Mr. Jason Barnard reports

FOREMOST CLEAN ENERGY CORRECTS RED CLOUD CONTRACT AND PROVIDES DETAILS FOR ITS PLAN OF ARRANGEMENT

Further to Foremost Clean Energy Ltd.'s news release issued the morning of Nov. 18, 2024, the company wishes to clarify the terms surrounding the engagement of Red Cloud Financial Services Inc. Red Cloud's services commenced on Nov. 14, 2024, not Oct. 14, 2024, as stated in the prior news release. All other stated terms are correct.

Furthermore, the company wishes to remind all Foremost shareholders about the upcoming spin-out of the Winston gold and silver properties from Foremost to Rio Grande Ltd. Pursuant to the statutory plan of arrangement under British Columbia's Business Corporations Act, each shareholder will exchange each outstanding common share of Foremost for one new common share of Foremost and two Rio Grande shares.

It is important to note that all shareholders will participate in the share exchange on the effective date of the completion of the arrangement but only shareholders of record as of Oct. 24, 2024, will be eligible to vote at the AGSM. The company anticipates completing the arrangement, in accordance with the terms of the plan of arrangement, in January, 2025, subject to, among other things, receipt of all required shareholders, court and CSE (Canadian Securities Exchange) approvals.

Jason Barnard, president and chief executive officer of Foremost, states: "With all Foremost shareholders on the effective listing date of Rio Grande receiving two Rio shares, we are confident that the spinout of Rio Grande into a stand-alone entity will create significant value. This move will ensure that these properties receive the necessary attention and development focus they deserve, especially during a robust bull market for precious metals. We are excited to finalize this transaction and begin exploration activities."

Foremost believes that this opportunity presents an exciting prospect for all shareholders and encourages all to carefully consider this opportunity, and to cast a vote in favour of the arrangement at the upcoming AGSM.

The company is also pleased to announce that it has filed an updated technical report for the properties located northwest of the town of Truth or Consequences in New Mexico, USA. The updated report entitled "NI 43-101 Technical Report for the Winston Gold-Silver Project: Sierra County, New Mexico, USA," with an effective date of Nov. 4, 2024, was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The purpose of the report is to provide an update on the project and present new technical and scientific findings related to exploration activities. The report can be found under the company's profile on SEDAR+.

Qualified persons

The independent qualified person responsible for the report is Jocelyn Pelletier (Msc, F-SEG), who is a qualified person as identified by Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and as defined by the Securities and Exchange Commission's Regulation S-K 1300 rules for resource deposit disclosure, with contributions from Michael N. Feinstein (CPG), a non-independent qualified person.

About Foremost Clean Energy Ltd.

Foremost Clean Energy is an emerging North American uranium and lithium exploration company with an option to earn up to a 70-per-cent interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51 per cent), 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 clean energy mix of the future. 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-plus acres in Manitoba and Quebec.

We seek Safe Harbor.