Foremost Clean Energy Reaches Athabasca Uranium Earn-In Milestone

Vancouver, British Columbia, Canada Foremost Clean Energy Ltd. (NASDAQ: FMST, CSE: FAT) is pleased to announce a significant advancement in its strategic partnership with Denison Mines Corp. (NYSE American: DNN, TSX: DML). The company has successfully completed the Phase 2 earn-in requirements under their Option Agreement, moving a significant 15 months ahead of the original October 2027 deadline.

By issuing up to 848,610 common shares valued at $2 million and having invested over $8 million in exploration expenditures, Foremost has increased its ownership interest to 51% across 10 of its Athabasca uranium projects. The Hatchet Lake project remains an exception, where the company holds a 35.78% interest. This achievement solidifies Foremost's operational progress in one of the world's most prolific uranium-producing regions.

Transaction and Operational Highlights:

• Ownership Increase: Foremost has reached a majority 51% stake in most portfolio projects, significantly ahead of the contractual timeline.
• Capital Investment: The company successfully met its $8 million exploration expenditure obligation.
• Strategic Growth: With Phase 2 completed, Foremost is now focused on advancing toward the final earn-in stage, Phase 3, which aims to increase interest in the projects to 70%.
• Exploration Success: Recent activities include the discovery of the Tuning Fork Uranium Zone, completion of extensive diamond drilling at Hatchet Lake South and Murphy Lake South, and various geophysical surveys across the portfolio.

The company maintains a strong technical foundation and continues to advance its uranium and lithium exploration projects to meet the growing global demand for clean energy and nuclear fuel.