Foremost issues shares to Denison, adds $1M to treasury

Executive Summary

• Foremost Clean Energy Ltd. is issuing 485,000 common shares to Denison Mines Corp. under an amended and restated investor rights agreement, raising approximately $1.07 million.
• The issuance follows Denison's exercise of equity participation rights related to previous share issuances (warrant exercises and property payments).
• Post-issuance, Denison will hold approximately 19.17% of Foremost's common shares outstanding, subject to a four-month and one-day hold period.

Key Details

• Transaction Structure: Private placement of common shares issued pursuant to Denison Mines Corp.'s equity participation rights under the Investor Rights Agreement dated July 23, 2025.
• Share Quantity: 485,000 common shares.
• Price Per Share: $2.20.
• Aggregate Consideration: $1,067,000.
• Use of Proceeds: Advancing exploration for the company's 330,000 acres (133,500+ hectares) Athabasca basin uranium portfolio and for general corporate purposes.
• Ownership Impact: Denison will own approximately 19.17% of Foremost's common shares outstanding following the transaction.
• Regulatory Status: Approved by the Canadian Securities Exchange (CSE).
• Hold Period: The issued shares are subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws.
• Context: The issuance relates to prior share issuances completed by Foremost, specifically warrant exercises and property payments including the final property payment for the Jean Lake lithium/gold property.

Notable Quotes

• "We are very pleased with Denison's continued financial and operational support, which underscores its commitment to our unique collaboration... This additional capital strengthens our treasury at an ideal time, enabling us to continue executing our planned exploration." — Jason Barnard, President and CEO, Foremost Clean Energy Ltd.