Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 27

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 27
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 of an aggregate of 78 mineral claims on properties known as the Zoro, Jean Lake, Grass River, and Peg North properties located in the Snow Lake region of Manitoba, covering over 43,000 acres (17,500 hectares). Foremost also holds some Additional Properties, including its interest in the Jol Property, a small 25 acre claim in Manitoba and Lac Simard South Property in Québec, consisting of a total of 80 claims across 11,482 acres (4,647 hectares), we consider a non-core property).

The Athabasca Uranium Properties

On September 24, 2024, we entered into an option agreement with Denison Mines Corp. (“ Denison”) to acquire up to a 70% interest in a portfolio of 10 uranium exploration properties spanning over 330,000 acres (134,307 hectares) in the Athabasca Basin, Saskatchewan. Under the agreement, we may earn up to a 51% interest in the Hatchet Lake joint venture, representing approximately 70% of Denison’s current ownership.

The option is structured in three phases:

  Phase 1 (Completed October 7, 2024): We earned a 20% interest in each property (14.03% in Hatchet Lake) by issuing 1,369,810 common shares valued at $5,205,278 to Denison, the appointment of a ...  

  Phase 2 (Deadline: October 7, 2027): To earn an additional 31% interest (21.75% in Hatchet Lake), we must pay Denison $2,000,000 (in cash, shares, or a combination thereof) and incur $8,000,000...  

  Phase 3 (Deadline: October 7, 2030): Upon fulfilling Phase 2, we may earn a further 19% interest (15.22% in Hatchet Lake) by paying Denison an additional $2,500,000 (in cash, shares, or a combi...  

Lithium Properties - “ Our Lithium Lane Properties”

Zoro Property

On April 28, 2016, the Company entered into an option agreement to purchase the rights to the lithium and related lithium compounds or mineralization of the Zoro 1 mineral claim in exchange for certain payments of common shares and cash (the “ Zoro 1”). On April 28, 2017, Zoro 1 was amended, and the Company completed the purchase of the rights