Foremost Clean Energy Ltd. reported chemical assay results from its 2026 drilling at the Hatchet Lake South Uranium Project’s Tuning Fork Uranium Zone. Drill hole TF-26-30 returned 1.3% U₃O₈ over 1.0 metre, including 4.5% U₃O₈ over 0.25 metres, within a broader 0.36% U₃O₈ interval over 4.0 metres. The program identified uranium mineralization in eight holes across four drill fences along 200 metres of strike; it comprised 19 diamond drill holes totaling 3,848 metres.
Foremost described the mineralized area as open north and south. Approximately 600 metres of prospective conductive strike extends south of the current mineralized footprint, while approximately 250 metres of prospective strike to the north remains inadequately tested. Follow-up drilling is expected to prioritize extensions in both directions, with particular emphasis on southern targets.
Assay intervals were composited using a 0.05% U₃O₈ cut-off grade, or 0.01% for TF-26-23 and TF-26-24, with a maximum of 2.0 metres of internal dilution. Radiometric equivalent grades are estimates, not chemical assays; reported intervals are downhole lengths and true widths have not been determined.
Foremost Clean Energy Ltd. (FMST) agreed to sell Denison Mines Corp. a 31% interest in each of the GR and Blackwing properties and form two exploration joint ventures. Closing is expected on or about November 2, 2026, subject to regulatory and stock-exchange approvals and customary conditions. Foremost expects to receive $650,000, retain 20% interests and issue 1,031,191 five-year warrants at $1.80 per warrant share, subject to a 19.95% ownership cap.
Denison would fund 80% of future expenditures and commit to geophysical studies or deficiency deposits to maintain the properties until at least January 4, 2028. Foremost may fund its share of initial expenditures or dilute within six months of the earlier of initial survey completion or the last initial expenditure. The amended option preserves a right to an additional 19% interest (70% aggregate) in seven of eight remaining properties and at least 51% in Hatchet Lake, subject to $12.0 million in eligible exploration expenditures by July 9, 2029 and $2.5 million in additional consideration. After 30 consecutive business days below US$1.00, Nasdaq granted a 180-calendar-day compliance period ending April 19, 2027; the notice does not immediately affect listing or trading.
Foremost Clean Energy Ltd. (FMST) reported a change in its ownership interest in Rio Grande Resources Ltd. after a Rio Grande financing. Rio Grande closed a private placement of 12,732,500 Units at $0.20 per Unit for total gross proceeds of $2,546,500, each Unit consisting of one common share and one transferable share purchase warrant.
Before this financing, Foremost held 5,152,558 Rio Grande shares, representing about 11.01% of Rio Grande’s issued and outstanding shares. Because Foremost did not participate in the placement, its ownership was diluted to about 8.65%, falling below the 10% early warning reporting threshold. Foremost has filed an early warning report under National Instrument 62-103, and notes it is no longer subject to early warning reporting requirements for Rio Grande at this time.
Foremost Clean Energy Ltd. reported the grant of 68,000 stock options to certain officers, employees and consultants under its Long-Term Incentive Plan. The options have an exercise price of $1.87 per share, a five-year term, and vest in three equal annual installments on April 1, 2027, April 1, 2028 and April 1, 2029. The company states that these equity incentives are intended to align the interests of management and staff with shareholders and to support its long-term strategy in uranium, lithium and gold exploration across its North American project portfolio.
Foremost Clean Energy Ltd., a uranium and lithium explorer, reported a net loss of $1,034,634 for the three months ended June 30, 2026, compared with net income of $405,838 a year earlier. Basic and diluted earnings per share were $(0.06) versus $0.04 in 2025, reflecting higher management fees, investor relations and share-based compensation and the absence of prior-period spin-out gains and large securities revaluation gains.
Total assets were $37.54 million, dominated by exploration and evaluation assets of $32.69 million. Cash declined to $2.54 million from $6.34 million at March 31, 2026, as operating activities used $1.68 million of cash and exploration investing used $2.46 million, partly offset by $0.34 million of share financing. Working capital was $2.05 million. Liabilities included a $1.08 million flow-through premium liability and a $0.66 million derivative warrant liability.
The company continues to have no revenues and disclosed an accumulated deficit of $31.65 million, with explicit going-concern uncertainty and dependence on future equity or debt financings. Foremost advanced its Athabasca Basin uranium interests, capitalizing $2.51 million of exploration and acquisition costs in the quarter and later completing Phase 2 of its earn-in with Denison by issuing 848,610 shares to reach a 51% interest in most Athabasca Properties and 35.78% in Hatchet Lake.
Foremost Clean Energy Ltd. is advancing Phase 2 of its option agreement with Denison Mines, expecting to complete this earn-in about 15 months early by issuing up to 848,610 shares valued at $2 million. Foremost has already completed more than $8 million in qualifying exploration work. On Phase 2 completion, its interest in 10 Athabasca uranium projects will rise to 51%, with a 35.78% interest at Hatchet Lake. Denison’s holdings are expected to increase from 2,600,000 to 3,448,610 Foremost shares, representing about 19.9% of the company’s outstanding shares, plus 607,600 warrants.
Foremost Clean Energy Ltd. provides its annual overview as an exploration-stage uranium and lithium company focused on projects in Saskatchewan’s Athabasca Basin and Manitoba’s “Lithium Lane” properties. The company has no revenues and remains in the exploration stage with significant technical and permitting work ahead.
As of March 31, 2026, Foremost had 16,280,580 common shares outstanding, cash of $6,342,205 (US$4,549,971), and reported a net loss of $6,898,108 (US$4,948,783), following a prior-year loss of $3,615,375. Its auditors prepared financials on a going concern basis, noting future operations depend on additional equity or debt financing and eventual profitable production that is uncertain. The report details extensive risk factors typical for early-stage miners, including financing risk, permitting, environmental regulation, title, competition and commodity price volatility.
Foremost Clean Energy Ltd. reported receiving a $50,000 grant from Saskatchewan’s Targeted Mineral Exploration Incentive program to support its uranium exploration work in the Athabasca Basin. The company plans to use the funds for geological, geophysical and drill-target development on its Saskatchewan uranium portfolio.
Foremost also granted 201,969 stock options and 266,035 restricted share units under its Long-Term Incentive Plan to directors, officers, employees and consultants. The options are exercisable at $2.30 per share for five years, and all awards vest in three equal tranches on April 1, 2027, April 1, 2028 and April 1, 2029, aligning management and staff with long-term shareholder interests.
Foremost Clean Energy Ltd. is inviting investors to a live webinar and Q&A on June 3, 2026, at 4:15 p.m. ET, hosted by RedChip Companies. President and CEO Jason Barnard will update attendees on uranium exploration across the company’s 10-property portfolio in the Athabasca Basin and its collaboration with Denison Mines.
The discussion will also cover lithium and gold exploration initiatives, the company’s capital position, and 2026 exploration objectives. Foremost positions itself as a North American uranium and lithium exploration company focused on supplying materials for carbon-free energy as power demand from AI, data centers, and electrification grows.
Foremost Clean Energy Ltd. is issuing 137,590 common shares to Denison Mines Corp. under an existing investor rights agreement, at a price of $2.44 per share for aggregate proceeds of $335,719.60. The shares will be issued via a private placement and will be subject to a hold period of four months and one day.
The company plans to use the proceeds to advance exploration across its 330,000 acres of Athabasca Basin uranium properties, including the Hatchet Lake Uranium Project, and for general corporate purposes. Following completion, Denison is expected to hold 2,600,000 Foremost common shares, representing about 15.8% of the company’s issued and outstanding shares, plus 607,600 warrants.