- In September 2024, Foremost announced an option agreement with Denison Mines for 10 uranium projects in Saskatchewan’s Athabasca Basin.
- The company has aggressive exploration plans across its 330,000-acre uranium portfolio, with both shallow and deep targets.
- The Athabasca Basin is known for hosting some of the richest uranium deposits in the world, with strong infrastructure supporting exploration.
- Foremost’s partnerships with Denison Mines and local geological firms, along with its strong management team, position it well for future success.
- The company also holds a secondary portfolio of lithium projects, covering over 50,000 acres, providing additional long-term growth potential.
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT), formerly Foremost Lithium Resource & Technology Ltd., is an emerging North American energy exploration company focused on supporting the clean energy transition. Foremost holds an option to acquire an interest in 10 prospective uranium properties, covering over 330,000 acres in the uranium-rich Athabasca Basin of Saskatchewan.
The company aims to address the growing demand for uranium, a critical element in global energy transition efforts. In partnership with Denison Mines (NYSE American: DNN), Foremost is pursuing a disciplined and dynamic exploration strategy. Foremost’s mission is to make significant discoveries through active exploration of its promising, underdeveloped land holdings in the Athabasca Basin. Its uranium portfolio includes projects at various stages of exploration, from grassroots initiatives to advanced, drill-ready targets.
As the world shifts toward a clean energy future, uranium will play a key role as a low-cost, emission-free fuel for electricity generation. Foremost’s development plans aim to provide low-cost uranium solutions, capitalizing on the global movement to decarbonize power grids.
In addition to its uranium assets, Foremost holds a secondary portfolio of lithium projects, spanning more than 50,000 acres across Manitoba and Quebec.
Foremost is headquartered in Vancouver, British Columbia.
Projects
Foremost’s portfolio, under its option agreement with Denison Mines, includes 10 properties, many located near high-profile uranium operations like the McClean Lake mill and Cigar Lake mine. Seven of these properties are situated in the eastern portion of the Athabasca Basin, close to well-established infrastructure, while three lie in the northwestern portion of the basin – an area with high potential for new discoveries but little previous exploration.
Through the option agreement, Foremost may earn up to 70% of Denison’s interest in the properties. Denison currently owns 100% of nine properties. The agreement includes three phases during which Foremost must issue shares to Denison, appoint Denison representatives to its board, provide cash or share payments, and incur specific exploration expenditures to increase its ownership stake.
Market Opportunity
According to RationalStat, the global uranium mining market was valued at $8.09 billion in 2023 and is projected to grow to $11.38 billion by 2030, with a CAGR of over 5%.
Uranium, used in nuclear reactors, produces energy through nuclear fission and is considered a clean energy source as it emits no greenhouse gases during operation. The push to reduce carbon emissions and combat climate change is driving the demand for nuclear energy, and thus, uranium.
The uranium market is also poised for growth due to the phasing out of fossil fuels, mine closures, production disruptions, and geopolitical factors such as trade sanctions on Russia and civil unrest in Niger, which have highlighted the urgency for reliable uranium supplies.
Canada, producing about 15% of the world’s uranium annually, is the second-largest global uranium producer, after Kazakhstan.
Management Team
Jason Barnard, CEO, President, and Executive Board Member of Foremost, has over 31 years of capital markets experience. He has been directly involved in raising over $500 million for mining and exploration companies. Mr. Bernard began his career with McDermid St. Laurence Securities and later worked at Canaccord Genuity. He has been with Foremost since 2016 and is its largest shareholder. He holds a bachelor’s degree in economics from Carleton University.
Dong Shim, CPA, CA, serves as CFO. He is a partner at Shim & Associates LLP and is registered as a CPA in British Columbia and Illinois. Mr. Shim brings extensive accounting and auditing expertise, having worked with both U.S. and Canadian junior mining and tech companies.
Christina Barnard, COO, has over 20 years of experience in business management, media and marketing. Her career includes a decade as a senior marketing and media advisor for a national public company and roles in corporate communications and strategy for several public companies.
For more information, visit the company’s website at https://foremostcleanenergy.com.
NOTE TO INVESTORS: The latest news and updates relating to FMST are available in the company’s newsroom at https://ibn.fm/FMST
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