Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 202

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 202
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The accompanying notes are an integral part of these consolidated financial statements.

F-9

  NATURE OF OPERATIONS AND GOING CONCERN  
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Foremost Clean Energy Ltd. (formerly Foremost Lithium Resource & Technology Ltd.) (“ Foremost” or the "Company") which was incorporated under the laws of the Province of British Columbia, is a public company listed on the Canadian Securities Exchange (the “ CSE”) and trades under the symbol FAT and on the NASDAQ Stock Market LLC (“ NASDAQ”) under the symbols FMST and FMSTW. The Company’s head office is located at250 - 750West Pender Street, Vancouver, BC, V6C2T7.

OnJuly 5, 2023, the Company consolidated its common shares on the basis of fifty(50) pre-consolidation common shares for one(1) post-consolidation common share. All shares, warrants and stock options in these consolidated financial statements are on a post consolidated basis.

OnSeptember 30, 2024, the Company changed its name to Foremost Clean Energy Ltd.

The Company is an exploration company focused on the identification and development of high potential mineral opportunities in stable jurisdictions.

Going concern of operations

These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As atMarch 31, 2025, the Company has had significant losses resulting in a deficit of $24,455,404(2024-$21,481,123; 2023-$17,869,111). In addition, the Company has notgenerated revenues from operations. The Company has financed its operations primarily through the issuance of common shares and short-term loans. The Company continues to seek capital through various means including the issuance of equity and/or debt. These material uncertainties cast substantial doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These consolidated financial statements do notinclude adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations. Any such adjustments maybe material.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing