Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 72

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 72
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 state a material fact
that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

### RISK FACTORS
An investment in our common shares involves a high
degree of risk. Before deciding to invest in our common shares, you should carefully consider the risks and uncertainties described below,
together with all of the other information contained in this Prospectus Supplement and the accompanying Prospectus, including those risks
and uncertainties described in the section titled “Risk Factors” sections of the accompanying prospectus and of our annual
report on Form 20-F for the year ended March 31, 2025, filed with the SEC on June 20, 2025, which is incorporated by reference
into this Prospectus Supplement, as well as any amendment or update to our risk factors reflected in subsequent filings with the SEC.
Other risks and uncertainties that we do not presently consider to be material, or of which we are not presently aware, may become important
factors that affect our future financial condition and results of operations. If any of the following risks actually occurs, our business,
financial condition, results of operations, liquidity and prospectus could suffer materially, the trading price of our common shares could
decline and you could lose all or part of your investment. See also the section titled “Cautionary Note Regarding Forward-Looking
Statements”.

| S-7 |

#### Risks Related to this Offering
**You will experience immediate dilution
in the book value per common share you purchase in this offering.

Because the price per common share being offered hereby is substantially higher than the book value per share of common stock, you will suffer substantial dilution in the net tangible book value of the common stock purchase in this offering. Based on the assumed public offering price of US$2.48 per share, which was the last reported sale price of our common shares on Nasdaq on July 23, 2025, and assuming that we sell all US$15,000,000 of common shares under this prospectus supplement, and after deducting commissions and estimated aggregate offering expenses payable by us, if you purchase common shares in this offering, you will experience immediate and substantial dilution of US$0.48 per common share in the net tangible book value of common shares. See the section titled “Dilution” below for a more detailed discussion of the dilution you will incur if you purchase common shares in this offering.

The amount of net proceeds