Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 197

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 197
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 Notes to Consolidated Financial Statements                                      F-10 - F-50  

F-2

AUDIT REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Directors of

Foremost Clean Energy Ltd. (Formerly Foremost Lithium Resource & Technology Ltd.)

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of financial position of Foremost Clean Energy Ltd. (Formerly Foremost Lithium Resource & Technology Ltd.) (the “ Company”), as of March 31, 2025, and the related consolidated statements of (loss) income and comprehensive (loss) income, changes in shareholders’ equity, and cash flows for the years ended March 31, 2025 and 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025, and the results of its operations and its cash flows for the years ended March 31, 2025 and 2023, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

The financial statements of the Company for the year ended March 31, 2024, were audited by other auditors, whose report dated June 28, 2024, expressed an unqualified opinion on those statements. We have also audited the adjustments to retrospectively apply the change in accounting policy described in Note 3 to the financial statements. In our opinion, the retrospective adjustments are appropriate and have been properly applied.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has had significant losses resulting in a deficit of $24,455,404 that raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB”) and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the