Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 20

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 20
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 of other similar legislation being enacted is uncertain, and the provisions
of such bill or other similar legislation may change prior to enactment. Investors should consult their own tax advisors regarding such
enacted or proposed legislation as well as the potential impact of such legislation on them in light of their own personal circumstances.**

### MATERIAL CHANGES
Except as otherwise disclosed in this Prospectus there
have been no material changes to our operations that have occurred since the end of our latest fiscal year ended March 31, 2025,
and that have not been described in a report on Form 6-K furnished under the Exchange Act and incorporated by reference into this
Prospectus.

### CAPITALIZATION AND INDEBTEDNESS
The following table sets forth our consolidated capitalization
and indebtedness as at March 31, 2025, the date of our most recently filed audited consolidated financial statements. This table
should be read in conjunction with our consolidated financial statements and the related notes and management’s discussion and analysis
of financial condition and results of operations in respect of those statements that are incorporated by reference in this Prospectus.

| 8 |

|                       | As of March 31, 2025 |
|:----------------------|---------------------:|
| Total Liabilities     |            3,248,777 |
| Shareholders’ Equity: |                      |
| Capital stock         |           45,666,733 |
| Reserves              |            3,280,933 |
| Deficit               |          -24,455,404 |
| Total equity          |           24,492,262 |
| TOTAL CAPITALIZATION  |           27,741,039 |

### USE OF PROCEEDS
Unless otherwise indicated in a Prospectus Supplement
relating to a particular offering, the Company currently intends to use the net proceeds from the sale of Securities for working capital
requirements, general corporate purposes and the advancement of its business objectives.

In order to raise additional funds to finance future
growth opportunities, the Company may, from time to time, issue Securities. More detailed information regarding the use of proceeds from
the sale of Securities will be described in a Prospectus Supplement.

### PLAN OF DISTRIBUTION
We may sell the Securities, separately or together,
to or through underwriters or dealers purchasing as principals for public offering and sale by them, and also may sell Securities to one
or more other purchasers directly or through agents. Each Prospectus Supplement will set forth the terms of the offering, including the
name or