Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 66

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 66
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 related to increases to certain contracted or salaried employees and the addition of new employees due to the growth of the Company. |

| ● | Professional fees of $761,556 (2023 - $256,667) increased by $504,889 which was mostly related to an increase in legal and audit fees related to the spin-out transaction in the current period. |

| ● | Share-based payments of $594,236 (2023 - $144,687) increased by $449,549 due to non-cash expenses and due to a timing and amount of stock option issuances during the period and valued using the Black-Scholes Method of calculating the expense. |

| ● | Transfer agent and filing fees of $46,870 (2023 - $19,820) increased by $27,050 which was primarily related to fees associated with additional NASDAQ listing in comparative period. |

| ● | Foreign exchange loss of $15,867 (2023 - $24,607) decreased by $8,740 and related to the fluctuations in the U.S. dollar as compared to the Canadian dollar at each reporting date. |

| ● | Gain on derivative liabilities of $103,595 (2023 - $372,285) decreased by $268,690 due to the decrease in the Company’s share price from $0.44 USD at March 31, 2024 to $0.283 USD at December 31, 2024. Warrants priced in U.S. dollars are classified as derivative liabilities as the Company’s functional currency is in Canadian dollars. As a result of this difference in currencies, the proceeds that would be received by the Company if these warrants are exercised are not fixed and will vary based on foreign exchange rates, hence the warrants are accounted for as a derivative under IFRS and are required to be recognized and measured at fair value at each reporting period. |

CAPITAL RESOURCES

As of the date of this MD&A, the Company is continuing its exploration programs on its Athabasca Property, 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 cover the cost of this program.

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

During the