Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 69

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 69
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; (b) the last day of our fiscal year following the fifth anniversary of the date of the first sale of equity securities pursuant
to an effective registration statement under the United States Securities Act of 1933, as amended (the “Securities Act”);
(c) the date on which we have, during the previous 3-year period, issued more than US$1,000,000,000 in non-convertible debt; or (d) the
date on which we are deemed to be a “large accelerated filer”, as defined in Exchange Act Rule 12b-2. We expect to continue
to be an emerging growth company for the immediate future.

Generally, a registrant that registers any class of
its securities under Section 12 of the Exchange Act is required to include in the second and all subsequent annual reports filed
by it under the Exchange Act a management report on internal control over financial reporting and, subject to an exemption available to
registrants that are neither an “accelerated filer” or a “large accelerated filer” (as those terms are defined
in Exchange Act Rule 12b-2), an auditor attestation report on management’s assessment of internal control over financial reporting.
However, for so long as we continue to qualify as an emerging growth company, we will be exempt from the requirement to include an auditor
attestation report on management’s assessment of internal controls over financial reporting in its annual reports filed under the
Exchange Act, even if we were to qualify as an “accelerated filer” or a “large accelerated filer”. In addition,
Section 103(a)(3) of the Sarbanes-Oxley Act of 2002 has been amended by the JOBS Act to provide that, among other things, auditors
of an emerging growth company are exempt from any rules of the Public Company Accounting Oversight Board requiring a supplement to the
auditor’s report in which the auditor would be required to provide additional information about the audit and the financial statements
of the company.

### STATUS AS A FOREIGN PRIVATE ISSUER
We are considered a “foreign private issuer”
pursuant to Rule 405 promulgated under the Securities Act. In our capacity as a foreign private issuer, we are exempt from certain rules
under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14
of the Exchange Act. In addition, our officers, directors and principal shareholders are exempt from the reporting and “short