Canada-based Foremost Lithium Resources & Technology said it has executed a property acquisition agreement with Denison Mines Corp, which means it is among the first battery metal exploration companies to shift attention to uranium.

The agreement grants Foremost an option to acquire 70% of Denison’s interest in 10 uranium exploration properties in Saskatchewan for a combined consideration of USD22m (€19m).

Foremost said that while lithium prices have dropped 85% in the last 18 months, uranium prices are rapidly increasing as investment banks and organisations increase support for nuclear energy solutions.

The deal involves a combination of cash, stock and/or future exploration spending commitments. Foremost said it intends to change its name to Foremost Clean Energy Ltd.