Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 235

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 235
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 risk in the exchange rate of the Canadian dollar relative to the US dollar and a significant change in this rate could have an effect on the Company’s results of operations, financial position or cash flows. The Company has nothedged its exposure to currency fluctuations. The Company does nothave material net assets held in a foreign currency.

Price risk

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and lithium, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. The Company does notcurrently generate revenue so has limited exposure to price risk.

  13.      INCOME TAXES  
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The actual income tax provisions differ from the expected amounts calculated by applying the Canadian combined federal and provincial corporate income tax rates to the Company’s loss before income taxes. The components of these differences are as follows:

                                                                                                          Year ended March 31, 2025      Year ended March 31, 2024      Year ended March 31, 2023  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Income (loss) before taxes for the year                                                                              $( 3,615,375                   $( 4,472,170                       $956,578  
  Canadian federal and provincial income tax rates                                                                               27                             27                             27  
  Expected income tax recovery based on above rates                                                                       ( 976,000                    ( 1,207,000                        258,000  
  Change in statutory, foreign tax, foreign exchange rates and other                                                         35,000                        ( 3,000                          2,000  
  Permanent difference                                                                                                      214,000                        204,000                       ( 29,000  
  Impact of spin-out transaction                                                                                          ( 527,000                              -                              -  
  Impact of flow-through shares                                                                                             130,000                        124,000                        449,000  
  Share issue costs                                                                                                       ( 182,000                      ( 129,000                       ( 27,000  
  Adjustment to prior year’s provision versus statutory