Foremost Clean Energy Provides Positive Update on Spin-Out of Rio Grande Resources

VANCOUVER, British Columbia, January 28, 2025 -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”), an emerging North American uranium and lithium exploration company, is pleased to announce 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”), is anticipated to occur at 12:01a.m. (Vancouver time) on January 30, 2025 (the “Surrender Date”). Pursuant to the Arrangement, shareholders of Foremost as of January 29, 2025 (the “Record Distribution 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”) for each common share of Foremost (“Foremost Share”) held.

The Company has applied to the Canadian Securities Exchange (“CSE”) for approval of the reclassification of the Foremost Shares as the New Foremost Shares and expects receipt of the CSE bulletin approving the reclassification as of the date hereof. Upon completion of the Arrangement, the New Foremost Shares will continue trading under the same symbols, “FMST” on the Nasdaq, and “FAT” on the CSE, under the new CUSIP number 34547F105.

The Company has also received conditional approval to list the Rio Shares on the CSE under the symbol “RGR” under the CUSIP number 76711R100. Final listing approval will be subject to Rio Grande satisfying all of the listing conditions of the CSE. If the listing is approved, Rio Grande will announce by way of press release the date on which trading of the Rio Grande Shares will commence on the CSE.

Foremost’s President and CEO, Jason Barnard, comments, “We.are.thrilled.about.this.significant. development.for.our.investors¡.The.spin‗out.allows.us.to.sharpen.our.focus.on.the.uranium.portfolio. in.the.Athabasca.Basin?.as.well.as.our.lithium.assets.in.Manitoba.while.enabling.the.independent. advancement.of.prospective.gold.and.silver.assets.through.Rio.Grande¡.We.believe.this.strategic. move.will.enhance.shareholder.value.by.creating.a.distinct.pathway.for.growth.in.both.companies¡‹ .

To receive the New Foremost Shares and the Rio Grande Shares (collectively, the “Consideration Shares”), registered shareholders of Foremost as of the Surrender Date are required to deposit their original share certificate(s) and/or DRS statement(s), representing their Foremost Shares together with a properly completed letter of transmittal (the “Letter of Transmittal”) to Odyssey Trust Company (“Odyssey”). Once received, Odyssey will provide the Consideration Shares to the registered shareholder in accordance with the terms of the Letter of Transmittal. A copy of the Letter of Transmittal is available under Foremost's profile on SEDAR+ at www.sedarplus.ca or can obtained by contacting Odyssey.

To receive the Consideration Shares, beneficial shareholders of Foremost as of the Surrender Date whose Foremost Shares are registered in the name of an intermediary (i.e., a bank, trust, company, securities broker, trustee, or other) should contact that intermediary for instructions or questions about receipt of their Consideration Shares.

Information To Warrant Holders

Each warrant to purchase Foremost Shares as of the Surrender Date will, in accordance with its terms and completion of the Spin-Out, thereafter entitle the holder thereof to one (1) New Foremost Share and two (2) Rio Grande Shares upon exercise.

No new certificates are required to be sent to the warrant holders and no action is required by warrant holders to receive their new entitlement, other than complying with the terms of exercise of their existing warrants.

The information set out herein with respect to the Spin-Out is qualified in its entirety by the Company’s management information circular dated November 12, 2024 (the “Circular”), which is available on the Company’s website at https://foremostcleanenergy.com/investors/shareholdermeeting.html, and on the Company’s SEDAR+ profile at www.sedarplus.ca. Shareholders are encouraged to refer to the Circular for additional information with respect to the Spin-Out.

About Foremost Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) 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

Company Jason Barnard, President and CEO +1 (604) 330-8067 [email protected]

Investor Relations Lucas A. Zimmerman Managing Director MZ Group - MZ North America (949) 259-4987 [email protected] www.mzgroup.us 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.7❺❺❶?.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?. 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¡