Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 227

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 227
---
 vests100% when the closing share price is$25.00or higher for threeconsecutive trading days. For the year endedMarch 31, 2025, the Company recorded$Nil(2024-$Nil; 2023-$63,148) as share-based compensation for performance stock options.

During the year endedMarch 31, 2024,15,000performance stock options expired. Noperformance stock option transactions were incurred during the year ended March 31, 2025.

As atMarch 31, 2025, noperformance stock options were outstanding.

Performance stock option transactions for the year endedMarch 31, 2024, are summarized as follows:

  Expiry Date                                                        
  March 31, 2024                               15,000      ( 15,000  
  Total                                        15,000      ( 15,000  
  Weighted average exercise price               14.25         14.25  
 ─────────────────────────────────────────────────────────────────────
  Weighted average remaining life (years)                            

Performance stock option transactions for the year endedMarch 31, 2023, are summarized as follows:

  Expiry Date                                                      
  Total                                        15,000      15,000  
  Weighted average exercise price               14.25       14.25  
 ───────────────────────────────────────────────────────────────────
  March 31, 2024                               15,000      15,000  
  Weighted average remaining life (years)                       1  

Performance Share Units: (“PSU”)

EffectiveJanuary 17, 2022, amendedSeptember 7, 2022, the Company’s board of directors adopted a performance-based share unit plan (the “ PSU Plan”) which reserved a fixed aggregate of343,391common shares (being10%of the Company’s then issued and outstanding common shares”) for issuance upon the redemption of performance-based share award units (each a “ PSU”). Under the terms of the PSU Plan, the Company is required to obtain shareholder approval for the PSU Plan within3years after its adoption, and at least every threeyears thereafter. Any PSUs issued are subject to a fourmonth hold from date of issue.

                                                                             Weighted Average Grant Date Fair Value                 Share-based payment reserve                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance at March 31, 202