Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 213

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 213
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 following year. The Company mayalso be subject to a Part XII.6tax on flow-through proceeds renounced under the “ Look-back” Rule, in accordance with Government of Canada flow-through regulations. When applicable, this tax is accrued as a financial expense until paid.

New accounting standards issued and effective

A number of new standards, and amendments to standards and interpretations, are noteffective and have notbeen early adopted in preparing these consolidated financial statements.

Classification of Liabilities as Current or Non-current (Amendments to IAS1) is effective for reporting periods beginning on or after January 1, 2024. The amendments to IAS1provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. This amendment to standards resulted in the reclassification of the derivative warrant liability from non-current to current liability as described in Note9.

Presentation and Disclosure in Financial Statements (IFRS18) is effective for reporting periods beginning on or after January 1, 2027. IFRS18introduces threesets of new requirements to give investors more transparent and comparable information about companies’ financial performance for better investment decisions. The Company will be assessing the impact of adoption.

The adoption of this new accounting standard is notexpected to have a material impact on the Company’s consolidated financial statements.

  INVESTMENT IN ASSOCIATE  
 ───────────────────────────

OnJanuary 31, 2025, as a result of the spin-out (Note17) the Company received5,152,557shares of Rio Grande Resources Ltd. (“ Rio Grande”), a publicly traded company, representing a19.95% interest in Rio Grande, at a fair value of $489,493. AtMarch 31, 2025,5,152,557shares represented a19.95% interest in Rio Grande. As a result of the share ownership in conjunction with other factors (including a common CEO and director) it was determined that the Company exercises significant influence over Rio Grande and has accounted for its investment in Rio Grande using the equity method.

                                           Investment in associate                 
  Balance as at March 31, 2024             $                                    -  
  Value of shares received on spinout                                     489,493  
  Equity share of loss – 19.95%                                         ( 105,760  
  Balance as at March 31, 2025             $                              383,733  

Summary statement of financial position of Rio Grande as atMarch 31, 202