Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 62

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 62
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inds, companies such as Rio Tinto reportedly completed a $6.7 billion acquisition of Arcadium Lithium, aiming for over 200,000 metric tons of annual production by 2028, while Lithium Americas secured $250 million for the Thacker Pass Phase 1 development, targeting completion by late 2027.

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We face intense competition in the mineral exploration and exploitation industry on an international, national, and local level. We compete with other mining and exploration companies. The lithium exploration and mining industry is fragmented, and we are a very small participant in this sector. Many of our competitors cover vast market sectors around the world. We are in an industry that includes many companies with decades of experience and a history in the market. Further, we are subject to competition from other large national and international mining companies such as Sayona Mining Limited and Frontier Lithium Ltd.

Global Market Dynamics

The Trump administration's tariffs, although primarily aimed at China, still created a ripple effect impacting supply chains and raising costs for imported components crucial to battery manufacturing. This has encouraged the diversification of supply chains, albeit slowly, and any affect that it may have on the industry remains unknown.

Following the Inflation Reduction Act's implementation in 2022, there appears to have been a marked shift in the North American market toward establishing a more independent battery supply chain. The incentives provided by the Act have accelerated the transition of the industry, with North American manufacturers increasingly sourcing materials domestically or from allied nations.

Electric Vehicle (EV) Market Update

The EV market, initially slow to rebound from the 2022 slump, has gained momentum through 2024 and early 2025. This revitalization can be attributed to both policy incentives and technological advancements. The U. S. continues to push forward with its regulatory framework, enforcing stringent sourcing requirements for battery materials, which have led to increased investments in local mining and processing facilities. The adoption of EVs is bolstered by OEMs offering more affordable models with extended range capacity. Investments in R& D for battery efficiency, focusing on high-nickel cathodes, are yielding promising results. These batteries ensure higher energy density and lower weight, thus better supporting consumer expectations for range and performance.

Energy Storage and Battery Market

With Benchmark Mineral Intelligence forecasting that stationary energy storage will dominate lithium demand by 2050, early-stage implementations are already being observed. These systems are primarily being deployed to support renewable energy infrastructure, enhancing grid reliability.

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Figure 17. Projection of Global Battery Energy Market

The global energy