Foremost Clean Energy exercises low-cost option to acquire Jean Lake property

Foremost Clean Energy (FMST) announces it has exercised a low-cost option to acquire a 100% interest in the 2,476-acre Jean Lake Lithium-Gold Project in Manitoba’s Snow Lake District. The Company finalized ownership by making a final cash payment of $75,000 and issuing $75,000 worth of common shares to Mount Morgan Resources, purchasing the property for a total of $250,000 cash, issuing a total aggregate of 47,299 of the Company’s common shares, and incurring the required exploration expenditures. Mount Morgan retains a 2% Net Smelter Royalty), with the Company retaining the right to repurchase 1% for $1,000,000. Foremost’s President and CEO, Jason Barnard comments, “Prior to Foremost’s pivot to focus on uranium exploration in the prolific Athabasca Basin region of northern Saskatchewan, Foremost invested successfully in lithium and gold exploration in Manitoba – generating positive results and confirming the prospectivity of the Company’s Manitoba project portfolio. With gold achieving historic price highs, our Jean Lake property provides exceptional leverage and optionality with its demonstrated high-grade gold mineralization and confirmation of lithium mineralization. With a modest final investment in the property, Foremost has successfully secured this prospective asset.”