Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 128

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 128
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. Upon redemption of the RSU, the carrying amount is recorded as an increase in common share capital and a reduction in the reserve.

During the year ended March 31, 2025, the Company granted 229,579 RSUs to certain directors, officers and consultants of the Company. The total estimated fair value of the RSUs granted was $614,957 based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as share-based payments over the vesting period. These RSUs will vest as follows:

• 79,317 RSUs vested immediately.

• 48,138 RSUs - 40,276 vest on April 1, 2025 and 7,862 vested immediately upon the resignation of a director.

• 89,674 RSUs vest equally over a three-year period starting on April 1, 2025.

• 5,362 RSUs vest on November 15, 2025.

• 7,088 RSUs vest on April 1, 2025.

Subsequent to March 31, 2025, the Company initiated a warrant incentive program, reducing the exercise price of 487,848 warrants from $4 to $1.75 until June 5, 2025. As an incentive, upon exercise, the holder will receive an incentive warrant exercisable at $2.20 for one year from the date of issuance.

Except as disclosed above, there are no other options, warrants or other rights to acquire common shares of the Company outstanding. However, see “ Overall Performance” for details of certain optional common share payments that the Company will be required to make in order to maintain and/or exercise its existing option agreements to acquire certain material property interests (the Jean Lake Lithium-Gold Project and the Peg North Property).

Additional Disclosure for Junior Issuers

The Company does not have sufficient working capital to cover its estimated operating and exploration expenses for the 12 months following. Thus, the Company will require additional funds to cover its estimated general and administrative expenses. There can be no assurance that financing, whether debt or equity, will be available to the Company in the amount required at any particular time or for any particular period or, if available, that it can be obtained on terms satisfactory to the Company. See “ Risks and Uncertainties” below. Please refer to the financial statements for information on the exploration expenditures on a property-by-property basis.

Risks and Uncertainties

Mineral exploration is subject