Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 214

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 214
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5:

                                                           As at                            
                                                                                            
                                                           March 31, 2025                   
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  Cash                                                     $                       531,375  
  Other current assets                                                              14,935  
  Long-term exploration assets                                                   3,189,002  
  Short-term accounts payable and accrued liabilities                            ( 717,444  
  Long-term royalty payable                                                      ( 367,784  
  Long-term tax penalty payable                                                  ( 207,350  
  Long-term notes payable                                                      ( 1,197,450  
  Long term derivative liability                                                   ( 5,647  
  Net assets                                               $                     1,239,637  

Summary statement of loss and comprehensive loss of Rio Grande for the period fromFebruary 1, 2025toMarch 31, 2025:

                                               For the period from February 1, 2025 to March 31, 2025:  
  Loss from operations                 $                                                     ( 530,140  
  Net loss and comprehensive loss      $                                                     ( 530,140  
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  PROMISSORY NOTES RECEIVABLE  
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OnNovember 5, 2024, as a condition of the completion of the Arrangement (Note17), the Company, through Rio Grande, entered into:

  a $ 677,450 promissory note with a related party, namely Jason Barnard and Christina Barnard repayable by the Company on or before November 5, 2027. The Rio Grande Promissory Note will bear int...  

This promissory note ceased to be a receivable onJanuary 31, 2025as it was included in the Spin-Out (Note17).

  ii)      a $ 520,000 promissory note to the Company due for repayment on or before November 5, 2027. The promissory note is a related party receivable as a result of having a common director and will be...  
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  EXPLORATION AND EVALUATION ASSETS  
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During the year endedMarch 31, 2025, the following expenditures were incurred on the exploration and evaluation properties of the Company’s assets:

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