*Disseminated on behalf of Foremost Clean Energy Ltd.

Welcome to Nuclear Update.

Today we’re talking nuclear policy.

Over the past year, Washington has made something clear: they want more nuclear, and they want it faster.

It’s like Fast & Furious. More speed, more sequels, somehow still about family (except the family is the fuel cycle).

This is a sponsored feature in collaboration with Foremost Clean Energy (CSE: FAT) (NASDAQ: FMST).

Today we’ll break down how U.S. nuclear policy got a turbo boost, why Washington suddenly cares about the fuel cycle again, and what that means for the upstream explorers trying to find the pounds.

Buckle up!

⚛️ The Nuclear Policy Acceleration

For years, nuclear policy in the United States moved slowly.

Then May 2025 happened.

In one burst, the White House dropped 4 executive orders designed to accelerate the entire U.S. nuclear machine.

First came Deploying Advanced Nuclear Reactor Technologies for National Security, framing advanced reactors as strategic infrastructure and calling for faster ways to deploy them.

Then Ordering the Reform of the Nuclear Regulatory Commission, which is Washington acknowledging what everyone in the industry already knows: if licensing takes forever, everything else stays theoretical.

Third was Reforming Nuclear Reactor Testing at the Department of Energy, focused on speeding up testing and demonstration, the “prove it in the real world” step that sits between cool renderings and actual electrons on the grid.

And finally Reinvigorating the Nuclear Industrial Base, the one that drags the fuel cycle back into the spotlight: enrichment, fabrication, supply chains, workforce, the whole “you can’t run a reactor on vibes” part of the system.

Different orders, same message: move faster.

But as anyone who has ever watched policy announcements knows, executive orders are the teaser trailer.

The real show comes next.

And in this case, the Department of Energy followed with a flurry of announcements of its own.

The headline everyone saw was DOE awarding $2.7 billion to restore American uranium enrichment, explicitly aimed at strengthening domestic enrichment services and jumpstarting HALEU supply chains.

Then came $900 million to support commercial deployment of American-made SMRs.

DOE also awarded $52 million to U.S. researchers and universities for nuclear R&D and workforce development, because if you want a nuclear buildout, you also need the people who can actually build and run it.

And as these policies started stacking up, Washington ran into a simple reality.

You can accelerate licensing.

You can fund demonstrations.

You can subsidize enrichment.

But if the United States wants more nuclear power, what else does it need?

Washington Turns to Critical Minerals

The nuclear executive orders had an interesting side effect.

They pulled the attention back to the upstream side of the energy system.

Because reactors do not begin at the reactor.

They begin much further upstream, in the materials required to build them, fuel them, and keep the whole system running.

And over the past year Washington has started treating those materials very differently.

In 2025, the U.S. Geological Survey put uranium on its Critical Minerals List, explicitly treating it as essential to national security and economic stability.

In March 2025, the White House signed Immediate Measures to Increase American Mineral Production an executive order aimed at accelerating domestic mining and processing of critical minerals needed for energy, defense, and industrial supply chains.

At the same time, policymakers started discussing the expansion of strategic mineral stockpiles, recognizing that supply disruptions for key materials could ripple through energy, defense, and manufacturing sectors.

Not a new idea: the U.S. stockpiled uranium during the Cold War at an enormous scale, roughly 347 million lbs between 1948 and 1971.

Shortly afterward, the administration announced a review of processed critical mineral imports, highlighting how reliance on foreign refining and processing has become a strategic vulnerability for the United States.

Which means the nuclear conversation is expanding. It is no longer just about reactors.

It is about the entire industrial ecosystem required to build and fuel them.

And once the conversation reached uranium, it inevitably reached the companies trying to find more of it.

Which brings us to Foremost Clean Energy.

Foremost Clean Energy

One company positioning itself inside that ecosystem is Foremost Clean Energy (CSE: FAT) (NASDAQ: FMST), a North American exploration company focused on uranium discovery in Canada’s Athabasca Basin, one of the highest-grade uranium districts in the world.

Athabasca remains one of the few large-scale allied uranium sources that naturally fits into North American fuel security thinking.

Historically, the basin has produced some of the richest uranium deposits ever discovered, often with grades 10 to 100 times above the global average, while accounting for roughly 15% of global uranium supply.

Foremost’s uranium portfolio spans 10 projects covering more than 330,000 acres, giving the company exposure to multiple exploration targets across the basin.

For context, all of this sits inside a company valued at roughly CAD $60 million, with about CAD $6.5 million in cash, enough to fund active drilling while many juniors still spend half their year financing.

But what makes the story more interesting is the strategic partner already sitting at the table.

The Denison Connection

Foremost largest shareholder is Denison Mines, holding roughly 17% of the company.

Denison is one of the basin’s most established uranium developers, currently advancing the Phoenix ISR project at Wheeler River, which is expected to become Canada’s first in-situ recovery uranium mine.

That relationship provides more than just capital. Over several years, Denison conducted extensive drilling, geophysical surveys, and geological modeling across these properties, investing millions to build a world-class dataset. Foremost now leverages that combined expertise to identify and prioritize exploration and drilling targets, with the goal of unlocking the hidden value of these deposits. In short, the true potential lies in exploration and that is where Foremost aims to deliver.

Foremost also lists Denison-connected technical advisors, which gives the company a heavier Athabasca technical bench than most juniors at this size.

And if exploration success follows, the partnership could also open potential development pathways tied to Denison’s infrastructure in the region.

Hatchet Lake and the 2026 Drill Campaign

The company’s current exploration focus is the Hatchet Lake project, located within Foremost’s Eastern Athabasca cluster.

Early drilling has already delivered encouraging results.

A discovery hole at the Tuning Fork target intersected 0.87% U₃O₈ over 0.45 metres within a broader 6.2-metre mineralized interval, suggesting the system is capable of hosting meaningful uranium mineralization.

To follow up, Foremost has launched a 5,000-metre winter diamond drilling program, designed to test multiple targets across the project.

The program includes:

• Step-out drilling around the Tuning Fork discovery

• testing of a 1.2-kilometre electromagnetic conductor identified in reprocessed geophysical data

• drilling along more than 5,000 meters of untested conductor strike length near the basin margin

• structural targets where historical data suggests potential fault-controlled uranium mineralization

In Athabasca, those structural features are often where high-grade systems hide. Sometimes the first hole tells you something is there. The next holes tell you whether the market should care.

Portfolio Depth Beyond One Target

Beyond Hatchet Lake, Foremost controls several additional uranium properties in the basin, including Murphy Lake South and Turkey Lake, which provide additional exploration targets across the broader portfolio.

Outside uranium, the company maintains a secondary portfolio of lithium and gold projects in Manitoba’s Snow Lake district, including the Zoro lithium project and Jean Lake, where recent drilling identified mineralized gold trends and lithium intervals.

While the Athabasca uranium assets remain the primary exploration focus, this broader portfolio gives the company exposure to multiple critical minerals tied to the energy transition, and it mean Foremost is not purely a one-asset story.

A Tight Share Structure

Ownership structure can also play a role in how exploration stories develop in the public market.

Foremost’s share structure is tight, with management, directors, and Denison collectively holding roughly 21.7% of the company, while fewer than 12 million shares sit in the free float.

In small uranium explorers, that can amplify market reactions if exploration results begin attracting investor attention.

Exploration Momentum

Heading into 2026, Foremost has outlined a $9 million exploration program targeting roughly 11,500 meters of drilling across its priority projects in both Athabasca and Manitoba.

Which means the next few months should produce a steady stream of technical updates as new targets get tested.

And while Foremost’s projects sit in Canada, Athabasca uranium is one of the most important allied sources in the broader North American fuel security conversation, especially as U.S. domestic production remains thin.

⚛️ Wrapping Up

Washington can accelerate reactor approvals, fund enrichment, and push advanced nuclear deployment, but none of that changes the oldest rule in the fuel cycle: no uranium, no electricity.

That is why the conversation has moved upstream, from reactors and enrichment to the harder question of where future pounds will actually come from.

Foremost Clean Energy sits early in that chain, drilling in one of the few uranium districts on Earth where a single successful campaign can materially change how a junior is viewed.

– Fredrik

To explore Foremost Clean Energy’s projects and ongoing exploration programs, visit their website https://foremostcleanenergy.com/ or email them at [email protected]

Disclosure:

Nuclear Update (“NU”) is an independent publication focused on uranium, energy, and related markets. Data and information in this article are provided from third-party sources, and NU is not responsible for their accuracy. Readers should always perform their own research and due diligence on any company or investment discussed. NU does not provide personalized investment advice and is not an investment advisor; any companies or profiles mentioned may not be suitable for all investors.

Foremost Clean Energy Ltd. (FMST:US) (FAT:CA) previously operated under the name Foremost Lithium Resource & Technology Ltd. (FMST:US) (FAT:CA).

Pursuant to an agreement between LFG Equities Corp and Nuclear Update, NU was hired for the period beginning 03/05/2026 and ending 03/06/2026 to publicly disseminate information about Foremost Clean Energy (FMST:US) (FAT:CA) via digital communications. Under this agreement, NU has been paid six hurdred ninety-nine USD (“Funds”) for these services. LFG Equities Corp does not own stock in the Issuer, but readers should assume that clients of LFG Equities Corp may own shares in the Issuer, which they could liquidate at or near the time this communication is received, potentially affecting share prices.

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