Foremost to Form Joint Ventures with Denison for GR and Blackwing Properties and to Issue Warrants at a Significant Premium
Key Highlights
- ➤Foremost sells 31% of GR and Blackwing properties to Denison for $650,000
- ➤Foremost retains 20% interests in two JVs, while Denison funds 80% of future expenditures
- ➤Denison receives 1,031,191 five-year warrants exercisable at $1.80, a 175% premium
- ➤Nasdaq grants Foremost 180 days to regain compliance with the $1.00 minimum bid price
- ➤Foremost must spend $12.0 million and pay $2.5 million to complete Option Tranche 3
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. While these Properties have the potential to become a new area of exploration focus in the region, the scale of the Properties and the annual work expenditures required to keep the claims in good standing are significant. As a result, forming JVs with Denison is an ideal arrangement for Foremost, whereby Foremost retains exposure to potential future exploration success without having to carry the full cost of exploring this district-scale area.”
VANCOUVER, British Columbia, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) is pleased to report that it has entered into an agreement with Denison Mines Corp. (“Denison”) to sell a 31% interest in the GR and Blackwing properties (together the “Properties”), form two exploration joint ventures (“JVs”), and issue 1,031,191 share purchase warrants (the “Warrants”) in exchange for total consideration of $650,000 (collectively, the “Transaction”). The warrants will 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, and will 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. While these Properties have the potential to become a new area of exploration focus in the region, the scale of the Properties and the annual work expenditures required to keep the claims in good standing are significant. As a result, forming JVs with Denison is an ideal arrangement for Foremost, whereby Foremost retains exposure to potential future exploration success without having to carry the full cost of exploring this district-scale area.”
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