Foremost Announces Formation of GR and Blackwing Joint Ventures and Issuance of Warrants to Denison at a Significant Premium
Key Highlights
- ➤Foremost receives $650,000 cash and sells a 31% interest in GR and Blackwing properties
- ➤Foremost retains 20% ownership in each JV; Denison funds 80% of future expenditures
- ➤Foremost issues 1,031,191 five-year warrants exercisable at $1.80, over 175% above announcement-date price
- ➤Denison commits to geophysical studies or deficiency deposits through at least January 4, 2028
- ➤A&R agreement preserves Foremost’s right to earn 70% in seven properties and minimum 51% in Hatchet Lake
Expert Statements
David Cates, Interim CEO of Foremost Clean Energy Ltd.
“The GR and Blackwing properties are located in the northwestern portion of the Athabasca Basin region and are situated along the Grease River shear zone and the Black Bay fault, respectively – both of which are geologically prospective areas that have historically been subject to little or no exploration and that have the potential to become new areas of exploration focus in the region. Forming the GR and Blackwing joint ventures with Denison is an ideal arrangement for Foremost, whereby the Company receives $650,000 in cash proceeds while retaining exposure to potential future exploration success from the Properties without having to fund the full cost of exploration. Importantly, the proceeds from the Transaction are expected to be used largely to fund Foremost’s recently commenced exploration program at the Turkey Lake property.”
VANCOUVER, British Columbia, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) is pleased to report that it has closed a transaction with Denison Mines Corp. (“Denison”) resulting in, among other things, the sale of a 31% interest in the GR and Blackwing properties (together, the “Properties”), the formation of two exploration joint ventures (“JVs”), and the issuance of 1,031,191 share purchase warrants (the “Warrants”) in exchange for total cash consideration of $650,000 (collectively, the “Transaction”). The Warrants have an exercise price of $1.80 per warrant share, which represents over a 175% premium to Foremost’s closing share price on October 22, 2026, the date on which the Transaction was announced, and have a 5-year term.
David Cates, Interim CEO of Foremost, commented, “The GR and Blackwing properties are located in the northwestern portion of the Athabasca Basin region and are situated along the Grease River shear zone and the Black Bay fault, respectively – both of which are geologically prospective areas that have historically been subject to little or no exploration and that have the potential to become new areas of exploration focus in the region. Forming the GR and Blackwing joint ventures with Denison is an ideal arrangement for Foremost, whereby the Company receives $650,000 in cash proceeds while retaining exposure to potential future exploration success from the Properties without having to fund the full cost of exploration. Importantly, the proceeds from the Transaction are expected to be used largely to fund Foremost’s recently commenced exploration program at the Turkey Lake property.”
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