Foremost Clean Energy (FMST) regains Nasdaq minimum bid price compliance

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) an emerging North American uranium and lithium exploration company, today announced that on May 23, 2025, it received written notice (the “Compliance Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that it had regained compliance with Nasdaq Listing Rule 5550(a)(2) (the “Nasdaq Listing Rule”), which requires that companies listed on Nasdaq maintain a minimum bid price of US$1.00 per share.

The Company was previously notified by Nasdaq that it was not in compliance with the Nasdaq Listing Rule because its common stock failed to maintain a minimum closing bid price of US$1.00 per share for 30 consecutive business days. On May 23, 2025, Nasdaq issued the Compliance Notice, which notes that the Company’s common shares successfully maintained a closing bid price of US$1.00 per share or greater from May 09, 2025, to May 22, 2025, and thus has regained compliance with the Nasdaq Listing Rule and that the matter was now closed.

Foremost President and CEO Jason Barnard comments “Regaining compliance with Nasdaq’s listing requirements underscores the market’s confidence in Foremost’s business strategy and the growing positive sentiment around the uranium sector’s critical role in pursuit of both energy independence and the global clean energy transition. Since we received Nasdaq’s notice on April 7, 2025, the stock has rebounded significantly, closing at US$2.60 just weeks later to regain compliance with a staggering 264% increase supported by sustained and significant trading liquidity on Foremost’s Nasdaq listing. We believe this reflects investor recognition of our recent exploration success and our unique partnership with NYSE-listed Denison Mines Corp. (“Denison”, NYSE American: DNN), which uniquely position Foremost to deliver on the discovery of critical new sources of North American uranium resources amid continuing geopolitical shifts and industry tailwinds.

“President Trump’s landmark executive orders on May 23, 2025, mark a potentially generational shift for nuclear energy by elevating its strategic importance. With a goal to quadruple capacity to 400 GW by 2050, which is 2.5 times the current global uranium supply, the Defense Production Act emphasizes uranium as a key infrastructure priority. With Canada already currently supplying ~25% of America’s uranium, this strategic realignment underscores the importance of discovering additional reliable sources to support future energy independence.”

Mr. Barnard continues “We are now at a critical inflection point for the nuclear industry, which could translate into unprecedented demand in the uranium sector. This pivotal moment of transformation is anticipated to present significant opportunities for our company and the recent market interest in Foremost could be just the beginning of what we believe could evolve into a powerful, sustained and long growth cycle for our company.

“Our projects are located in the world-renowned Athabasca Basin, home to some of the planet’s largest and highest-grade uranium deposits. Our key relationship with Denison, which is on track to start construction of Canada’s first in-situ recovery (ISR) uranium mine in 2026, may enable us to accelerate our own discovery and production timelines. While there are well over 60 exploration companies competing in the Basin, our collaboration with Denison is unique and provides us a clear competitive advantage, whereby leveraging Denison’s capabilities could enable us to bypass years of delays and deliver high-grade uranium into a supply-starved market. Foremost is actively working to solidify the role it can play in the North American nuclear renaissance through our continued exploration efforts and ongoing commitment to deliver strong performance for our shareholders.”

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