Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 120

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 120
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5 was $3,780,394 compared to cash used of $3,794,764 during the year ended March 31, 2024.

Net cash used in investing activities for the year ended March 31, 2025 was $2,673,424 compared to $2,344,600 during the year ended March 31, 2024. The increase consisted primarily of cash held by spun out subsidiary.

Net cash provided by financing activities for the year ended March 31, 2025 was $10,460,902 compared to $6,563,039 during year ended March 31, 2024. The net increase was due to share issuances for gross proceeds of $11,850,379 (2024 - $7,047,668), offset by share issuance costs of $675,557 (2024 - $480,415), loan principal and interest payments of $713,920 (2024 - $204,801), and repayment of lease obligations of $Nil (2024 - $35,813).

98

The Company is continuing its exploration program and will use its available working capital to continue this work. It is likely that the Company will need to obtain additional debt/equity financing in order to carry out further exploration programs on its properties depending on the results of recent exploration and to satisfy its business and property commitments for the ensuing year. The Company intends to rely on equity or debt financing from arm’s length parties to fund its operations for the upcoming year. The Company may find it necessary to issue shares to settle some of its existing debt obligations. There are no assurances that the Company will be successful in raising the necessary funds to maintain its current operations and explore its properties on commercially reasonable terms or at all.

CAPITAL RESOURCES

As of the date of this MD& A, the Company is continuing its exploration programs on its Athabasca Properties, Lithium Lane Properties (consisting of its Zoro, Jean Lake, Peg North and Grass River properties), and its Jol Lithium property. The Company intends to use available working capital and may issue additional common shares to fund the cost of its programs.

The Company also has certain ongoing option/property payments and maintenance fees/taxes associated with its Zoro, Jean Lake, Grass River and Winston properties as more particularly described in “ Overall Performance” above.

During the period from April 1, 2024 to June 12, 2025, the Company:

  closed a non-brokered private placement issuing