Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 94

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 94
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements because of various factors, including those set forth under Item 3“ Key Information - D. Risk Factors” or in other parts of this annual report on Form 20-F. See also“ Introductory Notes - Forward-looking Statements. ”

5. A. Operating Results

This management’s discussion and analysis of financial position and results of operations (“ MD& A”) is prepared as of June 18, 2025 and should be read in conjunction with the audited consolidated financial statements of Foremost Clean Energy Ltd. (“ Foremost” or the “ Company”) for year ended March 31, 2025, with the related notes thereto. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

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Amounts are expressed in Canadian dollars unless otherwise stated. This MD& A contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors. See also “ Introductory Notes - Forward-Looking Information.”

The 2024 Financials and the financial information contained in this MD& A are prepared pursuant to International Financial Reporting Standards (“ IFRS”) and in accordance with the standards of the United States Public Company Accounting Oversight Board. As permitted by the rules of the U. S. Securities and Exchange Commission for foreign private issuers, we do not reconcile our financial statements to United States generally accepted accounting principles.

This MD& A reports the Company’s activities through March 31, 2025, unless otherwise indicated. All figures are expressed in Canadian dollars, unless otherwise noted. During the year ended March 31, 2025 (“ Fiscal 2025”), the Company remained at the exploration stage, had not placed any of its mineral properties into production, and has not generated any revenues. The technical information in this MD& A has been reviewed by Matthew Carter, P. Geo (Dahrouge Geological Consulting Ltd.) Lindsay Bottomer, P. Geo, Mark Fedikow,