Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 116

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 116
---
 and directors’ fees of $213,703 (2024 - $204,288) increased by $9,415 and was related to increases to certain contracted or salaried employees and the addition of new employees due t...  
  Professional fees of $363,731 (2024 - $188,813) increased by $174,918 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 $166,443 (2024 - $55,239) increased by $111,204 due to the timing of stock option grants and the valuation using the Black-Scholes valuation model.                           
  Transfer agent and filing fees of $142,143 (2024 - $98,359) increased by $43,784 which was primarily related to fees associated with the spin-out transaction in the current year and continued f...  

93

Other gains and losses:

  Gain on spin-out transaction of $1,914,814 (2024 - $Nil) increased by $1,914,814 due to the completion of the spin-out of Sierra into Rio Grande by way of a plan of arrangement. The Company dec...  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Foreign exchange gain of $5,118 (2024 - $20,256) decreased by $15,138 and related to the fluctuations in the U. S. dollar as compared to the Canadian dollar at each reporting date.                  
  Gain on derivative liabilities of $166,656 (2024 – Loss of $392,012) increased by $558,668 caused by the warrants priced in U. S. dollars are classified as derivative liabilities as the Company...  
  Gain on forgiveness of debt of $Nil (2024 - $10,000) decreased by $10,000 which was primary due to the forgiveness of the Canada Emergency Business Account loan in the comparative year.             
  Interest expense of $12,697 (2024 - $28,540) decreased by $15,843 and is directly attributable to the outstanding loan balance with related parties to fund the Company.                              
  Recovery of flow-through premium liability of $104,986 (2024 - $8,477) increased by $96,509 due to issuance of flow through shares where the required exploration expenditures are made therefore...  
  Equity loss on investment in associate of $105