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Hello!
We wanted to give you a quick intraday update on our new alert, Foremost Clean Energy Ltd. (NASDAQ: FMST).
FMST opened today at 1.75 and rallied to a high so far of 1.94, up +10%.
This is exactly the type of opportunity we were looking for and could be just the beginning of a bigger move higher!
In addition, this morning, FMST announced breaking news that could be an important growth catalyst for the company.
Here is the news from this morning:
“Foremost Clean Energy To Earn Majority Interest Across Athabasca Uranium Portfolio Under Denison Option Agreement”
“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).”
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 through disciplined, science-driven exploration. By combining Denison's decades of geological knowledge and historical exploration data with our own technical expertise and systematic exploration strategy, we have completed more than $8 million in exploration expenditures, made a new uranium discovery at Hatchet Lake, advanced multiple projects through drilling, geophysics and permitting, and generated a growing pipeline of high-priority exploration targets across the portfolio.
Achieving the completion of Phase 2 approximately 15 months ahead of our contractual obligations represents a major milestone for Foremost. Earning a majority interest in our uranium portfolio reflects our commitment to uranium exploration, and positions Foremost to continue advancing high-priority uranium targets at a time when global demand for secure uranium supply and nuclear energy continues to strengthen."
Option Agreement Earn-In Summary
“The Option Agreement provides Foremost with the opportunity to earn up to 70% interest (51% of Hatchet Lake) in the Projects through a three-phase earn-in structure, summarized below in table 1. Upon completing Phase 2, the Company's next objective will be advancing the the final earn-in phase ("Phase 3"). Once Foremost completes its option exercises in accordance with the Option Agreement, Foremost will become a party to the existing Hatchet Lake Joint Venture agreement and will enter into new joint venture agreements with Denison governing the future development of the other Uranium Projects.”
As the company further explains:
“Since entering into the Option Agreement with Denison, the Company has systematically advanced multiple projects from historical targets to discovery-ready drill opportunities by integrating Denison's decades of historical drilling, geophysical datasets and geological interpretation with Foremost's own exploration programs, geophysical surveys and technical interpretation. Some of the exploration activities completed to date include, but are not limited to:
Discovery of the Tuning Fork Uranium Zone at Hatchet Lake South, where drilling intersected 6.2 metres grading 0.10% U₃O₈, including 0.87% U₃O₈ over 0.45 metres, followed by successful step-out drilling that expanded the mineralized footprint during the 2026 winter drill program (see News Releases dated October 29, 2025 and May 26, 2026).
Completion of a 19-hole, 3,848 metre diamond drill program at Hatchet Lake South that expanded the Tuning Fork Uranium Zone and demonstrated encouraging continuity of mineralization along a conductive structural corridor (see News Release dated May 26, 2026).
Completion of a 2,695 metre diamond drill program at Murphy Lake South, where drilling intersected strong hydrothermal alteration, reactivated graphitic shear zones and elevated radioactivity across an approximately 400 metre alteration footprint (See News Release dated May 27, 2026).
Completion of a 771 line-kilometre MobileMT™ airborne geophysical survey over the CLK Project to define additional drill-ready targets (see News Release dated April 14, 2025).
Completion of a detailed 893-station radon survey at Wolverine that identified multiple kilometre-scale radon anomalies coincident with favourable structural trends (see News Release dated June 25, 2025).
Advancement of Turkey Lake through permitting and completion of a ground gravity survey ahead of the planned 2026 diamond drill program (see News Releases dated December 30, 2025 (permit) and (February 3, 2026 (2026 exploration program)”
Looking Ahead
“With the Company now focused on advancing Phase 3 under the Option Agreement, Foremost intends to continue actively advancing its Athabasca Basin uranium portfolio, with exploration and drilling programs currently underway across multiple projects. Backed by a strong technical foundation, financial flexibility and a disciplined exploration strategy, the Company's objective remains clear: to efficiently advance and delineate the next significant uranium discovery in one of the world's premier uranium jurisdictions.”
We are continuing to monitor FMST for a sustainable breakout higher.
Sources: EIA, EIA2, SP, WN, WN2, Mining, Presentation, PR, PR1, PR2, PR3, PR4, PR5, PR6, PR7, PR8, PR9, PR10, PR11, PR12, PR13, Website, Chart
Happy Trading!
SmallCapStocks Team
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