Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 35

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 35
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 value of $187,872 to non-related consulting firm for services. |

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FOREMOST CLEAN ENERGY LTD.

(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)

Notes to the Condensed Interim Consolidated Financial Statements

December 31, 2024

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

| 12. | COMMITMENTS |

Flow-through expenditures

The Company issued flow-through shares and any resulting flow-through share premium was recorded as a flow-through premium liability. The liability is subsequently reduced when the required exploration expenditures are made, and accordingly, a recovery of flow-through premium liability is then recorded in profit or loss.

During the year ended March 31, 2024,the Company raised $ through the issuance of flow-through private placement and is committed to spend this amount on qualifying Canadian exploration expenditures by December 31, 2025.As of December 31, 2024,the Company has fulfilled $ of the required flow-through spending obligation.

During the nine months ended December 31, 2024,the Company raised $ through the issuance of flow-through and charitable flow-through private placements and is committed to spend this amount on qualifying Canadian exploration expenditures by December 31, 2025.As of December 31, 2024,the Company has fulfilled $ of the required flow-through spending obligation and as such the commitment has been reduced to $. See Note 7.

The flow-through premium liability is comprised of:

|                                            |     |   | December 31, 
         2024 |   |     |   | March 31, 
      2024 |   |
|:-------------------------------------------|:----|:--|-------------:|:--|:----|:--|----------:|:--|
| Balance, opening                           |     | $ |       11,666 |   |     | $ |         - |   |
| Addition                                   |     |   |    1,420,762 |   |     |   |    20,143 |   |
| Recovery of flow-through premium liability |     |   |      (15,916 | ) |     |   |    (8,477 | ) |
| Balance, closing                           |     | $ |    1,416,512 |   |     | $ |    11,666 |   |

During the three months and nine months ended December 31, 2024,the Company has