Foremost Clean Energy Announces Bought Deal Private Placement of $5.5 Million

Press Release

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, March 17, 2026 – Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”), is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp., as lead underwriter and sole bookrunner (the “Underwriter”), in connection with a “bought deal” private placement of 1,618,000 units of the Company (the “Units”) at a price of C$3.40 per Unit (the “Issue Price”) for aggregate gross proceeds of $5.5 million (the “Offering”).

Each Unit shall consist of one common share of the Company and one half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”), each of which will qualify as a “flow through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”). Each Warrant shall be exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of 24 months from the Closing Date (as defined herein) at an exercise price of C$4.40 per Warrant Share.

Foremost’s largest shareholder, Denison Mines Corp. (“Denison”), has the right to participate in the Offering pursuant to an investor rights agreement. Accordingly, the Offering may result in Denison acquiring up to such number of additional common shares as it would to bring its ownership to approximately 19.95% of the issued and outstanding common shares of the Company on a post-closing basis.

The Company has granted the Underwriter an option exercisable at any time up to 48 hours prior to the Closing Date, to purchase up to an additional 242,700 Units at the Issue Price per Unit, which, if exercised in full, would result in additional gross proceeds of $825,180, which amount, if any, will constitute an additional part of the Offering.

The Company will use an amount equal to the gross proceeds of the Offering to incur “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” (as such terms are defined in the Tax Act) (the “Qualifying Expenditures”) on the Company’s mineral projects in Canada on or before December 31, 2027, and will renounce all the Qualifying Expenditures in favour of the purchasers or substituted purchasers of the Units effective December 31, 2026. In the event that the Company is unable to renounce Qualifying Expenditures as described above, and/or the Qualifying Expenditures are otherwise reduced by the Canada Revenue Agency, the Company will indemnify each affected purchaser or substituted purchaser for additional Canadian income taxes payable by such purchaser or substituted purchaser as a result of the Company’s failure to incur and renounce the Qualifying Expenditures or as a result of the reduction as agreed.

The Offering is expected to close on or about April 7, 2026 (the “Closing Date”), or such other date as the Company and the Underwriter may agree, and is subject to certain conditions, including compliance with the requirements of the Canadian Securities Exchange and receipt of all necessary approvals of the NASDAQ Stock Market, as applicable.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Foremost

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) 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 centers, 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 up to 70% interest in 10 prospective uranium properties (except for the Hatchet Lake, where Foremost can earn up to 51%), 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 roadmap 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, which are located across 55,000+ acres in Manitoba and Quebec providing exposure to other critical materials underpinning electrification and energy storage. For further information, please visit the Company’s website at www.foremostcleanenergy.com.

Contact and Information

Company

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

Investor Relations

Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
1-800-REDCHIP (733-2447)
FMST@redchip.com

IBF4