Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 16

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 16
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Upon completion Phase 3 of the Option Agreement, the parties will enter into a joint venture agreement in respect of each of the Exploration Properties.

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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)

| 5. | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |

Accounts payables and accrued liabilities for the Company are broken down as follows:

|                                  |     |   | December 31, 
         2024 |     |   | March 31, 
      2024 |
|:---------------------------------|:----|:--|-------------:|:----|:--|----------:|
| Trade payables                   |     | $ |       75,389 |     | $ | 1,101,757 |
| Tax late filing penalty          |     |   |      204,429 |     |   |         - |
| Advance royalty payable (Note 4) |     |   |      362,644 |     |   |   301,967 |
| Accrued liabilities              |     |   |      444,193 |     |   |    91,484 |
| Due to related parties (Note 8)  |     |   |      124,722 |     |   |    86,980 |
| Trade payables                   |     | $ |    1,211,377 |     | $ | 1,582,188 |

During the year ended December 31, 2021,the Company received a loan of $ from the Canada Emergency Business Account to provide emergency support to businesses due to the impact of COVID-19. The Company repaid $ and recorded the remaining $ as other income in profit and loss as the balance was forgiven during the three-month and nine-month period ended December 31, 2023.

During the three-month period ended December 31, 2024,the Company wrote-off $Nil (three-month period ended December 31, 2023 -$Nil) in accrued liabilities and settled $ accounts payable for $, resulting in a gain on forgiveness of debt of $ (three-month period ended December 31, 2023 -$Nil). During the nine-month period ended December 31,