Foremost Clean Energy Issues 485,000 Shares to Denison Mines, Increasing Ownership Stake to 19.17%

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) will issue 485,000 common shares to Denison Mines Corp. (TSX: DML, NYSE American: DNN) at $2.20 per share, generating total proceeds of $1,067,000. This transaction is executed under the companies' Amended & Restated Investor Rights Agreement dated July 23, 2025, and has received approval from the Canadian Securities Exchange. The issuance will increase Denison's ownership stake in Foremost to approximately 19.17% of the outstanding common shares, solidifying their strategic partnership in the clean energy sector.

The share issuance relates to Denison's equity participation rights stemming from prior warrant exercises and property payments, demonstrating the ongoing financial collaboration between the two companies. The newly issued shares will be subject to a standard four-month-plus-one-day hold period, ensuring market stability and compliance with regulatory requirements. This transaction underscores the deepening relationship between Foremost Clean Energy and Denison Mines as they jointly pursue uranium and lithium exploration opportunities.

Foremost Clean Energy is a rapidly growing North American uranium and lithium exploration company holding significant option agreements with Denison Mines. The company maintains an option to earn up to a 70% interest in ten prospective uranium properties, with the exception of Hatchet Lake where Foremost can earn up to 51%. These properties span over 330,000 acres in the uranium-rich Athabasca Basin region of northern Saskatchewan, one of the world's most prolific uranium districts. The strategic importance of this partnership grows as demand for carbon-free energy continues to accelerate, positioning domestically mined uranium and lithium for substantial growth in the clean energy transition.

The company's uranium projects range from grassroots exploration to advanced stages with significant historical exploration data and drill-ready targets. Foremost's mission focuses on making significant discoveries through systematic and disciplined exploration programs conducted in collaboration with Denison Mines. Investors seeking additional information can access the latest news and updates relating to FMST through the company's dedicated newsroom at https://ibn.fm/FMST. This share issuance represents a meaningful step in strengthening the capital structure and strategic alignment between Foremost Clean Energy and Denison Mines as they work to develop critical mineral resources essential for the global clean energy transition.