Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 15

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 15
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Athabasca Property

During the nine-month period ended December 31, 2024,the Company entered into an option agreement with Denison Mines Corp. (“Denison”) to acquire up to a % interest in exploration properties in the Athabasca Basin in Northern Saskatchewan (the “Exploration Properties”). To earn the interest, the Company has to make the following cash payments, share issuances and incur project exploration expenditures in 3 phases:

Phase 1

During the nine-month period ended December 31, 2024,the Company earned an initial % interest in the Exploration Properties (% for Hatchet Lake) by:

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

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

| ● | entering 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 common shares to arm’s length parties for finders and advisory fees valued at $.

Phase 2

To earn an additional % interest in the Exploration Properties (% for Hatchet Lake), on or before October 4, 2027,the Company must:

| ● | pay $2,000,000 to Denison in cash or common shares or a combination thereof; |

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

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

Phase 3

To earn an additional % interest in the Exploration Properties (% for Hatchet Lake), on or before October 4, 2030,and on the successful completion of Phase 2, Foremost must:

| ● | pay $2,500,000 to Denison in cash or common shares or a combination thereof; |

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

If the conditions of Phase 3 are not satisfied, the Company shall forfeit a portion of its interests in and rights to the Exploration Properties such that Denison's interests in each of the Exploration Properties will be increased to % and operatorship shall revert to Denison.