VANCOUVER, British Columbia, Sept. 09, 2022 (GLOBE NEWSWIRE) — Foremost Lithium Resource & Technology Ltd. (CSE:FAT) (OTCQB:FRRSF) (FSE:F0R0) a Canadian hard-rock lithium exploration and development company focused on playing a critical role in the production of ethically produced battery-grade lithium hydroxide, has appointed Jason Barnard to its Board of Directors.
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Foremost owns six hard rock lithium projects in Canada, covering more than 48,000 acres, with each in the early phase exploration. In addition to its 5 Manitoba lithium properties, the company has its Hidden Lake lithium project in the Northwest Territories. The company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico.
In the last 12 months, the company increased its land portfolio in Snow Lake Manitoba by nearly 500%, growing from 8,900 acres to more than 43,000 acres.
The company has uncovered 39 spodumene-lithium bearing pegmatite dykes and 30 follow-up drill targets with massive upside and resource potential. Foremost intends to initially target extraction of lithium oxide (Li2O) from its project sites and to subsequently play a role in the production of high-quality lithium hydroxide (LiOH).
Lithium is one of the key components in electric vehicle batteries, but global supplies are under strain because of rising EV demand. According to STATISTA, a leading provider of market and consumer data, by 2030, the global demand for lithium is expected to surpass two million metric tons of lithium carbonate equivalent, more than doubling the demand forecast for 2025. A recent report by the International Energy Agency states that to meet global net carbon emission goals by 2030, the world will require an additional 50 lithium mines.
The recent Inflation Reduction Act intensified the need for automakers to secure their future domestic lithium supply, putting Canada in a privileged position to expand investment in lithium exploration companies as EV manufacturers and other suppliers scramble to source and secure their critical minerals with a Free Trade Partner.
John Gravelle, President and CEO, stated: “We are pleased to appoint Jason to the Board at Foremost Lithium. His long history with the company along with his capital markets experience will enable us to promote the continued advancement of our corporate goals. We would also like to announce that Scott Taylor has resigned to pursue other opportunities. Everyone at Foremost wishes Mr. Taylor well in his future endeavours.“
Jason Barnard brings more than 31 years of capital markets experience to the company and has assisted in raising funds for Foremost since 2016 and is currently the company’s largest shareholder. Mr. Barnard started his career with McDermid St. Laurence Securities in 1991 as a stockbroker focussing on mining and mining exploration companies, continuing his career at Canaccord Genuity from 1997 until 2004. Since 2004, he has been self-employed as a private investor where he has been directly involved in raising more than $500 million dollars for mining and exploration companies with a focused expertise on Canadian base metal companies.
The shares are trading at $0.30. For more information, please visit the company’s website, www.ForemostLithium.com, or contact John Gravelle, President and CEO, at 604-330-8067 or by email at [email protected].
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