Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 21

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 21
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 to one
or more other purchasers directly or through agents. Each Prospectus Supplement will set forth the terms of the offering, including the
name or names of any underwriters or agents, if any, the purchase price or prices of the Securities and the proceeds we will receive from
the sale of the Securities.

The Securities may be sold from time to time in one
or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices related
to such prevailing market prices or at negotiated prices including sales in transactions that are deemed to be “at-the-market”
distributions, including sales made directly on Nasdaq or other existing trading markets for the securities. The prices at which the Securities
may be offered may vary as between purchasers and during the period of distribution. If, in connection with the offering of Securities
at a fixed price or prices, the underwriters, if any, have made a bona fide effort to sell all of the Securities at the initial offering
price fixed in the applicable Prospectus Supplement, the public offering price may be decreased and thereafter further changed, from time
to time, to an amount not greater than the initial public offering price fixed in such Prospectus Supplement, in which case the compensation
realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than
the gross proceeds paid to us by the underwriters.

Underwriters, dealers and agents who participate in
the distribution of the Securities may be entitled under agreements to be entered into with us to indemnification by us against certain
liabilities, including liabilities under the Securities Act and Canadian securities legislation, or to contribution with respect to payments
which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers
of, engage in transactions with, or perform services for, us in the ordinary course of business.

In connection with any offering of Securities, except
as otherwise set out in a Prospectus Supplement relating to a particular offering of Securities, the underwriters may over-allot or effect
transactions intended to maintain or stabilize the market price of the Securities offered at a level above that which might otherwise
prevail in the open market. Such transactions, if commenced, may be discontinued at any time.

### DESCRIPTION OF COMMON SHARES
Our authorized share structure consists of an unlimited
number of Common Shares without par value, of which 12,181,474 Common