Foremost Lithium Resource & Technology Ltd FMST today announced that it had submitted a $10 million proposal for the Government of Canada's Critical Mineral Infrastructure Fund ("CMIF").
What Happened? The CMIF is a $1.5 billion fund to support clean energy and transportation infrastructure projects to enable the sustainable development and expansion of critical minerals in Canada.
The CMIF provides for two eligible funding streams, with Stream 1 being preconstruction and project development activities and Stream 2 being infrastructure deployment activities.
Also Read: EXCLUSIVE: Foremost Lithium Sets Winter Drilling Agenda At Jean Lake Lithium/Gold Property
Why Does It Matter? Foremost Lithium's proposal under Stream 1 will provide an enhanced transportation corridor in Manitoba's resource-rich Snow Lake region.
The Company's successful application is expected to enable Foremost to build a 9.5 km road from its Jean Lake and Zoro Property, connect it to an existing roadway, and make improvements to enhance current access routes.
This will provide a reliable route to transport Lithium, gold, nickel, and timber while simultaneously helping realize tremendous economic potential in the area.
Infrastructure investments are vital to creating jobs, supporting a strong economy, and building greener, more resilient communities.
Necessary improvements to current resource roads will serve to transport ore and timber and are crucial links for rural communities.
CEO Jason Barnard said, "We will continue to engage with the industry, local communities, the Manitoba government, and other organizations to develop strong economic partnerships."
Price Action: FMST shares traded lower by 2.95% at $2.96 premarket on the last check Wednesday.
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