Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 231

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 231
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 value of the800,000transferrable warrants ($823,597) issued onAugust 24, 2023, are valued based on the price as quoted on the NASDAQ. The warrant derivative liability was calculated using following assumptions.

Management has assessed the revised interpretive guidance in accordance with IAS1Presentation of Financial Statements Amendments effective for annual periods beginning on or afterJanuary 1, 2024with respect to its derivative warrant liability and determined those instruments meet the requirement to be classified as a current liability. Accordingly, the Company has reclassified derivative warrant liabilities of $656,946on the consolidated statement of financial position as atMarch 31, 2024to conform to the current year’s presentation. The change in presentation hadnoimpact on loss and comprehensive loss, or cash flows, or loss per share for the years endedMarch 31, 2025and2024. The change in presentation had noimpact on total assets, total liabilities or shareholders equity as at March 31, 2024.

                                                                 As at                        As at                        As at                     
                                                                                                                                                     
                                                                 March 31,                    March 31,                    August 24,                
                                                                                                                                                     
                                                                 2025                         2024                         2023                      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Number of warrants outstanding                                                800,000                       800,000                      800,000   
  Fair Value of each warrant at valuation date                   $              0.14 USD      $              0.61 USD      $               0.76 USD  
  Exchange rate                                                                 1.43125                       1.35397                      1.35460   
  Fair value of warrants outstanding (derivative liability)      $              152,765       $               656,946      $               823,597   
  Change in fair value of derivatives                            $              498,534*      $               166,651      $               -         

* Adjusted by $5,647for portion allocated to Spin-Out (Note17).

Share purchase warrants outstanding as atMarch 31, 2025are as follows:

  Issue Date             Number of warrants                        Exercise price                   Expiry Date        
  August 24, 2023        800,000(a)                                $                   6.25USD      August 24, 2028    
  March 13, 2024                                 341,592(b)        $                      4