Mr. Jason Barnard reports

FOREMOST CLEAN ENERGY ANNOUNCES 5,000-METRE FOLLOW-UP DRILL PROGRAM AT HATCHET LAKE URANIUM PROJECT

A 5,000-metre diamond drill program is anticipated to commence mid-February at Foremost Clean Energy Ltd.'s Hatchet Lake uranium project, located in the eastern Athabasca basin region of Northern Saskatchewan. The program is designed to follow up the company's highly successful inaugural 2025 winter drill program, which resulted in a new promising uranium discovery. Uranium mineralization was intersected in a previously unexplored 600-metre gap between historic drill holes in the Tuning Fork target area, as first reported on May 1, 2025. The discovery hole, TF-25-16, intersected 0.87 per cent U3O8 (triuranium octoxide) over 0.45 metre within a broader 6.2-metre interval averaging 0.10 per cent U3O8 (see news release dated Oct. 29, 2025). Follow-up drilling in 2025 extended strong hydrothermal alteration at least 50 metres along strike to the northeast. These alteration features are characteristic of unconformity-related uranium systems and may indicate proximity to a larger mineralized system.

Jason Barnard, Foremost's president and chief executive officer, commented: "This upcoming 5,000-metre drill program represents a significant next step at Hatchet Lake and is designed to systematically follow up on the TF-25-16 discovery. The results from our completed 2025 drill program confirmed the presence of a fertile uranium system at the Tuning Fork target, and the additional geophysical work completed since has materially expanded our target inventory across the property. With multiple drill-ready targets now defined and with the benefit of Denison Mines' historical drilling and geophysical work that helped establish the technical framework for Hatchet Lake, we believe the timing is ideal to execute a focused winter program, particularly with uranium prices recently reaching the $100-(U.S.)-per-pound level. This program is designed to expand on the discovery and test additional high-priority targets in one of the world's premier uranium districts, the Athabasca basin."

Drill plan and focus

Hatchet Lake comprises two claim blocks, Hatchet Lake South and Hatchet Lake North, each containing multiple drill-ready targets characterized by geological, structural and geophysical responses consistent with unconformity-related uranium mineralization. Primary target areas for the 2026 drill program are Tuning Fork and the Beta Grid at Hatchet Lake South and the Richardson Southeast area at Hatchet Lake North.

The drill program's primary focus will be the new uranium discovery at Tuning Fork, highlighted by drill hole TF-25-16, with stepout and follow-up drilling designed to test continuity and refine controls on mineralization. The program will also test multiple high-priority zones identified through Denison's historical drilling and geophysical interpretation, enhanced by Foremost's modern reprocessing and reinterpretation of historic magnetic and electromagnetic data, including conductor modelling to better constrain target geometry, depth and orientation. This integrated approach strengthens drill targeting and execution.

Tuning Fork target area

TF-25-16 discovery area

The drill program will prioritize stepout and infill drilling around TF-25-16 to test along-strike and downdip continuity of mineralization and refine structural controls, with the aim of vectoring toward further uranium mineralization. TF-25-16 intersected 0.87 per cent U3O8 over 0.45 metre within a broader 6.2-metre interval averaging 0.10 per cent U3O8 (see news release dated Oct. 29, 2025) at the Athabasca unconformity, associated with strong hydrothermal alteration validating the high-potential for additional uranium mineralization.

Tuning Fork West

At Tuning Fork West, recent processing and interpretation of historic VTEM (versatile time-domain electromagnetic) data have identified a previously untested electromagnetic conductor approximately 1.2 kilometres in strike length. This conductor is coincident with a contact between magnetic highs and magnetic lows, interpreted to represent a lithological boundary between metasedimentary rocks and granitic basement. This geological setting is widely recognized as favourable for the formation of unconformity-related uranium deposits within the Athabasca basin, representing a high-priority, drill-ready target.

Tuning Fork East

The Tuning Fork East target is supported by previous drilling, including TF-25-13, which intersected 2.5 m at 0.03 per cent U3O8 (see news release dated Oct. 29, 2025) at the Athabasca unconformity, along with anomalous pathfinder elements. This area remains underexplored, and additional drilling is planned to test strike extensions of conductive and alteration trends with the aid of updated geophysical interpretation.

Beta Grid target area

The Beta Grid represents a compelling structurally controlled target within Hatchet Lake South. Historic drilling identified a 20.3-metre offset in the depth to the Athabasca unconformity between drill holes HT-125 and HT-126. Hole HT-126, located to the west-northwest of HT-125, intersected the unconformity at a depth of 122.5 metres, compared with 142.8 metres in HT-1251. This relationship is anomalous as unconformity depths in the Athabasca basin typically increase toward the west-northwest in the Hatchet Lake South area. The observed offset is interpreted to reflect an east-directed thrust fault, likely associated with a graphitic structural corridor highlighted by a coincident VTEM conductor. Structural disruption of this nature is a key control on uranium mineralization in the Athabasca basin, and the Beta Grid will be tested with targeted drilling designed to evaluate this interpreted fault zone.

Hatchet Lake North target area

Richardson SE target area

The Richardson SE target area is located within Hatchet Lake North and straddles the Athabasca basin margin, a highly prospective setting for unconformity-related uranium deposits. The broader Richardson trend is situated northeasterly of the interpreted extents of the Laroque conductive corridor, which is host to multiple occurrences of high-grade uranium mineralization, including IsoEnergy's Hurricane deposit, hosting a current mineral resource of 48.6 million pounds U3O8 at 34.5 per cent U3O8 indicated and 2.7 million pounds U3O8 at 2.2 per cent U3O8 inferred.

Richardson SE contains more than five kilometres of untested electromagnetic conductor strike length, defined through historic VTEM data and supported by conductor modelling. A ground gravity survey was recently completed over the Richardson SE area, and results from this survey are currently being integrated with geological and electromagnetic data sets to refine drill targets, with a focus on identifying zones of structural complexity and hydrothermal alteration.

Foremost cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the company's properties, including the Hatchet Lake property.

Exploration outlook

The drill program is intended to follow up the new Tuning Fork discovery in drill hole TF-25-16 with stepout and infill drilling while also advancing additional drill-ready targets generated through integrated geological and geophysical interpretation and modelling. Foremost believes this, combined with newly identified untested conductors, displacement of the Athabasca unconformity and confirmed structural complexity, makes Hatchet Lake a compelling project for further uranium discoveries.

Qualified person

The technical content of this news release has been reviewed and approved by Cameron MacKay, PGeo, vice-president of exploration for Foremost Clean Energy and a qualified person under National Instrument 43-101.

A qualified person has not performed sufficient work or data verification to validate the historical results in accordance with NI 43-101. Although the historical results may not be reliable, the company nevertheless believes that they provide an indication of the property's potential and are relevant for any future exploration program.

About Foremost Clean Energy Ltd.

Foremost Clean Energy is a North American uranium and lithium exploration company strategically positioned to support the accelerating demand for reliable, carbon-free energy. As artificial intelligence, data centres and electrification drive unprecedented growth in global power consumption, the expanding need for reliable nuclear baseload power creates a direct and critical imperative for the sustained exploration required to secure its uranium feedstock.

The company holds an option from Denison to earn up to 70-per-cent interest in 10 prospective uranium properties (except for Hatchet Lake, where Foremost can earn up to 51 per cent), spanning over 330,000 acres in the prolific, uranium-rich Athabasca basin region of Northern Saskatchewan. The company employs a data-driven exploration strategy supported by extensive historic drilling and geophysical data across its portfolio, including programs completed by Denison, providing a validated road map and competitive advantage for targeting high-potential, mineralized trends. To date, Foremost has completed geophysical surveys and multiple drill campaigns that have generated encouraging results and defined high-priority, discovery-ready targets for follow-up drilling.

Foremost also has a portfolio of lithium projects at varying stages of development, which are located across more than 55,000 acres in Manitoba and Quebec, providing exposure to other critical materials underpinning electrification and energy storage.

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