Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 10

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 10
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 titled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements”, and sections under similar headings in the accompanying Prospectus
Supplement and in our annual report on Form 20-F for the year ended March 31, 2025, our consolidated financial statements and
the related notes incorporated by reference in this Prospectus and all other information included or incorporated by reference in this
Prospectus. Unless the context otherwise requires, references in this Prospectus to the “Company”, “Foremost”,
“we”, “us” and “our” refer to Foremost Clean Energy Ltd. and its subsidiaries.

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#### Recent Developments
On July 23, 2025, we entered into an amended and restated investor rights
agreement (the “Investor Rights Agreement”) with Denison Mines Corp. (“Denison”). Under the terms
of the Investor Rights Agreement, Denison has the right, subject to certain conditions to participate in our future financings and/or
in private placements concurrent with our future financings. With respect to at-the-market offerings, we agreed to offer Denison, on
a quarterly basis with respect to any quarter for which there are sales of Common Shares in an at-the-market offering, the opportunity
to purchase Common Shares in one or more private placements concurrent with such at-the-market offering and subject to the following
terms:

| ii. | Denison shall be entitled to subscribe for up to such number of Common Shares such that the Common Share                                
 ownership interest of Denison and its affiliates in us following the at-the-market offering and exercise Denison’s equity participation 
 right, with respect to such at-the-market offering, would be equal to or less than 19.95%;                                              |

| iv. | Denison shall have 30 days from the date of the offer to participate to elect                                                           
 to purchase, and to fully fund the purchase, of any such securities in the concurrent private placement. If Denison does not elect to   
 purchase any securities and/or does not provide immediately available funds for the purchase of such securities to us within 30 days of 
 the date of the offer to participate, Denison’s rights to purchase such securities shall terminate.                                     |

#### Our Company
Foremost Clean Energy Ltd. (formerly Foremost Lithium
Resource & Technology Ltd.) was incorporated under the Business Corporations Act (British Columbia) (the “BCBCA”)
and the laws of the Province of British Columbia as FAR Resources Ltd