Foremost Clear Power Points Letter to Shareholders

Foremost Clear Power Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Firm”), is happy to supply a company replace and overview of key actions and achievements from 2025.

Expensive Shareholders,

As we mirror on 2025, it’s clear this has been a transformative yr for Foremost Clear Power. We navigated a difficult market with resilience and achieved vital milestones throughout our exploration initiatives, rising financially strong, strategically sharpened, and operationally confirmed. We’ve efficiently executed a daring agenda, changing market challenges into highly effective momentum as we develop our presence within the dynamic clear power metals sector.

Foremost strengthened its basis and emerged well-positioned: a fortified steadiness sheet, landmark exploration discoveries, and a market valuation that we really feel displays a profound vote of confidence in our path ahead with a share worth rising greater than 100% yr over yr. Our crew labored tirelessly to advance our multi-focused portfolio in uranium, lithium and gold and I’m proud to share the outcomes of those efforts with you and the alternatives that lie forward.

Uranium Market Replace: Rising Demand and Coverage Shifts
The structural backdrop for uranium has basically shifted. The U.S. declaration of nuclear power as a nationwide safety precedence, together with the ban on Russian uranium imports, fast-tracking of reactors, and injecting billions to revive home manufacturing, are among the most important U.S. demand catalysts in half a century. These sweeping measures are accelerating timelines and are repositioning provide chains, making exploration to search out new North American uranium discoveries not solely obligatory, however crucial.

Foremost is among the few Nasdaq-listed firms advancing uranium exploration initiatives in North America, and we’re drilling immediately to search out potential future discoveries to feed America’s nuclear comeback.

A number of current, high-impact bulletins and trade analyses level to what could possibly be a big and sustained enhance in future uranium demand. These embrace:

• U.S. Nuclear Supercharge: The mandate to quadruple U.S. nuclear capability by 2050 would require 2.5 instances extra uranium than immediately’s total world provide. The Protection Manufacturing Act now prioritizes uranium as important infrastructure.¹
• AI & Tech Giants Going Nuclear: The insatiable energy calls for of AI and knowledge facilities are creating new, base-load utility patrons for twenty-four/7 zero-carbon energy, which nuclear can reliably present at scale.²
• International Uranium Demand Set to Soar: International reactor necessities in uranium in 2024 was roughly 67,000 tU. Uranium demand for nuclear energy is ready to surge practically 30% by 2030; trade teams warn of looming deficits.³
• November 2025: Nvidia and Microsoft enter right into a $45 billion partnership with Anthropic combining $30B in cloud companies and $15B in fairness funding, with Anthropic committing to safe as much as 1 gigawatt of computing capability from Nvidia to energy AI scaling⁴

• October 2025: A historic $80 billion U.S. nuclear partnership with Westinghouse, Cameco, and Brookfield.⁵  This vertically integrates Westinghouse’s reactor expertise, Brookfield’s financing, and Cameco’s very important uranium gasoline provide, creating a robust ecosystem to unlock the unprecedented acceleration of unpolluted, zero-carbon nuclear power in the USA. Cameco is acknowledged not as overseas provider however as an indispensable strategic asset, one whose function is key in unlocking American nuclear energy, grid stability, and local weather safety.
• June 2025: Sprott Bodily Uranium Belief (SPUT) introduced a $200M purchased deal to accumulate bodily uranium which might result in tightened spot market and should contributes to upward strain on uranium costs^6,7

Foremost is ready to drill within the excellent location —the world-renowned Athabasca Basin— at a second that aligns with an rising wave of potential intensified uranium demand.

Foremost’s Exploration Highlights

We superior a lot of strategic priorities this yr, efficiently finishing diamond drilling packages on three core initiatives; Hatchet Lake, Murphy Lake South and Jean Lake, demonstrating a deliberate, dual-commodity exploration technique throughout our high-potential belongings.

• Hatchet Lake Uranium Mission (Athabasca Basin, SK): Our maiden winter drill program at Hatchet Lake exceeded expectations. Initially deliberate for eight holes, this system was expanded to 10 holes upon observing encouraging radioactivity in early drilling. This led to the invention of a brand new uranium zone within the “Tuning Fork” goal space. Assay outcomes returned numbers to a good stronger uranium discovery than first reported, with drill gap TF-25-16, returning 0.87% U₃O₈ over 0.45 metres—two instances larger than earlier estimates. The encompassing zone spans 6.2 metres of mineralization, indicating the potential for a a lot bigger uranium mineralization system inside the property.
• Murphy Lake South Uranium Mission (Athabasca Basin, SK): We accomplished the primary drill program at Murphy Lake since 2017, testing high-priority targets. Drilling intersected broad zones of sturdy hydrothermal alteration and reactivated basement faults – hallmark options of unconformity-type uranium deposits. We confirmed the presence of a 400-meter mineralized hall with anomalous uranium values, validating the prospectivity indicated by historic work. Whereas assays are pending, the preliminary outcomes are extremely encouraging.
• Jean Lake Mission (MB):  We efficiently accomplished a 2,266 metre drill program at Jean Lake and reported a number of gold intercepts from 4 holes alongside the Valkyrie Development, highlighted by 10.7 g/t Au over 5.6 m, together with 82 g/t Au over 0.7 m. Assays are pending for eleven further holes from the 2025 program. The development of outcomes to date demonstrates a constant and increasing mineralized system, all occurring at depths inside 100m from floor, highlighting the potential for extra near-surface gold alongside this rising gold-bearing pattern. Concurrently, we’ve commenced a strategic re-sampling program targeted on unsampled intervals adjoining to key historic discoveries, together with the 102 g/t Au intercept from 2023. This multi-layered knowledge integration is constructing a strong geological mannequin to tell and prioritize our subsequent section of discovery-focused drilling.

Foremost’s Jean Lake property offers traders with potential for publicity to document gold costs, which lately surpassed $4,200 an oz.. Traders and central banks want to gold as a safe-haven asset amid geopolitical and inflationary pressures. This gold alternative offers a beneficial counter-cyclical factor to our clear power metals portfolio.

Throughout all initiatives, our exploration crew demonstrated technical excellence and agility, finishing over 7,300 meters of drilling in 2025. Every program both found or expanded zones of mineralization, reinforcing the worth of our diversified venture pipeline.

Strategic and Company Achievements

Past the drill bit, 2025 noticed Foremost considerably strengthen its monetary place and steadiness sheet.

• Capital Infusion from Warrant & Possibility Workout routines:  All through 2025, shareholders and insiders exercised warrants and choices, offering roughly $5.65 million in contemporary capital.
• Rio Grande Spin-Out: We accomplished the strategic spin-out of our non-core Winston Gold and Silver belongings to Rio Grande Assets Ltd. This transaction unlocked worth for shareholders, as all Foremost shareholders obtained 2 Rio Grande Shares for each Foremost share held and Foremost itself retained an preliminary 19.95% curiosity.
• Strategic alignment with Denison Mines: Our landmark possibility settlement with Denison Mines Corp. (“Denison“, NYSE American: DNN, TSX: DML), started to bear vital fruit. Denison’s technical crew and knowledge archives have been instrumental in guiding our exploration and Denison has two representatives on our Board of Administrators, offering invaluable experience and governance help. Moreover, Denison is our largest shareholder and has continued to inject vital incremental monetary help pursuant to train of its rights below an investor rights settlement. In 2025, Denison acquired an extra 485,000 shares for combination proceeds of $1,067,000 with the intention to keep its relative curiosity in Foremost.
• Key Appointments: We additional bolstered our management crew this yr with the appointments of seasoned mining chief, Peter Espig to our Board of Administrators and Harpreet Bajaj as Company Secretary, including important experience in useful resource firm development and company governance.

Primarily based on the monetary outcomes launched in November 2025, our year-over-year fiscal well being and market efficiency have exceeded expectations, strengthening the Firm’s financial basis for future development and execution readiness. We have decreased our debt considerably by nearly 40%, greater than doubled our belongings and considerably elevated our shareholders’ fairness. With our steadiness sheet strengthened and our strategic basis solidified, we at the moment are singularly targeted on advancing our exploration portfolio with precision and self-discipline. Our mission is evident: to leverage our strong monetary place and confirmed technical crew led by our Vice President of Exploration, Cameron MacKay. We’re exceptionally well-equipped for this subsequent section of development to ship discovery-driven outcomes that drive worth.

The Street Forward: Centered Execution for 2026

• Advancing Uranium Discoveries: Constructing on the success at Hatchet Lake, we’ve secured a multi-year exploration allow and have plans for an aggressive winter drill program in Q1 2026. At Murphy Lake, we are going to formulate follow-up plans upon receipt of ultimate assays. We additionally intend to advance different compelling uranium targets inside our Athabasca portfolio.
• Turkey Lake: A newly accredited three-year allow and an ongoing floor gravity survey are paving the best way for a focused 2026 drill program to observe up on historic, high-grade uranium intercepts.
• Increasing the Jean Lake Mission: We are going to deal with updating the geological mannequin for Jean Lake and launch an expanded drill marketing campaign geared toward extending identified mineralization.
• Company Growth: We are going to proceed to pursue strategic initiatives to boost shareholder worth, sustaining a disciplined and results-driven method.

• Constructing on Momentum: We’re poised to execute an bold 2026 exploration program, designed to systematically advance our highest-priority, discovery-ready targets. Full particulars of this growth-focused plan will likely be introduced shortly.

Acknowledgment and Outlook

2025 was a yr of significant progress and foundation-building. We entered the yr as a newly remodeled firm and exited as a financially stronger, technically superior, and strategically targeted group. The accelerating buildout of knowledge facilities, the immense energy necessities of AI, and the renewed deal with nuclear power are all contributing to highly effective alerts pointing towards sturdy future uranium demand. Foremost is worked up for our exploration yr forward as we proceed our exploration efforts in one of many richest uranium districts on the earth: the Athabasca Basin.

None of this could have been attainable with out the dedication of our workers, the steering of our Board, and, most significantly, your help as shareholders. Thanks on your continued belief. As we transfer into 2026, we achieve this with confidence, able to execute on our plans and convert our promising portfolio into tangible discoveries. We stay dedicated to delivering on our objectives and to retaining you knowledgeable each step of the best way.

On behalf of the Board of Administrators and all the Foremost crew, thanks on your unwavering help.

Sincerely,

Jason Barnard
President & Chief Government Officer
Foremost Clear Power Ltd.

Certified Individual

The technical content material of this information launch has been reviewed and accredited by Cameron MacKay, P. Geo., Vice President of Exploration for Foremost Clear Power Ltd., and a Certified Individual below Nationwide Instrument 43-101.

A certified particular person has not carried out adequate work or knowledge verification to validate the historic leads to accordance with Nationwide Instrument 43-101. Though the historic outcomes might not be dependable, the Firm nonetheless believes that they supply a sign of the property’s potential and are related for any future exploration program.

About Foremost

Foremost Clear Power Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a quickly rising North American uranium and lithium exploration firm. The Firm holds an possibility from Denison to earn as much as 70% curiosity in 10 potential uranium properties (aside from the Hatchet Lake, the place Foremost can earn as much as 51%), spanning over 330,000 acres within the prolific, uranium-rich Athabasca Basin area of northern Saskatchewan. Because the demand for carbon-free power continues to speed up, domestically mined uranium and lithium are poised for dynamic development, enjoying an vital function in the way forward for clear power. Foremost’s uranium initiatives are at completely different phases of exploration, from grassroots to these with vital historic exploration and drill-ready targets. The Firm’s mission is to make vital discoveries alongside and in collaboration with Denison by way of systematic and disciplined exploration packages.

Foremost additionally has a portfolio of lithium initiatives at various phases of improvement, that are situated throughout 55,000+ acres in Manitoba and Quebec. For additional info, please go to the Firm’s web site at www.foremostcleanenergy.com.

Contact and Data

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

Observe us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: https://www.linkedin.com/firm/foremostcleanenergy  
Fb: https://www.fb.com/ForemostCleanEnergy

Ahead-Wanting Statements

Apart from the statements of historic truth contained herein, the knowledge introduced on this information launch and oral statements made once in a while by representatives of the Firm are or might represent “forward-looking statements” as such time period is utilized in relevant United States and Canadian legal guidelines and together with, with out limitation, inside the which means of the Non-public Securities Litigation Reform Act of 1995, for which the Firm claims the safety of the protected harbor for forward-looking statements. These statements relate to analyses and different info which might be based mostly on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration. Another statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions or future occasions or efficiency (typically, however not all the time, utilizing phrases or phrases equivalent to “expects” or “doesn’t anticipate,” “is predicted,” “anticipates” or “doesn’t anticipate,” “plans,” “estimates” or “intends,” or stating that sure actions, occasions or outcomes “might,” “might,” “would,” “may” or “will” be taken, happen or be achieved) aren’t statements of historic truth and needs to be seen as forward-looking statements. Such forward-looking statements contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. Such dangers and different components embrace, amongst others, the supply of capital to fund packages and the ensuing dilution attributable to the elevating of capital by way of the sale of shares, continuity of agreements with third events and satisfaction of the circumstances to the choice settlement with Denison, dangers and uncertainties related to the surroundings, delays in acquiring governmental approvals, permits or financing. Though the Firm has tried to determine vital components that would trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components that trigger actions, occasions or outcomes to not be as anticipated, estimated or supposed. There will be no assurance that such statements will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Though the Firm believes that the expectations mirrored in such forward-looking statements are based mostly upon affordable assumptions, it can provide no assurance that its expectations will likely be achieved. Ahead-looking info is topic to sure dangers, traits and uncertainties that would trigger precise outcomes to vary materially from these projected. Many of those components are past the Firm’s means to manage or predict. Essential components that will trigger precise outcomes to vary materially and that would influence the Firm and the statements contained on this information launch will be discovered within the Firm’s filings with the Securities and Alternate Fee. The Firm assumes no obligation to replace or complement any forward-looking statements whether or not on account of new info, future occasions or in any other case. Accordingly, readers shouldn’t place undue reliance on forward-looking statements contained on this information launch and in any doc referred to on this information launch. This information launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase securities. and knowledge. Please consult with the Firm’s most up-to-date filings below its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for additional info respecting the dangers affecting the Firm and its enterprise.

The CSE has neither accredited nor disapproved the contents of this information launch and accepts no duty for the adequacy or accuracy hereof.

¹ https://discoveryalert.com.au/information/uranium-market-2025-global-expansion-supply-demand/#:~:textual content=U.S.%20Nuclearpercent20Policypercent20Transformation,nationalpercent20securitypercent20andpercent20energypercent20independence
² https://www.enr.com/articles/61083-power-hungry-ai-fueled-data-center-boom-sets-energy-deliverys-new-course
³ https://www.mining.com/uranium-demand-for-nuclear-power-set-to-surge-nearly-30-by-2030-world-nuclear-association/#:~:textual content=BMO’spercent20take,thepercent20yearpercent2CpercentE2percent80percent9Dpercent20BMOpercent20concluded.
⁴ https://www.morningstar.com/information/marketwatch/2025111881/microsoft-nvidia-and-anthropic-ink-45-billion-deal-that-furthers-a-big-critique-of-the-ai-trade
⁵ https://www.reuters.com/enterprise/power/westinghouse-electric-cameco-corp-brookfield-asset-management-80-bln-nuclear-2025-10-28/
⁶ https://www.mining.com/sprott-to-buy-200m-of-uranium-for-special-fund/
⁷ https://www.listcorp.com/writer/shaw-and-partners/sput-hits-the-uranium-accelerator-3203622.html