Foremost Clean Energy Ltd. · CSE:FAT
Foremost Clean Energy — Investor Presentation (December 2025)
33 slides from Foremost Clean Energy's investor presentation, December 2025
Slide 1: Investing in a Sustainable Clean Energy Future with 10 Optioned Uranium Properties
Investing in a Sustainable Clean Energy Future with 10 Optioned Uranium Properties From Our Strategic Partner Denison Mines CORPORATE PRESENTATION NASDAQ: FMST December 2025 CSE: FAT
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation (the “Presentation”) has been prepared by Foremost Clean Energy Ltd. (“Foremost” or the “Company”) solely for the purpose of providing introductory information in respect of Foremost and its business. The contents are not to be reproduced or distributed t
Slide 3: Who Are We?
Who Are We? Foremost Clean Energy is a rapidly growing North American uranium and lithium exploration company dedicated to advancing the clean energy economy. Our projects consist of 10 prospective uranium properties strategically located within the world-renowned Athabasca Basin, totaling over 330,
Slide 4: Corporate Overview
Corporate Overview Corporate Overview ▪ Extensive Uranium Asset Portfolio: Highly attractive diversified uranium exploration portfolio with a total of 10 properties spanning over 330,000 acres on 45 claims, with years of completed historic exploration and inherited data ▪ Proven Mining Jurisdiction
Slide 5: Foremost and Denison
Foremost and Denison Where Vision Meets Value Advantageous Position Significant Endorsement Access A highly sough-out position provided by Denison is projected to have first ISR A groundbreaking collaboration with a mine producing by 2028. Foremost can Denison to advance underdeveloped significant a
Slide 6: Denison Mines Overview
Denison Mines Overview Advanced Athabasca Basin Uranium Developer With Unique Asset Mix 2.2M lbs U3O8 in +Balance Sheet 95% Interest in Indigenous People physical uranium holdings the Wheeler River Project ~CAD$375M in cash, uranium & Denison’s first-in-sector uranium investment position reflects co
Slide 7: Value Creation
Value Creation Systematic Steps to Increasing Shareholder Value Subheading GROWTH GROWT PIPELINE H NASDAQ: FMST | CSE: FAT 7
Slide 8: Uranium Industry Drivers
Uranium Industry Drivers GOVERNMENT POLICIES AI POWER NEEDS Nuclear Revival Executive Orders Relentless Growth Uranium Exploration ▪ On May 23, 2025, Trump laid out executive orders declaring nuclear energy a national- ▪ Data centers driving AI run nonstop and ▪ Nuclear reactors driving global clean
Slide 9: Athabasca Basin
Athabasca Basin Did You Know Athabasca Basin’s uranium deposits are known to be of the highest grades in the world, with average The Athabasca Basin, located in Northern grades ranging 10X to 100X higher than the global average? (2) Saskatchewan, contains some of the world's richest uranium deposits
Slide 10: Uranium Portfolio
Uranium Portfolio Path to Prosperity: Where Opportunities Meet Mineralization Highly Attractive Uranium Portfolio Large exploration portfolio in the Athabasca Basin; 45 claims within 10 projects, spanning 332,378 acres / rani m Deposit 134,509 hectares within known uranium mineralization C rrent an
Slide 11: Eastern Athabasca Region
Eastern Athabasca Key Features Region Eastern Athabasca Properties encompasses a diversified portfolio at different stages of exploration, with both early staged exploration projects through drill permitted – drill ready assets Some exploration features of Basin Uranium deposits include: ▪ Structure
Slide 12: Hatchet Lake Key Features
Hatchet Lake Key Features Property History Consists of two non-contiguous claim blocks: the Richardson grid, which consists of four claims; and the Hatchet South claim block or (Tuning Fork) which consists of five claims • Shallow depth to unconformity with virtually untested basement potential • Th
Slide 13: Hatchet Lake Highlights
Hatchet Lake Highlights A 2,400 Metre Successful Drill Program was Completed in May, 2025 Assays returned significant increase in highlight U3O8 grades • 0.87% U₃O₈ over 0.45 metres from 149.75 metres (previously estimated at 0.22% over 0.9 metres) • Assay results indicate 6.2 metres (from 144.0 to
Slide 14: Murphy Lake South Key Highlights
Murphy Lake South Key Highlights 2025 7-hole, 2,695 metre Drill Program Successfully Completed ▪ Strong hydrothermal alteration intersected at and below the unconformity (hematite, clay, bleaching) ▪ Elevated radioactivity (2–3× background) recorded in MP25-003, MP25-006, and MP25-007 ▪ Reactivated
Slide 15: Blue Sky Region Key Features
Blue Sky Region Key Features The Blue-Sky projects were staked in October 2023 to cover regional structures / structural corridor(s) ▪ Virtually unexplored portion of the Athabasca Basin ▪ ~251,000 acres / ~102,000 hectares ▪ Historic CLK drilling with over 8,500 ppm U in hole CLG-D1, hosted in pitc
Slide 16: CLK
CLK Mineralized Trend Adjacent to Snowbird Key Features Tectonic Zone ▪ Staked in November 2023 ▪ 25,753 acres / 10,422 ha in two claims ▪ Project overlaps the NE edge of the Snowbird Tectonic Zone ▪ Only two holes drilled to date, both intersected CLG-D1 anomalous uranium mineralization Up to 8,600
Slide 17: Domestic Critical Mineral Push
Domestic Critical Foremost’s “Lithium Lane” Portfolio Mineral Push On October 12, 2025, US Department of Defense announced plans to purchase $1 billion in critical minerals to secure supply for defense and energy systems prioritizes “allied sourcing”. ▪ Move reflects rising concern over US reliance
Slide 18: Lithium Lane Projects
Lithium Lane Projects Zoro, Jean Lake, Peg North and Grass River Key Features Properties Foremost’s four core “Lithium Lane” projects span 43,276 acre / 17,513 hectares in the mine friendly district of Snow Lake, Manitoba. Key critical mineral highlights: ▪ Massive Exploration Upside: 9 total drill
Slide 19: Lithium Lane Projects: De-Risking Milestones
Lithium Lane Projects De-Risking Milestones for the North American Critical Minerals Market Attractive Land Portfolio Zoro Lithium Project Jean Lake Gold/Lithium ▪ A district-scale land package with ▪ Inferred resource estimate from a over 43,000 acres across multiple single high-grade lithium beari
Slide 20: Jean Lake Project Key Highlights
Jean Lake Project Key Highlights Successfully Completed 2025 Drill Program and Assays Pending for 11 Holes; Strategic Re-Sampling Underway Commencement of Historic Core Sampling Program adjacent to 102 g/t Gold Discovery on Unsampled Intervals. Assay results from the initial 4 drillholes, (assay res
Slide 21: Project Timelines
Project Timelines A Robust $6.5Million Exploration Program on Multiple Properties on Discovery-Ready Targets Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Hatchet Lake Drill Drill program expected 2500 m Drill Subsequent follow up on Hatchet Lake; Programs Drill Programs at drill program assay results rel
Slide 22: Corporate and Financial View
Corporate and Financial View Share Structure 1 NASDAQ:FMST FINANCIAL OVERVIEW(1) CSE:FAT Share Price C$4.23 52-Week Trading Range C$ .86– C$7.75 Basic Shares Outstanding 14.44M Options 0.197M RSUs 0.52M Warrants 3.10M FD Shares Outstanding 18.26M Market Capitalization (Basic) C$61.06M ~73.29% Retail
Slide 23: Management, Board & Advisors
Management, Board & Advisors Management Jason Barnard President, CEO & Dong Shim CPA, CA Cameron MacKay Christina Barnard Non -Independent Chief Financial Officer VP Of Exploration Chief Operating Officer Director Board of Directors Douglas David Cates Peter Espig Amanda Willet Andrew Lyons Mason In
Slide 24: Transaction Summary
Transaction Summary Cash Consideration Exploration Interest Phases (C$) Shares Issued Expenditures (C$) Miscellaneous Items Earned (%) 1 ➢ Appointing one irector nominate by Denison to Foremost’s Board of Directors immediately on the Effective Date; ➢ Appointing a echnical A visor at Denison’s elect
Slide 25: Investment Highlights
Investment Highlights. Extensive Portfolio Athabasca Basin 10 DISTINCT URANIUM PROPERTIES PROVEN MINING JURISDICTION Each with mineralization and identified A known prolific uranium location targets spanning over 330,000 acres producing ~15% of world’s primary prospective area surrounded by high- ur
Slide 26: Pioneering a Clean Energy Future
www.foremostcleanenergy.com Pioneering a Clean Energy Future Company Contact Jason Barnard President & CEO Jason.barnard@foremostcleanenergy.com +1 (604) 330-8067 NASDAQ: FMST | CSE: FAT 26
Slide 27: Appendix: Ten Distinct Properties Spanning 330,000+ Acres
APPENDIX Project Overview: Ten Distinct Properties Spanning 330,000+ Acres in the Athabasca Basin Hatchet Lake Wolverine Murphy Lake South Epp Lake Turkey Lake Blackwing Torwalt Lake CLK Marten GR NASDAQ: FMST | CSE: FAT 27
Slide 28: Turkey Lake
Turkey Lake Current Ground-Based Survey Underway with a 2026 Drill Projected Program to Follow Key Features One claim totaling 9,363 acres / 3,789 ha ▪ Close to infrastructure ▪ Shallow depth to unconformity (<50 m) ▪ Property straddles eastern edge of Athabasca Basin ▪ Multiple holes have anomalous
Slide 29: Torwalt Lake
Torwalt Lake Surrounded by Uranium Operations Key Features One claim totaling 2,007 acres / 812 ha McClean Lake Mill Richardson The Heldeth Túé Beta (Denison (22.5%) Beta ~12.8 Mlbs ▪ Well-situated within the infrastructure-rich eastern Torwalt Athabasca Basin Midwest A MurphyMlbs ~17.5 Lake South L
Slide 30: Wolverine
Wolverine High-Priority Drill-Ready Targets Defined by Radon Survey Completed in August 2025 Key Features Three claims totaling 12,444 acres / 5,036 ha New Radon Survey (893 data points): ▪ Identified two significant, open-ended anomalies: > >1 km-long NNE-trending anomaly strongly correlated with i
Slide 31: Epp Lake
Epp Lake Key Features Two claims totaling 2,138 acres / 865 ha Richardson Beta ▪ Depth to unconformity is about 800 m extension of C1 conductor trend, which is host to multiple EL-09 uranium showings east of Epp Lake Murphy Lake 0.1% USouth O / 1.1 m 3 8 › Elevated uranium enrichment above unconform
Slide 32: Marten
Marten Uranium Mineralization Associated with ~100m Unconformity Offset Key Features Two claims totaling 12,375 acres / 5,008 hectares in good standing until 2030 ▪ Anomalous, low-grade mineralization in historical drilling (0.07% U₃O₈ / 0.9 m in DDH 4682-2-79) ▪ Drilling by Denison identified up to
Slide 33: Blackwing & GR
Blackwing & GR Large-Scale Blue-Sky Potential in a Virgin Territory Key Features GR – 194,187 acres / 78,585 ha in 16 claims Blackwing – 31,203 acres / 12,627 ha in 3 claims ▪ Staked in October 2023 ▪ Both projects situated atop regional structures, Black Bay Fault and Grease River Shear ▪ Black Bay
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