Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 8

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 8
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 obtain benefits from its activities. The financial statements of subsidiaries are included in the condensed interim consolidated financial statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances have been eliminated.

The condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries listed in the following table:

|                                           |     | Country of    
 Incorporation |     | Principal       
 Activity        |
| Sierra Gold & Silver Ltd. (“Sierra”)      |     | USA           |     | Holding Company |
| Rio Grande Resources Ltd. (“Rio Grande”)* |     | Canada        |     | Holding Company |

*Rio Grande was newly incorporated on July 19, 2024for the purpose of the spin-out (Note 13).

| 3. | MATERIAL ACCOUNTING POLICIES |

The preparation of financial data is based on accounting principles and practices consistent with those used in the preparation of the audited consolidated financial statements as at March 31, 2024.These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended March 31, 2024,which have been prepared in accordance with IFRS as issued by IASB and IFRIC.

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FOREMOST CLEAN ENERGY LTD.

(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)

Notes to the Condensed Interim Consolidated Financial Statements

December 31, 2024

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

| 4. | EXPLORATION AND EVALUATION ASSETS |

During the nine-month period ended December 31, 2024,the following expenditures were incurred on the exploration and evaluation of the Company’s assets:

| Acquisition costs                 |     | Winston  
 Property |           |     | Zoro     
 Property |           |   |     | Jean Lake 
 Property  |           |     | Grass River 
 Property    |         |     | Jol Lithium 
 Property    |        |     | Peg North 
 Property  |           |     | Lac Simard 
 Property   |         |     | Athabasca 
 Property  |           |     | Total |            |   |
|:----------------------------------|:----|:---------|----------:|:----|:---------|----------:|:--|:----|:----------|----------:|:----|: