- The Athabasca Basin is known as one the world's richest uranium deposits, producing ~20% of world’s primary uranium supply
- Highly prospective properties surrounded by high-grade deposits
- Consists of 10 properties spanning over 330,000 acres with mineralization and identified targets
About Foremost
Foremost Clean Energy is an emerging North American uranium exploration company with an option to acquire up to 70% interest* in 10 prospective properties spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin, positioned to help meet the growing demand for uranium, crucial for achieving global energy transition goals. Alongside and in collaboration with Denison Mines (TSX:DML, NYSE American: DNN), the company is committed to a disciplined and dynamic exploration strategy to test existing drill-ready targets with identified mineralization. Foremost’s mission is to create significant discoveries through active exploration on its promising, yet underdeveloped fertile land package 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.
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. Geopolitical events continue to influence and drive growth in the uranium market including the Russian invasion of Ukraine, political instability in Niger, and the United States passing a series of laws banning the importation of Russian uranium. 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.
THE UNITED STATES WANTS TO BE ABLE TO SOURCE ITS OWN FUEL FROM OURSELVES AND THAT'S WHY WE ARE DEVELOPING A URANIUM STRATEGY.
Jennifer Granholm - US Energy Secretary
Why Foremost Clean Energy?
Large Exploration Upside Potential
The Right Team with Proven History of Success
Premium Location in the Athabasca Basin
10 Prospective Properties over 330,000 Acres Ripe for Potential Discovery
Clearly Defined Uranium Demand
Foremost Uranium Properties
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.
Figure 1. A map of Foremost’s uranium claims in the Athabasca Basin
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.
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 will 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.
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
Favourable Region
Strong Alignment with Dennison Mines
- Dennison Mines (TSX: DML/ NYSE American:DNN) is a US$1.4B market cap uranium company
- US$88M of cash and equivalents with no debt1.
- Significant shareholder with approx. 19.95% of shares outstanding
Right Management Team
- Experienced, proven management and exploration team which includes working in collaboration with Dahrouge Geological Consulting and Denison Mines, both with proven successes in historic uranium discoveries in the Basin
- Jody Dahrouge was Fission Uranium’s past President and COO, playing a key role in the acquisition of several key exploration properties, including Waterbury Lake, Patterson Lake and Patterson Lake South
Foremost’s Exploration Approach:
Unlocking Discoveries
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 Exploration Properties. Denison currently has 100% ownership in all of the properties except for Hatchet Lake, where Denison currently owns 70.15%, subject to a joint venture with Eros Resources Corp. In the case of Hatchet Lake, Foremost may earn up to a 51% interest in the joint venture, representing slightly over 70% of Denison’s current ownership interest.
*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.
1Denison Filings as of June 30, 2024