About
Uranium Projects Overview
Foremost Clean Energy is an emerging North American uranium exploration company with an option to acquire up to 70% interest* in 10 prospective properties from Denison Mines (TSX:DML, NYSE American: DNN), spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin
Figure 1. Foremost’s Uranium Claims Within Surrounding Mills, Mines and Deposits in the Athabasca Basin
Foremost’s 10 exploration properties span over 45 claims across 332,378 acres (134,509 hectares) in the Athabasca Basin in the mine-friendly Province of Saskatchewan. The properties surround and are near some of the world’s largest and highest-grade uranium operations – including the McArthur River and Cigar Lake uranium mines, and are adjacent to the Wollaston- Mudjatik Transition Zone (WMTZ), which hosts all currently producing uranium mines and mills in the Athabasca Basin. Its uranium portfolio consists of projects at different stages of exploration from grassroots, to those with significant historical exploration and drill-ready targets.
The Denison Mines Factor
Alongside and in collaboration with Denison Mines, the company is committed to a disciplined and dynamic exploration strategy to test existing drill-ready targets with identified mineralization. This new alignment between both companies provides key advantages to Foremost as they jointly combine all resources towards uncovering the next new discovery. Some key benefits of the partnership between Denison and Foremost are outlined below:
Transformational
An option to acquire up to 70% of Denison's 10 prospective uranium projects in the Athabasca Basin
Significant Endorsement
This groundbreaking collaboration is set to elevate Foremost's market presence, leveraging Denison's proven success for a powerful boost in awareness
Nasdaq Listed: FMST
Denison strong trading volume on the NYSE indicates a healthy demand and engaged investor base, providing a direct opportunity to tap into their market reach and investor connections
On-Going Support
Backed by Denison, C$2.9B Canadian uranium producer and developer, will provide technical, operational, and financial support
Early Entry Opportunity
Tightly held, with only 10M shares outstanding with significant insider and institutional backing, set to pave the way for exceptional upside
Geological Collaboration
A new collaboration of two great geologists with proven track-records, Jody Dahrouge and Andy Yackulic, to increase the potential of unprecedented new uranium discoveries
Business Objectives
Foremost’s mission is to create significant discoveries through active exploration on promising yet underdeveloped fertile land package in the Athabasca Basin. Some key highlights of the transaction include:
Unlocking the Keys for Success
Exploration
Location
Team
One Thing is certain, more investment into uranium supply is required to keeep pace with its growing demand
RBC Capital Markets
Foremost Uranium Properties
The Company’s 10 projects are separated into two distinct zones: the Eastern Athabasca Uranium Properties and the Blue-Sky Uranium Properties.
Eastern Athabasca Uranium Properties
The seven (7) projects that are identified in the Eastern Athabasca Uranium area consist of Murphy Lake South, Hatchet Lake, Turkey Lake, Torwalt Lake, Marten, Wolverine, and Epp Lake.
Figure 2. Foremost’s Eastern Uranium Projects
Generally, the most prospective exploration ground in the eastern portion of the Athabasca Basin region is proximal to the Wollaston-Mudjatik Transition Zone (“WMTZ”) and has already been staked by existing uranium producers, developers, and explorers. Historical drilling in the on the properties focused only on unconformity potential which provides further opportunity for continued exploration in the basement, as the potential remains untapped.
The Properties encompasses a diversified portfolio at different stages of exploration, with both early staged exploration projects through drill permitted – drill ready assets.
Blue Sky Uranium Properties
The three (3) projects identified in the Blue Sky Property area consist of Blackwing, GR and CLK.
Figure 3. Foremost’s Blue-Sky Uranium Projects
The Northwestern land package encompasses ~251,000 acres (~102,000 hectares) staked in October and November 2023 on effectively virgin ground and remains virtually unexplored, representing huge blue sky potential. Holes drilled to-date at CLK have intersected uranium mineralization.
Investment Highlights
Partnership with Denison Mines
The Uranium Market
Prime Opportunity
Targeting continued growth and shareholder value with every new discovery and proven resource
DATA
ANALYSISReview historic and present data of all properties, combining into one integrated data set to generate 3D models for target analysis
GEOPHYSICAL
SURVEYDrone assisted airborne geophysics (LIDAR & Magnetics) surveys in addition to high resolution ground geophysics to refine areas of interest and specific drill targets
CAREFULLY SELECTED
DRILL TARGETSTargets are determined based on greatest potential to strike and are selected after careful review of all available compiled datasets.
EXECUTION
Commencement of drill program on identified extensions along known mineralization on carefully selected, de-risked targets with highest probability of discovery of high-grade uranium deposits and resource
DISCOVERY
Targeting continued growth and shareholder value with every new discovery and proven resource
*Transaction Summary
Under the terms of the Option Agreement, Foremost may acquire up to 70% of Denison’s interest in the 10 uranium properties by completing three phases (outlined in Table 1 below). On October 07, 2024, Foremost completed phase one, and acquired 20% of Denison’s interest in the properties by issuing 1,369,810 common shares. 2 
Table 1. Foremost’s Transaction Summary Terms with Denison Mines
As the world transitions towards a clean energy future, it has identified the crucial role of uranium as a low-cost fuel for emission-free electricity. The increased global demand for a net-zero environment has brought further focus to uranium as an essential component to meet global carbon-free targets, and Foremost is positioned to help meet the growing uranium for growing uranium demand. Foremost future development plans include delivering low-cost energy fuel solutions to capitalize on the unprecedented global push to decarbonize electric grids.
Foremost also maintains a secondary portfolio of lithium projects at different stages of development spanning 50,000+ acres across Manitoba and Quebec.
1. Denison Filings as of June 30, 2024
2. In the case of Hatchet Lake, Foremost may earn up to a 14.03% interest in Phase 1, 35.78% interest in Phase 2 and 51% interest in Phase 3. If the conditions of Phase 2 or 3 are not satisfied, Foremost shall forfeit its interests in and rights to the percentage of that phase of interest.
3. Based on a $4.29 deemed price from the closing market price the day proceeding announced property acquisition agreement
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