Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 31

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 31
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, USA (the “ Winston Property”) within a previous wholly-owned subsidiary, Sierra Gold & Silver Ltd. (“ Sierra”). On July 19, 2024, Rio Grande Resource Ltd. (“ Rio Grande”) was incorporated under the laws of British Columbia solely for the purpose to effect the Arrangement. As part of the Arrangement, we transferred to Rio Grande all of the issued and outstanding shares of Sierra, resulting in the Winston Property being wholly-owned by Rio Grande.

4. B. Business Overview

Foremost is a rapidly growing Canadian exploration stage company committed to powering the clean energy revolution through strategic resource development. As the demand for carbon-free energy continues to accelerate, we believe that domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the future of clean energy. Our objective is to become a leading supplier of critical resources for a clean energy transition by strategically exploring and developing lithium and uranium assets. By focusing on developing both lithium and uranium resources, we feel that we can appeal to a broader range of investors interested in the clean energy sector.

As the global clean energy revolution accelerates, strong growth in electricity demand is prevalent, particularly highlighted by a projected growth rate of 4.3% year-over-year in 2024, up from 2.5% in 2023. This growth is largely driven by the electrification of various sectors, including electricity-intensive manufacturing for clean energy technologies, electric vehicles, and data centers as cited in recent IEA Electricity Report.

The shift toward low-emission energy solutions is expected to drive future demand for nuclear power, which provides a stable, low-carbon energy source. As countries work to reduce fossil fuel dependence, uranium and lithium - critical materials for nuclear reactors and battery storage - are seeing growing demand. This trend is further supported by increasing electrification in industries such as electric vehicles and renewable energy manufacturing.

We have strategically positioned the Company in regions with high potential for lithium and uranium exploration. Recently, we secured an option agreement with Denison to acquire up to a 70% interest in 10 properties encompassing over 330,000 acres in Saskatchewan’s Athabasca Basin, a region known for its high-grade uranium deposits and established mining infrastructure. The agreement with Denison establishes a strong presence for Foremost in a key uranium-producing area.

Our uranium portfolio is comprised of 45 claims across approximately 331,880 acres (134,307 hectares) surrounding and near large high-grade uranium operations, including the McArthur River and Cigar Lake mines. Furthermore, they are