Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 37

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 37
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12 months with no more than ¼
of the options granted vesting in any six month period. See “Management— Our 2021 Stock Option Plan.”

Common Share Purchase Warrants to be Issued in this Offering

The following is a brief summary of certain terms
and conditions of the Common Share Purchase Warrants to be issued in this offering and are subject in all respects to the provisions contained
in the Common Share Purchase Warrants.

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Form. You should review a copy of the form
of Common Share Purchase Warrant, which is filed as an exhibit to the registration statement of which this prospectus forms a part, for
a complete description of the terms and conditions applicable to the Common Share Purchase Warrants.

Exercisability. The Common Share Purchase
Warrants are exercisable at any time after their original issuance, and at any time up to the date that is five years after their original
issuance. The Common Share Purchase Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us
a duly executed exercise notice and, at any time a registration statement registering the issuance of the common shares underlying the
Common Share Purchase Warrants under the Securities Act is effective and available for the issuance of such shares, by payment in full
in immediately available funds for the number of common shares purchased upon such exercise. If a registration statement registering the
issuance of the common shares underlying the Common Share Purchase Warrants under the Securities Act is not effective or available, the
holder may, in its sole discretion, elect to exercise the Warrant through a cashless exercise, in which case the holder would receive
upon such exercise the net number of common shares determined according to the formula set forth in the Common Share Purchase Warrant.
No fractional common shares will be issued in connection with the exercise of a Common Share Purchase Warrant. In lieu of fractional shares,
we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price or round up to the next whole
share.

Exercise Limitation. A holder will not have
the right to exercise any portion of the Common Share Purchase Warrant if the holder (together with its affiliates) would beneficially
own in excess of 4.99% (or, at the election of the holder prior to issuance, 9.99%) of the number of common shares outstanding immediately
after giving effect to the exercise, as such percentage