Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 70

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 70
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651,125 |     | $     | 1,201,379 |

During the year ended March 31, 2023, the Company entered into a loan agreement with a related party, (the "Loan") with Jason Barnard, the Company's Chief Executive Officer, and Christina Barnard, the Company's Chief Operating Officer, to borrow $1,145,520. The Loan includes a prior advance of $145,520. As of December 31, 2024, the Loan is included in short-term loans payable. The Loan bears interest at a rate of 9% per annum, payable monthly. The interest rate has been amended as follows:

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

The Loan's maturity date is October 4, 2025. The maturity rate has been amended as follows:

The Loan is secured by substantially all of the Company's assets, excluding the Athabasca Properties.

The Company incurred $19,476 (three-month period ended December 31, 2023 - $32,771) and paid $13,444 (three-month period ended December 31, 2023 - $22,117) in interest on the Loan during the three-month period ended December 31, 2024. The Company incurred $84,662 (nine-month period ended December 31, 2023 - $98,066) in interest and paid an aggregate of $600,000 (nine-month period ended December 31, 2023 - $Nil) in principal and $78,630 (nine-month period ended December 31, 2023 - $104,579) in interest on the Loan during the nine-month period ended December 31, 2024.

During the nine-month period ended December 31, 2024, the Company issued 1,369,810 common shares to Denison pursuant to the option agreement. No other fee was paid or accrued to Denison during the nine-month period ended December 31, 2024.

The amounts due to related parties included in accounts payable and accrued liabilities are unsecured, non-interest bearing, and have no specific terms of repayment, are as follows:

|                         |     |   | December 31, 
         2024 |     |   | March 31, 
      2024 |
|:------------------------|: