Foremost Clean Energy To Earn Majority Interest Across Athabasca Uranium Portfolio Under Denison Option Agreement
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Foremost Clean Energy To Earn Majority Interest Across
Athabasca Uranium Portfolio Under Denison Option Agreement
Highlights:
• Will earn a 51% interest in 10 Athabasca uranium projects with the exception of
its Hatchet Lake Project where Foremost will hold a 35.78% interest
• Phase 2 of the three-phase Option Agreement to be completed approximately
15 months ahead of the October 2027 deadline
VANCOUVER, British Columbia, July 09, 2026 – Foremost Clean Energy Ltd. (NASDAQ: FMST)
(CSE: FAT) (“Foremost” or the “Company”) is pleased to announce that it will have completed the
Phase 2 earn -in requirements (“Phase 2”) under its Option Agreement (the "Option Agreement")
closed with Denison (see Press Release October 07, 2024) upon issuing to Denison Mines Corp.
(“Denison”) (NYSE American: DNN, TSX: DML) up to 848,610 common shares in the capital of
Foremost (“Shares”) valued at $2 million (based on applicable pricing parameters).
The Company has completed more than $8 million in qualifying exploration expenditures and upon
completion of Phase 2, will have increased its ownership interest to 51% interest across its 10
Athabasca uranium projects, (“the Projects”) with the exception of Hatchet Lake , at 35.78%. The
significant earn-in milestone is expected to be satisfied approximately 15 months ahead of the
October 4, 2027, contract deadline.
The Projects encompasses 45 mineral claims covering approximately 332,378 acres (134,509
hectares) across Saskatchewan's Athabasca Basin, one of the world's premier uranium -producing
jurisdictions. The portfolio includes advanced, discovery -ready and drill -permitted uranium
exploration assets strategically located adjacent to, or in close proximity to, several of the world's
largest and highest-grade uranium operations, including the McArthur River mine, Cigar Lake mine,
and McClean Lake mill. The Projects are located along the pr olific Wollaston-Mudjatik Transition
Zone ("WMTZ"), the structural corridor that hosts all currently operating uranium mines and mills in
the eastern Athabasca Basin (see figure 1).
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Figure 1. Foremost’s Uranium projects surrounded by mines, mills and deposits in the Athabasca Basin
Jason Barnard, President and Chief Executive Officer of Foremost, commented: "When we entered
into this strategic agreement with Denison in October 2024, the global nuclear energy
landscape was rapidly evolving, and our mission was clear: to systematically advance this
exceptional portfolio of Athabasca uranium projects through disc iplined, science -driven
exploration. By combining Denison's decades of geological knowledge and historical
exploration data with our own technical expertise and systematic exploration strategy, we have
completed more than $8 million in exploration expenditures, made a new uranium discovery at
Hatchet Lake, advanced multiple projects through drilling, geophysics and permitting, and
generated a growing pipeline of high-priority exploration targets across the portfolio.
Achieving the completion of Phase 2 approximately 15 months ahead of our contractual
obligations represents a major milestone for Foremost. Earning a majority interest in our
uranium portfolio reflects our commitment to uranium exploration, and positions Foremost to
continue advancing high- priority uranium targets at a time when global demand for secure
uranium supply and nuclear energy continues to strengthen. "
Option Agreement Earn-In Summary
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The Option Agreement provides Foremost with the opportunity to earn up to 70 % interest (51% of
Hatchet Lake) in the Projects through a three-phase earn-in structure, summarized below in table 1.
Upon completing Phase 2, the Company’s next objective will be advancing the the final earn-in phase
("Phase 3 "). Once Foremost complete s its option exercises in accordance with the Option
Agreement, Foremost will become a party to the existing Hatchet Lake Joint Venture agreement and
will enter into new joint venture agreements with Denison governing the future development of the
other Uranium Projects.
Table 1. Summary of Three-Phase Earn-In Structure
Phase
Deadline
Requirements
Status / Result
Phase 1 Completed
October 7,
2024
• Issued 1,369,810 Shares to
Denison
• Appointed Denison's
Technical Advisor
• Granted Denison Board
representation rights
• Entered into Investor Rights
Agreement
Completed
Earned an initial 20% interest in
the Projects (14.03% at Hatchet
Lake).
Phase 2 Due
October 4,
2027 (36
months
from the
Effective
Date)
• Issue or pay $2.0 million in
cash and/or Shares (at
Foremost's election)
• Incur $8.0 million in qualifying
exploration expenditures
To be completed approximately 15
months ahead of schedule upon
issuance of 848,610
Shares to Denison
Will increase Foremost's interest
in the Projects to 51% (35.78% at
Hatchet Lake).
Phase 3 Due
October 4,
2030 (72
months
from the
Effective
Date)
• Issue or pay $2.5 million in
cash and/or Shares (at
Foremost's election)
• Incur an additional $12.0
million in qualifying exploration
expenditures
Next Earn-In Milestone
Completion of Phase 3 will
increase Foremost's interest in the
Projects to 70% (51% at Hatchet
Lake).
Since entering into the Option Agreement with Denison, the Company has systematically advanced
multiple projects from historical targets to discovery -ready drill opportunities by integrating
Denison's decades of historical drilling, geophysical datasets and geological interpretation with
Foremost's own exploration programs, geophysical surveys and technical interpretation . Some of
the exploration activities completed to date include, but are not limited to:
• Discovery of the Tuning Fork Uranium Zone at Hatchet Lake South, where drilling intersected
6.2 metres grading 0.10% U₃O₈, including 0.87% U₃O₈ over 0.45 metres, followed by
successful step-out drilling that expanded the mineralized footprint during the 20 26 winter
drill program (see News Releases dated October 29, 2025 and May 26, 2026).
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• Completion of a 19 -hole, 3,848 metre diamond drill program at Hatchet Lake South that
expanded the Tuning Fork Uranium Zone and demonstrated encouraging continuity of
mineralization along a conductive structural corridor (s ee News Release dated May 26,
2026).
• Completion of a 2,695 metre diamond drill program at Murphy Lake South, where drilling
intersected strong hydrothermal alteration, reactivated graphitic shear zones and elevated
radioactivity across an approximately 400 metre alteration footprint (See News Release
dated May 27, 2026).
• Completion of a 771 line -kilometre MobileMT ™ airborne geophysical survey over the CLK
Project to define additional drill-ready targets (see News Release dated April 14, 2025).
• Completion of a detailed 893 -station radon survey at Wolverine that identified multiple
kilometre-scale radon anomalies coincident with favourable structural trends (s ee News
Release dated June 25, 2025).
• Advancement of Turkey Lake through permitting and completion of a ground gravity survey
ahead of the planned 2026 diamond drill program (see News Releases dated December 30,
2025 (permit) and (February 3, 2026 (2026 exploration program).
Denison’s Holdings
Denison held 2,600,000 Shares, representing approximately 15.8% of Foremost's issued and
outstanding Shares, prior to the issuance of the Phase 2 Shares. On completion of the issuance to
Denison of the Phase 2 Shares, Denison is expected to hold 3,448,610 Shares, representing
approximately 19.9% of Foremost's then issued and outstanding Shares. Denison also holds 607,600
Foremost warrants, representing approximately 17% of the issued and outstanding warrants of
Foremost. This information is being provided u nder the early warning requirements of applicable
securities laws. Denison will be filing an early warning report under the Company's profile on SEDAR+
at www.sedarplus.ca pursuant to National Instrument 62-103 in respect of the change in its common
shareholdings in Foremost upon receipt of the Phase 2 Shares. Equity in Foremost was acquired by
Denison for investment purposes. Denison 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. For further information, Denison can be contacted at 1100 – 40 University
Avenue, Toronto, Ontario M5J 1T1, attention: Geoff Smith, Vice President Corporate Development &
Commercial, at [email protected].
Looking Ahead
With the Company now focused on advancing Phase 3 under the Option Agreement, Foremost
intends to continue actively advancing its Athabasca Basin uranium portfolio, with exploration and
drilling programs currently underway across multiple projects. Backed by a strong technical
foundation, financial flexibility and a disciplined exploration strategy, the Company's objective
remains clear: to efficiently advance and delineate the next significant uranium discovery in one of
the world's premier uranium jurisdictions.
Qualified Person
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The technical content of this news release has been reviewed and approved by Cameron MacKay, P.
Geo., Vice President of Exploration for Foremost Clean Energy Ltd., and a Qualified Person under
National Instrument 43-101.
A qualified person has not performed sufficient work or data verification to validate the historical
results in accordance with National Instrument 43 -101. Although the historical results may not be
reliable, the Company nevertheless believes that they pro vide an indication of the property’s
potential and are relevant for any future exploration program.
About Foremost
Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a North American
uranium and lithium exploration company strategically positioned to support the accelerating
demand for reliable, carbon- free energy. As artificial intelligence, data centers, and electrification
drive unprecedented growth in global power consumption, the expanding need for reliable nuclear
baseload power creates a direct and critical imperative for the sustained exploration required to
secure its uranium feedstock.
The Company holds an option from Denison to earn up to a 70% interest in 10 prospective uranium
properties (except for the Hatchet Lake, where Foremost can earn up to 51%), spanning over 330,000
acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. The Company
employs a data-driven exploration strategy supported by extensive historic drilling and geophysical
data across its portfolio, including programs completed by Denison providing a validated roadmap
and competitive advantage for targeting high- potential, mineralized trends. To date, Foremost has
completed geophysical surveys and multiple drill campaigns that have generated encouraging
results and defined high-priority, discovery-ready targets for follow-up drilling.
Foremost also has a portfolio of lithium projects at varying stages of development spanning 43,000+
acres in Manitoba, providing exposure to other critical materials essential in electrification and
energy storage.
For further information, please visit the Company’s website at www.foremostcleanenergy.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
Investor Relations
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
1-800-REDCHIP (733-2447)
Follow us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: https://www.linkedin.com/company/foremostcleanenergy
Facebook: https://www.facebook.com/ForemostCleanEnergy
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Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news
release and oral statements made from time to time by representatives of the Company are or may
constitute “forward -looking statements” as such term is used in applicable United States and
Canadian laws and including, without limitation, within the meaning of the Private Securities
Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for
forward-looking statements. T hese statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet determinable and assumptions of
management and include statements with respect to the conditions to Phase 2 completion, the
anticipated timing of completion of Phase 2, the number of Shares expected to be issued to Denison,
expectations for the receipt of all requisite approvals, expectations for uranium demand and the
uranium attributes of the Athabasca Basin. Any other statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or
future events or performance (often, but not always, using words or phrases such as “expects” or
“does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or
“intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will”
be taken, occur or be achieved) are not statements of historical fact and should be viewed as
forward-looking statements. Such forward -looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements
of the Company to be materi ally different from any future results, performance or achievements
expressed or implied by such forward -looking statements. Such risks and other factors include,
among others, the availability of capital to fund programs and the resulting dilution caused by the
raising of capital through the sale of shares, continuity of agreements with third parties and
satisfaction of the conditions to the option agreement with Denison, risks and uncertainties
associated with the environment, delays in obtaining governmental approvals, permits or financing.
Although the Company has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate as actual results and
future events could differ materially from those anticipated in such stateme nts. Although the
Company believes that the expectations reflected in such forward -looking statements are based
upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those projected. Many of these factors are beyond the
Company’s ability to control or predict. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements contained in this news release
can be found in the Company’s filings with the Securities and Exchange Commission. The Company
assumes no obligation to update or supplement any forward-looking statements whether as a result
of new information, future events or otherwise. Accordingly, readers should not place undue reliance
on forward-looking statements contained in this news release and in any document referred to in this
news release. This news release shal l not constitute an offer to sell or the solicitation of an offer to
buy securities. and information. Please refer to the Company’s most recent filings under its profile at
on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the
risks affecting the Company and its business.
The CSE has neither approved nor disapproved the contents of this news release and accepts no
responsibility for the adequacy or accuracy hereof.
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