Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 37

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 37
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 While geopolitical risks and evolving regulatory frameworks may pose challenges, the long-term outlook remains strong, highlighting the necessity for exploration and production investments.

We will have a unique opportunity to play in crucial role in this transition, while we navigate the complexities of market conditions and capitalize on the rising demand for clean energy solutions. Ultimately, to sustain long-term growth, we must be proactive in adapting to technological advancements, align with government policies, and address supply chain vulnerabilities to ensure sustainability in the burgeoning nuclear energy market.

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Project Overview- Athabasca Uranium Projects

Hatchet Lake

Figure 5. Hatchet Lake Uranium Property

The Hatchet Lake Property encompasses nine (9) mineral claims within two (2) claim blocks (Richardson and South), totaling 25,234 acres/10,212 hectares located in the northeast region of the Athabasca Basin, approximately 400 kilometers north of La Ronge via highway 905 and 30 kilometers north of Points North Landing. Access to the property is via fixed-wing aircraft or helicopter from Points North Landing or by a network of winter roads running north from the McClean Lake mine, a joint venture project with Denison and Orano Canada Inc. (Denison owns 22.5%/Orano owns 77.5%) is located 23 kilometers south of the property’s southern boundary. The GPS coordinates for the center of the property are approximately Latitude: 56.0964° N, Longitude: 104.9370° W.

The Hatchet Lake Property is divided into four (4) grids: Richardson, Beta, Hatchet South, and Tuning Fork, and is situated within 1.5 km of the Athabasca Basin margin, which allows for shallow sandstone cover (less than 220 meters) providing efficient and cost-effective drill testing capabilities.

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Geology

The Hatchet Lake area is situated along the northeastern margin of the Athabasca Basin in northern Saskatchewan, a region renowned for hosting high-grade unconformity-type uranium deposits. The basement rocks underlying the Hatchet Lake Property are part of the Hearne Subprovince of the western Churchill Province. These rocks are predominantly composed of Archean to Paleoproterozoic granitic to granodioritic gneisses, quartz-feldspar pegmatites, and locally interleaved pelitic to psammitic metasedimentary rocks. Importantly, the Hatchet Lake area is intersected by the Wollaston-Mudjatik Transition Zone - a major structural corridor associated