Corporate Presentation (Foremost deck version Jan 2026 compressed)

CORPORATE PRESENTATION

January 2026

NASDAQ: FMST

CSE: FAT

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 330,000 acres.

With drill-ready targets on identified conductors on important structural trends and proximal discoveries, our portfolio is well-positioned to capitalize on the growing demand for uranium as a crucial component of a sustainable energy future.

We also maintain upside potential through a secondary portfolio of lithium projects with significant past drilling spanning 50,000+ acres primed for long-term development

NASDAQ: FMST | CSE: FAT 3

• 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 and Prolific Uranium Region: Premier assets located in the Athabasca Basin in northern

  Saskatchewan, Canada, with robust infrastructure and known to host some of the world's richest uranium deposits producing

  ~15% of world's primary uranium supply

• Strong Macro Tailwinds: Positioned to benefit from powerful uranium demand drivers including 30+ nations tripling nuclear capacity by 2050 and new U.S. nuclear energy directives, amid a projected period of sustained structural uranium supply shortage

• Denison Mines Corp: Denison isn't just Foremost largest shareholder, they have built a best-in-class team providing technical, operating and corporate support, with two board seats providing guidance, including Denison's own President and CEO

• Key Advantage: Once Foremost establishes a deposit and with Denison advancing Canada's first ISR uranium mine (2028 projected construction), could uniquely positions to bypass traditional delays and accelerate into supply constraint uranium market

• Tight Float and Aligned Incentives: Foremost Management and Board holds 4.65% of the company's shares

  outstanding, with Denison Mines holding 17.06% for a combined 21.71% ownership working towards building shareholder value

• Secondary Lithium Upside: Five Canadian lithium projects spanning 55,000+ acres with long-term development potential

NASDAQ: FMST | CSE: FAT 4

Where Vision Meets Value

Advantageous Position

A highly sough-out position provided by Denison to advance underdeveloped properties and maximize untapped potential

Significant Endorsement

A groundbreaking collaboration with a significant and esteemed producer and developer within the uranium industry

Access

Denison is projected to have first ISR mine producing by 2028. Foremost can leverage their mining expertise, future milling infrastructure, and streamlined permitting strategies

On-Going Support

Backed by Denison, C$3.64B* Canadian uranium producer and developer, will provide technical, operational and financial support

Unparalleled Opportunity

Leveraging Denison's extensive historic drilling and geophysical data, Foremost targets high-priority, drill-ready zones with precision

Geological Collaboration

A geological collaboration with uranium heavyweights Jody Dahrouge and Denison's technical team bring a proven track-records in the Basin, and provide an increased potential of unprecedented discoveries

NASDAQ: FMST | CSE: FAT

1) As of November 04, 2025

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*Disclosures based on Denison's public filings as of September 30, 2024

Advanced Athabasca Basin Uranium Developer With Unique Asset Mix

2.2M lbs U3O8 in

+Balance Sheet G5% Interest in

Indigenous People

physical uranium holdings

-Market value ~CAD$243M

~CAD$375M in cash, uranium &

uranium investment

the Wheeler River Project

-2023 Phoenix Feasibility Study

Denison's first-in-sector

position reflects commitment

(US$81.75/lb U O )

with final Environmental

to take action towards

3 8 -CAD$106M in cash and cash

Impact Statement filed, ISR

advancing reconciliation with

+/- ~CAD$30M in change for

equivalents

project advancing through

Indigenous peoples in Canada

every US$10/lb U O move in

permitting; production targeted

ESG

3 8

spot price

-CAD$25M investment in uranium equities and

for 2027 or 2028

Strong and established

-Acquired at average cost of

USD$29.66/lb U3O8

convertibles

-Closed US $345M convertible senior notes offering September 2025

-Assets include the

Phoenix and Gryphon deposits at Wheeler River & the THT deposit at Waterbury Lake

environmental social governance practices within the Company and its communities

NASDAQ: FMST | CSE: FAT

1) Denison filings as of November 30, 2024

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*Disclosures based on Denison's public filings as of September 30, 2024

Systematic Steps to Increasing Shareholder Value

Subheading

$9M 2026 Exploration Budget

To be deployed across a highly prospective project portfolio with strong historical exploration and clearly defined, high-priority, drill-ready targets

Extensive Historic Exploration

Includes drilling and geophysical surveys by Denison Mines -provides Foremost with a validated roadmap and clear competitive advantage, enabling targeted drilling of high-potential, mineralized trends from the outset

Strategically Positioned Projects

Alongside or within major uranium trends including the La Rocque Corridor - host to IsoEnergy's world-class Hurricane Deposit (46.8M lbs at 34.5% U3O8) highlighting the potential for high grade discoveries

Discovery Ready Targets

Multiple drill programs in the 2026 pipeline designed to build on 2025 outcomes, testing extensions of mineralized zones and look for new discoveries

NASDAQ: FMST | CSE: FAT 7

GOVERNMENT POLICIES

Executive Orders

AI POWER NEEDS

Relentless Growth

• On May 23, 2025, Trump laid out executive orders declaring nuclear energy a national-security priority fast-tracking of reactors and included orders to quadruple U.S. capacity to 400 GW by 2050-requiring 2.5x more uranium than today's entire global supply

  NASDAQ: FMST | CSE: FAT

• Data centers driving AI run nonstop and consume enormous amounts of power

• AI & Tech giants going nuclear represent huge future uranium demand scenarios with data centre build-outs are reshaping our future energy needs

  Nuclear Revival

  Uranium Exploration

  
  
  

• Nuclear reactors driving global clean energy growth with zero-carbon baseload power

• COP28 pledge to triple nuclear capacity by 2050 accelerates reactor growth

• Russian uranium ban by 2028 intensifies supply crunch, driving record uranium demand

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• Uranium exploration is critical; nuclear and uranium are intrinsically linked 8

Uranium Industry Drivers

Athabasca Basin

Did You Know Athabasca Basin's uranium deposits are known to be of the highest grades in the world, with average grades ranging 10X to 100X higher than the global average? (2)

The Basin covers

~100,000 km2 across northern Alberta and Saskatchewan

1. https://investingnews.com/innspired/global-uranium-supply-athabasca-basin/

2. https://www.visualcapitalist.com/sp/the-next-generation-of-uranium-deposits/#:~:text=The%20World's%20Richest%20Uranium%20Region&text=The%20country's%20Athabasca%20Basin

   %20has,a%20small%20portion%20of%20Alberta

3. World Nuclear Association

And contains some of the world's richest uranium deposits(1)

Saskatchewan is an established and highly-attractive mining

jurisdiction which includes:

• #3 ranking as the "most attractive jurisdiction in the world for mining investment" - Fraser Institute (2023)

• History of uranium mining and production for 40+ years in a stable, pro-mining province

• Home to some of the largest and highest-grade uranium deposits in the world with over 554,475 tU of U3O8produced31)

  Recent discoveries are a testament to the ongoing prospectivity of the area including:

  • Denison (TSX: DML) - Phoenix, Gryphon

  • NexGen Energy (TSX: NXE) - Arrow

  • ISO Energy (TSX: ISO) - Hurricane

  • Fission Uranium (TSX: FCU) - Triple R

    NASDAQ: FMST | CSE: FAT 9

    
    
    

    Uranium Portfolio

    LEgEND

    Forenost's Uraniun Properties

    Uraniun Deposit

    Current and Past Producing Mines andMills Wollaston Mudjatik Transition Zone

    Saskatchewan

    Blackwin

    gR

    CLK

    Athabasca Basin

    Hurricane

    ~4 M lbs e 34.5% U3O8(indicated)

    Hatchet Lake

    Turkey Lake

    McClean Lake

    ~50M lbs U3O8(produced)

    Clu¦ Lake Mine

    ~ 64M lbs e 0. 2% U3O8(produced)

    Shea Creek Deposi~t 68M lbs e 1.4 % U3O8(lndicated)

    Murphy Lake South

    Ci ar Lake Mine

    ~207 lbs e 17.03% U3O8(reserves)

    Marten

    Torwalt Lake

    Rabbit Lake

    Arrow Deposit

    ~ 257 lbs e 3.10% U3O8(reserves)

    Epp Lake

    Wolverine

    ~3 M lbs e0.5 % e U O (lndicated)

    3 8

    Triple R Deposit

    ~115M lbs e 1. 4% U3O8(indicated)

    Gryphon Deposit

    ~50M lbs e 1.80% U3O8(reserves)

    McArthur River Mine

    ~380.5 lbs e 6.72% U3O8(reserves)

    Phoenix Deposit

    57M lbs e 11.6% U3O8(reserves)

    N

    50KM

    Key Lake Mill

    ~ 210M lbs U3O8(produced)

    
    
    

    Path to Prosperity: Where Opportunities Meet Mineralization

    NASDAQ: FMST | CSE: FAT

    Highly Attractive Uranium Portfolio

    Large exploration portfolio in the Athabasca Basin; 45 claims within 10 projects, spanning 332,378 acres / 134,509 hectares within known uranium mineralization surrounded by deposits, mines and mills

    Projects separated into two distinct regions:

    1. Eastern Athabasca Properties

    2. Blue-Sky Properties

• Eastern Athabasca Cluster encompasses a diversified portfolio at different stages of exploration, with both early staged exploration projects through drill permitted and drill ready assets

• The region has a well-established mining and transportation infrastructure

*See Appendix for list and description of Properties

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