Foremost Clean Energy Issues 485,000 Shares to Denison Mines, Increasing Ownership to 19.17%

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) will issue 485,000 common shares to Denison Mines Corp. (TSX: DML, NYSE American: DNN) 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 companies in the critical minerals sector.

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, ensuring market stability while allowing for the gradual integration of these shares into public trading. This transaction demonstrates the ongoing financial commitment between the two companies as they collaborate on uranium exploration projects in northern Saskatchewan.

Foremost Clean Energy holds an option from Denison Mines Corp. to earn up to a 70% interest in 10 prospective uranium properties, spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region. The only exception is the Hatchet Lake property, where Foremost is able to earn up to 51%. As the 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 focuses on making significant discoveries alongside and in collaboration with Denison through systematic and disciplined exploration programs. This share issuance reinforces the financial framework supporting their joint exploration efforts in one of the world's most promising uranium regions.

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