Foremost drilling at Murphy Lake South, Jean Lake

Executive Summary

• Foremost Clean Energy Ltd. is advancing two parallel drilling campaigns: a 2,500-metre program at its Murphy Lake South uranium project in Saskatchewan and a 2,500-metre program at its Jean Lake gold-lithium project in Manitoba.
• The Murphy Lake program targets unconformity-style uranium mineralization using ambient noise tomography (ANT) to optimize hole placement, leveraging the prospective Athabasca basin context near IsoEnergy’s Hurricane deposit.
• The Jean Lake program aims to expand known high-grade gold and lithium zones, validate historical drilling, and define the broader mineralized system, building on four years of exploration work since 2021.

Key Details

• Murphy Lake South Uranium Project (Saskatchewan):
  • Program Scope: Eight-hole, 2,500-metre diamond drill program.
  • Objective: Testing high-priority targets for unconformity-style uranium mineralization, following up on historic mineralization intersected by Denison Mines Corp.
  • Location Context: Adjacent to the Larocque Lake conductive corridor, host to IsoEnergy's Hurricane deposit (Indicated resource: 48.6 Mlb U3O8 at 34.5%; Inferred: 2.7 Mlb U3O8 at 2.2%).
  • Technology: Utilization of ambient noise tomography (ANT) survey to generate 3-D velocity models, imaging structural offsets, fault zones, and alteration halos to refine target confidence.
• Jean Lake Gold-Lithium Project (Manitoba):
  • Program Scope: 20-hole, 2,500-metre diamond drill program.
  • Objective: Expand known high-grade zones, validate historical drilling, and define the broader mineralized system across the 2,476-acre (1,002-hectare) property.
  • Historical Context (Phases 1-4):
    • 2021 Discovery: Rock chip sampling returned 5.17% Li2O and 20.9 g/t Au.
    • 2022/2023 Maiden Drill: Intersected high-grade gold and lithium, including:
      • FM23-8: 7.50 g/t Au over 7.66 m (including 102.0 g/t Au over 0.48 m).
      • FM23-04A: 1.26% Li2O over 3.35 m from surface.
    • 2023 Sampling: Assays up to 1.86% Li2O.
  • Current Focus (Phase 5): Step out from known intercepts to test continuity and expansion; assess potential for additional gold mineralization at depth; create a lithostructural framework along the Valkyrie trend; target the B1 spodumene-bearing pegmatite to delineate/expand the mineralized body.
  • Regional Context: Located in the Proterozoic Flin-Flon-Snow Lake greenstone belt, near Hudbay Minerals' Lalor mine (produced >1 million oz Au).
• Strategic Commentary:
  • CEO Jason Barnard highlighted the opportunity to run two active drill programs in parallel to derisk the gold asset and use its momentum to fund uranium exploration without diluting the uranium focus.

Notable Quotes

• "Running two active drill programs in parallel on two different commodities, in two different regions, is an exceptional opportunity that few uranium explorers can execute well... By simultaneously advancing a high-grade gold asset that we already own 100 per cent of, we are effectively using the gold market's momentum to build a stronger, better-funded uranium company." — Jason Barnard, President and CEO