Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 77

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 77
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The net tangible book value of our common shares as
of March 31, 2025 was approximately US$17.99 million, or approximately $2.35 per common share. Net tangible book value per share represents
the amount of our total tangible assets less total liabilities divided by the total number of our common shares outstanding as of March
31, 2025.

After giving effect to the sale by us of common shares
in the aggregate amount of US$15.0 million at an assumed offering price of US$2.48 per common share, the last reported sale price of our
common shares on Nasdaq on July 23, 2025, and after deducting commissions and estimated offering expenses, our net tangible book value
as of March 31, 2025 would have been approximately US$32.99 million, or US$2.00 per share. This represents an immediate increase in net
tangible book value of $[●] per share to existing stockholders and an immediate dilution of $2.80 per common share to new investors
purchasing common shares in this offering. The following table illustrates this dilution:

| S-10 |

| Assumed public offering price per common share                                                |     |          |     | US$ 2.48 |
| Net tangible book value per share common share as of March 31, 2025                           |     | US$ 1.73 |     |          |
| Increase in as adjusted net tangible book value per common share attributable to the offering |     | US$ 0.27 |     |          |
| As adjusted net tangible book value per common share after giving effect to this offering     |     |          |     | US$ 2.00 |
| Dilution per common share to new investors participating in this offering                     |     |          |     | US$ 0.48 |

The table above assumes for illustrative purposes
that an aggregate of 12,181,474 shares are sold during the term of the Distribution Agreement with Canaccord at a price of US$2.48 per
share, the last reported sale price of our common shares on Nasdaq on July 23, 2025, for aggregate gross proceeds of US$15.0 million.
The shares subject to the Equity Distribution Agreement are being sold from time to time at various prices. This information is supplied
for illustrative purposes only and may differ based on the actual offering price and the actual number of