Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 60

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 60
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 spodumene-bearing pegmatite dykes known as the Thompson Brothers, Sherritt Gordon and Zoro pegmatites. The Thompson Brothers (Violet) and Sherritt Gordon type pegmatites and appear to connect or extend onto our Jean Lake and Peg North projects. The Green Bay (Zoro) pegmatites are located about 5km east of the Thompson Brothers property. Lithium Projects are bound by the Crowduck Bay Duck Fault as well are situated along the Thompson Brothers Lithium Trend (“ TBL”), known to be associated for lithium-enriched pegmatite dyke clusters. Lithium-bearing pegmatites occur across the Province of Manitoba including in areas such as the Tanco Mine, Wekusko Lake Pegmatite Field, Red Sucker Lake, Gods Lake and Cross Lake, which all host known pegmatite lithium deposits.

In August of 2020, the Government of Manitoba launched the Manitoba Mineral Development Fund (“ MMDF”), the purpose of which is to jump-start mineral and economic development initiatives and support new economic development opportunities. The MMDF hopes to capitalize on existing assets and infrastructure across Manitoba and supports strategic projects that capitalize on mineral potential within the province and helps accelerate Manitoba’s position as a world leader for responsible mineral development. On January 4, 2024, we announced the our third successful grant application for $300,000. Contributions from MMDF have Provided Foremost Clean Energy a Total of $900,000 towards project support for mineral exploration and development. We have a S-K 1300 technical report summary that declares a Li2O inferred mineral resource on our Zoro Lithium Property. The inferred resource is entirely from a single high-grade lithium bearing spodumene pegmatite dyke (Dyke-1) partially outcropping at surface. The Li2O inferred mineral resource estimate for the Zoro Lithium Property as of January 16, 2023 is 1,074,567 tonnes in situ at a grade of 0.91% Li2O, with a cut-off of 0.3% Li2O. To date, the Lithium Zoro Property is the only project where we have a S-K 1300 compliant initial assessment report with an inferred mineral resource estimate. We expect that following a planned six-phase exploration approach will demonstrate potential further S-K 1300 compliant resources.

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We have not completed any economic modelling or reporting and, therefore, the available, historical drilling information is considered early stage, and