Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 215

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 215
---
 of which $361,375USD remained due owing to the Robert Howe Educational Trust (“ RHET”) upon closing on May 17, 2017. The Buyer agreed to pay RHET a monthly royalty equal to the greater of the Minimum Monthly Royalty or Production Royalty determined in accordance with the following table:

  Monthly Average Silver Price/Oz      Minimum Monthly Royalty  
                                                                
                                                      (In USD)  
 ────────────────────────────────────────────────────────────────
  Less than $5.00                                        $ 125  
  $5.00 ~ $6.99                                          $ 250  
  $7.00 ~ $8.99                                          $ 500  
  $9.00 ~ $10.99                                       $ 1,000  
  $11.00 ~ $14.99                                      $ 1,500  
  $15 or greater                                       $ 2,000  

All royalty payments made to RHET under the Minimum Monthly Royalty or Production Royalty of the agreement will be credited against the purchase price. As ofMarch 31, 2025, past payments totaling $225,255USD (2024- $201,535USD) have been applied against the $500,000USD purchase price. The remaining purchase price of $274,745USD (2024- $298,465USD) maybe satisfied in the form of ongoing advance royalty payments or lump-sum payment to finalize the property purchase. The accrued minimum monthly royalty payments outstanding as ofMarch 31, 2025, totals $362,644or $252,125USD (2024- $301,967, or $222,975USD; 2023 - $313,001, or $231,125USD), which is included in the accounts payable and accrued liabilities. Only the permanent production royalty of2% of NSR on all ore mined on the Ivanhoe and Emporia lode claims, will remain as an encumbrance after the property has been purchased.

The Winston Property ceased to be an asset of Foremost onJanuary 31, 2024as it was included in the Spin-Out (Note17).

Zoro Property

The Company announced onJanuary 4, 2024that a $300,000grant shall be received from the Manitoba Government for the Zoro Lithium Property to fund further exploration and development. During the year endedMarch 31, 2024, the Company received $100,000of the $300,000grant. The remaining $200,