Foremost Clean Energy issues shares to Denison Mines under investor rights deal

Foremost Clean Energy (FMST) announces that further to the Amended & Restated Investor Rights Agreement dated July 23, 2025 between the Company and Denison Mines Corp. (DNN), Denison notified the Company of its intention to subscribe for common shares pursuant to its equity participation right relating to certain share issuances completed by the Company. The share issuances were related to warrant exercises, and for property payments including the Company’s final property payment for its Jean Lake Lithium/Gold Property. In connection with the exercise of the equity participation right, the Company will issue 485,000 common shares to Denison at a price of $2.20 per share for aggregate consideration of $1,067,000. The issuance is in accordance with the Denison IRA and has been approved by the Canadian Securities Exchange. Following completion of the Private Placement, Denison will own approximately 19.17% of Foremost’s common shares outstanding. The common shares that will be issued pursuant to the Private Placement are subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. The proceeds from the Private Placement will be used to advance exploration for the Company’s 330,000 acres/133,500+ hectare Athabasca Basin uranium portfolio and for general corporate purposes.