Foremost Clean Energy Receives Denison Mines Equity Subscription Notice Related To Warrant Exercises And Jean Lake Lithium/Gold Property Payment

Foremost Clean Energy Ltd. (NASDAQ:FMST) (CSE:FAT) ("Foremost" or the "Company") announces that further to the Amended & Restated Investor Rights Agreement dated July 23, 2025 (the "Denison IRA") between the Company and Denison Mines Corp. ("Denison", ("Denison", TSX:DML, NYSE American: DNN), ("Denison", TSX:DML, NYSE:DNN), Denison notified the Company of its intention to subscribe for common shares pursuant to its equity participation right relating to certain share issuances completed by the Company (see press release June 14, 2025). The share issuances were related to warrant exercises, and for property payments including the Company's final property payment for its Jean Lake Lithium/Gold Property (see press release dated July 16, 2025).

In connection with the exercise of the equity participation right, the Company will issue 485,000 common shares to Denison at a price of $2.20 per share for aggregate consideration of $1,067,000 (the "Private Placement"). The issuance is in accordance with the Denison IRA and has been approved by the Canadian Securities Exchange ("CSE"). Following completion of the Private Placement, Denison will own approximately 19.17% of Foremost's common shares outstanding. The common shares that will be issued pursuant to the Private Placement are subject to a hold period of four (4) months and one (1) day from the date of issuance in accordance with applicable securities laws. A copy of the Denison IRA is available on the Company's SEDAR+ profile.

The proceeds from the Private Placement will be used to advance exploration for the Company's 330,000 acres/133,500+ hectare Athabasca Basin uranium portfolio and for general corporate purposes.