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Foremost Clean Energy Provides Clarity Around Halt and Effective Date

1. Foremost Clean Energy clarifies spin-out effective date as January 31, 2025. 2. Trading halted due to incorrect information about delisting of Foremost shares. 3. Shareholders will receive new shares post-spin-out and exchange ratio is clarified. 4. Foremost's uranium assets in Saskatchewan are critical amid rising clean energy demand.

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FAQ

Why Bullish?

The spin-out can enhance shareholder value, similar to past successful restructures.

How important is it?

The spin-out and share adjustments could markedly affect FMST’s trading dynamics.

Why Short Term?

Immediate trading activity impacts following the spin-out announcement are expected.

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DNNDML
January 30, 2025 14:57 ET  | Source: Foremost Clean Energy Ltd. VANCOUVER, British Columbia, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) ("Foremost" or the "Company"), an emerging North American uranium and lithium exploration company, wishes to provide clarity as a result of a CSE bulletin issued yesterday (the “Original Bulletin”) which indicated that the effective date of the previously announced spin out (the "Spin-Out") of its gold and silver properties into a new stand-alone public company named Rio Grande Resources Ltd. ("Rio Grande"), pursuant to a plan of arrangement (the "Arrangement") was anticipated to occur on January 30, 2025. The Original Bulletin did not reflect the updated anticipated effective date of January 31, 2025 (the “Effective Date”) announced by Foremost in its news release of January 29, 2025. The CSE has since issued a revised bulletin today correcting the Original Bulletin and reflecting the correct effective date of the Arrangement of January 31, 2025. However, as a result of the erroneous information circulated in the Original Bulletin, particularly in respect of the delisting of Foremost’s common shares (“Foremost Shares”) on January 29, 2025, it was necessary to halt trading in the Foremost Shares today. With the anticipated effectiveness of the Arrangement tomorrow, shareholders of Foremost immediately prior to the Effective Date will receive one (1) new common share of Foremost (each a "New Foremost Share") and two (2) common shares of Rio Grande (the "Rio Grande Shares" and, together with the New Foremost Shares, the "Consideration Shares") for each common share of Foremost ("Foremost Share") held as of the Surrender Date. The New Foremost Shares will begin trading at that time.   About Foremost Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A40NYU) is an emerging 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 Mines Corp. (TSX: DML, NYSE American: DNN), 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 CompanyJason Barnard, President and CEO+1 (604) 330-8067info@foremostcleanenergy.com Investor Relations Lucas A. Zimmerman Managing DirectorMZ Group - MZ North America (949) 259-4987FMST@mzgroup.us www.mzgroup.us Follow us or contact us on social media:X: @fmstcleanenergyLinkedIn: 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. Such forward-looking statements and forward-looking information include, but are not limited to, completion of the Spin-Out, the Surrender Date and the effective date of the Arrangement, approval of the reclassification of the Foremost Shares to New Foremost Shares, the listing of the Rio Grande Shares on the CSE and the proposed benefits of the Spin-Out. 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, the satisfaction of the conditions to the Arrangement, risks and uncertainties associated with the environment and 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 on SEDAR+ and Edgar. 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. 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 hereof.

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