Mr. Jason Barnard reports

FOREMOST CLEAN ENERGY ANNOUNCES COMMENCEMENT OF TRADING OF ITS SPIN-OUT, RIO GRANDE RESOURCES

Foremost Clean Energy Ltd.'s spinout transaction of Rio Grande Resources Ltd. received the final approval to list its common shares on the Canadian Securities Exchange (CSE). Rio Grande's common shares are expected to commence trading at market open on Friday, Feb. 7, 2025, under the trading symbol RGR.

Jason Barnard, president and chief executive officer of Foremost Clean Energy, commented: "Today marks an exciting new chapter for our valued shareholders as Rio Grande begins trading on the CSE under the symbol RGR. This listing is a significant milestone, providing a dedicated and focused team with the resources to develop its exceptional gold and silver assets in New Mexico. The high-grade gold and silver samples, including assays of 41.5 grams per tonne gold and 4,610 g/t silver, are testament to the incredible resources that Rio holds. With the recent surge in gold and silver prices, companies like Rio Grande Resources are well positioned, as investors increasingly turn to precious metals as a safe haven and a hedge against inflation. This is driving up demand and further confirms the underlying strength of the precious metals market. Our company and the team at Foremost wish Rio Grande much success as it launches during an exciting time in a positive precious metals market."

About the Winston group of gold and silver properties

Rio Grande Resources controls a 100-per-cent interest in the Winston group of properties, consisting of 147 unpatented lode mining claims and two patented mining claims in Sierra county and Catron county, New Mexico. The properties cover 1,229 hectares (3,037 acres) in the Black Range/Chloride mining district of central New Mexico and comprise three historical, past-producing gold and silver mines: Ivanhoe, Emporia and Little Granite.

An attached table shows the descriptions and gold/silver values for ore characterization samples collected by the qualified person. Exceptional results from property-wide confirmatory sampling completed in 2021 included many high-grade samples, including 41.5 g/t gold and 4,610 g/t silver on newly staked claims. Additional samples from these three mines returned peak values of 66.5 g/t gold and 2,940 g/t silver from Little Granite, 26.8 g/t gold and 1,670 g/t silver from Ivanhoe, and 46.1 g/t gold and 517 g/t silver from Emporia.

Current and future exploration plans

Rio Grande expects it will initiate a modern exploration program at its New Mexico properties, focusing on the previously high-grade sampled areas on the Winston property. The program will employ advanced geophysical techniques, including high-resolution lidar (light detection and ranging) and satellite imagery to build a detailed three-dimensional digital model for accurate drill targeting. The exploration will involve geological mapping, sampling and structural analysis, including project-wide ground magnetics to delineate mineralization. The initial phase will concentrate on fieldwork in 2025, and data will be compiled to identify mineralized zones and derisk future drill targets.

Following the initial exploration program, Rio Grande anticipates a 3,000-foot diamond drilling program. This program aims to test depth and strike extensions of known mineralization, with the results guiding future exploration and drilling.

Qualified person

Technical information in this news release has been reviewed and approved by Dr. Michael Feinstein, PhD, CPG, who is a qualified person as identified by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Foremost Clean Energy Ltd.

Foremost Clean Energy is an emerging North American uranium and lithium exploration company with an option to earn up to a 70-per-cent interest in 10 prospective uranium properties (with the exception of Hatchet Lake, where Foremost is able to earn up to 51 per cent) spanning over 330,000 acres in the prolific, uranium-rich Athabasca basin region of Northern Saskatchewan. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the clean-energy mix of the future. Foremost's uranium projects are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. The company's mission is to make significant discoveries, alongside and in collaboration with Denison, through systematic and disciplined exploration programs.

Foremost also has a portfolio of lithium projects at varying stages of development, which are located across greater than 55,000 acres in Manitoba and Quebec.

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