Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 77

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 77
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and the as-adjusted net tangible book value per common share after this offering. The dilution numbers provided in this section are in
US$ based on the daily average exchange rate on August 1, 2025 as reported by the Bank of Canada for the conversion of USD into CAD which
was US$1.00 equals $1.3797.

The net tangible book value of our common shares as of March 31, 2025 was approximately US$17.99
million, or approximately US$1.73 per common share. Net tangible book value per share represents the amount of our total tangible assets
less total liabilities divided by the total number of our common shares outstanding as of March 31, 2025.

After giving effect to the sale by us of common shares
in the aggregate amount of US$15.0 million at an assumed offering price of US$2.87 per common share, the last reported sale price of
our common shares on Nasdaq on August 4, 2025, and after deducting commissions and estimated offering expenses, our net tangible book
value as of March 31, 2025 would have been approximately US$32.99 million, or US$2.11 per share. This represents an immediate increase
in net tangible book value of US$0.38 per share to existing stockholders and an immediate
dilution of US0.76 per common share to new investors purchasing common shares in this offering.
The following table illustrates this dilution:

| S-10 |

| Assumed public offering price per common share                                                |     |          |     | US$ 2.87 |
| Net tangible book value per share common share as of March 31, 2025                           |     | US$ 1.73 |     |          |
| Increase in as adjusted net tangible book value per common share attributable to the offering |     | US$ 0.38 |     |          |
| As adjusted net tangible book value per common share after giving effect to this offering     |     |          |     | US$ 2.11 |
| Dilution per common share to new investors participating in this offering                     |     |          |     | US$ 0.76 |

The table above assumes for illustrative purposes that an aggregate of 12,181,474 shares are sold
during the term of the Distribution Agreement with Canaccord at a price of US$2.87 per share, the last reported sale price