (from Cerny, 1982).**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Formation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Sub-formation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pegmatite Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mineralization** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Parent granites** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level of emplacement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metamorphic grade of host** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceramic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceramic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceramic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceramic: U, REE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Normal biotite (?); leucocratic and alaskitic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very deep | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granulite; sill. – alm. amphibolite |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silica-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silica-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muscovite-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muscovite: U, REE, Be | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Normal biotite (?); leucocratic and alaskitic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyanite-alm. amphibolite |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare-metal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beryllium-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Be, Ta, Nb (Sn) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Be (Ta, Nb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leucocratic, alaskitic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate (rarely shallow) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staurolite-alm. Amphibolite, epidote-amphibolitic, greenschist |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare-metal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pollucite-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ta, Cs, Be, Li, Rb (Sn) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Be, Li, Cs, Ta, Rb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F, Li-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate (rarely shallow) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staurolite-alm. Amphibolite, epidote-amphibolitic, greenschist |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare-metal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spodumene (Li) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li, Be, Ta, Nb (Sn) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li, Ta, Be (Nb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F, Li-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate (rarely shallow) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staurolite-alm. Amphibolite, epidote-amphibolitic, greenschist |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare-metal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lepidolite (F, Li) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li, Ta, Be (Sn) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ta, Li, Cs, Be) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F, Li-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate (rarely shallow) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staurolite-alm. Amphibolite, epidote-amphibolitic, greenschist |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare-metal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rare Earth-element-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REE, U, Th, Nb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(REE, Nb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkalic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate (rarely shallow) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staurolite-alm. Amphibolite, epidote-amphibolitic, greenschist |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock - crystal-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock - crystal-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No cavities, quartz phyroblasts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock crystal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leucocratic, alaskitic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermediate) shallow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock - crystal-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock - crystal-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavities – Murzinka-type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock crystal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leucocratic, alaskitic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermediate) shallow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock - crystal-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock - crystal-bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavities – Kazakhstan-type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rock crystal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leucocratic, alaskitic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermediate) shallow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_ |

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*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *92*

The Foremost exploration program will utilize the well-documented characteristics of lithium-enriched pegmatite and related alteration phenomena in the host wall rocks to advance the property. Exploration will monitor the geochemical signature of underlying spodumene-bearing pegmatites in overlying soils using Mobile Metal Ions Technology with follow-up diamond drilling. The association of pegmatite with late fractures provides pathways for element migration from lithium source to surface where analysis of soil samples will define drill targets.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *93*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 EXPLORATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 FOREMOST

Commencing in 2016 Foremost undertook prospecting, geological mapping, soil geochemical surveys, mineral and rock geochemical surveys and collaborative research all leading to four diamond drill campaigns. A total of 80 rock samples and 1640 soil samples have been collected and analyzed. Rock samples were collected from trenched and the limited outcrop. Soil samples were collected at 30m spacing along survey lines which were spaced 100m apart. The QP believes this sampling program has been representative of bedrock geology. QA/QC protocols were in place from sample collection through laboratory submission and there was no sample bias.

In support of these activities the limited existing historic databases were utilized to produce preliminary three-dimensional models of the spodumene-bearing dykes on the property to assist drill targeting. These models are presented in Figures 8-1 through 8-6 and Table 8-1 summarizes physical characteristics from historic descriptions of the dykes as exposed in outcrop. Figure 8-1 shows the locations of all sampling and DDH locations on the Zoro Property, the property coverage at this point is approximately 40%.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *94*

**Figure 8-1. Locations of all sampling and DDH locations on the Zoro Property**![](img081.jpg)

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *95*

**Table 8-1. Summary of historic physical characteristics of dykes 2 through 7 (Assessment File AF95362).**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DYKE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LENGTH (feet)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WIDTH (feet)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DECLINATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BULK SAMPLE ASSAYS**<br> **% Li<sub>2</sub>O** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke 2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Dyke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 32 Degrees West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Dyke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 25 Degrees West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dyke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;>250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6-10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 48 Degrees West |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke 3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Dyke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4-6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 40 Degrees West |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Dyke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 55 Degrees West |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Dyke | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 40 Degrees West |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke 4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2-10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 35-45 Degrees West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke 5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 60 Degrees West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke 6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 25 Degrees West | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dyke 7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3-10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North 73 Degrees West |  |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *96*

**Figure 8-2. Reconstruction of Dyke 1 based on historic and recent drill information including spodumene intercepts.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *97*

**Figure 8-3. Reconstruction of Dykes 2 and 3 based on historic drill information.**

**Figure 8-4. Reconstruction of Dyke 4 based on historic and recent drill information.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *98*

**Figure 8-5. Reconstruction of Dykes 5 and 6 based on historic drill information.**

**Figure 8-6. Reconstruction of Dyke 7 based on historic drill information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 Prospecting

Prospecting teams active on the Zoro property have prepared existing outcrop exposures for sampling and mapping and have documented new outcrop exposures for follow-up. An expanded property position has resulted in part from these activities. The teams have also undertaken rock chip and soil geochemical (Mobile Metal Ions) surveys to quantify and qualify historic lithium assays and assess overburden covered terrain for geochemical signatures of buried lithium-bearing pegmatite. Glacial and organic sediments are extensive on the property and blanket areas where the potential for additional pegmatite dykes and the delineation of potential drill targets is high. Results are discussed below in their respective sections.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *99*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Geological mapping and Petrography

Geological mapping of the entire Zoro Lithium Project has not been undertaken. Limited mapping has been undertaken near dykes 5, 6 and 7 to determine the attitude of the pegmatite dykes and assess them for possible drill targets. Results are presented in Figure 8-7 and illustrates what is tentatively interpreted to be a dyke swarm in this area. Outcrop exposure is poor due to glacial sediments, organic soils and lichen cover on available outcrop.

Dyke 1 pegmatite is the largest and best studied dyke on the property. It is a north-south trending, near vertical body that extends for at least 280 m in length and a maximum known thickness of approximately 35 m. An apparent lack of alteration in the country rock is commonly described in the historical drill logs with only a local description of brecciation of the mafic volcanic rocks associated with a quartz network of veins. Recent field work identified holmquistite in the mafic volcanic country rock, indicating metasomatic alteration associated with the pegmatite intrusion, and lithogeochemical analyses demonstrate that a broad metasomatic halo was developed. Holmquistite-bearing assemblages are a function of the activity of Li introduced into the pegmatite's wall rock. These assemblages reflect greenschist facies metamorphic conditions and are only found in amphibolite wall rock usually replacing hornblende, pyroxene or biotite (Heinrich, 1965; London, 1986). Based on historical and recent drill log descriptions the zonation in the Dyke 1 pegmatite can be defined as follows:

1) the wall zone is at the contact and is predominately composed of quartz, microcline and muscovite, with accessory tourmaline, hornblende, biotite and rare beryl and spodumene;

2) intermediate zone with medium sized crystals of microcline, albite, quartz, muscovite and spodumene (<5%);

3) central zone with abundant spodumene (locally up to 50% but more commonly varying between 10 and 30%), albite, quartz and locally pollucite and tantalite, and accessory apatite, tourmaline, pyrrhotite, lepidolite, columbite group minerals and Fe-Mn phosphate minerals;

4) core zone is mostly composed of quartz with small to medium grained spodumene crystals (locally 15-20 cm crystals of spodumene are observed) in a quartz matrix, with minor tourmaline and muscovite.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *100*

![](img087.jpg)

**Figure 8-7. Rock chip sample location map for the assessment of lithium and multi-element compositions of the seven historic dykes on the Zoro Lithium Project. The results of geological mapping and LIDAR surveys form the base for this figure.**

Based on historical descriptions and recent preliminary petrographic work three stages of spodumene growth can be identified. The first is a primary phase greenish spodumene and the second spodumene plus quartz intergrowths possibly after petalite breakdown (Cerny and Ferguson, 1972). The third phase consists of late bands of very fine-grained spodumene crystals that cross cut other mineral phases or surround feldspars and muscovite grains. Locally, spodumene crystals can be surrounded by fine-grained mica described in historical drill logs as purple, possibly Li-mica or lepidolite. This could be indicative of a late Li-enriched episode (possibly auto-metasomatism) responsible for the formation of the later mica. Acicular opaque minerals of the columbite group are present, and locally late bands of fluorite were reported in historic assessment files associated with fractures in the pegmatite. The latest event identified in thin section is characterized by late Fe-rich, quartz-calcite stringers with no definite direction that crosscut the pegmatite. Deformation is visible in thin section in the feldspars and muscovite (kink bands in muscovite are commonly observed) suggesting that the pegmatites are pre- to syn-deformational.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *101*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 Rock Geochemical Surveys

Rock chip samples were collected as composite chips over the exposed area of the dykes and are illustrated in Figure 8-7. The purpose of the surveys was to confirm historic lithium assays presented in Manitoba government assessment files and build a database for use in focused exploration including diamond drilling. Select assay results are given in Figure 8.-8 for dykes 2 and 3, in Figure 8-9 for dyke 4, and in Figure 8-10 for dykes 5, 6 and 7. Assay results for samples collected from Dyke 1 are discussed in section 8.2 under Force Energy. Persistent elevated grades of lithium (Li<sub>2</sub>O) are documented from all dykes on the property in association with light green to white spodumene.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *102*

![](img088.jpg)

**Figure 8-8. Assay results for rock chip samples at pegmatite dykes 2 and 3.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *103*

**Figure 8-9. Assay results for rock chip samples at pegmatite dyke 4.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *104*

**Figure 8-10. Assay results for rock chip samples at pegmatite dykes 5, 6 and 7.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 SOIL GEOCHEMICAL SURVEYS

The abundance of glacial inorganic soil and organic soil cover on the property is problematic for exploration. The use of Mobile Metal Ions (MMI) soil geochemistry was utilized to assess overburden covered areas for extensions of known lithium pegmatite and to assess areas on the property where potential for additional pegmatite occurs but for which there is no outcrop. Samples were collected at 25 m sample sampling between 10 and 25 cm below the contact between organic and inorganic soil using a Dutch auger. Sample locations are given in Figures 8-11 and 8-12.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *105*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Results

Bubble plots depicting the variation in MMI-extractable lithium and tantalum are given in Figures 8-11 through 8-16. The results indicate good correlation between MMI Li and Ta and known Li-Ta-bearing dykes. In some areas elevated MMI Li and Ta extend outwards into overburden covered terrain and this is interpreted to indicate the potential for the extensions of the dykes and as such exploration targets. Elevated Li and Ta are also noted from areas where there are no outcrops and these anomalies represent exploration drill targets. Results for Cs and Rb correspond with those for Li and Ta.

![](img091.jpg)

**Figure 8-11. Sample location map for soil samples collected to assess areas of overburden cover for buried pegmatite dykes and areas of possible extensions of known pegmatite dykes. The base for this figure is compiled from historic and recent geological mapping.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *106*

**Figure 8-12. Sample location map for soil samples collected to assess areas of overburden cover for buried pegmatite dykes and areas of possible extensions of known pegmatite dykes. The base for this figure is from recent LIDAR surveys.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *107*

**Figure 8-13. Bubble plot depicting results for lithium in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium mineralization.**

**Figure 8-14. Bubble plot depicting results for rubidium in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium and tantalum mineral**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *108*

**Figure 8-15. Bubble plot depicting results for cesium in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium-tantalum mineralization**

**Figure 8-6. Bubble plot depicting results for tantalum in Mobile Metal Ion soil geochemical data, Zoro Lithium Project. Rock chip assay data depicted as black triangles. Soil data presented for areas of no outcrop and in areas of known lithium and tantalum mineral**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *109*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 DATA QUALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.1 Rock Samples

Channel and rock chip samples acquired from the Zoro 1 pegmatite were analyzed at Activation Laboratories (ACTLABS), Ancaster (Ontario). Soil Samples

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 DRILLING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 FOREMOST DRILLING

After the historical drillhole locations were determined, an excel drillhole database was compiled. All 78 historical PDF drill logs were entered into the database by hand. All relevant data was captured including survey data, major and minor lithologies, alteration, pegmatite mineral composition, structure, and assay data when available. A legend was created and rock codes were assigned. Lithologies were consolidated when necessary to model the dykes in 3 dimensions.

Historical drillholes that intersected Dyke 1 were de-surveyed in Studio EM (Datamine). Seventeen cross-sections (spaced at 25m intervals perpendicular to Dyke 1) and 7 plan maps (spaced at 50m elevation intervals below surface) were created for interpretation. Interpretations of the pegmatite, gneiss, schist, metavolcanics, and overburden were done by hand drawing. These interpretations were then scanned, digitized in Autocad, and wireframed in Studio EM. A model of the Dyke 1 pegmatite was created from the cross-sections and plan maps, which served as the basis for Foremosts' drill targeting.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *110*

**Figure 9-1. Zoomed in map of DDH locations on the Zoro Property**

![](img097.jpg)

Between November fall of 2016 and the November of 2017, Foremost conducted three small drilling programs on Dyke 1 to validate historical drilling results and to test the pegmatite farther along strike and at depth. A total of 19 drillholes summing 2,920.4m were drilled through these three exploration phases focused exclusively on Dyke 1. In the Winter of 2018, Foremost conducted a larger drilling program which not only continued the definition of Dyke 1 but also began drill testing other lithium bearing dykes on the property (Dykes 2, 4, 5 and 7) as well as a strong lithium MMI anomaly. Figure 9-2 displays Foremost collar locations at Dyke 1. Figure 9-3 displays Foremost 2018 drilling program on multiple lithium bearing dykes (phase 4).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *111*

Gogal Air Services located at 494 Lakeshore Drive., Snow Lake, Manitoba provided helicopter support and supplied the core shack, equipment, and core storage for Foremost drilling programs. Jake Ziehlke of Strider Resources based in Oakbank Manitoba, performed the ground truthing and drill pad cutting and Richard Stoltz based in Snow Lake Manitoba performed the core cutting and aided in drill pad cutting. Mark Fedikow (Independent consultant, Phase 1), Mike Kilbourne (Orix Geoscience, Phase 2), Chris Watters (Orix Geoscience, Phase 3) and Paul Nagerl (Orix Geoscience, Phase 4) were the project geologists on site and were responsible for spotting drillholes, drill site inspections, logging core, sampling, and ensuring that samples were properly bagged and shipped to Activations Laboratory, an ISO accredited laboratory. Westcore Drilling performed drilling for all three phases. A single drill rig was used throughout the programs and water was supplied by pump and hose sourced from several nearby water bodies including a local creek which runs a few meters east of Dyke 1. This local creek feeds into Johnson Lake approximately 200m south of Dyke 1 outcrops. Orix Geoscience Inc. performed data entry, database management, geological interpretations, 3D modeling, and drill targeting. Orix continued support of the drill programs by completing drillhole status update documents, continuously updating the database, and performing QAQC checks on the drilling sample programs.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *112*

![](img098.jpg)

**Figure 9-2. Phases 1, 2 and 3 drill collar locations at Dyke 1.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *113*

**Figure 9-3. Phase 4 drill collar locations on multiple lithium bearing dykes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Phase 1 Drilling

Phase 1 drilling program occurred in the November of 2016 and comprised 7 drillholes totaling 1,142.0 m of NQ core. The program was designed to validate results from historical drilling by attempting to twin holes that intersected wide zones of pegmatite and where good visual spodumene was mentioned. Historical holes zl-56-005 / 013 / 017 and 021 were twinned to validate the historical grade composites and three other holes targeted near other significant intersections.

A total of 143 drill core samples of pegmatite were cut and sent for assay. A summary of the drillholes and significant assay results are listed in Table 9-1. Highlighted results of the program include 1.1% Li<sub>2</sub>O over 23.4 m in FAR16-007, which was successful in twinning historical hole zl-56-021. Furthermore, although FAR16-001 failed to intersect a similar wide zone as historical target zl-56-017 / 078, it intersected 0.117% Ta<sub>2</sub>O<sub>5</sub>, the first recorded occurrence of tantalite at Dyke 1. Phase 1 drilling information including all significant assay results are listed in Table 9-1. Phase 1 drilling was overall successful in validating historical results and prompted drilling to be planned for 2017.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *114*

**Table 9-1. Foremost Phase 1 Drilling.**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**BHID** | &nbsp;&nbsp;**UTM E** | &nbsp;&nbsp;**UTM N** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Pegmatite Intersections (m)** | &nbsp;&nbsp;**Significant Assay Results** |
| &nbsp;&nbsp;FAR16-001 | &nbsp;&nbsp;458627 | &nbsp;&nbsp;6079036 | &nbsp;&nbsp;245.9° | &nbsp;&nbsp;-55.8° | &nbsp;&nbsp;323.00 | &nbsp;&nbsp;Twin<br> zl-56-017/078 | &nbsp;&nbsp;202.30-203.84<br> 206.14-208.97<br> 224.08-229.00<br> 254.00-255.64<br> 290.57-292.00 | &nbsp;&nbsp;1.5% Li<sub>2</sub>O over 1.6m<br> 0.1% Ta<sub>2</sub>O<sub>5 </sub>over 1.6m |
| &nbsp;&nbsp;FAR16-002 | &nbsp;&nbsp;458562 | &nbsp;&nbsp;6079028 | &nbsp;&nbsp;252.9° | &nbsp;&nbsp;-57.7° | &nbsp;&nbsp;170.00 | &nbsp;&nbsp;Twin<br> zl-56-013 | &nbsp;&nbsp;118.00-123.30<br> 123.30-134.36<br> 146.10-163.74<br> 167.20-170.00 | &nbsp;&nbsp;1.1% Li<sub>2</sub>O over 8.6m |
| &nbsp;&nbsp;FAR16-003 | &nbsp;&nbsp;458527 | &nbsp;&nbsp;6079024 | &nbsp;&nbsp;250.5° | &nbsp;&nbsp;-50.1° | &nbsp;&nbsp;92.00 | &nbsp;&nbsp;Twin<br> zl-56-005 | &nbsp;&nbsp;48.84-73.07 | &nbsp;&nbsp;1.1% Li<sub>2</sub>O over 11.1m |
| &nbsp;&nbsp;FAR16-004 | &nbsp;&nbsp;458563 | &nbsp;&nbsp;6078983 | &nbsp;&nbsp;249.8° | &nbsp;&nbsp;-48.9° | &nbsp;&nbsp;116.00 | &nbsp;&nbsp;Testing<br> zl-56-007 intercept | &nbsp;&nbsp;82.14-94.18 | &nbsp;&nbsp;0.6% Li<sub>2</sub>O (Max value) |
| &nbsp;&nbsp;FAR16-005 | &nbsp;&nbsp;458507 | &nbsp;&nbsp;6079083 | &nbsp;&nbsp;251.9° | &nbsp;&nbsp;-45.1° | &nbsp;&nbsp;71.00 | &nbsp;&nbsp;Testing between zl-56-001 and 071 | &nbsp;&nbsp;21.31-47.90 | &nbsp;&nbsp;1.3% Li<sub>2</sub>O (Max value) |
| &nbsp;&nbsp;FAR16-006 | &nbsp;&nbsp;458500 | &nbsp;&nbsp;6079103 | &nbsp;&nbsp;252.0° | &nbsp;&nbsp;-45.1° | &nbsp;&nbsp;70.91 | &nbsp;&nbsp;Testing between zl-56-069 | &nbsp;&nbsp;19.28-43.24<br> 45.61-46.61<br> 67.73-69.15 | &nbsp;&nbsp;0.8% Li<sub>2</sub>O over 11.0m<br> 1.3% Li<sub>2</sub>O over 1.4m |
| &nbsp;&nbsp;FAR16-007 | &nbsp;&nbsp;458345 | &nbsp;&nbsp;6079015 | &nbsp;&nbsp;73.0° | &nbsp;&nbsp;-57.0° | &nbsp;&nbsp;275.00 | &nbsp;&nbsp;Twin<br> zl-56-021 | &nbsp;&nbsp;186.18-213.81<br> 251.81-258.11 | &nbsp;&nbsp;1.1% Li<sub>2</sub>O over 23.4m<br> 1.2% Li<sub>2</sub>O over 4.1m |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 Phase 2 Drilling

Based on successful results from Phase 1, a second small drilling program was planned for the March of 2017. The two-week Phase 2 drilling program commenced in March of 2017 with 7 drillholes totaling 1,088.0 m of NQ core. Drillhole information from Phase 1 was used to refine the Dyke 1 pegmatite model. Although historical assay results were lacking, spodumene occurrence was modeled to attempt to identify mineralized zoning within the pegmatite which further refined the drill targets. The second program was designed to test Dyke 1 within 150m from surface along strike. The holes were designed to infill previously untested areas of the pegmatite (approximately 30m to 50m from historical and Phase 1 drill intersections).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *115*

A total of 167 drill core samples of pegmatite were cut and sent for assay. Highlighted results for the program include 1.2% Li<sub>2</sub>O over 38.3m in FAR17-010. Phase 2 drilling information including all significant assay results are listed in Table 9-2. The Phase 2 program was successful in intersecting spodumene-bearing pegmatite and confirming the Dyke 1 model, as well as indicating a pinch out of the Dyke toward its northern exposed boundary when in contact with the gneissic unit.

**Table 9-2. Foremost Phase 2 drilling.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**BHID** | &nbsp;&nbsp;**UTM E** | &nbsp;&nbsp;**UTM N** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Pegmatite Intersections (m)** | &nbsp;&nbsp;**Significant Assay Results** |
| &nbsp;&nbsp;FAR17-008 | &nbsp;&nbsp;458426 | &nbsp;&nbsp;6079037 | &nbsp;&nbsp;75.0° | &nbsp;&nbsp;-50.0° | &nbsp;&nbsp;161.00 | &nbsp;&nbsp;Testing near zl-56-020 | &nbsp;&nbsp;101.30-117.70<br> 141.83-149.77 | &nbsp;&nbsp;1.1% Li<sub>2</sub>O over 2.4m |
| &nbsp;&nbsp;FAR17-009 | &nbsp;&nbsp;458338 | &nbsp;&nbsp;6079063 | &nbsp;&nbsp;82.0° | &nbsp;&nbsp;-65.0° | &nbsp;&nbsp;264.20 | &nbsp;&nbsp;Testing near zl-56-018 | &nbsp;&nbsp;165.18-166.97 | &nbsp;&nbsp;Nosig. mineralization |
| &nbsp;&nbsp;FAR17-010 | &nbsp;&nbsp;458343 | &nbsp;&nbsp;6079014 | &nbsp;&nbsp;68.0° | &nbsp;&nbsp;-48.0° | &nbsp;&nbsp;56.00 | &nbsp;&nbsp;Testing near zl-56-029 | &nbsp;&nbsp;162.92-205.45<br> 207.00-216.62<br> 230.10-230.91 | &nbsp;&nbsp;1.2% Li<sub>2</sub>O over 38.3m<br> 2.3% Li<sub>2</sub>O over 4.6m<br> 2.6% Li<sub>2</sub>O over 2.1m<br> 1.4% Li<sub>2</sub>O over 7.7m |
| &nbsp;&nbsp;FAR17-011 | &nbsp;&nbsp;458419 | &nbsp;&nbsp;6079129 | &nbsp;&nbsp;69.0° | &nbsp;&nbsp;-58.0° | &nbsp;&nbsp;256.00 | &nbsp;&nbsp;Testing near zl-56-003 | &nbsp;&nbsp;43.63-45.31<br> 46.74-48.00 | &nbsp;&nbsp;1.3% Li<sub>2</sub>O over 1.3m |
| &nbsp;&nbsp;FAR17-012 | &nbsp;&nbsp;458392 | &nbsp;&nbsp;6079075 | &nbsp;&nbsp;250.0° | &nbsp;&nbsp;-45.0° | &nbsp;&nbsp;155.00 | &nbsp;&nbsp;Testing near zl-56-071 | &nbsp;&nbsp;103.40-115.55<br> 123.06-124.44<br> 125.44-133.23 | &nbsp;&nbsp;1.7% Li<sub>2</sub>O over 10.7m<br> 4.1% Li<sub>2</sub>O over 0.4m<br> 2.1% Li<sub>2</sub>O over 5.1m |
| &nbsp;&nbsp;FAR17-013 | &nbsp;&nbsp;458426 | &nbsp;&nbsp;6079037 | &nbsp;&nbsp;75.0° | &nbsp;&nbsp;-51.0° | &nbsp;&nbsp;114.30 | &nbsp;&nbsp;Testing near zl-56-004 | &nbsp;&nbsp;71.56-82.30 | &nbsp;&nbsp;1.0% Li<sub>2</sub>O over 1.7m |
| &nbsp;&nbsp;FAR17-014 | &nbsp;&nbsp;458545 | &nbsp;&nbsp;6078996 | &nbsp;&nbsp;78.0° | &nbsp;&nbsp;-50.0° | &nbsp;&nbsp;86.00 | &nbsp;&nbsp;Testing near zl-56-006 | &nbsp;&nbsp;57.95-65.91 | &nbsp;&nbsp;No significant mineralization |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 Phase 3 Drilling

In September of 2017, another drill program was executed to follow up on drilling results from Phases 1 and 2. Phase 3 drilling comprised 5 drillholes totaling 710.0 m of NQ core. Based on Foremost previous drill programs the pegmatite Dyke 1 model was revised and a preliminary internal block model was created to be used for identification of additional target areas within Dyke 1. The purpose of the Phase 3 drill program was to increase grade and tonnage of the internal block model moving toward a 43-101 resource estimate by infilling gaps in the drilling, to a distribution of 25 m radius reportage.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *116*

A total of 207 drill core samples of pegmatite were cut and sent for assay. Highlighted results for the program include 1.4% Li<sub>2</sub>O over 20.6 m in FAR17-018 and 1.2% Li<sub>2</sub>O over 12.4 m in FAR17-019. Phase 3 drilling information including all significant assay results are listed in Table 9.2.2. The Phase 3 program was successful in intersecting spodumene-bearing pegmatite and further confirming the Dyke 1 model.

**Table 9-3. Foremost Phase 3 drilling.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**BHID** | &nbsp;&nbsp;**UTM E** | &nbsp;&nbsp;**UTM N** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;**Pegmatite Intersections (m)** | &nbsp;&nbsp;**Significant Assay Results** |
| &nbsp;&nbsp;FAR17-015 | &nbsp;&nbsp;458499 | &nbsp;&nbsp;6079104 | &nbsp;&nbsp;250.0° | &nbsp;&nbsp;-59.2° | &nbsp;&nbsp;104.00 &nbsp;&nbsp;Infill | &nbsp;&nbsp;40.50-43.71<br> 43.71-48.38<br> 48.38-52.92<br> 52.92-53.82<br> 57.76-60.44<br> 60.44-64.00<br> 65.72-67.17<br> 68.00-86.81 | &nbsp;&nbsp;1.1% Li<sub>2</sub>O over 1.2m<br> 0.8% Li<sub>2</sub>O over 3.3m<br> 1.4% Li<sub>2</sub>O over 1.0m<br> 1.0% Li<sub>2</sub>O over 1.5m<br> 1.0% Li<sub>2</sub>O over 6.1m<br> 1.0% Li<sub>2</sub>O over 1.1m |
| &nbsp;&nbsp;FAR17-016 | &nbsp;&nbsp;458426 | &nbsp;&nbsp;6078978 | &nbsp;&nbsp;73.8° | &nbsp;&nbsp;-45.0° | &nbsp;&nbsp;132.00 &nbsp;&nbsp;Infill | &nbsp;&nbsp;95.81-108.50<br> 108.5-118.18 | &nbsp;&nbsp;0.7% Li<sub>2</sub>O over 0.9m<br> 0.6% Li<sub>2</sub>O over 1.0m |
| &nbsp;&nbsp;FAR17-017 | &nbsp;&nbsp;458499 | &nbsp;&nbsp;6078923 | &nbsp;&nbsp;80.4° | &nbsp;&nbsp;-65.0° | &nbsp;&nbsp;104.00 &nbsp;&nbsp;Infill | &nbsp;&nbsp;52.40-58.68 | &nbsp;&nbsp;0.5% Li<sub>2</sub>O over 3.0m |
| &nbsp;&nbsp;FAR17-018 | &nbsp;&nbsp;458452 | &nbsp;&nbsp;6079028 | &nbsp;&nbsp;74.0° | &nbsp;&nbsp;-63.0° | &nbsp;&nbsp;110.00 &nbsp;&nbsp;Infill | &nbsp;&nbsp;54.05-58.75<br> 58.75-80.55<br> 80.55-93.86 | &nbsp;&nbsp;1.4% Li<sub>2</sub>O over 20.5m<br> 2.2% Li<sub>2</sub>O over 4.0m<br> 3.1% Li<sub>2</sub>O over 1.0m |
| &nbsp;&nbsp;FAR17-019 | &nbsp;&nbsp;458365 | &nbsp;&nbsp;6078963 | &nbsp;&nbsp;68.5° | &nbsp;&nbsp;-60.0° | &nbsp;&nbsp;260.00 &nbsp;&nbsp;Infill | &nbsp;&nbsp;206.83-226.60 | &nbsp;&nbsp;1.2% Li<sub>2</sub>O over 12.4m |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *117*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4 Phase 4 Drilling

In January of 2018, Foremost initiated a Phase 4 drilling program. Phase 4 comprised 19 drillholes totaling 2,472.0 m, establishing it the largest drilling program designed by Foremost to date. Phase 4 drilling consisted of multiple targets, including further definition of Dyke 1 and its possible northern extension, modern drill testing of Dykes 2, 4, 5 and 7, and drill testing of a strong MMI anomaly.

A total of 306 drill core samples of pegmatite were cut and sent for assay. Highlighted results from the program are detailed below in relation to the target of interest. Phase 4 drilling information including all significant assay results are listed in Table 9-4. Phase 4 drilling was successful intersecting Dyke 1 deeper than previous programs and successfully drill tested a strong MMI anomaly

Dyke 1

Five drillholes were designed to further define Dyke 1 at previously untested depths and to infill the north-central portion of the dyke model. Highlighted results include 1.8% Li<sub>2</sub>O over 15.7 m in FAR18-020 and two significant intersections of 1.6% Li<sub>2</sub>O over 5.0 m and 0.7% Li<sub>2</sub>O over 16.2 m in FAR18-023. FAR18-022 was designed to test below FAR18-021 from the same collar location, however, the drillhole was cancelled before intersecting the interpreted target interval, interpreted to be related to the pinching nature of the pegmatite in FAR18-021. The drilling results of Dyke 1 confirmed continuation of pegmatite and spodumene mineralization at depth.

Two drillholes, FAR18-024 and FAR18-025, were designed to target the northern extension of Dyke 1 previously identified in a historical trench map reported by Green Bay Uranium Group (assessment report #93562). Foremost personnel initially confirmed a small surface exposure of pegmatite near the target area (internally referred to as the "Dogleg"). However, neither drillhole intersected pegmatite. Additional field work is suggested to further define this target for future drilling.

Dyke 7

Three drillholes were designed to target Dyke 7 based on a review of historical drilling data, as well as results from the 2017 preliminary reconnaissance program in which surface grab samples resulted up to 2.6% Li<sub>2</sub>O. FAR18-027 and FAR18-028 tested a vertical fan of the northern extent of known surface exposure of spodumene in of Dyke 7. FAR18-029 targeted below 15-20% surface-exposed spodumene proximal to historical hole zl-56-056, which intersected 5.2m of pegmatite. All three drillholes intersected multiple pegmatite dykes with minor spodumene. Highlighted results for Dyke 7 include 0.6% Li<sub>2</sub>O over 1.5m in FAR18-028.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *118*

Dyke 5

Four drillholes were designed to target Dyke 5, based on a review of historical drilling data, results from the 2017 preliminary reconnaissance program in which surface grab samples resulted up to 3.9% Li<sub>2</sub>O, and results from the 2016 surface chip sample program in which resulted up to 6.4% Li<sub>2</sub>O. FAR18-030 and FAR18-031 targeted below high-grade surface results; both were successful intersecting lithium mineralization at depth, although pegmatite widths were narrower than observed at surface. FAR18-032 targeted below the southern surface exposure of Dyke 5 and test an MMI anomaly which resulted 313 ppb Li. The drillhole intersected the highlighted result of 1.6% Li<sub>2</sub>O over 1.3m. FAR18-033 targeted the northernmost surface exposure of Dyke 5 and an MMI anomaly which resulted 264 ppb Li; this drillhole did not intersect significant mineralization. Spodumene mineralization was identified in all four drillholes, however, the pegmatites measured to be narrower at depth than what was observed at surface.

MMI Soil Anomaly – New Discovery

Two drillholes were designed to target an anomaly from the Summer 2017 MMI survey. This was the first drilling to assess a target not exposed at surface. MMI soil surveys are used as an effective tool for lithium exploration on buried or undiscovered lithium-bearing pegmatites. The targeted anomaly is identified as two 25m spaced samples along an east-west grid which both returned high MMI soil results (379ppb and 971ppb). The drillholes were designed as a vertical fan to intersect midway between the two anomalous soil samples; success on the shallow hole triggered the drilling of a steeper hole. Both drillholes were successful in intersecting lithium-bearing pegmatite, therefore identifying a new discovery. Highlighted results include 0.7% Li<sub>2</sub>O over 4.9m (including 1.3% Li<sub>2</sub>O over 0.9 m) in FAR18-034 and multiple high-grade intersections, including 1.1% Li<sub>2</sub>O over 12.3 m, in FAR18-035. This newly discovered zone, identified as "Dyke 8", will be a focus for future drilling on the property (Figure 9.2.3).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *119*

![](img100.jpg)

**Figure 9-4. Drill results from testing a Mobile Metal Ions Li soil geochemical anomaly.**

Dykes 2 and 4

Three drillholes were designed to target Dykes 2 and Dykes 4 to corroborate historical drilling results. FAR18-036 tested Dyke 2, targeting a historical drillhole intersection of 9.2 m of pegmatite in zl-56-038. Although FAR18-036 intersected 2 m of pegmatite, there was no significant mineralization.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *120*

FAR18-037 and FAR18-038 targeted the north and south extensions (respectively) of Dyke 4, proximal to historical intersections. Highlighted results include 0.5% Li<sub>2</sub>O over 0.8m in FAR18-037. FAR18-038 failed to intersect significant mineralization. Further surface work is suggested to better define future drilling targets on Dykes 2 and 4.

**Table 9-4. Foremost Phase 4 drilling.**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**BHID** | &nbsp;&nbsp;**UTM E** | &nbsp;&nbsp;**UTM N** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**EOH (m)** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Pegmatite Intersections (m)** | &nbsp;&nbsp;**Significant Assay Results** |
| &nbsp;&nbsp;FAR18-020 | &nbsp;&nbsp;458400 | &nbsp;&nbsp;6079051 | &nbsp;&nbsp;73.3 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;209 | &nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;106.22-123.20<br> 145.08-163.73 | &nbsp;&nbsp;1.8% Li<sub>2</sub>O over 15.7m |
| &nbsp;&nbsp;FAR18-021 | &nbsp;&nbsp;458297 | &nbsp;&nbsp;6079026 | &nbsp;&nbsp;73 | &nbsp;&nbsp;-51 | &nbsp;&nbsp;305 | &nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;210.00-214.39<br> 216.65-216.83<br> 228.9-229.21<br> 260.72-263.02 | &nbsp;&nbsp;0.5% Li<sub>2</sub>O over 1.4m |
| &nbsp;&nbsp;FAR18-022 | &nbsp;&nbsp;458297 | &nbsp;&nbsp;6079026 | &nbsp;&nbsp;73 | &nbsp;&nbsp;-61 | &nbsp;&nbsp;92 | &nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;Drilling Cancelled | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;FAR18-023 | &nbsp;&nbsp;458332 | &nbsp;&nbsp;6078979 | &nbsp;&nbsp;70.7 | &nbsp;&nbsp;-62 | &nbsp;&nbsp;326 | &nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;193.66-193.87<br> 227.76-260.70<br> 299.07-301.21<br> 306.97-307.76<br> 308.11-308.25 | &nbsp;&nbsp;0.7% Li<sub>2</sub>O over 16.2m<br> 1.6% Li<sub>2</sub>O over 5.0m |
| &nbsp;&nbsp;FAR18-024 | &nbsp;&nbsp;458442 | &nbsp;&nbsp;6079225 | &nbsp;&nbsp;112.6 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;74 | &nbsp;&nbsp;Dogleg |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;FAR18-025 | &nbsp;&nbsp;458442 | &nbsp;&nbsp;6079225 | &nbsp;&nbsp;112.6 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;86 | &nbsp;&nbsp;Dogleg |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;FAR18-026 | &nbsp;&nbsp;458289 | &nbsp;&nbsp;6079025 | &nbsp;&nbsp;80.8 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;350 | &nbsp;&nbsp;Dyke 1 | &nbsp;&nbsp;265.92-282.36 | &nbsp;&nbsp;0.5% Li<sub>2</sub>O over 3.0m |
| &nbsp;&nbsp;FAR18-027 | &nbsp;&nbsp;460071 | &nbsp;&nbsp;6080190 | &nbsp;&nbsp;31.4 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;101 | &nbsp;&nbsp;Dyke 7 | &nbsp;&nbsp;8.52-12.95<br> 13.53-13.95<br> 53.40-53.78<br> 66.40-66.78<br> 67.66-68.30 | &nbsp;&nbsp;No significant mineralization |
| &nbsp;&nbsp;FAR18-028 | &nbsp;&nbsp;460071 | &nbsp;&nbsp;6080190 | &nbsp;&nbsp;31.4 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;128 | &nbsp;&nbsp;Dyke 7 | &nbsp;&nbsp;8.40-13.50 | &nbsp;&nbsp;0.6% Li<sub>2</sub>O over 1.5m |
| &nbsp;&nbsp;FAR18-029 | &nbsp;&nbsp;460132 | &nbsp;&nbsp;6080168 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;71 | &nbsp;&nbsp;Dyke 7 | &nbsp;&nbsp;4.00-4.90<br> 5.51-6.75 | &nbsp;&nbsp;No significant mineralization |
| &nbsp;&nbsp;FAR18-030 | &nbsp;&nbsp;459959 | &nbsp;&nbsp;6080102 | &nbsp;&nbsp;221.4 | &nbsp;&nbsp;-54 | &nbsp;&nbsp;74 | &nbsp;&nbsp;Dyke 5 | &nbsp;&nbsp;44.34-47.00<br> 47.46-48.20 | &nbsp;&nbsp;1.2% Li<sub>2</sub>O over 1.0m |
| &nbsp;&nbsp;FAR18-031 | &nbsp;&nbsp;459934 | &nbsp;&nbsp;6080026 | &nbsp;&nbsp;41 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;71 | &nbsp;&nbsp;Dyke 5 | &nbsp;&nbsp;11.90-12.10<br> 17.70-19.84<br> 24.40-24.88<br> 59.00-59.20 | &nbsp;&nbsp;1.2% Li<sub>2</sub>O over 1.3m |
| &nbsp;&nbsp;FAR18-032 | &nbsp;&nbsp;460012 | &nbsp;&nbsp;6979926 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;-52 | &nbsp;&nbsp;101 | &nbsp;&nbsp;Dyke 5 | &nbsp;&nbsp;16.00-17.20<br> 25.34-25.59<br> 34.90-38.52<br> 68.28-68.77<br> 82.52-85.62<br> 86.51-87.23 | &nbsp;&nbsp;1.6% Li<sub>2</sub>O over 1.3m |
| &nbsp;&nbsp;FAR18-033 | &nbsp;&nbsp;459871 | &nbsp;&nbsp;6080076 | &nbsp;&nbsp;43.6 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;86 | &nbsp;&nbsp;Dyke 5 | &nbsp;&nbsp;24.22-24.70<br> 27.40-27.77<br> 69.35-71.00 | &nbsp;&nbsp;No significant mineralization |
| &nbsp;&nbsp;FAR18-034 | &nbsp;&nbsp;459527 | &nbsp;&nbsp;6080332 | &nbsp;&nbsp;60.3 | &nbsp;&nbsp;-48 | &nbsp;&nbsp;85 | &nbsp;&nbsp;Dyke 8\* | &nbsp;&nbsp;14.57-19.54<br> 24.58-40.32 | &nbsp;&nbsp;0.7% Li<sub>2</sub>O over 4.9m |
| &nbsp;&nbsp;FAR18-035 | &nbsp;&nbsp;459527 | &nbsp;&nbsp;6080332 | &nbsp;&nbsp;60.3 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;89 | &nbsp;&nbsp;Dyke 8\* | &nbsp;&nbsp;15.34-22.10<br> 24.44-39.21<br> 51.22-64.10<br> 67.00-69.25<br> 73.32-73.47 | &nbsp;&nbsp;1.2% Li<sub>2</sub>O over 4.4m<br> 1.1% Li<sub>2</sub>O over 12.3m<br> 1.5% Li<sub>2</sub>O over 2.2m |
| &nbsp;&nbsp;FAR18-036 | &nbsp;&nbsp;459378 | &nbsp;&nbsp;6080081 | &nbsp;&nbsp;61.9 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;74 | &nbsp;&nbsp;Dyke 2 | &nbsp;&nbsp;46.10-48.20 | &nbsp;&nbsp;No significant mineralization |
| &nbsp;&nbsp;FAR18-037 | &nbsp;&nbsp;459003 | &nbsp;&nbsp;6079348 | &nbsp;&nbsp;67.1 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;74 | &nbsp;&nbsp;Dyke 4 | &nbsp;&nbsp;30.20-30.56<br> 36.00-36.10<br> 45.69-48.78 | &nbsp;&nbsp;0.5% Li<sub>2</sub>O over 0.8m |
| &nbsp;&nbsp;FAR18-038 | &nbsp;&nbsp;458936 | &nbsp;&nbsp;6079459 | &nbsp;&nbsp;67.4 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;76 | &nbsp;&nbsp;Dyke 4 | &nbsp;&nbsp;57.63-58.45 | &nbsp;&nbsp;No significant mineralization |

---

**\*Dyke 8 newly discovered in 2018 drill program.** 

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *121*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 CORE HANDLING, SAMPLING METHODS, AND APPROACH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 Historical Work

Historically, work on the project area in 1956/1957 was not done to S-K 1300 standards and guidelines. Core storage was situated on the property itself and has since deteriorated with historical core being lost. Acid dip tests for survey data were recorded in the drill logs but did not indicate azimuth deviation, therefore it is uncertain where the drillholes deviated at depth. Furthermore, the sampling protocol did not include insertion of QAQC reference materials (blanks and standards) into the sample stream. The sampling methods are not described in the drill logs or related assessment report. Ultimately, the historical drilling was used in a general capacity to provide a base understanding of the pegmatite dyke, mineralization, and local geology. After Foremost completed sufficient drilling on Dyke 1 to confirm the model (Phase 3), the historical drillholes were removed from the wireframes and internal block model.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *122*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 Foremost Survey method

Foremost used a Reflex Multi-shot tool to survey the drillholes. Survey readings were taken at 30-50m intervals downhole, recording the azimuth, dip, temperature, and magnetics for each reading. All survey data was included in the database. Survey readings aided in calculating expected deviation for subsequent drilling programs.

Magnetic interference occurs on the west side of Dyke 1, therefore, an APS unit (Azimuth Pointing System) was added in Phase 3 to record the collar location, azimuth, and dip at surface in attempt to avoid magnetic interference. The APS unit is not affected by local magnetic interference and may also be used after drilling is complete to verify the starting azimuth and dip. Previous phases of drilling utilized a Garmin GPS unit and orienteering for spotting drillholes and for recording a final collar site after drilling had been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 Core Handling, Logging and Sampling Methods

The core was first retrieved at the drill site as the drill helper removes the core from the core tube into the drill box. The drillers were provided with a drill status sheet prior to the start of each hole to ensure that the boxes were labelled with the appropriate hole number. Should an error be noted by the project geologist on site, the box numbers were corrected immediately. A wooden block was inserted after each 3m core run recorded with the meterage down hole. The core remains in the custody of the drillers until it is flown back by helicopter sling after each 12-hour drilling shift (weather permitted), where it was immediately inspected by the project geologist. The core, when not being attended to, is stored at Gogal Air services helicopter hanger on core racks and pallets. The core was then transported into the core logging facility where it was teched, logged, and sampled.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *123*

Core was laid out on core tables to be initially inspected for correct meter blocks and drillhole ID. The project geologist was responsible for recording RQD measurements and ensuring that the core is in continuous correct order. In Phase 3, a logging and sampling procedure document was created and implemented for subsequent programs. Logging was recorded in an excel template detailing intervals with associated major lithology, minor lithology, pegmatite minerals, structure, alteration, and samples. Generally, major lithologies were considered any unit greater than 2m and minor lithologies less than 2m. Special attention was placed on logging the pegmatite intervals, ensuring that mineralogical zoning was noted.

Once the geological information for each hole was recorded, the project geologist identified core to be sampled. Sample number identifiers were written on the core in red grease pencil, marking each sample with a starting arrow and ending arrow to indicate length. A corresponding sample tag was filled out for each sample, including the "from" and "to" intervals and a brief description was recorded in the drill logs. One third of the sample tag remained in the sample book to be retained as reference, a second tag was placed underneath the remaining portion of core interval to be sampled, and a third tag was placed in the sample bag with the sample portion. Sample intervals did not cross lithological boundaries significant alteration zones, or mineralogical zoning of the pegmatite; samples were selected of homogenous content. Sample interval lengths were greater than 0.3m but less than 1.5m. Shoulder samples of the host rock were not required as spodumene mineralization does not occur outside of pegmatites. QAQC controls were inserted into the sample stream at regular intervals and are discussed in detail in section 11.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *124*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0 SAMPLING PREPARATION, ANALYSES AND SECURITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 SAMPLE COLLECTION AND SECURITY

Outcrop samples for the analysis of lithium and other elements were collected depending on the provenance of the sample. Channel samples were cut from available pegmatite exposures in mucked out and washed trenches on the Zoro Lithium Project. Channels were cut with a STIHL rock saw and were 6 cm wide and 6 cm deep on average. Sample length was variable owing to available exposure. In this manner 165 channel samples were acquired from 16 trenches with an additional 5 representative rock chips collected where channel samples could not be obtained.

Samples were removed from the channel using a rock pick and a standard chisel, labelled and placed in plastic sample bags. At the end of each work day all samples were transported by helicopter in sealed rock pails to a locked storage facility in Snow Lake. All samples were stored in this manner until the end of the sampling project when all samples were shipped from Snow Lake via Gardewine Transport to ACTLABS in Ancaster (Ontario) for analysis.

Drill core samples were collected after washing and core logging. Sample intervals from drill core varied according to the presence of spodumene in the pegmatite. Once the project geologist had completed sampling procedures, the core cutter was responsible for sawing identified core in half. Core was bisected into two halves with a rock saw with one half of the core returned to the core box in the correct interval and the other half was placed in a sample bag. Each sample bag was labelled with the sample number corresponding to the sample tag and sealed using a zip tie. The project geologist then assembled the sample bags to ensure no samples were missed and placed into rice bags and sealed for shipment. The project geologist filled out a sample submittal form for each batch of samples. All samples were stored in a locked core logging facility located adjacent to Gogal Air Services (Snow Lake) compound until shipped. The sample batches were shipped by ground using Gardewine to Activation Laboratories in Ancaster, Ontario. Blanks, duplicate samples and when available lithium standards were included in each sample batch forwarded to the laboratory. There is a standard client relationship that exists between the issuer and the analytical laboratories.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *125*

All Rock sampling and analytical methodology was carried out in accordance with standard industry practices. It is the author's opinion that quality assurance and quality control methods adopted for both rock and soil sample analyses are adequate and related sample preparation, security and analytical procedures are adequate.

Soil samples collected for Mobil Metal Ions analysis were collected with a Dutch auger. Proper collection procedures are vital to the success of an MMI™ orientation survey. Four samples must be taken from each hand dug pit to obtain a broad cross section of data sufficient to capture the optimal sampling depth. First, the interface or depth to begin sampling must be located. Typically, this interface is defined by the top of the humified organic layer lying just below the stratum containing leaf litter and organic material with visible structure (i.e. decomposing leaves, bark, twigs and peat). Below this interface, four depths are marked out (0-10 cm, 10-20 cm, 20-30cm, and 30-40 cm) and samples are carefully taken from each, beginning at the bottom and working upwards.

Samples are taken from the bottom to the top of the pit to minimize the contamination of lower samples with soil from higher in the profile. Using a plastic or vinyl scoop, a cross section of material was taken from each layer, ensuring each sample contains 200-300g of soil and is placed in a snap-seal plastic bag (e.g. ZIPLOC). Samples are not dried or sieved, and no sample preparation is required other than ensuring the sample is not contaminated. MMI™ geochemistry measures metallic mobile ions in parts per billion (ppb) or subparts per billion. At these concentrations contamination can easily overwhelm metal ion counts and strict adherence to survey cleanliness is required to ensure accuracy and repeatability. Cleanliness practices that must be followed during an MMI™ Orientation Survey include: (i) Sampling equipment brushed clean and flushed with soil from the new sample site before digging to eliminate residue from previous samples. (ii) During sample collection and handling, no jewelry (watches, rings, bracelets, chains etc.) can be worn, as this can be a major source of contamination. (iii) Sampling pits must be excavated with "clean" shovels that are paint and rust free. (iv) Vertical pit surfaces must be scraped clean to remove any debris and potential contaminants. (v) Sampling equipment must be made of plastic or vinyl only unless samples are collected with a Dutch auger.

All soil sample bags were double checked by the Foremost sampler prior to shipping. A sample shipment form was filled out and the samples were stored in a locked facility next to the Gogal Air Services (Snow Lake) compound until shipped. Blanks, duplicate field and laboratory samples and standard reference materials were included with each batch of samples prior to shipping to the laboratory.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *126*

All MMI sampling and analytical methodology was carried out in accordance with standard industry practices. It is the author's opinion that quality assurance and quality control methods adopted for both rock and soil sample analyses are adequate and related sample preparation, security and analytical procedures are adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 HISTORIC SAMPLING METHODS

The specifics of drill core and sample collection including sample footages and lengths for historical drill holes from the Zoro Lithium Project are not reported in the Manitoba Government Assessment Files or other historic information sources. The assay sample intervals for gold are presented in Table 7.3 and indicate highly variable sample widths. It is not known what sampling methods were used. A description of the approach to outcrop and pit/trench sampling is available in Cancelled Assessment File 93562 and was produced by Dr. R. Banfield, consultant to Green Bay Mining and Exploration Ltd. The Banfield report (*cf.* C.A.F. 95362) noted the following factors as critical in designing an appropriate sampling scheme for the Zoro 1 pegmatite:

*"The entire width of the pegmatite dyke required sampling. The spodumene crystals varied between "a fraction of an inch to 18 inches long". The orientation of the spodumene crystals is mostly irregular but where there is orientation, the long axis of the crystals is parallel to the walls of the dyke."*

Sample collection was aided by a gasoline powered portable crusher mounted on skids. Trenches approximately "2 feet wide" were blasted into the dyke and extended from wall to wall of the pegmatite at right angles to the strike of the dyke. The top one foot of rock was discarded to avoid the effects of weathering. The trench was then deepened for an additional two feet. Trenches were established every twenty-five feet. The sample that was collected for assay was two feet wide, two feet deep which at 12 cubic feet to the ton would represent a third of a ton per linear foot of trench. It was recommended that the sample lengths be equal to five lineal feet of trench which would yield about one ton of sample.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *127*

Blasting mats were utilized to avoid scatter and loss of material and all fines were reserved and included with coarser fractions for assay. Rock fragments were crushed to maximum diameters of one inch. Subsequent to sizing the material is shoveled into a cone-shaped pile on a metal or wooden platform with subsequent material added to the top of the cone. The sample was then flattened to a thickness of 1 foot and spread out to form a ring with no material in the center of the ring. The central cone was then re-established by shoveling material back into the center of the ring. This procedure was repeated twice and then the cone is flattened to a thickness of one foot and divided into four quadrants. Two of the four quadrants were then "coned" again using the above procedure and a second set of quadrants produced. This procedure was repeated until a total of 40 pounds of sample remained. This sample was once again quartered, divided into two halves and twenty pounds were bagged, labelled and sent to the analytical facility for assay. The remaining half was archived for future use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 SAMPLE PREPARATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 Rock

Rock samples, including channel (Figure 10.3.1) and representative rock chip, were prepared for analysis by crushing to a nominal minus 10 mesh (1.7 mm), mechanically splitting (riffle) to obtain a representative sample and then pulverizing to at least 95% minus 150 mesh (106 microns). Cleaner sand is used between each sample and the quality of crushing and pulverization is routinely checked as part of the Activation Laboratories quality assurance program. Pulverizing is done in a mild steel vessel with possible Fe contamination of up to 0.2%.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *128*

**Figure 10-1. Channel cut for sampling of the Zoro 1 spodumene pegmatite.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 Soil

There is no sample preparation for soil samples collected for analysis using Mobil Metal Ion Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 SAMPLE ANALYSIS-ROCK SAMPLES

All drill core and rock chip samples were analyzed with Activation Laboratories (Actlabs) in Ancaster Ontario which is an ISO 17025 accredited laboratory issued by the Standards Council of Canada (SCC). There is a standard client relationship that exists between the issuer and the analytical laboratories. The samples underwent "Ultratrace7" (UT-7) analysis. This analytical approach combines a Sodium Peroxide (Na<sub>2</sub>O<sub>2</sub>) fusion with ICP/OES and ICP/MS finish. All metals are solubilized. A brief description of the analytical methodology is given here:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **ICP/MS:** Fused samples are diluted and analyzed by Perkin Elmer Sciex ELAN 6000, 6100 or 9000 ICP/MS. Fused blank is run in triplicate for every 22 samples. Controls and standards fused with samples are run after the 22 samples. Fused duplicates are run every 10 samples. Instrument is recalibrated every 44 samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **ICP/OES:** Samples are analyzed with a minimum of 10 certified reference materials for the required analyte, all prepared by sodium peroxide fusion. Every 10<sup>th</sup> sample is prepared and analyzed in duplicate; a blank is prepared every 30 samples and analyzed. Samples are analyzed using a Varian 735ES ICP or a Thermo 6500 ICAP. Results are reported in parts per million (ppm).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *129*

The reported elements and their detection limits are given in Table 10.4.1.

**Table 10-1. Ultratrace-7 analysis: elements and detection Limits (ppm) unless otherwise indicated.**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Element** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reported By** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Element** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reported By** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ag | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ni | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ba | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Be | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pr | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ca | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Se | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cr | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Si | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sm | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sr | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Er | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ta | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Te | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ga | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Th | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ti | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hf | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tm | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ho | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICP/MS |  |  |  |

---

The Quality Control System at ACTLABS is accredited to international quality standards through the International Organization for Standardization /International Electrotechnical Commission (ISO/IEC) 17025 (ISO/IEC 17025 includes ISO 9001 and ISO 9002 specifications) with CAN-P-1758 (Forensics), CAN-P-1579 (Mineral Analysis) and CAN-P-1585 (Environmental) for specific registered tests by the SCC. The accreditation program includes ongoing audits which verify the Quality Assurance system and all applicable registered test methods. ACTLABS is also accredited by the National Environmental Laboratory Accreditation Conference (NELAC) program and Health Canada (Activation Laboratories website). Specific details are presented in Table 10-2.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *130*

**Table 10-2. Activation Laboratories scope of accreditation and inspection (ACTLABS website).**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accrediting Organization** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Scope of Accreditation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standards Council of Canada (SCC) for International Standards Organization (ISO) 17025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forensic Tests (CAN-P-1578) Mineral Analysis/Geological Tests (CAN-P-1579) Environmental Tests (CAN-P-1585) Chemical/Physical/Mechanical Tests |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Establishment License for Pharmaceutical Testing (#101067-A and –B) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Drug Administration (FDA) Registered and Inspected | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceutical Testing (Registration #3005494188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ontario Ministry of Agriculture and Food (OMAFRA) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accredited Soil Analysis Laboratory (Agriculture) |

---

ACTLABS' Quality System is accredited to international quality standards through the International Organization for Standardization /International Electrotechnical Commission (ISO/IEC) 17025 (ISO/IEC 17025 includes ISO 9001 and ISO 9002 specifications) with CAN-P-1578 (Forensics), CAN-P-1579 (Mineral Analysis) and CAN-P-1585 (Environmental) for specific registered tests by the SCC. The accreditation program includes ongoing audits which verify the QA system and all applicable registered test methods. ACTLABS is also accredited by Health Canada.

The quality program at ACTLABS also includes the use of standards, analytical duplicates and blanks. Table 10-3 presents a comparison of the results of lithium analysis for international standards (measured and certified), analytical duplicates and replicate analyses of the analytical blank for assays from Dyke 1. Review of Table 10-3 indicates the Zoro lithium analyses are accurate, precise and have no laboratory-based contamination introduced into the samples as monitored by the method blank. Figure 10.4.1 presents a graphical representation of duplicate analyses.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *131*

**Table 10-3. Summary of quality control data, Dyke 1 assays, Zoro Lithium Project.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Analyte Symbol**<br> **Unit Symbol**<br> **Detection Limit (ppm)**<br> **Analysis Method** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li**<br> **ppm**<br> **3**<br> **FUS-MS-Na2O2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Standards** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W-2a Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W-2a Certified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCS DC70018 Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCS DC70018 Certified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIR-1a Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIR-1a Certified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCS DC70014 Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCS DC70014 Certified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNC-1a Measured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNC-1a Certified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Analytical Duplicates** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-10 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-10 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-20 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-20 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-30 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-30 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-30 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-30 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-40 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-40 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-50 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-50 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-50 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-50 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-60 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-60 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-60 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-60 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-70 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-70 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-80 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-80 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-90 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-90 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-90 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-90 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-100 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-100 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-100 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-100 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-110 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-110 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-120 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-120 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-120 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-120 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-130 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-130 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-140 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-140 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-150 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-150 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-150 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-150 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-151 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-151 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-160 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-160 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-170 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-170 Split | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-170 Original | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZR-170 Duplicate Analysis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Method Blank** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method Blank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;< 3 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *132*

![](img102.jpg)

**Figure 10-2. Graphical representation of duplicate lithium analyses, Dyke 1 trench samples.**

SOIL SAMPLES

Soil samples were analyzed in the Vancouver laboratories of SGS Mineral Services (Vancouver, Canada) using their proprietary Mobil Metal Ions Technology. There is a standard client relationship that exists between the issuer and the analytical laboratories. SGS Mineral Services is a Standards Council of Canada (SCC) accredited laboratory to ISO/IEC 17025, the international standard for testing and calibration laboratories. The management system requirements contained in ISO/IEC 17025 meet the principles of, and are aligned with, the internationally recognized quality management system standard, ISO 9001:2015.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *133*

MMI technology is an innovative analytical process that uses a unique approach to the analysis of metals in soils and related materials. Target elements are extracted using weak solutions of organic and inorganic compounds rather than conventional aggressive acid or cyanide-based digests. MMI solutions contain strong ligands, which detach and hold metal ions that were loosely bound to soil particles by weak atomic forces in aqueous solution. This extraction does not dissolve the bound forms of the metal ions. Thus, the metal ions in the MMI solutions are the chemically active or 'mobile' component of the sample. Because these mobile, loosely bound complexes are in very low concentrations, measurement is by conventional ICP-MS and the latest evolution of this technology, ICP-MS Dynamic Reaction Cell™ (DRC II™). This allows us to report very low detection limits. The method targets mobile metal ions that rise vertically through overburden from buried sources of metals. This results in few false anomalies, focused, sharp anomalies, excellent repeatability, definition of metal zones and associations, detection of deeply buried mineralization, low background values (low noise) and the detection of more regional zones of metal dispersion that can be related to mineralizing processes.

Typically field duplicate samples are collected at one sample per 30 samples during a program to monitor the reproducibility of analyses. Analytical duplicates are samples that are selected from the sample batch for re-analysis. Internal reference materials and analytical blanks are included in the analytical stream to assess accuracy and to monitor potential laboratory-based contamination.

Figure 10-3 is a graphical representation of analytical duplicate analyses for Li, Cs and Rb from the MMI program at the Zoro Lithium Project. Analytical reproducibility is interpreted to be excellent over a wide range of concentration.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *134*

![](img103.jpg)

**Figure 10-3. Plot of duplicate analyses for Li, Cs and Rb in Zoro soil samples analyzed by MMI Technology. (n=28 duplicate pairs).**

MMI technology is an innovative analytical process that uses a unique approach to the analysis of metals in soils and related materials. Target elements are extracted using weak solutions of organic and inorganic compounds rather than conventional aggressive acid or cyanide-based digests. MMI solutions contain strong ligands, which detach and hold metal ions that were loosely bound to soil particles by weak atomic forces in aqueous solution. This extraction does not dissolve the bound forms of the metal ions. Thus, the metal ions in the MMI solutions are the chemically active or 'mobile' component of the sample. Because these mobile, loosely bound complexes are in very low concentrations, measurement is by conventional ICP-MS and the latest evolution of this technology, ICP-MS Dynamic Reaction Cell™ (DRC II™).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *135*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.0 DATA VERIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Mark Fedikow Verification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 HISTORIC WORK

Data verification for diamond drill core samples have not been reported in the Manitoba Government Assessment Files or other historic sources of information. A program of re-sampling drill core from DDH 5, 13, 17 and 21 was undertaken by Green Bay Exploration to assess previous assay databases (C.A.F. 93562). Samples were shipped to Ledoux and Company of New Jersey (U.S.A) but resulting assays are not reported. Historic drill core is no longer available for sampling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 DIAMOND DRILLING

All drill collars on the Zoro Lithium Project were surveyed using a handheld GPS and an APS unit. The surveys conducted on the Zoro Lithium Project are adequate for ongoing exploration and an eventual resource estimate. The great majority of the holes were surveyed by a REFLEX instrument (single shots approximately every 50 m).

Active drill sites have been visited during active drilling and during helicopter-assisted drill moves. Spodumene was observed in the drill core. Drill casings were observed for all drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 OUTCROP SAMPLING

Channel and grab sample locations for Dykes 1 through 7 have been observed and documented with a hand-held GPS by the QP. Channel samples are approximately at right angles to the strike of the pegmatite and are of variable lengths.

Channel sampling was used to assess the lithium and related element contents of the pegmatites because traditional grab samples are very difficult to obtain from smooth, hard outcrop surfaces using a hammer and chisel. The channel samples are selective by nature and are likely to approximate average grades. The purpose of such sampling is to rapidly determine whether mineralization is constant throughout the outcropping pegmatite.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *136*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4 DRILL CORE

Drill core and spodumene intersections have all been observed in core racks and cross-piled drill core stored in the locked compound of Gogal Air Services. All core boxes were labelled and properly stored outside. Sample tags, located at the end of each sample, were still present in the boxes. Marks on the bottom of the box were also found, indicating sample intervals. It was possible to validate sample numbers and confirm the presence of spodumene for each of the samples in the mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5 ROCK AND SOIL SAMPLE COLLECTION

The goal of verification for outcrop sampling was to verify historic values for lithium reported in assessment files in the Manitoba Mining Recorders office in Winnipeg. Mineralization-level contents were obtained for all showings. The authors are satisfied that all known pegmatite occurrences described in this report contain Li mineralization. Soil sample collection was undertaken by field staff after lengthy in-field demonstrations and field experience with the MMI technique since 1997. All MMI soil samples were collected with procedures considered to be best practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Scott Zelligan Verification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Data Validation

Validation of the drillhole and assay database was undertaken using the original drill logs and assay certificates. 100% of the database was reviewed to check for discrepancies in the collar locations, downhole survey data, and assay values. Drill logs were obtained from Orix Geoscience Inc. (who have provided database management and exploration services) as well as the original Certificates of Analysis from ACTLABS for all results. After review, there were no errors in the assay results in the database, and <5% errors in the collar/survey database, all of which were explained by incorrectly entered data in the original logs. Therefore, the only deviation from the original data were corrections to originally incorrect values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Site Visit

On May 26<sup>th</sup>, 2018, Scott Zelligan, P.Geo., visited the Project, accompanied by Mark Fedikow, Qualified Person. The visit included flying by helicopter from Snow Lake to visit the drilling locations, as well as visiting the core logging/cutting facilities and the core farm in Snow Lake.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *137*

7 drill collar locations (with 12 collars total) were visited and measured using a Garmin GPS Map 60Csx handheld GPS. Table 11.6.1 displays the locations measured and their location according to the drill logs as compared to the validation measurement, in NAD83 (14U) Datum. The locations correspond well within the accuracy of the device (+/- 10 m). Figure 11-1 displays the collars visited. Additionally, one historical trench was visited (Figure 11-2).

The core logging and cutting facilities were visited (Figure 11-3) and are appropriate facilities for conducting drill logging and cutting and are maintained in excellent condition to facilitate a high-quality sampling program.

While visiting the core farm three mineralized intervals were reviewed by the authors. These mineralized intervals were selected from three different holes, one each from three of the Foremost drilling campaigns (locations shown in Figure 11-1). Table 11-2 shows the intervals reviewed, and Figures 11-1 through 11-7 are photos of the core reviewed. The mineralization is visually obvious and was observed as expected from the assay results for the reviewed intervals. Note some intervals were incomplete due to metallurgical sampling

**Table 11-1. Collar locations visited on the site visit (NAD83 14U).**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Drill hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Site Visit Measurement (Easting, Northing)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Drill Log Location (Easting, Northing)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR16-007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458347 m E <br> 6079016 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458345 m E<br> 6079015 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR17-008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458429 m E<br> 6079034 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458426 m E<br> 6079037 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR17-010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458347 m E<br> 6079016 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458343 m E<br> 6079014 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR17-013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458429 m E<br> 6079034 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458426 m E<br> 6079037 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR17-018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458454 m E<br> 6079028 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458452 m E<br> 6079028 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458400 m E<br> 6079051 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458400 m E<br> 6079051 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458301 m E<br> 6079027 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458297 m E<br> 6079026 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458301 m E<br> 6079027 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458297 m E<br> 6079026 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458332 m E<br> 6078980 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458332 m E<br> 6078979 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458292 m E<br> 6079026 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458289 m E<br> 6079025 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459529 m E<br> 6080336 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459527 m E<br> 6080332 m N |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459529 m E<br> 6080336 m N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459527 m E<br> 6080332 m N |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *138*

**Figure 11-1. Collar locations visited on the site visit.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *139*

![](img105.jpg)

**Figure 11-2. Historical trench and mineralized sample**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *140*

![](img106.jpg)

**Figure 11-3. Core logging and cutting facilities in Snow Lake**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *141*

**Table 11-2. Drill core intervals reviewed on site visit.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Drill hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**From-To (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Li<sub>2</sub>O** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR16-007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188.2-213.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR17-010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162.92-171.00<br> 181.05-192.60<br> 201.08-213.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br> 1.14%<br> 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAR18-020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.1-123.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |

---

![](img107.jpg)

**Figure 11-4. Location of reviewed holes in deposit (3D view looking down to the north-east).**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *142*

**Figure 11-5. Interval reviewed in FAR16-007.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *143*

**Figure 11-6. Interval reviewed in FAR17-010.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *144*

**Figure 11-7. Interval reviewed in FAR18-020.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 Qualified Persons Statements

The author had full access to the data and the required documentation for verification as requested, and no limitations were placed by FOREMOST on that access.

In the opinion of the author, the data is adequate for the purposes of the inferred mineral resource estimate calculated and presented in Section 13.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *145*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0 MINERAL PROCESSING AND METALLURGICAL TESTING

Based upon the straight-forward nature of pegmatite mineralization, mechanical processing and separation methods are well known. Processing involves crushing of material to appropriate size, magnetic or dense media separation (DMS) to remove impurities, and concentrate spodumene. Process recovery rates are anticipated to be approximately 90%.

The analytical procedures used in the analysis are part of conventional industry practices developed for processing of mineralogically similar pegmatite material. Concentration of spodumene by standard industry practices is adequate for the purposes of the initial assessment, in the opinion of the qualified person.

Preliminary test work has been completed by SGS Minerals Process Solutions Laboratory in Lakefield, Ontario. SGS is a fully certified lab and the relationship with Foremost is that of a standard client. A 489kg bulk sample of pegmatite representative of Dike 1 was submitted, from which a 100kg subsample was removed for analysis. Test work was designed to optimize crushing and concentrate recovery. Results are encouraging and show a recovery of greater than 90%.

A specific gravity (SG) cut point of 2.9 resulted in the generation of over 6% Li2O concentrate from the Master Composite (-12.7/+0.5 mm), after dry magnetic separation. The selection of an SG cut-point for the DMS 1st pass was based on removing a significant portion of the feed mass (primarily silicate gangue) to the float product while minimizing lithium losses.

**It is the opinion of the qualified person that the analytical procedures used in the analysis are part of conventional industry practice, and believes the procedure is appropriate in this instance.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *146*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.0 MINERAL RESOURCE ESTIMATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Dyke 1 Inferred Resource Estimate

The following Inferred Mineral Resource estimation was completed by Scott Zelligan, P.Geo, with an effective date of May 25, 2018. No change has occurred to the resource estimate between May 25, 2018 and March 31, 2022. This resource covers only material within Dyke 1 at the Zoro Lithium Project. Dyke 1 is completely within the Zoro Project and Foremost has an option over the entirety of the Inferred Mineral Resource, described herein, subject to a 2% NSR.

This Inferred Mineral Resource is in-situ and has some historic trenches and small test-pits along the surface trace. The semi-vertical orientation of the pegmatite bodies is amenable to open-pit mining in the near-surface, which may transition to an underground mining scenario at depth. Current drilling has defined the Zoro-1 pegmatite to a True Vertical Depth of approximately 300m.

The concentration of Lithium and other potentially valuable elements is directly linked to spodumene concentration. Spodumene content is variable within the pegmatite body. Owing to the distinct physical and chemical difference of pegmatite compared to the host rock andesite, the mining scheme will seek to exploit the entirety of the pegmatite. Geochemically, this corresponds to using a cut-off grade related to the geologic contact. The host rock has zero lithium-enrichment and therefore using a minimal cut-off grade for total resource calculation is recommended.

The Inferred Mineral Resource Estimate presented here is, in itself, not of sufficient volume to justify the construction of all the processing infrastructure necessary to produce this resource in an economically responsible nature. With a larger resource, the timeline and scale of an extractive operation would be of potential economic viability. The Zoro project contains additional pegmatite targets that have not been drilled in sufficient density to make further resource calculations. The exploration strategy involves defining mineral resources, of similar quality, and total volumes in excess to 10MT. The average grades are comparable to economically viable and operating pegmatite mines within Canada and it can therefore be reasonably assumed that defining larger volumes of Li-enriched pegmatite may result in a positive economic evaluation.

There are not any known permitting or environmental compliance issues related to the project. The local jurisdiction has a strong regard for the natural resources industries and a well-defined process for mining companies to advance projects into production. Permits required to advance this project include review from the following departments of the Manitoba government: Environment, Wildlife , Fisheries, Historic Resources, and Mines. This process would likely take 6-8 weeks for review after completion of all other supplementary reports/studies completed.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *147*

Future mine operations will require road construction and running a 3-phase tie-in to the high-voltage regional line, 10 km SW. Approximately 40km of Road will need to be cut from the SE to access the regional highway. Access from Snow Lake will remain helicopter based to avoid bridge construction.

For reporting purposes, the Zoro inferred mineral resource is tabulated at Li<sub>2</sub>O (%) cut-offs. A cut-off of 0.3 % was chosen as the base case and is deemed a reasonable prospect for economic extraction based on similar reporting on other comparable properties, as well as the relevant factors discussed in previous sections of this report. The author is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that may negatively affect the economic extraction of the inferred resource.

The Inferred Mineral Resource Estimate presented here is 1,074,467 Tonnes of material at an average grade of 0.91% Li, using a cut-off grade of 0.3% Li.

Pegmatite Lithium Mining operations in Canada and other comparable jurisdictions are used to provide some of the industry-standard processes, costs, and pricing. The metal price used for this determination is based on a Spodumene (Li<sub>2</sub>O) concentrate of 6% and a combination of long-term pricing (~1800 US$/t concentrate) weighted with consideration of current pricing (~5500 US$/t concentrate). The author feels this is reasonable given the long-term anticipated demand for the commodity, the long-term timeline of this project, and the current (2018) pricing being over three times that of the long-term forecast. These prices are based upon historic values from 2008-2018 and in the future these values are projected to increase.

There is a high-level of certainty in the inferred mineral resource presented here. The author is of the opinion that with infill drilling this resource will be upgraded to indicated and measured categories. Additionally, the author is of the opinion that the numerous pegmatites clustered within the trend of the Zoro project are of sufficient geologic potential to meet and exceed the volumetric requirements of Li-enriched pegmatites necessary to justify the advancement of this project to a Pre-Feasibility Estimation (PFE) status.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *148*

Sources of Uncertainty can include: sampling and drilling methods, data processing and handling, geologic modeling and estimation. The primary Author, Qualified Person, has been involved with this project for more than 30 years, and personally carried out the execution of all modern work as a Consultant to Foremost. Geologic modeling of the linear pegmatite body is based upon drilling and surface data with good confidence. The inferred mineral resource estimation was carried out with standard industry practices and relied on conservative kriging models.

The author has based the categorization and cut-off grade of the deposit on the principle of reasonable prospects for eventual economic extraction, with an open pit production scenario. The author believes that this is warranted for the deposit given the following:

- Near surface mineral resource

- Compact and continuous nature of the deposit suggests a favourable target for open pit mining

- Favourable mining jurisdiction

The metal price used for this determination is based on a Spodumene (Li<sub>2</sub>O) concentrate of 6% and a combination of long-term pricing (~1800 US$/t concentrate; 2013-2018) weighted with consideration of current pricing (~5500 US$/t concentrate). The author feels this is reasonable given the long-term anticipated demand for the commodity, the long-term timeline of this project, and the current pricing being over three times that of the long-term forecast. The operating cost assumptions are sourced from comparable open pit projects in Canada. A cut-off grade of 0.3 % was used for reporting, based on comparable open pit projects in Canada and the open pit optimization results. Optimized pit shells were generated by an Open Pit Engineering consultant to establish reasonable prospects for eventual economic extraction. The pit shells were run on the regular model cells, with blocks measuring 2.5 x 2.5 x 2.5 m. The pit slope angle was set at 50° based on preliminary estimate of the rock quality. Key input assumptions are summarized in Table 13-1. Comparable properties are referenced and averages derived from publicly available industry databases.

Table 13-1. Open-Pit Optimization Inputs

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Units** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spodumene Concentrate Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US$/t conc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US$:C$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Li<sub>2</sub>O | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US$/dmt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPEX Mining Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C$/t mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C$/t processed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C$/t processed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External Mining Dilution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Process Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pit Slope Angles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Degrees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strip Ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste t : Above cut-off t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36:1 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *149*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 Data

Drill hole sample data (.csv files and .dm files) and wireframes (.dm files) for this resource estimate were supplied by Orix Geoscience Inc., on behalf of Foremost Ltd., and imported into GEOVIA Surpac™ software (version 6.3) and subsequently verified by standard internal Surpac™ processes. These .csv files contain collar, survey, lithological and assay data collated by Orix and confirmed by the author. Data includes logged and assayed diamond drill core. Lidar data (.las files) was supplied by Strider Resources Limited.

Orix supplied wireframes depicting the mineralized domains (interpreted with input from the author). These were imported and verified in Surpac™ software prior to implementation into the block model. These include:

● Low grade "pegmatite dyke" model

● Higher grade "FW" model

● Higher grade "HW" model

● Internal waste model

The author independently created an overburden/bedrock contact model, using data from the drillhole database in order to restrict estimation of the depth to the bedrock.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *150*

The main estimated commodity is Li<sub>2</sub>O, however supplementary elements Be, Cs, Ga, Rb, and Ta were also estimated in order to best represent the value of the contained rock in Dyke 1.

The database contains 39 drillholes, 22 of which intersected Dyke 1 and were used in the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 Geological Interpretation

The deposit is hosted within a pegmatite dyke intruding andesite. The pegmatite is divisible and modelled from the pegmatite, however, the content of spodumene (and hence lithium) is not as clearly divisible within the dyke. For this reason, a statistical investigation was undertaken to determine the best course of action with regard to modelling the spodumene-rich volumes within the dyke. Figure 13-1 displays a log-histogram of the Li<sub>2</sub>O% data, and indicates the presence of multiple populations within Dyke 1, including:

● " waste" population peaking at ~0.07 % Li<sub>2</sub>O

● "low grade" population peaking at just above ~0.1 % Li<sub>2</sub>O

● "high-grade" population(s) peaking imperfectly at or about 1.0-1.5 % Li<sub>2</sub>O

A probability plot (Figure 13-2) of the data revealed a distinct population break at ~0.4 % Li<sub>2</sub>O, indicating that this may be the division between the "high-grade" population(s) and the "low grade" population. This division was used as a basis to model the "high-grade" domains within Dyke 1, dubbed the "FW" and "HW" models.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *151*

![](img111.jpg)

**Figure 13-1. Log-Histogram of Li<sub>2</sub>O% values within Dyke 1 results.**

![](img112.jpg)

**Figure 13-2. Probability Plot of Li2O% values within Dyke 1 results.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *152*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 Wireframing

Wireframes based on pegmatite intersections and assay results, (Figure 13-3) were constructed by Orix Geoscience in Datamine (Studio EM) to represent the extents of Dyke 1. Wireframes include:

● High-grade "FW" model

● High-grade "HW" model

● Internal waste model

● Pegmatite model

![](img113.jpg)

**Figure 13-3. Domain wireframes. (Transparent light blue – Dyke 1; Green – "HW"; Pink – "FW"; Blue – internal waste)**

Initial statistical investigation (Figure 13-4) shows that the wireframe domains appear to have captured (more or less) single log-normal grade populations. Due to the (relatively speaking) low population numbers perfect populations are statistically unlikely, however, for the purposes of this estimate these domains appear valid.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *153*

![](img114.jpg)

**Figure 13-4. Log-Histogram plots of Li<sub>2</sub>O% values for: A – Low grade, B – "HW" domain, C – "FW" domain**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4 Contact Profiles

Contact profiles were generated to test the validity of the wireframe models and to determine the ideal method for treating wireframe boundaries. Contact plots for Li<sub>2</sub>O% were developed between the samples within the low-grade dyke domain and the waste, and between the "FW" and "HW" high-grade domains and the low-grade domain. These boundaries all appear to be hard/sharp. Figure 13-5 displays the plots.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *154*

![](img115.jpg)

**Figure 13-5. Contact plots for Li<sub>2</sub>O%.**

Contact profiles were also generated to test the validity of the wireframes for the other metals to be estimated. Based on statistical examination, there was potential that Cs, Rb, and Ta values in the "FW" domain represented separate populations. Based on the contact profiles (Figure 13-6) it was determined to treat only Cs as a separate population in the "FW" domain.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *155*

![](img116.jpg)

**Figure 13-6. Contact Plots for other metals.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.5 Exploratory Data analysis

Raw Data Assays and Statistics

Summary statistics for the uncomposited Li<sub>2</sub>O% assay data for each domain is shown in Table 13-2.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *156*

**Table 13-2. Raw Li<sub>2</sub>O% Sample Data by Mineralization Zone.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Low** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FW** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HW** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# of Samples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mean | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skewness | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kurtosis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |

---

Summary statistics for the uncomposited Be, Cs, Ga, Rb, and Ta assay data for the appropriate domains is shown in Table 13-3.

**Table 13-3. Raw Sample Data for Be, Cs, Ga, Rb, and Ta. Units at ppm.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Dyke 1** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Be** | &nbsp;&nbsp;&nbsp;&nbsp;**Cs – Low** | &nbsp;&nbsp;&nbsp;&nbsp;**Cs – Fw** | &nbsp;&nbsp;&nbsp;&nbsp;**Ga** | &nbsp;&nbsp;&nbsp;&nbsp;**Rb** | &nbsp;&nbsp;&nbsp;&nbsp;**Ta** |
| &nbsp;&nbsp;&nbsp;&nbsp;# of Samples | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;19.1 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;93.7 | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mean | &nbsp;&nbsp;&nbsp;&nbsp;185.05 | &nbsp;&nbsp;&nbsp;&nbsp;197.88 | &nbsp;&nbsp;&nbsp;&nbsp;394.97 | &nbsp;&nbsp;&nbsp;&nbsp;51.50 | &nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;43.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variance | &nbsp;&nbsp;&nbsp;&nbsp;20745 | &nbsp;&nbsp;&nbsp;&nbsp;22705 | &nbsp;&nbsp;&nbsp;&nbsp;342125 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;519748 | &nbsp;&nbsp;&nbsp;&nbsp;2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;S.D. | &nbsp;&nbsp;&nbsp;&nbsp;144.03 | &nbsp;&nbsp;&nbsp;&nbsp;150.68 | &nbsp;&nbsp;&nbsp;&nbsp;584.91 | &nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;720.94 | &nbsp;&nbsp;&nbsp;&nbsp;46.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skewness | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;-0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kurtosis | &nbsp;&nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp;&nbsp;66.50 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;250.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.6 Compositing

Assay results from drilling were composited to 1 m, as the majority of samples were 1 m (see Figure 13-7) and therefore this resulted in the least amount of unnecessary sample blending. Rather than force samples to exactly 1 m, the compositing process approximated as closely to 1 m as possible within each domain and within each drillhole interval. Absent data within the raw data set was assumed to be 0 grade.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *157*

![](img117.jpg)

**Figure 13-7. Histogram of Length by Domain**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.7 Outlier Management and capping Strategy

Li<sub>2</sub>O%

Li<sub>2</sub>O% grades were not capped. Histograms as well as statistics (for instance, coefficient of variance is <1.2), indicate that there are no "extreme" grade values that would have an impact on the overall grade population. The maximum values, as is typical of this type of deposit, are not much greater than 2 standard deviations from the mean.

Be, Cs, Ga, Rb, and Ta

Statistics and histograms (Figure 13-8) for each metal were analysed to determine the best capping values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Be was capped at 600 ppm, which resulted in 4 values being capped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cs was capped at 1100 ppm, which resulted in 5 values being capped.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *158*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ga was not capped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Rb was capped at 3200 ppm, which resulted in 1 value being capped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ta was capped at 200 ppm, which resulted in 1 value being capped.

![](img118.jpg)

![](img118a.jpg)

**Figure 13-8. Histograms of Be, Cs, Ga, Rb and Ta.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *159*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.8 Density

A density of 2.75 t/m<sup>3</sup> was chosen for the tonnage estimate. This was based on values used for resource reports on comparable properties, as well as known values of pegmatite dykes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.9 Interpolation Plan

Inverse-distance-squared (ID<sup>2</sup>) was chosen as the interpolation method. Nearest Neighbour (NN) and Inverse-distance-cubed (ID<sup>3</sup>) were also run as a check for the results.

Variography was not performed as the sample populations were not large enough to support this method. Instead, the search ellipse anisotropy was designed to mimic the dominant orientation of Dyke 1 (as modelled).

As discussed above, contact profiles indicated a "hard" boundary between the low-grade "low" domain and the surrounding (and contained) "waste" domain, as well as the high-grade "FW" and "HW" domains and the "low" domain they are contained within, for the estimation of Li<sub>2</sub>O%. For Be, Ga, Rb, and Ta, all material inside Dyke 1 was treated as one domain, with a "hard" boundary compared to the "waste" domain. For Cs, "low" and "HW" were treated as one domain with a "hard" boundary to the "waste" domain, and the "FW" domain was estimated as a "hard" boundary with the "low" domain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.10 Block Model Parameters

The Block Model was created with parent cells of 5 x 5 x 5 m, and a minimum sub-cell size of 1.25 x 1.25 x 1.25 m. Twenty-seven (27) interpolations were performed to populate the final grades for all metals into the block model. All domains and metals were estimated using three search ellipses, each with successively smaller search ellipses to better estimate volumes with higher sample density. Tables 13-4 and 13-5 display the search parameters and estimation parameters used in the estimation.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *160*

**Table 13-4. Search Parameters.**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Search Ellipse 1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Search Ellipse 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Search Ellipse 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Samples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Samples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum per Drillhole | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Range | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samples Used | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All samples within each domain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All samples within each domain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All samples within each domain |

---

**Table 13-5. Estimation Parameters.**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ellipse Anisotropy** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellipsoid Plunge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellipsoid Bearing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellipsoid Dip | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Major: Semi-major Ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Major: Minor Ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.11 Resource Block Model

Configuration

The geometrical configuration of the block model is summarized in Table 13-6.

**Table 13-6. Block Model Configuration.**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Origin (NAD83 14U UTM)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Origin (NAD83 14U UTM)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Origin (NAD83 14U UTM)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Block Size (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Block Size (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Block Size (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Min. Block Size (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Min. Block Size (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Min. Block Size (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of Blocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Extent (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Extent (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Extent (m)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.12 Cell Attributes

The cell attributes of the block model are summarized in Table 13-7.

**Table 13-7. Block Model Attributes**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decimals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be_id2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Be grade (Be ppm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cs_id2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Cs grade (Cs ppm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ga_id2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Ga grade (Ga ppm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;li2o_id2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Li<sub>2</sub>O grade (Li<sub>2</sub>O%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rb_id2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Rb grade (Rb ppm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ta_id2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Ta grade (Ta ppm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zone | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Character | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASTE; LOW; FW; HW |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *161*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.13 Resource Categorization

Mineral resource classification is the application of Measured, Indicated and Inferred categories, in order of decreasing geological confidence, to the resource block model. These are defined in subpart 229.1300 of Regulation S-K of US SEC Code (adopted on October 31, 2018) for reporting on mineral resources. This classification is consistent with international reporting standards and the CRIRSCO best practices. Mineral Resource Categories are defined below, as per Regulation S-K, subpart 229.1300:

**Measured Resource**

A Measured Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit.

Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

**Indicated Resource**

An Indicated Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

**Inferred Resource**

An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

These categories are applied in consideration of, but not limited to, drill and sample spacing, QAQC, deposit-type and mineralization continuity, surface and/or underground mineralization exposure, and/or prior mining experience. With respect to resource classification of the Zoro Lithium deposit, due to the number of samples and spacing of the drillholes, the entire resource has been classified as inferred.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *162*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.14 Model Validation

Statistics

As in all estimates the grade average between the estimate and the originating samples has lowered. This is common in part because sampling is inevitably clustered around high-grade areas, or due to imperfections in the drilling process, creating a bias in the input which is rectified geometrically in the estimation process.

Tables 13-8 through 13-10 display the summary statistics for comparison between the raw samples, the composites, and the interpolated blocks.

**Table 13-8. Li<sub>2</sub>O% Summary Statistics.**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;**Composites** | &nbsp;&nbsp;**Composites** | &nbsp;&nbsp;**Composites** | &nbsp;&nbsp;**Block Model** | &nbsp;&nbsp;**Block Model** | &nbsp;&nbsp;**Block Model** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HW |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# of Samples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mean | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skewness | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kurtosis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |

---

**Table 13-9. Be, Ga, Rb, and Ta (ppm) Summary Statistics. Units are ppm.**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;&nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;&nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;&nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;&nbsp;&nbsp;**Composites** | &nbsp;&nbsp;&nbsp;&nbsp;**Composites** | &nbsp;&nbsp;&nbsp;&nbsp;**Composites** | &nbsp;&nbsp;&nbsp;&nbsp;**Composites** | &nbsp;&nbsp;&nbsp;&nbsp;**Block Model** | &nbsp;&nbsp;&nbsp;&nbsp;**Block Model** | &nbsp;&nbsp;&nbsp;&nbsp;**Block Model** | &nbsp;&nbsp;&nbsp;&nbsp;**Block Model** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Be | &nbsp;&nbsp;&nbsp;&nbsp;Ga | &nbsp;&nbsp;&nbsp;&nbsp;Rb | &nbsp;&nbsp;&nbsp;&nbsp;Ta | &nbsp;&nbsp;&nbsp;&nbsp;Be | &nbsp;&nbsp;&nbsp;&nbsp;Ga | &nbsp;&nbsp;&nbsp;&nbsp;Rb | &nbsp;&nbsp;&nbsp;&nbsp;Ta | &nbsp;&nbsp;&nbsp;&nbsp;Be | &nbsp;&nbsp;&nbsp;&nbsp;Ga | &nbsp;&nbsp;&nbsp;&nbsp;Rb | &nbsp;&nbsp;&nbsp;&nbsp;Ta |
| &nbsp;&nbsp;&nbsp;&nbsp;# of Samples | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;15738 | &nbsp;&nbsp;&nbsp;&nbsp;15738 | &nbsp;&nbsp;&nbsp;&nbsp;15738 | &nbsp;&nbsp;&nbsp;&nbsp;15738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;93.7 | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;87.7 | &nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;481.05 | &nbsp;&nbsp;&nbsp;&nbsp;82.82 | &nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp;136.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mean | &nbsp;&nbsp;&nbsp;&nbsp;185.05 | &nbsp;&nbsp;&nbsp;&nbsp;51.50 | &nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;43.44 | &nbsp;&nbsp;&nbsp;&nbsp;166.21 | &nbsp;&nbsp;&nbsp;&nbsp;45.47 | &nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;39.07 | &nbsp;&nbsp;&nbsp;&nbsp;134.42 | &nbsp;&nbsp;&nbsp;&nbsp;38.10 | &nbsp;&nbsp;&nbsp;&nbsp;939.56 | &nbsp;&nbsp;&nbsp;&nbsp;31.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variance | &nbsp;&nbsp;&nbsp;&nbsp;20745 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;519748 | &nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp;16195 | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;509099 | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;7098 | &nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;310701 | &nbsp;&nbsp;&nbsp;&nbsp;379 |
| &nbsp;&nbsp;&nbsp;&nbsp;S.D. | &nbsp;&nbsp;&nbsp;&nbsp;144.03 | &nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;720.94 | &nbsp;&nbsp;&nbsp;&nbsp;46.44 | &nbsp;&nbsp;&nbsp;&nbsp;127.26 | &nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;713.51 | &nbsp;&nbsp;&nbsp;&nbsp;43.59 | &nbsp;&nbsp;&nbsp;&nbsp;84.25 | &nbsp;&nbsp;&nbsp;&nbsp;20.21 | &nbsp;&nbsp;&nbsp;&nbsp;557.41 | &nbsp;&nbsp;&nbsp;&nbsp;19.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skewness | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;-0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;-1.05 | &nbsp;&nbsp;&nbsp;&nbsp;-0.06 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;-0.89 | &nbsp;&nbsp;&nbsp;&nbsp;-0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kurtosis | &nbsp;&nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;250.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;-0.67 | &nbsp;&nbsp;&nbsp;&nbsp;272.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *163*

**Table 13-10. Cs (ppm) Summary Statistics. Units are ppm.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Raw Samples** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Composites** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Composites** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Block Model** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Block Model** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs – Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs – Fw | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs – Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs – Fw | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs – Low | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cs – Fw |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# of Samples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mean | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skewness | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kurtosis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.15 Population Distribution

Histograms are used to determine whether the population distribution has been accurately maintained in the estimation process. This ensures that the data has not been unnecessarily smoothed.

Since this is an inferred only estimate, due to the number of samples, reproduction of grade trends will be less accurate by necessity. Considering this, the grade trends are relatively well maintained. Figures 13-9 through 13-11 display some representative grade histogram comparisons.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *164*

**Figure 13-9. Li<sub>2</sub>O% HW Histograms (A – Raw Samples; B – Composites; C – Block Model).**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *165*

![](img120.jpg)

**Figure 13-10. Li<sub>2</sub>O% FW Histograms (A – Raw Samples; B – Composites; C – Block Model).**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *166*

**Figure 13-11. Cs (ppm) FW Histograms (A – Raw Samples; B – Composites; C – Block Model).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.16 Sections and Plans

Sections and Plans confirm the correlation between drill results and estimated grades. Continuity seems logical and there are no glaring mismatches between drillhole grades and block model grades. Figures 13-12 through 13-16 display representative plans and sections.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *167*

![](img122.jpg)

**Figure 13-12. Plan 1, Li<sub>2</sub>O% grades displayed, 25 m Section Width.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *168*

**Figure 13-13. Plan 2, Li<sub>2</sub>O% grades displayed, 25 m Section Width.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *169*

**Figure 13-14. Plan 3, Cs ppm grades displayed, 25 m Section Width.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *170*

**Figure 13-15. Section 1, Li<sub>2</sub>O% grades displayed, 25 m Section Width.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *171*

![](img126.jpg)

**Figure 13-16. Section 2, Li2O% grades displayed, 25 m Section Width.**

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *172*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.17 Mineral Resource Tabulation

For reporting purposes, the Zoro inferred mineral resource is tabulated at Li<sub>2</sub>O (%) cut-offs. A cut-off of 0.3 % was chosen as the base case and is deemed a reasonable prospect for economic extraction based on similar reporting on other comparable properties, as well as the relevant factors discussed in Sections 4 through 8 of this report. The author is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that may negatively affect the economic extraction of the inferred resource.

Tables

Table 13-11 displays the grade-tonnage summaries by Li<sub>2</sub>O (%) cut-off.

**Table 13-11. displays the grade-tonnage summaries by Li2O (%) cut-off.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O (%) Cut-off** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tonnes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Li<sub>2</sub>O (%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Be (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cs (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ga (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rb (ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ta (ppm)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *173*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0 Mineral reserve estimates

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0 Mining methods

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.0 Processing and recovery methods

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.0 PROJECT INFRASTRUCTURE

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0 MARKET STUDIES AND CONTRACTS

Not Applicable.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *174*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL AND COMMUNITY IMPACT

Work and drill permits for exploration are received within two weeks from the local Snow Lake office of Sustainable Development. The Zoro Lithium Project occurs within the immediate area of the historic mining town of Snow Lake and as such very little negative community and social impact is evident. Exploration and mine development has been a part of the local community for 80 years. Currently the project is an early -stage exploration project. Accordingly, environmental studies have not been undertaken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.0 CAPITAL AND OPERATING COSTS

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0 ECONOMIC ANALYSIS

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.0 ADJACENT PROPERTIES

The Thompson Brothers Lithium property is located on the east shore of Crowduck Bay at the NE end of Wekusko Lake and comprises spodumene bearing pegmatite dykes. The property is 20 km east of the mining community of Snow Lake, Manitoba and approximately 5 km due west of the Zoro 1 claim of Foremost Ltd. Highway 39 provides access from Flin Flon to Thompson and the railway going from Winnipeg to the seaport of Churchill passes approximately 30 km to the south. The main power line to Snow Lake is about 2 km south of the southern Property boundary. In the summer the Property can be accessed by boat from Wekusko Lake and a winter road can be opened on the eastern side of Wekusko Lake to provide access. Gogal Air Services based in Snow Lake offers helicopter and float plane transportation to the Property.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *175*

The lithium deposit is a spodumene-rich pegmatite dyke with a near vertical dip and a strike length of greater than 800 m. Combined Developments Limited (CDL) were the original drillers of the dyke in 1955 and 1956 and tested the pegmatite with 26 diamond drill holes for 2536.2 m commencing in 1955-56. At that time the property was known as the "Violet Property". Prior to 1955-56, records are unavailable documenting the timing of the original discovery and when the first claims were staked. Carta Resources reported in a 1998 Business Plan that CDL had estimated a tonnage of 5,260,000 tonnes grading 1.2% Li<sub>2</sub>O based on their drilling results. The parameters used to calculate this resource are unknown and there are no references to tonnage categories. Accordingly, this resource cannot be verified. The Thompson Brothers completed 2 diamond drillholes between 1978 and 1981, and in 1997 Carta Resources Limited financed a three-hole drill program bringing the total drilling on the property to 31 drillholes for 3,586 meters. A non-verified resource calculation made by Mr. B. Ainsworth, P.Eng. in 1998, resulted in an "undiluted drill indicated mineral resource" of 3,968,000 tonnes with a weighted average value grade of 1.29% Li<sub>2</sub>O to the 130-metre level, and an average width of 10 meters. A further 337,000 tonnes is indicated by the deepest hole (D.H. Car-97-3), to the 380-metre level, which is over 200 meters from the nearest hole, and which cuts a horizontal width of 8 m of 1.3% Li<sub>2</sub>O. Ainsworth suggests a total drill indicated and possible total resource of 4,305,000 tonnes of 1.3% Li<sub>2</sub>O for the deposit. The deposit is open to depth and along strike. This 1998 resource calculation is historical and not National Instrument 43-101 compliant as it was completed prior to the implementation of these requirements. In addition, a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Author is not treating the historical estimate as current. Hence, the historical estimate should not be relied upon.

A metallurgical evaluation of the spodumene deposit was completed in 1997 by Dr. W. Dressler of Laurentian University. This study indicated that simple floatation would recover 92% of the spodumene and produce a concentrate grading 6.6% Li<sub>2</sub>O or 89.2% spodumene. Further processing of the concentrate yielded a high purity lithium carbonate, Li<sub>2</sub>CO<sub>3</sub>, with a concentration of 98%. Carta Resources completed a business plan to develop the Strider Lithium Deposit for the production of lithium carbonate, but a decline in lithium carbonate prices stalled the project in 1998. Since then, no other work has been carried out on the Property. A NI43-101 Technical Report has been prepared by Dufresne, R. (2009) for Rodinia Minerals Inc.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *176*

A recent 43-101 report has been completed and reported (24/7/2018) by Nova Minerals Limited with an inferred resource of 6.3 Mt @ 1.38% Li2O containing 86,940 tonnes of Li2O using a 0.6% Li2O reporting cutoff. The report also identifies a remaining exploration target of 3 to 7Mt grading between 1.3 and 1.5% Li<sub>2</sub>O in the immediate area of the resource. This resource is based entirely on a single high grade lithium bearing pegmatite dyke although a second pegmatite dyke (27/8/2018) has been reported in outcrop 300 m south of the resource.

The Thompson Brothers and Zoro properties are viewed as distinct mineralized zones without any important bearing on one another. However insufficient geologic information attributable to extensive overburden cover makes it unequivocal to determine whether the properties are geologically related and hence have a direct bearing on the relevant importance to one another.

The adjacent properties in this section are referenced from information disclosed to public markets by their respective owner/operator. The QP has been unable to verify the foregoing information and the foregoing information is not necessarily indicative of the mineralization on the Zoro Lithium Project.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *177*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.0 OTHER RELEVANT DATA AND INFORMATION

The target of the exploration undertaken by Foremost is bedrock-hosted lithium-bearing pegmatite.

Lithium is the third element in the periodic table and is the lightest of all the metals, with an atomic weight of 6.94. It tends to be concentrated in residual magmas, hence its enrichment in silicic rocks and pegmatite. Lithium occurs in some 145 different minerals, but spodumene, lepidolite, petalite, amblygonite and eucryptite are the main minerals that have been exploited commercially (Kunasz, 1983). Lithium is also produced from saline brines in desert areas, a source of important production at present.

Lithium is the most commercially important of the rare alkali metals and finds application in a wide range of industrial processes. About 10% of lithium ores and concentrates are consumed directly in the glass, ceramic, and porcelain enamel industries. Lithium is useful in these applications because it creates favorable internal nucleation conditions and imparts high mechanical strength, thermal shock resistance, as well as good chemical resistance to the product (Kunasz, 1983; Ferrell, 1983).

Most lithium is used in the metallic form or as lithium-bearing compounds and chemicals. The current use of lithium for batteries used in the electrification of transport is very significant. The most widely used compound is lithium carbonate (Li2CO3), which is added during aluminum smelting to reduce electricity consumption and fluorine emissions. Lithium carbonate is also used in the ceramics industry as a flux to lower firing temperatures and to reduce thermal expansion of enamel coatings. Lithium hydroxide (LiOH•H2O) has found an important application in lithium-based greases which maintain their viscosity over wide temperature ranges and remain stable in the presence of water. Other compounds such as lithium chloride, lithium fluoride, lithium bromide, and butyllithium have a variety of industrial uses.

Most lithium production is presently from pegmatitic minerals, mainly spodumene, though significant quantities of petalite, lepidolite, and amblygonite are shipped to Europe from several African countries. Spodumene has the highest theoretical lithium content of any mineral at nearly 8% Li2O, but most concentrates grade between 4 and 7.5% Li2O. Spodumene has high iron and low iron varieties, depending on the type of pegmatite which it is derived. High iron spodumene (about 0.6 to 0.9% Fe2O3) is generally greenish in color. Low iron spodumene (less than 0.05% Fe2O3) is white in colour and often occurs in complex, zoned pegmatites. Low iron spodumene, such as that historically produced by the Tantalum Mining Corporation of Canada (TANCO) at Bernic Lake, Manitoba, is used in glass and ceramic manufacturing. High iron spodumene generally goes into lithium chemical production, but can be processed with high-intensity magnetic separation and chlorine leach to produce low iron, ceramic grade spodumene (Harben and Bates, 1984; Buckley, 1983; Kunasz, 1982).

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *178*

Lithium still finds extensive use in the glass and ceramic industry, but the new growth area for lithium is the batteries industry. Lithium, the lightest and least-dense metal in existence, provides a number of advantages over nickel and alkaline batteries. It is used to produce batteries which now have a lifespan of 15 years that can serve as the energy source for digital cameras, cell phones, clocks, watches, and toys. Lithium batteries are far lighter than their alkaline counterparts yet can last up to eight times as long. They can also withstand very harsh conditions and temperatures that would cause alkaline batteries to malfunction. Currently, nickel batteries are more affordable than lithium, but as the supply of lithium rises the demand is also expected to rise with the result being a comparably priced better-quality energy source. This has significant implications for the automobile industry and the production of lithium-powered vehicles.

The lithium market can be divided between lithium chemicals (sourced from brines or minerals), which account for some 80% of total consumption, and lithium minerals consumed directly. Reflecting growth in demand, world lithium production is estimated to have increased by some 4% per year between 2002 and 2005. The industry is characterized by a high degree of concentration of production, with two countries, Chile and Australia, together accounting for nearly two-thirds of world output and for most of the growth in production in the mid-2000s.

An interesting feature of world lithium production is the potential emergence of China as a leading supplier. The development of technology to extract lithium from high-magnesium brines has led to the start of lithium carbonate production from salt lakes in Qinghai and Tibet provinces. In late 2005, CITIC Guorun began construction of a 35,000t per year lithium carbonate plant to exploit lithium reserves in the Xitai Ginar salt lake in Qinghai province.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *179*

The long-range market picture however, remains bright because new and large uses for lithium, electric vehicle batteries and lithium alloys for aircraft, will impact demand within the near term. It is expected that demand will be strong and sustained over the long term past 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.0 INTERPRETATION AND CONCLUSIONS

The Zoro Lithium Project is located near the east shore of Wekusko Lake in west-central Manitoba, approximately 249 km southeast of Thompson and 571 km north-northeast of Winnipeg. The property consists of fourteen claims covering an area of 3,005 hectares. All claims are in good standing. The pegmatite dykes were initially staked in 1953. Access is reasonable with historic bush and drill roads and trails. The property hosts a number of LCT pegmatite dykes containing high-grade lithium mineralization as spodumene.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 MINERALOGY

In general, the outer zones of the pegmatite dykes contain pink aplite and coarse feldspar, muscovite, tourmaline, and beryl. Spodumene, quartz, cleavelandite, and tourmaline form core zones with interstitial coarse feldspar. Spodumene is usually coarse-grained and is sometimes altered. It is most prevalent in the central 9 m (30 ft.) of Dyke 1. In this dyke, spodumene crystals (up to 35 cm long) occur either in clusters, over widths of 6 m or more, or associated with coarse tourmaline and perthite megacrysts; some spodumene crystals show a preferred orientation of 45° to 55°. One of two parallel dykes south of the main outcrop, is 5 m wide, and contains spodumene crystals in pods (up to 33 cm across). In other dykes, coarse grained spodumene is abundant in lenticular bands and fine-grained spodumene is distributed through aplitic patches. Beryl occurs as white, anhedral to subhedral crystals less than 1 inch (2.5 cm) in diameter in three of the seven dykes. Columbite-tantalite and sparse minute grains of pyrite and chalcopyrite were found in thin sections and gold mineralization is present in quartz-rich veins and laminae in association with rare arsenopyrite, pyrrhotite and chalcopyrite. Tourmaline and muscovite are common constituents in the pegmatite dykes.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *180*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 RESOURCE ESTIMATES

Based on historic drilling a grade and tonnage calculation was derived for Dyke 1 and multiple unsubstantiated resource estimates for the property were presented in the historic literature. However, these data have been acquired prior to the implementation of NI 43-101/SK-1300 and as such cannot be relied upon for reserve calculation, and are not being treated by FOREMOST as current mineral resources. At best the reported grade and tonnage should be considered as a historic reserve estimate. The database resulting from historic assays was not accompanied by a quality assurance and quality control program and sampling and analytical specifics are also not reported. A program of mucking out trenches and channel sampling of these trenches with assays confirmed the presence of significant lithium-mineralized zones in Dyke 1.

Utilizing newly acquired diamond drill information and assay results from ISO-certified laboratories that have been presented in this report an inferred resource estimate of grade and tonnage for Dyke 1 has been derived. The estimates are presented in Table 24-1 at various cut-off levels.

**Table 24-1. Inferred Resource Estimates of grade and tonnage for Dyke 1 at various cut-off levels.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Li<sub>2</sub>O (%) Cut-off** | **Tonnes (t)** | **Li<sub>2</sub>O (%)** | **Be (ppm)** | **Cs (ppm)** | **Ga (ppm)** | **Rb (ppm)** | **Ta (ppm)** |
| **0.3** | **1074567** | **0.91** | **182** | **198** | **51** | **1212** | **43** |
| 0.4 | 946402 | 0.99 | 180 | 201 | 51 | 1203 | 43 |
| 0.5 | 881815 | 1.03 | 179 | 203 | 51 | 1197 | 43 |
| 0.6 | 780350 | 1.09 | 180 | 207 | 52 | 1196 | 42 |
| 0.7 | 721660 | 1.13 | 179 | 208 | 52 | 1190 | 42 |
| 0.8 | 629578 | 1.18 | 181 | 210 | 52 | 1174 | 42 |
| 0.9 | 515652 | 1.26 | 183 | 211 | 53 | 1152 | 43 |
| 1 | 419961 | 1.33 | 188 | 212 | 54 | 1135 | 43 |

---

**\*Base Case in bold text**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 GEOCHEMICAL STUDIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.1 Mineral Chemistry

The results from mineral chemical studies described in this report corroborate conclusions from other studies (e.g., Halden *et al*., 1989; Linnen *et al*., 2009, 2015) based on lithogeochemistry of country rocks as a viable and relatively inexpensive tool to explore for rare-element pegmatites. This would appear to be substantiated for the metavolcanic country rocks in the Zoro study area. Linnen *et al.* (2009, 2015) found that a major drawback of using lithogeochemistry of country rocks is the occurrence of Li-Rb-Cs–bearing minerals along fractures, which complicates the interpretation of results and also suggested that indicator minerals (such as biotite) are potentially more reliable than lithogeochemistry in pegmatite exploration. Despite these potential complications exploration successes have been documented from the Dibs pegmatite (Tanco area, southeast Manitoba; Linnen *et al*., 2009). The presence of holmquistite-bearing assemblages in the amphibolitic country rock to the Dyke 1 pegmatite indicates interaction of Li-enriched fluid sourced from the Li-bearing pegmatite. Accordingly, identification of these assemblages could also be a very useful and inexpensive tool in exploration for Li-bearing pegmatite because they can occur up to 20 m away from pegmatite contacts (Cerny *et al.,* 1981). Mineral-chemistry results for muscovite and K-feldspar indicate that Dyke 1 is a moderately fractionated pegmatite (Figure GS2017-5-7a, b in Martins and Linnen, 2017). This information could be a useful tool for understanding fractionation and vectoring ongoing exploration.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *181*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2 Soil Chemistry

The discovery of Dyke 8 on the Zoro Lithium Project is attributed to the drill testing of a Mobile Metal Ions soil geochemical anomaly. The application of this technology has provided good results for a commodity element that has not been the focus of MMI applications, historically. The method, if utilized in the preferred manner provides well-defined high-contrast geochemical responses to buried sources of lithium and accordingly drill targets.

There is significant overburden in the general exploration area currently under assessment by Foremost. Wet swamp also complicates the exploration process. To overcome these issues the collection of soil samples during winter months has been undertaken resulting in the ability to effectively collect soil samples from nearly 100% of the property except where organic overburden or water preclude the practicalities of sample collection.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *182*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.0 RECOMMENDATIONS

The following recommendations flow from the review of all databases derived from exploration on the Zoro Lithium Project (Table 25-1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete a detailed geologic map for the property at a scale appropriate to document lithologies exposed on the property and assess any structural characteristics relevant to an improved understanding of the emplacement and possible repetitions of Zoro LCT pegmatites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Diamond drilling should target the remaining pegmatite dykes exposed on the property with the aim of ascertaining the physical size and extent of the main or historic dyke in three dimensions. The deeper sections of Dyke 1 may warrant additional drilling and additional holes are required to assess the three high-grade intersections in newly discovered Dyke 8 by drill hole DDHFar18-035. To this end a program of 2000 m of core drilling is recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A mineralogical and metallurgical program for Zoro dyke 1 is strongly recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ongoing soil geochemical surveys based on the use of Mobile Metal Ions Technology is strongly recommended given the success of drill testing an MMI anomaly by drill hole FAR18-035. This method should be applied where extensions of lithium-bearing pegmatite below overburden are sought and routinely in areas deemed to be highly prospective for lithium-bearing pegmatite but where no surface outcrop exposure is available. Drill testing of defined MMI anomalies is mandatory based on results to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Option agreements for surrounding property should be considered based on the results of ongoing prospecting.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *183*

**Table 25-1. Recommended ongoing exploration program and budget for the Zoro Lithium Project.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM** | &nbsp;&nbsp;**COST** |
| &nbsp;&nbsp;1. Diamond Drill Program (2000 m): | &nbsp;&nbsp;$375000.00 |
| &nbsp;&nbsp;2. Drill Geologist | &nbsp;&nbsp;$35000.00 |
| &nbsp;&nbsp;3. Core Technologist | &nbsp;&nbsp;$15000.00 |
| &nbsp;&nbsp;4. Helicopter and Drill Pad Cutting | &nbsp;&nbsp;$15000.00 |
| &nbsp;&nbsp;5. Assays-Drill Core (includes shipping) | &nbsp;&nbsp;$15000.00 |
| &nbsp;&nbsp;6. MMI Surveys including analyses @$30.00/sample for 800 soil samples, helicopter , collection (4 crew), interpretation | &nbsp;&nbsp;$110000.00 |
| &nbsp;&nbsp;7. Prospecting | &nbsp;&nbsp;$30000.00 |
| &nbsp;&nbsp;8. Assays @$50.00/sample for 100 rock samples: | &nbsp;&nbsp;$5000.00 |
| &nbsp;&nbsp;9. Office Support | &nbsp;&nbsp;$40000.00 |
| &nbsp;&nbsp;10. Project Management | &nbsp;&nbsp;$25000.00 |
| &nbsp;&nbsp;11. Applied Research | &nbsp;&nbsp;$30000.00 |
| &nbsp;&nbsp;12.Metallurgical Studies | &nbsp;&nbsp;$75000.00 |
| &nbsp;&nbsp;***Sub-total:*** | &nbsp;&nbsp;$770000.00 |
| &nbsp;&nbsp;Contingency @ 15%: | &nbsp;&nbsp;$115500.00 |
| &nbsp;&nbsp;***Total:*** | &nbsp;&nbsp;CAD$**885,500.00** |

---

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *184*

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**MAP REFERENCES** 

Map 63J/13, Herb Lake, (Topographic), Scale 1:50 000 - Mines and Technical Surveys, Canada.

Map 2566 G, Herb Lake, (Aeromagnetic), Scale 1:63 360 - Manitoba Mines Branch and Geological Survey of Canada.

Map 25019G (Airborne electromagnetic and AFMAG), Scale 1:50 000, Geological Survey of Canada (1970).

Map 36063G, Wekusko Lake, (Airborne gamma ray spectrometry), Scale 1:250 000, Province of Manitoba, Geological Survey of Canada (1979).

Maps, Snow Lake area, (Airborne geophysical surveys: airborne gamma ray<br> spectrometry, VLF electromagnetic and Total Field magnetic), Scales 1:250 000, colour maps, 1:150 000, stacked profiles; GSC Open File 2300, Geological Survey of Canada (1990).

Maps C 21507G, C 41507G, Herb Lake, (Aeromagnetic Total Field and Vertical Gradient, colour compilation maps), Scale 1:50 000, Manitoba Energy and Mines and Geological Survey of Canada (1990).

Maps 63J/13 a, b; g, h, (Aeromagnetic Vertical Gradient/Total Field and VLF EM surveys), Scale 1:20 000; GSC Open File 2219, Geological Survey of Canada (1990).

Map 1801, Reed and Wekusko Lakes region, (Geology), Scale 1:126 720; accompanying Memoir by Alcock (1920), Geological survey of Canada.

Map 268A, The Pas sheet, Manitoba and Saskatchewan, (Geology), Scale 1:506 880; accompanying Marginal Notes by Wright (1934), Geological Survey of Canada.

Preliminary Map 48-22, Crowduck Bay, (Geology), Scale 1:31 680, by M.J. Frarey, 1946-1947; accompanying Descriptive Notes by Frarey (1948), Geological Survey of Canada.

Map 987A, Crowduck Bay, (Geology), Scale 1:63 360, by M.J. Frarey, 1946-1948; accompanying Descriptive Notes by Frarey (1950), Geological Survey of Canada.

*Zoro Lithium Project TRS – Foremost Lithium Resource and Technology Ltd.* *191*

Map 1423A, Wekusko Lake, (Geology), Scale 1:250 000, by J.E. Armstrong, 1939, M.J. Frarey, 1946-1948, G.A. Russell, 1954-1955, C.K. Bell, 1962-1963, compiled by W.L. Davison; accompanying Memoir by Bell (1978), Geological Survey of Canada.

Map, Snow Lake - Flin Flon - Sherridon area, (Geological compilation), Scale 1:253 440, by A.H. Bailes, 1970; accompanying Paper by Bailes (1971), Manitoba Mines Branch.

Map ER80-1-4, Wekusko Lake pegmatite field, (Geology), Scale 1:100 000 - Accompanying Report by Cerny *et al.* (1981), Manitoba Energy and Mines.

Claim Map Series, 63J/13 SE, Scale 1:31 680, circa 1976, 1980, 1982, Mining Recording, Manitoba Mines Branch.

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