Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 65

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 65
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61 USD at March 31, 2024 to $0.283 USD at December 31, 2024. Warrants priced in U.S. dollars are classified as derivative liabilities as the Company’s functional currency is in Canadian dollars. As a result of this difference in currencies, the proceeds that would be received by the Company if these warrants are exercised are not fixed and will vary based on foreign exchange rates, hence the warrants are accounted for as a derivative under IFRS and are required to be recognized and measured at fair value at each reporting period. |

| ● | Penalties and interest of $193,262 (2023 - $Nil) increased due to penalties and interest related to late filing fees on historical USA corporate tax returns. |

| ● | Recovery of flow-through premium liability of $15,916 (2023 - $Nil) increased by $15,916 due to issuance of flow through shares where the required exploration expenditures are made therefore the premium liability is subsequently reduced. |

Three-month period ended December 31, 2024 compared with the three-month period ended December 31, 2023:

The Company had a net comprehensive loss for the three-month period ended December 31, 2024, of $2,012,936 (2023 - $654,940). The net change of $1,357,996 in the net loss for the three-month period ended December 31, 2024, compared to the three-month period ended December 31, 2023, was primarily due to the following:

| ● | Consulting of $31,701 (2023 - $74,408) decreased by $42,707 and was related to consulting services in connection with the NASDAQ listing in comparative period. |

| ● | Investor relations and promotion of $362,654 (2023 - $173,254) increased by $189,400 and was primarily the Company’s effort to increase market awareness. |

| ● | Listing fee of $Nil (2023 - $6,699) decreased by $6,699. The comparative period was higher directly as a result of the NASDAQ listing in the comparative period. |

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

| ● | Management and directors’ fees of $260,347 (2023 - $205,231) increased by $55,116 and was