Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 27

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 27
---
-----:|:--|
| Fair value per warrant                                 |     | $ |         1.94 |   |     | $ |                 3.77 |   |
| Exercise price                                         |     | $ |         4.00 |   |     | $ |                 4.00 |   |
| Expected life (years)                                  |     |   |         2.00 |   |     |   |                 2.00 |   |
| Interest rate                                          |     |   |         4.30 | % |     |   |                 3.50 | % |
| Annualized volatility (based on historical volatility) |     |   |          100 | % |     |   |                  111 | % |
| Dividend yield                                         |     |   |         0.00 | % |     |   |                 0.00 | % |

<div align='center'>Page 20| 28</div>

FOREMOST CLEAN ENERGY LTD.

(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)

Notes to the Condensed Interim Consolidated Financial Statements

December 31, 2024

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

| 7. | CAPITAL STOCK AND RESERVES (Continued) |

Warrants(continued):

The Company records warrants with an exercise price that is in a currency that is different from the functional currency as a derivative liability. Any gains or losses are recorded in the consolidated statements of comprehensive loss as they relate to the issue of warrants recorded on the Company’s statement of financial position as a derivative liability measured at fair value through profit or loss. The fair value of the transferrable warrants ($) issued on August 24, 2023,are valued based on the price as quoted on the NASDAQ. The warrant derivative liability was calculated using following assumptions:

|                                                           |     |   |        As at 
 December 31, 
         2024 |     |   |     As at 
 March 31, 
      2024 |     |   |      As at 
 August 24, 
       2023 |
|:----------------------------------------------------------|:----|:--|-------------:|:----|:--|----------:|:----|:--|-----------:|
| Number of warrants outstanding                            |     |   |      800,000 |     |   |   800,000 |     |   |