Mr. Jason Barnard reports

FOREMOST CLEAN ENERGY EXERCISES LOW-COST OPTION TO ACQUIRE 100% OWNERSHIP OF JEAN LAKE LITHIUM-GOLD PROPERTY

Foremost Clean Energy Ltd. has exercised a low-cost option to acquire a 100-per-cent interest in the 2,476-acre Jean Lake lithium-gold project in Manitoba's Snow Lake district. The company finalized ownership by making a final cash payment of $75,000 and issuing $75,000 worth of common shares to Mount Morgan Resources Ltd., purchasing the property for a total of $250,000 cash, issuing a total aggregate of 47,299 of the company's common shares and incurring the required exploration expenditures. Mount Morgan retains a 2-per-cent net smelter royalty (NSR), with the company retaining the right to repurchase 1 per cent for $1-million.

Key highlights

• Foremost safeguards value with established potential: Jean Lake is a prospective gold and lithium exploration property where Foremost's initial drill program intercepted 7.50 grams per tonne Au over 7.66 metres (including 102.0 g/t Au over 0.48 metre) in drill hole FM23-8 and 1.26 per cent Li2O (lithium oxide) over 3.35 m in drill hole FM23-04A.
• Strategic infrastructure: The property is within close proximity to power access, highway, rail, airstrip and mines, making it ideally situated for future advancement as a gold and/or lithium development project.
• Proven jurisdiction: Located in proximity to Hudbay Minerals' core operating area, which has produced more than one million-plus ounces of gold at its Lalor mine.

Foremost's president and chief executive officer, Jason Barnard, comments: "Prior to Foremost's pivot to focus on uranium exploration in the prolific Athabasca basin region of Northern Saskatchewan, Foremost invested successfully in lithium and gold exploration in Manitoba -- generating positive results and confirming the prospectivity of the company's Manitoba project portfolio. With gold achieving historic price highs, our Jean Lake property provides exceptional leverage and optionality with its demonstrated high-grade gold mineralization and confirmation of lithium mineralization. With a modest final investment in the property, Foremost has successfully secured this prospective asset."

Mr. Barnard continues: "Amidst our operational update, our deepest solidarity remains with the people of the Snow Lake region during this devastating wildfire season. The mandatory evacuation orders impacting families, first nations partners and our dedicated local work force underscore the profound human dimension of this crisis. We recognize the resilience shown by this community, one that has supported Manitoba's mining legacy for generations, and extend our unwavering commitment to their safety and recovery, and recognize the efforts of emergency responders to protect those impacted by the wildfires."

Foremost's 2022/2023 drill campaign

The company completed a 3,002-metre initial diamond drill program, designed to test targets based on integrated prospecting, unmanned-aerial-vehicle-borne magnetic survey results, MMI soil geochemical surveys and outcrop rock chip analyses (Foremost news release June 6, 2023). The program intersected numerous gold mineralized intervals at vertical depths up to 110 metres below surface as well lithium at the B1 spodumene-bearing pegmatite. The locations of drill holes that intersected gold mineralized intervals are illustrated in a figure in addition to the B1 drill hole location. Details of the lithium and gold intersections are provided in Table 1.

Highlights include

Gold

• In drill hole FM23-8: 7.50 grams per tonne Au over 7.66 metres from 94.35 to 102.01 m (including 102.0 g/t Au over 0.48 metre from 94.77 to 95.25 m);
• In drill hole FM23-04A: 11.27 g/t Au over 2.75 metres from 73.75 to 76.50 m (including 91.8 g/t Au over 0.32 metre from 74.74 to 75.06 m);
• In drill hole FM23-01A: 2.46 g/t Au over 3.70 metres from 41.30 to 45.00 m.

Lithium

• 1.26 per cent Li2O over 3.35 metres in drill hole FM23-01A.

2025 Jean Lake planned drill program

Foremost plans to conduct a 15-hole, 2,500-metre diamond drill program at Jean Lake before the end of this year to satisfy the company's commitments. Targets include the B-1 spodumene-bearing pegmatite dyke along strike toward the B-2 and B-3 pegmatites extending the mineralization laterally.

Potential for additional gold mineralization at depth will be targeted based on encouraging results from previous completed drill program. Of interest is the occurrence of 2.46 g/t Au over 3.70 m from 41.30 m to 45 m in DHFM23-01A. This intersection occurs in a shear zone at or near the base of the B1 pegmatite in fine grained gabbro. Gold is associated with quartz veins and arsenopyrite.

Gold

Previous drill testing in 2023 of integrated geological and geochemical targets elsewhere on the Jean Lake intersected numerous gold mineralized intervals at vertical depths of up to 110 metres below surface. Highlights from this program included 7.50 g/t Au over 7.66 metres from 94.35 to 102.01 metres (including 102.0 g/t Au over 0.48 metre from 94.77 to 95.25 metres). Further investigation and drilling will assess the potential for additional gold mineralization at depth as well as create a geological framework to aid in delineating gold intersected during the 2022 to 2023 drill program.

History of gold in the Jean Lake property area

Historically, 5.5 million ounces of gold has been produced as a byproduct of base metal copper-zinc massive sulphide type deposit production, in addition to major gold deposits such as the New Britannia, Puffy Lake and Tartan deposits with cumulative production of more than 1.5 million ounces of gold, in the Flin Flon-Snow Lake greenstone belt. In 1940, two bulk samples from the Jean Lake property (then known as the Sparky gold property), weighing 22.7 and 22.2 kilograms, respectively, were sent to the Canada Department of Mines and Resources in Ottawa for testing. The first bulk sample contained 16.46 g/t gold and 2.39 g/t silver, and the second bulk sample contained 241.71 g/t gold and 12.34 g/t silver. Gold exploration continued unabated in the area with high-grade gold mineralization documented from numerous past-producing gold mines and properties hosting significant gold mineralization.

Lithium

It is the company's goal to develop a better understanding of the spodumene-bearing pegmatite emplacement mechanisms at Jean Lake. Foremost's drill program, combined with field observations, have indicated that B-1 and B-2 could be one spodumene-bearing pegmatite with a minimum length of 325 metres. Previous drilling, just north of the B1 pegmatite outcrop, intersected a 3.35-metre zone of spodumene mineralization between surface and 3.35 metres, assaying 1.26 per cent Li2O. The program also aims to assess whether the B-1 pegmatite is part of a larger lithium pegmatite cluster near Snow Lake Energy's lithium deposits, which could significantly enhance the region's lithium resource potential.

Wildfire impact and mitigation

Active wildfires in Northern Manitoba prompted evacuation orders in Snow Lake, temporarily suspending regional mining operations. Hudbay Minerals, a major operator in Snow Lake, reopened the Lalor mine in 2022, has secured its facilities and expects minimal impact on its 2025 gold production guidance of 190,000-plus ounces. Foremost will advance further planning in preparation for its 15-hole, 2,500-metre diamond hole drill program to commence once authorities declare safe conditions.

Qualified person

Technical information in this news release has been reviewed and approved by Lindsay Bottomer, PGeo, who is a qualified person as defined by Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Foremost Clean Energy Ltd.

Foremost Clean Energy 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 uranium discoveries alongside and in collaboration with Denison Mines Corp. 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.