Foremost Clean Energy Provides Update of its Anticipated Closing Date of its Spin-Out from January 30 to January 31, 2025

VANCOUVER, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) ("Foremost" or the "Company"), an emerging North American uranium and lithium exploration company, announces the effective date of the previously announced spin out (the "Spin-Out") of its gold and silver properties into a new stand-alone public company named Rio Grande Resources Ltd. ("Rio Grande"), pursuant to a plan of arrangement (the "Arrangement") is now anticipated to occur 1 day later at 12:01a.m. (Vancouver time) on January 31, 2025 (the "Surrender Date"). Foremost had previously announced by news release dated January 28, 2025 (the "January 28 Release") that the effective date of the Spin-Out was anticipated to occur at 12:01 a.m. (Vancouver time) on January 30, 2025. Pursuant to the Arrangement, shareholders of Foremost as of January 30, 2025 will receive one (1) new common share of Foremost (each a "New Foremost Share") and two (2) common shares of Rio Grande (the "Rio Grande Shares" and, together with the New Foremost Shares, the "Consideration Shares") for each common share of Foremost ("Foremost Share") held as of the Surrender Date.

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