Foremost Clean Energy Receives 3-Year Exploration Permit and Announces Gravity Survey at Turkey Lake Uranium Project, Athabasca Basin, Saskatchewan

Rhea-AI Summary

Foremost Clean Energy (NASDAQ: FMST) received a three-year exploration permit for the Turkey Lake uranium project in the Athabasca Basin, valid until December 31, 2028, authorizing up to 75 drill holes, line cutting, trail use and related activities. A ground-based gravity survey by MWH Geo Survey will start in December, with ~1,312 stations at 100m intervals to refine targets ahead of a 2026 drill program. Turkey Lake comprises 9,363 acres, hosts shallow unconformity depths (50 m), and contains historic uranium intercepts including 0.16% U3O8 over 0.6 m and 0.12% U3O8 over 0.5 m. Historical results are not NI 43-101 verified.

Positive

• Three-year exploration permit valid until Dec 31, 2028
• Permit authorizes up to 75 drill holes
• Planned ground gravity survey of ~1,312 stations
• Property size of 9,363 acres along Athabasca margin
• Shallow unconformity depths of <50 m
• Historic intercept: 0.16% U3O8 over 0.6 m

Negative

• Historic uranium results not validated under NI 43-101
• Projected drill program deferred to 2026, delaying near-term catalysts

Key Figures

Exploration permit term 3 years (to Dec 31, 2028) Turkey Lake exploration permit duration

Authorized drill holes 75 drill holes Maximum drilling authorized under Turkey Lake permit

Gravity survey stations 1,312 stations Ground-based gravity survey planned at Turkey Lake

Property size 9,363 acres (3,789 ha) Turkey Lake mineral claim area

Unconformity depth <50 m Shallow unconformity depths at Turkey Lake

Historic intercept TUR-4 0.16% U3O8 over 0.6 m Unconformity-associated uranium at ~20 m depth

Historic intercept TL-10-13 0.12% U3O8 over 0.5 m Unconformity-associated uranium at Turkey Lake

Conductor strike length 10 km+ Under-tested conductive corridor at Turkey Lake

Market Reality Check

$1.07 Last Close

Volume Volume 547,287 is above the 20-day average of 289,768 (relative volume 1.89). high

Technical Price 3.26 is trading above the 200-day MA at 2.46 ahead of this news.

Peers on Argus

FMST gained 2.54% with mixed peer moves: WWR up 8.25%, LITM up 3.16%, ELBM down 3.92%, while STSBD and MKVNF were flat. This points to stock-specific factors rather than a uniform sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Drill program update	Positive	+5.1%	Completion of 15-hole Jean Lake drill program with assays pending.
Dec 04	Survey announcement	Positive	+7.7%	Planned ground-based gravity survey at Hatchet Lake ahead of 2026 drilling.
Dec 01	Permit & survey news	Positive	-7.4%	Three-year Turkey Lake exploration permit and gravity survey plan.
Nov 19	High-grade gold results	Positive	-3.8%	Multiple shallow high-grade gold intercepts at Jean Lake Valkyrie Trend.
Nov 17	Uranium drilling update	Positive	+8.2%	Completion of 2,695 m Murphy Lake South uranium drill program with alteration/radioactivity.

Pattern Detected

Exploration news has produced mixed reactions: three positive moves on strong uranium/gold updates and two declines, including a selloff on this same Turkey Lake permit announcement.

Recent Company History

Over the past month, Foremost Clean Energy has reported multiple exploration milestones across gold and uranium assets. On Nov 17, a 2,695 m Murphy Lake South uranium program was completed with broad alteration and elevated radioactivity. On Nov 19, Jean Lake drilling delivered shallow high‑grade gold intercepts. Subsequent updates on Turkey Lake and Hatchet Lake outlined gravity surveys and a three‑year permit at Turkey Lake, followed by completion of a 15‑hole Jean Lake drill program, all feeding into anticipated 2026 drill targeting.

Market Pulse Summary

This announcement outlines a de-risking step for Turkey Lake, with a three-year exploration permit valid to December 31, 2028 and authorization for up to 75 drill holes. A 1,312-station gravity survey aims to refine targets along more than 10 km of conductive strike with shallow (50 m) unconformity depths and historic uranium intercepts. Historical results are not NI 43-101 compliant, so future drilling and validated assays will be important markers for assessing project potential.

Key Terms

ground-based gravity survey technical

"The Company is also pleased to announce a ground-based gravity survey at Turkey Lake"

A ground-based gravity survey measures tiny variations in the Earth’s gravitational field from instruments placed on the surface to map differences in underground rock density. Like feeling for a heavy object under a blanket, these surveys help explorers pinpoint likely locations of mineral, oil or gas deposits and avoid blind drilling. For investors, the results can lower exploration risk, shape drilling plans and influence how promising a project looks financially.

athabasca basin technical

"Turkey Lake Uranium Project (“Turkey Lake”), located on the eastern margin of the Athabasca Basin"

A geological region in northern Saskatchewan, Canada, known for some of the richest uranium deposits in the world. For investors, it matters because projects and mines there drive uranium supply, exploration activity, and related mining investment — like a neighborhood where most of an industry’s factories are located, concentrating both opportunity and regulatory, infrastructure, and permitting risks that affect company value.

unconformity-associated uranium technical

"confirmed unconformity-associated uranium in multiple holes"

Unconformity-associated uranium describes uranium concentrated where a clear geological boundary exists between much older bedrock and younger overlying rocks; that boundary acts like a ledge where mineral-rich fluids deposited uranium. For investors, this is important because such deposits can be very high grade and relatively compact, meaning they may offer strong potential returns but also carry exploration, permitting and environmental risks that affect project value and timelines.

u3o8 technical

"including 0.16% U₃O₈ over 0.6 metres in TUR-4 and 0.12% U₃O₈"

U3O8 is the chemical name for a stable form of uranium oxide commonly called “yellowcake,” the concentrated powder produced after uranium ore is processed. Investors track U3O8 because it represents the raw material that is turned into nuclear fuel; its supply, demand and price act like a commodity indicator that can move the value of mining companies, utilities and firms tied to the nuclear fuel chain. Think of it as the crude oil equivalent for nuclear power — a basic feedstock whose availability and cost affect an entire industry.

hydrothermal alteration technical

"designed to identify gravity lows associated with hydrothermal alteration and map fault-controlled"

Hydrothermal alteration is the chemical change in rocks caused by hot, mineral-bearing fluids moving through them, similar to how boiling water can change the color and texture of food. For investors, it matters because these altered rocks often mark where valuable minerals like gold, copper or other metals have been deposited, so evidence of alteration can signal that a property has potential for economically important mineral resources.

conductive corridor technical

"across a priority NE-trending conductive corridor extending beyond the Athabasca Basin margin"

A conductive corridor is a subsurface zone of rock that conducts electricity more strongly than surrounding rock because it contains metal-bearing minerals or fluids; geophysicists detect it with instruments that sense electrical or electromagnetic signals. Investors care because such corridors can indicate continuity between isolated mineral occurrences, acting like a metal-bearing “pipeline” that guides where drilling and resource estimates are focused, which can materially affect a mining project’s potential value.

basement-hosted uranium technical

"testing both unconformity and basement-hosted uranium targets at Turkey Lake"

Basement-hosted uranium describes uranium mineral deposits located within the deep, older crystalline rocks that lie beneath younger sediment layers. For investors, this matters because these deposits often require deeper drilling and more complex mining methods than near-surface deposits, which can raise exploration and development costs but may also offer higher-grade, longer-lived resources; think of searching for a treasure buried under bedrock rather than loose soil.

national instrument 43-101 regulatory

"Qualified Person under National Instrument 43-101. A qualified person has not performed"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

Ground-Based Gravity Survey Launching in December to Follow Up on Historic Uranium Intercepts First Defined by Cameco and Denison Mines

VANCOUVER, British Columbia, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company"), Foremost Clean Energy Ltd. (NASDAQ: FMST) is pleased to announce that the Saskatchewan Ministry of Environment has issued a three-year exploration permit for the Company’s Turkey Lake Uranium Project (“Turkey Lake”), located on the eastern margin of the Athabasca Basin in northern Saskatchewan (see Figure 1). The permit is valid until December 31, 2028, and authorizes up to 75 drill holes, line cutting, trail use, and related exploration activities.

The Company is also pleased to announce a ground-based gravity survey at Turkey Lake is scheduled to commence in December. The gravity survey will refine targeting ahead of an anticipated 2026 drill program, which will follow up on uranium intercepts that were initially identified through historic work by Denison Mines Corp. (“Denison”, NYSE American: DNN, TSX: DML), and Cameco. The survey will be conducted by MWH Geo Survey (“MWH”), a leading geophysical contractor with more than 40 years of experience throughout the Basin.

Foremost’s President and CEO Jason Barnard, President and CEO commented: “We are very pleased to receive a three-year exploration permit for Turkey Lake, which allows Foremost to advance this underexplored project along the eastern Athabasca Basin margin. Historic work by industry leaders like Cameco and Denison has already confirmed unconformity-associated uranium in multiple holes, including 0.16% U₃O₈ over 0.6 metres in TUR-4 and 0.12% U₃O₈ over 0.5 metres in TL-10-13. This foundation of past success, combined with shallow unconformity depths and a largely untested 10-kilometre conductor system, presents a compelling opportunity. Furthermore, the current industry landscape is creating a perfect environment for uranium exploration, where significant new discoveries are not just valuable, but imperative. The gravity survey will refine our understanding of the structural framework as we prepare for a targeted drill program in 2026, positioning us to capitalize on powerful market tailwinds.”

Figure 1: Turkey Lake Regional Context Map

Gravity Survey Details

The program is anticipated to comprise approximately 1,312-station ground gravity survey collected at 100-metre station intervals on 200-metre line spacing across a priority NE-trending conductive corridor extending beyond the Athabasca Basin margin (see figure 2). The survey is designed to identify gravity lows associated with hydrothermal alteration and map fault-controlled fluid pathways.

Figure 2: Turkey Lake Compilation Map

Turkey Lake Property Overview

The Turkey Lake Property consists of one mineral claim totaling 9,363 acres (3,789 hectares) situated along the eastern edge of the Athabasca Basin. The project benefits from excellent proximity to key regional infrastructure:

• ~23 km north of the McClean Lake Mill
• ~25 km north of the Eagle Point Mine

Turkey Lake hosts shallow unconformity depths (<50 m) and a conductive, structural corridor which extends beyond the Basin margin with more than 10km of under-tested conductor strike length. The conductors display many flexures, bends, and breaks that can represent locations of dilation making them prime targets for Athabasca-style uranium mineralization.

Historic Uranium Mineralization

Exploration by Gulf Minerals, Cameco and Denison between 1978 and 2010 identified multiple zones of unconformity-associated uranium mineralization at Turkey Lake, including:

• 0.16% U₃O₈ over 0.6 m in hole TUR-4¹, at a vertical depth of ~20 metres
• 0.12% U₃O₈ over 0.5 m in hole TL-10-13²

Follow-up drilling near TUR-4 also intersected elevated radioactivity within the sandstone column above the unconformity. These results confirm a fertile uranium-bearing fluid system along the Turkey Lake conductive corridor, with significant basement potential remaining largely untested.

Next Steps

The survey results will be integrated with existing electromagnetic, magnetic, and geochemical datasets to enhance the geological model and prioritize drill targets. Gravity data will support final target selection for a projected 2026 drill program, which will focus on testing both unconformity and basement-hosted uranium targets at Turkey Lake.

Qualified Person

The technical content of this news release has been reviewed and approved by Cameron MacKay, P. Geo., Vice President of Exploration for Foremost Clean Energy Ltd., and a Qualified Person under National Instrument 43-101.

A qualified person has not performed sufficient work or data verification to validate the historical results in accordance with National Instrument 43-101. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program.

About Foremost

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a rapidly growing North American uranium and lithium exploration company. . The Company holds an option from Denison Mines Corp. (“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. 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 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

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

Follow us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: 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. 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 and satisfaction of the conditions to the option agreement with Denison, risks and uncertainties associated with the environment, 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 with the Securities and Exchange Commission. 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. and information. 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.

^{_______________________
1} Saskatchewan Mineral Assessment File 64L05-0037
² Saskatchewan Mineral Assessment File 64L12-0077

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3b24685c-8e12-4f63-9083-2db19a615950
https://www.globenewswire.com/NewsRoom/AttachmentNg/8670485b-2d2a-4526-9a27-4b7db953d496

FAQ

What permit did Foremost Clean Energy (FMST) receive for Turkey Lake on December 1, 2025?

A three-year exploration permit valid to Dec 31, 2028, authorizing up to 75 drill holes and related activities.

When will the ground gravity survey at Turkey Lake (FMST) begin and what is its scope?

The survey starts in December 2025 with ~1,312 stations at 100m intervals on 200m line spacing.

How does the Turkey Lake permit affect Foremost's 2026 drilling plans (FMST)?

Permit allows preparation and final target selection for a targeted 2026 drill program testing unconformity and basement targets.

What historic uranium grades were reported at Turkey Lake referenced by Foremost (FMST)?

Historic intercepts include 0.16% U3O8 over 0.6 m and 0.12% U3O8 over 0.5 m from prior operators.

Are the historic Turkey Lake uranium results NI 43-101 compliant for FMST?

No; the company states historic results have not been verified under NI 43-101 and may be unreliable.

What property scale and geology make Turkey Lake (FMST) a target for uranium exploration?

Turkey Lake covers 9,363 acres, has a >10 km under-tested conductor corridor and shallow unconformity depths of <50 m.