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Paul Prescott Announces (FMST) Just Landed Back On This Morning's Watchlist—Thursday, February 26, 2026
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Consider Starting Your Own Research On (FMST) While It's Still Early… [Company Website] | [Corporate Presentation]
February 26, 2026
Just In | (FMST)'s Historic Core Results Indicates Potential For Additional Gold Dear Reader, The AI revolution isn't limited by code or chips anymore—it's limited by the grid. OpenAI is now calling for 100 gigawatts of new power every year (the equivalent of 100 nuclear reactors) just to stay ahead of China. The bottleneck isn't processors or algorithms anymore. It's the grid itself. The market is finally waking up to a massive reality shift: AI cannot scale on software alone. It demands massive, 24/7 baseload power—and nuclear energy has moved from "optional" to "mission-critical" overnight. We're Witnessing A Perfect Storm Situation For Nuclear Commodities
The Tech Giants Are Scrambling: In 2026, Meta, Google, Amazon, and Microsoft are projected to pour $650B into AI computing infrastructure. But there's a catch—they're desperate for the reliable energy to actually run it. Data centers already consume 1.5% of global electricity, and that consumption is accelerating at 30% per year. Uranium Is Trending Toward Historic Highs: As data centers slam into power ceilings, uranium futures have already tapped $100 per pound this year—the highest in 20 months. Nuclear power is breaking generation records as the world's largest companies compete for supply. The Next Phase Begins: Analysts now predict the overlooked but critical resource for the AI boom isn't silicon—it's uranium. The digital revolution has met its physical match, and the most explosive upside potential is no longer in the code, but in the core. But Here's Where National Security Collides With Market Potential
U.S. nuclear plants currently import over 95% of their uranium from foreign sources, including Russia and Kazakhstan. The numbers are stark: in 2024, the U.S. purchased over 50M lbs of uranium while producing just 677K lbs domestically. America produces barely 1% of its own uranium needs. Energy Secretary Chris Wright has stated the U.S. must expand domestic capacity immediately to end this dangerous reliance. The geopolitical imperative is driving rapid repositioning: commodity giants like Mercuria are building physical uranium desks, with Citi and Natixis following suit. The world's largest energy traders are moving ahead of anticipated shortages. At Street Ideas, we're tracking this massive spending wave triggered by the energy crunch. And one little-known company we're watching is sitting at the epicenter of supply:
Foremost Clean Energy (NASDAQ: FMST) is positioned within the Athabasca Basin—a region producing ~15% of the world's primary uranium supply. The company's management is scheduled to present at Red Cloud's Pre-PDAC Mining Showcase on February 27, where CEO Jason Barnard will outline strategy, recent developments, and next-phase initiatives before institutional and industry audiences. BREAKING: This Morning's News
Just as this email was being prepared, Foremost Clean Energy (NASDAQ: FMST) announced results from its targeted historic core resampling program at the Jean Lake Gold-Lithium Property. The program identified additional mineralized sections along the Valkyrie Trend, with highlights including 1.10 g/t Au over 8.0 metres (including 6.9 g/t Au over 0.5 metres) in hole FM23-25. The integrated results now show the Valkyrie Trend traced over approximately 600 metres of strike length, expanding the gold footprint beyond previously reported intercepts. Consider Starting Your Own Research On (FMST) While It's Still Early… [Company Website] | [Corporate Presentation]
Company Overview: A Strategic Clean Energy Leader
Foremost Clean Energy (NASDAQ: FMST) is a rapidly expanding North American clean energy company focused on high-grade uranium and lithium discovery. The company's extensive uranium asset portfolio includes 10 properties on 45 claims, spanning over 332,000 acres in the world-renowned Athabasca Basin. This region is historically known to host some of the world's richest uranium deposits, with average grades ranging 10X to 100X higher than the global average while producing approximately 15% of the world's primary uranium supply. 
How Foremost's Uranium Portfolio Is Organized
Eastern Athabasca Cluster: This is Foremost's "close-to-the-action" area — projects in a part of Saskatchewan where uranium discoveries have been made before and where access is relatively straightforward. The main focus is Hatchet Lake, which includes Richardson and Tuning Fork. Richardson sits along a broader corridor that has drawn serious attention in the region. And at Tuning Fork, early drilling has already delivered an encouraging uranium hit — a sign the ground can produce meaningful results. On February 9, 2026, (FMST) announced a major operational milestone: a 5,000-metre winter diamond drill program at Hatchet Lake. This program is designed to follow up on the significant discovery made in hole TF-25-16, which intersected 0.87% U₃O₈ over 0.45 within a broader 6.2 m mineralized interval. 
Key Highlights of the Program:
- Step-out Drilling: Focusing on the Tuning Fork discovery to test for continuity along-strike and down-dip.
- Untested Conductors: Testing the Tuning Fork West area, where reprocessed data identified a 1.2 km electromagnetic conductor.
- Northern Expansion: Testing the Richardson SE area, which contains over 5 km of untested conductor strike length near the basin margin.
- Structural Focus: Testing the Beta Grid, where historical data shows a 20.3-metre offset in the unconformity depth, suggesting a potential thrust fault — a classic setting for high-grade deposits.
(FMST) also controls additional nearby projects that add depth, including Murphy Lake South and Turkey Lake, which offer more targets to test. Blue-Sky Properties: These are the "wide-open" projects — larger areas that haven't been heavily explored with modern methods. The upside here is simple: when ground is still lightly tested, one strong discovery can change the story quickly. One example is CLK, located near a major regional fault line. 
Historic work reported unusually strong uranium readings — the kind of early signal that can justify a closer look. Manitoba Lithium + Gold Portfolio: Beyond uranium, (FMST) also controls a large land position in Manitoba's Snow Lake district — an established mining region with solid access to roads and power. The company refers to this area as "Lithium Lane."
Key projects include: - Zoro: A lithium project with an established mineral estimate and prior testing that suggests it can produce a high-quality concentrate.
- Jean Lake: A project with both lithium and gold potential, where 2025 drilling produced a standout gold interval.
- Grass River: A lithium-focused area where past drilling confirmed multiple zones containing spodumene, a common lithium-bearing mineral.
Why the Setup Is Different
(FMST) also benefits from deep historical drilling and geophysical datasets tied to its strategic partnership, helping the team prioritize targets and plan follow-up work more efficiently.
Market Potential and Competitive Positioning
As demand for carbon-free power continues to build, North American sources of uranium and lithium are drawing increased attention. Foremost Clean Energy's partnership with Denison Mines strengthens its positioning by pairing early-stage discovery work with an experienced operator that is advancing plans to begin construction on Canada's first In-Situ Recovery (ISR) uranium mine, currently projected for 2028. Tight Float and Aligned Incentives
(FMST)'s ownership base is significantly aligned. Management and directors hold 4.65% of shares outstanding, and Denison Mines holds 17.06%—for a combined 21.71% stake—linking leadership and its strategic partner to the same long-term outcome. (FMST) has less than 12M shares listed as available to the public. When companies have small floats like this, the potential exists for big moves if demand begins to shift. In fact, last year, (FMST) made an over 900% move (approx.) in under 5 months, from $.55 on March 11, 2025 to $5.74 on June 5, 2025. The Denison Multiplier and the High-Grade "Halo Effect"
A potentially massive technical and sentiment driver for Foremost Clean Energy (NASDAQ: FMST) is its strategic partnership with Denison Mines Corp. (DNN), its largest shareholder with a 17.06% stake. Far more than just a passive backer, Denison functions as a "strategic anchor," lending its deep technical bench strength and a proven track record of discovery—including the world-class Wheeler River project—to the Foremost team. This collaboration provides (FMST) with a "validated roadmap" by integrating decades of Denison's historic drilling and geophysical data to target high-potential mineralized trends with precision. Denison further strengthens this bond with direct guidance and oversight, holding two seats on the (FMST) board, including one held by Denison's President and CEO, David Cates. This relationship creates a unique strategic advantage: if (FMST) establishes a deposit, it can potentially leverage Denison's technical expertise and future milling infrastructure to bypass traditional delays. This "fast-track" potential is particularly relevant as Denison is currently construction-ready for its flagship Phoenix project—Canada's first In-Situ Recovery (ISR) uranium mine—which remains on track for first production by mid-2028. Finally, a potential "halo effect" could build around (FMST), as Denison has recently pushed up toward a new 52-week high—tapping $4.43 a few weeks ago. This upward momentum follows a string of high-grade uranium discoveries in the Athabasca Basin, a premier global jurisdiction where success by a major player like Denison could generate excitement and perceived value across its joint-venture partners. (FMST) could benefit from some of that spillover sentiment, especially given its close alignment with Denison's platform and the way upcoming 2026 milestones may help sharpen and prioritize its own exploration path. Operational Milestones and Growth Drivers
(FMST) kicked off 2026 with fresh momentum. The company has announced the final assay results from its 2025 diamond drill program at the Jean Lake Gold-Lithium Property in Manitoba, significantly expanding the project's potential. The 15-hole program successfully identified a mineralized strike length of approximately 600 metres along the Valkyrie Gold Trend, transforming the site from a single discovery hole into a robust, emerging gold corridor. On January 14, 2026, the company reported encouraging lithium results from the same Jean Lake program, including a headline interval of 1.6% Li₂O over 5.0 m—underscoring the dual-commodity upside at the property. Next, the company is stepping on the gas. (FMST) has outlined a $9.0M exploration plan for 2026 built around one goal: new discoveries. The program calls for roughly 11,500 m of drilling across its highest-priority targets in both the Athabasca Basin and Manitoba, setting up a steady flow of updates as results come in. 10 Factors Putting (FMST) On This Morning's Watchlist
—Thursday, February 26, 2026
1. AI Power Demand: As data centers strain global grids, (FMST) is positioned in uranium and lithium as nuclear regains relevance in powering AI infrastructure. 2. Small Float: With under 12M shares listed as available to the public and around 21.71% held by management/directors plus Denison, (FMST)'s small float could have the potential for big moves if demand begins to shift. 3. Historic Move On the Chart: A prior move from $0.55 (Mar 11, 2025) to $5.74 (Jun 5, 2025)—over 900% (approx.) in under five months—shows how quickly (FMST) has moved in the past. 4. Supply Gap: U.S. reactor buyers acquired 50M+ lbs of uranium in 2024 versus just 677K lbs produced domestically, less than 1%, and (FMST) holds a large footprint in the Athabasca Basin where high-grade deposits have historically been found. 5. Basin Footprint: With 10 uranium properties across 45 claims totaling ~332,000 acres, (FMST) offers broad exposure to multiple targets inside a globally recognized uranium district. 6. Dual Portfolio: Beyond uranium, (FMST) also controls 55,000+ acres in Manitoba's Snow Lake district ("Lithium Lane"), including Zoro, Jean Lake, and Grass River. 7. Commodity Breakout: Uranium futures recently made a 20-month high as intensifying long-term demand from AI infrastructure and physical funds triggered a wave of fresh institutional buying. 8. Strategic Backing: Denison Mines is a major holder with board representation, and (FMST) benefits from technical and operational support tied to that partnership. 9. Active Drilling: A 5,000-metre winter diamond drill program at Hatchet Lake was announced by (FMST) on February 9, 2026, following up on the discovery hole that hit 0.87% U₃O₈. 10. Upcoming Presentation: CEO Jason Barnard will present (FMST)'s strategy and recent developments at Red Cloud's Pre-PDAC Mining Showcase on February 27 before institutional and industry audiences. Consider Starting Your Own Research On (FMST) While It's Still Early… [Company Website] | [Corporate Presentation]
With under 12M shares available to the public and 21.71% held by management, directors, and strategic partner Denison Mines, (FMST) presents a tightly held structure heading into a potentially catalyst-rich period. The company has already demonstrated its ability to get attention—making an approximate 900% move in under five months last year—and is now advancing a 5,000-metre winter drill program at Hatchet Lake following a discovery hole that hit 0.87% U₃O₈.
Beyond uranium, (FMST) controls dual exposure through its Manitoba lithium portfolio, offering leverage to both the nuclear renaissance powering AI infrastructure and the battery metals driving electrification. With uranium futures near 20-month highs, institutional desks building physical positions, and CEO Jason Barnard set to present at Red Cloud's Pre-PDAC Mining Showcase on February 27, the setup is clearly in motion. The combination of strategic backing, active drilling, and a small float creates a structure worth understanding before the next phase of results begins flowing. We have all eyes on (FMST) this morning. Consider starting your own research on (FMST) before you call it a night. Also, keep a lookout for my morning update, it could be coming early. (FMST) is officially on our 'must-watch' list for this morning—Thursday, February 26, 2026 Start your own research on (FMST) while it's still early. Also, keep an eye out for my next update, it could be here very shortly. Sincerely, Paul Prescott
Co-Founder & Managing Editor Street Ideas Newsletter
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