Foremost Clean Energy to form Joint Ventures with Denison Mines for GR, Blackwing Properties

05:44 AM EDT, 10/23/2026 (MT Newswires) -- Foremost Clean Energy (FAT.CN) has agreed to sell a 31% interest in the GR and Blackwing properties and form two exploration joint ventures with Denison Mines (DML.TO) for total consideration of CA$650,000, the company said Thursday. Foremost will also issue about 1 million share purchase warrants with an exercise price of CA$1.80 per warrant share and a five-year term. This represents over a 175% premium to the company's closing share price on Oct. 22. Foremost will retain a 20% ownership interest in each of the GR and Blackwing properties in Saskatchewan. Denison will fund 80% of future expenditures and commits to either carry out geophysical studies or make deficiency deposits to maintain the properties until at least Jan. 4, 2028. Foremost will also retain an option to decide, within 6 months of either completion of the initial geophysical surveys or the date of the last of the initial expenditures, whether it funds its share of initial expenditures or dilutes its ownership.