Foremost Clean Energy Completes Phase 2 Earn-In for Athabasca Uranium Portfolio

Foremost Clean Energy Ltd. announced it has completed Phase 2 of its Option Agreement with Denison Mines Corp., earning a 51% interest in 10 Athabasca uranium projects (35.78% in Hatchet Lake) approximately 15 months ahead of the October 2027 deadline. The company issued 848,610 common shares valued at $2 million to Denison and completed over $8 million in qualifying exploration expenditures. This milestone significantly advances Foremost's position in Saskatchewan's Athabasca Basin, one of the world's premier uranium-producing regions. The portfolio covers approximately 332,378 acres and includes properties strategically located near major uranium operations. The company has made a new uranium discovery at Hatchet Lake and advanced multiple projects through drilling and geophysical surveys. Denison's ownership in Foremost will increase to approximately 19.9% following the share issuance.