Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 216

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 216
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000grant was received during the year ended March 31, 2025.

Hidden Lake Property

During the year endedMarch 31, 2023, the Company sold its60% interest in the Hidden Lake Project in Yellowknife, NWT for $3,500,000, which was previously written off resulting in a gain on sale of property of $3,500,000.

Jean Lake Property

The option agreement provides that in order for the Company to earn a100% 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:

  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;  

  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;  

  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;  

  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  

  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 a2% NSR to Mount Morgan Resources Ltd. The NSR maybe reduced to1% by the Company’s payment of $1,000,000to the NSR holder.

During the year endedMarch 31, 2023, the Company entered into an agreement with the Manitoba Government to receive a grant of $300,000for exploration work on the Jean Lake and received $200,000during the year ended March 31, 2023. The remaining $100,000was received