Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 74

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 74
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, it is not possible to predict the number of common shares
that will be ultimately issued, if any.

The common shares offered hereby
will be sold in “at the market offerings,” and investors who buy common shares at different times will likely pay different
prices.

Investors who purchase common shares in this offering
at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have
discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no minimum or maximum sales
price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices
they paid.**

### MATERIAL CHANGES
Except as otherwise disclosed in this Prospectus Supplement
there have been no material changes to our operations that have occurred since the end of our latest fiscal year ended March 31,
2025, and that have not been described in a report on Form 6-K furnished under the Exchange Act and incorporated by reference into
this Prospectus Supplement.

| S-8 |

### CAPITALIZATION AND INDEBTEDNESS
The following table sets forth our consolidated capitalization
and indebtedness as at March 31, 2025, the date of our most recently filed audited consolidated financial statements. This table
should be read in conjunction with our consolidated financial statements and the related notes and management’s discussion and analysis
of financial condition and results of operations in respect of those statements that are incorporated by reference in this Prospectus
Supplement.

|                       | As of March 31, 2025 |
|:----------------------|---------------------:|
| Total Liabilities     |            3,248,777 |
| Shareholders’ Equity: |                      |
| Capital stock         |           45,666,733 |
| Reserves              |            3,280,933 |
| Deficit               |          -24,455,404 |
| Total equity          |           24,492,262 |
| TOTAL CAPITALIZATION  |           27,741,039 |

### PLAN OF DISTRIBUTION
We have entered into the Equity Distribution Agreement
with Canaccord, under which we may offer and sell our common shares having an aggregate offering price of up to US$15,000,000 from time
to time through Canaccord, acting as sales agent. We are filing a copy of the Equity Distribution Agreement as an exhibit to the registration
statement on