An anonymous director reports

FOREMOST CLEAN ENERGY RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM BID PRICE REQUIREMENT

Foremost Clean Energy Ltd. on April 7, 2025, received a notification letter from Nasdaq Stock Market LLC indicating that the company is not currently in compliance with Nasdaq Listing Rule 5550(a)(2). This rule requires listed securities to maintain a minimum bid price of $1.00 (U.S.) per share, and the company's common shares have closed below this threshold for 31 consecutive business days from Feb. 21, 2025, to April 4, 2025.

The notification letter serves as a formal notice of deficiency but does not immediately affect the listing or trading of Foremost's common shares on the Nasdaq Capital Market under the symbol FMST.

Compliance period and next steps

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Foremost has been granted a 180-calendar day compliance period, ending on Oct. 6, 2025, to regain compliance with the minimum bid price requirement. To achieve compliance, the closing bid price of the company's common shares must meet or exceed $1.00 (U.S.) for a minimum of 10 consecutive business days during this period.

If Foremost does not regain compliance by Oct. 6, 2025, the company may be eligible for an additional 180-calendar day grace period, provided it meets the continued listing requirement for market value of publicly held shares ($1-million (U.S.)) and all other initial listing standards for the Nasdaq Capital Market, except for the bid price requirement. The company would also need to notify Nasdaq of its intent to cure the deficiency, which may include implementing a reverse stock split if necessary.

Foremost's management is evaluating all available options to address the bid price deficiency and remains committed to maintaining its Nasdaq listing. The company's business operations, financial condition and corporate strategy are unaffected by this notification.

Required disclosure

As required by Nasdaq rules, Foremost is disclosing this notification within four business days of receipt. The company will continue to monitor its bid price and take appropriate measures to regain compliance within the allotted time frame

About Foremost Clean Energy Ltd.

Foremost is a rapidly growing North American uranium and lithium exploration company. The company holds an option to earn up to a 70-per-cent interest in 10 prospective uranium properties (with the exception of the 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 future of clean energy.

We seek Safe Harbor.