Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 154

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 7
Chunk 154
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 26, 2024): The maturity date was extended to May 10, 2025.

Amendment 3(October 4, 2024): The Loan was revised to exclude the newly optioned Denison properties as collateral, and the interest rate was reduced to 9% per annum, effective through to October 4, 2025.

The Company incurred $96,768 (2024 - $126,606) in interest and paid an aggregate of $600,000 (2024 - $Nil) in principal and $113,920 (2024 - $126,606) in interest on the Loan during the year ended March 31, 2025.

During the year ended March 31, 2025, the Company issued 1,369,810 common shares to Denison pursuant to the option agreement. No other fee was paid or accrued to Denison during the year ended March 31, 2025.

The amounts due to related parties included in accounts payable and accrued liabilities are unsecured, non-interest bearing, and have no specific terms of repayment, are as follows:

                               March 31,                   March 31,              
                                                           2024                   
                               2025                                               
 ──────────────────────────────────────────────────────────────────────────────────
  Chief Executive Officer      $               55,385      $              20,769  
  Chief Operating Officer                      52,878                     21,084  
  Director                                        148                        127  
  Former Directors                             27,000                     45,000  
                               $              135,411      $              86,980  

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

In accordance with IAS 24 - Related Party Disclosures, key management personnel, including companies controlled by them, are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company.

121

The remuneration of directors and key executives is determined by the compensation committee of the Board. The remuneration of directors and other members of key management personnel during the years ended March 31, 2025, 2024 and 2023 were as follows:

  Table of compensation excluding compensation securities                                                   
  Name and position                                            Year                                         
  Jason Barnard                                                2025      319,616      111,053      430,669