Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 115

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 115
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  Equity loss on investment in associate of $105,760 (2024 - $Nil) increased by $105,760 due to the spin-out transaction and the resulting equity interest in Rio Grande Resources Ltd. The Company...  

  Gain on spin-out transaction of $1,914,814 (2024 - $Nil) increased by $1,914,814 due to the completion of the spin-out of Sierra into Rio Grande by way of a plan of arrangement. The Company dec...  
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  Tax penalties and interest of $193,262 (2024 - $Nil) increased by $193,262 due to penalties and interest related to the late filing fees on historical USA corporate tax returns.  

92

For the three month period ended March 31, 2025:

Net loss for the period

The Company had a net comprehensive income for the three-month period ended March 31, 2025, of $778,565 (2024 Loss - $1,513,401). The net change of $2,291,966 in the net income for the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024, was primarily due to the following:

Administrative expenses:

  Gain on derivative liabilities of $166,656 (2024 – loss of $392,012) increased by $558,668 caused by the decrease of our share price from $1.99 at December 31, 2024 to $1.16 March 31, 2025. War...  
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  Consulting of $36,000 (2024 - $51,227) decreased by $15,227 and was related to consulting services in decreased consulting subsequent to the NASDAQ listing.                                          
  Investor relations and promotion of $266,081 (2024 - $414,749) decreased by $148,668 and was primarily related to increased services as a result of the Company’s registration statement and rela...  
  Listing fee of $21,000 (2024 - $Nil) increased by $21,000. The comparative period was higher directly as a result of the NASDAQ listing in the comparative period.                                    
  Management