History
Foremost Clean Energy grew from a Canadian lithium explorer into a lithium, gold and uranium explorer, spinning out its gold assets and building a Denison-backed Athabasca uranium position.
2023-2024: Building a lithium base
The record begins in August 2023, when Foremost Lithium announced it had closed a USD $4.0 million public offering and a listing. The terms were not given. The company then added to its holdings. In September 2023 it finalized the purchase of the Lac Simard South property in Quebec, which has 12 identified pegmatites (coarse rock that can host lithium). In October it finalized the Little Granite gold and silver mine in New Mexico, alongside a business update on its Winston group of properties.
The main focus stayed on Zoro, a lithium property in Manitoba. In December 2023 the company announced a 7,500 metre winter drill program aimed at the inferred resource (an early-stage estimate) at Dyke 1, a single high-grade spodumene pegmatite. Spodumene is a lithium-bearing mineral. In March 2024 it closed the first tranche of flow-through and non-flow-through private placements for gross proceeds of $1.629 million. Later that month, hole FL 24-009 hit 32.53 metres of spodumene-bearing pegmatite, which the company called its widest intercept to date.
2024-2025: Spin-out and uranium
In July 2024 Foremost called a special shareholder meeting on a plan to spin out the Winston gold and silver properties into Rio Grande Resources, with shareholders to receive two Rio Grande shares for each Foremost share. On 7 February 2025 Foremost announced Rio Grande was expected to begin trading on the Canadian Securities Exchange under the ticker RGR. The filings reviewed do not confirm the vote result or the share distribution.
Meanwhile the company turned toward uranium. In September 2024 it announced an option agreement with Denison on 10 uranium projects covering over 330,000 acres in the Athabasca Basin, Saskatchewan, with the chance to earn up to a 70% interest. In October 2024 the company, by then named Foremost Clean Energy, completed the first phase, and Denison became its largest shareholder at 19.95%. Shares on issue stood at 10,419,966 at the end of 2024.
2025: Discoveries in uranium and gold
In May 2025 Foremost reported a new uranium discovery at Hatchet Lake, with multiple mineralized intervals from its first drill program there. In October, assays showed a significant increase in uranium grade. In July 2025 it exercised its option to take 100% of the Jean Lake lithium-gold property, an option first entered in July 2021. In November the first two Jean Lake holes returned high-grade gold, including 10.7 g/t gold over 5.6 m and 82 g/t over 0.7 m. In December it announced a $9.0 million exploration program for 2026, with about 11,500 metres of drilling planned.
2026: More drilling and a bigger Denison stake
In February 2026 Foremost announced a 5,000 metre follow-up program at Hatchet Lake, and reported final 2025 Jean Lake results showing about 600 metres of mineralized strike along the Valkyrie gold trend. On 31 March it closed a C$5.7 million bought deal private placement, sold in Canada only; the price and share count were not in the filings reviewed. Shares on issue were 16,280,580 for 2026, though the filings reviewed do not explain the rise from 2024.
On 15 April the company reported that 2026 drilling at Hatchet Lake South hit 1.4 m of 1.0% eU3O8 within 4.6 m of 0.34% eU3O8, with mineralization extending over 150 m of strike from the 2025 discovery hole. These figures are estimated from radioactivity rather than chemical assays. On 9 July 2026 Foremost said it would earn a 51% interest in the 10 Athabasca projects under the Denison option, except Hatchet Lake, where it would hold 35.78%. As of that date, the company had no debt disclosed, and results from Murphy Lake South drilling and the outcome of a $10M CMIF application were still outstanding.
Written from the 20 story beats below (2023 to 9 July 2026), which come from the company's own announcements and filings.