Foremost Clean Energy Updates Spin-Out Effective Date To Jan 31, 2025; Says Trading Halted Due To Bulletin Error; Shareholders To Receive 1 New Foremost Share, 2 Rio Grande Shares For Each Foremost Share Held; New Foremost Shares To Begin Trading Post-Spin-Out.

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) ("Foremost" or the "Company"), an emerging North American uranium and lithium exploration company, wishes to provide clarity as a result of a CSE bulletin issued yesterday (the "Original Bulletin") which indicated that 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"), pursuant to a plan of arrangement (the "Arrangement") was anticipated to occur on January 30, 2025.

The Original Bulletin did not reflect the updated anticipated effective date of January 31, 2025 (the "Effective Date") announced by Foremost in its news release of January 29, 2025. The CSE has since issued a revised bulletin today correcting the Original Bulletin and reflecting the correct effective date of the Arrangement of January 31, 2025.

However, as a result of the erroneous information circulated in the Original Bulletin, particularly in respect of the delisting of Foremost's common shares ("Foremost Shares") on January 29, 2025, it was necessary to halt trading in the Foremost Shares today.

With the anticipated effectiveness of the Arrangement tomorrow, shareholders of Foremost immediately prior to the Effective 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" and, together with the New Foremost Shares, the "Consideration Shares") for each common share of Foremost ("Foremost Share") held as of the Surrender Date. The New Foremost Shares will begin trading at that time.