Announcement • May 15
Foremost Clean Energy Ltd Announces Expansion of the Tuning Fork Uranium Zone At Hatchet Lake South
Foremost Clean Energy Ltd. announced the successful completion of its 2026 drill program at the Hatchet Lake South Uranium Project (“Hatchet Lake”), located in the eastern Athabasca Basin region of northern Saskatchewan. The program successfully expanded the Tuning Fork Uranium Zone, first identified in discovery hole TF-25-16 (6.2 metres of 0.10% U3O8; see news release dated October 29, 2025). Uranium mineralization was intersected in six drillholes across four of five drill fences completed during the program, including the high-grade interval of 1.0% eU3O8 over 1.4 metres returned in hole TF-26-30. The final drill fence of the program returned a new mineralized intercept in hole TF-26-36, extending the northern extent of uranium mineralization by approximately 100 metres. The results further demonstrate the prospectivity of the broader structural corridor hosting the Tuning Fork Uranium Zone, which remains open to the south. Final drill fence intersected 0.18% eU3O8 over 2.9m from 138.0m in TF-26-36. Six drillholes intersected mineralization exceeding 0.05% eU3O8 at the Tuning Fork Uranium Zone. Approximately 600m of underexplored conductive strike length remains open to the south for follow up drilling. The 2026 Hatchet Lake South drill program successfully extended the Tuning Fork Uranium Zone across five, 50m spaced drill fences. Drill hole TF-26-30 returned the strongest mineralization of the program, intersecting 0.34% eU3O8 over 4.6 metres, including 1.0% eU3O8 over 1.4 metres. The final drill fence of the program also returned an additional mineralized intercept in TF-26-36, which intersected 0.18% eU3O8 over 2.9 metres. Uranium mineralization exceeding 0.05% eU3O8 was intersected in six drillholes across four of the five drill fences. Outside of the mineralized intervals, drilling consistently encountered elevated radioactivity (>2x background), hydrothermal alteration, and structural disruption at the Athabasca unconformity across the broader Tuning Fork structural corridor. The program consisted of 19 diamond drill holes totaling 3,848 metres and was designed to systematically evaluate the Tuning Fork Uranium Zone, first discovered in drill hole TF-25-16. The Company is currently awaiting final geochemical assay results which will be integrated into the evolving geological model for the Tuning Fork Uranium Zone. Future drilling at Hatchet Lake South is expected to focus on refining priority targets along the Tuning Fork trend and evaluating additional parallel conductive structures identified through geophysical interpretation. In particular, the Company plans to further evaluate the southern portion of the trend, where approximately 600 metres of sparsely tested conductive strike length remain south of current drilling. Results from the 2026 program support the potential for additional discoveries along the Tuning Fork structural corridor. Following completion of the Hatchet Lake South program, the Company has commenced an approximately 750-1,000 metre diamond drill program at the Richardson SE target area on the Hatchet Lake North Project. The Richardson SE target area is located along the Athabasca Basin margin within a regionally prospective structural corridor associated with the broader Richardson conductive corridor. The target area contains more than 5 kilometres of untested electromagnetic conductor strike length supported by historical VTEM data, conductor modelling, and recently completed gravity surveying. The current drill program is designed to test zones of structural complexity and hydrothermal alteration identified through the integration of geological, electromagnetic, magnetic, and gravity datasets. The Company believes Richardson SE represents a compelling opportunity to test for unconformity-related uranium mineralization within a highly prospective and underexplored portion of the Hatchet Lake Project. Following the completion of a drill hole, the hole is radiometrically logged using a downhole gamma probe, which collects continuous readings of radioactivity along the length of the drill hole. Probe results are then calibrated using an algorithm calculated from the comparison of probe results against a geochemical reference. The gamma-log results provide an immediate radiometric equivalent uranium value (eU3O8%) for the hole, which, except in very high-grade zones, is reasonably accurate. The downhole gamma probe data detailed in this news release was measured using a QL40-GR Natural Gamma probe from Mount Sopris that was calibrated on July 17, 2025, at the Grand Junction, CO, calibration test pits. Downhole measurements were taken at 0.10m intervals from the top of hole and depth corrected to the handheld RS-125 scintillometer, which was used to determine radioactivity of the core. Final depth measurements and true thickness have not yet been determined. Where core has been recovered, sampling over mineralized interval is standardized 0.5m samples, except over intervals of strongly elevated radioactivity where select samples between 0.10 & 0.25m were collected. This includes shoulder samples 1m above and below the elevated zone. These select samples were split in half, with one kept in the core box and the other shipped to SRC for sample preparation and analysis. SRC is an independent laboratory with ISO/IEC 17025: 2005 accreditation for the relevant procedures. Control samples are implemented at a frequency of ~5%.
