Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 44

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 44
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's current ownership interest.

The Option Agreement contains three (3) phases, as summarized below:

Phase 1

During the period ended December 31, 2024, the Company earned a 20% interest in the Exploration Properties (14.03% for Hatchet Lake), by completing the following:

| ● | Issued 1,369,810 common shares (issued and valued at $5,205,278) to Denison; |

| ● | Appointed a Technical Advisor to Foremost at Denison's election; and |

| ● | Entered into an Investors Rights Agreement providing for, among other things: the appointment by Denison of up to two (2) individuals to the board of directors of Foremost; and a pre-emptive equity participation right for Denison to maintain a 19.95% equity interest in Foremost. |

The Company also issued 425,682 common shares to arm’s length parties for finders and advisory fees valued at $1,511,171.

Phase 2

To earn an additional 31% interest in the Exploration Properties (21.75% for Hatchet Lake), on or before October 7, 2027, Foremost must:

| ● | Pay Denison $2,000,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and |

| ● | Incur $8,000,000 in exploration expenditures on the Exploration Properties. |

If the conditions of Phase 2 are not satisfied, Foremost shall forfeit the entirety of its interests in and rights to the Exploration Properties.

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Foremost Clean Energy Ltd. (Formerly, Foremost Lithium Resource & Technology Ltd.)
Management Discussions and Analysis
Period Ended December 31, 2024

Phase 3

To earn an additional 19% interest in the Exploration Properties (15.22% for Hatchet Lake), on or before October 7, 2030, following the successful completion of Phase 2, Foremost must:

| ● | Pay Denison a further $2,500,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and |

| ● | Incur a further $12,000,000 in exploration expenditures on the Exploration Properties. |

If the conditions of Phase 3 are not satisfied, Foremost shall forfeit a portion of its interests in and rights to the Exploration Properties such that Denison's interests in each of the Exploration