Foremost Clean Energy Ltd. will issue 485,000 common shares to Denison Mines Corp. at $2.20 per share for total proceeds of $1,067,000 under the companies' Amended & Restated Investor Rights Agreement dated July 23, 2025. This transaction brings Denison's ownership to approximately 19.17% of Foremost's outstanding common shares, significantly deepening the strategic relationship between the two mining companies.
The share issuance, which was approved by the Canadian Securities Exchange, relates to Denison's equity participation right on prior warrant exercises and property payments. The newly issued shares will be subject to a four-month-plus-one-day hold period, providing market stability while allowing the companies to advance their collaborative exploration efforts. This transaction demonstrates the ongoing financial commitment between the partners as they pursue uranium and lithium exploration projects.
Foremost Clean Energy holds an option from Denison Mines Corp. to earn up to a 70% interest in 10 prospective uranium properties, with the exception of the Hatchet Lake property where Foremost can earn up to 51%. These properties span over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. As demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are positioned for dynamic growth, playing a crucial role in the future of clean energy infrastructure.
The company's uranium projects are at various stages of exploration, ranging from grassroots initiatives to properties with significant historical exploration and drill-ready targets. Foremost's mission centers on making substantial discoveries alongside Denison through systematic and disciplined exploration programs. The latest news and updates relating to FMST are available in the company's newsroom at https://ibn.fm/FMST. MiningNewsWire, which published the announcement, is a specialized communications platform focusing on developments and opportunities in the global mining and resources sectors.
