(Nasdaq: FMST)

***SPONSORED BY LFG EQUITIES CORP and DISSEMINATED ON BEHALF OF FOREMOST CLEAN ENERGY

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Foremost Clean Energy (NASDAQ: FMST): The Company Powering the AI Age with Uranium, Lithium, and Gold

Check out the Company Lander Here: https://foremostcleanenergy.com/landing

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Hello Everyone,

We have something back on our radar that we have not taken a look at in a few months but you will most certainly be familiar as we called this one “The Unicorn”. You don’t earn a title like that without good reason. We profiled this one for the first time a little over a year ago and were out ahead of a massive 500%+ run after a consolidation that proved to be just what FMST needed to start achieving goals and that is just what they are doing right now.

Why in 2025 has FMST one of the hottest junior miners on the Nasdaq? There are several reasons you are going to read about but I personally think the structure is what make FMST a winner so far.

The uranium sector is on an absolute tear. From global majors like Cameco (CCJ) and Uranium Energy Corp (UEC) to emerging juniors, the entire space is posting double-digit gains. This is not retail hype—it’s institutional capital flooding into a long-developing supply crisis that’s finally reached a breaking point. After decades of underinvestment and geopolitical dependency, the world is waking up to the reality that energy security and technological progress now depend on nuclear power—and by extension, uranium.

According to the U.S. Energy Information Administration (EIA), the United States purchased roughly 50 million pounds of uranium in 2024 to feed its fleet of 93 nuclear reactors. Yet domestic production totaled a mere 677,000 pounds, barely 1% of national demand. Even more alarming, around 25% of America’s uranium enrichment still comes from Russia, a figure that will drop to zero by 2028 under new federal restrictions. The clock is ticking. The United States must find secure, North American sources of uranium to power its reactors—and, increasingly, to power the digital infrastructure of the future.

Data centers are drawing power at an unprecedented pace, and the rapid expansion of artificial intelligence infrastructure is exposing a fundamental constraint: Electricity must be constant, scalable, and uninterrupted. As AI workloads grow more complex and persistent, the energy systems supporting them are being pushed toward a breaking point. This shift is quietly reshaping energy priorities across governments, utilities, and the world’s largest technology companies.

AI investment in the United States alone now exceeds $470 billion, yet the physical reality of powering these systems is becoming increasingly difficult to ignore. According to the International Energy Agency, electricity demand from AI, crypto, and data infrastructure could nearly double by 2026, reaching levels comparable to Japan’s total annual consumption. Renewable sources, while expanding rapidly, cannot reliably deliver the continuous baseload power that large-scale data centers require. As a result, nuclear energy is re-emerging as one of the few viable solutions capable of supporting 24/7 digital infrastructure.

Major technology firms have already begun repositioning accordingly. Amazon has secured hundreds of megawatts of nuclear capacity near its data operations and is seeking additional allocations. Meta has locked in over a gigawatt of long-term nuclear power, while Google and Microsoft are pursuing reactor restarts and new nuclear projects to support future AI growth. The common thread is clear: the next phase of AI expansion depends on energy that does not fluctuate, and nuclear power is increasingly viewed as indispensable.

This resurgence in nuclear demand is colliding with a fragile uranium supply chain, particularly in the United States. In 2024, the U.S. purchased more than 50 million pounds of uranium but produced less than 700,000 pounds domestically—barely over one percent of reactor requirements. Roughly 95% of supply is imported, with a significant portion of enrichment still tied to Russia until at least 2028. Policymakers have acknowledged the vulnerability this creates, and federal efforts are now underway to accelerate domestic and allied uranium supply while reducing geopolitical exposure.

Against this backdrop, uranium exploration companies with active programs, secured funding, and strong strategic partnerships are beginning to draw renewed attention. One of those names is Foremost Clean Energy (NASDAQ: FMST), which has re-entered focus as it advances from early-stage exploration toward more defined execution. The company controls ten uranium properties totaling approximately 332,000 acres across Canada’s Athabasca Basin, widely regarded as the world’s premier uranium district due to its exceptionally high grades, often measuring ten to one hundred times the global average.

Foremost’s land position spans both the Eastern Athabasca Cluster and the Blue-Sky Region, areas characterized by conductive corridors known to host major uranium discoveries. Rather than relying on a single flagship asset, the company is advancing multiple targets simultaneously, spreading geological risk while maintaining consistent exploration momentum. This approach places Foremost among the more active junior uranium explorers currently operating in North America.

A defining element of the company’s positioning is its relationship with Denison Mines, one of the sector’s most established uranium operators. Denison holds just over 17% of Foremost’s shares and maintains board representation, including its President and CEO. This alignment provides Foremost with more than financial backing—it connects the company to technical expertise, historical data, processing infrastructure at McClean Lake, and in-situ recovery knowledge tied to Denison’s Wheeler River project, which is expected to move toward production later this decade.

Operationally, Foremost has made steady progress across several properties. At Hatchet Lake, recent drilling returned stronger-than-initial uranium grades and helped extend a mineralized corridor that management believes may be part of a larger system. Follow-up drilling and a planned gravity survey are designed to further refine structural targets. At Murphy Lake South, the company completed a nearly 2,700-meter drill program along the La Roque Lake trend, adjacent to IsoEnergy’s Hurricane deposit—one of the highest-grade uranium discoveries ever recorded in the basin. Core analysis and assays from this program are expected to clarify whether the project can evolve into a second anchor asset.

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Additional groundwork is underway at Turkey Lake, where Foremost recently secured a three-year exploration permit and initiated a gravity survey aimed at advancing the project toward drill readiness. Together, these programs reflect a portfolio-based exploration strategy rather than reliance on a single outcome.

Beyond uranium, Foremost maintains meaningful exposure to other critical minerals. The company controls roughly 43,000 acres in Manitoba’s Snow Lake district, including the Jean Lake and Zoro projects. Recent drilling at Jean Lake returned high-grade gold intercepts, and a historic core resampling campaign is underway to identify previously overlooked mineralization. At Zoro, bench-scale testing has demonstrated the ability to produce near-6% battery-grade lithium hydroxide, underscoring the project’s relevance to electrification and defense supply chains.

From a market structure perspective, Foremost’s relatively small public float—just over 11 million shares—has historically amplified volatility. Earlier in 2025, the stock experienced an approximately 900% move in less than three months, illustrating how quickly sentiment can shift when supply is constrained and investor attention returns to the uranium space.

As AI infrastructure continues to scale and nuclear power regains strategic importance, the focus is increasingly narrowing to companies positioned early in the supply chain. Foremost Clean Energy sits at the intersection of these trends, combining exposure to uranium, lithium, and gold within stable jurisdictions and alongside an experienced sector partner. While exploration risk remains inherent, the company’s active drilling, expanding dataset, and strategic alignment place it among the more closely watched junior names as the energy demands of the AI era continue to accelerate.

MAJOR CATALYSTS

Small Float: With fewer than 12M shares available, (FMST)’s small float could witness the potential for big moves and heightened volatility if demand begins to shift.

Momentum On The Chart: Earlier this year, (FMST) made an approximate 900% move in under 90 days, underscoring how fast sentiment can shift when supply is limited.

AI Demand Fuel: As AI infrastructure accelerates, (FMST) is positioned along the fuel cycle powering data centers that require nonstop baseload energy.

Tier-One Backing: Through its ~17% ownership and board presence, Denison Mines provides (FMST) direct access to one of the sector’s most capable uranium operators.

Active Drilling: With multiple drill programs completed or underway across Hatchet Lake, Murphy Lake South, and Jean Lake, (FMST) continues advancing high-priority targets.

Expanding Footprint: Across ten Athabasca Basin uranium properties totaling more than 300,000 acres, (FMST) maintains one of the more active exploration pipelines in the region.

Dual-Metal Exposure: Alongside its uranium portfolio, (FMST) controls 43,000 acres of lithium ground in Snow Lake—aligning with both the AI-driven grid and the electrified transport buildout.

Foremost Clean Energy Issues Letter to Shareholders

VANCOUVER, British Columbia, Dec. 18, 2025 (GLOBE NEWSWIRE) — Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company“), is pleased to provide a corporate update and review of key activities and achievements from 2025.

Dear Shareholders,

As we reflect on 2025, it is clear this has been a transformative year for Foremost Clean Energy. We navigated a challenging market with resilience and achieved significant milestones across our exploration projects, emerging financially robust, strategically sharpened, and operationally proven. We have successfully executed a bold agenda, converting market challenges into powerful momentum as we grow our presence in the dynamic clean energy metals sector.

Foremost strengthened its foundation and emerged well-positioned: a fortified balance sheet, landmark exploration discoveries, and a market valuation that we feel reflects a profound vote of confidence in our path forward with a share price increasing more than 100% year over year. Our team worked tirelessly to advance our multi-focused portfolio in uranium, lithium and gold and I am proud to share the results of these efforts with you and the opportunities that lie ahead.

Uranium Market Update: Rising Demand and Policy ShiftsThe structural backdrop for uranium has fundamentally shifted. The U.S. declaration of nuclear energy as a national security priority, including the ban on Russian uranium imports, fast-tracking of reactors, and injecting billions to revive domestic production, are some of the most significant U.S. demand catalysts in half a century. These sweeping measures are accelerating timelines and are repositioning supply chains, making exploration to find new North American uranium discoveries not only necessary, but imperative.

Foremost is one of the few Nasdaq-listed companies advancing uranium exploration projects in North America, and we are drilling today to find potential future discoveries to feed America’s nuclear comeback.

Several recent, high-impact announcements and industry analyses point to what could be a significant and sustained increase in future uranium demand. These include:

  • U.S. Nuclear Supercharge: The mandate to quadruple U.S. nuclear capacity by 2050 will require 2.5 times more uranium than today’s entire global supply. The Defense Production Act now prioritizes uranium as critical infrastructure.1
  • AI & Tech Giants Going Nuclear: The insatiable power demands of AI and data centers are creating new, base-load utility buyers for 24/7 zero-carbon power, which nuclear can reliably provide at scale.2
  • Global Uranium Demand Set to Soar: Global reactor requirements in uranium in 2024 was approximately 67,000 tU. Uranium demand for nuclear power is set to surge nearly 30% by 2030; industry groups warn of looming deficits.3
  • November 2025: Nvidia and Microsoft enter into a $45 billion partnership with Anthropic combining $30B in cloud services and $15B in equity investment, with Anthropic committing to secure up to 1 gigawatt of computing capacity from Nvidia to power AI scaling4
  • October 2025: A historic $80 billion U.S. nuclear partnership with Westinghouse, Cameco, and Brookfield.5  This vertically integrates Westinghouse’s reactor technology, Brookfield’s financing, and Cameco’s vital uranium fuel supply, creating a powerful ecosystem to unlock the unprecedented acceleration of clean, zero-carbon nuclear energy in the United States. Cameco is recognized not as foreign supplier but as an indispensable strategic asset, one whose role is fundamental in unlocking American nuclear power, grid stability, and climate security.
  • June 2025: Sprott Physical Uranium Trust (SPUT) announced a $200M bought deal to acquire physical uranium which could lead to tightened spot market and may contributes to upward pressure on uranium prices6,7

Foremost is set to drill in the perfect location —the world-renowned Athabasca Basin— at a moment that aligns with an emerging wave of potential intensified uranium demand.

Foremost’s Exploration Highlights

We advanced a number of strategic priorities this year, successfully completing diamond drilling programs on three core projects; Hatchet Lake, Murphy Lake South and Jean Lake, demonstrating a deliberate, dual-commodity exploration strategy across our high-potential assets.

  • Hatchet Lake Uranium Project (Athabasca Basin, SK): Our maiden winter drill program at Hatchet Lake exceeded expectations. Initially planned for eight holes, the program was expanded to ten holes upon observing encouraging radioactivity in early drilling. This led to the discovery of a new uranium zone in the “Tuning Fork” target area. Assay results returned numbers to an even stronger uranium discovery than first reported, with drill hole TF-25-16, returning 0.87% U₃O₈ over 0.45 metres—two times higher than earlier estimates. The surrounding zone spans 6.2 metres of mineralization, indicating the potential for a much larger uranium mineralization system within the property.
  • Murphy Lake South Uranium Project (Athabasca Basin, SK): We completed the first drill program at Murphy Lake since 2017, testing high-priority targets. Drilling intersected broad zones of strong hydrothermal alteration and reactivated basement faults – hallmark features of unconformity-type uranium deposits. We confirmed the presence of a 400-meter mineralized corridor with anomalous uranium values, validating the prospectivity indicated by historical work. While assays are pending, the preliminary results are highly encouraging.
  • Jean Lake Project (MB):  We successfully completed a 2,266 metre drill program at Jean Lake and reported multiple gold intercepts from four holes along the Valkyrie Trend, highlighted by 10.7 g/t Au over 5.6 m, including 82 g/t Au over 0.7 m. Assays are pending for eleven additional holes from the 2025 program. The progression of results thus far demonstrates a consistent and expanding mineralized system, all occurring at depths within 100m from surface, highlighting the potential for more near-surface gold along this emerging gold-bearing trend. Concurrently, we have commenced a strategic re-sampling program focused on unsampled intervals adjacent to key historic discoveries, including the 102 g/t Au intercept from 2023. This multi-layered data integration is building a robust geological model to inform and prioritize our next phase of discovery-focused drilling.

Foremost’s Jean Lake property provides investors with potential for exposure to record gold prices, which recently surpassed $4,200 an ounce. Investors and central banks are looking to gold as a safe-haven asset amid geopolitical and inflationary pressures. This gold opportunity provides a valuable counter-cyclical element to our clean energy metals portfolio.

Across all projects, our exploration team demonstrated technical excellence and agility, completing over 7,300 meters of drilling in 2025. Each program either discovered or expanded zones of mineralization, reinforcing the value of our diversified project pipeline.

Strategic and Corporate Achievements

Beyond the drill bit, 2025 saw Foremost significantly strengthen its financial position and balance sheet.

  • Capital Infusion from Warrant & Option Exercises:  Throughout 2025, shareholders and insiders exercised warrants and options, providing approximately $5.65 million in fresh capital.
  • Rio Grande Spin-Out: We completed the strategic spin-out of our non-core Winston Gold and Silver assets to Rio Grande Resources Ltd. This transaction unlocked value for shareholders, as all Foremost shareholders received 2 Rio Grande Shares for every Foremost share held and Foremost itself retained an initial 19.95% interest.
  • Strategic alignment with Denison Mines: Our landmark option agreement with Denison Mines Corp. (“Denison”, NYSE American: DNN, TSX: DML), began to bear significant fruit. Denison’s technical team and data archives were instrumental in guiding our exploration and Denison has two representatives on our Board of Directors, providing invaluable expertise and governance support. Furthermore, Denison is our largest shareholder and has continued to inject significant incremental financial support pursuant to exercise of its rights under an investor rights agreement. In 2025, Denison acquired an additional 485,000 shares for aggregate proceeds of $1,067,000 in order to maintain its relative interest in Foremost.
  • Key Appointments: We further bolstered our leadership team this year with the appointments of seasoned mining leader, Peter Espig to our Board of Directors and Harpreet Bajaj as Corporate Secretary, adding critical expertise in resource company growth and corporate governance.

Based on the financial results released in November 2025, our year-over-year fiscal health and market performance have exceeded expectations, strengthening the Company’s economic foundation for future growth and execution readiness. We’ve reduced our debt substantially by almost 40%, more than doubled our assets and substantially increased our shareholders’ equity. With our balance sheet strengthened and our strategic foundation solidified, we are now singularly focused on advancing our exploration portfolio with precision and discipline. Our mission is clear: to leverage our robust financial position and proven technical team led by our Vice President of Exploration, Cameron MacKay. We are exceptionally well-equipped for this next phase of growth to deliver discovery-driven results that drive value.

The Road Ahead: Focused Execution for 2026

  • Advancing Uranium Discoveries: Building on the success at Hatchet Lake, we have secured a multi-year exploration permit and have plans for an aggressive winter drill program in Q1 2026. At Murphy Lake, we will formulate follow-up plans upon receipt of final assays. We also intend to advance other compelling uranium targets within our Athabasca portfolio.
  • Turkey Lake: A newly approved three-year permit and an ongoing ground gravity survey are paving the way for a targeted 2026 drill program to follow up on historic, high-grade uranium intercepts.
  • Expanding the Jean Lake Project: We will focus on updating the geological model for Jean Lake and launch an expanded drill campaign aimed at extending known mineralization.
  • Corporate Development: We will continue to pursue strategic initiatives to enhance shareholder value, maintaining a disciplined and results-driven approach.
  • Building on Momentum: We are poised to execute an ambitious 2026 exploration program, designed to systematically advance our highest-priority, discovery-ready targets. Full details of this growth-focused plan will be announced shortly.

Acknowledgment and Outlook

2025 was a year of meaningful progress and foundation-building. We entered the year as a newly transformed company and exited as a financially stronger, technically advanced, and strategically focused organization. The accelerating buildout of data centers, the immense power requirements of AI, and the renewed focus on nuclear energy are all contributing to powerful signals pointing toward strong future uranium demand. Foremost is excited for our exploration year ahead as we continue our exploration efforts in one of the richest uranium districts in the world: the Athabasca Basin.

None of this would have been possible without the dedication of our employees, the guidance of our Board, and, most importantly, your support as shareholders. Thank you for your continued trust. As we move into 2026, we do so with confidence, ready to execute on our plans and convert our promising portfolio into tangible discoveries. We remain committed to delivering on our goals and to keeping you informed every step of the way.

On behalf of the Board of Directors and the entire Foremost team, thank you for your unwavering support.

Sincerely,

Jason BarnardPresident & Chief Executive OfficerForemost Clean Energy Ltd.

Qualified Person

The technical content of this news release has been reviewed and approved by Cameron MacKay, P. Geo., Vice President of Exploration for Foremost Clean Energy Ltd., and a Qualified Person under National Instrument 43-101.

A qualified person has not performed sufficient work or data verification to validate the historical results in accordance with National Instrument 43-101. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program.

NEWS

Foremost Clean Energy Issues Letter to Shareholders

4 hours ago

Foremost Clean Energy Announces Successful Completion of 2025 Drill Program and Commencement of Historic Core Sampling Program at its Jean Lake Gold-Lithium Project

Dec 8, 2025

Foremost Clean Energy Announces Upcoming Ground-Based Gravity Survey at its Hatchet Lake Uranium Project, Athabasca Basin, Saskatchewan

Dec 4, 2025

Foremost Clean Energy Receives 3-Year Exploration Permit and Announces Gravity Survey at Turkey Lake Uranium Project, Athabasca Basin, Saskatchewan

Dec 1, 2025

Join RedChip’s December 10 Virtual Investor Conference Showcasing Companies Leading the Onshoring of Critical Minerals

Nov 26, 2025

Foremost Clean Energy Reports Continued Drilling Success at its Jean Lake Project with Multiple Shallow Gold Intercepts Including High-Grade interval of 34.2 g/t over 0.8m Within 9.0 g/t over 3.5m

Nov 19, 2025

Foremost Clean Energy Successfully Completes 2,695 m Drill Program at its Murphy Lake South Uranium Property

Nov 17, 2025

Foremost Clean Energy Reports High-Grade Gold Results from First Two Holes of 2025 Jean Lake Drill Program Highlighted by 10.7 g/t Au over 5.6 m Including 82 g/t Au over 0.7 m

Nov 10, 2025

Foremost Clean Energy Reports Significant Increase in Uranium Grade from Assays Received for Recent Discovery at its Hatchet Lake Project

Oct 29, 2025

Foremost Clean Energy Appoints Seasoned Mining Executive Peter Espig to Board of Directors

Oct 27, 2025

MANAGEMENT TEAM

JASON BARNARD

CEO And President, And Non-Independent Executive Board Member

Jason Barnard

Mr. Barnard has over 31 years of capital markets experience. Since 2004, he has been self-employed as a private investor where he has been directly involved in raising over $500 million dollars for mining and exploration companies with a focused expertise on Canadian base metal companies.

Mr. Barnard started his career with McDermid St. Laurence Securities in 1991 as a stockbroker with primary focus in mining, and mining exploration companies. Mr. Barnard then worked at Canaccord Genuity from 1997 until 2004. Mr. Barnard holds a Bachelor of Arts degree with a major in Economics from Carlton University and has obtained The Canadian Securities Course license in 1990. He first started working with and financing Foremost Lithium, previously known as Far Resources, with founder, and President Keith Anderson in 2016 and is the Company’s largest shareholder.

David Cates

Independent Director

David Cates

Mr. Cates is a Chartered Professional Accountant (CPA, CA) and holds Master of Accounting (MAcc) and Honours Bachelor of Arts (BA) degrees from the University of Waterloo. Mr. Cates has extensive expertise in the Canadian and international uranium mining industry from over a decade of senior management and financial experience in various roles with Denison.

Mr. Cates was appointed President & CEO of Denison in 2015, having previously served as the company’s Vice President, Finance & Tax and Chief Financial Officer. Prior to joining Denison in 2008, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP. Mr. Cates also serves as a Director of the Canadian Nuclear Association and of SkyHarbour Resources Ltd.

JODY DAHROUGE, B.SC., SP.C., – P. GEOL.

Geological Advisor

Jody Dahrouge

Mr. Dahrouge has been the President of Dahrouge Geological Consulting Ltd., a North American mineral exploration, consulting, and project management group, since 1988. He is a professional geologist with over 30 years’ experience and holds Bachelor of Science degrees in geology and computing science, both from the University of Alberta.

Mr. Dahrouge has been involved in all aspects of mineral exploration and development for a wide variety of commodities worldwide. Dahrouge Geological Consulting Ltd. has been instrumental in a multitude of grassroots discoveries across a wide variety of commodities and currently has boots on the ground on multiple Canadian and American projects

MARK FEDIKOW PH.D. P.GEO. CPG

Geoscientific Advisor

Mark Fedikow

Dr. Fedikow has over 40 years of experience as an exploration geochemist and a mineral deposits geologist working in both private and public sectors. He is a Fellow at the Association of Applied Geochemists, where he’s previously worked as a councilor. Dr. Fedikow has also served on numerous industry-related committees. He also pioneered the application of regional multimedia geochemical and mineralogical surveys in support of base and precious metal and diamond exploration in Manitoba.

During his 45-year career he has worked for a variety of junior and major mining exploration and mining companies and for the Manitoba Geological Survey as Chief Geologist of the Mineral Deposits Section. In 2001 he received the Provincial Geologists gold medal, a Canadian national award for excellence in the geosciences.

In 2002 Mark left the Manitoba Geological Survey to start his own company (Mount Morgan Resources Ltd.) providing consulting services to the metal and hydrocarbon exploration industry. He is currently registered as P.Eng. and P.Geo. with Engineers Geoscientists Manitoba (“EGM”), P.Geo. with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) and as a Certified Professional Geologist (C.P.G.) with the American Institute of Professional Geologists (“A.I.P.G.”), Westminster, Colorado, U.S.A.

SINCERELY,

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