Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 35

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 35
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inating against any existing or prospective holder of Common Shares as a result of such shareholder owning a substantial number
of Common Shares.

<div align='center'>27</div>

The rights of shareholders of the Company may be
altered only with the approval of the holders of two thirds or more of the Common Shares voted at a meeting of the Company’s shareholders
called and held in accordance with the Articles of the Company (the “Articles”) and applicable law.

### DILUTION
If you invest in Units in this offering, your interest
will be diluted to the extent of the difference between the public offering price per Common Share Unit and our net tangible book value
per common share after this offering. Dilution results from the fact that the public offering price per Common Share Unit is substantially
in excess of the net tangible book value per common share attributable to the existing shareholders for our presently outstanding common
shares.

Our net tangible book value was approximately $24,492,262 (US$17,036,817),
or approximately $2.35 (US$1.63) per common share, as of March 31, 2025 based on the number of common shares outstanding, after giving
effect to the Share Consolidation. Our net tangible book value represents the amount of our total consolidated tangible assets, less the
amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per share after giving effect
to this offering.

After giving effect to our sale of 800,000 common shares in this offering
(excluding the common shares issuable upon the exercise of the Common Share Purchase Warrants being offered in this offering) at a public
offering price of US$5.00 per Common Share Unit, and after deducting the estimated underwriting discounts, non-accountable expense allowance
and estimated offering expenses, our pro forma as adjusted net tangible book value as of March 31, 2025 would have been approximately
$30,242,528 (US$21,036,817) or approximately $2.90 (US$2.02) per share after giving effect to the Share Consolidation. This amount represents
an immediate increase in pro forma net tangible book value of $0.50 (US$0.37) per share to existing shareholders and an immediate dilution
in pro forma net tangible book value of $3.75 (US$2.76) per share to purchasers of our common shares in this offering, as illustrated
in the following table