Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 203

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 19
Chunk 203
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, there isnoassurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

  BASIS OF PRESENTATION  
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  Statement of compliance  

These consolidated financial statements, including comparatives, have been prepared in accordance with IFRS Accounting Standards (“ IFRS”), as issued by the International Accounting Standards Board (“ IASB”), and interpretations issued by the IFRS Interpretations Committee (“ IFRIC”).

These financial statements are presented in Canadian dollars, which is also the Company’s functional currency.

  Basis of measurement  

These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss or fair value through other comprehensive loss, which are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

The policies applied in these consolidated financial statements are based on IFRS issued and effective as of March 31, 2025. The Board of Directors approved these consolidated financial statements for issue on June 18, 2025.

  Principles of consolidation  

These consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances have been eliminated.

The consolidated financial statements include the accounts of the Company and its subsidiaries listed in the following table:

                                                  Country of Incorporation      Principal            Ownership percentage at                 Ownership percentage at               Ownership percentage at  
                                                                                                                                                                                                            
                                                                                Activity             March 31, 2025                          March 31, 2024                        March 31, 2023           
  Sierra Gold & Silver Ltd. (“ Sierra”)           USA                           Holding Company      Nil                                                                  100                               
  Rio Grande Resources Ltd. (“ Rio Grande”)*      Canada                        Holding Company                                   19.95      Nil                                   Nil                      
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*Rio Grande was newly incorporated onJuly 19, 2024for the purpose of the spin-out that was completed onJanuary 31, 202