Foremost Clean Energy Gains 51% in Athabasca Uranium Projects by Issuing 848,610 Shares 15 Months Early
FMST•Foremost Clean Energy completed Phase 2 of its option agreement with Denison by issuing 848,610 shares valued at $2 million, increasing ownership to 51% in ten Athabasca uranium projects (35.78% at Hatchet Lake). It completed Phase 2 fifteen months early with $8 million in exploration in the Athabasca Basin.
1. Phase 2 Earn-In Completion
Foremost issued 848,610 common shares to Denison valued at $2 million to satisfy Phase 2 requirements under the option agreement, boosting its interest to 51% across ten Athabasca uranium projects while retaining a 35.78% stake at Hatchet Lake. This milestone was met approximately 15 months before the October 4, 2027 deadline.
2. Athabasca Portfolio Overview
The portfolio covers 45 mineral claims totaling 332,378 acres in the Athabasca Basin, one of the world’s premier uranium regions. Assets are strategically located adjacent to or near major operations including McArthur River, Cigar Lake and McClean Lake, providing exposure to discovery-ready and drill-permitted targets.
3. Exploration Highlights
To complete Phase 2, Foremost incurred over $8 million in qualifying exploration expenditures across the projects, including a 19-hole, 3,848-metre drill program at Hatchet Lake South. Drilling intercepts included 6.2 metres grading 0.10% U₃O₈, with a high-grade interval of 0.87% U₃O₈ over 0.45 metres, underscoring advancing exploration momentum.
