Canadian uranium developer Foremost Clean Energy has completed the Phase 2 earn-in requirements under its option agreement with TSX-listed Denison, with Foremost having issued to Denison $2-million worth of shares.

Foremost has completed more than $8-million in qualifying exploration expenditures and, upon completion of Phase 2, will increase its ownership interest across ten Athabasca uranium projects to 51%. Notably, Foremost retains an ownership of 35% in the Hatchet Lake project.

The earn-in milestone is being satisfied 15 months ahead of the Phase 2 deadline of October 4, 2027.

Foremost now owns 51% of 45 mineral claims covering 134 509 ha across the Athabasca basin, in Saskatchewan.

The portfolio includes advanced, discovery-ready and drill-permitted uranium exploration assets located near to the world's largest and highest-grade uranium operations such as the McArthur River mine, Cigar Lake mine and McClean Lake mill.

The option agreement provides Foremost with the opportunity to earn up to 70% interest in the portfolio, and 51% of Hatchet Lake, over a three-phase earn-in structure.

Foremost will now focus on advancing the final earn-in Phase 3.

"When we entered into this strategic agreement with Denison in October 2024, the global nuclear energy landscape was rapidly evolving, and our mission was clear: to systematically advance this exceptional portfolio of Athabasca uranium projects through disciplined, science-driven exploration.

"By combining Denison's decades of geological knowledge and historical exploration data with our own technical expertise and systematic exploration strategy, we have completed more than $8-million in exploration expenditures, made a new uranium discovery at Hatchet Lake, advanced multiple projects through drilling, geophysics and permitting, and generated a growing pipeline of high-priority exploration targets across the portfolio," says Foremost president and CEO Jason Barnard.

He adds that achieving the completion of Phase 2 about 15 months ahead of the contractual obligations represents a major milestone for Foremost.

"Earning a majority interest in our uranium portfolio reflects our commitment to uranium exploration, and positions Foremost to continue advancing high-priority uranium targets at a time when global demand for secure uranium supply and nuclear energy continues to strengthen," Barnard concludes.