Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 123

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 123
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 Company incurred $96,768 (2024 - $126,606) in interest and paid an aggregate of $600,000 (2024 - $Nil) in principal and $113,920 (2024 - $126,606) in interest on the Loan during the year ended March 31, 2025.

During the year ended March 31, 2025, the Company issued 1,369,810 common shares to Denison pursuant to the option agreement. No other fee was paid or accrued to Denison during the year ended March 31, 2025.

The amounts due to related parties included in accounts payable and accrued liabilities are unsecured, non-interest bearing, and have no specific terms of repayment, are as follows:

                               March 31,                   March 31,              
                                                           2024                   
                               2025                                               
 ──────────────────────────────────────────────────────────────────────────────────
  Chief Executive Officer      $               55,385      $              20,769  
  Chief Operating Officer                      52,878                     21,084  
  Director                                        148                        127  
  Former Directors                             27,000                     45,000  
  Denison                                       3,150                          -  
                               $              138,561      $              86,980  

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

101

CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION

Please refer to consolidated financial statements.

FINANCIAL AND OTHER INSTRUMENTS

Capital and Financial Risk Management

Capital management

The Company’s objective when managing capital is to safeguard the entity’s ability to continue as a going concern.

In the management of capital, the Company monitors its adjusted capital which comprises all components of equity (i. e., capital stock, reserves and deficit).

The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may issue securities through private placements. The Company is not exposed to any externally imposed capital requirements.

The Company’s overall strategy remains unchanged from fiscal year 2025 (see our quarterly and annual filings).

Fair value

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties