(Nasdaq: FMST)

April 6, 2026

*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

NYSE-listed Denison Mines (DNN) and FMST now manage 10 highly prospective properties in Canada’s Athabasca Basin (The Saudi Arabia of Uranium)

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

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Hello Everyone,

Power—not semiconductors—is increasingly emerging as the limiting factor in the advancement of artificial intelligence. The rapid acceleration of AI development is beginning to collide with a fundamental constraint: access to large-scale, reliable energy. Industry leaders suggest that sustaining current growth could require as much as 100 gigawatts of additional electricity annually—an amount comparable to the output of roughly 100 nuclear power plants. That is the magnitude of the challenge now coming into focus.

At the same time, the United States remains heavily dependent on foreign sources for processed uranium, with countries like Russia playing a significant role in the supply chain. As geopolitical tensions persist, the urgency around securing stable, domestic fuel sources is shifting from a long-term consideration to an immediate priority. Against this backdrop, Foremost Clean Energy (NASDAQ: FMST) has re-emerged as a company worth monitoring, recently moving back onto investor watchlists.

The renewed attention follows a key development: Foremost announced a $5.5 million bought deal private placement led by Canaccord Genuity. The financing was priced at C$3.40 per unit (approximately $2.48 USD) and includes a standard four-month hold period. Importantly, the deal was completed at a premium to the prevailing market price, providing the company with capital to advance its planned 11,500-metre drilling program in 2026.

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A Converging Opportunity in Energy and AI

The global economy is entering a phase where energy and technology are becoming deeply intertwined, with nuclear power moving back into focus. While artificial intelligence has dominated headlines, its expansion is now constrained by the need for continuous, large-scale electricity. This dynamic is reviving interest in nuclear energy, one of the few sources capable of delivering consistent, carbon-free baseload power.

Market behavior is already reflecting this shift. Nuclear generation is reaching new highs as major technology firms race to secure long-term energy supply. The buildout of data centers has effectively turned electricity availability into a gating factor for AI growth. In 2026 alone, hyperscale companies—including Google, Microsoft, Amazon, and Meta—are expected to invest approximately $650 billion into AI infrastructure.

This surge is also highlighting the limitations of renewable energy sources. While wind and solar play a growing role, their intermittent nature makes them less suited for powering always-on, high-load systems like AI data centers. As a result, analysts increasingly expect nuclear energy to serve as a foundational component of the next phase of AI expansion.

Technology companies are already acting on this reality. Meta has secured agreements tied to 6.6 gigawatts of nuclear capacity through partnerships with firms such as Vistra, TerraPower, and Oklo. Microsoft has committed billions to secure output from the restarted Three Mile Island reactor, while Google has entered into agreements for power generated by small modular reactors. Amazon is also exploring similar pathways as part of its long-term energy strategy.

America’s Uranium Supply Challenge

As demand for nuclear power rises, structural weaknesses in the U.S. uranium supply chain are becoming more visible. Despite operating one of the world’s largest fleets of nuclear reactors, the United States produces only a fraction of the uranium it consumes. The majority is imported, with Kazakhstan, Canada, and historically Russia serving as major sources.

This imbalance has captured the attention of policymakers and market participants alike. Calls to rebuild domestic production capacity are growing louder, while major financial institutions and commodity traders are expanding their exposure to physical uranium markets in anticipation of tighter supply conditions.

Within this environment, Foremost Clean Energy’s presence in the Athabasca Basin—one of the richest uranium regions globally—positions it within a district that has historically delivered some of the highest-grade deposits in the world.

Company Overview and Asset Base

Foremost Clean Energy is a North American exploration company focused on uranium and lithium discovery. Its uranium portfolio spans ten properties across approximately 332,000 acres in the Athabasca Basin, a region responsible for a significant share of global uranium production and known for grades far exceeding global averages.

The company’s projects are organized into focused clusters. In the eastern Athabasca region, its Hatchet Lake project includes key targets such as Richardson and Tuning Fork. Early drilling at Tuning Fork has already returned encouraging uranium results, suggesting the presence of meaningful mineralization and justifying continued follow-up work.

Recent operational activity underscores this focus. In early 2026, the company initiated a 5,000-metre winter diamond drilling program at Hatchet Lake, designed to expand on a prior discovery that intersected notable uranium grades. This program is targeting multiple high-priority zones, including structural features commonly associated with high-grade deposits.

Beyond these core assets, Foremost also holds a series of less-explored “blue-sky” properties, where limited historical work leaves open the possibility of new discoveries. In Manitoba’s Snow Lake region, the company maintains additional exposure to lithium and gold through projects such as Zoro, Jean Lake, and Grass River—adding a secondary layer of potential tied to battery metals and precious metals.

Market Positioning and Strategic Support

As global demand for clean energy resources grows, companies with exposure to uranium and lithium are attracting increasing attention. Foremost’s strategic relationship with Denison Mines enhances its positioning, providing both technical expertise and alignment with an established industry operator.

Ownership structure further reinforces this alignment. A meaningful portion of the company’s shares is held by management and Denison Mines, reducing the public float and potentially amplifying market movements during periods of increased interest.

The company also recently strengthened its financial position through a capital raise led by Canaccord Genuity, ensuring that exploration programs remain fully funded through the near term.

Integrated Catalysts and Forward Momentum

The broader investment case for Foremost Clean Energy is increasingly tied to the intersection of energy demand and resource scarcity. As artificial intelligence infrastructure continues to expand, the need for stable, large-scale electricity is becoming more pronounced. This trend is contributing to renewed interest in nuclear energy, indirectly supporting the long-term outlook for uranium exploration companies.

At the same time, the company’s relatively tight share structure introduces the potential for amplified price movements if investor attention intensifies. With a significant portion of shares held by insiders and strategic partners, shifts in demand can have an outsized impact on trading dynamics.

Macro supply conditions also play a role. The gap between domestic uranium production and consumption in the United States highlights the importance of reliable North American sources, placing additional focus on regions like the Athabasca Basin where Foremost operates.

From an asset perspective, the company’s broad land package provides exposure to multiple exploration targets, increasing the probability of success across its portfolio. This is complemented by its secondary lithium and gold assets, which offer diversification and additional upside tied to evolving energy storage and commodity markets.

Operationally, the ongoing drill program represents a key near-term driver. Building on prior uranium intercepts, current exploration efforts are focused on expanding known zones and testing new targets. As results are released, they have the potential to significantly influence both the company’s geological profile and its market perception.

Finally, the involvement of Denison Mines provides a layer of strategic and technical support that can help guide exploration and potentially accelerate future development pathways. This combination of macro tailwinds, asset exposure, and active exploration places Foremost Clean Energy in a position where upcoming milestones could play a meaningful role in shaping its trajectory.

NEWS

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.

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