Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 24

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 24
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 on historical volatility) |     |   |          103 | % |     |   |          108 | % |
| Dividend yield                                         |     |   |         0.00 | % |     |   |         0.00 | % |

<div align='center'>Page 18| 28</div>

FOREMOST CLEAN ENERGY LTD.

(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)

Notes to the Condensed Interim Consolidated Financial Statements

December 31, 2024

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

| 7. | CAPITAL STOCK AND RESERVES (Continued) |

Performance Stock Options:

During the three-month and nine-month period ended December 31, 2024,the Company recorded $Nil (three-month period ended December 31, 2023 -$15,787) and $Nil (nine-month period ended December 31, 2023 -$) as share-based compensation for performance stock options.

During the year ended March 31, 2024, performance stock options expired. performance stock option transactions were incurred during the three-month and nine-month period ended December 31, 2024.

As at December 31, 2024, performance stock option was outstanding.

Restricted Share Units:

The terms and conditions of vesting of each granted are determined by the Board at the time of the grant in accordance with the Company’s Stock Incentive Plan. The Company use the fair value method to recognize the obligation and compensation expense associated with the restricted share units (“RSUs”). The fair value of RSUs issued is determined on the grant date based on the market price of the common shares on the grant date multiplied by the number of RSUs granted. The fair value is expensed over the vesting term. Upon redemption of the RSU, the carrying amount is recorded as an increase in common share capital and a reduction in the liability.

During the nine-month period ended December 31, 2024,the Company granted RSUs to certain directors, officers and consultants of the Company. The total estimated fair value of the RSUs granted was $ based on the market value of the Company’s shares at the grant date. The fair value of each RSUs is recorded as share-based payments over the vesting period. These RSUs will vest as follows:

| ● | 79,317 RSUs vested immediately. |

| ● | 48,138 RSUs - 40,276 vest on