10:31 AM EDT, 06/05/2025 (MT Newswires) -- Foremost Clean Energy ( FMST ) received a three-year exploration permit from the Saskatchewan Ministry of Environment for its Murphy Lake South property in the Athabasca Basin region, targeting uranium and other minerals and metals.

The permit is valid until Dec. 31, 2027, and allows mineral exploration activities including geochemical surveys, geophysics and drilling of up to 30 holes, the company said Thursday in a statement.

The company plans to undertake a fully funded, two-phase drilling program across six mineral claims totaling 17,676 acres.

Phase 1 drilling, expected to commence this summer, will cover 1,500 meters of drilling, and Phase 2 will start this winter or in 2026 with follow-up drilling to test geophysical anomalies and any targets generated from earlier results, the company said.

Shares of the company jumped 9.9% in recent trading Thursday, paring earlier gains.

Price: 5.28, Change: +0.47, Percent Change: +9.90