Mr. Jason Barnard reports

FOREMOST CLEAN ENERGY ANNOUNCES WARRANT INCENTIVE PROGRAM

Foremost Clean Energy Ltd. has initiated a warrant incentive program, intended to encourage the exercise of up to 487,848 warrants issued in connection with the non-brokered private placement of 436,122 flow-through units and 152,941 non-flow-through units completed by the company in two tranches on March 13, 2024, and April 29, 2024.

Pursuant to the incentive program, the company is offering an inducement to each holder of warrants exercising warrants during the period expiring June 5, 2025, consisting of: (a) a temporary repricing of the warrant exercise price from $4 to $1.75 per common share; and (b) the grant of an additional common share purchase warrant for each exercised warrant, exercisable at $2.20 per common share for a period of one year from the date of issuance.

Warrantholders who wish to participate in the incentive program will be required to deliver the original warrant exercise documents dated March 13, 2024, or April 29, 2024, respectively, together with the applicable funds, to the company prior to June 5, 2025, at which time warrantholders will receive incentive warrants. The warrants that remain unexercised following the early exercise period will immediately become subject to their original terms and conditions, including with respect to the pricing thereof, and no incentive warrants will thereafter be issuable on exercise. The company will not be permitted to further amend the pricing of the warrants.

The company anticipates using the proceeds from the exercise of any warrants for investment purposes. Only 10 per cent of the warrants held by insiders of the company are eligible for exercise pursuant to the incentive program. No finders' warrants issued in connection with the prior private placements will be eligible to participate in the incentive program.

The incentive warrants, if issued, and any common shares issuable on the exercise thereof, will be subject to a statutory hold period of four months and one day from the date of issuance of the incentive warrants. The incentive program is subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

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. 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 55,000-plus acres in Manitoba and Quebec.

We seek Safe Harbor.