Foremost Clean Energy Issues Letter to Shareholders

Executive Summary

• Foremost Clean Energy reported significant 2025 exploration successes, including a high‑grade uranium intercept (0.87% U₃O₈ over 0.45 m) at Hatchet Lake and multiple gold hits at Jean Lake (10.7 g/t Au over 5.6 m; 82 g/t Au over 0.7 m).
• The company raised approximately $5.65 M from warrant and option exercises, completed a spin‑out of non‑core assets to Rio Grande Resources (share‑exchange 2:1) while retaining a 19.95% stake, and saw Denison Mines increase its ownership by purchasing 485,000 shares for $1.067 M.
• Balance sheet strength improved markedly – debt reduced ~40%, assets more than doubled, and shareholders’ equity increased substantially – positioning Foremost for an aggressive 2026 drilling program across its uranium and gold projects.

Key Details

• Exploration Highlights
• Hatchet Lake (Uranium, SK) – Expanded winter drill to 10 holes; hole TF‑25‑16 returned 0.87 % U₃O₈ over 0.45 m, with a broader zone of 6.2 m mineralization.
• Murphy Lake South (Uranium, SK) – First drill since 2017 intersected a 400‑m mineralized corridor with strong hydrothermal alteration; assays pending but early data “highly encouraging.”
• Jean Lake (Gold, MB) – Completed 2,266 m program; notable intercepts: 10.7 g/t Au over 5.6 m and 82 g/t Au over 0.7 m; additional assays pending for 11 holes.

• Total drilling in 2025: >7,300 m, all programs either discovered or expanded mineralized zones.

• Financial & Corporate Transactions

• Warrant/Option Exercises: $5.65 M cash infusion from shareholders and insiders throughout 2025.
• Rio Grande Spin‑Out: Non‑core Winston Gold & Silver assets transferred; Foremost shareholders received 2 Rio Grande shares per Foremost share, with Foremost retaining a 19.95 % equity interest in the new entity.

• Denison Mines Relationship: Denison purchased 485,000 shares for $1.067 M, maintaining its status as largest shareholder and providing additional capital under an investor rights agreement.

• Leadership Appointments

• Peter Espig appointed to Board of Directors.

• Harpreet Bajaj appointed Corporate Secretary.

• Balance‑Sheet Improvements (FY 2025)

• Debt reduced by ~40%.
• Total assets more than doubled.

• Shareholders’ equity increased substantially (exact figures not disclosed).

• Strategic Outlook for 2026

• Multi‑year exploration permit secured at Hatchet Lake; aggressive winter drill program planned Q1 2026.
• Follow‑up drilling at Murphy Lake pending assay results.
• New three‑year permit and gravity survey at Turkey Lake, with drill plans to target historic high‑grade uranium intercepts.
• Expanded geological modelling and drill campaign for Jean Lake gold project.

Notable Quotes

• Jason Barnard, President & CEO: “2025 was a year of meaningful progress… we emerged financially stronger, technically advanced, and strategically focused… We are poised to execute an ambitious 2026 exploration program.”
• Cameron MacKay, VP Exploration (Qualified Person): “The technical content of this release has been reviewed and approved under NI 43‑101 standards.”