Foremost Clean Energy Ltd. - Share Issuance to Denison Mines Corp.

Foremost Clean Energy Ltd. announced on May 19, 2026, that it will issue 137,590 common shares to Denison Mines Corp. at $2.44 per share, totaling $335,719.60. This transaction is part of an investor rights agreement, allowing Denison to maintain its equity stake. The proceeds will fund exploration of Foremost's Athabasca Basin uranium portfolio, including the Hatchet Lake Uranium Project, and general corporate purposes. Following the issuance, Denison's ownership in Foremost will increase from approximately 15.1% to 15.8%. Denison will file an early warning report regarding this transaction. Foremost is a North American uranium and lithium exploration company. The issued shares are subject to a four-month hold period.