Foremost Clean Energy Announces 3-Year Drill Permit for Hatchet Uranium Project and Plans for Upcoming 3,000 Metre Winter Drill Program

Executive Summary

• Foremost Clean Energy received a three‑year exploration permit from the Saskatchewan Ministry of Environment for its Hatchet Lake Uranium Project, authorizing up to 50 drill holes through December 28 2028.
• The company announced a Phase 2 winter 2025‑2026 drill program of approximately 3,000 m targeting the New Tuning Fork discovery, high‑priority Richardson Trend targets, and the historic Beta Grid target.
• The permit provides significant runway for exploration in the Athabasca Basin, positioning Foremost to potentially deliver new uranium discoveries that could support growing nuclear power demand.

Key Details

• Permit Scope: 3‑year exploration permit covering Hatchet Lake property; valid until 28 Dec 2028; permits up to 50 drill holes.
• Planned Drill Program (Winter 2025‑2026): ~3,000 m total depth; multiple target areas:
• Expand New Tuning Fork discovery – Hole TF‑25‑16 intersected 0.10 % eU₃O₈ over 6.5 m (including 0.22 % eU₃O₈ over 0.9 m); assay results pending.
• Test high‑priority targets on the Richardson Trend identified from historic Denison work.
• Test the Beta Grid where historic drilling indicated a 35 m unconformity offset.
• Exploration Objective: Advance unconformity‑related uranium targets to unlock next‑generation deposits in the Athabasca Basin.
• Qualified Person Review: Technical content reviewed and approved by Cameron MacKay, P.Geo., VP of Exploration (NI 43‑101 Qualified Person).
• Strategic Context (CEO Quote): Jason Barnard highlighted a global uranium supply deficit driven by projected 700 GW SMR capacity by 2050 and rising energy demand from the digital economy, underscoring the strategic importance of aggressive exploration.

Notable Quotes

“Securing this three‑year permit is an important milestone… provides Foremost with significant runway to explore this highly prospective property and rapidly follow‑up positive results.” – Jason Barnard, President & CEO
“The uranium industry is at a historic inflection point… nuclear energy is the only scalable solution—and investment in uranium exploration now is necessary to meet projected demands.” – Jason Barnard