History
Foremost grew from a lithium explorer into a lithium, gold and uranium explorer, spun out its gold assets, and by July 2026 was earning into Denison's Athabasca uranium projects.
2023-2024: Building a lithium base
Foremost began this period as a lithium explorer. In August 2023 it announced it had closed a USD $4.0 million public offering and a listing, though the filing does not give the terms. The company then added properties. In September 2023 it finalized the purchase of Lac Simard South in Quebec, which has 12 identified pegmatites (a type of rock that can host lithium). In October 2023 it finalized the purchase of the Little Granite gold and silver mine in New Mexico, and gave an update on its Winston group of properties.
The main work was at the Zoro lithium property in Manitoba. In December 2023 Foremost 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 (a lithium-bearing rock). 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 at Dyke 1 hit 32.53 metres of spodumene-bearing pegmatite, which the company called its widest intercept to date.
2024: Gold out, uranium in
The company then changed direction. In July 2024 it set a 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. The spin-out was completed in early 2025.
In September 2024 Foremost 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 it completed the first phase. Now named Foremost Clean Energy, it saw Denison become 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
Drilling began at Hatchet Lake in April 2025, and in May Foremost reported a new discovery of uranium mineralization with multiple mineralized intervals. In October, assays showed a significant increase in uranium grade. The company had also announced a $6.5M Athabasca program in March.
In July 2025 Foremost exercised its option to take 100% of the Jean Lake lithium-gold property, under an agreement first made in July 2021. In November the first two 2025 holes there returned high-grade gold, including 10.7 g/t over 5.6 m and 82 g/t over 0.7 m. In December Foremost announced a $9.0 million exploration program for 2026, with about 11,500 metres of drilling planned.
2026: More drilling and new funding
In February 2026 Foremost announced a 5,000-metre follow-up program at Hatchet Lake, larger than the 3,000 m winter drill first planned. Later that month, final Jean Lake results identified about 600 metres of mineralized strike length along the Valkyrie gold trend. In March it closed a bought deal private placement for gross proceeds of C$5.7 million, sold in Canada only. Shares on issue were 16,280,580 by the end of 2026, but the beats do not explain the rise from 10,419,966.
In April, 2026 drilling at Hatchet Lake South hit 1.4 m of 1.0% eU3O8 within 4.6 m of 0.34% eU3O8, and extended mineralization to over 150 m of strike from the 2025 discovery hole. These figures are radioactivity-based estimates, not 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%. This moved the option into its second of three phases. At that date no debt was disclosed. Murphy Lake South assays, Hatchet Lake drilling results and the terms of the later option phases were still pending.
Written from the 19 story beats below (2023 to 9 July 2026), which come from the company's own announcements and filings.