THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, March 31, 2026 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) ("Foremost" or the "Company"), is pleased to announce that it has completed its previously announced bought deal private placement (the "Offering") for aggregate gross proceeds of C$5,746,680, including C$245,480 from the partial ex ...

Core Viewpoint - Foremost Clean Energy Ltd. has announced a bought deal private placement to raise C$5.5 million through the issuance of 1,618,000 units at C$3.40 per unit, with each unit consisting of one common share and one half of a common share purchase warrant [1][2]. Group 1: Offering Details - The offering consists of 1,618,000 units priced at C$3.40 each, aiming for total gross proceeds of C$5.5 million [1]. - Each unit includes one common share and one half of a warrant, with the full warrant allowing the purchase of one common share at C$4.40 for 24 months [2]. - The underwriter has an option to purchase an additional 242,700 units, potentially raising an extra C$825,180 if fully exercised [4]. Group 2: Shareholder Participation - Denison Mines Corp., the largest shareholder, has the right to participate in the offering, which could increase its ownership to approximately 19.95% post-closing [3]. Group 3: Use of Proceeds - The gross proceeds will be used for Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures on the company's projects in Canada, to be incurred by December 31, 2027 [5]. Group 4: Closing and Regulatory Compliance - The offering is expected to close around April 7, 2026, subject to compliance with Canadian Securities Exchange requirements and necessary approvals from NASDAQ [6]. Group 5: Company Overview - Foremost Clean Energy Ltd. is focused on uranium and lithium exploration, positioned to meet the growing demand for carbon-free energy [8]. - The company holds an option to earn up to 70% interest in 10 uranium properties in the Athabasca Basin, covering over 330,000 acres [9]. - Foremost also has lithium projects across more than 55,000 acres in Manitoba and Quebec, supporting electrification and energy storage [10].

Core Viewpoint - Foremost Clean Energy Ltd. is hosting a webinar on March 18, 2026, to discuss its uranium exploration portfolio and strategies in Saskatchewan's Athabasca Basin [1][2]. Group 1: Company Overview - Foremost Clean Energy Ltd. is a North American uranium and lithium exploration company focused on meeting the growing demand for reliable, carbon-free energy [5]. - The company holds an option from Denison Mines Corp. to earn up to a 70% interest in 10 uranium properties, covering over 330,000 acres in the Athabasca Basin [6]. Group 2: Exploration Strategy - The company employs a data-driven exploration strategy, utilizing historical geological and geophysical data to identify high-priority drill targets [6]. - Recent and planned exploration activities include geophysical programs and drill campaigns aimed at testing known uranium mineralization areas [3]. Group 3: Capital Position and Objectives - The CEO will outline the company's capital position and exploration objectives for 2026 during the webinar [3]. - Foremost has completed multiple drill campaigns that have yielded encouraging results, defining discovery-ready targets for follow-up drilling [6]. Group 4: Lithium Projects - In addition to uranium, Foremost has a portfolio of lithium projects across over 55,000 acres in Manitoba and Quebec, providing exposure to critical materials for electrification and energy storage [7].

Core Viewpoint - Foremost Clean Energy Ltd. has initiated a winter diamond drill program at its Hatchet Lake Uranium Project, aiming to build on previous uranium discoveries and explore additional high-priority targets in the eastern Athabasca Basin [1][2]. Company Overview - Foremost Clean Energy Ltd. is a North American uranium and lithium exploration company, holding an option to earn up to 70% interest in 10 uranium properties, covering over 330,000 acres in the Athabasca Basin [13]. - The company is focused on systematic exploration programs to make significant discoveries in collaboration with Denison Mines Corp. [13]. Drilling Program Details - The winter drill program will cover approximately 5,000 metres, focusing initially on the Tuning Fork target area, where a previous discovery in 2025 showed 0.87% U₃O₈ over 0.45 metres [1][2]. - The program aims to test the continuity of mineralization along-strike and down-dip, refine structural controls on uranium emplacement, and evaluate additional targets across Hatchet Lake South and North [1][16]. Target Areas - The Tuning Fork target area is characterized by a previously untested 600-metre gap between historic drill holes, with initial drilling focused here [7]. - Additional target areas include the Beta Grid at Hatchet Lake South, which is associated with structural disruptions recognized as key controls on uranium mineralization [8]. - At Hatchet Lake North, the Richardson SE target encompasses over five kilometres of untested electromagnetic conductor strike length, with ongoing integration of gravity survey results to refine drill targeting [9]. Strategic Importance - The combination of a confirmed uranium discovery at Tuning Fork and multiple structurally controlled targets positions Hatchet Lake as a promising project for further uranium discoveries in the eastern Athabasca Basin [10].

Core Viewpoint - Foremost Clean Energy Ltd. has signed an Exploration Agreement with the Kiciwapa Cree Nation to support responsible mineral exploration in Manitoba, establishing a framework for collaboration based on transparency, environmental responsibility, and community engagement [1][2][3]. Company Overview - Foremost Clean Energy Ltd. is a North American uranium and lithium exploration company focused on meeting the growing demand for reliable, carbon-free energy [9]. - The company holds an option to earn up to 70% interest in 10 prospective uranium properties in the Athabasca Basin, covering over 330,000 acres [10]. - Foremost employs a data-driven exploration strategy, utilizing extensive historical drilling and geophysical data to identify high-potential mineralized trends [10]. Exploration Agreement Details - The Agreement includes processes for advance notice of exploration activities, regular engagement, and information sharing [6]. - It supports environmental and cultural stewardship, allowing KCN to conduct monitoring during exploration and engage community representatives [6]. - Economic participation for KCN members is emphasized through employment, training, and contract opportunities, along with financial commitments for community engagement and development [6]. Kiciwapa Cree Nation Overview - Kiciwapa Cree Nation is located in northwest Manitoba, with a strong connection to the land and a commitment to honoring their traditions and culture [7][8]. - The Nation's main community, Sherridon, serves as a central gathering place, reflecting their commitment to self-determination and a thriving future [8].

Core Insights - The company has reported results from a targeted historic core resampling program at its 100%-owned Jean Lake Gold-Lithium Property, aimed at improving the understanding of gold distribution along the Valkyrie and Midas Gold Trends [1][2] Summary of Results - The resampling program identified additional mineralized sections and improved the representation of gold distribution within the Valkyrie structural corridor, supporting the refinement of geological interpretation [2][3] - The integration of new assay results from the 2025 gap-fill resampling program with previously reported gold intercepts from the 2023 drill program shows that mineralization extends beyond earlier reported intercepts [3][6] Significant Assay Results - Notable assay results include: - FM23-25: 1.10 g/t Au over 8.0 metres from 22.0–30.0m, including 6.9 g/t Au over 0.5 metres [5] - FM23-08: 0.64 g/t Au over 10 metres from 106.5-116.9m [5] - The updated interpretation indicates that the Valkyrie Trend has been traced over approximately 600 metres of strike length [9] Next Steps - The company plans to integrate the new gap-fill assay results with the 2025 drill program results to assist in the next phase of exploration, which will include step-out and infill drilling aimed at expanding the mineralized footprint [9][15] Quality Control and Analytical Methods - All drill core samples were collected as NQ-sized core, with systematic sampling conducted in mineralized zones and continuous sampling outside these zones [10] - Samples were analyzed by SGS Canada Inc., utilizing methods such as Fire Assay and multi-element geochemical analyses, ensuring strict quality control protocols [10][11]

Core Viewpoint - Foremost Clean Energy Ltd. has reported promising final assay results from its 2025 diamond drill program at the Jean Lake Gold-Lithium Property, indicating a significant expansion of the gold mineralization along the Valkyrie Trend, with high-grade intercepts and a mineralized corridor extending approximately 600 meters [1][3][4]. Summary by Sections Drill Program Results - The 2025 drill program included 15 holes totaling 2,266 meters, with notable high-grade intercepts such as 9.4 g/t Au over 2.2 meters in hole JL25-010 and 6.2 g/t Au over 2.6 meters in hole JL25-009 [1][3]. - Additional significant results include 2.6 g/t Au over 5.4 meters in hole JL25-007 and 2.9 g/t Au over 6.7 meters in hole JL25-006 [2][5]. Mineralization Insights - The gold mineralization has been identified over a strike length of approximately 600 meters along the Valkyrie Trend, characterized by consistent higher-grade zones within broader mineralized envelopes [4][13]. - The mineralization is primarily hosted within a steeply dipping shear zone, featuring quartz veining and sericite alteration, with multiple drill fences confirming the continuity of the gold system [4][14]. Future Exploration Plans - The company plans to conduct step-out and infill drilling to further define and expand the mineralized corridor and target higher-grade zones within the structurally controlled system [3][13]. - Ongoing work will focus on evaluating structural controls and lithological influences on gold distribution to refine future drill targeting [14]. Company Overview - Foremost Clean Energy Ltd. is a growing North American exploration company focused on uranium and lithium, holding significant properties in the Athabasca Basin and a portfolio of lithium projects across Manitoba and Quebec [19][20].

Financial Performance - The company reported a net loss of CAD 4,166,070 for the nine-month period ended December 31, 2025, compared to a loss of CAD 4,393,940 for the same period in 2024, indicating a reduction in losses of approximately 5.2%[4] - Basic loss per common share was CAD 0.33 for the nine-month period ended December 31, 2025, compared to CAD 0.67 for the same period in 2024, reflecting an improvement of 50%[4] - The company incurred total expenses of CAD 6,949,401 for the nine-month period ended December 31, 2025, compared to CAD 4,521,973 for the same period in 2024, representing an increase of about 54.0%[4] - The company reported a total deficit of $27,884,691 as of December 31, 2025, up from $24,455,404 as of March 31, 2025, indicating ongoing financial challenges[12] Assets and Liabilities - Total assets increased to CAD 35,938,494 as of December 31, 2025, up from CAD 27,741,039 on March 31, 2025, representing a growth of approximately 29.3%[2] - Shareholders' equity increased to CAD 34,460,017 as of December 31, 2025, up from CAD 24,492,262 on March 31, 2025, which is an increase of approximately 40.6%[2] - Total liabilities decreased to CAD 1,478,477 as of December 31, 2025, down from CAD 3,248,777 on March 31, 2025, a reduction of approximately 54.5%[2] - Cash and cash equivalents decreased to CAD 4,077,659 as of December 31, 2025, down from CAD 5,005,346 on March 31, 2025, a decline of approximately 18.5%[2] Exploration and Evaluation - Exploration and evaluation assets rose to CAD 29,078,756, compared to CAD 21,324,785 as of March 31, 2025, marking an increase of about 36.5%[2] - The Company incurred exploration costs of $18,867,379 during the nine-month period ended December 31, 2025, compared to $11,564,023 for the year ended March 31, 2025, representing a year-over-year increase of approximately 63%[29] - The Company has incurred $3,000,000 in exploration expenditures on the Peg North claims as part of an option agreement, with a total cash payment of $750,000 and share issuances valued at $750,000 required[36] - The Company entered into an option agreement with Denison Mines Corp. to acquire up to a 70% interest in exploration properties in the Athabasca Basin, with cumulative exploration expenditures of $881,337 incurred through December 31, 2025[40][41] Financing Activities - The company raised $7,478,147 through cash financings in 2025, although this was lower than the $11,850,379 raised in 2024[8] - The company continues to seek additional financing through equity and/or debt issuances to support its operations and corporate objectives[13] - The company raised gross proceeds of $4,419,000 from a brokered private placement of 1,473,000 units at $3.00 per unit, with each warrant exercisable at $4.00 until November 14, 2026[56] - The company raised $7,536,379 through flow-through private placements during the year ended March 31, 2025, and has fulfilled the required spending obligation by December 31, 2025[100] Shareholder Equity and Compensation - The company issued 1,882,785 shares for cash, raising CAD 7,478,147 during the period, contributing to the increase in capital stock[6] - The company recorded share-based compensation of $18,669 for the vested portion of stock options during the period ended December 31, 2025[62] - The company granted a total of 428,718 Restricted Share Units (RSUs) during the nine-month period ended December 31, 2025, with an estimated fair value of $1,975,710[68] - The total balance of RSUs as of December 31, 2025, was 521,526, with 92,808 remaining unsettled[71] Legal and Regulatory Matters - The company is currently facing a claim for wrongful dismissal from a former officer, seeking unspecified damages[115] - The probability and amounts of any potential loss from the wrongful dismissal claim are currently not determinable, and no amounts have been accrued for potential liability[116] - The company assesses potential liability by analyzing litigation and regulatory matters, consulting with outside counsel[117] Market and Investment Activities - The company’s investment in Rio Grande was reduced to 11.48% as of December 31, 2025, down from 19.95% as of March 31, 2025, due to a spin-out transaction[24] - The carrying value of net assets transferred to Rio Grande was $212,967, while the fair value was $2,604,781, resulting in a gain on spin-out of $2,391,814[111] - During the year ended March 31, 2025, the company recognized $1,914,814 of the gain on spin-out, with the remaining gain of $477,000 realized by December 31, 2025[111] Risk Factors - The company is exposed to liquidity risk and is dependent on obtaining regular financings to continue as a going concern, with no guarantee of future financings[93] - The company has not hedged its exposure to foreign currency fluctuations, which could impact its financial position due to exchange rate risks[96]

Core Viewpoint - Foremost Clean Energy Ltd. is set to initiate a 5,000-metre diamond drill program at its Hatchet Lake Uranium Project in mid-February 2026, following a successful 2025 winter drill program that led to a new uranium discovery [1][2]. Drill Program Overview - The upcoming drill program aims to systematically follow up on the TF-25-16 discovery, which intersected 0.87% U₃O₈ over 0.45 metres within a broader 6.2-metre interval averaging 0.10% U₃O₈ [1][5]. - The program will focus on multiple high-priority targets, including Tuning Fork and Beta Grid at Hatchet Lake South, and Richardson SE at Hatchet Lake North [3][12]. Target Areas - The Tuning Fork target area will be prioritized for step-out and infill drilling to test the continuity of mineralization and refine structural controls [5][7]. - Tuning Fork West has identified a previously untested electromagnetic conductor approximately 1.2 kilometres in strike length, which is considered a high-priority target [9]. - The Beta Grid target area shows a 20.3-metre offset in the depth to the Athabasca unconformity, interpreted as an east-directed thrust fault, which will be evaluated through targeted drilling [10]. - The Richardson SE target area contains over 5 kilometres of untested electromagnetic conductor strike length, with recent ground gravity survey results being integrated to refine drill targets [12]. Exploration Outlook - The drill program is designed to advance additional drill-ready targets generated through integrated geological and geophysical interpretation, with a focus on identifying zones of structural complexity and hydrothermal alteration [15][20]. - The company believes that the combination of newly identified untested conductors and confirmed structural complexity makes Hatchet Lake a compelling project for further uranium discoveries [15].

Company Overview - Foremost Clean Energy Ltd. is a North American uranium and lithium exploration company focused on supporting the increasing demand for reliable, carbon-free energy [3] - The company holds an option to earn up to 70% interest in 10 prospective uranium properties in the Athabasca Basin, covering over 330,000 acres [4] - Foremost also has a portfolio of lithium projects across more than 55,000 acres in Manitoba and Quebec, addressing the needs for electrification and energy storage [5] Strategic Developments - Foremost has engaged RedChip Companies, Inc. to lead its investor relations and strategic communications efforts, utilizing a multi-channel platform to reach a broad base of investors [1] - The engagement aims to elevate Foremost's profile and capitalize on growing investor interest in critical minerals and uranium as a nuclear fuel source [2] - RedChip will receive $11,000 per month for six months, starting January 19, 2026, with no securities issued as compensation [2] Exploration and Growth Potential - The company is advancing a multi-property exploration program in the Athabasca Basin, with multiple drill programs planned for the year [2] - Foremost employs a data-driven exploration strategy supported by extensive historical drilling and geophysical data, which provides a competitive advantage in targeting high-potential mineralized trends [4] - Encouraging results from previous geophysical surveys and drill campaigns have defined high-priority, discovery-ready targets for follow-up drilling [4]