Foremost Clean Energy Ltd.

Foremost Clean Energy Ltd. was incorporated on July 7, 2005, under the British Columbia Business Corporations Act as FAR Resources Ltd. The company changed its name to Foremost Lithium Resource & Technology Ltd. on January 4, 2022, and subsequently to Foremost Clean Energy Ltd. on September 30, 2024. The company currently has no subsidiaries. Previously, Foremost Clean Energy Ltd. held underlying royalties and a 100% ownership and option interest in claims at the Winston Gold and Silver Property in Sierra County, New Mexico, USA, through its former wholly-owned subsidiary, Sierra Gold & Silver Ltd. On July 19, 2024, Rio Grande Resource Ltd. was incorporated to facilitate a Plan Arrangement. As part of this Arrangement, completed on January 31, 2025, Foremost Clean Energy Ltd. transferred all shares of Sierra Gold & Silver Ltd. to Rio Grande Resource Ltd. This made the Winston Property wholly-owned by Rio Grande Resource Ltd. and Sierra Gold & Silver Ltd. a subsidiary of Rio Grande Resource Ltd., which then completed its own public listing in Canada. The total purchase consideration for this acquisition was $2,604,781, comprising the fair value of 25,827,349 common shares of Rio Grande Resource Ltd. ($2,453,598) and 9,281,236 warrants ($151,183). This consideration was allocated to exploration and evaluation assets ($3,172,672), less a royalty payable ($366,075) and an income tax penalty payable ($201,816), resulting in net assets assumed of $2,604,781.