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Market Crux Announces (FMST) is Back On Our Radar This Morning
—Tuesday, February 17, 2026
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Consider Starting Your Own Research On (FMST) While It's Still Early…
[Company Website] | [Corporate Presentation]
February 17, 2026
Trend Watch | (FMST) Takes Top Spot On Today's Watchlist—Here's Why Dear Reader, Have you pulled up (FMST) yet? It's at the top of our screen right now — and it's starting to stand out technically, trending above several key levels, including its 5-day, 20-day, and 50-day moving averages. If you missed my earlier email, keep reading to quickly get up to speed on why we're so excited to be highlighting (FMST) today. ===== Nuclear energy is entering a historic bull cycle, and it's all thanks to an unlikely catalyst that has redefined the global economy. For the last four years, Artificial Intelligence has dominated the headlines, but as this digital revolution expands, it has hit a physical wall. AI's evolution demands a single, non-negotiable necessity: the consistent production of massive amounts of 24/7 power.
Nuclear is likely the only answer to this high-maintenance demand, and the market is responding. Uranium is trending higher, with potential to reach new highs like gold and silver. Meanwhile, Denison is hitting fresh all-time highs, and drilling is about to start at (FMST)'s flagship Hatchet Lake. With nuclear power currently setting new records in electricity generation and the world's largest tech giants scrambling for supply, we are witnessing a "perfect storm" for the commodities that fuel this future. As data centers scale, reliable power is becoming the limiting factor on how fast this buildout can run. In 2026 alone, hyperscalers like Meta, Google, Amazon, and Microsoft are projected to pour roughly $650B into AI computing—and here at Market Crux, we're tracking what that spending wave is triggering next. 
Because wind and solar output varies, they cannot independently provide the reliable, 24/7 "baseload" electricity required to run and train massive AI systems. Analysts now suggest that the next phase of the AI boom will see nuclear energy take center stage as the overlooked but critical resource for data centers. While data centers already consume roughly 1.5% of total global electricity, that consumption is projected to accelerate at a rate of 30% per year. This has forced a historic shift as Silicon Valley aggressively backs nuclear reactors to fuel power-hungry infrastructure: - Meta recently secured agreements for 6.6 GW of nuclear power—enough to support approximately 5M homes by 2035—through partnerships with Vistra, TerraPower, and Oklo.
- Microsoft signed a $3B deal to purchase 100% of the electricity from a restarted reactor at Three Mile Island to provide firm, clean power for its data centers.
- Google signed the world's first corporate agreement to purchase nuclear energy from multiple Small Modular Reactors (SMRs) developed by Kairos Power.
- Amazon is exploring SMRs as future energy solutions to meet its 2040 net-zero goals while managing surged electricity demand.
U.S. Energy Independence and the Uranium Supply Gap
The intersection of the AI boom and national security is completely reshaping the market. In 2024, the EIA confirmed the U.S. purchased over 50M lbs of uranium while producing just 677 K lbs domestically—meaning the U.S. produces just over 1% of its own uranium needs.
This vulnerability is exposed as U.S. nuclear plants currently import over 95% of their uranium from foreign sources, including Russia and Kazakhstan. Energy Secretary Chris Wright has stated that the U.S. must expand domestic capacity immediately to end reliance on foreign enriched uranium. This geopolitical shift has led commodity giants like Mercuria to build physical uranium desks, with Citi and Natixis following suit. As the world's largest energy traders move ahead of shortages, Foremost Clean Energy (NASDAQ: FMST) is positioned within the Athabasca Basin—a region that produces ~15% of the world's primary uranium supply. Uranium futures tapped $100 per pound in January 2026, the highest in 20 months, as signs of stronger long-term demand spurred fresh buying from physical funds. 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. On January 14, 2026, the company reported encouraging lithium results from its Jean Lake program, including a headline interval of 1.6% Li₂O over 5.0 m. 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. Financial Position and Management
As of September 2025, the company held approximately C$6.56M in cash and C$8.98M in total cash and liquid assets. In late 2025, it further strengthened its balance sheet by raising $5.65M via warrant and option exercises while reducing debt by roughly 40%. Led by CEO Jason Barnard, the company recently appointed Peter Espig, a former Goldman Sachs Vice-President, to its Board of Directors to guide resource development. 9 Factors Putting (FMST) On This Morning's Watchlist
—Tuesday, February 17, 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. 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. 3. Small Float: With under 12M shares listed as available to the public and ~21.71% held by management/directors plus Denison, (FMST)'s small float could have the potential for big moves if demand begins to shift. 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. Major Drill Program Update: Following a 0.87% U₃O₈ intercept at Hatchet Lake, (FMST) has launched a 5,000-metre winter drill campaign to expand and test the discovery zone. Consider Starting Your Own Research On (FMST) While It's Still Early…
[Company Website] | [Corporate Presentation]
The setup around (FMST) is the kind that can get interesting fast. A small public float (under 12M shares) paired with significant insider ownership (~21.71% held by management/directors plus Denison) can make (FMST) a name to keep on your radar. And it's not theoretical — last year (FMST) went from $0.55 on March 11, 2025 to $5.74 on June 5, 2025, a move of 900%+ (approx.) in under five months. Zooming out, the macro backdrop is getting harder to ignore. AI is turning electricity into the next major bottleneck, and nuclear is moving back toward the center of the discussion as hyperscalers chase reliable, 24/7 baseload power. But one of the most important layers here is the Denison connection.Denison isn't just a name on the cap table — it's (FMST)'s largest shareholder (17.06%). It holds two board seats, including CEO David Cates. And it brings deep technical bench strength plus decades of historic drilling and geophysical data that can help sharpen targeting and accelerate decision-making across (FMST)'s portfolio. (FMST) is officially on our 'must-watch' list this morning—Tuesday, February 17, 2026 Consider starting your own research on (FMST) while it's still early. Also, keep an eye out for my next update, it could be hitting any moment. Sincerely, Gary Silver
Managing Editor, Market Crux
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