Foremost Lithium completes first phase of option agreement with Denison Mines

Foremost Clean Energy (FMST) announced that, further to its announcement of September 23, 2024, it has now completed Phase One of its transaction with Denison Mines Corp. (DNN), acquiring 20% of Denison’s interest in 10 uranium exploration properties covering over 330,000 acres in the Athabasca Basin in Northern Saskatchewan. In addition to other considerations, Denison was issued from treasury 1,369,810 common shares in the capital of Foremost. The acquisition was completed pursuant to an option agreement with Denison dated September 23, 2024, which granted Foremost the option to acquire, through three phases, up to 70% of Denison’s interest in the Exploration Properties.In addition, concurrent with the acquisition of Phase One Interest, Foremost has also: Appointed Mr. David Cates, the President and CEO of Denison, to Foremost’s board of directors; Mr. Cates has extensive expertise in the Canadian and international uranium mining industry from over a decade of senior management and financial experience in various roles with Denison; Appointed Andy Yackulic, Denison’s Vice President of Exploration, to its advisory board as a technical and geoscientific advisor. Mr. Yackulic has spent the past two decades of exploration focused in the Athabasca Basin region acquiring extensive experience with various geologic models for uranium mineralization, and has been working with Denison since 2020. Previously, he spent 12 years at Cameco Corporation in various roles and led the exploration team that discovered the Fox Lake uranium deposit. Mr. Yackulic holds a Bachelor of Science in Geology from the University of Saskatchewan, is a member of the Association of Professional Engineers & Geoscientists of Saskatchewan, and is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects; Entered into an investor rights agreement with Denison; and Become the operator of the Exploration Properties. The Exploration Properties are comprised of 45 claims covering an aggregate area of 332,378 acres within the Athabasca Basin region of northern Saskatchewan, which is known for its prolific history of large high-grade uranium discoveries and operating mines-currently producing ~15% of the world’s primary uranium supply.