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Foremost Clean Energy Commences Site Preparation for 2025 Drill Program at Hatchet Uranium Project

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Foremost Clean Energy (NASDAQ: FMST) has initiated its 2025 winter exploration program at the Hatchet Lake Uranium Project in Saskatchewan's Athabasca Basin. The program includes 2,000 metres of diamond drilling across 8 drill holes, focusing on two priority areas: Tuning Fork and Richardson.

The drilling campaign targets uranium mineralization at shallow depths (less than 220 metres), with previous results showing up to 0.11% U3O8 along the Richardson conductor. The project's location within 1.5 km of the Athabasca Basin margin enables cost-effective exploration.

Historical drilling revealed significant findings, including a sample with 4.9% Ni, 6.06% Co, and 47.6% As. The company has also announced board member Johnathan More's resignation effective April 1, 2025, and granted 83,333 stock options at $1.20 CND per share and will issue 62,500 common shares to a strategic advisor.

Foremost Clean Energy (NASDAQ: FMST) ha avviato il suo programma di esplorazione invernale 2025 presso il progetto Hatchet Lake Uranium nel bacino di Athabasca in Saskatchewan. Il programma prevede 2.000 metri di perforazione a diamante su 8 fori di sondaggio, concentrandosi su due aree prioritarie: Tuning Fork e Richardson.

La campagna di perforazione mira alla mineralizzazione di uranio a profondità superficiali (meno di 220 metri), con risultati precedenti che mostrano fino a 0,11% U3O8 lungo il conduttore di Richardson. La posizione del progetto, a meno di 1,5 km dal margine del bacino di Athabasca, consente un'esplorazione economica.

Le perforazioni storiche hanno rivelato scoperte significative, inclusi campioni con 4,9% Ni, 6,06% Co e 47,6% As. L'azienda ha anche annunciato le dimissioni del membro del consiglio Johnathan More, che saranno effettive dal 1 aprile 2025, e ha concesso 83.333 opzioni su azioni a $1,20 CND per azione e emetterà 62.500 azioni ordinarie a un consulente strategico.

Foremost Clean Energy (NASDAQ: FMST) ha iniciado su programa de exploración invernal 2025 en el Proyecto de Uranio Hatchet Lake en la Cuenca de Athabasca, Saskatchewan. El programa incluye 2,000 metros de perforación con diamante a través de 8 pozos de perforación, centrándose en dos áreas prioritarias: Tuning Fork y Richardson.

La campaña de perforación tiene como objetivo la mineralización de uranio a profundidades poco profundas (menos de 220 metros), con resultados anteriores que muestran hasta 0.11% U3O8 a lo largo del conductor de Richardson. La ubicación del proyecto, a menos de 1.5 km del margen de la Cuenca de Athabasca, permite una exploración rentable.

Las perforaciones históricas revelaron hallazgos significativos, incluyendo una muestra con 4.9% Ni, 6.06% Co y 47.6% As. La empresa también ha anunciado la renuncia del miembro de la junta Johnathan More, efectiva el 1 de abril de 2025, y ha otorgado 83,333 opciones sobre acciones a $1.20 CND por acción y emitirá 62,500 acciones ordinarias a un asesor estratégico.

Foremost Clean Energy (NASDAQ: FMST)는 사스카추완의 아타바스카 분지에 위치한 해치 레이크 우라늄 프로젝트에서 2025년 겨울 탐사 프로그램을 시작했습니다. 이 프로그램은 8개의 시추공을 통해 2,000미터의 다이아몬드 시추를 포함하며, 두 개의 우선 지역인 튜닝 포크와 리차드슨에 집중하고 있습니다.

시추 캠페인은 얕은 깊이(220미터 미만)에서 우라늄 광물화를 목표로 하며, 이전 결과는 리차드슨 전도체를 따라 최대 0.11% U3O8를 보여주었습니다. 프로젝트의 위치는 아타바스카 분지의 경계에서 1.5km 이내로 비용 효율적인 탐사를 가능하게 합니다.

역사적인 시추에서 4.9% Ni, 6.06% Co, 47.6% As를 포함한 중요한 발견이 있었습니다. 회사는 또한 이사인 존아단 모어의 사임을 2025년 4월 1일자로 발표했으며, 주당 $1.20 CND에 83,333주의 주식 옵션을 부여하고 전략 고문에게 62,500주의 보통주를 발행할 예정입니다.

Foremost Clean Energy (NASDAQ: FMST) a lancé son programme d'exploration hivernale 2025 au projet d'uranium Hatchet Lake dans le bassin d'Athabasca, en Saskatchewan. Le programme comprend 2 000 mètres de forage au diamant à travers 8 forages, en se concentrant sur deux zones prioritaires : Tuning Fork et Richardson.

La campagne de forage cible la minéralisation d'uranium à des profondeurs peu élevées (moins de 220 mètres), avec des résultats précédents montrant jusqu'à 0,11 % U3O8 le long du conducteur Richardson. L'emplacement du projet, à moins de 1,5 km de la marge du bassin d'Athabasca, permet une exploration rentable.

Les forages historiques ont révélé des découvertes significatives, y compris un échantillon avec 4,9 % Ni, 6,06 % Co et 47,6 % As. L'entreprise a également annoncé la démission de Johnathan More, membre du conseil d'administration, à compter du 1er avril 2025, et a accordé 83 333 options d'actions à 1,20 $ CND par action et émettra 62 500 actions ordinaires à un conseiller stratégique.

Foremost Clean Energy (NASDAQ: FMST) hat sein Winterexplorationsprogramm 2025 im Hatchet Lake Uranium Project im Athabasca-Becken in Saskatchewan gestartet. Das Programm umfasst 2.000 Meter Diamantbohrungen über 8 Bohrlöcher und konzentriert sich auf zwei priorisierte Bereiche: Tuning Fork und Richardson.

Die Bohrkampagne zielt auf Uranmineralisierung in geringen Tiefen (weniger als 220 Meter) ab, wobei frühere Ergebnisse bis zu 0,11% U3O8 entlang des Richardson-Leiters zeigen. Die Lage des Projekts, weniger als 1,5 km vom Rand des Athabasca-Beckens entfernt, ermöglicht eine kosteneffektive Exploration.

Historische Bohrungen haben bedeutende Funde ergeben, darunter eine Probe mit 4,9% Ni, 6,06% Co und 47,6% As. Das Unternehmen hat außerdem den Rücktritt des Vorstandsmitglieds Johnathan More zum 1. April 2025 bekannt gegeben und 83.333 Aktienoptionen zu je 1,20 CND pro Aktie gewährt sowie 62.500 Stammaktien an einen strategischen Berater ausgeben.

Positive
  • Strategic location near Athabasca Basin margin enables cost-effective exploration
  • Previous drilling showed promising uranium mineralization up to 0.11% U3O8
  • Historical drilling revealed high-grade results (4.9% Ni, 6.06% Co)
  • Project benefits from existing infrastructure near McClean Lake mill
Negative
  • Board member Johnathan More resigning effective April 1, 2025
  • Stock dilution through issuance of 62,500 shares and 83,333 options to strategic advisor

VANCOUVER, British Columbia, March 27, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) an emerging North American uranium and lithium exploration company, is pleased to announce that the 2025 winter exploration program (the “Drill Program”) at the Hatchet Lake Uranium Project ("Hatchet"), located in the world-renowned Athabasca Basin of northern Saskatchewan, has commenced. The initial phase of the program is focused on site preparation, including modest clearing and setup of the areas targeted for diamond drill testing, which is expected to begin in the coming days. The Drill Program is designed to follow-up on encouraging results from previous drill programs completed by Denison Mines Corp. (“Denison”) (TSX: DML, NYSE American: DNN), Foremost’s largest shareholder and strategic ally, including multiple intersections of uranium mineralization.

Foremost’s CEO and President Jason Barnard comments: We are very pleased to launch Foremost’s initial exploration program at Hatchet, which is designed to drill-test high-priority targets. This project is well situated in the heart of the eastern Athabasca Basin, which has allowed Foremost to quickly develop a winter field program by making use of the significant existing infrastructure in the region – most notably the facilities at Points North Landing located near Denison’s 22.5%-owned McClean Lake mill. We expect to have a drill turning in the not-too-distant future and are looking forward to keeping the market up to date with results.

Foremost’s pivot to uranium exploration is well timed, as the uranium market is at a critical juncture, with increasing demand for nuclear power, driven by the global energy transition, the rise of AI, and the need for reliable baseload electricity, met by a shortfall of primary uranium production, requiring new sources of supply to be developed and discovered. Over 30 countries and 160 corporations have pledged to triple nuclear power capacity by 2050, but due to several years of low uranium prices, uranium supply is struggling to keep pace. This imbalance has created a historic opportunity for uranium producers, developers, and explorers, particularly in stable jurisdictions like Canada. With supply tight, demand increasing, and government policies shifting, nuclear energy and uranium are poised for a promising future.

On a corporate note, and on behalf of Foremost and its Board of Directors, I would like to take this opportunity to recognize and sincerely thank Johnathan More for his valuable contributions and leadership during his time on our Board, and wish him continued success in his future endeavors."

Hatchet Lake Drill Program

The initial program is planned to consist of 2,000 metres of diamond drilling in 8 drill holes with target depths of approximately 250 metres each. Drilling is expected to focus on two high priority target areas: Tuning Fork and Richardson.

The program is designed to target sandstone-hosted and basement-hosted uranium mineralization along conductive trends/corridors with known and interpreted fault structures identified by previous drilling, airborne and ground electromagnetic (“EM”) and magnetic geophysical surveys. This targeting methodology aims to maximize the likelihood of intersecting high-grade uranium mineralization similar to existing notable deposits (Cigar Lake, McClean Lake, & McArthur River) in the Eastern Athabasca Basin.

Drill Target Priority

Drill targets have been prioritized to follow-up in areas where previous results with confirmed uranium mineralization are coincident with untested conductive anomalies identified through historical geophysical surveys. The intent is to expand known mineralization and discover additional mineralization by testing several high-potential areas prioritized for follow-up on completion of the 2024 exploration program (see press release March 04, 2025). Key areas of focus include:

  • 2024 drilling identified mineralization of up to 0.11% U3O8 (RL-24-29) along the Richardson conductor (see Figure 1). 2025 drill holes intend to test the extent of the mineralized zone to the NW along the conductive trend. Basement mineralization potential remains untested SE of this zone and is also a priority for 2025
  • Numerous untested EM conductors exist (up to 700 metres of strike length) over the Richardson claim. Uranium mineralization, alteration, and anomalous geochemistry is proven along tested conductors, which demonstrates the discovery potential of Hatchet. The 2025 drilling campaign plans to test potential sources of the geochemical anomaly
  • Strongly anomalous geochemistry and graphitic brecciated shear zones intersected in 2024 along the Tuning Fork Trend warrant additional drilling and 2025 drill testing is expected to focus on the up-dip projection of the structure intersected in TF-24-12 (see Figure 2)
  • Planned drillholes target west of the historical mineralization in HL-10-01 (0.1% U3O8 over 1 metre at 183-184 metres & 0.02% U3O8 over 1metre at 186-187 metres) in a 9 metre fault intersection and recently identified elevated pathfinder elements encountered in TF-24-11

Historical drilling (HT-83-61) contains a 5 m (100 – 105 m) sample of base metal mineralization associated with strong radioactivity in a breccia zone. Structural information is required on this interval and is also expected to be collected as part of the planned drill program. HT-83-61 is a notable historic result, due to its high-grade nickel and cobalt contents, summarized below: 1

  • 4.9% Ni
  • 6.06% Co
  • 47.6% As
  • Radiometric peak at 980 cps in downhole probe

By strategically targeting interpreted structures and conductive breaks identified through ground geophysics, the exploration program aims to maximize the potential for discovery in these high-priority areas.

Figure 1

Figure 1 – 2025 proposed drillholes along the Richardson conductive trend

Figure 2

Figure 2 – 2025 proposed drillholes along the Tuning Fork conductive trend

The Hatchet Advantage – Shallow Depth Exploration

Hatchet is located within 1.5 km of the Athabasca Basin margin, which results in shallow sandstone cover (less than 220 metres) and corresponding shallow exploration targets, enabling efficient and cost-effective drill testing. The upcoming 2025 drill campaign plans to capitalize on this advantage, including multiple drill holes to advance the evaluation of several target areas – each of which are highly prospective and have potential for discovery or which will benefit in future drill programs from additional reconnaissance.

Business Developments

Foremost would like to announce that Johnathan More shall resign from the board of directors of the Company, effective April 1, 2025, to spend more time on his other endeavors. The Board of Directors would like to thank Mr. More for his valuable contributions and wishes him every success in the future. The Board is currently evaluating alternatives with respect to appointing a new independent director to fill the vacancy left by Mr. More’s departure.

Strategic Advisor

Pursuant to a services agreement whereby Foremost has engaged a strategic advisor for support with U.S. Capital Markets, Foremost has granted 83,333 stock options (“Options”), and shall issue 62,500 common shares of the Company (“Shares”) at a deemed price of $1.20 CND per Share. The Options are exercisable at a price of $1.20 CND per share and valid for a term of 3 years. The Options have been granted in accordance with the Company’s Stock Incentive Plan and the policies of the CSE and Nasdaq. The Shares and Options are subject to statutory 4-month hold period and are subject to CSE and Nasdaq approvals.

Qualified Person

The technical content of this news release has been reviewed and approved by Jordan Pearson, P. Geo., Project Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and reviewed the content of this press release.

A qualified person has not performed sufficient work or data verification to validate the historical results in accordance with National Instrument 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

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a rapidly growing North American uranium and lithium exploration company. The Company holds an option to earn up to a 70% interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51%), 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+ acres in Manitoba and Quebec. For further information, please visit the Company’s website at www.foremostcleanenergy.com.

Contact and Information

Company
Jason Barnard, President and CEO
+1 (604) 330-8067 
info@foremostcleanenergy.com

Follow us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: https://www.linkedin.com/company/foremostcleanenergy  
Facebook: https://www.facebook.com/ForemostCleanEnergy

Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties and satisfaction of the conditions to the option agreement with Denison, risks and uncertainties associated with the environment, delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company’s most recent filings under its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business.

The CSE has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy here

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4d695e12-990b-490b-8774-524e4113c9bc

https://www.globenewswire.com/NewsRoom/AttachmentNg/5b3a9399-9517-4997-9240-a5171f46b93e


1 *Data listed in report “Drever, Garth L, (1983) SMDC Hatchet Lake Project 1983 Exploration Report. 64L12-NW-0058


FAQ

What are the key targets of FMST's 2025 Hatchet Lake drilling program?

The program targets two priority areas: Tuning Fork and Richardson, with 2,000 metres of diamond drilling across 8 drill holes at approximately 250 metres depth each.

What were the best uranium mineralization results from previous drilling at FMST's Hatchet project?

Previous drilling identified mineralization of up to 0.11% U3O8 (RL-24-29) along the Richardson conductor.

What significant historical drilling results were found at FMST's Hatchet property?

Historical drilling (HT-83-61) revealed high-grade results including 4.9% Ni, 6.06% Co, and 47.6% As, with a radiometric peak at 980 cps.

What strategic advantages does FMST's Hatchet Lake project location offer?

Located within 1.5 km of the Athabasca Basin margin, the project benefits from shallow sandstone cover (less than 220m), enabling efficient and cost-effective drilling.
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