Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 25

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 25
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 short position, the number of securities involved is greater than the number of securities in the over-allotment option. The underwriters
may close out any short position by exercising their over-allotment option and/or purchasing securities in the open market.

Syndicate covering transactions involve purchases
of securities in the open market after the distribution has been completed in order to cover syndicate short positions. In determining
the source of securities to close out the short position, the underwriters will consider, among other things, the price of securities
available for purchase in the open market as compared with the price at which it may purchase securities through exercise of the over-allotment
option. If the underwriters sell more securities than could be covered by exercise of the over-allotment option and, therefore, have a
naked short position, the position can be closed out only by buying securities in the open market. A naked short position is more likely
to be created if the underwriters are concerned that after pricing there could be downward pressure on the price of the securities in
the open market that could adversely affect investors who purchase in this offering.

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Penalty bids permit an underwriter to reclaim a selling
concession from a syndicate member when the securities originally sold by that syndicate member are purchased in stabilizing or syndicate
covering transactions to cover syndicate short positions.

These stabilizing transactions, syndicate covering
transactions and penalty bids may have the effect of raising or maintaining the market price of our securities or preventing or retarding
a decline in the market price of our common shares. As a result, the price of our securities in the open market may be higher than it
would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation or prediction as to the
effect that the transactions described above may have on the price of our securities. These transactions may be effected in the over-the-counter
market or otherwise and, if commenced, may be discontinued at any time.

Passive Market Making

In connection with this offering, underwriters and
selling group members may engage in passive market making transactions in our common shares on Nasdaq in accordance with Rule 103 of Regulation
M under the Exchange Act, during a period before the commencement of offers or sales of the securities and extending through the completion
of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security.
However, if