Denison to File Early Warning Report in Respect of Foremost Clean Energy Ltd.
Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
Denison to File Early Warning Report in Respect of
Foremost Clean Energy Ltd.
Toronto, ON – September 12, 2025. Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML;
NYSE American: DNN) is pleased to announce its further investment in Foremost Clean Energy Ltd.
(“Foremost”) (NASDAQ:FMST) (CSE:FAT) pursuant to its rights under its Investor Rights Agreement with
Foremost.
Foremost had completed certain prior share issuances, and Denison has acquired an additional 485,000
common shares at a price of $2.20 per common share, for aggregate subscription price of $1,067,000.
Denison held 1,977,410 Foremost common shares, representing approximately 16% of Foremost’s issued
and outstanding shares prior to closing of the issuance to Denison. On completion of the issuance to
Denison, Denison holds 2,462,410 Foremost common shares, representing approximately 19% of
Foremost’s then issuance and outstanding shares. Denison also holds 607,600 Foremost warrants,
representing approximately 17% of the issued and outstanding warrants of Foremost. Denison will be filing
an early warning report pursuant to National Instrument 62-103 in respect of the change in its common
share holdings in Foremost.
Additional Information
The Foremost Shares were acquired by Denison for investment purposes. The Company intends to review,
on a continuous basis, various factors related to its investment in Foremost, and may decide to acquire or
dispose of additional securities of Foremost as future circumstances may dictate, including under its pre-
emptive rights under the Investor Rights Agreement.
Further information will be available in the Early Warning Report to be filed under Foremost’s profile on
SEDAR+ at www.sedarplus.ca.
About Denison
Denison is a uranium mining, exploration and development company with interests focused in the
Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective 95% interest
in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the
infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023,
a feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the
previously prepared 2018 Pre-Feasibility Study was completed for Wheeler River’s Gryphon deposit as a
conventional underground mining operation. Based on the respective studies, both deposits have the
potential to be competitive with the lowest cost uranium mining operations in the world.
Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and are nearing completion
with approval of the project’s Environmental Assessment (“EA”) received from the Province of
Saskatchewan and Canadian Nuclear Safety Commission hearing dates set in the fall of 2025 for Federal
approval of the EA and project construction license.
Denison’s interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint
Venture (“MLJV”), which includes unmined uranium deposits (with the mining at the McClean North deposit
via the MLJV’s Surface Access Borehole Resource Extraction (“SABRE”) mining method having
commenced in July 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed
capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest
in the Midwest Joint Venture’s Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe
Heldeth Túé (“THT”) and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A,
THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together,
Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin
region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited (“JCU”), Denison
holds additional interests in various uranium project joint ventures in Canada, including the Millennium
project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).
In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began
in 1954 with Denison’s first acquisition of mining claims in the Elliot Lake region of northern Ontario.
For more information, or to obtain a copy of the Early Warning Report, please contact
David Cates (416) 979-1991 ext. 362
President and Chief Executive Officer
Geoff Smith (416) 979-1991 ext. 358
Vice President Corporate Development & Commercial
Follow Denison on X (formerly Twitter) @DenisonMinesCo
About Foremost
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is an emerging North American
uranium and lithium exploration company with an option to earn up to a 70% interest in 10 prospective
uranium properties spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin. As the
demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised
for dynamic growth, playing an important role in the clean energy mix of the future. Foremost’s uranium
projects are at different stages of exploration, from grassroots to those with significant historical exploration
and drill-ready targets. Its mission is to create significant discoveries, alongside and in collaboration with
Denison, through systematic and disciplined exploration programs.
For further information please visit the company’s website at www.foremostcleanenergy.com or contact
Foremost at 250 – 750 West Pender Street, Vancouver, British Columbia V6C 2T7.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this news release constitutes ‘forward-looking information’, within the meaning of the applicable United
States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally,
these forward-looking statements can be identified by the use of forward- looking terminology such as ‘potential’, ‘plans’, ‘expects’,
‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such words and
phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ ‘be taken’, ‘occur’ or ‘be achieved’.
In particular, this news release contains forward- looking information pertaining to Denison's current intentions and objectives with
respect to its investments in Foremost and any future acquisitions or dispositions of securities of Foremost, including in connection
with the Company’s pre-emptive rights under the Investor Rights Agreement; the Company’s exploration, development and expansion
plans and objectives for its projects; and expectations regarding its joint venture ownership interests and the continuity of its
agreements with its joint venture counterparties and third parties.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and
they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of acti vity,
performance or achievements of Denison to be materially different from those expressed or implied by such forward- looking
statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can
be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this f orward-
looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to
the factors discussed in Denison’s Annual Information Form dated March 28, 2025 under the heading ‘Risk Factors’ or in subsequent
quarterly financial reports. These factors are not, and should not be construed as being, exhaustive.
Accordingly, readers should not place undue reliance on forward- looking statements. The forward- looking information contained in
this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with
respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise
any forward-looking information after the date of this news release to conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable legislation.