Company: FMST
Filing Date: 2025-06-20
Form Type: POS AM
Source: 0001171843-25-004006
Chunk: 23

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: POS AM
Chunk 23
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 and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The representative, or permitted assignees
under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative’s Warrants or the securities underlying
the Representative’s Warrants, nor will the representative engage in any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the Representative’s Warrants or the underlying shares for a period of
180 days beginning on the date of commencement of sales of this offering. Additionally, the Representative’s Warrants may not be
sold transferred, assigned, pledged or hypothecated for a 180-day period beginning on the date of commencement of sales of this offering
except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The Representative’s
Warrants will provide for adjustment in the number and price of the Representative’s Warrants and the common shares underlying such
Representative’s Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing
undertaken by us.

Right of First Refusal

Until eighteen (18) months from the closing of this
offering, the representative shall have an irrevocable right of first refusal to act as sole investment banker, sole book-runner, sole
financial advisor, sole underwriter and/or sole placement agent, at the representative’s sole discretion, for each and every future
public and private equity offerings for our company, or any successor to or any subsidiary of our company, including all equity linked
financings, on terms customary to the representative. Notwithstanding the foregoing, if this offering raises gross proceeds of less than
$8 million, then beginning on the six-month anniversary of the closing date of this offering, the right of first refusal not apply to
flow-through offerings conducted exclusively in Canada at a price per share exceeding 120% of the then-applicable market price of the
common shares, up to an aggregate of $5 million. The representative shall have the sole right to determine whether or not any other broker-dealer
shall have the right to participate in any such offering and the economic terms of any such participation.

Lock-Up Agreements

We agreed that for a period of three (3) months from
the commencement of the sale of this offering we would not, without the prior written consent of the representative and