Foremost Clean Energy to Issue Shares to Denison Mines Corp. Under Investor Rights Agreement, Strengthening its Treasury

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VANCOUVER, British Columbia, May 19, 2026 (GLOBE NEWSWIRE) — Foremost
Clean
Energy
Ltd. (NASDAQ: FMST) (CSE:
FAT) (“Foremost” or the “Company”) announces that further to the Amended & Restated Investor Rights Agreement dated July 23, 2025 (the “Denison IRA”) between the Company and Denison Mines Corp. (“Denison”, TSX: DML, NYSE American: DNN), Denison notified the Company of its intention to subscribe for common shares pursuant to its equity participation right relating to certain share issuances completed by the Company (see press release March 31, 2026). The share issuances were related to the closing of a bought deal private placement of flow through units.

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In connection with the exercise of the equity participation right, the Company will issue 137,590 common shares to Denison at a price of $2.44 per share for aggregate consideration of $335,719.60 (the “Private Placement“). The common shares that will be issued pursuant to the Private Placement are subject to a hold period of four (4) months and one (1) day from the date of issuance in accordance with applicable securities laws. A copy of the Denison IRA is available on the Company’s SEDAR+ profile.

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The proceeds from the Private Placement will be used to advance exploration for the Company’s 330,000 acres/133,500+ hectare Athabasca Basin uranium portfolio, including its flagship Hatchet Lake Uranium Project, which recently returned 1.0% eU₃O₈ over 1.4 metres within 4.6m of 0.34% eU₃O₈ (see news release April 15, 2026) and for general corporate purposes.

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Denison held 2,462,410 Foremost common shares, representing approximately 15.1% of Foremost’s issued and outstanding shares prior to closing of the issuance to Denison. On completion of the issuance to Denison, Denison is expected to hold 2,600,000 Foremost common shares, representing approximately 15.8% of Foremost’s then issued and outstanding shares. Denison also holds 607,600 Foremost warrants, representing approximately 17% of the issued and outstanding warrants of Foremost. This information is being provided under the early warning requirements of applicable securities laws. Denison will be filing an early warning report under the Company’s profile on SEDAR+ at www.sedarplus.ca pursuant to National Instrument 62-103 in respect of the change in its common shareholdings in Foremost upon closing of the Private Placement. The Foremost equities were acquired by Denison for investment purposes. The Company intends to review, on a continuous basis, various factors related to its investment in Foremost, and may decide to acquire or dispose of additional securities of Foremost as future circumstances may dictate, including under its pre-emptive rights under the Investor Rights Agreement. Denison’s head office is located at 1100 – 40 University Avenue, Toronto, Ontario M5J 1T1.

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This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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About
Foremost

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Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a North American uranium and lithium exploration company strategically positioned to support the accelerating demand for reliable, carbon-free energy. As artificial intelligence, data centers, and electrification drive unprecedented growth in global power consumption, the expanding need for reliable nuclear baseload power creates a direct and critical imperative for the sustained exploration required to secure its uranium feedstock.