Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 126

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 126
---
000  
 ─────────────────────────────────────────────────────────────────────────────────
  March 13, 2026                       $                      3.40        3,274  
  April 29, 2026                       $                      3.40           51  
  November 14, 2026                    $                      3.00      162,730  
  Total                                                                 206,055  
  Weighted average exercise price                                          4.19  

Issued and Outstanding Performance Share Units (“ PSU”): Nil.

Issued and Outstanding Restricted Share Units (“ RSU”): 144,001.

The terms and conditions of vesting of each RSU granted is determined by the Board at the time of the grant in accordance with the Company’s Stock Incentive Plan. The Company use the fair value method to recognize the obligation and compensation expense associated with the RSUs. The fair value of RSUs issued is determined on the grant date based on the market price of the common shares on the grant date multiplied by the number of RSUs granted. The fair value is expensed over the vesting term. Upon redemption of the RSU, the carrying amount is recorded as an increase in common share capital and a reduction in the reserve.

During the year ended March 31, 2025, the Company granted 229,579 RSUs to certain directors, officers and consultants of the Company. The total estimated fair value of the RSUs granted was $614,957 based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as share-based payments over the vesting period. These RSUs will vest as follows:

• 79,317 RSUs vested immediately.

• 48,138 RSUs - 40,276 vest on April 1, 2025 and 7,862 vested immediately upon the resignation of a director.

• 89,674 RSUs vest equally over a three-year period starting on April 1, 2025.

• 5,362 RSUs vest on November 15, 2025.

• 7,088 RSUs vest on April 1, 2025.

Except as disclosed above, there are no other options, warrants or other rights to acquire common shares of the Company outstanding. However, see “ Overall Performance” for details of certain optional common share payments that the Company will be required to make in order to maintain and/or exercise its existing option agreements to acquire certain material property interests (the