Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 22

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 22
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 Shares were issued and outstanding as of July 23, 2025. All of the
issued Common Shares are fully paid and non-assessable common shares. We do not own any of our Common Shares.

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Holders of Common Shares are entitled to receive notice
of any meeting of our shareholders to attend and to cast one vote per share at such meetings. Holders of Common Shares are also entitled
to receive on a pro rata basis such dividends, if any, as and when declared by our Board at its discretion from funds legally available
therefor and upon the liquidation, dissolution, or winding up of our business are entitled to receive on a pro rata basis, our net assets
after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions, and conditions attaching to
any other series or class of shares ranking senior in priority. Common Shares do not carry any pre-emptive, subscription, redemption,
conversion rights, sinking fund provisions, liability to further capital calls by us, or provisions discriminating against any existing
or prospective holder of Common Shares as a result of such shareholder owning a substantial number of Common Shares.

The rights of our shareholders may be altered only
with the approval of the holders of two thirds or more of the Common Shares voted at a meeting of our shareholders called and held in
accordance with our Articles (the “Articles”) and applicable law.

### DESCRIPTION OF PREFERRED SHARES
We are not currently authorized to issue Preferred
Shares. Subject to obtaining all necessary corporate and regulatory approvals and amending the Articles to authorize the creation and
issuance of Preferred Shares, in one or more classes or series, in accordance with the provisions of the Business Corporations Act
(British Columbia) (the “BCBCA”) and the Articles, the Board may fix from time to time before each issuance of a class
or series of Preferred Shares, the number of Preferred Shares comprising each class or series and the designation, rights, privileges,
restrictions and conditions attaching to each class or series of Preferred Shares including, any voting rights, the rate or amount of
dividends or the method of calculating dividends, the dates of payment thereof, the terms and conditions of redemption, purchase and conversion,
if any, and any sinking fund or other provisions. Unless otherwise indicated in the applicable Prospectus Supplement, all Preferred Shares
to be issued from time to time under this Prospectus will be fully paid and non-assessable.

The