Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 12

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 12
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2024,the Company received $ of the $ grant. The remaining $ grant was received during the nine-month period ended December 31, 2024.

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FOREMOST CLEAN ENERGY LTD.

(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)

Notes to the Condensed Interim Consolidated Financial Statements

December 31, 2024

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

| 4. | EXPLORATION AND EVALUATION ASSETS (Continued) |

Jean Lake Property

The option agreement provides that in order for the Company to earn a % interest in the project it is required to make the following cash payments and share issuances to Mount Morgan Resources Ltd. and incur the following project exploration expenditures as follows:

| a) | pay $25,000 in cash (paid) and issue common shares of the Company having a value of $25,000 (5,000 shares issued) on or before  August 1, 2021; |

| b) | pay $50,000 in cash (paid), issue $50,000 in common shares (6,704 shares issued) and incur $50,000 in exploration expenditures (incurred) on or before  July 30, 2022; |

| c) | pay $50,000 in cash (paid), issue $50,000 in common shares (6,128 shares issued) and incur $100,000 (accumulated) in exploration expenditures (incurred) by  July 30, 2023; |

| d) | pay $50,000 in cash (paid) issue $50,000 (12,106 shares issued) in common shares and incur $150,000 (accumulated) in exploration expenditures (incurred) by  July 30, 2024; and |

| e) | pay $75,000 in cash, issue $75,000 in common shares and incur $200,000 (accumulated) in exploration expenditures (incurred) by  July 30, 2025. |

Once the Company earns the interest, the Company will grant a % NSR to Mount Morgan Resources Ltd. The NSR maybe reduced to % by the Company’s payment of $ to the NSR holder.

During the year ended March 31, 2023,the Company entered into an agreement with the Manitoba Government to receive a grant of $