Foremost secures three-year permit to drill Hatchet uranium project

Foremost Clean Energy (NASDAQ: FMST) received a three-year exploration permit from the Saskatchewan Ministry of Environment for its Hatchet Lake uranium project in the Athabasca Basin of northern Saskatchewan. The permit, valid until December 28, 2028, authorizes up to 50 drill holes. The company is planning a phase 2, 3,000-metre drill program for winter 2025–2026. Phase 2 will follow up on the Tuning Fork discovery and test high-priority targets originally identified and advanced by Denison Mines.

Jason Barnard, president and CEO of Foremost, stated: “Securing this three-year permit is an important milestone, as it provides Foremost with significant runway to explore this highly prospective property and rapidly follow-up positive results. The uranium industry is at a historic inflection point. The recent World Nuclear Association symposium highlighted an ‘absolute undeniable’ supply-demand deficit, with projections of 700 GW of SMR capacity by 2050 adding to the already urgent need for new uranium discoveries. At the same time, the $100 billion OpenAI–NVIDIA deal illustrates the potential for exponential energy demand from the digital economy, where access to clean, reliable power is becoming the ultimate bottleneck,”

He added: “Together, these forces make clear that nuclear energy is the only scalable solution—and investment in uranium exploration now is necessary to meet the projected demands of a growing fleet of nuclear power plants. We believe our aggressive exploration strategies at Hatchet Lake, alongside our ongoing program at Murphy Lake South, positions Foremost at the forefront of this essential search for new source fuel supply. We are committed to potentially deliver the discoveries needed to power the future clean energy economy and generate shareholder value.”

The company will begin a 3,000-metre winter drill program to test multiple target areas on the property. It will expand the New Tuning Fork discovery, where drill hole TF-25-16 intersected 0.10% eU3O8 over 6.5 metres, including 0.22% eU3O8 over 0.9 metres (assays pending). The program will test high-priority targets on the Richardson Trend that Denison originally identified and advanced. It will also test the Beta Grid, where historic drilling indicated a 35 metres unconformity offset.

Foremost believes that advancing these targets alongside its broader project portfolio positions the company to deliver discovery-driven growth and long-term shareholder value.