Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 17

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 17
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 2024,the Company wrote-off $ (nine-month period ended December 31, 2023 -$Nil) in accrued liabilities and settled $ accounts payable for $, resulting in a gain on forgiveness of debt of $ (nine-month period ended December 31, 2023 -$Nil).

| 6. | TERM LOANS PAYABLE |

|                                                                              |     |   | December 31, 
         2024 |     |   | March 31, 
      2024 |
|:-----------------------------------------------------------------------------|:----|:--|-------------:|:----|:--|----------:|
| Loan payable on demand, unsecured with 10% interest per annum, no fixed term |     | $ |        5,000 |     | $ |     5,000 |
| Loan payable on October 4, 2025, secured, with 9%-11.35% interest per annum  |     |   |      539,552 |     |   | 1,133,520 |
| Total payable                                                                |     | $ |      544,552 |     | $ | 1,138,520 |
| Short-term portion                                                           |     |   |      544,552 |     |   | 1,138,520 |
| Long-term portion                                                            |     | $ |            - |     | $ |         - |

During the year ended March 31, 2023,the Company entered into a loan agreement with a related party to borrow $, inclusive of a prior advance of $ (collectively, the “Loan”), included in short-term loans payable, with Jason Barnard, CEO, and Christina Barnard, COO, of the Company. The terms of the Loan have been amended several times, as detailed below:

Initial Terms (May 10, 2022):Interest rate of % per annum, payable monthly, with a maturity date of May 10, 2023.

Amendment 1 (May 1, 2023):The interest rate was increased to % per annum. The maturity date was extended to May 10, 2024.

Amendment 2 (April 26, 2024):The maturity date was extended to May 10, 2025.

Amendment 3 (October 4, 2024):The Loan was revised to exclude the newly optioned Denison properties as collateral, and the interest rate was reduced to % per annum, effective through to October 4,