Foremost Clean Energy Issues Letter to Shareholders

Core Insights - Foremost Clean Energy Ltd. has experienced a transformative year in 2025, achieving significant milestones in exploration projects and emerging as a financially robust entity in the clean energy metals sector [2][3]. Company Achievements - The company has strengthened its foundation with a fortified balance sheet, landmark exploration discoveries, and a share price increase of over 100% year over year [3]. - Foremost has successfully executed diamond drilling programs on three core projects: Hatchet Lake, Murphy Lake South, and Jean Lake, demonstrating a dual-commodity exploration strategy [6][10]. Uranium Market Dynamics - The U.S. has declared nuclear energy a national security priority, leading to a ban on Russian uranium imports and significant investments to revive domestic production, which are expected to drive demand for uranium [4][7]. - Global uranium demand is projected to surge nearly 30% by 2030, with the U.S. nuclear capacity mandate requiring 2.5 times more uranium than the current global supply [7]. Exploration Highlights - At the Hatchet Lake Uranium Project, the maiden winter drill program exceeded expectations, discovering a new uranium zone with assay results showing 0.87% U₃O₈ over 0.45 meters, which is two times higher than earlier estimates [6][8]. - The Jean Lake Project has reported multiple gold intercepts, including 10.7 g/t Au over 5.6 meters, indicating potential for significant gold discoveries [14]. Financial Position - The company has reduced its debt by almost 40%, more than doubled its assets, and significantly increased shareholders' equity, positioning itself for future growth [12]. - Capital infusion from warrant and option exercises provided approximately $5.65 million in fresh capital [15]. Strategic Partnerships and Developments - A strategic spin-out of non-core assets to Rio Grande Resources Ltd. has unlocked value for shareholders, with Foremost retaining a 19.95% interest [15]. - The company has formed a strategic alignment with Denison Mines, which has provided technical support and financial backing [15]. Future Outlook - Foremost plans to execute an aggressive exploration program in 2026, focusing on high-priority uranium targets and expanding the Jean Lake Project [16][17]. - The company is well-positioned to capitalize on the growing demand for uranium and clean energy metals, particularly in the context of increasing power requirements from AI and data centers [18].