About us
Foremost Clean Energy is an emerging North American uranium exploration company focused on empowering the clean energy economy. Our 10 prospective properties span over 330,000 acres in the prolific, uranium-rich Athabasca Basin in Saskatchewan, Canada. With drill–ready targets on identified mineralization along strike of recent major discoveries, our portfolio is well situated to capitalize on the ongoing strength in the uranium market. Foremost also maintains a secondary portfolio of significant lithium projects at different stages of development spanning 50,000+ acres across Manitoba and Quebec.
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URANIUM MARKET
ELECTRIFICATION
REVOLUTION
- Advancements in renewable energy technologies and growing environmental concerns have shifted demand dynamics for traditional energy sources, most notably fossil fuels.
- The IEA and the IRENA forecast that the world will require three times more renewable energy capacity by 2030, or at least 11,000 GW.
ENERGY
SECURITY
- Concerns about the stability of energy supplies have increased the attractiveness of uranium as a fuel source.
- Uranium is energy-dense and is regarded as a reliable, economically favorable source of power that can directly displace fossil fuels.
PRICE
- Prices have been increasing over the past decade and briefly exceeded US$100 per pound of U3O8 in January 2024.
- The outlook remains bullish, with BofA's metals and mining team predicting that tightness in uranium markets could persist well into 2025, adding upward pressure on pricing.
GEOPOLITICAL
ENVIRONMENT
- Global catalysts are driving nuclear energy and uranium exploration.
- In May 2024, U.S. President Biden signed into law the “Prohibiting Russian Uranium Imports Act,” which bans the import of enriched uranium produced in Russia or by Russian entities.
SUPPLY
GAP
- The world’s top uranium producer cut its 2025 target, bringing the entire production curve downward.
- The World Nuclear Association’s Nuclear Fuel Report (2023) predicts a 28% increase in uranium demand from 2023 through 2030, with a further increase to over 51% by 2040.
ECONOMIC
ENVIRONMENT
- Extreme underinvestment over the past 10 years has led to a structural uranium production deficit of approximately 26%, which is expected to further widen in the future.
- A nuclear renaissance is underway, with 20+ nations pledging to triple nuclear energy capacity by 2050.
WHAT IS URANIUM?
Uranium is a heavy metal which has been used as an abundant source of concentrated energy for over 60 years. It can be mined by underground or open-cut methods, depending on its depth, or mined by in situ leaching (ISL), where it is dissolved from a porous underground ore body in situ and pumped to the surface. The end product of the mining and milling stages, or of ISL, is uranium oxide concentrate (U3O8). This is the form in which uranium is sold.
Uranium is the fuel most widely used by nuclear plants providing approximately 10% of the world's electricity from about 440 reactors. The World Nuclear Association’s Nuclear Fuel Report from 2023 estimates total uranium requirements to be more than 500 million pounds through 2030, an increase of 28%,and further increasing to 755 million pounds through to 2040.
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Lithium lane properties
Foremost maintains a secondary portfolio of significant lithium projects at various stages of development spanning 50,000+ acres across Manitoba and Quebec.
Lithium Lane Properties
Spanning 4 distinct projects in Manitoba over 43,000+ acres with nearly $14M spent on extensive exploration, acquisition and drilling initiatives.
Projects
- Zoro
- Peg North
- Jean Lake
- Grass River
Project highlights
Extensive Asset Portfolio
Includes a highly attractive, diversified exploration portfolio with a total of 10 properties spanning over 330,000 acres on 45 claims
Experienced Team
Lead by a management and exploration team working in collaboration with Dahrouge Geological Consulting and Denison Mines, both with proven successes in historic uranium discoveries in the Basin
Dennison Mines
The Dennison Mines exploration team is responsible for the discovery of multiple high-grade deposits containing aggregate reserves >100mm lbs of U3O81 and will provide access and support technical, operating and corporate initiatives.
Potential for Significant Value Creation
Opportunity through potential discoveries on significant historical mineralization on identified targets over a prospective area surrounded by high-grade deposits
Favourable Region
The Athabasca Basin is an established and highly-attractive mining jurisdiction, known as one the world's richest uranium deposits producing ~20% of world’s primary uranium supply
Aligned Incentives
Foremost Management and Board hold over 11.7% shares outstanding, with partner Dennison Mines holding a further 19.95% for a combined 31.7% of shares outstanding working towards building shareholder value2
