Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 111

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 5
Chunk 111
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 Mining Recorder, Manitoba Natural Resources and Northern Development

5Bailes, A. H. 1985: Geology of the Saw Lake area, Geological Report GR83-2, 47 pages and Map GR83-2-1

89

Peg North Property

The Peg North Property is an exploration stage property covering 16,697 acres (6,757 hectares) located in the historic mining district of Snow Lake, Manitoba, and is the largest and newest of the lithium properties. It captures the northern extension of the Crowduck Bay fault which is a focal point for the development of lithium-enriched pegmatite dyke clusters.

Ownership Details

On June 28, 2022, the Company entered into an option agreement to acquire a 100% interest in the Peg North claims located in the Snow Lake mining district in Manitoba. Under the terms of the option agreement, in consideration for making aggregate cash payments of $750,000, issuing Strider Resources common shares having an aggregate value of $750,000, and incurring an aggregate of $3,000,000 in exploration expenditures on or before the fifth anniversary, the Company has the right to acquire a 100% interest in the Peg North Claims, subject only to a 2% net smelter return royalty granted to Strider (the “ NSR”) (the “ First Option”), The obligations under the First Option can be considered fulfilled under the terms as outlined in the schedule below:

  the issuance of $750,000 in cash from the Company as follows;  

  a cash payment of $100,000 on or before June 23, 2022 (paid);  

  ii.      a cash payment of $100,000 on or before June 28, 2023 (paid);  

  iii.      a cash payment of $100,000 on or before June 28, 2024 (paid);  

  iv.      a cash payment of $150,000 on or before June 28, 2025;  

  a cash payment of $150,000 on or before June 28, 2026;  

  vi.      a cash payment of $150,000 on or before June 28 2027; and  

  the issuance of $750,000 in shares of the Company as follows;  

  the issuance of $100,000 in common shares on or before June 23, 2022 (issued 10,526 shares);  

  ii.      the issuance of