Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 113

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 113
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 result, the Company holds a 100% interest in Lac Simard South property.

The Company staked an additional 20 mineral claims on the Lac Simard South Property contiguous to the 60 claims to complete the final aggregate land size of 11,482 acres (4,647 hectares), and the total number of claims to 80.

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RESULTS OF OPERATIONS

For the year ended March 31, 2025:

Net loss for the year

The Company had a net comprehensive loss for the year ended March 31, 2025, of $3,615,375 (2024 - $4,472,170). The net change of $856,795 in the net loss for the year ended March 31, 2025, compared to the year ended March 31, 2024, was primarily due to the following:

Administrative expenses increased by $1,317,897:

  Consulting of $160,341 (2024 - $120,801) increased by $39,540 and was primarily related to increased consulting services subsequent to the NASDAQ listing in comparative year.  

  Investor relations and promotion of $1,440,910 (2024 - $851,614) increased by $589,296 and was primarily due to the Company’s efforts to increase market awareness.  

  Listing fee of $26,000 (2024 - $54,184) decreased by $28,184 and was directly related to the Company’s NASDAQ listing in the comparative year.  

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  Management and directors’ fees of $808,550 (2024 - $754,542) increased by $54,008 and was related to certain contracted or salaried employees and the addition of new employees due to the growth...  

  Office and miscellaneous of $306,323 (2024 - $267,690) increased by $38,633 and was mainly related to increase in insurance costs after listing on the NASDAQ.  

  Professional fees of $1,926,012 (2024 - $1,178,691) increased by $747,321 which was mostly related to an increase in legal and audit fees related to the spin-out transaction in the current year...  

  Share-based payments of $872,879 (2024 - $910,700) decreased by $37,821 due to the timing of stock option grants and the valuation using the Black-Scholes valuation model.  

  Transfer agent and filing fees of $250,316 (2024