Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 101

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 101
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 Properties.  

If the conditions of Phase 2 are not satisfied, Foremost shall forfeit the entirety of its interests in and rights to the Exploration Properties.

Phase 3

To earn an additional 19% interest in the Exploration Properties (15.22% for Hatchet Lake), on or before October 4, 2030, following the successful completion of Phase 2, Foremost must:

  Pay Denison a further $2,500,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and  

  Incur a further $12,000,000 in exploration expenditures on the Exploration Properties.  

If the conditions of Phase 3 are not satisfied, Foremost shall forfeit a portion of its interests in and rights to the Exploration Properties such that Denison's interests in each of the Exploration Properties will be increased to 51% and operatorship shall revert to Denison.

Upon completion of Phase 3 of the Option Agreement, the parties will enter into a joint venture agreement in respect of each of the Exploration Properties.

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Exploration update

The Hatchet Lake Uranium Property

On February 20, 2025, the Company announced positive preliminary results from an 889 metre, four-hole diamond drill program that was completed by Denison on behalf of the Hatchet Lake Joint Venture in in mid 2024, The results highlight the prospectivity of two mineralized target areas (Richardson and Tuning Fork) on the property, and a number of additional compelling targets areas for future drill program(s). Highlights include:

Notable uranium intercepts from the Richardson target area in drill hole RL-24-29, with strongly anomalous uranium noted below the unconformity, including:

  0.11% U 3 O 8 (901 ppm U) from 81.2 to 81.4 metres  

  0.04% U 3 O 8 (354 ppm U) from 81.4 to 81.9 metres  

  0.04% U 3 O 8 (322 ppm U) from 78.3 to 78.6 metres  

Strong geochemical signatures returned, and structural controls confirmed at the Tuning Fork target area:

  Assays from both drill holes completed in 2024 (TF-24-11 and TF 24-12) returned anomalous uranium and elevated levels of boron (up to 5,670 ppm), copper (up to 233 ppm), nickel