Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 219

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 219
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 exploration properties in the Athabasca Basin in Northern Saskatchewan (the “ Exploration Properties”). To earn the interest, the Company has to make the following cash payments, share issuances and incur project exploration expenditures in3phases:

Phase1

During the year endedMarch 31, 2025, the Company earned an initial20% interest in the Exploration Properties (14.03% for Hatchet Lake) by:

  Issuing 1,369,810 common shares (issued and valued at $ 5,205,278) to Denison;  

  appointing a Technical Advisor to Foremost at Denison's election; and  

  entering into an Investors Rights Agreement providing for, among other things: the appointment by Denison of up to two ( 2) individuals to the board of directors of Foremost; and a pre-emptive ...  

The Company also issued425,682common shares to arm’s length parties for finders and advisory fees valued at $1,511,171.

Phase2

To earn an additional31% interest in the Exploration Properties (21.75% for Hatchet Lake), on or beforeOctober 4, 2027, the Company must:

  pay $ 2,000,000 to Denison in cash or common shares or a combination thereof;  

  incur $ 8,000,000 in exploration expenditures on the Exploration Properties.  

If the conditions of Phase2are notsatisfied, the Company shall forfeit the entirety of its interests in and rights to the Exploration Properties.

Phase3

To earn an additional19% interest in the Exploration Properties (15.22% for Hatchet Lake), on or beforeOctober 4, 2030, and on the successful completion of Phase2, Foremost must:

  pay $ 2,500,000 to Denison in cash or common shares or a combination thereof;  

  incur a further $ 12,000,000 in exploration expenditures on the Exploration Properties.  

If the conditions of Phase3are notsatisfied, the Company shall forfeit a portion of its interests in and rights to the Exploration Properties such that Denison's interests in each of the Exploration Properties will be increased to51% and operatorship shall revert to Denison.

Upon completion of Phase3of the Option Agreement, the parties will enter into a joint venture agreement in respect of each of the Exploration Properties.

  ACCOUNTS PAYABLE AND ACCRUED LIABILITIES  
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