12:09 PM EDT, 09/02/2025 (MT Newswires) -- Foremost Clean Energy ( FMST ) on Tuesday said crews have mobilized to start an anticipated eight-hole, 2,500-meter diamond drilling program at its Murphy Lake South Uranium Property located in the prolific Athabasca Basin region of northern Saskatchewan.

The company said the Phase 1 fully funded drill program follows the successful completion of its ambient noise tomography (ANT) survey. It expects a Phase 2 follow-up program for the 2025/2026 winter drill season program to expand upon any initial exploration results.

"The Murphy Lake South drill program will test high-priority targets in a world-class uranium district," said Chief Executive Jason Barnard. "This strategic exploration is particularly timely, as recent production cuts from major producers like Cameco are forecast to further tighten uranium supply, highlighting the critical need for new discoveries."

Shares of the company were last seen down $0.04 to $4.25 on the Canadian Securities Exchange.

Price: 3.06, Change: -0.10, Percent Change: -3.16