In short: "Really unique story": holds an option on 10 Denison properties, has already vested 51% and can reach 70% (Denison stays a minority owner); Denison owns just under 20% of the company. Its Nasdaq listing is the untapped angle — an Athabasca-focused explorer "with Denison sponsorship also US listed," with "so much potential for cross promotion with the US shareholder base."
Foremost has the right to earn up to 70% of ten Denison exploration properties by spending money on them (it has already earned 51%). Denison owns just under 20% of Foremost. What makes it unusual, in Cates' view, is that Foremost trades on the Nasdaq, so American investors who already follow Denison could buy a Denison-backed Athabasca explorer directly — something he thinks has not yet been exploited.
12:59They've already vested 51% interest in those properties and have an option to get up to 70% of Dennis's ownership. So we'll still be minority on the properties and we again own 20% of that company or just under and foremost is listed on the NASDAQ. So we've not really tapped the potential there, but Denison has an incredible following through our DNN ticker on the NYSC.
In short: The other "team Denison" vend-in: Denison's non-core assets, a 30% asset-level interest retained and an equity position of up to ~20%, so Foremost raises the capital and explores ground Denison "unlikely to be exploring in the next 3 to 5 years" (a sponsor's view).
Foremost is set up like Cosa: Denison handed it exploration land it would not get to for years, kept 30% of the projects, and owns up to about 20% of the company. Foremost raises its own money and does the drilling, so Denison keeps a stake in any discovery without spending its own cash or distracting its team from building Phoenix.
17:17And so while our focus is on executing at Phoenix, and we will be exploring, I call it domestically within our own portfolio on top priority projects, we like the idea of amplifying our exposure to discovery success by investing in and partnering with good quality juniors. And so the strategy here has been either to take non-core assets and vend them into companies like in the case of Cosa Resources or Foremost Clean Energy, where we have a 30% interest at the asset level, or plus I guess on top of that a
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