Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 34

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 34
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 January. Precipitation is relatively low, mostly occurring as snow during the winter months. The landscape is defined by boreal forest, lakes, and rocky terrain, and is notably more remote and less developed than the Eastern Athabasca region. Access to these properties is limited, with some being reachable via gravel roads and winter roads, while air access remains essential for exploration and development activities, as power is typically supplied by diesel generators.

Figure 3. Blue Sky Properties Map

The Blue Sky properties are located in an area of the Athabasca Basin that is less explored compared to the eastern region. While there has been some historical exploration activity, the area is considered to hold significant potential for new uranium discoveries. Geologically, the properties are situated within the Athabasca Basin and are underlain by formations similar to those found in the Eastern Athabasca region, with uranium mineralization expected to be associated with the unconformity between the Athabasca sandstone and the Precambrian basement rocks. Our mission is to continue actively exploring and developing our promising yet underdeveloped land package in the Athabasca Basin. Our portfolio includes properties that host high-grade mineralization alongside or within historical high-grade uranium deposits, as well as greenfield, near virgin territories.

As the world transitions towards a clean energy future, we have identified the crucial role of uranium as a low-cost fuel for emission-free electricity. The increased global demand for a net-zero environment has brought further focus to uranium as an essential component to meet global net zero targets. Foremost’s development plans include delivering low-cost energy fuel solutions to capitalize on the unprecedented global push to decarbonize electric grids.

23

Uranium Industry and Market

The urgent need for a sustainable energy future has intensified the search for alternative fuel sources, with nuclear power emerging as a crucial component in combating climate change. It stands out for its ability to generate significant amounts of energy with minimal carbon emissions, making it a reliable option for baseload electricity - essential for modern energy systems. According to various studies, nuclear power not only has the lowest carbon footprint among energy sources but also offers a dependable strategy to phase out fossil fuel reliance, thus increasing demand for uranium, the key fuel for nuclear reactors.

As nations commit to ambitious climate goals, the role of nuclear energy has gained renewed importance. At the 2023 United Nations Climate Change Conference (COP 28), 22 countries acknowledged nuclear energy's role in their energy security strategies, pledging to triple nuclear capacity by 2050. The IEA