Foremost Clean Energy Secures Full Ownership of Jean Lake Lithium-Gold Project in Manitoba

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) has finalized its acquisition of the Jean Lake Lithium-Gold Project in Manitoba's Snow Lake District, completing the transaction with a final payment of $75,000 in cash and the issuance of $75,000 in common shares to Mount Morgan Resources Ltd. This brings the total consideration to $250,000 in cash and 47,299 shares, fulfilling all exploration spend requirements and granting Foremost 100% ownership of the 2,476-acre project. Mount Morgan Resources Ltd. will retain a 2% net smelter royalty, while Foremost maintains the right to buy back 1% of the NSR for $1 million.

The Jean Lake Project has demonstrated significant mineral potential through initial drilling campaigns that revealed high-grade gold and lithium intersections. Notable results include 7.50 grams per tonne gold over 7.66 meters and 1.26% lithium oxide over 3.35 meters, indicating substantial mineralization across both precious metal and critical mineral categories. These findings position the project as a dual-commodity opportunity with strategic importance in the current market environment characterized by elevated gold prices and increasing demand for battery metals.

Jason Barnard, CEO of Foremost Clean Energy, emphasized the project's strategic value and development potential, particularly given current market conditions favoring both gold and lithium assets. Barnard also expressed the company's solidarity with the Snow Lake community and First Nations partners who have been affected by recent wildfire activity in the region, underscoring Foremost's commitment to responsible development and community engagement throughout the exploration process.

This acquisition represents a significant milestone in Foremost Clean Energy's corporate strategy to expand its portfolio within the clean energy sector. The Jean Lake Project serves as a cornerstone asset in the company's exploration and development pipeline, aligning with global trends toward energy transition and decarbonization. The project's location in the established Snow Lake mining district provides additional advantages through existing infrastructure and mining-friendly jurisdiction, potentially accelerating development timelines.

The company's focus on lithium exploration directly supports the growing demand for battery materials essential to electric vehicles and energy storage systems, while gold production could provide near-term revenue streams to fund further exploration and development activities. This dual-commodity approach allows Foremost to balance short-term precious metal opportunities with long-term critical mineral development, creating a diversified resource portfolio positioned to capitalize on multiple commodity cycles simultaneously.