Foremost Clean Energy To Earn Majority Interest Across Athabasca Uranium Portfolio Under Denison Option Agreement

About this update from Foremost Clean Energy Ltd.

Highlights: Will earn a 51% interest in 10 Athabasca uranium projects with the exception of its Hatchet Lake Project where Foremost will hold a 35.78% interest Phase 2 of the three-phase Option Agreement to be completed approximately 15 months ahead of the October 2027 deadline VANCOUVER, British Columbia, July 09, 2026 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) is pleased to announce that it will have completed the Phase 2 earn-in requirements (“Phase 2”) under its Option Agreement (the "Option Agreement") closed with Denison (see Press Release October 07, 2024) upon issuing to Denison Mines Corp. (“Denison”) (NYSE American: DNN, TSX: DML) up to 848,610 common shares in the capital of Foremost (“Shares”) valued at $2 million (based on applicable pricing parameters). The Company has completed more than $8 million in qualifying exploration expenditures and upon completion of Phase 2, will have increased its ownership interest to 51% interest across its 10 Athabasca uranium projects, (“the Projects”) with the exception of Hatchet Lake, at 35.78%. The significant earn-in milestone is expected to be satisfied approximately 15 months ahead of the October 4, 2027, contract deadline. The Projects encompasses 45 mineral claims covering approximately 332,378 acres (134,509 hectares) across Saskatchewan's Athabasca Basin, one of the world's premier uranium-producing jurisdictions. The portfolio includes advanced, discovery-ready and drill-permitted uranium exploration assets strategically located adjacent to, or in close proximity to, several of the world's largest and highest-grade uranium operations, including the McArthur River mine, Cigar Lake mine, and McClean Lake mill. The Projects are located along the prolific Wollaston-Mudjatik Transition Zone ("WMTZ"), the structural corridor that hosts all currently operating uranium mines and mills in the eastern Athabasca Basin (see figure 1). Figure 1. Foremost’s Uranium projects surrounded by mines, mills and deposits in the Athabasca Basin Jason Barnard, President and Chief Executive Officer of Foremost, commented: "When we entered into this strategic agreement with Denison in October 2024, the global nuclear energy landscape was rapidly evolving, and our mission was clear: to systematically advance this exceptional portfolio of Athabasca uranium projects ...

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