Foremost Clean Energy Ltd. (NASDAQ: FMST) has filed an early warning report disclosing that its ownership stake in Rio Grande Resources Ltd. fell below the 10% reporting threshold following a private placement completed by Rio Grande on August 24, 2026.

Prior to the placement, Foremost held 5,152,558 Rio Grande common shares, representing approximately 11.01% of the issued and outstanding shares. Foremost did not participate in the private placement, which raised $2,546,500 through the issuance of 12,732,500 units priced at $0.20 per unit.

Each unit consisted of one Rio Grande common share and one transferable share purchase warrant. Each warrant entitles the holder to acquire one Rio Grande share at $0.40 for a period of two years from the date of issuance.

As a result of the share issuance, Foremost's interest in Rio Grande was diluted to approximately 8.65% of issued and outstanding shares. The company stated it is no longer subject to early warning reporting requirements in respect of Rio Grande, having fallen below the 10% threshold.

The early warning report was filed pursuant to National Instrument 62-103 and is available under the company's profile on SEDAR+.