Foremost Clean Energy Ltd. (NASDAQ: FMST) will issue 137,590 common shares to Denison Mines Corp. (TSX: DML, NYSE American: DNN) at $2.44 per share for total consideration of $335,719.60, according to a company statement.

The share issuance follows Denison's exercise of its equity participation right under an amended investor rights agreement dated July 23, 2025. The right relates to share issuances completed by Foremost in connection with a bought deal private placement of flow-through units that closed on March 31, 2026.

The shares issued to Denison are subject to a four-month and one-day hold period from the issuance date under applicable securities laws. Foremost plans to use proceeds from the placement to advance exploration of its 330,000-acre Athabasca Basin uranium portfolio, including the Hatchet Lake Uranium Project, and for general corporate purposes.

Prior to the issuance, Denison held 2,462,410 Foremost common shares, representing approximately 15.1% of outstanding shares. Following completion, Denison is expected to hold 2,600,000 shares, representing approximately 15.8% of the company's issued shares. Denison also holds 607,600 Foremost warrants, representing approximately 17% of outstanding warrants.

Denison acquired the securities for investment purposes and may acquire or dispose of additional Foremost securities based on future circumstances, including under pre-emptive rights in the investor rights agreement. The company will file an early warning report under applicable securities laws.