Mr. Jason Barnard reports

FOREMOST CLEAN ENERGY TO ISSUE SHARES TO DENISON MINES CORP. UNDER INVESTOR RIGHTS AGREEMENT, STRENGTHENING ITS TREASURY

Further to the amended and restated investor rights agreement dated July 23, 2025, between Foremost Clean Energy Ltd. and Denison Mines Corp., 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 March 31, 2026). The share issuances were related to the closing of a bought deal private placement of flow-through units.

In connection with the exercise of the equity participation right, the company will issue 137,590 common shares to Denison at a price of $2.44 per share for aggregate consideration of $335,719.60. The common shares that will be issued pursuant to the private placement are subject to a hold period of four months and one 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-acre/133,500-plus-hectare Athabasca basin uranium portfolio, including its flagship Hatchet Lake uranium project, which recently returned 1.0 per cent triuranium octoxide equivalent over 1.4 metres within 4.6 metres of 0.34 per cent eU3O8 (see news release dated April 15, 2026) and for general corporate purposes.

Denison held 2,462,410 Foremost common shares, representing approximately 15.1 per cent of Foremost's issued and outstanding shares prior to closing of the issuance to Denison. On completion of the issuance to Denison, Denison is expected to hold 2.6 million Foremost common shares, representing approximately 15.8 per cent of Foremost's then issued and outstanding shares. Denison also holds 607,600 Foremost warrants, representing approximately 17 per cent of the issued and outstanding warrants of Foremost. This information is being provided under the early warning requirements of applicable securities laws. Denison will be filing an early warning report under the company's profile on SEDAR+ pursuant to National Instrument 62-103 in respect of the change in its common shareholdings in Foremost upon closing of the private placement. The Foremost equities were acquired by Denison for investment purposes. The company intends to review, on a continuous basis, various factors related to its investment in Foremost, and may decide to acquire or dispose of additional securities of Foremost as future circumstances may dictate, including under its pre-emptive rights under the investor rights agreement.

About Foremost Clean Energy Ltd.

Foremost 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 an up-to-70-per-cent interest in 10 prospective uranium properties (except for the 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 spanning 43,000-plus acres in Manitoba, providing exposure to other critical materials essential in electrification and energy storage.

We seek Safe Harbor.