Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 65

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 65
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30, 2025 | Average 
  $1.399 |
|:---------------|--------:|
| May 31, 2025   |  $1.385 |
| June 30, 2025  |  $1.367 |

The daily average exchange rate on July 23, 2025 as
reported by the Bank of Canada for the conversion of USD into CAD was US$1.00 equals $1.3609.

### PROSPECTUS SUMMARY
This summary highlights information contained elsewhere
in this Prospectus Supplement, the accompanying Prospectus or incorporated by reference herein and does not contain all of the information
that you should consider in making your investment decision. Before deciding to invest in our shares, you should read this entire Prospectus
Supplement and the accompanying Prospectus carefully, including the sections of this Prospectus Supplement titled “Risk Factors”
and “Cautionary Note Regarding Forward-Looking Statements”, and sections under similar headings in the accompanying Prospectus
and in our annual report on Form 20-F for the year ended March 31, 2025, our consolidated financial statements and the related
notes incorporated by reference in this Prospectus Supplement and all other information included or incorporated by reference in this
Prospectus Supplement. Unless the context otherwise requires, references in this Prospectus Supplement to the “Company”, “Foremost”,
“we”, “us” and “our” refer to Foremost Clean Energy Ltd. and its subsidiaries.

| S-2 |

Recent Developments On July 23, 2025, we entered into an amended and restated investor rights agreement (the “Investor Rights Agreement”) with Denison Mines Corp. (“Denison”). Under the terms of the Investor Rights Agreement, Denison the right, subject to certain conditions to participate in our future financings and/or in private placements concurrent with our future financings. With respect to at-the-market offerings, including. this offering, we agreed to offer Denison, on a quarterly basis with respect to any quarter for which there are sales of Common Shares in an at-the-market offering the opportunity to purchase Common Shares in one or more private placements concurrent with such at-the-market offering, including this offering, and subject to the following terms:

| ii. | Denison shall be entitled to subscribe for up to such number of Common Shares                                                          
 such that the Common Share ownership interest of Denison and its affiliates in us following the at-the-market offering, including this 
 offering, and exercise Den