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VANCOUVER - Foremost Clean Energy Ltd. (NASDAQ:FMST) (CSE:FAT), whose stock has surged over 154% year-to-date according to InvestingPro data, announced Monday plans to conduct a 5,000 line-kilometer airborne geophysical survey across its GR and Blackwing uranium properties in Saskatchewan’s Athabasca Basin.
The survey, to be performed by Expert Geophysics Surveys Inc. using MobileMT technology, is expected to begin in mid-July 2025, subject to scheduling. The technology can detect deep conductive structures potentially hosting uranium mineralization to depths of up to 2 kilometers. With a beta of 2.79, Foremost shows significantly higher volatility than the broader market, making it crucial for investors to monitor developments closely. InvestingPro subscribers gain access to 12 additional ProTips about FMST’s market position and growth potential.
Both properties are located on the northwestern side of the Athabasca Basin along major structural corridors associated with uranium mineralization. The Grease River Shear Zone runs through the GR property, while the Black Bay Fault cuts through Blackwing.
The survey will utilize 200-meter line spacing with tie lines at 2,000 meters and include high-sensitivity magnetic and VLF sensors.
"This is the first time these areas will be systematically evaluated using a deep-penetrating geophysical tool like MobileMT," said Jason Barnard, President and CEO of Foremost, in a press release statement.
The company also announced the issuance of 413,100 Restricted Stock Units to management, board members, employees, consultants, and staff as part of its annual compensation review. The RSUs will vest in three equal installments between April 2026 and April 2028, subject to CSE approval.
Foremost holds options to earn up to 70% interest in 10 uranium properties spanning over 330,000 acres in the Athabasca Basin, with the exception of Hatchet Lake where it can earn up to 51%. The company also maintains lithium projects across 55,000+ acres in Manitoba and Quebec. According to InvestingPro analysis, the company maintains a FAIR financial health score of 2.41, with a comfortable current ratio of 2.05, suggesting adequate liquidity for its operational needs. InvestingPro’s Fair Value analysis indicates that FMST is currently trading near its fair value.
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