# EDGAR Filing Document

**Accession Number:** 0001935418
**File Stem:** 0001171843-25-004004
**Filing Date:** 2025-6
**Character Count:** 899413
**Document Hash:** 0ba8e98eb77f9a7ac80e87442b562bb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004004.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001171843-25-004004

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 141

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Foremost Clean Energy Ltd.
- **CENTRAL INDEX KEY:** 0001935418
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41769
- **FILM NUMBER:** 251061982

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 250, 750 W. PENDER STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **BUSINESS PHONE:** (604) 330-8067

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 250, 750 W. PENDER STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Foremost Lithium Resource & Technology Ltd.
- **DATE OF NAME CHANGE:** 20230621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Foremost Lithium Resources & Technology Ltd.
- **DATE OF NAME CHANGE:** 20220627

?xml version='1.0' encoding='ASCII'? fmst20250331_20f.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

(Mark one)

**☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended March 31, 2025**

OR

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________ to _________**

OR

**☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of event requiring this shell company report __________**

Commission file number **001-41769**

---

| |
|:---|
| **Foremost Clean Energy Ltd.**  |
| (Exact name of the Registrant as specified in its charter)  |

---

---

| |
|:---|
| **British Columbia, Canada**  |
| (Jurisdiction of incorporation or organization)  |

---

---

| |
|:---|
| **750 West Pender Street, Suite 250** <br> **Vancouver, British Columbia V7Y 1K3 Canada**  |
| (Address of principal executive offices)  |

---

---

| |
|:---|
| **Jason Barnard** <br> **Tel: (604) 330-8067** <br> **Email: jason.barnard@foremstcleanenergy.com** <br> **750 West Pender Street, Suite 250** <br> **Vancouver, British Columbia V7Y 1K3 Canada**  |
| (Name, Telephone, E-mail and/or <br> Facsimile number and Address <br> of Company Contact Person)  |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Title of each class**  | &nbsp;&nbsp; **Trading Symbol**  | &nbsp;&nbsp; **Name of each exchange on which registered**  |
| &nbsp;&nbsp; Common Shares, no par value  | &nbsp;&nbsp; FMST  | &nbsp;&nbsp; The Nasdaq Stock Market, LLC  |
| &nbsp;&nbsp; Common Share Purchase Warrant | &nbsp;&nbsp; FMSTW | &nbsp;&nbsp; The Nasdaq Stock Market, LLC  |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 10,419,966 Common Shares, no par value per share, as of March 31, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | |
|:---|:---|:---|
| ☐ Large Accelerated filer  | ☐ Accelerated filer  | ☒ Non-accelerated filer  |
|  |  | ☒ Emerging Growth Company  |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | |
|:---|:---|:---|
| ☐ US GAAP  | ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board  | ☐ Other  |

---

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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![logo.jpg](logo.jpg)

**Annual Report on Form 20-F**

 **Year Ended March 31, 2025**

 **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **<u>Page</u>** |
| [<u>PART I</u>](#P1) |  |
| [<u>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</u>](#I1) | [7](#I1) |
| [<u>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</u>](#I2) | [7](#I2) |
| [<u>ITEM 3. KEY INFORMATION</u>](#I3) | [7](#I3) |
| [*<u>3.A. \[Reserved\]</u>*](#I3A) | [7](#I3A) |
| [*<u>3.B. Capitalization and Indebtedness</u>*](#I3B) | [7](#I3B) |
| [*<u>3.C. Reasons for the Offer and Use of Proceeds</u>*](#I3C) | [7](#I3C) |
| [*<u>3.D. Risk Factors</u>*](#I3D) | [7](#I3D) |
| [<u>ITEM 4. INFORMATION ON THE COMPANY</u>](#I4) | [19](#I4) |
| [*<u>4.A. History and Development of the Company</u>*](#I4A) | [19](#I4A) |
| [*<u>4.B. Business Overview</u>*](#I4B) | [21](#I4B) |
| [*<u>ITEM 4A. UNRESOLVED STAFF COMMENTS</u>*](#Item_4A) | [78](#Item_4A) |
| [<u>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</u>](#I5) | [78](#I5) |
| [*<u>5.A. Operating Results</u>*](#I5A) | [78](#I5A) |
| [<u>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</u>](#I6) | [109](#I6) |
| [*<u>6.A. Directors and Senior Management</u>*](#I6A) | [109](#I6A) |
| [*<u>6.B. Compensation of Board Members and Executives</u>*](#I6B) | [110](#I6B) |
| [*<u>6.C. Board Practices</u>*](#I6C) | [116](#I6C) |
| [*<u>6.D. Employees</u>*](#I6D) | [119](#I6D) |
| [*<u>6.E. Share Ownership</u>*](#I6E) | [119](#I6E) |
| [*<u>6.F. Disclosure of a Registrant</u>*<u>'</u>*<u>s Action to Recover Erroneously Awarded Compensation</u>*](#I6F) | [120](#I6F) |
| [<u>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</u>](#I7) | [120](#I7) |
| [*<u>7.A. Major shareholders</u>*](#I7A) | [120](#I7A) |
| [*<u>7.B. Related Party Transactions</u>*](#I7B) | [120](#I7B) |
| [*<u>7.C. Interests of Experts and Counsel</u>*](#I7C) | [123](#I7C) |
| [<u>ITEM 8. FINANCIAL INFORMATION</u>](#I8) | [123](#I8) |
| [*<u>8.A. Consolidated Statements and Other Financial Information.</u>*](#I8A) | [123](#I8A) |
| [*<u>8.B. Significant Changes</u>*](#I8B) | [123](#I8B) |
| [<u>ITEM 9. THE OFFER AND LISTING</u>](#I9) | [123](#I9) |
| [*<u>9.A. Offer and Listing Details</u>*](#I9A) | [123](#I9A) |
| [*<u>9.B. Plan of Distribution</u>*](#I9B) | [123](#I9B) |
| [*<u>9.C. Markets</u>*](#I9C) | [124](#I9C) |
| [*<u>9.D. Selling Shareholders</u>*](#I9D) | [124](#I9D) |
| [*<u>9.E. Dilution</u>*](#I9E) | [124](#I9E) |
| [*<u>9.F. Expenses of the Issue</u>*](#I9F) | [124](#I9F) |
| [<u>ITEM 10. ADDITIONAL INFORMATION</u>](#I10) | [124](#I10) |
| [*<u>10.A. Share Capital</u>*](#I10A) | [124](#I10A) |
| [*<u>10.B. Memorandum and Articles of association</u>*](#I10B) | [124](#I10B) |
| [*<u>10.C. Material Contracts</u>*](#I10C) | [124](#I10C) |
| [*<u>10.D. Exchange Controls</u>*](#I10D) | [124](#I10D) |
| [*<u>10.E. Taxation</u>*](#I10E) | [124](#I10E) |
| [*<u>10.F. Dividends and Paying Agents</u>*](#I10F) | [132](#I10F) |
| [*<u>10.G. Statement by Experts</u>*](#I10G) | [132](#I10G) |
| [*<u>10.H. Documents on Display</u>*](#I10H) | [132](#I10H) |
| [*<u>10.I. Subsidiary Information</u>*](#I10I) | [133](#I10I) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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| | |
|:---|:---|
| [<u>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</u>](#I11) | [133](#I11) |
| [<u>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</u>](#I12) | [133](#I12) |
| [*<u>12.A. Debt Securities</u>*](#I12A) | [133](#I12A) |
| [*<u>12.B. Warrants and Rights</u>*](#I12B) | [133](#I12B) |
| [*<u>12.C. Other Securities</u>*](#I12C) | [133](#I12C) |
| [*<u>12.D. American Depositary Shares</u>*](#I12D) | [133](#I12D) |
| [<u>PART II</u>](#P2) | [133](#P2) |
| [<u>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</u>](#I13) | [133](#I13) |
| [<u>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</u>](#I14) | [133](#I14) |
| [*<u>14.A.-D. Material Modifications to the Rights of Security Holders.</u>*](#I14AtoD) | [133](#I14AtoD) |
| [*<u>14.E. Use of Proceeds.</u>*](#I14E) | [134](#I14E) |
| [<u>ITEM 15. CONTROLS AND PROCEDURES</u>](#I15) | [134](#I15) |
| [<u>ITEM 16. \[RESERVED\]</u>](#I16) | [135](#I16) |
| [<u>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT.</u>](#I16A) | [135](#I16A) |
| [<u>ITEM 16B. CODE OF ETHICS.</u>](#I16B) | [135](#I16B) |
| [<u>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</u>](#I16C) | [135](#I16C) |
| [<u>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.</u>](#I16D) | [136](#I16D) |
| [<u>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.</u>](#I16E) | [136](#I16E) |
| [<u>ITEM 16F. CHANGE IN REGISTRANT</u><u>'</u><u>S CERTIFYING ACCOUNTANT.</u>](#I16F) | [136](#I16F) |
| [<u>ITEM 16G. CORPORATE GOVERNANCE.</u>](#I16G) | [137](#I16G) |
| [<u>ITEM 16H. MINE SAFETY DISCLOSURE.</u>](#I16H) | [137](#I16H) |
| [<u>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</u>](#I16I) | [137](#I16I) |
| [*<u>16J. INSIDER TRADING POLICIES.</u>*](#I16J) | [137](#I16J) |
| [*<u>16K. CYBERSECURITY.</u>*](#I16K) | [138](#I16K) |
| [<u>PART III</u>](#P3) |  |
| [<u>ITEM 17. FINANCIAL STATEMENTS</u>](#I17) | [138](#I17) |
| [<u>ITEM 18. FINANCIAL STATEMENTS</u>](#I18) | [138](#I18) |
| [<u>ITEM 19. EXHIBITS</u>](#I19) | [138](#I19) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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**CERTAIN INFORMATION**

As used in this Annual Report on Form 20-F (the "Annual Report"), unless otherwise indicated or the context otherwise requires, references to

● "we," "Foremost Clean Energy," "Foremost" "us," "our," "the Company," or "our company," are to Foremost Clean Energy Ltd., including its subsidiaries;

● "common shares" are to Foremost's common shares, no par value; and

● "NASDAQ" or "Nasdaq" are to the Nasdaq Stock Market LLC.

In this Annual Report on Form 20-F, references to "Canada" are to Canada and its provinces and territories. References to "U.S." or "United States" refers to the United States of America. References to "US$" or "U.S. dollars" are to the legal currency of the United States and references to "$" or "Canadian dollar" are to the legal currency of Canada.

Solely for the convenience of the reader, this Annual Report on Form 20-F contains translations of certain Canadian dollar amounts into U.S. dollars at specified rates. Except as otherwise stated in this Annual Report on Form 20-F, all translations from Canadian dollar to U.S. dollars are based on the closing rate of $1.4376 per US$1.00 for cable transfers of Canadian dollars, as certified by Bank of Canada on March 31, 2025. The noon buying rate for Canadian dollar was $1.4376 per US$1.00. No representation is made that such Canadian dollar amounts referred to in this Annual Report on Form 20-F could have been or could be converted into U.S. dollars at such rates or any other rates. Any discrepancies in any table between totals and sums of the amounts listed are due to rounding.

The audited consolidated financial statements and notes thereto as of and for fiscal 2025, 2024 and 2023 included elsewhere in this Annual Report on Form 20-F have been prepared in accordance with International Financial Reporting Standards, or IFRS. Our fiscal year end is March 31.

**FORWARD-LOOKING STATEMENTS**

This Annual Report contains many statements that are "forward-looking" and uses forward-looking terminology such as "anticipate," "believe," "could," "estimate," "expect," "future," "intend," "may," "ought to," "plan," "possible," "potentially," "predicts," "project," "should," "will," "would," negatives of such terms or other similar statements. You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific. Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual Report include, without limitation, statements relating to:

● our goals and strategies;

● expectations regarding revenue, expenses and operations;

● our having sufficient working capital and be able to secure additional funding necessary for the continued exploration of our property interests;

● expectations regarding the potential mineralization, geological merit and economic feasibility of our projects;

● expectations regarding exploration results at the Lithium Lane Properties (as defined herein);

● mineral exploration and exploration program cost estimates;

● expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations;

● receipt and timing of exploration permits and other third-party approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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● government regulation of mineral exploration and development operations;

● expectations regarding any social or local community issues that may affected planned or future exploration and development programs;

● key personnel continuing their employment with us; and

● our geographically diverse management.

The forward-looking statements included in this Annual Report are subject to known and unknown risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors, some of which are described under the headings "Risk Factors", "Operating and Financial Review and Prospects," "Information on our Company" and elsewhere in this Annual Report. Such risks and uncertainties are not exhaustive. Other sections of this Annual Report include additional factors which could adversely impact our business and financial performance. The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report or, if obtained from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified in their entirety by the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required by the securities laws of the United States, we undertake no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

**3. A. [Reserved]**

**3. B. Capitalization and Indebtedness**

Not applicable.

**3. C. Reasons for the Offer and Use of Proceeds**

Not applicable.

**3. D. Risk Factors**

You should carefully consider all of the information in this report, including various changing regulatory, competitive, economic, political and social risks and conditions described below, before making an investment in our common shares. One or more of a combination of these risks could materially impact our business, results of operations and financial condition. In any such case, the market price of our common shares could decline, and you may lose all or part of your investment.

**Risks Related to Our Business and Industry**

***If we do not make the required option payments and property expenditure requirements mandated in our option agreements we will lose our interests in our properties and our business may fail.***

If we do not make all of the property payments under the terms of our option agreements or incur the required expenditures in accordance with our option agreements we will lose our option to acquire our properties and may not be able to continue to execute our business objectives if we are unable to find an alternate exploration interest. Since our payment obligations are non-refundable, if we do not make any payments, we will lose any payments previously made and all our rights to our properties.

***We have a limited operating history and have not yet generated any revenues.***

Our limited operating history makes evaluating our business and prospects difficult and may increase the risk of your investment. We were formed in 2005 and have not yet begun commercial mining of uranium or lithium. To date, we have no revenues and are in the exploration stage of development with the potential to establish commercial operations still unknown. We intend to proceed with the development of the Athabasca Uranium Properties (as defined below) and our Lithium Lane Properties (as defined below) through continued exploration, economic and technical studies such as preliminary economic assessments and preliminary feasibility studies and, provided the results are positive, through to a feasibility study and mine development.

***The exploration activities of the Company may require substantial additional financing.***

Our exploration activities may require substantial additional financing. Failure to obtain sufficient financing may result in delaying or indefinite postponement of exploration and development of any of our properties. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financings will be favourable to us. In addition, low commodity prices may affect our ability to obtain financing. The additional capital required to advance these properties is difficult to raise due to market conditions in the mining exploration sector.

If we do not have, or are not able to obtain, sufficient funds, we may be required to delay further exploration, development, or commercialization of our expected mineral resources, if and when verified. we may also have to reduce resources devoted to mining efforts or cease operations. Any of these factors could harm our operating results.

***Our consolidated financial statements have been prepared on a going concern basis and our financial status creates a doubt about whether we will continue as a going concern.***

Our consolidated financial statements have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the ordinary course of business. Our future operations are dependent upon the identification and successful completion of equity or debt financing and the achievement of profitable operations at an indeterminate time in the future. There can be no assurances that we will be successful in completing an equity or debt financing or in achieving or maintaining profitability. The consolidated financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should we be unable to continue as a going concern.

***If we do not obtain additional financing, our business may be at risk, or the execution of our business plan may be delayed.***

We have limited assets upon which to commence our business operations and to rely otherwise. As of March 31, 2025, we had cash of $5,005,346 (US$3,481,738) and during the years ended March 31, 2025 and 2024, we had a net loss of $3,615,375 (US$2,598,559) and $4,472,170 (US$3,300,494), we will need to seek additional funds in the future through debt financings or strategic alliances with third parties, either alone or in combination with equity financings to complete our lithium exploration initiatives. Additional funding will be needed to implement our business plan that includes various expenses such as continuing our mining exploration program, legal, operational set-up, general and administrative, marketing, employee salaries and other related start-up expenses. Obtaining additional funding will be subject to various factors, including general market conditions, investor acceptance of our business plan and ongoing results from our exploration efforts. These financings could result in substantial dilution to the holders of our common shares or require contractual or other restrictions on our operations or on alternatives that may be available to us. If we raise additional funds by issuing debt securities, these debt securities could impose significant restrictions on our operations. Any such required financing may not be available in amounts or on terms acceptable to us, and the failure to procure such required financing could have a material and adverse effect on our business, financial condition, and results of operations, or threaten our ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7

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We may not be able to acquire additional funds on acceptable terms, or at all. If we are unable to raise adequate funds, we may have to delay, reduce the scope of or eliminate some or all our planned exploration programs. If we do not have, or are not able to obtain, sufficient funds, we may be required to delay further exploration, development, or commercialization of our expected mineral resources, if and when verified. We also may have to reduce the resources devoted to our mining efforts or cease operations. Any of these factors could harm our operating results.

***Our business is subject to operational risks that are generally outside of our control and could adversely affect our business.***

Mineral mining sites, like the sites where our Athabasca Uranium Properties and our Lithium Lane Properties are located, by their nature are subject to many operational risks and factors that are generally outside of our control and could adversely affect our business, operating results, and cash flows. These operational risks and factors include the following:

● unanticipated ground and water conditions;

● adverse claims to water rights and shortages of water to which we have rights;

● adjacent land ownership that results in constraints on current or future operations;

● geological problems, including earthquakes and other natural disasters;

● metallurgical and other processing problems;

● the occurrence of unusual weather or operating conditions and other force majeure events;

● lower than expected ore grades or recovery rates;

● accidents;

● delays in the receipt of or failure to receive necessary government permits;

● the results of litigation, including appeals of agency decisions;

● uncertainty of exploration and development;

● delays in transportation;

● interruption of energy supply;

● labor disputes or labor shortages;

● inability to obtain satisfactory insurance coverage; and

● the failure of equipment or processes to operate in accordance with specifications or expectations.

Any one or more of these factors or other risks could cause us not to realize the anticipated benefits from our properties and could have a material adverse effect on our financial condition.

***Our mineral resources described in our most recent S-K 1300 compliant inferred mineral resource report are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized.***

We intend to continue exploration on our properties, and we may or may not acquire additional interests in other mineral properties. The search for mineral deposits as a business is extremely risky. We can provide investors with no assurance that exploration on our current properties, or any other property that we may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. Additional potential problems may prevent us from discovering any mineral deposits. These potential problems include unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. If we are unable to establish the presence of viable lithium mineral deposits on our properties, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably, and investors may lose all their investment in our company. Mineral exploration involves many risks, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Operations in which we have a direct or indirect interest will be subject to all the hazards and risks normally incidental to exploration and development, any of which could result in work stoppages, damage to property, and possible environmental damage. None of the properties we have an interest in have a known body of commercial ore. Development of the Company's mineral properties will follow upon obtaining satisfactory exploration results. Mineral exploration and development involve a high degree of risk and few properties that are explored are ultimately developed into producing mines.

There is no assurance that our mineral exploration and development activities will result in discoveries of commercially viable bodies or ore. The long-term profitability of Foremost's operations will be in part directly related to the cost and success of its exploration programs, which may be affected by a number of factors. Substantial expenditures are required to establish reserves through drilling, to develop metallurgical processes to extract the metal from the resources and, in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that the funds required for development can be obtained on a timely basis

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***Mineral exploration and development are subject to extraordinary operating risks. We currently do not insure against these risks. In the event of a cave-in or similar occurrence, our liability may exceed our resources, which could have an adverse impact on us.***

Exploration and mining operations generally involve a degree of risk. Our operations are subject to all of the hazards and risks normally encountered in the exploration, development and production of rare earth metals, including, without limitation, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, personal injury or loss of life and damage to property and environmental damage, all of which may result in possible legal liability. Although we expect that adequate precautions to minimize risk will be taken, mining operations are subject to hazards such as fire, rock falls, geo-mechanical issues, equipment failure or failure of retaining dams around tailings disposal areas which may result in environmental pollution and consequent liability. The occurrence of any of these events could result in a prolonged interruption of our operations that would have a material adverse effect on our business, financial condition, results of operations and prospects. Further, although we have adequate coverage for our employees and ensure that all our vendors, consultants and suppliers have adequate coverage for their employees, we are required by law to compensate employees for work-related injuries and failure to make adequate provisions for our workers' compensation liabilities could harm our future operating results.

The exploration for and development of mineral deposits involves significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of a mineral deposit may result in substantial rewards, few properties that are explored are ultimately developed into producing mines. Major expenses may be required to locate and establish mineral resources and reserves, to develop metallurgical processes and to construct mining and processing facilities and infrastructure at a particular site. It is impossible to ensure that the exploration or development programs planned by us will result in a profitable commercial mining operation. Whether a mineral deposit will be commercially viable depends on several factors, some of which are: the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices that are highly cyclical, and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in our company not receiving an adequate return on invested capital. There is no certainty that the expenditures made towards the search and evaluation of mineral deposits will result in the discovery of mineral resources or the development of commercial quantities of mineral reserves.

Our development projects have no operating history upon which to base estimates of future capital and operating costs. Mineral resource and reserve estimates and estimate of operating costs are, to a large extent, based upon the interpretation of geologic data obtained from drill holes and other sampling techniques, and feasibility studies, which derive estimates of capital and operating costs based upon anticipated tonnage and grades to be mined and processed, ground conditions, the configuration of the deposit, expected recovery rates of minerals from ore, estimated operating costs, and other factors. As a result, actual production, cash operating costs and economic returns could differ significantly from those estimated.

***We do not insure against all of the risks we face in our operations.***

In general, where coverage is available and not prohibitively expensive relative to the perceived risk, we maintain insurance against such risk, subject to exclusions and limitations. We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations, subject to exclusions and limitations; however, we do not maintain insurance to cover all the potential risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction, and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

***Our business operations are exposed to a high degree of risk associated with the mining industry.***

Our business operations are exposed to a high degree of risk inherent in the mining sector. Risks which may occur during the exploration and development of mineral resources include environmental hazards, industrial accidents, equipment failure, import/customs delays, shortage or delays in installing and commissioning plant and equipment, metallurgical and other processing problems, seismic activity, unusual or unexpected formations, formation pressures, rock bursts, wall failure, cave ins or slides, burst dam banks, flooding, fires, explosions, power outages, opposition with respect to mining activities from individuals, communities, governmental agencies and non-governmental organizations, interruption to or the increase in costs of services, cave-ins and interruption due to inclement or hazardous weather conditions.

Commencement of mining can also reveal mineralization or geologic formations, including higher than expected content of other minerals that can be difficult to separate from rare earth metals, which can result in unexpectedly low recovery rates.

Such occurrences could cause damage to, or destruction of properties, personal injury or death, environmental damage, pollution, delays, increased production costs, monetary losses, and potential legal liabilities. Moreover, these factors may result in a mineral deposit, which has been mined profitably in the past to become unprofitable. They are also applicable to sites not yet in production and to expanded operations. Successful mining operations will be reliant upon the availability of processing and refining facilities and secure transportation infrastructure at the rate of duty over which we may have limited or no control. Any liabilities that we incur for these risks and hazards could be significant and the costs of rectifying the hazard may exceed our asset value.

***Infrastructure required to carry on our business may be affected by unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure.***

Exploitation of our Properties will depend to a significant degree on adequate infrastructure. While developing our expected operations, assuming our exploration efforts will be successful, we may need to construct and support the construction of infrastructure, which includes permanent gas pipelines, water supplies, power, transport and logistics services which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure or any failure or unavailability in such infrastructure could materially adversely affect our operations, financial condition, and results of operations.

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***We may not be able to obtain or renew licenses or permits that are necessary for our operations.***

In the ordinary course of business, we will be required to obtain and renew governmental licenses or permits for exploration, development, construction, and commencement of mining at the Properties. Obtaining or renewing the necessary governmental licenses or permits is a complex and time-consuming process involving public hearings and costly undertakings on the part of our company. The duration and success of our efforts to obtain and renew licenses or permits are contingent upon many variables not within our control, including the interpretation of applicable requirements implemented by the licensing and/or permitting authorities. We may not be able to obtain or renew licenses or permits that are necessary to our operations, including, without limitation, an exploitation license, or the cost to obtain or renew licenses or permits may exceed what we believe we can recover from the Properties. Any unexpected delays or costs associated with the licensing or permitting process could delay the development or impede the operation of a mine, which could adversely impact our operations and profitability.

***Opposition to our mining and business activities could disrupt our business.***

In recent years, governmental and non-governmental agencies, individuals, communities and courts have become more vocal and active with respect to their opposition to certain mining and business activities. This opposition may take on forms such as road blockades, applications for injunctions seeking work stoppages, refusals to grant access to lands or to sell lands on commercially viable terms, lawsuits for damages or to revoke or modify licenses and permits, issuances of unfavorable laws and regulations, and other rulings that could be contrary to our interests. In addition, these actions can occur in response to our activities or the activities of other unrelated entities. Opposition to our mining and business activities is beyond our control. Any such opposition may disrupt our business and may result in increased costs, which could have a material adverse effect on our business and financial condition

***There can be no guarantee that our interest in the Athabasca Uranium Properties and the Lithium Lane Properties is free from any title defects.***

We believe we have taken reasonable steps to ensure proper title to both the Athabasca Uranium Properties and the Lithium Lane Properties exists. However, there can be no guarantee that our interest in our properties are free from any title defects, as title to mineral rights involves certain intrinsic risks due to the potential problems arising from the unclear conveyance history characteristic of many mining projects. There is also the risk that material contracts between us and relevant government authorities will be substantially modified to the detriment of us or be revoked. There can be no assurance that our rights and title interests will not be challenged or impugned by third parties.

***We may experience an inability to attract or retain qualified personnel.***

Our success depends to a large degree upon our ability to attract, retain and train key management personnel, as well as other technical personnel. If we are not successful in retaining or attracting such personnel, our business may be adversely affected. Furthermore, the loss of our key management personnel could materially and adversely affect our business and operations.

As our business becomes more established, it will also be required to recruit additional qualified key financial, administrative, operations and marketing personnel. There will be no guarantee that we will be able to attract and keep such qualified personnel and if we are not successful, it could have a material and adverse effect on our business and results from operations.

***Failure to comply with federal, provincial and/or local laws and regulations could adversely affect our business.***

Our mining-related operations are subject to various laws and regulations governing exploration, development, production, taxes, labor standards and occupational health, mine safety, protection of endangered and protected species, toxic substances and explosives use, reclamation, exports, price controls, waste disposal and use, water use, forestry, land claims of local people, and other matters. This includes periodic review and inspection of the Lithium Lane Properties that may be conducted by applicable regulatory authorities.

Although the exploration activities on the Lithium Lane Properties have been and, we expect, will continue to be carried out in accordance with all applicable laws and regulations, there is no guarantee that new laws and regulations will not be enacted or that existing laws and regulations will not be applied in a way which could limit or curtail exploration or in the future, production. New laws and regulations or amendments to current laws and regulations governing the operations and activities of mining or more stringent implementation of existing laws and regulations could have a material adverse effect on us and cause increases in capital expenditures costs, or reduction in levels of exploration, development and/or production.

Failure to comply with applicable laws and regulations, even if inadvertent, may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or remedial actions. We may also be required to reimburse any parties affected by loss or damage caused by our mining activities and may have civil or criminal fines and/or penalties imposed against us for infringement of applicable laws or regulations.

***Failure to comply with environmental regulation could adversely affect our business.***

All phases of our operations with respect to the Lithium Lane Properties and the Athabasca Uranium Properties will be subject to environmental regulation. Environmental legislation involves strict standards and may entail increased scrutiny, fines and penalties for non-compliance, stringent environmental assessments of proposed projects and a high degree of responsibility for companies and their officers, directors, and employees. Changes in environmental regulation, if any, may adversely impact our operations and future potential profitability. In addition, environmental hazards may exist on the Lithium Lane Properties and the Athabasca Uranium Properties that are currently unknown. We may be liable for losses associated with such hazards or may be forced to undertake extensive remedial cleanup action or to pay for governmental remedial cleanup actions, even in cases where such hazards have been caused by previous or existing owners or operators of the properties, or by the past or present owners of adjacent properties or by natural conditions. The costs of such cleanup actions may have a material adverse impact on our operations and future potential profitability.

Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations as well as environmental laws.

***We currently report our financial results under IFRS, which differs in certain significant respect from U.S. generally accepted accounting principles.***

We report our consolidated financial statements under IFRS. There have been and there may in the future be certain significant differences between IFRS and United States generally accepted accounting principles, or U.S. GAAP, including differences related to revenue recognition, intangible assets, share-based compensation expense, income tax and earnings per share. As a result, our financial information and reported earnings for historical or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS and U.S. GAAP unless it is required under applicable law. As a result, you may not be able to meaningfully compare our consolidated financial statements under IFRS with those companies that prepare consolidated financial statements under U.S. GAAP.

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***Foreign currency fluctuations could affect our profitability and the value of our assets and shareholders***' ***equity.***

Our operations are subject to foreign currency fluctuations. Our future revenues are primarily in U.S. dollars, while some of our operating expenses and cash balances expenses are measured in Canadian dollars. The fluctuation of the Canadian dollar in relation to the U.S. dollar will consequently have an impact upon our profitability and may also affect the value of our assets and shareholders' equity.

***Our assets and operations are subject to economic, geopolitical, and other uncertainties.***

Economic, geopolitical, and other uncertainties may negatively affect our business. Economic conditions globally are beyond our control. In addition, the outbreak of hostilities and armed conflicts between countries can create geopolitical uncertainties that may affect both local and global economies. Downturns in the economy or geopolitical uncertainties may cause future customers to delay or cancel projects, reduce their overall capital or operating budgets, or reduce or cancel orders which could have a material adverse effect on our business, results of operations and financial condition.

Our operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency remittance, income taxes, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights, could result in loss, reduction, or expropriation of entitlements.

In addition, the financial markets can experience significant price and value fluctuations that can affect the market prices of equity securities and other companies in ways that are unrelated to the operating performance of these companies. Broad market fluctuations, as well as economic conditions generally, may adversely affect the market price of our common shares.

***Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.***

Several governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to concerns about the potential impact of climate change. New legislation and increased regulation regarding climate change could potentially impose significant costs on us, and on our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete. Furthermore, even without such regulation, increased awareness, and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain, could be particular to the geographic circumstances in areas in which we operate and may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of our operations.

***As we face intense competition in the mineral exploration and exploitation industry, there can be no assurance that we will be able to compete effectively with other companies.***

The mining industry and the lithium and uranium mining sectors are very competitive. Our competition is from larger, established mining companies with greater liquidity, greater access to credit and other financial resources, newer or more efficient equipment, lower cost structures, more effective risk management policies and procedures and/or a greater ability than us to withstand losses. Our competitors may be able to respond more quickly to new laws or regulations or emerging technologies or devote greater resources to the expansion or efficiency of their operations than we can. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties. Accordingly, it is possible that new competitors or alliances among current and new competitors may emerge and gain significant market share to our detriment.

As a result of this competition, we may have to compete for financing and be unable to acquire financing on terms we consider acceptable. We may also have to compete with the other mining companies for the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for financing or for qualified employees or we may not be able to compete successfully against current and future competitors, and any failure to do so could have a material adverse effect on our business, financial condition, results of operations and prospects as well as our exploration programs may be slowed down or suspended, which may cause us to cease operations as a company.

***We may be subject to potential conflicts of interest.***

We may be subject to potential conflicts of interests, as certain directors of our company are, and may continue to be, engaged in the mining industry through their participation in corporations, partnerships, or joint ventures, which are potential competitors of our company. Situations may arise in connection with potential acquisitions in investments where the other interests of these directors and officers may conflict with the interests of our company. Our directors and officers with conflicts of interest will be subject to the procedures set out in the related Canadian law and regulations.

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***We may not meet cost estimates.***

A change in the timing of any projected cash flows due to capital funding or, once in production, production shortfalls or labor disruptions would result in delays in receipt of such cash flows and in using such cash to fund operating activities and, as applicable, reduce debt levels. This could result in additional loans to finance capital expenditures in the future.

The level of capital and operating cost estimates which are used for determining and obtaining financing and other purposes are based on certain assumptions and are fundamentally subject to considerable uncertainties. It is very likely that actual results for the Athabasca Uranium Properties and the Lithium Lane Properties will differ from our current projections, estimates and assumptions, and these differences may be significant. Moreover, experience from actual mining may identify new or unexpected conditions that could decrease operational activities, and/or increase capital and/or operating costs above, the current estimates. If actual results are less favorable than we currently estimate, our business, results from operations, financial condition and liquidity could be materially adversely affected.

***We may pursue opportunities to acquire complementary businesses, which could dilute our shareholders***' ***ownership interests, incur expenditure, and have uncertain returns.***

We may seek to expand through future acquisitions of either companies or properties. Future acquisitions may require us to expend significant amounts of cash, resulting in our inability to use these funds for other business or may involve significant issuances of equity. Future acquisitions may also require substantial management time commitments, and the negotiation of potential acquisitions and the integration of acquired operations could disrupt our business by diverting management and employees' attention away from day-to-day operations. The difficulties of integration may be increased by the necessity of coordinating geographically diverse organizations, integrating personnel with disparate backgrounds, and combining different corporate cultures.

Any future acquisition involves potential risks, including, among other things: (i) mistaken assumptions and incorrect expectations about mineral properties, mineral resources and costs; (ii) an inability to successfully integrate any operation our company acquires; (iii) an inability to recruit, hire, train or retain qualified personnel to manage and operate the operations acquired; (iv) the assumption of unknown liabilities; (v) limitations on rights to indemnity from the seller; (vi) mistaken assumptions about the overall cost of equity or debt; (vii) unforeseen difficulties operating acquired projects, which may be in geographic areas new to us; and (viii) the loss of key employees and/or key relationships at the acquired project.

At times, future acquisition candidates may have liabilities or adverse operating issues that we may fail to discover through due diligence prior to the acquisition. If we consummate any future acquisitions with unanticipated liabilities or that fails to meet expectations, our business, results of operations, cash flows or financial condition may be materially adversely affected. The potential impairment or complete write-off of goodwill and other intangible assets related to any such acquisition may reduce our overall earnings and could negatively affect our balance sheet.

***Legal proceedings may arise from time to time.***

Legal proceedings may arise from time to time. Such litigation may be brought from time to time in the future against us. Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Other than as disclosed elsewhere in this prospectus, we are not currently subject to material litigation, nor have we received an indication that any material claims are forthcoming. However, due to the inherent uncertainty of the litigation process, we could become involved in material legal claims or other proceedings with other parties in the future. The results of litigation or any other proceedings cannot be predicted with certainty. The cost of defending such claims may take away from management's time and effort and if we are incapable of resolving such disputes favorably, the resultant litigation could have a material adverse impact on our financial condition, cash flow and results from operation.

***Land reclamation requirements may be burdensome.***

Land reclamation requirements are generally imposed on companies with mining operations or mineral exploration companies to minimize long-term effects of land disturbance. Reclamation may include requirements to control dispersion of potentially deleterious effluents or reasonably re-establish pre-disturbance landforms and vegetation. To carry out reclamation obligations imposed on us in connection with exploration, potential development, and production activities, we must allocate financial resources that might otherwise be spent on exploration and development programs. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected.

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***The obligations associated with being a public company will require significant resources and management attention, and we will incur increased costs because of becoming a public company.***

As a public company, we face increased legal, accounting, administrative and other costs and expenses that we have not incurred as a private company, and we expect to incur additional costs related to operating as a public company. We are subject to the reporting requirements of the Exchange Act, which requires that we file annual and other reports with respect to our business and financial condition, as well as the rules and regulations implemented by the SEC, the Public Company Accounting Oversight Board, and Nasdaq, each of which imposes additional reporting and other obligations on public companies. As a public company, we will be required to, among other things:

● prepare and file annual and other reports in compliance with the United States federal securities laws;

● expand the roles and duties of our board of directors and committees thereof and management;

● hire additional financial and accounting personnel and other experienced accounting and finance staff with the expertise to address complex accounting matters applicable to public companies;

● institute more comprehensive financial reporting and disclosure compliance procedures;

● involve and retain, to a greater degree, outside counsel and accountants to assist us with the activities listed above;

● build and maintain an investor relations function;

● establish new internal policies, including those relating to trading in our securities and disclosure controls and procedures; and

● comply with the initial listing and maintenance requirements of Nasdaq.

We expect these rules and regulations, and any future changes in laws, regulations and standards relating to corporate governance and public disclosure, which have created uncertainty for public companies, to increase legal and financial compliance costs and make some activities more time consuming and costly. These laws, regulations and standards are subject to varying interpretations, in many cases, due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. Our investment in compliance with existing and evolving regulatory requirements will result in increased administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities, which could have a material adverse effect on our business, financial condition and results of operations.

We also expect that being a public company will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These increased costs may require us to divert a significant amount of money that we could otherwise use to expand our business and achieve our strategic objectives.

***We are subject to global economic risks.***

Economic, geopolitical, and other uncertainties may negatively affect our business. Economic conditions globally are beyond our control. In addition, the outbreak of hostilities and armed conflicts between countries can create geopolitical uncertainties that may affect both local and global economies. Downturns in the economy or geopolitical uncertainties may cause future customers to delay or cancel projects, reduce their overall capital or operating budgets, or reduce or cancel orders which could have a material adverse effect on Foremost's business, results of operations and financial condition.

Our operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency remittance, income taxes, foreign investment, maintenance of claims, environmental legislation, land use, land claims of local people, water use and mine safety. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights, could result in loss, reduction, or expropriation of entitlements.

In addition, the financial markets can experience significant price and value fluctuations that can affect the market prices of equity securities and other companies in ways that are unrelated to the operating performance of these companies. Broad market fluctuations, as well as economic conditions generally, may adversely affect the market adversely.

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***Our ability to manage growth will have an impact on our business, financial condition, and results of operations.***

Future growth may place strains on our financial, technical, operational and administrative resources and cause us to rely more on project partners and independent contractors, potentially adversely affecting our financial position and results of operations. Our ability to grow will depend on several factors, including:

● our ability to obtain leases or options on properties;

● our ability to identify and acquire new exploratory prospects;

● our ability to develop existing prospects;

● our ability to continue to retain and attract skilled personnel;

● our ability to maintain or enter into new relationships with project partners and independent contractors;

● the results of our exploration programs;

● the market price for uranium and lithium;

● our access to capital; and

● our ability to enter into agreements for the sale of any production, if applicable.

We may not be successful in upgrading our technical, operational, and administrative resources or increasing our internal resources sufficiently to provide certain of the services currently provided by third parties, and we may not be able to maintain or enter into new relationships with project partners and independent contractors on financially attractive terms, if at all. Our inability to achieve or manage growth may materially and adversely affect our business, results of operations and financial condition.

**Risks Related to Ownership of Our Common Shares**

***"The market price of our common shares may fluctuate, and you could lose all or part of your investment.***

The market price for our common shares has been and is likely to be volatile. In addition, the market price of our common shares may fluctuate significantly in response to several factors, most of which we cannot control, including:

● actual or anticipated variations in our operating results;

● changes in market valuations of similar companies;

● actions or announcements by our competitors;

● additions or departures of key personnel;

● actions by shareholders;

● speculation in the media, online forums, or investments community and

● our ability to maintain the public listing of our common shares.

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***The price of our common shares could be subject to rapid and substantial volatility. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common shares.***

As a relatively small-capitalization company with a relatively small public float, we may experience greater share price volatility, extreme price run-ups, lower trading volume, and less liquidity than large-capitalization companies. In particular, our common shares may be subject to rapid and substantial price volatility, low volumes of trades, and large spreads in bid and ask prices. Such volatility, including any stock run-ups, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common shares.

In addition, if the trading volumes of our common shares are low, persons buying or selling in relatively small quantities may easily influence the price of our common shares. This low volume of trades could also cause the price of our common shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our common shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our common shares. As a result of this volatility, investors may experience losses on their investment in our common shares. A decline in the market price of our common shares also could adversely affect our ability to issue additional common shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our common shares will develop or be sustained. If an active market does not develop, holders of our common shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

***The sale of shares by our directors and senior officers may adversely affect the market price for our shares.***

Sales of significant amounts of common shares held by our senior officers and directors, or the prospect of these sales, could adversely affect the market price of our common shares. Management's stock ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, which in turn could reduce our stock price or prevent our shareholders from realizing a premium over our stock price.

***Our common shares may be traded infrequently and in low volumes, which may negatively affect the ability to sell shares.***

Our common shares may trade infrequently and in low volumes, meaning that the number of persons interested in purchasing our common shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community who can generate or influence sales volume, and that even if we came to the attention of such institutionally oriented persons, they tend to be risk-averse in this environment and would be reluctant to follow an early stage company such as ours or purchase or recommend the purchase of our shares until such time as we became more advanced and viable. Consequently, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. We cannot give you any assurance that a broader or more active public trading market for our common shares will develop or be sustained. Due to these conditions, we can give you no assurance that you will be able to sell your shares at or near bid prices or at all if you need money or otherwise desire to liquidate your shares. Further, institutional and other investors may have investment guidelines that restrict or prohibit investing in securities traded in the over-the-counter market. These factors may have an adverse impact on the trading and price of our securities and could result in the loss by investors of all or part of their investment.

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***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions against us or our management named in the prospectus based on foreign laws.***

We are incorporated in the Province of British Columbia, Canada under The Corporations Act (British Columbia). We conduct our operations outside the United States and substantially all of our assets are located outside the United States. In addition, many of our directors and executive officers and the experts named in this prospectus reside outside the United States, and a significant amount of their assets are located outside the United States. As a result, service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States. In Canada, provincial and territorial reciprocal enforcement of judgments legislation sets out the procedure for registering foreign judgments and this procedure varies depending on the province or territory of the enforcing court. If a foreign judgment originates from a jurisdiction not captured by the applicable provincial or territorial reciprocal enforcement of judgments or enforcement of foreign judgments legislation, the foreign judgment may be capable of enforcement at common law and the party seeking to enforce the foreign judgment must commence new proceedings in the domestic or enforcing court.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we publish our results on a quarterly basis and distribute press releases, pursuant to the rules and regulations of Nasdaq. Material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.***

We are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private issuer, we are permitted to follow the governance practices of our home country in lieu of certain corporate governance requirements of Nasdaq. As result, the standards applicable to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:

● have a majority of the board be independent (although all of the members of the audit committee must be independent under the Exchange Act); or

● have a compensation committee and a nominating committee to be comprised solely of "independent directors".

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Although we do not currently intend to rely on these "home country" exemptions, we may rely on some of these exemptions in the future. As a result, our shareholders may not be provided with the benefits of certain corporate governance requirements of Nasdaq.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on September 30, 2025.

In the future, we would lose our foreign private issuer status if, among others, (1) more than 50% of our outstanding voting securities, which we intend to determine based on the voting power of our common shares and high voting shares on a combined basis are directly or indirectly held of record by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, more than 50% of our assets are located in the United States or our business is administered principally in the United States. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms including consolidated financial statements prepared under US GAAP, and which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer. These expenses would relate to, among other things, the obligation to present our financial information in accordance with U.S. GAAP in the future. Additionally, a loss of our foreign private issuer status would divert our management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Future issuances of debt securities, which would rank senior to our common shares upon our bankruptcy or liquidation, and future issuances of preferred shares, which could rank senior to our common shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our common shares.***

In the future, we may attempt to increase our capital resources by offering debt securities. Upon bankruptcy or liquidation, holders of our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior to any distributions being made to holders of our common shares. Moreover, if we issue preferred shares, the holders of such preferred shares could be entitled to preferences over holders of common shares in respect of the payment of dividends and the payment of liquidating distributions. Because our decision to issue debt or preferred shares in any future offering, or borrow money from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any such future offerings or borrowings. Holders of our common shares must bear the risk that any future offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment in our common shares.

***We expect to be a*** "***passive foreign investment company***"***, which may have adverse U.S. federal income tax consequences for U.S. investors.***

We believe we were a "passive foreign investment company" (a "PFIC") within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") for our most recently completed taxable year and based on the nature of our business, the projected composition of our gross income and the projected composition and estimated fair market values of our assets, we expect to be a PFIC for our current taxable year and may be a PFIC in subsequent tax years. If we are a PFIC for any year during a U.S. taxpayer's holding period of common shares, then such U.S. taxpayer generally will be required to treat any gain realized upon a disposition of the common shares or any so-called "excess distribution" received on its common shares as ordinary income, and to pay an interest charge on a portion of such gain or distribution. In certain circumstances, the sum of the tax and the interest charge may exceed the total amount of proceeds realized on the disposition, or the amount of excess distribution received, by the U.S. taxpayer. Subject to certain limitations, these tax consequences may be mitigated if a U.S. taxpayer makes a timely and effective QEF Election (as defined below) or a Mark-to-Market Election (as defined below). U.S. taxpayers should be aware that there can be no assurances that we will satisfy the record keeping requirements that apply to a QEF (as defined below), or that we will supply U.S. taxpayers with information that such U.S. taxpayers are required to report under the QEF rules, in the event that we are a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to their common shares. A U.S. taxpayer who makes a Mark-to-Market Election generally must include as ordinary income each year the excess of the fair market value of the common shares over the taxpayer's basis therein.

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***Proposed legislation in the U.S. Congress, including changes in U.S. tax law, may adversely impact us and the value of the common shares.***

Changes to U.S. tax laws (which changes may have retroactive application) could adversely affect us or holders of the common shares. In recent years, many changes to U.S. federal income tax laws have been proposed and made, and additional changes to U.S. federal income tax laws are likely to continue to occur in the future.

The U.S. Congress is currently considering numerous items of legislation which may be enacted prospectively or with retroactive effect, which legislation could adversely impact our financial performance and the value of the common shares. Additionally, states in which we operate or own assets may impose new or increased taxes. If enacted, most of the proposals would be effective for the current or later years. The proposed legislation remains subject to change, and its impact on us and purchasers of the common shares is uncertain.

In addition, the Inflation Reduction Act of 2022 includes provisions that impact the U.S. federal income taxation of corporations. Among other items, this legislation includes provisions that impose a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases that would be imposed on the corporation repurchasing such stock. It remains unclear in certain respects how this legislation will be implemented by the U.S. Department of the Treasury and we cannot predict how this legislation or any future changes in tax laws might affect us or purchasers of the common shares.

***We are an*** "***emerging growth company,***" ***and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common shares less attractive to investors.***

We currently qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion our initial public offering; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our common shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

Because we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find our common shares less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our common shares.

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***Our current structure may impact legal enforceability and make your ability to effect service of process more difficult.***

We are a corporation existing under the laws of the Province of British Columbia and no key directors or executive officers are residents of the United States. As a result, it may be difficult for you to effect service of process upon such persons to enforce against them judgments predicated upon civil liabilities provisions of the federal securities laws. It also may be difficult for you to enforce civil liabilities predicated upon such securities law in the actions brought in courts in jurisdictions outside of the United States.

**ITEM 4. INFORMATION ON THE COMPANY**

**Business Overview**

**4. A. History and Development of the Company**

**Principal Business and Corporate History**

Foremost Clean Energy Ltd. (formerly Foremost Lithium Resource & Technology Ltd.) was incorporated under the British Columbia Business Corporations Act (the "BCBCA") and the laws of the Province of British Columbia as FAR Resources Ltd. on July 7, 2005 (Number: BC0729352). The Company changed its name to Foremost Lithium Resource & Technology Ltd. on January 4, 2022, and later changed its name to Foremost Clean Energy Ltd. on September 30, 2024. The Company has no subsidiaries. The Company had held certain underlying royalties, a 100% ownership and option interest in certain claims in the Winston Gold and Silver Property located in Sierra County, New Mexico, USA (the "Winston Property") within a previous wholly-owned subsidiary, Sierra Gold & Silver Ltd. ("Sierra"). On July 19, 2024, Rio Grande Resource Ltd. ("Rio Grande") was incorporated under the laws of British Columbia solely for the purpose to effect a Plan Arrangement under British Columbia Law(the "Arrangement"). Pursuant to the Arrangement, Foremost transferred to Rio Grande all of the issued and outstanding shares of Sierra, resulting in the Winston Property being wholly-owned by Rio Grande, and Sierra becoming a subsidiary of Rio Grande, and Rio Grande completing its own public listing of its shares in Canada. The Arrangement was completed on January 31, 2025 (the "Effective Date").

**Additional Terms of the Arrangement**

The total purchase consideration for the acquisition was $2,604,781, consisting of the fair value of 25,827,349 common shares of Rio Grande ($2,453,598) and 9,281,236 warrants ($151,183). This consideration was allocated to exploration and evaluation assets ($3,172,672), less a royalty payable ($366,075) and an income tax penalty payable ($201,816), resulting in net assets assumed of $2,604,781.

As conditions to completing the Arrangement, Rio Grande issued two promissory notes: the first was a $677,450 promissory note (the "Rio Grande Promissory Note") to related parties Jason Barnard and Christina Barnard, due on or before November 5, 2027, bearing interest at 8.956%; the second was a $520,000 promissory note (the "Foremost Promissory Note") to Foremost, also due on or before November 5, 2027, with the same interest terms and unsecured.

Pursuant to the Arrangement, Foremost transferred to Rio Grande the right to collect receivables from Sierra as of the Effective Date and all of Sierra's outstanding shares in exchange for 25,827,349 shares of Rio Grande. This share issuance was calculated based on the number of Foremost shares outstanding immediately prior to the Effective Date, multiplied by two and divided by 0.8005 as Foremost retained interest to hold ~ 19.95 of Rio Grande's outstanding shares. In the share exchange program, all Foremost shareholders received one (1) new common share of Foremost (each, a "New Foremost Share") and two (2) common shares of Rio Grande (the "Rio Grande Shares") for each Foremost common share ("Foremost Share") held.

The Arrangement also addressed Foremost's equity incentives. Each outstanding Foremost stock option ("Foremost Option") was exchanged such that 91.36% of each option became one new Foremost option (a "Foremost Replacement Option"), and 8.64% became two Rio Grande options ("Rio Grande Options"), with exercise prices adjusted based on the fair market values of Foremost and Rio Grande shares at the Effective Date. Similarly, each Foremost restricted share unit ("Foremost RSU") was exchanged for 91.36% in new Foremost RSUs and 8.64% in two Rio Grande RSUs, maintaining original vesting terms. Foremost share purchase warrants ("Foremost Warrants") were amended to entitle holders to receive, upon exercise, one new Foremost share and two Rio Grande shares per warrant, with exercise prices adjusted proportionally based on share values at the Effective Date.

Foremost and Rio Grande agreed that Rio Grande would issue shares as needed to satisfy warrant exercises, with Foremost acting as Rio Grande's agent to collect and remit a portion of the exercise proceeds. The terms of the Foremost Warrants otherwise remained unchanged, ensuring equitable treatment of security holders while facilitating the spin-out of Sierra's assets to Rio Grande.

Our registered office address is 750 West Pender Street, Suite 250 Vancouver, British Columbia V7Y 1K3 Canada V7Y 1B3 Canada. Our company email address is info@foremostcleanenergy.com. Our telephone number is (604) 330-8067. Our principal website address is http://www.foremostcleanenergy.com. We do not incorporate the information contained on, or accessible through, Foremost's website into this Report, and you should not consider it a part of the Report. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The SEC's website is <u>www.sec.gov</u>.

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Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, N.Y. 10168.

Our focus and mission is to continue active exploration and development on our promising, yet underdeveloped fertile clean energy land package located in Canada. Our objective is to make significant discoveries of uranium and lithium through systematic exploration programs, particularly within the Athabasca Basin and in Manitoba and Quebec. This focus on uranium and lithium aims to support the clean energy transition by providing critical materials for nuclear power and battery technology. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the clean energy mix of the future.

Our uranium projects, located in northern Athabasca Basin in Saskatchewan, Canada includes properties that host high-grade mineralization alongside or within historical high-grade uranium deposits, as well as greenfield, near virgin territories with major upside potential. These properties are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. Our Lithium Lane Properties are located in the mining friendly Canadian province of Manitoba near access to the Hudson Bay Railway and the Port of Churchill. With access to renewable energy produced in Manitoba, we aim to supply lithium processed exclusively with the benefit of power produced from fully sustainable, local sources and are commitment to the environment, corporate social responsibility, and sustainability.

**Our Claims History**

We are an exploration stage company with properties located in Saskatchewan, Manitoba, and Quebec, Canada. Foremost's "Athabasca Uranium Properties" are comprised of an aggregate of 45 claims on properties known as the Blackwing, Murphy Lake South (crab claw), GR, CLK, Torwalt Lake, Turkey Lake, Epp Lake, Marten, Wolverine, and Hatchet Lake properties located in the Athabasca Basin of Saskatchewan, covering in the aggregate 331,880 acres (134,307 hectares). Foremost's "Lithium Lane Properties" are comprised of an aggregate of 78 mineral claims on properties known as the Zoro, Jean Lake, Grass River, and Peg North properties located in the Snow Lake region of Manitoba, covering over 43,000 acres (17,500 hectares). Foremost also holds some Additional Properties, including its interest in the Jol Property, a small 25 acre claim in Manitoba and Lac Simard South Property in Québec, consisting of a total of 80 claims across 11,482 acres (4,647 hectares), we consider a non-core property).

<u>The Athabasca Uranium Properties</u>

On September 24, 2024, we entered into an option agreement with Denison Mines Corp. ("Denison") to acquire up to a 70% interest in a portfolio of 10 uranium exploration properties spanning over 330,000 acres (134,307 hectares) in the Athabasca Basin, Saskatchewan. Under the agreement, we may earn up to a 51% interest in the Hatchet Lake joint venture, representing approximately 70% of Denison's current ownership.

The option is structured in three phases:

1. Phase 1 (Completed October 7, 2024): We earned a 20% interest in each property (14.03% in Hatchet Lake) by issuing 1,369,810 common shares valued at $5,205,278 to Denison, the appointment of a Denison-nominated Technical Advisor, and entering into an Investor Rights Agreement. The Investor Rights Agreement provides Denison with two board seats and pre-emptive rights to maintain up to a 19.95% equity stake in Foremost.

2. Phase 2 (Deadline: October 7, 2027): To earn an additional 31% interest (21.75% in Hatchet Lake), we must pay Denison $2,000,000 (in cash, shares, or a combination thereof) and incur $8,000,000 in exploration expenditures. Failure to meet these conditions will result in forfeiture of all acquired interests.

3. Phase 3 (Deadline: October 7, 2030): Upon fulfilling Phase 2, we may earn a further 19% interest (15.22% in Hatchet Lake) by paying Denison an additional $2,500,000 (in cash, shares, or a combination) and spending $12,000,000 on exploration. If we do not meet the Phase 3 obligations, Denison's interest in the properties will revert to 51%, with operatorship returning to Denison. Successful completion of all phases will trigger a joint venture agreement.

<u>Lithium Properties</u> <u>–</u> <u>"</u><u>Our Lithium Lane Properties</u><u>"</u>

*Zoro Property*

On April 28, 2016, the Company entered into an option agreement to purchase the rights to the lithium and related lithium compounds or mineralization of the Zoro 1 mineral claim in exchange for certain payments of common shares and cash (the "Zoro 1"). On April 28, 2017, Zoro 1 was amended, and the Company completed the purchase of the rights to the lithium and related lithium compounds or mineralization of the Zoro 1 by paying a total of $150,000 in cash and by issuing $635,000 worth in shares (140,000 common share). In addition, during the year ended March 31, 2017, we issued 20,000 common shares to an arm's length party at a fair value of $135,000 as a finder's fee.

On August 4, 2016, we entered into an option agreement with Strider Resources Limited ("Strider") granting us the option to acquire an undivided 100% interest in the option agreement for three additional claims in all lithium-bearing pegmatite dykes along a 350-metre-wide strip subject to a 2% net smelter return royalty, ("NSR"). The optioned interest did not include any interest in and to any mineral not contained within or immediately adjacent to or contiguous with the lithium-bearing pegmatite dykes. On September 13, 2019, we completed the purchase agreement by paying $250,000 in cash and by issuing $250,000 worth in shares (54,494 common shares). Pursuant to the option agreement, we retained the right to repurchase one-half of the 2% NSR for $1,000,000 at any time prior to commercial production.

On September 20, 2017, we entered into a second option agreement with Strider (the "Green Bay Agreement"), granting us the option to acquire an undivided 100% interest in all lithium-bearing pegmatite dykes on 10 more claims subject to a 2% NSR. The optioned interest did not include any interest in nor any mineral contained within or immediately adjacent to or contiguous with the lithium-bearing pegmatite dykes. On August 19, 2019, we announced that they exercised their option resulting in 100% interest paying a total of $250,000 in cash and by issuing $250,000 worth in shares (52,656 common shares issued) and by incurring $1,000,000 in exploration expenditures. Pursuant to the Green Bay Agreement, we retained the right to repurchase one-half of the 2% NSR for $1,000,000 at any time prior to commercial production. Finally, we acquired two more claims upon mutual agreement by both parties, which claims were added to the Green Bay Agreement. The two additional claims were staked by Strider on December 2017, as they were within a 2 km area of influence and were then registered with the Manitoba Mines Branch on January 10, 2018. The optioned interest provides indirect interest in and to all lithium bearing pegmatite dykes contained in, on or under the property and including, without limitation, all related commercial pegmatite minerals ("Pegmatite Minerals"). The option interest does not include any interest in gold and other precious metals or minerals or ore containing same, base metals or minerals or ore containing same, diamonds, garnets, amphiboles, and talc in or on the property.

*Jean Lake Property*

On July 30, 2021, we entered into an option agreement with Mount Morgan Resources Ltd. ("Mount Morgan") whereby Mount Morgan granted us the sole and exclusive right and option (the "Jean Lake Option") to acquire an undivided 100% interest in and to this 5-claim property. We may exercise the Jean Lake Option by making cash payments and common share issuances to Mount Morgan over a 48-month period (the "Jean Lake Option Period") and by spending an aggregate of $200,000 on exploration on the property. After we have completed the foregoing share issuances and cash payments within the Jean Lake Option Period and spent an aggregate of $200,000 in exploration expenditures, the Jean Lake Option will be considered exercised, and we will own all of Mount Morgan's interest in the Jean Lake property, subject to Mount Morgan's right to retain a 2% net smelter royalty over the Jean Lake Property (the "Jean Lake NSR"). We have the right to repurchase 1% of the Jean Lake NSR in consideration of a cash payment of $1,000,000 to Mount Morgan.

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*Grass River Property*

The Grass River Property consists of 29 claims totaling 15,664 acres (6,339 hectares). The Property was acquired by on the ground staking after a review of the geological characteristics of the property. The claims were then staked and registered with the Manitoba Mining Recorder in the name of Foremost Lithium on January 18, 2022. These claims were staked and registered by us with the Manitoba Mining Recorder on January 18, 2022. We announced on April 3, 2023 that an additional two claims were staked increasing it from 27 to 29 claims, and 14,873 acres (6,019 hectares) to 15,664 acres (6,339 hectares), linking the Grass River Property to its Peg North property, with contiguous borders.

*Peg North Property*

On June 28, 2022, we entered into an agreement (the "Peg North Agreement") with Strider Resources Ltd. ("Strider"), acquiring an option to purchase a 100% interest (the "Peg North Option") in the Peg North Property in consideration of cash and shares for the First Option over a five year period. The Peg North Property hosts an abundance of pegmatite dykes and captures the Northern extension of the Crowduck Bay fault. In addition, provided that the First Option has been exercised, we may purchase from Strider one half (1%) of the NSR Strider retains for a cash payment of $1.5 million (the "Second Option"). In order to exercise the Peg North Option and acquire a 100% interest in the Peg North Property, we must also spend a total of $3.0 million on exploration expenditures over the five-year option period to receive 100% interest in the Peg North Property.

*Jol Property*

On July 12, 2022, we acquired 100% interest in and to those certain undersurface mineral rights comprising Manitoba Mineral Disposition No. MB3530 from Mae De Graf (the "MB3530 Property") by paying $8,000 cash and issuing $2,454 worth in shares (364 common shares). The MB3530 Property is subject to a 2% NSR.

*Lac Simard South Property*

In May 2023, we gained 100% interest in Lac Simard South Property, located in the Province of Quebec, amending a property acquisition agreement to purchase 100% interest in and to those certain undersurface mineral rights comprising a total of 60 claims, covering 8,612 acres (3,485 hectares). We closed the property acquisition agreement in September 2023, by paying an arm's length vendors $41,533 cash and issuing $85,600 worth in shares (10,700 common shares). We have now earned a 100% interest of Lac Simard South property.

We staked an additional 20 mineral claims on Lac Simard South Property contiguous to the 60 claims, after which the final aggregate land size of the 80 claims is 11,482 acres (4,647 hectares).

*Winston Property*

We have held certain underlying royalties, a 100% ownership and option interest in certain claims in the Winston Gold and Silver Property located in Sierra County, New Mexico, USA (the "Winston Property") within a previous wholly-owned subsidiary, Sierra Gold & Silver Ltd. ("Sierra"). On July 19, 2024, Rio Grande Resource Ltd. ("Rio Grande") was incorporated under the laws of British Columbia solely for the purpose to effect the Arrangement. As part of the Arrangement, we transferred to Rio Grande all of the issued and outstanding shares of Sierra, resulting in the Winston Property being wholly-owned by Rio Grande.

**4. B. Business Overview**

Foremost is a rapidly growing Canadian exploration stage company committed to powering the clean energy revolution through strategic resource development. As the demand for carbon-free energy continues to accelerate, we believe that domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the future of clean energy. Our objective is to become a leading supplier of critical resources for a clean energy transition by strategically exploring and developing lithium and uranium assets. By focusing on developing both lithium and uranium resources, we feel that we can appeal to a broader range of investors interested in the clean energy sector.

As the global clean energy revolution accelerates, strong growth in electricity demand is prevalent, particularly highlighted by a projected growth rate of 4.3% year-over-year in 2024, up from 2.5% in 2023. This growth is largely driven by the electrification of various sectors, including electricity-intensive manufacturing for clean energy technologies, electric vehicles, and data centers as cited in recent IEA Electricity Report.

The shift toward low-emission energy solutions is expected to drive future demand for nuclear power, which provides a stable, low-carbon energy source. As countries work to reduce fossil fuel dependence, uranium and lithium—critical materials for nuclear reactors and battery storage—are seeing growing demand. This trend is further supported by increasing electrification in industries such as electric vehicles and renewable energy manufacturing.

We have strategically positioned the Company in regions with high potential for lithium and uranium exploration. Recently, we secured an option agreement with Denison to acquire up to a 70% interest in 10 properties encompassing over 330,000 acres in Saskatchewan's Athabasca Basin, a region known for its high-grade uranium deposits and established mining infrastructure. The agreement with Denison establishes a strong presence for Foremost in a key uranium-producing area.

Our uranium portfolio is comprised of 45 claims across approximately 331,880 acres (134,307 hectares) surrounding and near large high-grade uranium operations, including the McArthur River and Cigar Lake mines. Furthermore, they are adjacent to the Wollaston-Mudjatik Transition Zone (WMTZ), which hosts currently producing uranium mines and mills in the Athabasca Basin. The properties range from grassroots exploration projects to those with significant historical exploration data and drill-ready targets, positioned to capitalize on this growing demand.

In our commitment to a sustainable future, we are focused on our lithium exploration efforts in Manitoba, where we are exploring the region's burgeoning lithium market, and where we plan to leverage favorable geological formations that are conducive to high-quality lithium extraction. Our goal is to become a strategic supplier to processors of battery-grade LiOH to supply the growing electric vehicle battery and battery storage markets as we hold 78 discrete mining claims covering over 43,000 acres (17,500 hectares) primed for lithium exploration. In addition, we hold 80 claims with our Lac Simard South property in Quebec on over 11,400 acres close to processors and concentrators.

As global demand for clean energy solutions accelerates, driven by the electrification of industries and the increasing reliance on renewable energy sources, Foremost's dual focus on lithium and uranium enables us to meet the needs of a diverse array of markets. Our proactive exploration strategies, combined with our commitment to sustainable mining practices, ensure that we are not only positioned to capitalize on current trends but also contribute significantly to the energy transition. With strategic locations in some of North America's most resource-rich areas, we are poised to play a vital role in building a more sustainable and secure energy future.

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**Athabasca Uranium Properties**

Foremost holds an option from Denison to acquire an up to 70% interest in 10 prospective uranium properties spanning over 330,000 acres in the prolific uranium rich Athabasca Basin in Saskatchewan, Canada. As global demand for decarbonization accelerates, the need for nuclear power is crucial, and we are well positioned to capitalize to meet the world's growing energy transition goals. We are committed to a disciplined exploration strategy to prove up resources on existing drill-ready targets with identified mineralization along strike of recent major discoveries. Our 10 projects are separated into two distinct zones: the Eastern Athabasca Uranium Properties and the Blue-Sky Uranium Properties.

![fig1.jpg](fig1.jpg)

*Figure 1. Athabasca Properties Map*

*Eastern Athabasca Uranium Properties*

The seven projects identified in the Eastern Athabasca Uranium area include Murphy Lake South, Hatchet Lake, Turkey Lake, Torwalt Lake, Marten, Wolverine, and Epp Lake. These properties are situated in the eastern portion of the Athabasca Basin in northern Saskatchewan, Canada. The region experiences a subarctic climate characterized by short, mild summers, with temperatures ranging from 15°C to 20°C, and long, very cold winters, where temperatures can drop to between -20°C and -30°C. Precipitation is moderate, with most rainfall occurring during the summer months, while snowfall is common throughout the lengthy winter. The landscape is dominated by boreal forest, numerous lakes, and exposed Precambrian bedrock, with the terrain generally being flat to gently rolling, though some areas exhibit higher relief.

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![fig2.jpg](fig2.jpg)

*Figure 2. Eastern Athabasca Properties Map*

Access to these properties is primarily facilitated by provincial highways and secondary roads, with winter roads being utilized to reach more remote locations. The region also hosts several small airports and airstrips. Electrical power is available from the provincial grid, although some remote sites depend on diesel generators. The Eastern Athabasca Basin is recognized as a well-established uranium mining district, boasting a long history of exploration and production. Several major uranium deposits, such as those at Rabbit Lake, McClean Lake, McArthur River and Cigar Lake, have been discovered and mined in the area. Geologically, the properties are located within the Athabasca Basin, a Paleoproterozoic sedimentary basin that overlays Precambrian basement rocks, with uranium deposits often found at or near the unconformity between the Athabasca sandstone and the underlying basement rocks. The most prospective exploration ground in the eastern portion of the Athabasca Basin region is typically located near the Wollaston-Mudjatik Transition Zone (WMTZ) and has largely been staked by existing uranium producers, developers, and explorers. Historical drilling on these properties has primarily focused on the potential of unconformity-type/sandstone mineralization. This presents further opportunities for continued exploration with the recent discovery of the Arrow deposit defining basement-hosted mineralization, this potential remains largely untapped across the basin.

*Blue Sky Uranium Properties*

The three projects identified in the Blue Sky Property area consist of Blackwing, GR, and CLK, all of which are located in the northern portion of Saskatchewan, Canada. Similar to the Eastern Athabasca region, the Blue Sky properties experience a subarctic climate characterized by long, cold winters and short, mild summers, with temperatures ranging from average highs of 18°C in July to average lows of -25°C in January. Precipitation is relatively low, mostly occurring as snow during the winter months. The landscape is defined by boreal forest, lakes, and rocky terrain, and is notably more remote and less developed than the Eastern Athabasca region. Access to these properties is limited, with some being reachable via gravel roads and winter roads, while air access remains essential for exploration and development activities, as power is typically supplied by diesel generators.

![fig3.jpg](fig3.jpg)

*Figure 3. Blue Sky Properties Map*

The Blue Sky properties are located in an area of the Athabasca Basin that is less explored compared to the eastern region. While there has been some historical exploration activity, the area is considered to hold significant potential for new uranium discoveries. Geologically, the properties are situated within the Athabasca Basin and are underlain by formations similar to those found in the Eastern Athabasca region, with uranium mineralization expected to be associated with the unconformity between the Athabasca sandstone and the Precambrian basement rocks. Our mission is to continue actively exploring and developing our promising yet underdeveloped land package in the Athabasca Basin. Our portfolio includes properties that host high-grade mineralization alongside or within historical high-grade uranium deposits, as well as greenfield, near virgin territories.

As the world transitions towards a clean energy future, we have identified the crucial role of uranium as a low-cost fuel for emission-free electricity. The increased global demand for a net-zero environment has brought further focus to uranium as an essential component to meet global net zero targets. Foremost's development plans include delivering low-cost energy fuel solutions to capitalize on the unprecedented global push to decarbonize electric grids.

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**Uranium Industry and Market**

The urgent need for a sustainable energy future has intensified the search for alternative fuel sources, with nuclear power emerging as a crucial component in combating climate change. It stands out for its ability to generate significant amounts of energy with minimal carbon emissions, making it a reliable option for baseload electricity—essential for modern energy systems. According to various studies, nuclear power not only has the lowest carbon footprint among energy sources but also offers a dependable strategy to phase out fossil fuel reliance, thus increasing demand for uranium, the key fuel for nuclear reactors.

As nations commit to ambitious climate goals, the role of nuclear energy has gained renewed importance. At the 2023 United Nations Climate Change Conference (COP 28), 22 countries acknowledged nuclear energy's role in their energy security strategies, pledging to triple nuclear capacity by 2050. The IEA published reports that as of 2023 that there were 440 operating nuclear reactors worldwide, with another 60 small modular reactors ("SMRs") under construction, highlighting the potential for nuclear energy to address future energy demands.

*The Promising Role of Small Modular Reactors (SMRs)*

SMRs offer a solution to the challenges faced in the traditional nuclear landscape. These advanced reactors typically have a power capacity of up to 300 MW(e) per unit, one-third of that of conventional reactors. The World Nuclear Association's Nuclear Fuel Report outlines compelling advantages:

1. Lower Costs: SMRs require less upfront capital due to their smaller size and modular design, allowing for competitive pricing based on per-unit electricity costs. Economic efficiencies arise from factory fabrication and simplifications in design.

2. Quicker Deployment: Traditional reactors can take up to 12 years to enter service; in contrast, SMRs can be produced in factories and deployed within three years. This expediency is vital for meeting immediate electricity demands.

3. Siting Flexibility and Land Efficiency: SMRs can be installed in various locations, including decommissioned coal power plants, maximizing existing infrastructure while requiring less land than traditional reactors.

4. Enhanced Safety: The simplified designs, coupled with passive cooling systems, improve safety features naturally compared to conventional reactors, allowing extended refueling intervals and lower operational risks.

*The Supply Landscape*

Despite the promising potential of nuclear energy, achieving a sustainable uranium supply is fraught with challenges. The global uranium market has been affected by fluctuating prices, mine closures, and geopolitical dynamics, leading to a structural deficit in uranium supply. This deficit is exacerbated by underinvestment in new exploration projects and operators shifting towards physical uranium purchases as an investment. The World Nuclear Association's Nuclear Fuel Report forecasts that without new uranium entering the market, demand will surpass supply within the next decade due to expanding nuclear programs.

![fig4.jpg](fig4.jpg)

*Figure 4. Uranium Supply Outlook Sourced from World Nuclear Association August 2024*

*Geopolitical Events Affecting the Uranium Market*

Geopolitical events have historically shaped the uranium market. Political instability in key sourcing regions can create supply risks that affect global prices. For instance, the Payne Institutes stated "Niger, a significant uranium producer, experienced political upheaval in 2023, leading to increased uncertainty about uranium supply from the region". The geopolitical dynamics have prompted countries to focus on energy independence, as seen in the U.S. with the "Prohibiting Russian Uranium Imports Act" and the "ADVANCE Act," both aimed at strengthening domestic uranium production and enhancing energy security.

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A 2024 Reuters article noted that Japan's gradual restart of nuclear reactors, following the post-Fukushima shutdown, could significantly influence future uranium demand.

*Pricing Trends in the Uranium Market*

The uranium market is currently pivoting from being inventory-driven to production-oriented. Following a low of approximately $17.75 per pound uranium concentrate (commonly referred to as "U<sub>3</sub>O<sub>8</sub>") in 2016, prices rebounded significantly, reaching $107.00 per pound U<sub>3</sub>O<sub>8</sub> by February 2024. This upward trend in pricing reflects the interplay of renewed interest in nuclear energy, geopolitical events, and market expectations, illustrating the need for increased uranium supply to meet rising demand.

![fig5.jpg](fig5.jpg)

*Fig 5. Uranium Pricing Chart Courtesy of Cameco*

The International Energy Agency reported in 2023 that the anticipated growth in global electricity demand was expected to rise at 3.4% annually over the next few years due to economic recovery and decarbonization efforts—further emphasizes the role of uranium in the energy transition.

*The Role of AI and Data Centers in Expanding Demand*

As demand for electricity surges, data centers and artificial intelligence (AI) have become significant contributors to this growth. Projections estimate that electricity consumption from these sectors could double by 2026, with global data centers having consumed approximately 460 terawatt-hours (TWh) in 2022. This sharp increase is partly driven by the expanding digital economy and the proliferation of AI applications, which require substantial energy to operate efficiently. As electricity demand continues to rise, the interplay between uranium production and these burgeoning energy needs will become increasingly critical.

Major tech companies, such as Microsoft and Google, have announced significant investments in sustainable energy solutions, reinforcing the role of nuclear power as a reliable energy source that could help meet this burgeoning demand. These investments indicate a commitment to not only advancing technology but also ensuring that energy consumption aligns with global sustainability goals. This convergence of energy needs and technological advancement will likely bolster the demand for uranium as industries pivot towards cleaner energy sources.

The future of uranium exploration, especially for companies like Foremost operating in the Athabasca Basin, is shaped by multiple factors including the anticipated nuclear renaissance and the growing role of small modular reactors. As the world pivots towards an energy landscape dominated by low-carbon sources, the demand for uranium as a key fuel for nuclear reactors is expected to surge. While geopolitical risks and evolving regulatory frameworks may pose challenges, the long-term outlook remains strong, highlighting the necessity for exploration and production investments.

We will have a unique opportunity to play in crucial role in this transition, while we navigate the complexities of market conditions and capitalize on the rising demand for clean energy solutions. Ultimately, to sustain long-term growth, we must be proactive in adapting to technological advancements, align with government policies, and address supply chain vulnerabilities to ensure sustainability in the burgeoning nuclear energy market.

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**Project Overview** *-* **Athabasca Uranium Projects**

<u>Hatchet Lake</u>

![hatchetlake.jpg](hatchetlake.jpg)

*Figure 5. Hatchet Lake Uranium Property*

The Hatchet Lake Property encompasses nine (9) mineral claims within two (2) claim blocks (Richardson and South), totaling 25,234 acres/10,212 hectares located in the northeast region of the Athabasca Basin, approximately 400 kilometers north of La Ronge via highway 905 and 30 kilometers north of Points North Landing. Access to the property is via fixed-wing aircraft or helicopter from Points North Landing or by a network of winter roads running north from the McClean Lake mine, a joint venture project with Denison and Orano Canada Inc. (Denison owns 22.5%/Orano owns 77.5%) is located 23 kilometers south of the property's southern boundary. The GPS coordinates for the center of the property are approximately Latitude: 56.0964° N, Longitude: 104.9370° W.

The Hatchet Lake Property is divided into four (4) grids: Richardson, Beta, Hatchet South, and Tuning Fork, and is situated within 1.5 km of the Athabasca Basin margin, which allows for shallow sandstone cover (less than 220 meters) providing efficient and cost-effective drill testing capabilities.

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*Geology*

The Hatchet Lake area is situated along the northeastern margin of the Athabasca Basin in northern Saskatchewan, a region renowned for hosting high-grade unconformity-type uranium deposits. The basement rocks underlying the Hatchet Lake Property are part of the Hearne Subprovince of the western Churchill Province. These rocks are predominantly composed of Archean to Paleoproterozoic granitic to granodioritic gneisses, quartz-feldspar pegmatites, and locally interleaved pelitic to psammitic metasedimentary rocks. Importantly, the Hatchet Lake area is intersected by the Wollaston-Mudjatik Transition Zone—a major structural corridor associated with numerous high-grade uranium discoveries. The combination of graphitic metasediments, strong faulting, and hydrothermal alteration makes this area highly prospective for both basement-hosted and unconformity-associated uranium deposits.

*Exploration*

The exploration history of the Hatchet Lake Property spans several decades and includes various methodologies such as airborne surveys, ground geophysics, and extensive diamond drilling as well and ground prospecting. These activities aimed to delineate mineralized zones and evaluate the potential for significant uranium resources. The property has an extensive exploration history from the 1960's to recent with positive results focused on sandstone hosted unconformity related mineralization systems. In recent years, basement-hosted mineralization has been identified at substantial depths below the unconformity and this style of mineralization remains largely untested at the Hatchet Lake Property

*Historical Drilling*

The exploration history of the Hatchet Lake Property dates back to the 1960s when initial efforts were focused on identifying airborne conductors and radioactive boulders, particularly in the Garnet Hill area. This exploration led to the discovery of boulders that recorded radioactivity levels of up to 7,500 counts per second (CPS). In the subsequent years, more targeted drilling began. In 1979 - 1980, Uran Gesellschaft conducted a 35-drill hole campaign a total of 1375 meters and in 1983 the Saskatchewan Mining and development Association ("SMDA") completed an additional 16 holes totaling 2310 meters. Results from these campaigns delineated areas with extensive alteration and anomalous geochemistry along with elevated radioactivity near the unconformity. Various drill campaigns were conducted from the 1980's – early 2000's highlighting the properties discovery potential.

Drilling in 2008 consisted of three holes totaling 558.6 meters targeting the Richardson and Hatchet South conductive trends as a follow-up to the ground based electromagnetic surveys. This was followed by a pivotal drilling program in 2010, which consisted of ten holes totaling 2,161.1 meters in the Tuning Fork area. Notable intersections included drill hole HL-10-01, which encountered grades of 0.1% U<sub>3</sub>O<sub>8</sub>and 0.02% U<sub>3</sub>O<sub>8</sub> over one meter within a broader zone of heightened radioactivity attributed to faulted and altered graphitic pelite approximately 50 meters below the unconformity. Drill hole HL-10-03 further identified over 100 meters of significant alteration and faulting in the basement units.

The exploration continued in 2011, with three drill holes completed for a total of 801.7 meters. All drilled holes from this campaign encountered fault zones and strong alteration. Noteworthy results from drill hole RL-11-01 included a 0.4-meter intercept of 0.13% eU<sub>3</sub>O<sub>8</sub> at the contact of a sulphide-rich pegmatite, along with additional mineralization found in sulphide-rich pelite.

In 2013, a more extensive drilling campaign occurred, involving twelve holes and totaling 2,360.6 meters. Significant findings included drill hole RL-13-13, which reported an impressive 1.52% U<sub>3</sub>O<sub>8</sub> over 0.15 meters, located approximately five meters below the unconformity. Additionally, drill hole RL-13-16 revealed uranium mineralization straddling the unconformity, grading 0.45% U<sub>3</sub>O<sub>8</sub> over 2.3 meters, characterized by hydrothermal hematite alteration.

In 2014, focused evaluation drilling totaled 2,038 meters across ten holes, with drill hole RL-14-19 intersecting a broad zone of weak uranium mineralization averaging 0.025% U<sub>3</sub>O<sub>8</sub> over

&nbsp;&nbsp;&nbsp;&nbsp;8.5 meters. Drill hole RL-14-27 returned significant base metal mineralization, including 3.3% Pb, 0.27% Zn, and 19.6 g/t Ag over 9.6 meters.

The exploration continued to gain momentum in 2015 with a total of 2,547 meters drilled across nine holes in the Tuning Fork grid area. Notable highlights from this campaign include drill hole TF-15-01, which intersected a zone of intense basement clay alteration with elevated uranium values of 491 ppm U. Drilling programs during this period demonstrated the presence of significant structures and alterations consistent with uranium mineralization.

The most recent drill programs in 2024 showcased continued success, particularly in the Richardson and Tuning Fork areas. Drill hole RL-24-29 highlighted strong uranium mineralization with notable results of 0.11% U<sub>3</sub>O<sub>8</sub> (901 ppm U) from 81.2 to 81.4 meters and 0.04% U<sub>3</sub>O<sub>8</sub> (354 ppm U) from 81.4 to 81.9 meters. The Tuning Fork area also indicated anomalous mineralization, with assays reflecting elevated levels of pathfinder elements suggestive of a mineralizing systems capable of hosting uranium deposits warranting further follow up.

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*Quality Control and Quality Assurance* 

Sampling, Analysis and Data Verification:

Assay sample intervals are generally 20 to 50 centimetres long, with samples selected to characterize intervals of elevated radioactivity and/or indicative alteration. Systematic geochemistry samples are collected every 5 metres down the hole. All assayed core is split in half, with one half retained and the other sent to the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon for analysis. For results from Hatchet Lake, Denison, as operator, has performed detailed QAQC and data verification of all datasets*.*

**Property Claims Table**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Hatchet Lake | S-107747 | 492. | 6/13/2030 | 12304.47 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-107749 | 367 | 6/13/2030 | 9170.54 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113379 | 1428 | 1/24/2027 | 35707.14 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113378 | 3190 | 1/25/2028 | 79742.52 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113377 | 211 | 1/24/2029 | 5274.25 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113376 | 416 | &nbsp;&nbsp;&nbsp;&nbsp;1/24/2029 | 10398.00 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113375 | 1227 | 1/24/2028 | 30668.06 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113366 | 2382 | 6/13/2026 | 59557.55 | DENISON MINES CORP<br> 70%/ Anthem/30% |
| Hatchet Lake | S-113363 | 499 | 6/24/2026 | 12465.89 | DENISON MINES CORP<br> 70%/ Anthem/30% |

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**TOTAL NUMBER OF CLAIMS = 9 \| TOTAL AREA = 25,234 acres (10,212 hectares)**

*Permitting and Licensing* 

The permitting process for the Hatchet Lake Property involves compliance with the Saskatchewan Ministry of Energy and Resources, as well as adherence to environmental regulations and industry standards. To obtain a drill permit approved with the Mining Branch in Saskatchewan, applicants should begin by thoroughly researching relevant legislation and regulations, including the Mineral Resource Act, and assessing the proposed drilling site for any environmental concerns. The next step involves preparing and submitting a comprehensive application to the Ministry of Energy and Resources' Mining Branch, detailing project objectives, proposed drilling locations, and any planned environmental management strategies. It is essential to identify Indigenous communities that may be affected by the proposed activities and engage with them early in the process to provide information about the project and gather their input, following any consultation requirements set by the government.

Once the application is submitted, an environmental assessment may be required to evaluate the potential impacts of drilling on the surrounding environment, depending on the project's scale and location. The Mining Branch will then review the application, consulting with other governmental agencies and stakeholders to ensure that it meets regulatory standards and adequately addresses environmental and community concerns. If the application satisfies all requirements, a drill permit will be issued, outlining specific conditions that must be followed during drilling activities, including environmental safeguards. Following permit issuance, the applicant must ensure compliance with all stipulations and conditions throughout the drilling process, continuing to engage with Indigenous communities and uphold environmental protections.

*Exploration Permits*

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Company*** | ***License/Permit*** | ***Issuing Authority*** | ***Issuance Date*** | ***Permit Expiry*** |
| *Foremost Clean Energy* | *ENV File: 24-14-M0434* | *Saskatchewan Environmental Lands Branch*  | *02/01/2025* | *12/31/2025* |
| ***Company*** | ***License/Permit*** | ***Issuing Authority*** | ***Issuance Date*** | ***Permit Expiry*** |
| *Foremost Clean Energy* | *ENV File: 24-14-M0434* | *Saskatchewan Environmental Lands Branch*  | *02/01/2025* | *12/31/2025* |

---

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*Developmental Activities*

On April 04, 2025, we announced the commencement of a ~2,000 metre drill program at the Hatchet Lake Property designed to test 4-6 high-priority target locations along the Tuning Fork and along the Richardson conductive trends. This fully funded and permitted program aims to assess the continuity of known uranium mineralization while exploring under-tested conductive anomalies identified through historical geophysical surveys. By focusing on areas with confirmed mineralization and anomalous geochemical signatures highlighted by our previous drilling results, we seek to evaluate geological structures similar to those associated with known high-grade deposits in the Athabasca Basin.

In addition to established target areas, the program will also focus on over 600 meters of untested conductor strike length revealed by recent ground-based electromagnetic (EM) surveys. This approach is designed to enhance our understanding of the location of graphitic pelites – known host rock of earthern Athabasca deposits – while targeting sites marked by significant structural disruption and hydrothermal alteration. Our goal is to uncover new discoveries that could contribute to the identification of a significant mineral resource at the Hatchet Lake Property and further establish its value within our strategic portfolio.

*Infrastructure*

The Hatchet Lake Property benefits from proximity to established transportation routes. Access is facilitated by winter roads leading north from the McClean Lake mine and mill, as well as air access via fixed-wing aircraft and helicopters from Points North Landing. The existing infrastructure supports logistics for equipment, personnel, and supplies, making exploration activities more efficient.

Further enhancements to infrastructure, such as temporary camps for exploration crews and communication facilities, are anticipated to be implemented during drilling campaigns to facilitate operations. There is also potential for establishing more permanent facilities should exploration results prove promising.

<u>Murphy Lake South</u>

![fig6.jpg](fig6.jpg)

*Figure 6. Murphy Lake South Uranium* 

The Murphy Lake South Uranium Property, located approximately 30 kilometers northwest of the McClean Lake mill within the eastern edge of the Athabasca Basin, comprises six mineral claims totaling 17,676 acres (7,153 hectares). This property is situated in proximity to the Laroque Lake conductive corridor, which hosts significant uranium deposits, including the Hurricane, Alligator, and LaRocque deposits. The GPS coordinates for the properties are approximately Latitude: 56.1540° N, Longitude: 104.6880° W.

*Geology*

The Murphy Lake South Property is situated near eastern margin of the Athabasca Basin, an area prolific for hosting some of the world's highest-grade uranium deposits. The property is characterized by a relatively shallow cover of Athabasca Sandstone, with thicknesses varying between 200 to 350 meters, which overlies the unconformity that marks the boundary between the younger sedimentary strata and the underlying crystalline basement rocks. The basement geology is primarily composed of metamorphic rocks belonging to the Wollaston and Mudjatik Domains, characterized by a variety of lithologies, including graphitic and pyritic pelites, semi-pelites, granites and pegmatites. The structural geology within the property exhibits features typical of the Mudjatik Domain, with Archean granite-gneiss domes surrounded by phyllitic and pelitic metasediments exhibiting significant structural deformation.

It is proximal to the La Rocque Lake Conductive Corridor, which is known for its association with notable uranium mineralization, including established deposits such as the Hurricane and Alligator deposits. This corridor along with the property's configuration suggests the presence of a favorable geological environment for uranium mineralization, indicating a potential for unconformity-related deposits. Hydrothermal alteration features, evidenced by extensive clay alteration and hematite development, have been observed in historical drilling, particularly near the unconformity.

Preliminary drilling campaigns, notably the 2015 program, included drill hole MP-15-03, which intersected a mineralized zone featuring 0.25% U<sub>3</sub>O<sub>8</sub> over 6.0 meters, associated with a zone of intense sandstone alteration characterized by silicification and clay alteration above the unconformity. Geophysical surveys conducted on the property, including DC/IP methods, have delineated zones of low resistivity that correlate with prospective hydrothermal alteration zones associated with reactivated basement faults.

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*Exploration*

The Murphy Lake South Property has had a history of exploration and drilling campaigns that have significantly contributed to understanding its uranium potential. In 2014, a DC/IP survey was conducted, collecting a total of 12.8 kilometers of data along eight survey lines spaced 200 meters apart. This survey identified zones of low resistivity in the sandstone column, interpreted to be associated with significant hydrothermal sandstone alteration linked to reactivated basement faults, delineating prime exploration targets. Following this, in 2015, a diamond drilling program was executed, totaling 1,818 meters across five holes, specifically targeting selected resistivity anomalies along the southern conductive trend. Notably, drill hole MP-15-03 encountered 0.25% U<sub>3</sub>O<sub>8</sub> over 6.0 meters, showcasing strong alteration that included silicification and clay alteration, while the remaining four holes also detected significant structures and alteration, which is suggestive of a highly prospective mineralized system.

In 2016, a further drilling program was conducted, comprising approximately 3,700 meters across ten holes, aimed at testing targets along strike from drill hole MP-15-03. This campaign confirmed the continuity of the hydrothermal sandstone alteration system over an impressive 850-meter strike length. It also revealed weak uranium mineralization in three of the drilled holes (MP-16-08, MP-16-11, and MP-16-17), with drill hole MP-16-08 intersecting uranium mineralization linked with a parallel graphitic fault zone, reporting grades of 0.183% U<sub>3</sub>O<sub>8</sub>. Continuing into 2017, nine holes totaling 3,433 meters were drilled, aimed at further exploring potential strike extensions of mineralization identified in previous programs. Drill hole MP- 17-19 highlighted significantly altered sandstone with elevated radioactivity, returning uranium values ranging from 126 to 1,320 ppm U over a 6-meter interval.

**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Murphy Lake South | S-107542 | 888.00 | 1/16/2031 | $22200.04 | DENISON MINES CORP<br> 100% |
| Murphy Lake South | S-107704 | 1402.00 | 1/29/2030 | $35045.34 | DENISON MINES CORP<br> 100% |
| Murphy Lake South | S-113370 | 1061.81 | 1/26/2032 | $26545.23 | DENISON MINES CORP<br> 100% |
| Murphy Lake South | S-113371 | 780.19 | 1/26/2032 | $19504.77 | DENISON MINES CORP<br> 100% |
| Murphy Lake South | S-113373 | 2432.16 | 3/8/2032 | $60803.87 | DENISON MINES CORP<br> 100% |
| Murphy Lake South | S-113374 | 589.38 | 3/9/2034 | $14734.51 | DENISON MINES CORP<br> 100% |

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**TOTAL NUMBER OF CLAIMS = 6 \| TOTAL AREA = 17,676 acres (7,153 hectares)**

*Permitting and Licensing*

The permitting process for the Murphy Lake South Property involves compliance with regulations set by the Saskatchewan Ministry of Energy and Resources. This includes adhering to environmental regulations and industry standards while preparing and submitting a comprehensive application that outlines project objectives, proposed drilling sites, and environmental management strategies and have followed all applicable procedures. For a full outline of permitting requirements in Saskatchewan, see "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

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*Infrastructure*

The Murphy Lake South Property benefits from its proximity to established infrastructure, benefiting from its strategic location within the eastern edge of the Athabasca Basin, approximately 30 kilometers northwest of the McClean Lake mill, which provides a crucial processing facility for uranium extraction. The infrastructure in the area is relatively well-developed, facilitating exploration and potential mining operations, serviced by a network of winter roads that support logistical activities and transportation during ice conditions. These roads provide crucial access to the property for vehicles and equipment, easing transportation of personnel and supplies. In addition to road access, the property can be accessed by air, allowing for efficient mobilization of crews and equipment via fixed-wing aircraft and helicopters.

*Developmental Activities*

Historical drilling results have demonstrated strong correlations between identified resistivity targets and the presence of mineralization, providing a solid foundation for ongoing exploration efforts, including promising uranium mineralization, highlighted by findings from drill holes such as MP-15-03 and MP-17-19. We are currently developing exploration drilling plans for the Murphy Lake South Property, with the drilling program divvied into two phases. Phase 1 drilling, expected to take place during the summer of 2025, will involve approximately 1,500 meters of diamond drilling targeting the unconformity intersection of semi-brittle graphitic faults, identified from historical drilling that returned anomalous uranium concentrations. Phase 2 is anticipated for late 2025 and will focus on testing geophysical anomalies that may represent significant structures coincident with clay alteration.

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<u>CLK Property</u>

![fig7.jpg](fig7.jpg)

*Figure 7. CLK Uranium Property Map*

Property The CLK Property encompasses 25,753 acres (10,422 hectares) and is situated approximately 30 kilometers south of the Athabasca Basin margin, overlapping the northwestern edge of the Snowbird Tectonic Zone, and adjacent to prominent Black Lake Fault. The interplay of these prominent structures remain prospective for high grade uranium mineralization hosting several uranium occurrences. The property was staked in November 2023, indicating a strategic initiation of exploration efforts in this prospective area. The GPS coordinates for the center of the CLK Property are approximately Latitude: 58.4800° N, Longitude: 104.6890° W.

*Geology*

The geologic landscape of the CLK Property is characterized by its location within Tantato domain of the Hearne Province. The Snowbird Tectonic Zone, which is significant for its structural features that may facilitate uranium mineralization. Historical drilling has revealed the presence of pitchblende, a primary uranium ore, within the basement rock, confirming the region's potential for hosting significant mineralization at depth. The shallow depth to the unconformity, combined with largely untested basement potential, further enhances the likelihood of discovering new resources beneath the surface.

*Exploration Activities*

The exploration history of the CLK Property includes two significant historical drilling campaigns in 1997 and 2000. Notable drill results from this period are:

● CLG-D1: Intersected 8,600 ppm U at a depth of 862 meters, hosted in pitchblende stringers just below the unconformity.

● CLG-D5: Encountered 510 ppm U at approximately 900 meters depth, immediately above the unconformity.

In 2025, we engaged Expert Geophysics Surveys Inc. to conduct a 771 line-kilometer MobileMT™ airborne geophysical survey to enhance understanding of conductive trends that are prospective for uranium mineralization, particularly at depths where earlier drilling focused. This survey will provide high-resolution subsurface mapping that modern technologies afford, allowing for the identification of deep basement conductors and structural extensions associated with previously encountered mineralization.

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**Property Claims Table**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| CLK Property | MC00017870 | 5681.37 | 2/12/2026 | $85220.59 | DENISON MINES CORP: 100% |
| CLK Property | MC00017872 | 4740.41 | 2/12/2026 | $71106.07 | DENISON MINES CORP: 100% |

---

**TOTAL NUMBER OF CLAIMS = 2 \| TOTAL AREA = 25,753 acres (10,422 hectares)**

*Permitting and Licensing*

The permitting process for the CLK Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

The CLK Property is located within the Athabasca Basin, an area known for its established mining infrastructure. The property is connected by a network of regional roads and winter access routes that facilitate transportation of personnel, equipment, and supplies. These winter roads are used during colder months for safe travel. Air access is available, allowing the property to be reached via charter flights using fixed-wing aircraft or helicopters from nearby communities, including Points North Landing. This facilitates efficient mobilization of drill crews and materials for exploration activities.

The McClean Lake mill is located approximately 30 kilometers from the CLK Property and serves as a processing facility for uranium ore. The region has access to local electrical infrastructure, providing power supply for exploration camps and drilling operations. Communication networks are established in the area to support operational coordination and data management. The presence of nearby mining operations and established companies provides additional support services, including transportation logistics, equipment rental, catering, and camp services. These infrastructure elements contribute to a conducive environment for exploration and potential future development at the CLK Property

*Developmental Activities*

Current plans for the CLK Property include both the scheduled MobileMT™ airborne geophysical survey to commence data collection in late April or early May of 2025 and a follow-up diamond drilling program anticipated to encompass approximately 2,000 meters. This phased approach aims to target known mineralization extensions and explore additional geophysical anomalies, enhancing the property's potential for uranium discovery and resource development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33

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*Turkey Lake Property Overview*

The Turkey Lake Property consists of one mineral claim over 9,363 acres (3,789 hectares) situated on the eastern margin of the Athabasca Basin in Saskatchewan. The property is strategically located, bordering the northern claim boundary of Denison's Wolly Joint Venture project, which is operated by Orano Canada, approximately 23 kilometers north of the McClean Lake Mill and 25 kilometers north of the Eagle Point Mine. Access to the property is via fixed-wing aircraft from Points North Landing, the Hatchet Lake Lodge winter road (permission required), or through a network of winter roads leading north from the McClean Lake Operation site. The property is centered on E 576,151 m and N 6,490,183 m (NAD83 UTM Zone 13N).

![fig8.jpg](fig8.jpg)

*Figure 8. Turkey Lake Uranium Property*

The Turkey Lake Property consists of one mineral claim over 9,363 acres (3,789 hectares) situated on the eastern margin of the Athabasca Basin in Saskatchewan. The property is strategically located, bordering the northern claim boundary of Denison's Wolly Joint Venture project, which is operated by Orano Canada, approximately 23 kilometers north of the McClean Lake Mill and 25 kilometers north of the Eagle Point Mine. Access to the property is via fixed-wing aircraft from Points North Landing, the Hatchet Lake Lodge winter road (permission required), or through a network of winter roads leading north from the McClean Lake Operation site. The property is centered on E 576,151 m and N 6,490,183 m (NAD83 UTM Zone 13N).

*Geology*

The Turkey Lake Property is geologically situated within a favorable environment for uranium mineralization, as evidenced by its proximity to known conductive corridors. The property has a sandstone-covered portion associated with historic drill results, where previous drilling efforts identified uranium mineralization near the sub-Athabasca unconformity.

*Exploration Activities*

Historical exploration at Turkey Lake was conducted by Gulf Minerals and Cameco Corporation from 1979 to 2009, focusing on various drilling campaigns that returned significant results. Notably, drill hole TUR-4 intersected 0.136% U<sub>3</sub>O<sub>8</sub> over 0.6 meters, encapsulated within the sandstone column just above the unconformity. A series of subsequent drill holes encountered elevated radioactivity and confirmed the potential for mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34

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**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Turkey Lake | S-110919 | 3789.00 | 3/7/2034 | $94715.32 | DENISON MINES CORP:100% |

---

**TOTAL NUMBER OF CLAIMS = 1 \| TOTAL AREA = 9,363 acres (3,789 hectares)**

*Permitting and Licensing*

The permitting process for the Turkey Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. For further information see :"*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

The property lies within established infrastructure in the eastern margin of the Athabasca Basin, enhancing its operational efficiency for exploration activities. Access to the property is facilitated by a network of winter roads leading from the McClean Lake Operation site, which allows for the transportation of personnel, equipment, and supplies during the colder months. Additionally, air access is available, enabling quick mobilization via charter flights using fixed-wing aircraft or helicopters from nearby communities such as Points North Landing.

Located approximately 23 kilometers north of the McClean Lake Mill and 25 kilometers north of the Eagle Point Mine, the property's proximity to these significant processing facilities further supports logistics for future operations. This nearby infrastructure is critical, as it not only enhances the accessibility of the site but also provides necessary utilities and facilities that could be utilized for exploration and potential development of uranium resources within the Turkey Lake Property. Overall, the available infrastructure positions the Turkey Lake Property as a strategically advantageous site for exploration and future potential mining operations.

*Developmental Activities*

Development activities on the Turkey Lake Property focus on planning for drilling programs that will further test previously identified mineralization zones. Expectations are set to utilize historical data and modern exploration techniques to refine target locations for future resource evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35

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<u>Torwalt Lake</u>![fig9.jpg](fig9.jpg)

*Figure 9. The Torwalt Uranium Property* (*Background: VTEM TauBF Map)*

The Torwalt Lake Property comprises one mineral claim covering 2,007 acres (812 hectares) and is located five kilometers east of Points North Landing in the eastern portion of the Athabasca Basin. The property is situated between significant uranium deposits, including the Midwest (Orano-Denison), Tamarack (Cameco-Orano), and McClean Lake (Orano-Denison) uranium deposits. Provincial Highway 905 passes through the southwestern tip of the property, and drill roads extend through the western half of the claim. The property is centered on E 561,751 m and N 6,460,482 m (NAD83 UTM Zone 13N).

*Geology*

The geology of the Torwalt Lake Property consists of Athabasca Group sandstones that unconformably overlie highly deformed and metamorphosed rocks of the western Wollaston Domain. The structural setting is favorable for uranium mineralization, indicated by the proximity to significant deposits in the region.

*Exploration Activities*

The exploration history includes various surveys completed by Cameco in the early 1990s, including IP-Resistivity and EM surveys that defined multiple conductors across the property. The most significant drilling to date occurred in 2016, where drill hole TWL-16-02 intersected faulted graphitic lithologies, indicating potential for uranium mineralization.

**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Torwalt Lake | S-107372 | 812.00 | 7/31/2028 | $20313.18 | DENISON MINES CORP.: 100.000% |

---

**TOTAL NUMBER OF CLAIMS =1 \| TOTAL AREA = 2,007 acres (812 hectares)**

*Permitting and Licensing*

The permitting process for the Torwalt Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

The property is well-positioned in relation to existing infrastructure, with Provincial Highway 905 running through its southwestern tip, facilitating access for transportation and logistics. Drill roads that extend through the property enable efficient movement of equipment and personnel, enhancing exploration activities.

*Developmental Activities*

Current developmental activities focus on the planning of future drilling programs aimed at testing the mineralized potential of the Torwalt Lake Property, leveraging historical exploration data to inform targeted drilling strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36

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<u>Marten Uranium Property</u>

![fig10.jpg](fig10.jpg)

*Figure 10. Marten Uranium Property (Background: Airborne Magnetics (TDR RT)*

The Marten Property comprises two mineral claims totaling 12,375 acres (5,008 hectares), located on the eastern edge of the Athabasca Basin along the Umpherville trend, approximately 30 kilometers southeast of the Cigar Lake Mine. The property is centered on coordinates E 547,215 m and N 6,412,403 m (NAD83 UTM Zone 13N), strategically positioned to leverage proximity to notable uranium resources within the region.

*Geology*

The geology of the Marten Property is characterized by Athabasca Group sandstones, which vary in thickness, with depths of less than 100 meters on the eastern side and exceeding 130 meters on the western side. The basement rocks belong to the Wollaston Domain, which is known for its structural complexity and potential for hosting uranium mineralization. The geological setting within the Umpherville trend suggests that the property could be situated in a prospective location for discovering additional uranium deposits, especially in light of the known mineralization trends in the surrounding areas.

*Exploration Activities*

Exploration at the Marten Property has a history of drilling and geological assessment with significant efforts dating back to the 1960s. Notably, a diamond drilling program was undertaken in 2010, which included six drill holes totaling 987 meters. This exploration aimed to evaluate the property's geology and assess any offsets in unconformity elevation. Drill hole results indicated hydrothermal alteration within the sandstone, confirming the presence of structural features significant for uranium exploration.

Subsequent investigations have included various airborne surveys and resistivity tests to fall within the inferred unconformity contact. Historical drilling results showed potential mineralization, indicating the property remains prospective for identifying uranium deposits*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37

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**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Project</u>** | **<u>Disposition Number</u>** | **<u>Size (Hectares)</u>** | **<u>Expiry Date</u>** | **<u>Yearly Holding Costs</u>** | **<u>Holder</u>** |
| Marten Property | S-110497 | 2768.00 | 9/12/2033 | $69194.55 | DENISON MINES CORP |
| Marten Property | S-112161 | 2240.00 | 7/26/2030 | $50980.65 | DENISON MINES CORP |

---

**TOTAL NUMBER OF CLAIMS = 2 \| TOTAL AREA = 12,375 acres (5,008 hectares)**

*Permitting and Licensing*

The permitting process for the Marten Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

The property is on the eastern edge of the basin making it accessible via provincial highways, which facilitate transportation of personnel, equipment, and supplies, ensuring efficient logistical operations. Well-maintained roads allow for year-round access, while winter roads provide additional logistical support during the colder months, making it easier to transport necessary materials to and from the site.

In addition to ground access, air transport options are available, allowing for swift mobilization of crews and equipment via chartered flights. This capability is particularly advantageous for exploration, as it minimizes travel time to the property. Furthermore, the proximity to existing mining operations within the region, such as the nearby Cigar Lake Mine and McArthur River Mine, enhances the operational feasibility of the Marten Property. These facilities not only indicate the availability of utilities, such as electricity and water, but also provide logistical support and shared infrastructure that can be leveraged for exploration and future development activities.

*Developmental Activities*

Current and planned developmental activities will focus on further exploring known mineralization zones and conducting additional drilling programs to evaluate the uranium potential of the Marten Property. The objective is to leverage historical data and current exploration techniques to refine targeting and identify new resource opportunities within this promising property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38

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<u>Wolverine Property</u>

![fig11.jpg](fig11.jpg)

*Figure 11. Wolverine Property (Background: Airborne Magnetics (TDR RTP)*

Wolverine Property is comprised of three mineral claims totaling 12,444 acres (5,036 hectares), located on the southeastern edge of the Athabasca Basin, approximately 15 kilometers southeast of Cameco's Cigar Lake Mine and 30 kilometers south of Points North Landing. The property is centered on E 524,371 m and N 6,400,816 m (NAD83 UTM Zone 13N).

G*eology*

The geological framework of the Wolverine Property consists of Athabasca Group sandstones, which unconformably overlie the metamorphic rocks of the Wollaston Domain. The depth to the unconformity ranges from 140 meters to 250 meters, creating an environment conducive to hosting uranium mineralization. Historical drilling has indicated mineralization hosted within faulted pegmatite and highlighted the potential for further discovery. The region's geological characteristics align with those found near other productive uranium deposits in the basin.

*Exploration Activities*

The exploration history of the Wolverine Property dates back to as early as 1969, showcasing various drilling programs that have identified uranium mineralization. A significant drill program in June 2010 intersected 2,087 ppm U over 0.1 meters within a two-meter interval averaging 446 ppm U in drill hole WL10-01. Additional historical drilling has uncovered peak mineralization grading 0.25% U<sub>3</sub>O<sub>8</sub> over 0.1m, hosted in alteration zones near the unconformity. Notably, the property shows potential for an extension of the Bird Lake Fault, which is correlated with multiple mineralized showings to the northeast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39

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**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Wolverine Property | S-110496 | 3631.69 | 9/12/2035 | $90792.31 | DENISON MINES CORP |
| &nbsp;&nbsp;&nbsp;Wolverine Property | &nbsp;&nbsp;&nbsp;S-113390 | &nbsp;&nbsp;&nbsp;527.69 | &nbsp;&nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;&nbsp;$13192.18 | &nbsp;&nbsp;&nbsp;DENISON MINES CORP |
| Wolverine Property | S-113391 | 876.19 | 12/11/2025 | $21904.69 | DENISON MINES CORP |

---

**TOTAL NUMBER OF CLAIMS = 3 \| TOTAL AREA = 12,444 acres (5,036 hectares)**

The permitting process for the Wolverine Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Exploration Permits*

*Infrastructure*

The Wolverine Property is well-positioned within the Athabasca Basin. Access to the property is facilitated by provincial highways and a network of winter roads, allowing for the efficient transportation of personnel, equipment, and supplies during exploration activities. These access routes are critical, especially in remote areas, enabling logistical support and operational mobility. Air access is also a key advantage, with the property reachable via charter flights using fixed-wing aircraft or helicopters from nearby locations such as Points North Landing. This capability enhances the speed and efficiency of transporting exploration crews to the site.

Moreover, the proximity of the Wolverine Property to established uranium mining operations, including the Cigar Lake Mine, enhances its logistical benefits. The nearby processing facilities signify the availability of utilities essential for supporting exploration camps and drilling activities. Additionally, the Athabasca Basin is home to a network of services related to the mining industry, including logistical providers, equipment rentals, and accommodation facilities, which streamline operational processes*.* 

*Developmental Activities*

Future developmental activities for the Wolverine Property include the implementation of a geochemical survey scheduled to take place in summer 2025. This survey will aim to identify zones of uranium enrichment or pathfinder elements associated with prospective conductive trends, which could facilitate the identification of attractive targets for future drill testing. By capitalizing on historical exploration data and new findings from upcoming surveys, we intend to enhance the potential for resource discovery at the Wolverine Property and advance its exploration strategy within the Athabasca Basin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40

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<u>Epp Lake Property</u>

![fig12.jpg](fig12.jpg)

*Figure 12. Epp Lake Property*

The Epp Lake Property comprises two mineral claims covering 2,137 acres (865 hectares), located approximately 20 kilometers northwest of the McArthur River Mine in the eastern Athabasca Basin. Access to the property is available by aircraft or via winter roads leading from the McArthur River haul road. The property is centered on E 479,127 m and N 6,412,542 m (NAD83 UTM Zone 13N).

*Geology*

The property is underlain by Athabasca Group sandstones, which unconformably overlie highly deformed and metamorphosed rocks of the Mudjatik Domain. The geological setting indicates potential for uranium mineralization, supported by the presence of conductive features and alteration zones identified in previous surveys. The geologic framework of Epp Lake is dominated by Athabasca Group sandstones, which unconformably overlie highly deformed and metamorphosed basement rocks belonging to the Mudjatik Domain of the Hearne Province.

The depth to the unconformity varies across the property, with conditions ranging from less than 100 meters on the eastern side to more than 130 meters on the western side. This geological configuration provides potential for hosting significant uranium mineralization.

*Exploration Activities*

Exploration in the Epp Lake area began in 1985 through efforts by Uranerz Exploration and Mining, followed by a joint venture with Cameco. Historical work has included lake sediment and boulder sampling, drilling, and various geophysical surveys (EM, magnetic, and gravity). Notable drill results include previous intersections of weak uranium mineralization and structural features indicative of mineral potential. Notably, EM surveys have defined multiple conductive features trending through the eastern portion of the property, indicating areas of interest for future exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41

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**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Epp Lake | S-107655 | 493.00 | 1/31/2026 | $12325 | DENISON MINES CORP. |
| Epp Lake | S-113369 | 372.11 | 1/31/2029 | $9302.75 | DENISON MINES CORP |

---

**TOTAL NUMBER OF CLAIMS = 2 \| TOTAL AREA = 2,137 acres (865 hectares)**

*Permitting and Licensing*

The permitting process for the Epp Lake will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

Accessibility to the Epp Lake Property is facilitated by existing transportation routes, including air access for personnel and supplies.

*Developmental Activities*

Future developmental activities for the Epp Lake Property will focus on following up on historical exploration results with drilling programs planned to further assess identified mineralization zones. The aim is to refine exploration targets based on the outcomes of previous sampling and geophysical data analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42

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<u>The GR Property</u>

![fig13.jpg](fig13.jpg)

*Figure 13. The GR Property*

The GR Property consists of 16 mineral claims encompassing 19,487 acres (78,585 hectares), situated north of the Athabasca Basin, Saskatchewan. The property is centered on E 240,221 m and N 6,532,175 m (NAD83 UTM Zone 13N) and was stake in October 2024.

*Geology*

The property is strategically situated atop significant regional structures, specifically the Black Bay Fault and the Grease River Shear. The Black Bay Fault is known to host Beaverlodge-style deposits located north of the basin in the Uranium City area, indicating a favorable environment for uranium mineralization. Additionally, the Grease River Shear exhibits up to 7 kilometers of lateral offset, a characteristic attributed to post-Athabasca reactivation events. This structural complexity enhances the property's potential for hosting unconformity-style deposits, akin to those found at deposits such as Cigar Lake. The combination of these geologic features suggests that the GR Property is a promising target for uranium exploration, with a landscape conducive to significant mineralization potential.

*Exploration Activities* 

While specific exploration activities on the GR Property have been limited, historical geophysical surveys indicate that the area presents optimal conditions for uranium exploration. Our plans include conducting airborne electromagnetic (EM) and magnetic surveys in summer 2025 to refine target identification for uranium mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43

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**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| GR Property | MC00017697 | 5638.61 | 1/4/2026 | $84579.14 | DENISON MINES CORP. |
| GR Property | MC00017698 | 5293.26 | 1/4/2026 | $79398.88 | DENISON MINES CORP |
| GR Property | MC00017699 | 5772.18 | 1/4/2026 | $86582.75 | DENISON MINES CORP |
| GR Property | MC00017700 | 5567.18 | 1/4/2026 | $83582.75 | DENISON MINES CORP |
| GR Property | MC00017701 | 5580.35 | 1/4/2026 | $83705.19 | DENISON MINES CORP |
| GR Property | MC00017702 | 5964.35 | 1/4/2026 | $89465.25 | DENISON MINES CORP |
| GR Property | MC00017703 | 5685.45 | 1/4/2026 | $85281.69 | DENISON MINES CORP |
| GR Property | MC00017704 | 5387.44 | 1/4/2026 | $80811.65 | DENISON MINES CORP |
| GR Property | MC00017705 | 5975.08 | 1/4/2026 | $89626.16 | DENISON MINES CORP |
| GR Property | MC00017706 | 5874.66 | 1/4/2026 | $88119.89 | DENISON MINES CORP |
| GR Property | MC00017707 | 5398.23 | 1/4/2026 | $80973.45 | DENISON MINES CORP |
| GR Property | MC00017708 | 2787.07 | 1/4/2026 | $41805.98 | DENISON MINES CORP |
| GR Property | MC00017709 | 2857.68 | 1/4/2026 | $42865.20 | DENISON MINES CORP |
| GR Property | MC00017711 | 5986.84 | 1/4/2026 | $89802.58 | DENISON MINES CORP |
| GR Property | MC00017713 | 3963.54 | 1/4/2026 | $59802.58 | DENISON MINES CORP |
| GR Property | MC00017714 | 852.86 | 1/4/2026 | $12792.90 | DENISON MINES CORP |

---

**TOTAL NUMBER OF CLAIMS = 16 \| TOTAL AREA = 19,487 acres (78,585 hectare)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44

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*Permitting and Licensing*

The permitting process for the GR Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

The GR Property is located in a well-established mining region within the Athabasca Basin. Access to the property is facilitated by an existing network of regional roads, including winter roads that allow for transportation during the colder months, which are essential for the logistical movement of personnel, equipment, and supplies. Additionally, air transportation options enable efficient mobilization through charter flights using fixed-wing aircraft or helicopters, allowing crews to reach the site quickly. Proximity to processing facilities, particularly the nearby McClean Lake mill, provides further advantages, enhancing operational efficiency and potentially reducing transportation costs for any extracted materials. The availability of utilities such as electricity is also crucial, as it supports the operation of drilling equipment and maintenance of exploration camps, while the presence of local mining operations ensures access to vital support services, including logistics, equipment rental, catering, and accommodation.

*Developmental Activities*

The development plans for the GR Property include conducting airborne electromagnetic (EM) and magnetic surveys in summer 2025. These surveys aim to define conductive trends and identify drill targets, assisting in the understanding of the subsurface geology and enhancing target selection for subsequent drilling programs. Following the airborne surveys, a diamond drilling program is anticipated, focusing on testing identified anomalies and expanding upon known mineralized zones. Additionally, further geochemical sampling will be undertaken to identify pathfinder elements associated with potential uranium mineralization, helping to characterize significant geochemical signatures for future drilling. By integrating data from historical exploration, recent surveys, and drilling results, Foremost aims to refine exploration models. This comprehensive exploration strategy positions us to advance the exploration and development of uranium resources at the GR Property, reinforcing its growth and strategic objectives within the Athabasca Basin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45

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<u>Blackwing Property</u>

![fig14.jpg](fig14.jpg)

*Figure 14. Blackwing Property*

The Blackwing Property comprises two mineral claims covering 25,753 acres (10,422 hectares), situated in the northwestern portion of the Athabasca Basin, Saskatchewan. The property is centered on coordinates E 231,855 m and N 6,547,848 m (NAD83 UTM Zone 13N) and was staked in November 2023, reflecting a strategic commitment to exploration in this resource-rich area. Its location near established uranium deposits emphasizes its potential for future exploration and mineral development.

*Geology*

The geological structure of the Blackwing Property is situated along significant regional structures, primarily the Black Bay Fault and the Grease River Shear Zone. These structures are known to host multiple uranium occurrences and Beaverlodge-style deposits in the Uranium City area, indicating favorable conditions for uranium mineralization. The property is characterized by a great depth of Athabasca Group sandstones, underlain by complex basement geology that includes variably deformed and metamorphosed rocks. The proximity of the Blackwing Property to these critical geological features positions it as a promising target for uranium exploration. Notably, previous geophysical surveys have indicated conductive anomalies in the area that could correlate with mineralization, further supporting the potential for discovery.

*Exploration Activities*

There is no known exploration right on the Blackwing property but historical exploration activities within the vicinity of the Blackwing Property include extensive geological mapping, geochemical sampling, and geophysical surveys conducted by various entities made for a compelling target. In 1978, initial exploration activities identified anomalous materials, specifically boulders exhibiting pitchblende, near the property, suggesting the presence of uranium mineralization. Subsequent airborne geophysical surveys conducted in 2008 by Pitchstone provided necessary data to inform future exploratory efforts. The results indicated areas of interest correlating with known conductive features encouraging further exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46

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**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project** | **Disposition Number** | **Size (Hectares)** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| Blackwing Property | MC00017710 | 4816.61 | 1/4/2026 | $72249.08 | DENISON MINES CORP |
| Blackwing Property | MC00017712 | 2584.39 | 1/4/2026 | $38765.82 | DENISON MINES CORP |
| Blackwing Property | MC00017715 | 5226.34 | 1/4/2026 | $78395.12 | DENISON MINES CORP |

---

**TOTAL NUMBER OF CLAIMS = 3 \| TOTAL AREA = 25,753 acres (12,627.33hectares)**

*Permitting and Licensing*

The permitting process for the Blackwing Property will adhere to the requirements of the Saskatchewan Ministry of Energy and Resources. This includes conducting environmental assessments and obtaining the necessary exploration permits prior to commencing drilling activities. Engaging with Indigenous communities and meeting consultation requirements will also be integral to successfully obtaining these permits. "*Project Overview* – *The Athabasca Uranium Properties* – *The Hatchet Lake Property - Permitting*".

*Infrastructure*

The Blackwing Property is situated in a favorable location within the northwestern portion of the Athabasca Basin. Access to the property is facilitated by a network of regional roads, including well-maintained winter access routes that allow for the transportation of personnel, equipment, and supplies during the colder months, providing reliable logistical support for exploration activities. Additionally, air access is available, enabling rapid mobilization through charter flights using fixed-wing aircraft or helicopters from nearby communities, such as Points North Landing. The property's proximity to established uranium processing facilities, including the McClean Lake Mill, further increases operational efficiency, allowing any potential uranium mineralization to be transported with ease. The infrastructure in the region also suggests the availability of essential utilities, such as electrical services, necessary for operating drilling equipment and supporting exploration camps. Established communication networks enable effective operational coordination and data management, while the presence of nearby mining operations allows the Blackwing Property to benefit from available support services, including logistics, equipment rental, catering, and accommodations for exploration teams.

*Developmental Activities*

Current developmental activities focus on the planned airborne EM and magnetic surveys set for summer 2025. These surveys will aim to identify and refine potential targets for future exploration based on the conductive trends observed during preliminary investigations. Following the surveys, a comprehensive drilling program will be designed to test the identified targets and explore the uranium mineralization potential of the property further. By leveraging existing data and new survey findings, we are well-positioned to advance exploration efforts on the Blackwing Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47

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**Project Overview - Lithium Lane Properties**

Our Lithium Lane Properties encompass 78 discrete claims totaling over 43,000 acres (17,500 hectares), consisting of: (1) the Zoro Property; (2) the Jean Lake Property; (3) the Grass River Property; and (4) the Peg North Property. They are located in close proximity to each other, in west-central Manitoba, east of the historic mining friendly town of Snow Lake. Each of these properties consists of undeveloped provincial land on which we hold mining claims or options to acquire or earn interests in mining claims and are predominately surrounded by black spruce and jack pine forest with surficial sediments such as trembling aspen.

![fig15.jpg](fig15.jpg)

*Figure 15. Foremost*'*s Manitoba Lithium Claims*

The Lithium Lane Properties are ideally located in the Province of Manitoba, Canada, where 97% of the electrical energy supply is from hydro-electric renewable sources. The region of Snow Lake, where the Lithium Lane Properties are situated, is mining friendly, and the Hudson Bay Railway runs within 30km of the Lithium Lane Properties. The valley located directly east of the property could serve as a potential tailing storage area. Winter access roads to the property can be used for hauling purposes. The Snow Lake region is marked by short, cool summers and long, cold winters. The region has a sub-humid high boreal climate, marked by short, cool summers and long, cold winters, with mean summer temperature is 12.5°C (54.5°F) and the mean winter temperature is -18.5°C (-1.3°F). The Hudson Bay rail runs north to the Port of Churchill which supplies access to Europe by ship, or south to the EV manufacturing markets in Michigan and the southern United States.

To date, a total of over $13.0 million has been spent on the acquisition, and the exploration on the Lithium Lane Properties, with most of the work has been applied to the Zoro Property. The Zoro, Jean Lake, Peg North, and Grass River spodumene bearing, lithium-enriched pegmatite dyke clusters occur on either side of the Crowduck Bay Fault. To the east of Wekusko Lake there are three main clusters of spodumene-bearing pegmatite dykes known as the Thompson Brothers, Sherritt Gordon and Zoro pegmatites. The Thompson Brothers (Violet) and Sherritt Gordon type pegmatites and appear to connect or extend onto our Jean Lake and Peg North projects. The Green Bay (Zoro) pegmatites are located about 5km east of the Thompson Brothers property. Lithium Projects are bound by the Crowduck Bay Duck Fault as well are situated along the Thompson Brothers Lithium Trend ("TBL"), known to be associated for lithium-enriched pegmatite dyke clusters. Lithium-bearing pegmatites occur across the Province of Manitoba including in areas such as the Tanco Mine, Wekusko Lake Pegmatite Field, Red Sucker Lake, Gods Lake and Cross Lake, which all host known pegmatite lithium deposits.

In August of 2020, the Government of Manitoba launched the Manitoba Mineral Development Fund ("MMDF"), the purpose of which is to jump-start mineral and economic development initiatives and support new economic development opportunities. The MMDF hopes to capitalize on existing assets and infrastructure across Manitoba and supports strategic projects that capitalize on mineral potential within the province and helps accelerate Manitoba's position as a world leader for responsible mineral development. On January 4, 2024, we announced the our third successful grant application for $300,000. Contributions from MMDF have Provided Foremost Clean Energy a Total of $900,000 towards project support for mineral exploration and development. We have a S-K 1300 technical report summary that declares a Li2O inferred mineral resource on our Zoro Lithium Property. The inferred resource is entirely from a single high-grade lithium bearing spodumene pegmatite dyke (Dyke-1) partially outcropping at surface. The Li2O inferred mineral resource estimate for the Zoro Lithium Property as of January 16, 2023 is 1,074,567 tonnes in situ at a grade of 0.91% Li2O, with a cut-off of 0.3% Li2O. To date, the Lithium Zoro Property is the only project where we have a S-K 1300 compliant initial assessment report with an inferred mineral resource estimate. We expect that following a planned six-phase exploration approach will demonstrate potential further S-K 1300 compliant resources.

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We have not completed any economic modelling or reporting and, therefore, the available, historical drilling information is considered early stage, and the risk of the failure of additional drilling to provide confirmation of our indicated and inferred resource is great. To date, a limited amount of capital has been invested in our Lithium Lane Projects and the future success of the project will rely heavily on the availability of additional capital which may not be available to us on favorable terms, if at all. Receiving capital investment in the future may result in dilution of your investment in our common shares and a failure to confirm our resource may result in the failure of our business and the complete loss of your investment.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Lithium Industry and Competition**

The market for the lithium sector has entered a challenging phase that has spanned throughout 2024 and into early 2025, with prices hitting multi-year lows due to persistent oversupply and softer-than-expected demand from key industries like electric vehicles (EVs) Market analysts suggest this downturn may represent a bottoming-out period, with conditions expected to tighten by 2026 through to 2030 as production cuts take effect and demand gradually recovers.

Global lithium carbonate production has surged dramatically since 2020, increasing from 82,000 metric tons to 240,000 metric tons in 2024—a 192% increase. However, lithium sales data shows that demand has failed to match this rapid expansion, leading to significant oversupply, with surpluses of 175,000 metric tons in 2023 and 154,000 metric tons in 2024. Analysts predict a narrower surplus of just 10,000 metric tons in 2025, followed by a potential deficit of 1,500 metric tons in 2026.

Prices have reflected this imbalance, with lithium carbonate (CIF North Asia) dipping below $9,550 per metric ton in February 2025—its lowest level since 2021. At current price points, roughly a third of lithium producers are operating at a loss. The price slump has forced major producers to scale back operations, with Pilbara Minerals deferring expansion plans for what would have been the world's largest lithium mine and reducing FY2025 capex guidance to AU$615-685 million.

Similarly, Albemarle has reportedly paused its expansions at its Kemerton plant in Australia and idled its Chengdu facility in China while cutting 2025 capex by $100 million to $800 million.

![fig16.jpg](fig16.jpg)

*Figure 16. Lithium Prices See a Controlled Declined over Historic Highs over the Rest of this Decade (Source: Wood MacKenzie)*

Despite these market headwinds, companies such as Rio Tinto reportedly completed a $6.7 billion acquisition of Arcadium Lithium, aiming for over 200,000 metric tons of annual production by 2028, while Lithium Americas secured $250 million for the Thacker Pass Phase 1 development, targeting completion by late 2027.

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We face intense competition in the mineral exploration and exploitation industry on an international, national, and local level. We compete with other mining and exploration companies. The lithium exploration and mining industry is fragmented, and we are a very small participant in this sector. Many of our competitors cover vast market sectors around the world. We are in an industry that includes many companies with decades of experience and a history in the market. Further, we are subject to competition from other large national and international mining companies such as Sayona Mining Limited and Frontier Lithium Ltd.

*Global Market Dynamics*

The Trump administration's tariffs, although primarily aimed at China, still created a ripple effect impacting supply chains and raising costs for imported components crucial to battery manufacturing. This has encouraged the diversification of supply chains, albeit slowly, and any affect that it may have on the industry remains unknown.

Following the Inflation Reduction Act's implementation in 2022, there appears to have been a marked shift in the North American market toward establishing a more independent battery supply chain. The incentives provided by the Act have accelerated the transition of the industry, with North American manufacturers increasingly sourcing materials domestically or from allied nations.

*Electric Vehicle (EV) Market Update*

The EV market, initially slow to rebound from the 2022 slump, has gained momentum through 2024 and early 2025. This revitalization can be attributed to both policy incentives and technological advancements. The U.S. continues to push forward with its regulatory framework, enforcing stringent sourcing requirements for battery materials, which have led to increased investments in local mining and processing facilities. The adoption of EVs is bolstered by OEMs offering more affordable models with extended range capacity. Investments in R&D for battery efficiency, focusing on high-nickel cathodes, are yielding promising results. These batteries ensure higher energy density and lower weight, thus better supporting consumer expectations for range and performance.

*Energy Storage and Battery Market*

With Benchmark Mineral Intelligence forecasting that stationary energy storage will dominate lithium demand by 2050, early-stage implementations are already being observed. These systems are primarily being deployed to support renewable energy infrastructure, enhancing grid reliability.

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![fig17.jpg](fig17.jpg)

*Figure 17. Projection of Global Battery Energy Market*

The global energy transition is acting as a catalyst for the expansion of energy storage markets. Recent geopolitical tensions have underscored the necessity for energy independence, prompting governments to invest in sustainable energy storage solutions. By 2025, it is evident that battery recycling technologies are starting to receive significant attention and investment, addressing long-term sustainability concerns related to lithium mining. While higher installation costs currently pose a challenge, prices are projected to decline as production scales and technology advances. The COVID-19 pandemic highlighted supply chain vulnerabilities, particularly reliance on APAC regions for critical raw materials, prompting diversification efforts. Key sectors like data centers further propel demand through uninterruptible power supply (UPS) needs, reinforcing lithium-ion batteries' role in grid stability and energy transition. This growth trajectory underscores both opportunities and supply chain risks for stakeholders in the lithium and energy storage markets. This trajectory suggests a progressive alignment with targets aimed at reducing the environmental footprint of battery production and disposal, vital for maintaining the growing demands of both the EV market and stationary energy storage systems.

Overall, the lithium market and associated industries are navigating through a transformative period, shaped by a combination of policy encouragement, technological advances, and changing economic landscapes. As the lithium sector faces oversupply issues, a gradual recovery is expected by 2030, contingent on production adjustments and demand stabilization. Continuous monitoring and adaptation will be critical for stakeholders aiming to remain competitive and sustainable in the shifting global marketplace.

Our Lithium Lane Properties are ideally located to take advantage the projected battery market, being a strategic hard rock lithium supplier and a favorable source of renewable energy for lithium mining and processing in Manitoba. In addition, the Lithium Lane Properties are strategically within easy access to infrastructure. The Hudson Bay Railway has a railhead 30 km from our project, with access to means of transportation to bring our lithium product north to the Port of Churchill, for shipment to Europe, or south via CN rail or North America superhighways.

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*Project Overview*

**The Lithium Lane Properties**

<u>Zoro Property</u>

Portions of this section regarding the Zoro Property are derived from the S-K 1300 technical report summary, "Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba", with an effective date of January 16, 2023, prepared by Mark Fedikow and Scott Zelligan, Qualified Persons under S-K 1300, ("Qualified Person" or "Qualified Persons"). Mr. Fedikow is our former Vice President of Exploration and is currently contracted as an independent scientific advisor. Mr. Zelligan is a self-employed, independent resource geologist. Neither Mr. Fedikow nor Mr. Zelligan is affiliated with any other entity that has an ownership, royalty or other interest in the property.

The Zoro Property is an exploration stage property located in west-central Manitoba 249 km southeast of Thompson and 571 km north-northeast of Winnipeg and approximately 20 km east of the town of Snow Lake. Nearby infrastructure includes a power line servicing the town of Snow Lake approximately 5 km south of the property, the Snow Lake airport and an all-weather gravel road 11 km west of the property, and a rail link located at Wekusko siding, 20 km to the south of the small historic gold mining community of Herb Lake Landing which is 30 km south of the property. The nearest road link is a seasonal gravel road on the east side of Wekusko Lake that accesses the village of Herb Lake Landing and Provincial Highway 392 to the south.

![fig18.jpg](fig18.jpg)

*Figure 18* – *Depicts the Zoro Property with its 16 Spodumene Dykes*

Access to the property is by either helicopter or fixed-wing aircraft, or by driving north on provincial highway 39 to Bartlett's Landing, taking a 20km boat ride across Wekusko Lake, and using drill roads and ATV trails the remainder of the way. Based upon the UTM Grid, the property is located at coordinates 455,000 meters east and 6,085,000 meters north, as illustrated in Figure 18 above (GPS coordinates are 54.8575, -99.6461) The Zoro Property has no mineral reserves under S-K 1300. The S-K 1300 mineral resource estimate for the property is included below, under "*Mineral Resource Estimates*". The Zoro Property is comprised of 16 mineral claims totaling 8,377 acres (3,390 hectares). We have drilled 12,000 meters of core and documented a total of 16 spodumene mineralized pegmatite dykes on the Zoro Property.

*Geology*

*<u>Zoro Lithium Pegmatites</u>*

General and detailed geology for the Zoro Property is depicted in the figures below. Mapping was performed by the Manitoba Geological Survey on the property. The Zoro Property is underlain by ocean floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group (as defined below) sedimentary rocks. The ocean floor rocks comprise mafic volcanic and related intrusions and consists of sandstone, siltstone, mudstone and quartzo-feldspathic gneiss and migmatite (the "Missi Group"). These lithologies are flanked to the south by Missi Group calc alkaline and tholeiitic basalt and rhyolite to dacite ash flow tuff and flows and to the east and west more Missi Group sedimentary rocks. The ocean floor mafic volcanic rocks adjacent to the dykes consist of a fine- to medium-grained strongly foliated dark green lithology. These andesitic to basaltic lithologies are locally interbedded with volcaniclastic sedimentary rocks and all are intruded by a quartz-phyric granite intrusion. The flows are generally fine- to medium-grained, massive with a 50°-70° lineation and strikes of N10°-30°E and steep northwest dips. Localized quartz veins, quartz laminae and associated iron carbonate veinlets are also present in outcrop adjacent to lineaments interpreted to represent faults. Minor arsenopyrite was noted in the quartz veins and laminae. These rocks are locally rusty-weathered and crosscut by veinlets of iron carbonate and quartz. Minor arsenopyrite and pyrite was observed in the quartz veins and laminae.

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![fig19.jpg](fig19.jpg)

*Figure 19 - General Geology of the Wekusko Lake Pegmatite Field Region.with Zoro Claims for Context*

The pegmatite dykes generally strike northwest to north-northwest with steep dips and crosscut the regional foliation at a low angle. The dykes tend to be concentric in internal structure and the grain size of the constituent minerals (potassium feldspar, quartz, spodumene and black tourmaline) coarsens towards the center of the dykes. This pattern may be locally interrupted by patches of saccharoidal albite, large muscovite aggregates and coarse albite stringers with garnet and beryl. Spodumene is concentrated in the cores of the dykes. Some of the dykes have been split into sub-parallel veins by post-emplacement tectonic activity.

Dyke 1 pegmatite is the largest and best studied dyke on the Zoro Property. It is a north-south trending, near vertical body that extends for at least 280m in length and a maximum known thickness of approximately 35m. An apparent lack of alteration in the country rock is commonly described in the historical drill logs with only a local description of brecciation of the mafic volcanic rocks associated with a network of quartz veins. Recent field work identified Holmquist in the mafic volcanic country rock, indicating metasomatic alteration associated with the pegmatite intrusion, and litho geochemical analyses demonstrate that a broad metasomatic halo was developed. Holmquist-bearing assemblages are a function of the activity of lithium introduced into the pegmatite's wall rock. These assemblages reflect greenschist facies metamorphic conditions and are only found in amphibolite wall rock usually replacing hornblende, pyroxene, or biotite (Heinrich, 1965; London, 1986). Based on historical and recent drill log descriptions the zonation in the Dyke 1 pegmatite can be defined as follows:

1. wall zone is at the contact and is predominately composed of quartz, microcline, and muscovite, with accessory tourmaline, hornblende, biotite and rare beryl and spodumene.

2. intermediate zone has medium sized crystals of microcline, albite, quartz, muscovite and spodumene (less than 5%).

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3. central zone has abundant spodumene (locally up to 50% but more commonly varying between 10 and 30%), albite, quartz and locally pollucite and tantalite, and accessory apatite, tourmaline, pyrrhotite, lepidolite, columbite group minerals and Fe-Mn phosphate minerals.

4. core zone is mostly composed of quartz with small to medium grained spodumene crystals (locally 15-20cm crystals of spodumene are observed) in a quartz matrix, with minor tourmaline and muscovite.

*<u>The Green Bay pegmatite group (GB)</u>*

The Green Bay pegmatite group is located about 4.5 km east-northeast of the Violet-Thompson dyke. It consists of 7 dykes intruding metabasalts of the Amisk Group, in a 2 km zone trending approximately 55° from the westernmost, and largest, pegmatite (Mulligan1965). The individual dykes strike northwest to north-northwest with subvertical dips, mostly crosscutting the northeast regional foliation of the metabasalts. The pegmatite group is located inside two divergent faults striking east-northeast and north-northeast. If they are interpreted as conjugate horizontal shears, the attitude of the pegmatites would correspond to the theoretical orientation of associated tension fractures (Mulligan 1965). Out of the seven pegmatites present, the westernmost (GB) and largest was examined in detail, and two minor dykes neighboring to the east (GBB and GBC) have been sampled for geochemical characterization. The GBA dyke is largely drift-covered and poorly exposed in trenches over 250 metres along strike, which is approximately 350° with vertical dip. The width varies between 3 and 20 metres. The pegmatite contacts crosscut the regional schistosity at a low, and variable, angle. The dyke is roughly concentric in internal structure. Coarsening of grain size of the main constituents—K-feldspar, quartz, spodumene, and black tourmaline—towards the centre of the body is only locally interrupted by patches of saccharoidal albite, larger aggregates of muscovite, and by coarser albite stringers carrying garnet and beryl. Spodumene is concentrated in, but not confined to, the core. Sicklerite, most probably an alteration product of triphylite, is exceptional. The GBB and GBC dykes show similar internal structure and composition, but they are much more influenced by post consolidation tectonic activity, which is very sporadic in the GBA dyke. They split into several subparallel veins, and they generally show much more active structural evolution than the main dyke. Spodumene occurs in them only in centrally located patches.

![fig20.jpg](fig20.jpg)

*Figure 20 - Geological setting of the Zoro Property*

As evident from the preceding descriptions, the mineralogy of all three pegmatite groups is practically identical despite the widely separated locations, different altitudes, and individualized internal structures. The only difference observed in the field lies in the distinct enrichment of the GBA dyke in tourmaline and beryl, particularly towards its northern end; in the other pegmatites, these two minerals are much less abundant. Geochemical characteristics show a close relationship between the Sherritt-Gordon and Violet- Thompson groups, and a much more advanced fractionation in the Green Bay pegmatites. This is shown repeatedly by the plots of K/Rb vs. Cs in K-feldspars and muscovite, and by the Na/ Li vs. Cs plot of beryl (Fig. 20). In the Green Bay group, the highest degree of fractionation is attained in the small dykes GBB and GBC.

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*<u>Zoro Property Inferred Mineral Resource</u>*

The S-K 1300 compliant technical report summary was prepared to support ongoing exploration and development by us. Its primary goal was to review existing and newly discovered lithium pegmatite dykes on the property based on exploration work finished before July 2018. It would utilize the related geoscientific database to demonstrate sufficient technical merit to continue the assessment of known pegmatite dykes and to explore for repetitions of this style of mineralization.

For reporting purposes, the Zoro Property inferred mineral resource is tabulated Li2O (%). The author is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that may negatively affect the economic extraction of the inferred resource.

*<u>Table 1 - Summary of In Situ Mineral Resources as of the end of fiscal year 2023</u>*

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| | | | |
|:---|:---|:---|:---|
| **Cut-Off 0.3 Li<sub>2</sub>O%** | **Tonnes (t)** | **Grade Li<sub>2</sub>O%** | **Li<sub>2</sub>O tonnes** |
| **Inferred** | 1074567 | 0.91 | 10756 |

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The foregoing resource estimation was completed by Scott Zelligan, P. Geo, a Qualified Person, with an effective date of May 25, 2018. The Qualified Person has confirmed that there has been no change in the mineral resource estimation between May 25, 2018 and January 16, 2023. This resource covers only material within Dyke 1 at the Zoro Property. Our lithium resource is comprised entirely from one spodumene mineralized pegmatite dyke (the Zoro Dyke 1) as defined by our 2017/2018 drill programs. Dyke 1 is close to additional lithium bearing mineralization hosted in 15 spodumene pegmatite dykes that are yet undefined and does not comprise part of the existing resource. The resource remains open at depth and along strike in both the north and south directions.

Estimation was conducted only within the mineralized pegmatite with internal and external waste excluded as identified by hard boundaries. Interpretation occurred on a two-dimensional sectional basis then combined to form a three-dimensional volume model of the in-situ pegmatite dyke. No waste material in the host country rock was estimated.

*Mineral Resource Estimates*

*<u>Cut-off Grades</u>*

For purposes of establishing prospects of economic extraction, the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include NSR, pay limit, and break-even stripping ratio. A cut-off of 0.3 % was chosen as the base case and is deemed a reasonable prospect for economic extraction based on similar reporting on other comparable properties, as well as the relevant factors. As stated in our SK-1300 Report for the property, the Qualified Person's opinion is there isn't a calculation for the cut-off grade. Future refinement of the deposit understanding will lead to a full economic grade cut-off calculation. The number is based mainly on industry standard reporting with confirmation that in principle this will be economic through the initial pit optimization calculation.

***Table 2 - Grade-tonnage summaries by Li2O (%) cut-off***

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| | | |
|:---|:---|:---|
| **Li<sub>2</sub>O (%) Cut-off** | **Tonnes** | **Li<sub>2</sub>O (%)** |
| **0.3** | **1074567** | **0.91** |
| 0.4 | 946402 | 0.99 |
| 0.5 | 881815 | 1.03 |
| 0.6 | 780350 | 1.09 |
| 0.7 | 721660 | 1.13 |
| 0.8 | 629578 | 1.18 |
| 0.9 | 515652 | 1.26 |
| 1.0 | 419961 | 1.33 |

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The metal price used for this determination is based on a Spodumene concentrate of 6% Li2O and a price of 3,300 US$/t concentrate. The Qualified Person feels this is reasonable given the long-term anticipated demand for the commodity, the long-term timeline of this project. The operating cost assumptions are sourced from comparable open pit projects in Canada. A cut-off grade of 0.3 % was used for reporting, based on comparable open pit projects in Canada and the open pit optimization results. Optimized pit shells were generated by an Open Pit Engineering consultant to establish reasonable prospects for eventual economic extraction. The pit shells were run on the regular model cells, with blocks measuring 2.5 x 2.5 x 2.5 m. The pit slope angle was set at 50° based on preliminary estimate of the rock quality. Key input assumptions are summarized in the table below. Comparable properties are referenced, and averages derived from publicly available industry databases.

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This 0.3% Li2O cut-off grade was used to measure our resources as, according to our S-K 1300 Report, that is a reasonable grade necessary to cover estimated production costs in accordance with the following criteria (in US dollars):

***Table 3 - Open Pit Optimization Inputs***

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| | | |
|:---|:---|:---|
| **Inputs** | **Units** |  |
| Spodumene Concentrate Price | US$/t conc | $3300 |
| Exchange Rate | US$:$ | 0.77 |
| Concentrate Grade | % Li<sub>2</sub>O | 6% |
| Percent Payable | % | 100% |
| Concentrate Transportation | US$/tonne | $200 |
| Royalties | % NSR | 2% |
| OPEX Mining Cost | $/t mined | $4.00 |
| Processing Cost | $/t processed | $20.00 |
| G&A Cost | $/t processed | $10.00 |
| External Mining Dilution | % | 0 |
| Mining Recovery | % | 100 |
| Process Recovery | % | 90 |
| Pit Slope Angles | Degrees | 50 |
| Strip Ratio | Waste t : Above cut-off t | 4.36:1 |

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● This estimate uses a 6% Spodumene Concentrate price of US$3,300 per tonne. USGS tracks the spot price of 6% Spodumene Concentrate for recent calendar years, and we believe due to recent volatility that this market price is a reasonable estimate.

● This estimated mining cost of $4 per tonne is based on an open-pit mining method used by comparable mining companies.

● This estimated processing cost of $20 per tonne is based on internal Company estimates.

● The estimated extraction recovery is 90% based on standard industry practices.

● The concentrate transportation cost is based on an internal review of trucking the concentrate to the nearest train tracks (approximately 65 km) and then transporting it via rail to Churchill, Manitoba (approximately 600 km) which has a shipping port facility.

The Zoro dyke-1 mineral resource is classified entirely as an inferred mineral resource in accordance with the S-K 1300 when taking into consideration, data density, deposit geometry, likely extensions, and possible interpretation alternatives. For reporting purposes, the Zoro Property inferred mineral resource is tabulated Li2O (%). The Qualified Person is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that may negatively affect the economic extraction of the inferred resource.

All data used to estimate the above reported mineral resource estimate, including sampling, analytical, and test data, has been verified by Scott Zelligan, P.Geo., a Qualified Person from the original sources. This includes a site visit to the Zoro Lithium Project, review of previously drilled intervals in person, and a comparison of the drill hole database to drill logs and assay certificates.

*<u>Other Modifying Factors</u>*

A preliminary metallurgical test was conducted to determine possible concentrate grade recoverable from the Zoro dyke-1 deposit in 2020. Automated mineralogy, coupled with geochemical analyses and mineral chemistry, provide valuable quantitative data that can be used to guide the test work and explain recoveries and potential losses. Spodumene is the primary lithium mineral in the Zoro Property pegmatite and accounts for 96% of the total lithium. Lithium losses due to other than spodumene host minerals will be minimal and favor the project. Furthermore, liberation of spodumene is 88% for the calculated head for a P80 of 600 μm. Therefore, flotation can be conducted at relatively coarse particle size to recover the spodumene. Liberation of gangue minerals including quartz (89%), Na- and K-feldspars (94%), and micas (82%) is very good. These can theoretically be rejected. Preliminary test work, HLS and combined with magnetite separation, tests indicate that it is possible to produce a high-grade (close to 6% Li2O) SC6 lithium concentrate after the rejection of iron silicate minerals. Thus, most of the spodumene should be amenable to recovery by HLS and/or flotation. The mineralogical characteristics of the pegmatite favor the economic potential of the project.

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We contracted XPS Expert Process Solutions (a Glencore company) to develop a process to refine spodumene concentrate (SC6 technical specification) into a saleable battery-grade lithium hydroxide product in the Spring of 2022. Our initial 2020 metallurgical test work, done in conjunction with SGS Canada Inc, indicated that it is possible to produce a high-grade 6% Li2O concentrate. Final test results confirmed in March of 2023 that Dense Media Separation ("DMS") and flotation of DMS Middlings together, achieved a global lithium recovery of 81.6% at a spodumene concentrate grade of 5.88% Li2O. Pyrometallurgical and hydrometallurgical testing on the DMS spodumene concentrate have shown that the final product is amenable to a flowsheet, capable of producing both battery grade lithium products, Lithium Carbonate (Li2CO3) and Lithium Hydroxide (LiOH).

The Dyke 1 metallurgical program was initiated in June of 2022 after receipt of a permit from the Manitoba government and the collection of a 489 kg of spodumene-mineralized pegmatite from historic trenches exposing Dyke 1 on the Zoro Property.

*<u>Results of Test Work</u>*

The Zoro Dyke 1 metallurgical program investigated the feasibility of lithium beneficiation by dense media and dry magnetic separation with the goal of producing a 6% Li2O concentrate from a Master Composite, at a fairly coarse particle size of -12.7/+0.5 mm. Completed HLS, DMS, and dry magnetic separation test work confirms that heavy liquid separation (HLS) demonstrates excellent potential for the recovery of an on-spec lithium concentrate from the Master Composite by dense media separation. The global lithium recovery to a cumulative HLS non-magnetic sink product at an interpolated 6% Li2O grade was high at 73.5%, at a projected SG cut-point of 2.88. Results from HLS testing were confirmed in the DMS pilot plant. DMS processing followed by dry magnetic separation produced a 5.93% Li2O spodumene concentrate, at a global lithium recovery of 66.9%, in approximately 27% of the mass which is in good agreement with the HLS results. The iron contents in the final lithium concentrates from both HLS and DMS were slightly above the 1% Fe2O3 requirement, but still acceptable for subsequent hydrometallurgical lab testing. Further improvements on the recovery of lithium can be realized by incorporating flotation and wet high-intensity magnetic separation (WHIMS) in the flowsheet to treat the DMS middlings and -0.5 mm fines. Favourable metallurgical characteristics and processing of the Dyke 1 mineralogically representative bulk sample have been confirmed by this two-phase program. The result provides confidence in the metallurgical character of spodumene-bearing pegmatite as exploration proceeds on the Zoro Property.

*Exploration Activities*

Diamond drilling, prospecting and sampling programs conducted in 2016 through 2019 confirmed the presence of spodumene bearing pegmatites. Metallurgical studies were undertaken on material collected from four 2018 drill holes at Dyke 1. The successful drill testing of Mobile Metal Ions ("MMI") soil geochemical anomaly in 2017 and the discovery of the high-grade lithium-bearing Dyke 8 has provided the rationale for expanding these surveys to the remainder of the property.

A helicopter-assisted crew of field technicians extended the current MMI survey coverage on the property with the collection of 784 soil samples We previously assessed the amount of high-grade lithium in Dyke 1 through a 2017/2018 winter drill program, reaching the dyke's deeper levels (>150 m). Additionally, the winter drill program was expanded to Dykes 5 and 7, to test historic results and recent assay results from trench and outcrop sampling of both dykes. During the 2017/18 winter drill program, we also discovered a previously unknown spodumene bearing pegmatite dyke. The discovery was made during the 2,472-metre, 19-hole drill program, as described in Company's news releases on January 19 and February 13, 2018. The discovery of this additional dyke was made by drill-testing a MMI soil geochemical anomaly bringing the total of known high-grade lithium mineralized spodumene pegmatite dykes on the Zoro Lithium Project to eight. Further results from the winter drill program included narrow intercepts from shallow drill holes testing Dykes 2, 5 and 7. Of these, Dyke 5, tested by drill hole FAR18-30, intersected 1 m of 1.2% Li2O. Overall the results for each of these dykes were consistent with historic exploration results. We announced assay results from the fifth drilling program at Zoro on July 3, 2019, completing a total 3,054 m of drilling in 22 holes. A total of five new pegmatite dyke have been identified to date, bringing the total to 13, and the drilling extended the limits at Dyke 8, which has been intersected by six holes from two of our drilling campaigns. We have posted the results of all drill programs and laboratory testing on our website at www.foremostcleanenergy.com.

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Drill Programs

2022 Drill Program Highlights

On April 26, 2022, we announced our first drill had been completed since 2018 with a ten-hole 1,509-metre drill program designed to test MMI soil geochemical anomalies. Highlights include a sixteenth spodumene-bearing pegmatite dyke discovery. This pegmatite was intersected by two drill holes, DDH FM22-70 and was drilled at -50 degrees inclination. Two pegmatite intercepts totaling 4.9 m with up to 15% light green spodumene crystal aggregates were obtained. A second hole, DDHFM22-70B, was drilled at a steeper inclination of -65 degrees to undercut the first pegmatite intersection. This hole intersected a five-m intercept of the same spodumene mineralized pegmatite as hole FM22-70. The host rock to these pegmatites is a fine-grained foliated basalt.

In 2022 DDHFM22-71 was drilled at -65 degrees to undercut the 2018 pegmatite and intersected three discrete pegmatites. A 4.5 m spodumene-bearing pegmatite intersected between 70.45 and 75.89 m before being truncated by a fault. This intercept is 37 m below the previous 2018 drill intercepted Dyke 8 spodumene mineralization. A further pegmatite intersected below the fault between 84.4 and 86.65 m, and a third between 148.75 m and 152.65 m. To date, Dyke 8 has drill indicated dimensions of 120 m in length, 5-15 m in width and has been drilled to a depth of 157 m below surface. Assay results from the first pegmatite intersection vary from 0.05%-0.86% Li2O in five core samples over 5.44 m and 0.05% Li2O in each of two core samples over 2.25 m from the second pegmatite intersection (Table 1). A third pegmatite intersected over 3.91 m in DDHFM22-071 assayed 0.09-0.21% Li2O with the highest concentrations for related metals Cs (1440 ppm) and Nb (137.9 ppm); (sample 423028; Table 1). Tantalum analyses from Dyke 8 core samples vary between 30.2 ppm and 88.5 ppm. See a full list of assay results below in Table 1.

***Table 1. Zoro 2022 Drill Results*** – ***Summary of NQ core assay results for lithium and related metals from spodumene-bearing pegmatites and pegmatites without visible***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NQ Core Sample** | **Depth (m)** | **Width (m)** | **Li ppm** | **Li20%** | **Cs ppm** | **Nb ppm** | **Ta ppm** |
| **DDHFM22-07** | 423011 | 32.44-33.24 | 0.8 | 203 | 0.04 | 296 | 137 | 86.6 |
|  | 423012 | 33.24-34.0 | 0.76 | 1040 | 0.22 | 226 | 116.2 | 89.7 |
|  | 423013 | 34.0-35.0 | 1 | 6220 | 1.33 | 260 | 84.3 | 58.8 |
|  | 423014 | 35.0-35.8 | 0.8 | 4000 | 0.86 | 253 | 97.1 | 47.4 |
| **DDHFM22-070B** |  |  |  |  |  |  |  |  |
|  | 423015 | 43.21-44.0 | 0.79 | 200 | 0.04 | 395 | 107.9 | 65.3 |
|  | 423016 | 44.0-45.0 | 1.0 | 3030 | 0.65 | 225 | 74.9 | 28.3 |
|  | 423017 | 45.0-46.0 | 1.0 | 4890 | 1.05 | 319 | 113.3 | 35.7 |
|  | 423018 | 46.0-47.0 | 1.0 | 4460 | 0.96 | 301 | 111.5 | 35.7 |
|  | 423019 | 47.0-48.13 | 1.13 | 4030 | 0.86 | 476 | 106.5 | 61.9 |
| **Dyke 8** |  |  |  |  |  |  |  |  |
| **DDHFM22-071** |  |  |  |  |  |  |  |  |
|  | 423021 | 70.45-71.30 | 0.85 | 563 | 0.12 | 328 | 99.9 | 63.1 |
|  | 423022 | 71.30-72.30 | 1.0 | 4030 | 0.86 | 384 | 57.1 | 30.2 |
|  | 423023 | 72.30-73.30 | 1.0 | 1770 | 0.38 | 562 | 61.3 | 46.2 |
|  | 423024 | 73.30-74.27 | 0.97 | 1170 | 0.25 | 362 | 92.6 | 52.8 |
|  | 423025 | 75.20-75.89 | 0.69 | 659 | 0.14 | 565 | 135 | 55.2 |
|  | 423026 | 84.40-85.50 | 1.10 | 275 | 0.05 | 330 | 49.6 | 31.6 |
|  | 423027\* | 85.5-86.65 | 1.15 | 246 | 0.05 | 414 | 62.8 | 34.3 |
|  | 423028\* | 148.74-149.4 | 0.65 | 1000 | 0.21 | 1440 | 137.9 | 88.5 |
|  | 423029\* | 150.76-151.7 | 0.94 | 440 | 0.09 | 777 | 67.3 | 32.8 |
|  | 423031\* | 151.7-152.65 | 0.95 | 429 | 0.09 | 539 | 90.4 | 59.3 |

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***\* Refers to no visible spodumene observed in core sample***

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*2024 Winter Drill Program*

On August 16, 2024, the Company received positive results from its completed 5,826-metre drilling campaign. The program targeted untested mineralization at depth, south-east of Dyke 1, the Company's maiden inferred resource of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3%, as outlined in the Company's filed Regulation SK-1300 Technical Report Summary (2023) and NI 43-101. Technical report (2018). Assay results included 1.52% Li2O over 5.02 m in drill hole FL24-009, 1.10% Li2O over 9.88 m in drill hole FL24-010, and 0.80% Li2O over 9.05 m in drill hole FL24-020.

Drill results completed during the Winter 2024 program proximal to Dyke 1 have demonstrated the continuity of lithium mineralization along Dyke, as well as infill areas along strike and at depth.) Drill hole locations, displaying multiple 50-meter step-outs perpendicular to the strike of Dyke 1. Drilling was used to assess lateral continuity as well as to test the presence of mineralization at depth. Confirmation of lithium mineralization extended Dyke 1 from a previous 265-meter strike length to greater than 400 meters. In the west, the body is comprised of multiple near surface lithium-bearing pegmatites that range up to an apparent 17.9 m thickness. See table 2 below for full assay results.

***Table 2. Summary for NQ core assay results***¬ ***for lithium and related metals from the 2024 Winter drill campaign at Dyke 1.***

***Zoro Property Report***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **NQ Core Sample** | **Depth (m)** | **Width (m)** | **Li (ppm)** | **Li2O (%)** | **Cs (ppm)** | **Ta (ppm)** |
| **FL24-009** | FL009-029 | 199.00 199.96 | 0.96 | 10009 | 2.155 | 125 | 21.6 |
|  | FL009-030 | 199.96 -201.00 | 1.04 | 6686 | 1.439 | 149 | 28.4 |
|  | FL009-033 | 201.00 202.00 | 1.00 | 601 | 0.129 | 187 | 10.1 |
|  | FL009-034 | 202.00 202.92 | 0.92 | 4690 | 1.01 | 141 | 22.5 |
|  | FL009-035 | 202.92 203.97 | 1.05 | 4815 | 1.037 | 106 | 17.7 |
|  | FL009-036 | 203.97 205.00 | 1.03 | 2341 | 0.504 | 170 | 19.4 |
| **FL24-009** | FL009-061 | 235.98 237.00 | 1.02 | 2520 | 0.542 | 123 | 36.4 |
|  | FL009-062 | 237.00 237.97 | 0.97 | 7262 | 1.563 | 366 | 46.4 |
|  | FL009-064 | 237.97 238.99 | 1.02 | 11420 | 2.458 | 270 | 35.8 |
|  | FL009-065 | 238.99 240.09 | 1.10 | 7493 | 1.613 | 303 | 39 |
|  | FL009-066 | 240.09 241.00 | 0.91 | 6567 | 1.414 | 247 | 49.8 |
| **FL24-010** | FL010-024 | 176.22 176.85 | 0.63 | 5036 | 1.084 | 375 | 70.5 |
|  | FL010-026 | 176.85 177.48 | 0.63 | 166 | 0.036 | 460 | 41.7 |
|  | FL010-027 | 177.48 178.11 | 0.63 | 2246 | 0.483 | 550 | 34.3 |
|  | FL010-028 | 178.11 178.80 | 0.69 | 7664 | 1.65 | 419 | 34.5 |
|  | FL010-029 | 178.80 179.48 | 0.68 | 9405 | 2.025 | 281 | 34.6 |
|  | FL010-030 | 179.48 180.73 | 1.25 | 287 | 0.062 | 133 | 67.2 |
|  | FL010-033 | 180.73 181.99 | 1.26 | 1758 | 0.378 | 253 | 39.9 |
|  | FL010-034 | 181.99 183.05 | 1.06 | 6104 | 1.314 | 494 | 71.3 |
|  | FL010-035 | 183.05 184.06 | 1.01 | 11270 | 2.426 | 305 | 87.6 |
|  | FL010-036 | 184.06 185.08 | 1.02 | 8493 | 1.828 | 254 | 108 |
|  | FL010-037 | 185.08 186.10 | 1.02 | 4687 | 1.009 | 520 | 102 |
| **FL24-020** | FL020-029 | 232.00 233.00 | 1.00 | 4933 | 1.062 | 191 | 70.1 |
|  | FL020-030 | 233.00 234.00 | 1.00 | 3397 | 0.731 | 283 | 52.6 |
|  | FL020-033 | 234.00 235.00 | 1.00 | 4779 | 1.029 | 344 | 64.1 |
|  | FL020-034 | 235.00 236.03 | 1.03 | 2642 | 0.569 | 325 | 70.9 |
|  | FL020-035 | 236.03 237.00 | 0.97 | 458 | 0.099 | 147 | 35.5 |
|  | FL020-036 | 237.00 238.00 | 1.00 | 5580 | 1.201 | 192 | 37.3 |
|  | FL020-037 | 238.00 239.03 | 1.03 | 2400 | 0.517 | 285 | 40.9 |
|  | FL020-039 | 239.03 240.00 | 0.97 | 3043 | 0.655 | 210 | 47.8 |
|  | FL020-040 | 240.00 241.05 | 1.05 | 6215 | 1.338 | 215 | 34.1 |

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*Quality Control and Quality Assurance* 

Drill core for assay purposes was sawn in half after logging and core mark-up by our geologist. Samples were collected based on an appropriate sample interval and washed to remove mud from cutting the core with the core saw. The core sample was placed into a clear plastic bag and the sample number written on the bag. An assay tag was inserted into the sample bag, one tag was inserted into the core box marking the sample location and the third tag was retained in storage. All core samples were placed into a white vinyl pail with a sample inventory, labeled and stored in a locked facility until enough samples were available for shipping. At this point the sample pails were taken to the local shipping company and loaded into a sealed transport truck. A bill of lading was signed by the geologist after the number of sample pails were counted and the shipping address confirmed. Receipt of the sample pails was acknowledged by the assay laboratory. Blanks, duplicate samples, and internal standard reference materials were included with each sample batch. Rock and soil sampling surveys were undertaken to assess the property for indications of mineralization and to provide data for possible drill targets. Rock samples were collected from outcrop exposures as representative chip samples and as channel samples cut with a rock saw. Soil Samples were collected at 25 m sampling between 10 and 25 cm below the contact between organic and inorganic soil using a Dutch auger.

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**Property Claims Table**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Name** | **Claim Number** | **Size Hectares** | **Expiry Date** | **Yearly**<br> **Holding Costs** | **Holder** |
| ZORO 1 | P1993F | 52 | May/13/2067 | $1300 | Foremost Clean Energy Ltd. (formerly (formerly known as Foremost Lithium Resources & Technology Ltd.) |
| JAKE | P3558F | 250 | September/1/2042 | $6250 | Strider Resources Ltd |
| BERT | MB6304 | 205 | May/16/2045 | $4425 | Strider Resources Ltd |
| BERT | MB797 | 235 | August/15/2041 | $5200 | Strider Resources Ltd |
| JAKE 9 | P3031F | 256 | May/26/2030 | $6400 | Strider Resources Ltd |
| JAKE 1054 | MB1054 | 240 | July/16/2030 | $6000 | Strider Resources Ltd |
| JAKE 2655 | MB2655 | 255 | July 16/2040 | $6375 | Strider Resources Ltd |
| JAKE 3557 | P3557F | 256 | September/1/2030 | $6400 | Strider Resources Ltd |
| JAKE 54199 | W54199 | 131 | January/7/2030 | $3275 | Strider Resources Ltd |
| JAKE 10 | P3032F | 173 | April/27/2040 | $4325 | Strider Resources Ltd |
| JAKE 2412 | MB2412 | 256 | July/16/2040 | $6400 | Strider Resources Ltd |
| JAKE 2413 | MB2413 | 196 | July/16/2040 | $4900 | Strider Resources Ltd |
| JAKE 54745 | W54745 | 245 | July/8/2030 | $6125 | Strider Resources Ltd |
| CRO 5734 | MB5734 | 192 | April/11/2040 | $4800 | Strider Resources Ltd |
| BAZ 12131 | MB12131 | 192 | March/11/2030 | $4800 | Strider Resources Ltd |
| BAZ12133 | MB12133 | 256 | March/11/2030 | $6400 | Strider Resources Ltd |

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&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NUMBER OF CLAIMS = 16 \| TOTAL AREA = 8,377 acres (3,390 hectares)** 

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*Permitting*

All mineral claims on Crown land in Manitoba are entitled to be explored without any permitting, except as indicated below. All mineral exploration programs in Manitoba require work permits for timber removal, shoreland alteration and road construction. These permits are issued annually by the provincial Department of Conservation and Climate. For more intrusive exploration, such as line cutting (using chain saws), overburden stripping, blasting and/or diamond drilling, a work permit granted under Section 7(1)(c) of The Crown Lands Act or Section 23 (1) of The Wildfires Act, Province of Manitoba is required. Permits address conditions for exploration that must be adhered to in a given work area based on the planned exploration activities. No negotiations are required for access to the property and surface rights reside with the Manitoba government. In Manitoba, a mining claim is physically staked on the ground by blazing the outline of the claim with an axe or chainsaw and erecting claim posts at the corners and along the outline of the claim. The time, claim name and claim staker's identification is marked on a claim tag which is affixed to the claim posts. Exploration work is physically undertaken on the claim and this work is described in an assessment report that when approved by the Manitoba government assessment geologist provides credits that can be applied to the claim to keep the claim in good standing. Costs to maintain a claim are calculated at a rate of $12.50 per hectare annually for a claim held for less than 10 years. After 10 years the rate doubles to $25.00 per hectare.

Permitting of project exploration in Snow Lake is a well-defined process overseen by the local administrators. Permits required to advance this project to a development /construction stage are granted by the Departments of Environment, Wildlife, Fisheries, Historic Resources, and Mines. This process would likely take 6-8 weeks for review after completion of all other supplementary reports/studies completed.

The type and duration of the camp infrastructure required for exploration also dictates the type of permit required in Manitoba. Temporary camps established for less than one year are covered by a work permit, whereas a separate permit issued by the Manitoba Department of Labor - Fire Commissioners Office is required for exploration camps on Crown land established for periods longer than one year.

Obtaining permits for advanced exploration and exploitation requires consultations with government officials and are based on specific permit requirements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **License/Permit** | **Issuing Authority** | **Issuance Date** | **Term** |
| Foremost Clean Energy Ltd. (formerly known as Foremost Lithium Resource & Technology Ltd.) | Work Permit to drill on Crown (Manitoba) Lands | Manitoba Mineral Resources Department | December 20, 2023 | April 30, 2026 |

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*Infrastructure*

The Zoro Property is located 20km east of the town of Snow Lake. Nearby infrastructure includes a power line servicing the town of Snow Lake approximately 5 km south of the property, the Snow Lake airport and an all-weather gravel road 11 km west of the property, and a rail link located at Wekusko siding, 20 km to the south of Herb Lake Landing which is 30 km south of the property. The nearest road link is a seasonal road on the east side of Wekusko Lake that accesses the village of Herb Lake Landing and Provincial Highway 392 within 11km. Airstrip located 5 km to the north. The property is accessed through helicopter support and float plane charter company, operates from Snow Lake and provides easy access to the property.

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![fig21.jpg](fig21.jpg)

*Figure 21. - Showing nearby infrastructure and Zoro Property location*

The town is a major support centre for smaller communities in northwestern Manitoba. There is a regional hospital in Flin Flon, a newly built shopping centre, and all the necessary infrastructure to support the local town. Hudson Bay Mining and Smelting Ltd. ("HBMS") operates the Lalor mine and a concentrator to the south of Snow Lake.

The Snow Lake area has the necessary infrastructure in place to provide the basis for supporting other mining operations in the district. The HBMS operations represent the largest employer in the area. The presence of HBMS also provides the basis for secondary support and supply to local businesses. The municipal, regional, and provincial government activities in the area also provide significant employment. There are tourist camps and lumber operations in the district. Consequently, there is a stable and experienced workforce possessing the necessary skills in exploration and mining in the area.

*<u>Mineralogy</u>*

The Zoro Property comprises a minimum of sixteen (16) zoned pegmatite dykes that intrude Proterozoic Amisk Group volcanic and volcaniclastic rocks in a 2-km zone trending approximately 55° northwest (Mulligan, 1965 in Cerny et al., 1981; Fedikow et. al., 1993). The dykes strike north to northwest and dip vertically. Several have been described as gently dipping bodies (Bannatyne, 1985). The main, most westerly dyke or Dyke 1 outcrops along the west side of a ridge, 4.5 to 6m high, and intrudes siliceous metasedimentary rocks and amphibolite (Bannatyne, 1985). It is up to 27 m (90 ft.) wide at surface and is exposed in 16 historical cross-trenches over a length of 183m. Based on our Company's drilling results, lithium mineralization has been defined for 265m along strike, up to 40m wide and to a depth of 265m, Individual dykes have lengths of approximately 244 m. The outer zones of the pegmatite dykes contain pink aplite and coarse feldspar, locally green muscovite, tourmaline, and occasionally beryl. Spodumene, quartz, cleavelandite, and tourmaline form core zones with interstitial coarse feldspar. Spodumene is usually coarse-grained and is sometimes altered. It is most prevalent in the central 9m (30 ft.) of the main dyke. In this dyke, spodumene crystals (up to 35 cm long) occur either in clusters, over widths of 6m or more, or associated with coarse tourmaline and perthite megacrysts; some spodumene crystals show a preferred orientation of 45° to 55° (Bannatyne, 1985). One of two parallel dykes south of the main outcrop, is 5m wide, and contains spodumene crystals in pods (up to 33 cm across). In other dykes, coarse grained spodumene is abundant in lenticular bands and fine-grained spodumene is distributed through aplitic patches (Bannatyne, 1985). Beryl occurs as white, anhedral to subhedral crystals less than 1 inch (2.5 cm) in diameter in three of the seven dykes. Columbite-tantalite and sparse minute grains of pyrite and chalcopyrite were found in thin sections (Green Bay Mining & Exploration Ltd., Corporation File).

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*Development Activities*

In August 2024, we announced the positive outcomes of an approximately 5,826-meter drilling campaign completed at our Zoro Lithium Property. The drilling efforts, focused on the previously untested mineralization southeast of Dyke 1, resulted in promising assay results, including 1.52% Li2O over 5.02 meters from drill hole FL24-009, 1.10% Li2O over 9.88 meters from FL24-010, and 0.80% Li2O over 9.05 meters from FL24-020. These results not only confirm the continuity of lithium mineralization but also extend the known strike length of Dyke 1 from 265 meters to over 400 meters, highlighting the significant potential within the property. This section of Dyke 1 remains largely unexplored with limited historical drilling and remains a priority target.

A drone-assisted magnetic and Lidar survey was undertaken by EarthEx Geophysical Solutions Inc ("EarthEx") between May 28 and June 15, 2022, and comprised 1,264.7-line km. The completed UAV-assisted magnetic and LiDAR surveys were part of the base data sets along with MMI soil geochemical data, mapping, prospecting data along with drill core data, to form into an amalgamated data set. We will review these results along with the completed drill program and leverage the data gathered from this drilling campaign alongside geochemical survey results to enhance our targeting model. By amalgamating this information with historical exploration data, we aim to refine our future drilling targets, further expanding the resource potential at Dyke 1 and throughout our Lithium Lane projects. With the continuous presence of spodumene pegmatite observed in recent drilling and the property's openness at depth and to the southeast, we are well-positioned to contribute to North America's lithium supply.

<u>Jean Lake Lithium and Gold Property</u>

The Jean Lake Property is an exploration stage property situated along the Thompson Brother Trend in west-central Manitoba 15 kilometers east of the historic town of Snow Lake, Manitoba, Canada. The property is located at UTM coordinates 451,000mE and 6,078,000mN. (GPS coordinates are 54.82104, -99.77023). Access to the property is by fixed wing or rotary wing transportation from the community of Snow Lake or by boat from Bartlett's Landing on Provincial Road 39. The Jean Lake Property has no mineral reserves or mineral resources under S-K 1300. The Jean Lake Property consists of 5 mineral claims covering approximately 2,476 acres (1,002 hectares).

![fig22.jpg](fig22.jpg)

*Figure 22 - Drone Magnetic Survey Map* – *different colors indicate highs and lows in the ground (the white gap in-between colors on map is powerline*

*Geology*

The Jean Lake Property is hosted by the Early Proterozoic (1.832 Ga) Rex Lake Plutonic Complex which is a circular intrusion 8 km in diameter. The property hosts the historic west-northwest striking Beryl lithium pegmatites rediscovered in August of 2021 in blasted trenches beneath 80 years of organic deadfall and glacial sediment. The 270-degree trending dykes are characterized by coarse grained light green spodumene crystals in a matrix of potassium feldspar, quartz, and muscovite. The host rocks are coarsely porphyritic gabbro. The property also hosts the shear zone-hosted Sparky gold occurrence discovered in 1918. The gold mineralization is associated with disseminated and near-solid fracture fillings consisting of fine grained to blocky arsenopyrite with lesser pyrite and chalcopyrite hosted within sheared and silicified massive basalt. The mineralization is developed within variably altered mafic to intermediate intrusive rocks of the Early Proterozoic Rex Lake Plutonic Complex (RLPC) that underpins the Jean Lake property. The B1 pegmatite is also hosted by the RLPC within structures trending at approximately 270o-290o. This intersection occurs in a shear zone at or near the base of the B1 pegmatite in fine grained gabbro.

*Exploration Activities*

A drill program was announced on November 21, 2022, of which we identified 14 high quality targets through a combination of prospecting and airborne geophysics. The drill program tested a variety of targets on the property using the integrated results of magnetic surveys, rock and soil geochemical surveys and outcrop prospecting and commenced on December 2, 2022. In June 2023, we provided the results of the completed 3,002 meters inaugural diamond drill program. The drill program tested targets for lithium and gold, based on integrated prospecting, UAV-borne magnetic survey results, MMI soil geochemical surveys and outcrop rock chip analyses.

The Jean Lake drill program intersected numerous gold mineralized intervals at vertical depths up to 110 m below surface as well lithium at the B1 spodumene bearing pegmatite. The locations of drill holes that intersected gold mineralized intervals are illustrated in Figure 23, in addition to the B1 drill hole location. Details of the lithium and gold intersections are provided in the table below.

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***Table 8 - 2022*** – ***2023 Program Lithium and Gold Intersections in Drill Holes***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Easting** | **Northing** | **Strike** | **Dip** | **Depth** | **Intercept in Meters** |
| FM23-01A | 452688 | 6076420 | 205 | -66 | 62m | 1.26% Li2O over 0-3.35m |
| FM23-01A | 452688 | 6076420 | 205 | -66 | 62 | 2.46 g/t Au over 3.70m from 41.30m-45m |
| FM23-04A | 452743 | 6076529 | 90 | -45 | 80 | 11.27 g/t Au over 2.75m from 73.75m-76.5m including 91.8 g/t Au over 0.32mfrom 74.74 - 75.06m |
| FM23-08 | 452877 | 6076534 | 245 | -45 | 134 | 1.44 g/t Au for 0.32m from 11.33m-11.65m and 7.50 g/t Au for 7.66m from 94.35m-102.01m including 29.95 g/t Au for 1.77m from 94.35m-96.12m and 1.28 g/t Au for 0.3m from 107.6m-107.9m |
| FM23-08A | 452878 | 6076543 | 110 | -45 | 173 | 1.51 g/t Au for 0.52m from 95.18m-95.7m |
| FM23-13 | 452667 | 6076898 | 270 | -45 | 125 | 0.94 g/t Au for 1.23m from 121.30m-122.53m |
| FM23-14 | 452732 | 6076854 | 270 | -45 | 158 | 1.23 g/t Au for 2.85m from 151.24m-154.09m |
| FM23-22 | 450367 | 6073940 | 314 | -45 | 125 | 3.04 g/t Au for 0.68m from 102.92m-103.6m |
| FM23-25 | 452347 | 6076330 | 120 | -45 | 114 | 2.07 g/t Au for 3.49m from 25.3m-28.79m including 6.86 g/t Au for 0.54m from 25.30m-25.84m and 1.27 g/t Au for 2.4m from 69.6m-72m |

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![fig23.jpg](fig23.jpg)

*Figure 23. Lithium and Gold Intersections in 2022/2023 Drill Holes*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64

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*Lithium B1-B2 Pegmatite*

The historic B1 pegmatite was tested to assess the width and extent of observed high-grade spodumene mineralization exposed at surface. Drilling included a down dip hole to assess the vertical extent of the spodumene and the dimensions and attitude of the B1 pegmatite. Drilling combined with field observations have definitively concluded that both B1 and B2 are from a single pegmatite dyke with a strike length of greater than 325m. The drill program identified and provided preliminary dimensions for a high-grade zone of lithium mineralization at the B1 pegmatite. The vertical extent of high-grade lithium appears to be restricted to the upper portions of the B1 dyke exposed in outcrop at the drilled locations.

FM23-01A was drilled down plunge and intersected pegmatite to a depth of 41.3 metres. An intersection of a 3.35 metre zone of spodumene mineralization between surface and 3.35m assayed 1.26% Li2O. FM23-01 was drilled from north to south just north of the B1 exposure to undercut the surface exposure of high grade spodumene mineralization and intersected 20 m of pegmatite between 6 and 26 m. Spodumene was not observed in the core. No other significant Li2O assays were obtained from drill holes testing the B1 pegmatite in this campaign. The east end of the B1 pegmatite is marked by a trenched exposure of high-grade spodumene bearing granitic pegmatite originally referred to as the B2 pegmatite. FM23-06 was drilled at -45o to test the pegmatite beneath the trench and intersected a 4.4 m intercept of spodumene-bearing pegmatite between 32.88 and 37.3 m. The maximum lithium assay was 0.61% Li2O. FM23-07 was drilled at -60o to undercut hole FM23-06 and intersected a wider 10 m zone of pegmatite from 54.42-64.45 m but with lower lithium contents. The maximum Li2O assay from this drill hole was 0.2% Li2O from 10 core samples.

*<u>Gold</u>*

The 2022-2023 drill program documented gold mineralized intersections of variable widths in eight drill holes. The gold mineralized zones in drill core extend from surface to a vertical depth below surface of 110 m. A summary based on the observed characteristics of the gold intersections is outlined in the chart below and the general and specific characteristics of each gold mineralized intersection is discussed.

Drill hole FM23-01A, originally collared to test the down plunge extent of the spodumene mineralization in the B1 pegmatite intersected a 3.70-m-wide intercept of 2.47g/t gold in a silicified sheared mafic intrusion. Gold is associated with disseminated arsenopyrite, pyrite and chalcopyrite. The mineralized shear zone occurs between the base of the B1 pegmatite and the adjacent mafic intrusion at a point of rheologic difference.

**Summary of Gold Intersections in Drill Holes**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Hole ID*** | ***Easting*** | ***Northing*** | ***Strike*** | ***Dip*** | ***Depth***  |
| *FM23-01A* | 452688 | 6076420 | 205 | -66 | 62 |
| *FM23-04A* | 452743 | 6076529 | 90 | -45 | 80 |
| *FM23-08* | 452877 | 6076534 | 245 | -45 | 134 |
|  |  |  |  |  | and |
|  |  |  |  |  | and |
| *FM23-08A* | 452878 | 6076543 | 110 | -45 | 173 |
| *FM23-13* | 452667 | 6076898 | 270 | -45 | 125 |
| *FM23-14* | 452732 | 6076854 | 270 | -45 | 158 |
| *FM23-22* | 450367 | 6073940 | 314 | -45 | 125 |
| *FM23-25* | 452347 | 6076330 | 120 | -45 | 114 |
|  |  |  |  |  | and |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65

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Gold mineralization in DDH FM32-04A occurs within a zone of white to grey, fine-grained quartz veins with 1-2% disseminated arsenopyrite. The 11.27 g/t gold over 2.75 m includes a narrow zone of 91.8 g/t gold over 0.32 m is hosted within a dark grey-green, medium to coarse grained mafic intrusion. A broad zone of 7.66 m is the widest gold intercept of the drill program and is developed within an altered mafic intrusion. This mineralized zone consisted of 1-2% molybdenite and arsenopyrite occurring at the edges of a fine-grained white quartz vein. A higher but narrower zone of 102 g/t gold was obtained from a 0.48 m zone containing molybdenite. This elevated gold assay can be attributed to the presence of a very fine grain of visible gold in this assay sample interval.

To assess the area of the FM23-08 gold intercept DDH FM23-08A was drilled at 180 degrees in the opposite direction to assess the area for possible additional gold mineralization. The result was a 0.52 metres wide gold-bearing intercept. Drill holes FM23-13 and FM23-14 intersected narrow gold zones varying in width from 1.23 metres to 2.85 metres at depths between 120 metres and 154 metres, respectively. Distinctive alteration was noted to accompany the 0.68 m gold mineralized intercept of 3.04 g/t in FM23-22. The 3.49 m-wide near-surface gold intercept of 2.07 g/t in DDH FM23-25 occurs between 25.3 m and 28.79 m in a zone of white to dark green chloritic quartz veins.

Of interest is the occurrence of 2.46 g/t Au over 3.70m from 41.30m-45m in FM23-01A. Gold is associated with quartz veins and arsenopyrite.

*Quality Control and Quality Assurance* 

The Jean Lake Drill program follows the same protocols as that were followed in the Zoro Drill Program. See " – "*Project Overview - The Lithium Lane Properties* – *Zoro Property* – *Quality Control and Quality Assurance*" for discussion of quality control.

**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Name** | **Claim Number** | **Size Hectares** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| MB8247 | JOL8247 | 233 | April 12, 2084 | $2912.50 | Mount Morgan |
| MB8248 | JOL8248 | 207 | April 12, 2084 | $2587.50 | Mount Morgan |
| MB8428 | JOL8428 | 255 | June 29, 2084 | $3187.50 | Mount Morgan |
| MB9419 | JOL9419 | 143 | October 30, 2084 | $2050 | Mount Morgan |
| MB8429 | JOL8429 | 164 | June 29, 2084 | $1787.50 | Mount Morgan |

---

**TOTAL NUMBER OF CLIAMS =5 \| TOTAL AREA = 2,476 ACRES (1,002 Hectares)**

*Permitting and Licensing*

We have to take the necessary exploration efforts to define drill targets before making an application for permits. We utilize previously acquired UAV-assisted magnetic and Lidar survey results and new rock and soil geochemistry and prospecting to determine our targets. After summer field work is complete and drill targets are defined, we will make an application for a work (drill) permit at the Mining Permits office of the Manitoba Government. We will be required to submit the number of holes, location and metres on the application, or it will not be accepted by the Manitoba Government. Such permits generally are awarded within 3 weeks of application submission. For a full outline of permitting requirements in Manitoba, see "*Project Overview* – *The Lithium Lane Properties* – *Zoro Property - Permitting*".

*Table 12* – *Exploration Permits*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **License/Permit** | **Issuing Authority** | **Issuance Date** | **Term** |
| Foremost Clean Energy Ltd. (formerly known as Foremost Lithium Resource & Technology Ltd.) | Work Permit to drill on Crown (Manitoba) Lands | Manitoba Mineral Resources Department | December 18, 2023 | April 30, 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66

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*Infrastructure*

The Jean Lake Property is located 15km east of the town of Snow Lake. See "Project Overview" – *The Lithium Lane Properties* – *Zoro Property - Permitting*" for discussion of nearby infrastructure.

*Development Activities*

Ongoing exploration, consisting of prospecting and geochemical surveys, was continued was continued utilizing the results from completed drone-assisted magnetic surveys to assess the potential for additional spodumene bearing pegmatites and continue exploration for gold mineralization on the Jean Lake property. We have plans to conduct a drill program on the property to follow up on the 2024 program.

<u>Grass River Property</u>

The Grass River Property is an exploration stage property located 30 km east of the historic town of Snow Lake, 6.5 kilometers east of the Zoro Property. The Grass River Property hosts 10 pegmatites exposed in outcrop and 7 drill-indicated spodumene-bearing pegmatite dykes and is located with UTM coordinates 465,500mE and 6,090,000mN (GPS coordinates are 54.89712, -99.40356) as illustrated on figure 24 below. The property is accessed via helicopter. The Grass River Property has no mineral reserves or mineral resources under S-K 1300.

![fig24.jpg](fig24.jpg)

*Figure 24. The Grass River Property Claim Block (*"*GRC*"*)*

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*Geology*

The Grass River Property is underlain by Ocean Floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group sedimentary rocks. The Ocean Floor rocks comprise mafic volcanic rocks and related intrusions and the Missi Group consists of sandstone, siltstone, mudstone, and quartzo-feldspathic gneiss and migmatite.

**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Name** | **Claim Number** | **Size Hectares** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| GRC12708 | MB12708 | 179 | January 11, 2029 | $2237.50 | Foremost Lithium |
| GRC12709 | MB12709 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12710 | MB12710 | 240 | January 11, 2029 | $3000 | Foremost Lithium |
| GRC12717 | MB12717 | 240 | January 11, 2029 | $3000 | Foremost Lithium |
| GRC12718 | MB12718 | 224 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12719 | MB12719 | 224 | January 11, 2029 | $3000 | Foremost Lithium |
| GRC12721 | MB12721 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12722 | MB12722 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12723 | MB12723 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12724 | MB12724 | 217 | January 11, 2029 | $2712.50 | Foremost Lithium |
| GRC12725 | MB12725 | 127 | January 11, 2029 | $1587.50 | Foremost Lithium |
| GRC12726 | MB12726 | 192 | January 11, 2029 | $2400 | Foremost Lithium |
| GRC12727 | MB12727 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12728 | MB12728 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12729 | MB12729 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12730 | MB12730 | 217 | January 11, 2029 | $2712.50 | Foremost Lithium |
| GRC12731 | MB12731 | 131 | January 11, 2029 | $1637.50 | Foremost Lithium |
| GRC12732 | MB12732 | 199 | January 11, 2029 | $2487.50 | Foremost Lithium |
| GRC12733 | MB12733 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12734 | MB12734 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12735 | MB12735 | 256 | January 11, 2029 | $3200 | Foremost Lithium |
| GRC12736 | MB12736 | 217 | January 11, 2029 | $2712.50 | Foremost Lithium |
| GRC12737 | MB12737 | 202 | January 11, 2029 | $2525 | Foremost Lithium |
| GRC12738 | MB12738 | 206 | January 11, 2029 | $2575 | Foremost Lithium |
| GRC12739 | MB12739 | 207 | January 11, 2029 | $2587.50 | Foremost Lithium |
| GRC12740 | MB12740 | 207 | January 11, 2029 | $2587.50 | Foremost Lithium |
| GRC14699 | MB14699 | 160 | December 04, 2024 | $2000 | Foremost Lithium |
| GRC14700 | MB14700 | 160 | December 04, 2024 | $2000 | Foremost Lithium |

---

**TOTAL NUMBER OF CLAIMS = 29 \| TOTAL AREA = 15,664 acres (6,339 hectares)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68

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*Permitting*

We have to take the necessary exploration efforts to define drill targets before applying for permits. We utilize previously acquired UAV-assisted magnetic and Lidar survey results and new rock and soil geochemistry and prospecting to determine our targets. Once field work is complete and drill targets are defined, an application for a work (drill) permit with the Mining Permits office of the Manitoba Government is submitted. For the application, we will be required to submit the number of holes, location and metres on the application, or the application will not be accepted by the Manitoba Government. These kinds of permits generally are awarded within 3 weeks. For a full outline of permitting requirements in Manitoba, see "Project Overview – *The Lithium Lane Properties* – *Zoro Property - Permitting*".

*Infrastructure*

The Grass River Property is located 25 km east of the town of Snow Lake. It is the furthest distance from Snow Lake of all the lithium lane properties and was staked by the company in 2022. Access is by air support only as there is no current infrastructure due to its remote location and distance from our other properties.

*Development Activities*

A prospecting program commenced in the Summer of 2023 to supplement the geophysical and geochemical targets. Eleven (11) samples collected from visible, granitic pegmatite exposures. This verified the 1950s exploration work undertaken on the property, verified in the assessment files housed in the office of the Manitoba Mining Recorder and subsequently mapped by the Manitoba Geological Survey. Time on the property was restricted during the exploration program due to the 2023 forest fires and accessibility was limited.

Earthex was contracted to perform a drone-assisted magnetic survey on the property as they have a technology to produce high-resolution images, to define the 3D location, shape, size, and distribution of potential spodumene rich pegmatite dykes. The data interpretation and results from a drone-assisted magnetic and Lidar surveys conducted between April 14 and May 27, 2022, and comprised 2,734.1-line km.

Future exploration work will focus on underexplored pegmatites exposed in surface together with the 7 drill-indicated spodumene-bearing dykes.

<u>Peg North Property</u>

The Peg North Property is an exploration stage property located in the historic mining district of Snow Lake, Manitoba. The Peg North Property is located via coordinates on the map below at is located with UTM coordinates 455,000 to 470,000mE by 6,085,000 to 6,098,000mN (GPS coordinates are 54.96833, -99.53539). The Peg North Property has no mineral reserves or mineral resources under S-K 1300. This is the largest and newest of our Lithium Lane Properties consisting of 28 mineral claims covering 16,697 acres (6,757 hectares), hosting 5 known pegmatite dykes and capture the Northern extension of the Crowduck Bay fault.

![fig25.jpg](fig25.jpg)

*Figure 25. Peg North Property Map*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69

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*Geology*

The Peg North Lithium Property is located at the east end of the Flin Flon-Snow Lake greenstone belt. The Paleoproterozoic Flin Flon-Snow Lake Belt is approximately 200 km in strike length and has an exposed width of up to 70 km. The Belt is overlain to the south by Ordovician Red River Formation sandstone, limestone, and dolomite of the Western Canada Sedimentary Basin, and is bordered to the north by high-grade paragneiss and granitoid rocks of the Kissey new Domain. The Flin Flon Belt is interpreted to be an accreted assemblage of oceanic to continental margin arc terrane, interspersed with oceanic basins representing back-arc, fore-arc, and oceanic settings.

**Property Claims Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Claim Name** | **Claim Number** | **Size Hectares** | **Expiry Date** | **Yearly Holding Costs** | **Holder** |
| PEG 13176 | MB13176 | 140 | June 5, 2035 | $1750 | Strider Resources Ltd. |
| PEG 13177 | MB13177 | 220 | June 5, 2030 | $2750 | Strider Resources Ltd. |
| PEG 13181 | MB13181 | 220 | June 5, 2030 | $2750 | Strider Resources Ltd. |
| PEG 13178 | MB13178 | 256 | June 5, 2034 | $3200 | Strider Resources Ltd. |
| PEG 13182 | MB13182 | 256 | June 5, 2030 | $3200 | Strider Resources Ltd. |
| PEG 13184 | MB13184 | 256 | June 5, 2030 | $3200 | Strider Resources Ltd. |
| PEG 13179 | MB 13179 | 256 | June 5, 2030 | $3200 | Strider Resources Ltd. |
| PEG 13183 | MB 13183 | 256 | June 5, 2035 | $3200 | Strider Resources Ltd. |
| PEG 13282 | MB13282 | 256 | May 6, 2029 | $3200 | Strider Resources Ltd. |
| PEG 13285 | MB13285 | 256 | May 18, 2030 | $3200 | Strider Resources Ltd. |
| PEG 13283 | MB13283 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13286 | MB13286 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13284 | MB13284 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13210 | MB13210 | 256 | January 12, 2029 | $3200 | Strider Resources Ltd. |
| BEND 13209 | MB 13209 | 256 | January 12, 2029 | $3200 | Strider Resources Ltd. |
| BEND 12671 | MB12671 | 256 | April 23, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13279 | MB13279 | 256 | May 18, 2029 | $3200 | Strider Resources Ltd. |
| BEND 13474 | MB13474 | 256 | January 12, 2029 | $3200 | Strider Resources Ltd. |
| BEND 13473 | MB13473 | 256 | January 12, 2029 | $3200 | Strider Resources Ltd. |
| BEND 13280 | MB13280 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13277 | MB13277 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13281 | MB13281 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| BEND 13278 | MB13278 | 256 | May 6, 2030 | $3200 | Strider Resources Ltd. |
| LITH 13213 | MB13213 | 190 | January 29, 2035 | $2375 | Strider Resources Ltd. |
| LITH 13212 | MB13212 | 172 | January 29, 2035 | $2150 | Strider Resources Ltd. |
| LITH 13477 | MB13477 | 245 | January 29, 2035 | $3062.50 | Strider Resources Ltd. |
| LITH 13478 | MB13478 | 248 | January 29, 2035 | $3100 | Strider Resources Ltd. |
| LITH 13476 | MB13476 | 202 | January 29, 2035 | $2525 | Strider Resources Ltd. |

---

**TOTAL NUMBER OF CLAIMS = 28 \| TOTAL AREA = 16,697 acres (6,757 hectares)** 

At the project scale the general and detailed geology for the Peg North Lithium Property is underlain by Ocean Floor volcanic rocks of the Roberts Lake allochthon and lesser amounts of Missi Group sedimentary rocks. The Ocean Floor rocks comprise mafic volcanic rocks and related intrusions and the Missi Group consists of sandstone, siltstone, mudstone, and quartzo-feldspathic gneiss and migmatite.

*Permitting*

Once summer field work and drill targets are defined, we will submit an application for drilling to the Mining Permits office of the Manitoba Government For a full outline of permitting requirements in Manitoba, see "*Project Overview* – *Lithium Lane Propertie*s – *Zoro Property* – *Permitting*"

*Infrastructure*

The Peg North Property is located 20km east of the town of Snow Lake. See "*Project Overview* – *The Lithium Lane Properties* – *Zoro Property - Infrastructure*".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70

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*Development Activities*

Our Company announced that Dahrouge Geological Consulting Ltd would be conducting a summer exploration program on The Peg North Property. Forty-five (45) pegmatites were mapped and sampled. Additionally, 174 MMI samples were collected from the area of a large magnetically depleted zone that occurs at the southern end of the previously unrecognized sinistral fault structure identified from a UAV-assisted magnetic survey.

A high volume of pegmatite dykes were discovered and sampled during the 2023 field exploration campaign highlighting the prominence of the Crowduck Bay Fault. A large portion of the property was inaccessible and remains unexplored due to forest fires, inhibiting access.

On October 9, 2023, we announced EarthEx embarked on a program to Snow Lake on the Peg North claim block to commence LiDAR surveying which would complete the collection of LiDAR and high-resolution magnetics over the entirety of its Lithium Lane Properties. Results from the 2023 summer exploration program, coupled with regional/local geological assessments, historical data, and high-resolution geophysics will be essential for future exploration data sets for the inputs to enable an efficient and effective drill targeting strategy.

**Non Core Properties**

<u>The Winston Property</u>

The Company had held certain underlying royalties, a 100% ownership and option interest in certain claims in Winston Property through its former wholly-owned subsidiary, Sierra. On January 31, 2025, Foremost completed the Arrangement pursuant to which ownership of Sierra was transferred from Foremost to Rio Grande, effectively disposing of its interests in Sierra. See Item 4B of this Annual Report for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71

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<u>Lac Simard South Property</u>

![fig26.jpg](fig26.jpg)

*Figure 26. Property Location Map of Lac Simard South in Quebec, Canada*

The Lac Simard South Property is located in the Province of Quebec, Canada is comprised of 60 claims located on 8,611 acres (3,485 hectares) and 20 claims staked directly by the company located on 2,871 acres (1,162 hectares) bringing the amalgamated total land package to 80 mineral claims, and the land area to 11,482 acres (4,647 hectares). The location of the property via GPS coordinates is 47.56518, -78.647. The Lac Simard South Property is easily accessible year-round by way of well-maintained roads, connecting to the main highway. Sudbury, Ontario is the closest major city, about 350 km to the southwest. The property has no mineral reserves or mineral resources under S-K 1300

*Geology*

The Lac Simard South Property is largely underlain by the large monzodiorite batholith of Lac Simard Sud. This batholith is pinkish grey in color and is composed of plagioclase, K-feldspar hornblende with minor amount of epidote and quartz. Quartz-monzodioritic dykes and sills are observed at the margin of this intrusion. A gabbroic intrusion lies to the southwest end of the Property and hosts the Laforce showing. This Ni-Cu showing was explored by Kerr Addison Gold Mines Ltd and more lately by Fieldex Exploration (2007) and lies about 1km south of the Property. The property contains 12 pegmatites that were identified from satellite imagery.

*Mineral Resources*

The Lac Simard South Property has no mineral reserves or mineral resources under S-K 1300.

*Permitting and Licensing*

All mining titles are in good standing and are partly located on Crown land of Quebec and partly on private land. Mining titles located on Crown land are entitled to be explored without any permitting, except for any exploration program that involves tree-cutting to create road access for drilling and/or stripping These such activities are permitted under a valid forest intervention permit delivered by the provincial Ministère des Forêts, de la Faune et des Parcs. Permitting approval vary from 2 to 4 weeks and are simple process and can be renewed on a 3-year term.

Mining titles located on private land requires the permission of the landowners. Information pertaining to the landowners are available on the MRC of Témiscamingue (https://www.mrctemiscamingue.org/mrct/cartes-et-localisation/).

Obtaining permits for advanced exploration requires consultations with government officials and are based on specific permit requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72

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*Infrastructure*

The project is located in a well-developed mining region with readily available support facilities and services. Val-d'Or is a city with a population of 30,000 inhabitants and is well-known for its mining history, with an experienced mining workforce. The Property is easily accessible year-round by way of well-maintained roads, with little overburden connecting and within a few km from major highways. The project is geographically well positioned near Sayona's lithium concentrators and refineries, within 90km of our property. Quebec is a major producer of electricity and one of the largest hydropower generators in the world, and a hydroelectric power plant is situated right within our claim block, allowing access to grid power and low-cost hydroelectricity.

*Local Environment*

The area is marked by long cold winters averaging a daily average temperature for January of -16 °C and short, cool summers with daily average temperature for July of 17.3°C. Exploration and drilling operations are conducted year-round without interruption due to weather conditions. The area is generally flat with little hills of about 50 m. It is partly covered by farming land and by forested areas typical of balsam-fir – yellow birch bioclimatic domain.

*Property Ownership*

In May, 2023, we acquired the Lac Simard South Property located in the Province of Quebec, amending a property acquisition agreement to purchase 100% right, title, and interest in and to those certain undersurface mineral rights comprising a total of 60 claims, covering 8,612 acres (3,485 hectares). In consideration for the property, we paid to the vendors cash consideration of $17,500 plus GST on May 12, 2023, and paid an additional $17,500 plus GST payable four months after closing. In addition, we issued a total of 10,700 common shares of the Company at $7.50 per common share under terms as set forth therein and subject to a 4-month hold. The Company has now earned a 100% interest in Lac Simard South property.

In addition, we staked and recorded 20 additional mineral claims on the Provincial GESTIM (Mining Title Website) in the Company's name that were contiguous with the borders of these 60 claims, which resulted in an increase of Lac Simard South Property to 80 mineral claims and to the total area to 11,482 acres (4,647 hectares). The 20 additional staked claims are: 2755553, 2755554, 2755555, 2755556, 2755557, 2755558, 2755559, 2755560, 2755561, 2755562, 2755563 ,2755564, 2755565, 2755566, 2755567, 2755568, 2755569, 2755570, 2755571, 2755572.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73

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![fig27.jpg](fig27.jpg)

*Figure 27. Lac Simard South Claims Map*

*Claim Registration*

A company can register a claim on the provincial GESTIM website, (GESTIM, le système de gestion des titres Miniers - The Mining Title Management System) the Company's claims are valid for a first period of three years. To re-register the claim at the end of the term, the company can apply a $1,200 exploration credit per claim to renew for subsequent period of two years term. If there aren't enough exploration credits to renew the claim, the Company can choose to pay an amount that will equal twice the difference between $1,200 and the amount actually spent for exploration works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74

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**Property Claims Map**

---

| | | | |
|:---|:---|:---|:---|
| **Claim Number** | **Size Hectares** | **Expiry Date** | **Holder** |
| 2755553\* | 58.13 | March 25, 2026<br> na | Foremost Lithium |
| 2755554\* | 58.13 | March 25, 2026<br> na | Foremost Lithium |
| 2755555\* | 58.12 | March 25, 2026<br> na | Foremost Lithium |
| 2755556\* | 58.12 | March 25, 2026<br> na | Foremost Lithium |
| 2755557\* | 58.12 | March 25, 2026<br> na | Foremost Lithium |
| 2755558\* | 58.11 | March 25, 2026<br> na | Foremost Lithium |
| 2755559\* | 58.11 | March 25, 2026<br> na | Foremost Lithium |
| 2755560\* | 58.11 | March 25, 2026<br> na | Foremost Lithium |
| 2755561\* | 58.11 | March 25, 2026<br> na | Foremost Lithium |
| 2755562\* | 58.11 | March 25, 2026<br> na | Foremost Lithium |
| 2755563\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755564\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755565\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755566\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755567\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755568\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755569\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755570\* | 58.10 | March 25, 2026<br> na | Foremost Lithium |
| 2755571\* | 58.09 | March 25, 2026<br> na | Foremost Lithium |
| 2755572\* | 58.08 | March 25, 2026<br> na | Foremost Lithium |
| 2729887 | 58.10 | March 27, 2026<br> na | Foremost Lithium |
| 2729888 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2729889 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728242 | 58.10 | March 27, 2026<br> na | Foremost Lithium |
| 2728243 | 58.11 | March 27, 2026<br> na | Foremost Lithium |
| 2728244 | 58.11 | March 27, 2026<br> na | Foremost Lithium |
| 2728245 | 58.11 | March 27, 2026<br> na | Foremost Lithium |
| 2728246 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728255 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728256 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728257 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728258 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728259 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728260 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728261 | 58.17 | March 27, 2026<br> na | Foremost Lithium |
| 2728262 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2728263 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2728264 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2728265 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2728266 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2728267 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728268 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728269 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728270 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728271 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728272 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728273 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2728274 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728275 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728276 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2728277 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2728278 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2728279 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2734731 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2734732 | 58.06 | March 27, 2026<br> na | Foremost Lithium |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75

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---

| | | | |
|:---|:---|:---|:---|
| **Claim Number** | **Size Hectares** | **Expiry Date** | **Holder** |
| 2734733 | 58.06 | March 27, 2026<br> na | Foremost Lithium |
| 2734734 | 58.05 | March 27, 2026<br> na | Foremost Lithium |
| 2734735 | 58.05 | March 27, 2026<br> na | Foremost Lithium |
| 2734736 | 58.05 | March 27, 2026<br> na | Foremost Lithium |
| 2729907 | 58.13 | March 27, 2026<br> na | Foremost Lithium |
| 2729908 | 58.13 | March 27, 2026<br> na | Foremost Lithium |
| 2729909 | 58.12 | March 27, 2026<br> na | Foremost Lithium |
| 2729910 | 58.13 | March 27, 2026<br> na | Foremost Lithium |
| 2729911 | 58.12 | March 27, 2026<br> na | Foremost Lithium |
| 2729913 | 58.11 | March 27, 2026<br> na | Foremost Lithium |
| 2729915 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2729916 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2729918 | 58.1 | March 27, 2026<br> na | Foremost Lithium |
| 2729919 | 58.09 | March 27, 2026<br> na | Foremost Lithium |
| 2729921 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2729922 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2729923 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2729924 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2729925 | 58.07 | March 27, 2026<br> na | Foremost Lithium |
| 2729926 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2729927 | 58.08 | March 27, 2026<br> na | Foremost Lithium |
| 2729928 | 58.06 | March 27, 2026<br> na | Foremost Lithium |
| 2729929 | 58.06 | March 27, 2026<br> na | Foremost Lithium |
| 2729930 | 58.06 | March 27, 2026<br> na | Foremost Lithium |
| 2729931 | 58.06 | March 27, 2026<br> na | Foremost Lithium |

---

**TOTAL NUMBER OF CLAIMS = 80 \| TOTAL AREA = 11,482 acres (4,647 hectares)**

**\*20 claims that Foremost Lithium Staked**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Development Activities***

As we expand our focus into uranium exploration, we aim to solidify our engagement with strategic partners and stakeholders by emphasizing our unique position within the uranium sector. Our strategic collaboration with Denison Mines Corp., a respected leader in the industry, will serve as a pathway as we continue our exploration and development efforts. Our marketing strategy will highlight our commitment to sustainable resource extraction in the politically stable and mining-friendly jurisdiction of Saskatchewan's Athabasca Basin. We plan to leverage the synergies created through this partnership to promote our dual-resource strategy, showcasing our lithium and uranium projects to potential investors and customers alike. As our projects progress, we will utilize targeted communications to convey the advancements and milestones achieved, thereby strengthening our market presence.

**Marketing and Advertising**

We recognize that competition in both the uranium and lithium sectors is intense, with established companies holding significant market share and resources. As junior exploration companies, we face challenges from larger entities that possess greater financial capabilities, technical expertise, and developed infrastructure. However, our strategic alliance with Denison Mines positions us uniquely within the uranium market, bolstering our exploration and development efforts. While the lithium sector is also highly competitive, our focus on securing domestic lithium resources in conjunction with uranium exploration differentiates us from peers, allowing us to capitalize on the increasing demand for clean and sustainable energy. By maintaining a disciplined exploration strategy and leveraging our partnerships, we aim to carve out a competitive edge that acknowledges the fragmented nature of these industries while positioning us as a significant player in both uranium and lithium markets.

**Our Customers**

At the current stage of development of our mineral resource projects, we are not yet in a position to establish a formal customer base, as we do not have sample products available for qualification. However, through our focused efforts on resource development and ongoing drilling activities, we anticipate generating interest from potential partners and customers in both the uranium and lithium markets. Our strategic partnership with Denison Mines, a respected leader in the uranium sector, is expected to enhance our visibility and credibility among industry stakeholders. As we advance our exploration and demonstrate the viability of our projects, we aim to attract leading companies in the nuclear energy and battery manufacturing sectors, thereby positioning ourselves as a future supplier of choice for lithium and uranium products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76

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**Intellectual Property**

We do not have any registered intellectual property rights.

**Facilities**

Our corporate address is 750 West Pender Street, Suite 250 Vancouver, British Columbia V7Y 1K3 Canada. Currently, we do not maintain any office or operational facilities. We believe that we will be able to obtain adequate facilities, principally through leasing, to accommodate our future expansion plans.

**Employees**

We currently have 3 employees with executive employment agreements.

Our remaining executive officers and advisers work for us as independent contractors under consulting agreements. These agreements require consultants to protect our confidential information during their engagement with us. In addition, these consulting agreements include typical non-compete clauses that prohibit the consultants from entering competitive employment relationships while they are working for us.

**Insurance**

We currently insure our directors and officers through our D&O insurance policy.

**Legal Proceedings**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties and an adverse result in these, or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition, or operating results.

**Government Regulation**

Our business is subject to mining laws and regulations in various jurisdictions. Canadian mining law is divided between the federal and provincial governments. Ownership of lands and minerals belongs to the province in which they are located. Our mining activities are regulated by the Province of Manitoba's Department of Agriculture and Resource Development and governed primarily by provisions of The Mines and Minerals Act (Manitoba) together with its accompanying regulations and guidelines. In Saskatchewan, the management of mineral resources and the granting of exploration and mining rights for mineral substances and their use are regulated by the Crown Minerals Act (Saskatchewan) and The Mineral Tenure Registry Regulations, 2012, that are administered by the Saskatchewan Ministry of Energy and Resources. The provinces have jurisdiction over mineral exploration, development, conservation, and management.

The federal government shares jurisdiction with the provinces on some related matters (taxation and the environment) and has exclusive jurisdiction over areas such as exports and foreign investment controls. Federal and provincial legislation affecting mining activities tends to fall into two main categories: (a) private matters of title and taxation; and (b) economic, social, and environmental policies. We are regulated by the foregoing regulating bodies, and such government regulation has an impact on our business

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**Organizational structure**

The chart below presents our corporate structure

![orgstructure.jpg](orgstructure.jpg)

Please refer to Item 4B of this Annual Report for a full description of the Plan of Arrangement.

**Property, Plants, and Equipment**

The registered office of the Company is 400 - 666 Burrard Street, Vancouver, BC V6C 2X8 Canada We believe that we will be able to obtain adequate facilities to accommodate our future expansion plans. For a description of the real property owned by us, please see the corresponding sections herein.

**ITEM 4A. UNRESOLVED STAFF COMMENTS**

None.

**Recent Developments**

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements because of various factors, including those set forth under Item 3* "*Key Information*—*D. Risk Factors*" *or in other parts of this annual report on Form 20-F. See also* "*Introductory Notes*—*Forward-looking Statements.*"

**5. A. Operating Results**

This management's discussion and analysis of financial position and results of operations ("MD&A") is prepared as of June 18, 2025 and should be read in conjunction with the audited consolidated financial statements of Foremost Clean Energy Ltd. ("Foremost" or the "Company") for year ended March 31, 2025, with the related notes thereto. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78

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Amounts are expressed in Canadian dollars unless otherwise stated. This MD&A contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors. See also "Introductory Notes – Forward-Looking Information."

The 2024 Financials and the financial information contained in this MD&A are prepared pursuant to International Financial Reporting Standards ("IFRS") and in accordance with the standards of the United States Public Company Accounting Oversight Board. As permitted by the rules of the U.S. Securities and Exchange Commission for foreign private issuers, we do not reconcile our financial statements to United States generally accepted accounting principles.

This MD&A reports the Company's activities through March 31, 2025, unless otherwise indicated. All figures are expressed in Canadian dollars, unless otherwise noted. During the year ended March 31, 2025 ("Fiscal 2025"), the Company remained at the exploration stage, had not placed any of its mineral properties into production, and has not generated any revenues. The technical information in this MD&A has been reviewed by Matthew Carter, P.Geo (Dahrouge Geological Consulting Ltd.) Lindsay Bottomer, P. Geo, Mark Fedikow, P. Geo, and Jordan Pearson, P. Geo (Dahrouge Geological Consulting Ltd.), who are Qualified Persons as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43- 101").

Further information regarding the Company and its operations are filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR+) in Canada and can be obtained from www.sedarplus.ca and at http://www.sec.gov/edgar/searchedgar/companysearch.html in the United States.

On August 22, 2023, the Company began trading on NASDAQ under the symbols FMST and FMSTW.

**Forward-Looking Statements**

Except for statements of historical facts relating to the Company, this MD&A contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this MD&A and the Company does not intend and does not assume any obligation to update these forward-looking statements, except as required by applicable securities laws.

Forward-looking statements may include, but are not limited to, statements with respect to the future price of metals, the estimation of mineral resources, the realization of mineral resource estimates, the timing and amount of future exploration programs, capital expenditures, success of exploration activities, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and the completion of transactions and future listings and regulatory approvals. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this MD&A includes, among other things, disclosure regarding: the Company's mineral properties as well as its outlook, statements with respect to the success of exploration activities, permitting timelines, costs and expenditure requirements for additional capital and regulatory approvals, as well as the information under the headings "Overall Performance", "Liquidity" and "Capital Resources".

In making the forward looking statements in this MD&A, the Company has applied certain factors and assumptions that it believes are reasonable, including: that there is no material deterioration in general business and economic conditions; that the timing, costs and results of the Company's proposed exploration programs are consistent with the Company's current expectations; that the Company receives regulatory and governmental approvals and permits for its properties on a timely basis; that the Company is able to obtain financing for its properties on reasonable terms and on a timely basis; that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis; that engineering and exploration timetables and capital costs for the Company's exploration plans are not incorrectly estimated or affected by unforeseen circumstances or adverse weather conditions; and that any environmental and other proceedings or disputes are satisfactorily resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79

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However, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others: actual results of current and proposed exploration activities; actual results of reclamation activities; future metal prices; accidents, labor disputes, adverse weather conditions, unanticipated geological formations; other risks of the mining industry; delays in obtaining governmental or regulatory approvals or financing or in the completion of exploration activities; and as well as those factors discussed in the section entitled "Risks and Uncertainties" in this MD&A. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

**DESCRIPTION OF BUSINESS**

Foremost Clean Energy is an is an emerging North American uranium and lithium exploration company with an option to earn up to a 70% interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51%) spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the clean energy mix of the future. Foremost's uranium projects are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. The Company's mission is to make significant discoveries, through systematic and disciplined exploration programs.

Foremost also has a portfolio of lithium projects at varying stages of development, which are located across 55,000+ acres in Manitoba and Quebec.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80

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**MINERAL PROPERTIES**

During the year ended March 31, 2025, the following exploration expenditures were incurred on the exploration and evaluation of the Company's assets:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Winston Property** | **Zoro Property** | **Jean Lake Property** | **Grass River Property** | **Jol Lithium Property** | **Peg North Property** | **Lac Simard Property** | **Athabasca**<br> **Property** | **Total** |
| **Acquisition costs** |  |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2024** | $**1338793** | $**1909407** | $**250000** | $**45255** | $**11730** | $**400000** | $**127153** | $**-** | $**4082338** |
| Cash | 99189 | **-** | 50000 | 130 | 638 | 100000 |  |  | 249957 |
| Shares |  | **-** | 50000 | **-** |  | 100000 |  | 6716449 | 6866449 |
| Spin-out | (1437982) | **-** |  | **-** |  |  |  |  | (1437982) |
| **Balance,** <br> **March 31, 2025** | **-** | **1909407** | **350000** | **45385** | **12368** | **600000** | **127153** | **6716449** | **9760762** |
| **Exploration costs** |  |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2024** | **419233** | **6552532** | **2465023** | **680016** | **45865** | **849406** | **-** | **-** | **11012075** |
| Assay |  | 55945 |  |  |  |  |  |  | 55945 |
| Drilling |  | 42950 |  |  |  |  |  | 97308 | 140258 |
| Geological, consulting, and other | 28940 | 629875 | 8792 |  | 6000 | 31931 |  | 298379 | 1003918 |
| Exploration cost recovery |  | (200000) |  |  |  |  |  |  | (200000) |
| Spin-out | (448173) |  |  |  |  |  |  |  | (448173) |
| **Balance,** <br> **March 31, 2025** | **-** | **7081302** | **2473815** | **680016** | **51865** | **881337** | **-** | **395687** | **11564023** |
| **Total Balance** <br> **– March 31, 2025** | $**-** | $**8990709** | $**2823815** | $**725401** | $**64233** | $**1481337** | $**127153** | $**7112136** | $**21324785** |

---

During the year ended March 31, 2024, the following exploration expenditures were incurred on the exploration and evaluation of the Company's assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Zoro Property** | **Grass River Property** | **Peg North Property** | **Winston Property** | **Jean Lake Property** | **Jol Lithium Property** | **Lac Simard Property** | **Total** |
| **Acquisition costs** |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2023** | $**1909407** | $**43500** | $**200000** | $**1334548** | $**150000** | $**10454** | $**-** | $**3647909** |
| Cash | **-** | 1755 | 100000 | 4245 | 50000 | 1276 | 41553 | 198829 |
| Shares | **-** | **-** | 100000 | **-** | 50000 | **-** | 85600 | 235600 |
| **Balance, March 31, 2024** | **1909407** | **45255** | **400000** | **1338793** | **250000** | **11730** | **127153** | **4082338** |
| **Exploration costs** |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2023** | **4653559** | **596124** | **660472** | **371909** | **2509453** | **38365** | **-** | **8829882** |
| Assay | **-** | **-** | 15188 | **-** | 2669 | **-** | **-** | 17857 |
| Geological, consulting, and Other | 1898973 | 83892 | 173746 | 47324 | 152901 | 7500 | **-** | 2364336 |
| Exploration cost recovery |  | **-** | **-** | **-** | (200000) | **-** | **-** | (200000) |
| **Balance, March 31, 2024** | **6552532** | **680016** | **849406** | **419233** | **2465023** | **45865** | **-** | **11012075** |
| **Total Balance**<br> – **March 31, 2024** | $**8461939** | $**725271** | $**1249406** | $**1758026** | $**2715023** | $**57595** | $**127153** | $**15094413** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81

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***LITHIUM***

**<u>The Zoro Lithium Project</u>**

The Zoro Lithium project totals approximately 3,390 hectares located near the east shore of Wekusko Lake in west-central Manitoba, approximately 20 km east of the mining town of Snow Lake, 249 km southeast of Thompson and 571 km northwest of Winnipeg, and is comprised of the Zoro 1 claim, the Green Bay and the Strider Agreements.

**Zoro 1 Claim (Snow Lake, Manitoba, Canada)**

The Zoro 1 claim totals approximately 52 hectares in size and was purchased for the price of 140,000 common shares of the Company, $50,000 in cash and a non-interest-bearing promissory note for $100,000 (paid). In addition, the Company paid a finder's fee of 20,000 common shares to an arm's length third party in connection with the acquisition of the Zoro 1 claim. The Company has earned a 100% undivided interest in the claim. Further details of the Company's acquisition of the Zoro 1 claim are included in the Company's financial statements and annual filings.

**Strider and Green Bay Lithium Agreement (Snow Lake, Manitoba, Canada)**

The Company has earned a 100% interest in all lithium-bearing pegmatite dykes on the 15 additional claims in the Strider and Green Bay Agreements by paying $500,000 in cash and by issuing $500,000 in shares (107,059 shares issued).

Both property agreements are each subject to a 2% net smelter return royalty (the "NSR"). The Company can acquire an undivided 50% interest in the NSR, being one-half of the NSR or a 1% NSR, from Strider Resources ("Strider") by making a $1,000,000 cash payment to Strider, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production on the property.

During the option period, the Company is responsible for carrying out and all administering exploration, development, and mining work on the property and for maintaining the property in good standing.

**Exploration at the Zoro Lithium Project, Snow Lake, Manitoba**

On July 3, 2019, the Company announced assay results from the fifth drilling program at its Zoro Lithium Project, near Snow Lake, Manitoba. 3,054 m of drilling in 22 holes identified five new pegmatite dykes, bringing the total to 13. Drilling has also extended the limits of high-grade lithium-bearing pegmatite at Dyke 8, now intersected by six holes from two drilling campaigns.

Zoro includes 13 identified pegmatite dykes. Diamond drilling, prospecting and sampling programs conducted in 2016 through 2019 confirmed the presence of the spodumene bearing pegmatites. Five drill programs have been completed to date with lithium assays reporting in all holes. Metallurgical studies were undertaken on material collected from four 2018 drill holes at Dyke 1. The Company previously assessed the amount of high-grade lithium in Dyke 1 through a 2017/2018 winter drill program, reaching the dyke's deeper levels (>150 m). Additionally, the winter drill program was expanded to Dykes 5 and 7, to test historic results and recent assay results from trench and outcrop sampling of both dykes. During the 2017/18 winter drill program, the Company also discovered a previously unknown spodumene bearing pegmatite dyke. The discovery was made during the 2,472-metre, 19-hole drill program, as described in Company's news releases on January 19 and February 13, 2018. The discovery of this additional dyke was made by drill-testing a Mobile Metal Ions ("MMI") soil geochemical anomaly bringing the total of known high-grade lithium mineralized spodumene pegmatite dykes on the Zoro Lithium Project to eight. Further results from the winter drill program included narrow intercepts from shallow drill holes testing Dykes 2, 5 and 7. Of these, Dyke 5, tested by drill hole FAR18-30, intersected 1 metre of 1.2% Li<sub>2</sub>O. Overall the results for each of these dykes were consistent with historic exploration results. The Company has posted the results of all drill programs and laboratory testing on its website at <u>www.foremostcleanenergy.com.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82

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**MINERAL PROPERTIES**

**<u>Athabasca Properties</u>**

During the year ended March 31, 2025, the Company closed an option agreement with Denison Mines Corp. ("Denison"), to acquire up to a 70% interest in The Athabasca Properties, which is a group comprised of 10 individual uranium exploration properties covering over 330,000 acres in the Athabasca Basin in Northern Saskatchewan.

***Ownership Details***

The Athabasca Properties are comprised of 45 mineral exploration claims that from each of the Blackwing, Murphy Lake South , GR, CLK, Torwalt Lake, Turkey Lake, Epp Lake, Marten, Wolverine, and Hatchet Lake properties in the Athabasca Basin region of northern Saskatchewan, covering 134,509 hectares. Denison currently has 100% ownership in all of the properties except for Hatchet Lake, which is subject to a joint venture agreement with Trident Resources Corp., with Denison currently holding a 70.15% ownership interest as of March 31, 2025.

Under the terms of the option, the Company may acquire up to 70% of Denison's interest in the exploration properties. In the case of Hatchet Lake, Foremost may earn up to a 51% interest in the Hatchet Lake joint venture, representing slightly over 70% of Denison's ownership interest at the execution of the option agreement.

The Option Agreement contains three (3) phases, as summarized below:

**<u>Phase 1</u>**

During the period ended December 31, 2025, the Company earned a 20% interest in the Exploration Properties (14.03% for Hatchet Lake), by completing the following:

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

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

● Entered 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 equity participation right for Denison to maintain a 19.95% equity interest in Foremost.

The Company also issued 425,682 common shares to arm's length parties for finders and advisory fees valued at $1,511,171.

**<u>Phase 2</u>**

To earn an additional 31% interest in the Exploration Properties (21.75% for Hatchet Lake), on or before October 4, 2027, Foremost must:

● Pay Denison $2,000,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and

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

If the conditions of Phase 2 are not satisfied, Foremost shall forfeit the entirety of its interests in and rights to the Exploration Properties.

**<u>Phase 3</u>**

To earn an additional 19% interest in the Exploration Properties (15.22% for Hatchet Lake), on or before October 4, 2030, following the successful completion of Phase 2, Foremost must:

● Pay Denison a further $2,500,000 in cash or common shares or a combination thereof, at the discretion of Foremost; and

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

If the conditions of Phase 3 are not satisfied, Foremost 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 to 51% and operatorship shall revert to Denison.

Upon completion of Phase 3 of the Option Agreement, the parties will enter into a joint venture agreement in respect of each of the Exploration Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83

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***Exploration update***

**<u>The Hatchet Lake Uranium Property</u>**

On February 20, 2025, the Company announced positive preliminary results from an 889 metre, four-hole diamond drill program that was completed by Denison on behalf of the Hatchet Lake Joint Venture in in mid 2024,The results highlight the prospectivity of two mineralized target areas (Richardson and Tuning Fork) on the property, and a number of additional compelling targets areas for future drill program(s). Highlights include:

Notable uranium intercepts from the Richardson target area in drill hole RL-24-29, with strongly anomalous uranium noted below the unconformity, including:

● 0.11% U<sub>3</sub>O<sub>8</sub> (901 ppm U) from 81.2 to 81.4 metres

● 0.04% U<sub>3</sub>O<sub>8</sub> (354 ppm U) from 81.4 to 81.9 metres

● 0.04% U<sub>3</sub>O<sub>8</sub> (322 ppm U) from 78.3 to 78.6 metres

Strong geochemical signatures returned, and structural controls confirmed at the Tuning Fork target area:

● Assays from both drill holes completed in 2024 (TF-24-11 and TF 24-12) returned anomalous uranium and elevated levels of boron (up to 5,670 ppm), copper (up to 233 ppm), nickel (up to 387 ppm), and cobalt (up to 209 ppm). These pathfinder elements are potentially indicative of a hydrothermal system capable of precipitating (depositing) uranium.

● Both drill holes encountered significant structural disruption and hydrothermal alteration (including intense clay alteration, hydrothermal hematite, and a shear zone with graphitic-pyritic faults), which are generally characteristic of uranium deposits in the Athabasca Basin region.

Exploration efforts in 2024 included drill testing of high-potential areas identified through previous geophysical surveys and historical drilling. Based on these positive results, Foremost has developed plans for follow-up drill programs to be completed during the winter and summer exploration seasons.

**<u>The Zoro Lithium Property</u>**

The Zoro Lithium Property is comprised of 16 claims over 8.377 acres (3,390 hectares) located near the east shore of Wekusko Lake in west-central Manitoba, approximately 20 km east of the mining town of Snow Lake, 249 km southeast of Thompson and 571 km northwest of Winnipeg and consists of the Zoro 1 Agreement and the Green Bay and Strider Agreements.

***Ownership Details***

*<u>Zoro I Agreement</u>*

The Zoro 1 claim totals approximately 52 hectares in size and was purchased for the price of 140,000 common shares of the Company, $50,000 in cash and a non-interest-bearing promissory note for $100,000 (paid). In addition, the Company paid a finder's fee of 20,000 common shares to an arm's length third party in connection with the acquisition of the Zoro 1 claim. The Company has earned 100% undivided interest in the claim. Further details of the Company's acquisition of the Zoro 1 claim are included in the Company's financial statements and annual filings.

*<u>Strider and Green Bay Agreement</u>*

The Company has earned 100% interest in all lithium-bearing pegmatite dykes on the 15 additional claims in the Strider and Green Bay Agreements by paying $500,000 in cash and by issuing $500,000 in shares (107,150 shares issued). Both property agreements are each subject to a 2% net smelter return royalty (the "NSR"). The Company can acquire an undivided 50% interest in the NSR, being one-half of the NSR or a 1% NSR, from Strider Resources ("Strider") by making a $1,000,000 cash payment to Strider, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production on the property. During the option period, the Company is responsible for carrying out and all administering exploration, development, and mining work on the property and for maintaining the property in good standing.

***Exploration at the Zoro Lithium Property***

Diamond drilling, prospecting and sampling programs conducted in 2016 through 2019 confirmed the presence of spodumene bearing pegmatites. Metallurgical studies were undertaken on material collected from four 2018 drill holes at Dyke 1. The successful drill testing of a Mobile Metal Ions ("MMI") soil geochemical anomaly in 2017 and the discovery of the high-grade lithium-bearing Dyke 8 provided the rationale for expanding these surveys to the remainder of the property.

A helicopter-assisted crew of field technicians extended the current MMI survey coverage on the property with the collection of 784 soil samples The Company previously assessed the amount of high-grade lithium in Dyke 1 through a 2017/2018 winter drill program, reaching the dyke's deeper levels (>150 m). Additionally, the winter drill program was expanded to Dykes 5 and 7, to test historic results and recent assay results from trench and outcrop sampling of both dykes. During the 2017/18 winter drill program, the Company also discovered a previously unknown spodumene bearing pegmatite dyke. The discovery was made during the 2,472-metre, 19-hole drill program, as described in Company's news releases on January 19 and February 13, 2018. The discovery of this additional dyke was made by drill-testing a MMI soil geochemical anomaly bringing the total of known high-grade lithium mineralized spodumene pegmatite dykes on the Zoro Lithium Project to eight. Further results from the winter drill program included narrow intercepts from shallow drill holes testing Dykes 2, 5 and 7. Of these, Dyke 5, tested by drill hole FAR18-30, intersected 1 m of 1.2% Li2O. Overall the results for each of these dykes were consistent with historic exploration results. The Company announced assay results from the fifth drilling program at Zoro on July 3, 2019, completing a total 3,054 m of drilling in 22 holes. A total of five new pegmatite dyke have been identified to date, bringing the total to 13, and the drilling extended the limits at Dyke 8, which has been intersected by six holes from two of the Company's drilling campaigns. The Company has posted the results of all historic drill programs and laboratory testing on its website at <u>www.foremostcleanenergy.com</u>.

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*Drill Programs*

*2022 Drill Program Highlights*

On April 26, 2022, the Company announced its first drill program had been completed since 2018 with a ten-hole 1,509-metre drill program designed to test MMI soil geochemical anomalies. Highlights include a sixteenth spodumene-bearing pegmatite dyke discovery. This pegmatite was intersected by two drill holes, DDH FM22-70 and was drilled at -50 degrees inclination. Two pegmatite intercepts totaling 4.9 m with up to 15% light green spodumene crystal aggregates were obtained. A second hole, DDHFM22-70B, was drilled at a steeper inclination of -65 degrees to undercut the first pegmatite intersection. This hole intersected a five-metre intercept of the same spodumene mineralized pegmatite as hole FM22-70. The host rock to these pegmatites is a fine-grained foliated basalt.

Additional, DDHFM22-71 was drilled at -65 degrees to undercut the 2018 pegmatite and intersected three discrete pegmatites. A 4.5 m spodumene-bearing pegmatite intersected between 70.45 and 75.89 m before being truncated by a fault. This intercept is 37 m below the previous 2018 drill intercepted Dyke 8 spodumene mineralization. A further pegmatite intersected below the fault between 84.4 and 86.65 m, and a third between 148.75 m and 152.65 m. To date, Dyke 8 has drill indicated dimensions of 120 m in length, 5-15 m in width and has been drilled to a depth of 157 m below surface. Assay results from the first pegmatite intersection vary from 0.05%-0.86% Li2O in five core samples over 5.44 m and 0.05% Li2O in each of two core samples over 2.25 m from the second pegmatite intersection (Table 1). A third pegmatite intersected over 3.91 m in DDHFM22-071 assayed 0.09-0.21% Li2O with the highest concentrations for related metals Cs (1440 ppm) and Nb (137.9 ppm); (sample 423028; Table 1). Tantalum analyses from Dyke 8 core samples vary between 30.2 ppm and 88.5 ppm. See a full list of assay results below in Table 1.

***Table 1. Zoro 2022 Drill Results*** – ***Summary of NQ core assay results for lithium and related metals from spodumene-bearing pegmatites and pegmatites without visible***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NQ Core Sample** | **Depth (m)** | **Width (m)** | **Li ppm** | **Li20%** | **Cs ppm** | **Nb ppm** | **Ta ppm** |
| **DDHFM22-07** | 423011 | 32.44-33.24 | 0.8 | 203 | 0.04 | 296 | 137 | 86.6 |
|  | 423012 | 33.24-34.0 | 0.76 | 1040 | 0.22 | 226 | 116.2 | 89.7 |
|  | 423013 | 34.0-35.0 | 1 | 6220 | 1.33 | 260 | 84.3 | 58.8 |
|  | 423014 | 35.0-35.8 | 0.8 | 4000 | 0.86 | 253 | 97.1 | 47.4 |
| **DDHFM22-070B** |  |  |  |  |  |  |  |  |
|  | 423015 | 43.21-44.0 | 0.79 | 200 | 0.04 | 395 | 107.9 | 65.3 |
|  | 423016 | 44.0-45.0 | 1.0 | 3030 | 0.65 | 225 | 74.9 | 28.3 |
|  | 423017 | 45.0-46.0 | 1.0 | 4890 | 1.05 | 319 | 113.3 | 35.7 |
|  | 423018 | 46.0-47.0 | 1.0 | 4460 | 0.96 | 301 | 111.5 | 35.7 |
|  | 423019 | 47.0-48.13 | 1.13 | 4030 | 0.86 | 476 | 106.5 | 61.9 |
| **Dyke 8** |  |  |  |  |  |  |  |  |
| **DDHFM22-071** |  |  |  |  |  |  |  |  |
|  | 423021 | 70.45-71.30 | 0.85 | 563 | 0.12 | 328 | 99.9 | 63.1 |
|  | 423022 | 71.30-72.30 | 1.0 | 4030 | 0.86 | 384 | 57.1 | 30.2 |
|  | 423023 | 72.30-73.30 | 1.0 | 1770 | 0.38 | 562 | 61.3 | 46.2 |
|  | 423024 | 73.30-74.27 | 0.97 | 1170 | 0.25 | 362 | 92.6 | 52.8 |
|  | 423025 | 75.20-75.89 | 0.69 | 659 | 0.14 | 565 | 135 | 55.2 |
|  | 423026 | 84.40-85.50 | 1.10 | 275 | 0.05 | 330 | 49.6 | 31.6 |
|  | 423027\* | 85.5-86.65 | 1.15 | 246 | 0.05 | 414 | 62.8 | 34.3 |
|  | 423028\* | 148.74-149.4 | 0.65 | 1000 | 0.21 | 1440 | 137.9 | 88.5 |
|  | 423029\* | 150.76-151.7 | 0.94 | 440 | 0.09 | 777 | 67.3 | 32.8 |
|  | 423031\* | 151.7-152.65 | 0.95 | 429 | 0.09 | 539 | 90.4 | 59.3 |

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***\* Refers to no visible spodumene observed in core sample***

*2024 Winter Drill Program*

On August 16, 2024, positive results from completed 5,826-metre drilling campaign at its Zoro Lithium Property. The drilling program targeted untested mineralization at depth, south-east of Dyke 1, the Company's maiden inferred resource of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3%, as outlined in the Company's filed Regulation SK-1300 Technical Report Summary (2023) and NI 43-101. Technical report (2018). Assay results included 1.52% Li2O over 5.02 m in drill hole FL24-009, 1.10% Li2O over 9.88 m in drill hole FL24-010, and 0.80% Li2O over 9.05 m in drill hole FL24-020.

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Drill results completed during the Winter 2024 program proximal to Dyke 1 have demonstrated the continuity of lithium mineralization along Dyke, as well as infill areas along strike and at depth. The drill hole locations, displaying multiple 50-meter step-outs perpendicular to the strike of Dyke 1. Drilling was used to assess lateral continuity as well as to test the presence of mineralization at depth. Confirmation of lithium mineralization extended Dyke 1 from a previous 265-meter strike length to greater than 400 meters. In the west, the body is comprised of multiple near surface lithium-bearing pegmatites that range up to an apparent 17.9 m thickness. See table 2 below for full assay results.

***Table 2. Summary for NQ core assay results***¬ ***for lithium and related metals from the 2024 Winter drill campaign at Dyke 1.***

***Zoro Property Report***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NQ Core Sample** | **Depth (m)** | **Width (m)** | **Li (ppm)** | **Li2O (%)** | **Cs (ppm)** | **Ta (ppm)** |
| **FL24-009** | FL009-029 | 199.00 199.96 | 0.96 | 10009 | 2.155 | 125 | 21.6 |
|  | FL009-030 | 199.96 -201.00 | 1.04 | 6686 | 1.439 | 149 | 28.4 |
|  | FL009-033 | 201.00 202.00 | 1.00 | 601 | 0.129 | 187 | 10.1 |
|  | FL009-034 | 202.00 202.92 | 0.92 | 4690 | 1.01 | 141 | 22.5 |
|  | FL009-035 | 202.92 203.97 | 1.05 | 4815 | 1.037 | 106 | 17.7 |
|  | FL009-036 | 203.97 205.00 | 1.03 | 2341 | 0.504 | 170 | 19.4 |
| **FL24-009** | FL009-061 | 235.98 237.00 | 1.02 | 2520 | 0.542 | 123 | 36.4 |
|  | FL009-062 | 237.00 237.97 | 0.97 | 7262 | 1.563 | 366 | 46.4 |
|  | FL009-064 | 237.97 238.99 | 1.02 | 11420 | 2.458 | 270 | 35.8 |
|  | FL009-065 | 238.99 240.09 | 1.10 | 7493 | 1.613 | 303 | 39 |
|  | FL009-066 | 240.09 241.00 | 0.91 | 6567 | 1.414 | 247 | 49.8 |
| **FL24-010** | FL010-024 | 176.22 176.85 | 0.63 | 5036 | 1.084 | 375 | 70.5 |
|  | FL010-026 | 176.85 177.48 | 0.63 | 166 | 0.036 | 460 | 41.7 |
|  | FL010-027 | 177.48 178.11 | 0.63 | 2246 | 0.483 | 550 | 34.3 |
|  | FL010-028 | 178.11 178.80 | 0.69 | 7664 | 1.65 | 419 | 34.5 |
|  | FL010-029 | 178.80 179.48 | 0.68 | 9405 | 2.025 | 281 | 34.6 |
|  | FL010-030 | 179.48 180.73 | 1.25 | 287 | 0.062 | 133 | 67.2 |
|  | FL010-033 | 180.73 181.99 | 1.26 | 1758 | 0.378 | 253 | 39.9 |
|  | FL010-034 | 181.99 183.05 | 1.06 | 6104 | 1.314 | 494 | 71.3 |
|  | FL010-035 | 183.05 184.06 | 1.01 | 11270 | 2.426 | 305 | 87.6 |
|  | FL010-036 | 184.06 185.08 | 1.02 | 8493 | 1.828 | 254 | 108 |
|  | FL010-037 | 185.08 186.10 | 1.02 | 4687 | 1.009 | 520 | 102 |
| **FL24-020** | FL020-029 | 232.00 233.00 | 1.00 | 4933 | 1.062 | 191 | 70.1 |
|  | FL020-030 | 233.00 234.00 | 1.00 | 3397 | 0.731 | 283 | 52.6 |
|  | FL020-033 | 234.00 235.00 | 1.00 | 4779 | 1.029 | 344 | 64.1 |
|  | FL020-034 | 235.00 236.03 | 1.03 | 2642 | 0.569 | 325 | 70.9 |
|  | FL020-035 | 236.03 237.00 | 0.97 | 458 | 0.099 | 147 | 35.5 |
|  | FL020-036 | 237.00 238.00 | 1.00 | 5580 | 1.201 | 192 | 37.3 |
|  | FL020-037 | 238.00 239.03 | 1.03 | 2400 | 0.517 | 285 | 40.9 |
|  | FL020-039 | 239.03 240.00 | 0.97 | 3043 | 0.655 | 210 | 47.8 |
|  | FL020-040 | 240.00 241.05 | 1.05 | 6215 | 1.338 | 215 | 34.1 |

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<u>NI 43-101 Technical Report</u> 

On July 9, 2018, the Company announced that it had received the first ever resource estimate for Dyke 1 on its Zoro Lithium Property. Dyke 1 contains an inferred resource of 1,074,567 tonnes grading 0.91% Li2O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 ppm Rb and 43 ppm Ta (at a cut-off of 0.3% Li2O). Dyke 1 is open at depth and to the north and south where additional exploration is ongoing. The estimate has an effective date of July 6, 2018, and was prepared by Scott Zelligan P. Geo., an independent resource geologist of Coldwater, Ontario. Dyke 1 is one of sixteen known spodumene-mineralized pegmatite dykes on the property. The remaining dykes are currently the object of ongoing exploration including drill-testing.

Inferred mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources as an indicated or measured mineral resource, however, it is reasonably expected that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. Please refer to the Company's new release dated July 9, 2018, for further details regarding this resource estimate and the methodologies, procedures and assumptions used to estimate same. The Company has filed the NI 43-101 Technical Report on SEDAR+.

<u>Zoro Dyke 1 Positive Metallurgy</u>

On May 26, 2022, the Company announced that it has contracted XPS Expert Process Solutions (a Glencore company) to develop a process to develop and refine spodumene concentrate (SC6 technical specification) into a saleable battery-grade lithium hydroxide product. The objective is to produce a technical specification SC6 spodumene concentrate. SC6 is an inorganic material that can be further refined for use in the manufacturing of batteries, ceramics, glass, grease, and various lithium products.to deliver battery grade lithium hydroxide to supply an integrated EV battery ecosystem to energize the electrification of the transportation sector. The project was undertaken at XPS's Falconbridge, Canada, facility and SGS Canada Inc.'s Lakefield, Canada, facility. The project included a single stage Dense Media Separation ("DMS"), flotation, pyrometallurgy and hydrometallurgy.

*Results of Test Work*

The Zoro Dyke 1 metallurgical program investigated the feasibility of lithium beneficiation by dense media and dry magnetic separation with the goal of producing a 6% Li2O concentrate from a Master Composite, at a fairly coarse particle size of -12.7/+0.5 mm. Completed heavy liquid separation ("HLS"), DMS and dry magnetic separation test work confirms that HLS demonstrates excellent potential for the recovery of an on-spec lithium concentrate from the Master Composite by dense media separation. For Phase one of the project, the results of which were released in December of 2022, the HLS and DMS (dense media separation) test work concluded Dyke 1 spodumene mineralization is amenable for production producing a final spodumene concentrate assaying 5.93% Li2O, with a lithium recovery of 66.9% in 26.5% mass after magnetic separation. For Phase two of the project, the results of which was released in March of 2023, the DMS and flotation of DMS Middlings together achieved a global lithium recovery of 81.6% at a spodumene concentrate grade of 5.88%, demonstrating that our spodumene concentrate is capable of producing both battery grade lithium products, lithium carbonate (Li2CO3) or lithium hydroxide (LiOH), while returning an extremely favourable OPEX/CAPEX to our Company.

<u>Chain of Custody, Quality Control and Quality Assurance, and Data Verification</u>

Drill core for assay purposes was sawn in half after logging and core mark-up by the Company's geologist. Samples were collected based on an appropriate sample interval and washed to remove mud from cutting the core with the core saw. The core sample was placed into a clear plastic bag and the sample number written on the bag. An assay tag was inserted into the sample bag, one tag was inserted into the core box marking the sample location and the third tag was retained in storage. All core samples were placed into a white vinyl pail with a sample inventory, labeled and stored in a locked facility until enough samples were available for shipping. At this point the sample pails were taken to the local shipping company and loaded into a sealed transport truck. A bill of lading was signed by the geologist after the number of sample pails were counted and the shipping address confirmed. Receipt of the sample pails was acknowledged by the assay laboratory. Blanks, duplicate samples, and internal standard reference materials were included with each sample batch.

All data used to estimate the above reported mineral resource estimate, including sampling, analytical and test data, has been verified by Scott Zelligan, P.Geo., from the original sources. This includes a site visit to the Zoro Lithium Project, review of previously drilled intervals in person and a comparison of the drill hole database to drill logs and assay certificates.

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**<u>Jean Lake Lithium-Gold Property</u>**

The Jean Lake property is situated southwest of the Thompson Brother Trend in west-central Manitoba, 15 km east of the town of Snow Lake, Manitoba, Canada, consisting of five mineral claims covering approximately 2,476 acres (1,002 hectares). The Jean Lake property occurs in a geological terrain (the Flin Flon-Snow Lake greenstone belt) historically recognized as significantly endowed with gold and base metals, as well as new developing lithium resources.

***Ownership Details***

On July 30, 2021, the Company entered into an option agreement with Mount Morgan Resources Ltd. ("Mount Morgan") to acquire a 100% interest in the Jean Lake lithium-gold project. The option agreement provides that in order for the Company to earn a 100% interest in the project it is required to make the following cash payments and share issuances to Mount Morgan and incur the following project exploration expenditures as follows:

a) pay $25,000 in cash (paid) and issue common shares of the Company having a value of $25,000 (5,000 shares issued) on or before August 1, 2021;

b) pay $50,000 in cash (paid), issue $50,000 in common shares (6,704 shares issued) and incur $50,000 in exploration expenditures (incurred) on or before July 30, 2022;

c) pay $50,000 in cash (paid), issue $50,000 in common shares (6,128 shares issued) and incur $100,000 (accumulated) in exploration expenditures (incurred) by July 30, 2023;

d) pay $50,000 in cash (paid), issue $50,000 in common shares (12,106 shares issued) and incur $150,000 (accumulated) in exploration expenditures (incurred) by July 30, 2024; and

e) pay $75,000 in cash, issue $75,000 in common shares and incur $200,000 (accumulated) in exploration expenditures (incurred) by July 30, 2025.

Once the Company earns the interest, the Company will grant a 2% NSR to Mount Morgan. The NSR may be reduced to 1% by the Company's payment of $1,000,000 to the NSR holder.

***Exploration at the Jean Lake Property***

The property hosts the historic west-northwest striking Beryl lithium pegmatites rediscovered in August of 2021 in blasted trenches beneath 80 years of organic deadfall and glacial sediment. Assay results of the high-grade spodumene-bearing Beryl pegmatite dykes from two locations on the "Beryl" or B1, B2 pegmatites gave a range of 3.89-5.17% Li2O in five samples. Rock chip sampling initiated between August and September in 2021, by Foremost's prospecting team also confirmed the presence of this gold mineralization.

*Drill Program 2023 Highlights*

A drill program was announced on November 21, 2022, of which the Company identified 14 targets through a combination of prospecting and airborne geophysics. The drill program tested a variety of targets on the property using the integrated results of magnetic surveys, rock and soil geochemical surveys and outcrop prospecting and commenced on December 2, 2022. The drill program tested targets for lithium and gold, based on integrated prospecting, UAV-borne magnetic survey results, MMI soil geochemical surveys and outcrop rock chip analyses.

On June 6, 2023, the Company announced that assay results were received from 246 NQ core samples collected during the diamond drill program. The Company's exploration efforts had focused on lithium in pegmatite using a variety of exploration technologies, which not only have exposed potential for spodumene, but which also has demonstrated the potential for gold mineralization. The results of the program have confirmed lithium at the B1 pegmatite but has also identified new gold mineralization on the property.

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<u>Results</u>

Gold mineralization was encountered at vertical depths up to 110 m below surface as well lithium at the B1 spodumene bearing pegmatite. Details of the lithium and gold intersections are provided in the summary of gold and lithium hole results below in Table 3.

***Table 3. Summary of Gold and Lithium Intersections in Drill Holes***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Easting** | **Northing** | **Strike** | **Dip** | **Depth** | **Intercept in Metres** |
| FM23-01A | 452688 | 6076420 | 205 | -66 | 62m | 1.26% Li2O over 0-3.35m |
| FM23-01A | 452688 | 6076420 | 205 | -66 | 62 | 2.46 g/t Au over 3.70m from 41.30m-45m |
| FM23-04A | 452743 | 6076529 | 90 | -45 | 80 | 11.27 g/t Au over 2.75m from 73.75m-76.5m including 91.8 g/t Au over 0.32mfrom 74.74 - 75.06m |
| FM23-08 | 452877 | 6076534 | 245 | -45 | 134 | 1.44 g/t Au for 0.32m from 11.33m-11.65m and 7.50 g/t Au for 7.66m from 94.35m-102.01m including 29.95 g/t Au for 1.77m from 94.35m-96.12m and 1.28 g/t Au for 0.3m from 107.6m-107.9m |
| FM23-08A | 452878 | 6076543 | 110 | -45 | 173 | 1.51 g/t Au for 0.52m from 95.18m-95.7m |
| FM23-13 | 452667 | 6076898 | 270 | -45 | 125 | 0.94 g/t Au for 1.23m from 121.30m-122.53m |
| FM23-14 | 452732 | 6076854 | 270 | -45 | 158 | 1.23 g/t Au for 2.85m from 151.24m-154.09m |
| FM23-22 | 450367 | 6073940 | 314 | -45 | 125 | 3.04 g/t Au for 0.68m from 102.92m-103.6m |
| FM23-25 | 452347 | 6076330 | 120 | -45 | 114 | 2.07 g/t Au for 3.49m from 25.3m-28.79m including 6.86 g/t Au for 0.54m from 25.30m-25.84m and 1.27 g/t Au for 2.4m from 69.6m-72m |

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<u>Chain of Custody, Quality Control and Quality Assurance, and Data Verification</u>

Quality Control and Quality Assurance on The Jean Lake Drill program follows the same protocols as that were followed in the Zoro Drill Program. See– Zoro Property – Chain of Custody, Quality Control and Quality Assurance and Data Verification" for discussion of quality control.

**<u>Grass River Property</u>**

The Grass River Property is an exploration stage property consisting of 29 claims covering 15,664 acres/6,339 hectares located 30 km east of the historic town of Snow Lake, 6.5 km east of the Zoro Property. The Grass River Property hosts 10 pegmatites exposed in outcrop<sup>4</sup>, and 7 drill-indicated spodumene-bearing pegmatite dykes<sup>5</sup>.

***Ownership Details***

The Property was acquired by on the ground staking after a review of the geological characteristics of the terrain. The claims were registered with the Manitoba Mining Recorder in the Company's name on January 18, 2022, and originally consisted of 27 claims and 14,873 acres/6,019 hectares for a total cost of $40,500. On April 3, 2023, the Company announced that an additional 2 claims were staked to increase the number of claims from 27 to 29 and the total property area by 790 acres/320 hectares, to a total amalgamated 15,664 acres/6,339 hectares at a total cost of $3,000. The two new claims provide linkage between the Peg North Lithium Property and Grass River Claims thereby allowing the application of assessment credits earned from exploration on either property applicable to both, and provides the Company 100% interest in and to those certain undersurface mineral rights of all the staked claims.

During the period ended March 31, 2025, the Company incurred $130 (2024 - $1,755) in claim filing fees.

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<sup>4</sup> Cancelled Assessment File 90611, Manitoba Mining Recorder, Manitoba Natural Resources and Northern Development

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

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**<u>Peg North Property</u>**

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:

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

i. 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;

v. 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

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

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

ii. the issuance of $100,000 in common shares on or before June 9, 2023 (issued 13,072 shares);

iii. the issuance of $100,000 in common shares on or before June 28, 2024 (issued 28,818 shares);

iv. the issuance of $150,000 in common shares on or before June 28, 2025;

v. the issuance of $150,000 in common shares on or before June 28, 2026;

vi. the issuance of $150,000 in common shares on or before June 28, 2027; and

c) incurring exploration expenditures totaling $3,000,000 ($881,337 incurred as of March 31, 2025) due on or before June 9, 2027.

Provided that the First Option has been exercised, the Company may purchase from Strider one half (1%) of the NSR for a cash payment of $1.5 million (the "Second Option") at any time prior to commencement of commercial production.

**<u>Additional Properties</u>**

**<u>Jol Property, Manitoba, Canada</u>**

On July 12, 2022, Foremost completed the acquisition of 100% of the interest in and to those certain undersurface mineral rights certain comprising Manitoba Mineral Disposition No. MB3530 from Mae De Graf (the "MB3530 Property") by paying $8,000 cash and with the issuance of 364 shares, valued at $2,454. The MB3530 Property is subject to a 2% NSR. During the year ended March 31, 2025, the Company incurred a $638 (2024 - $1,276) expense in claim filing fees. The property is subject to a 2% NSR.

**<u>Lac Simard South, Quebec, Canada</u>**

In May 2023, Foremost acquired Lac Simard South Property, located in the Province of Quebec, amending a property acquisition agreement to purchase 100% interest in and to those certain undersurface mineral rights comprising a total of 60 claims, covering 8,612 acres (3,485 hectares). In consideration for the property, Foremost paid to the vendors cash consideration of $35,000 and issued 10,700 common shares of the Company at a deemed price of $7.50 per common share. As a result, the Company holds a 100% interest in Lac Simard South property.

The Company staked an additional 20 mineral claims on the Lac Simard South Property contiguous to the 60 claims to complete the final aggregate land size of 11,482 acres (4,647 hectares), and the total number of claims to 80.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90

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**RESULTS OF OPERATIONS**

**For the year ended March 31, 2025:**

**Net loss for the year**

The Company had a net comprehensive loss for the year ended March 31, 2025, of $3,615,375 (2024 - $4,472,170). The net change of $856,795 in the net loss for the year ended March 31, 2025, compared to the year ended March 31, 2024, was primarily due to the following:

Administrative expenses increased by $1,317,897:

● Consulting of $160,341 (2024 - $120,801) increased by $39,540 and was primarily related to increased consulting services subsequent to the NASDAQ listing in comparative year.

● Investor relations and promotion of $1,440,910 (2024 - $851,614) increased by $589,296 and was primarily due to the Company's efforts to increase market awareness.

● Listing fee of $26,000 (2024 - $54,184) decreased by $28,184 and was directly related to the Company's NASDAQ listing in the comparative year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91

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● Management and directors' fees of $808,550 (2024 - $754,542) increased by $54,008 and was related to certain contracted or salaried employees and the addition of new employees due to the growth of the Company.

● Office and miscellaneous of $306,323 (2024 - $267,690) increased by $38,633 and was mainly related to increase in insurance costs after listing on the NASDAQ.

● Professional fees of $1,926,012 (2024 - $1,178,691) increased by $747,321 which was mostly related to an increase in legal and audit fees related to the spin-out transaction in the current year, the Denison transaction, and cost of financing.

● Share-based payments of $872,879 (2024 - $910,700) decreased by $37,821 due to the timing of stock option grants and the valuation using the Black-Scholes valuation model.

● Transfer agent and filing fees of $250,316 (2024 - $290,042) decreased by $39,726 which was primarily related to fees associated with the additional NASDAQ listing in the comparative year.

● Travel of $25,209 (2024 - $70,379) decreased by $45,170 due to a decrease in trade shows, conferences and property site visits.

Other gains and losses changed by $2,174,692:

● Finance income on sublease of $Nil (2024 - $1,314) decreased by $1,314 due to the sublease ending in December 2023.

● Foreign exchange loss of $43,504 (2024 - $35,996) increased by $7,508 and related to the fluctuations in the U.S. dollar as compared to the Canadian dollar at each reporting date.

● Gain on derivative liabilities of $498,534 (2024 - $166,651) increased by $331,883 due to the warrants being priced in U.S. dollars which are classified as derivative liabilities as the Company's functional currency is in Canadian dollars. As a result of this difference in currencies, the proceeds that would be received by the Company if these warrants are exercised are not fixed and will vary based on foreign exchange rates, hence the warrants are accounted for as a derivative under IFRS and are required to be recognized and measured at fair value at each reporting year.

● Gain on forgiveness of debt of $106,624 (2024 - $10,000) increased by $96,624 due to a write-off of accrued liabilities and settlement of accounts payable during the year.

● Gain on sublease of $Nil (2024 - $2,962) decreased by $2,963 due to the sublease ending in December 2023.

● Gain on long-term investment of $Nil (2024 - $671) decreased by $671 due to the sale and disposition in the Company's share investment in Alchemist Mining Inc. during the year ended March 31, 2024.

● Interest expense of $97,359 (2024 - $126,606) decreased by $29,247 and is directly attributable to the outstanding loan balance with related parties to fund the Company.

● Recovery of flow-through premium liability of $120,902 (2024 - $8,477) increased by $112,425 due to issuance of flow through shares where the required exploration expenditures are made therefore the premium liability is subsequently reduced.

● Write-off of prepaid expenses of $Nil (2024 - $1,000) decreased by $1,000 due to expenses paid in advance and not recoverable during the year ended March 31, 2024.

● Equity loss on investment in associate of $105,760 (2024 - $Nil) increased by $105,760 due to the spin-out transaction and the resulting equity interest in Rio Grande Resources Ltd. The Company accounts for its investment in Rio Grande using the equity method.

● Gain on spin-out transaction of $1,914,814 (2024 - $Nil) increased by $1,914,814 due to the completion of the spin-out of Sierra into Rio Grande by way of a plan of arrangement. The Company deconsolidated Sierra and Rio Grande as of January 31, 2025 and the Company recognized the distribution of non-cash assets to the shareholders at fair value with the difference between that value and the carrying amount recorded as a gain.

● Tax penalties and interest of $193,262 (2024 - $Nil) increased by $193,262 due to penalties and interest related to the late filing fees on historical USA corporate tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92

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**For the three month period ended March 31, 2025:**

**Net loss for the period**

The Company had a net comprehensive income for the three-month period ended March 31, 2025, of $778,565 (2024 Loss - $1,513,401). The net change of $2,291,966 in the net income for the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 2024, was primarily due to the following:

Administrative expenses:

● Consulting of $36,000 (2024 - $51,227) decreased by $15,227 and was related to consulting services in decreased consulting subsequent to the NASDAQ listing.

● Investor relations and promotion of $266,081 (2024 - $414,749) decreased by $148,668 and was primarily related to increased services as a result of the Company's registration statement and related NASDAQ listing in the comparative year.

● Listing fee of $21,000 (2024 - $Nil) increased by $21,000. The comparative period was higher directly as a result of the NASDAQ listing in the comparative period.

● Management and directors' fees of $213,703 (2024 - $204,288) increased by $9,415 and was related to increases to certain contracted or salaried employees and the addition of new employees due to the growth of the Company.

● Professional fees of $363,731 (2024 - $188,813) increased by $174,918 which was mostly related to an increase in legal and audit fees related to the spin-out transaction in the current year.

● Share-based payments of $166,443 (2024 - $55,239) increased by $111,204 due to the timing of stock option grants and the valuation using the Black-Scholes valuation model.

● Transfer agent and filing fees of $142,143 (2024 - $98,359) increased by $43,784 which was primarily related to fees associated with the spin-out transaction in the current year and continued filing fees associated with the NASDAQ listing from the comparative year.

● Gain on derivative liabilities of $166,656 (2024 – loss of $392,012) increased by $558,668 caused by the decrease of our share price from $1.99 at December 31, 2024 to $1.16 March 31, 2025. Warrants priced in U.S. dollars are classified as derivative liabilities as the Company's functional currency is in Canadian dollars. As a result of this difference in currencies, the proceeds that would be received by the Company if these warrants are exercised are not fixed and will vary based on foreign exchange rates, hence the warrants are accounted for as a derivative under IFRS and are required to be recognized and measured at fair value at each reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93

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Other gains and losses:

● Foreign exchange gain of $5,118 (2024 - $20,256) decreased by $15,138 and related to the fluctuations in the U.S. dollar as compared to the Canadian dollar at each reporting date.

● Gain on derivative liabilities of $166,656 (2024 – Loss of $392,012) increased by $558,668 caused by the warrants priced in U.S. dollars are classified as derivative liabilities as the Company's functional currency is in Canadian dollars. As a result of this difference in currencies, the proceeds that would be received by the Company if these warrants are exercised are not fixed and will vary based on foreign exchange rates, hence the warrants are accounted for as a derivative under IFRS and are required to be recognized and measured at fair value at each reporting period.

● Gain on forgiveness of debt of $Nil (2024 - $10,000) decreased by $10,000 which was primary due to the forgiveness of the Canada Emergency Business Account loan in the comparative year.

● Interest expense of $12,697 (2024 - $28,540) decreased by $15,843 and is directly attributable to the outstanding loan balance with related parties to fund the Company.

● Recovery of flow-through premium liability of $104,986 (2024 - $8,477) increased by $96,509 due to issuance of flow through shares where the required exploration expenditures are made therefore the premium liability is subsequently reduced.

● Equity loss on investment in associate of $105,760 (2024 - $Nil) increased by $105,760 due to the spin-out transaction and the resulting equity interest in Rio Grande Resources Ltd. The Company accounts for its investment in Rio Grande using the equity method.

● Gain on spin-out transaction of $1,914,814 (2024 - $Nil) increased by $1,914,814 due to the completion of the spin-out of Sierra into Rio Grande by way of a plan of arrangement. The Company deconsolidated Sierra and Rio Grande as of January 31, 2025 and the Company recognized the distribution of non-cash assets to the shareholders at fair value with the difference between that value and the carrying amount recorded as a gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94

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**For the year ended March 31, 2024:**

**Net loss for the year**

The Company had a net comprehensive loss for the year ended March 31, 2024, of $4,472,170 (2023 – Income of $956,578). The net change in the net loss for the year ended March 31, 2024, compared to the year ended March 31, 2023, was primarily due to the following:

Administrative expenses increased by $961,124:

● Consulting of $120,801 (2023 - $405,138) decreased by $284,337 and was related to consulting services in connection with the NASDAQ listing.

● Investor relations and promotion of $851,614 (20223 - $157,983) increased by $693,631 and was primarily related to increased services since the Company's recent registration statement and related NASDAQ listing.

● Listing fee of $54,184 (2023 - $Nil) increased by $54,184 and was directly related to the Company's NASDAQ listing.

● Management and directors' fees of $754,542 (2023 - $381,819) increased by $372,723 and was related to performance incentive increases to certain contracted or salaried employees and the addition of new employees due to the growth of the Company.

● Office and miscellaneous of $267,690 (2023 - $87,866) increased by $179,824 and was mainly related to an increase of $149,513 in insurance costs after listing on Nasdaq and expensing a rent deposit of $11,582 which was applied to the last two months of the lease.

● Property investigation costs of $Nil (2023 - $4,399) decreased by $4,399 due to the Company in the prior year investigating potential property additions.

● Professional fees of $1,178,691 (2023 - $1,576,974) decreased by $398,283 which was generally related to a decrease in legal fees of due to legal service in the prior period relating to the Company's NASDAQ listing.

● Share-based payments of $910,700 (2023 - $815,428) increased by $95,272 due to a timing and amount of stock option issuances during the period and valued using the Black-Scholes Method of calculating the expense.

● Transfer agent and filing fees of $290,042 (2023 - $75,446) increased by $214,596 which was primarily related to fees associated with additional NASDAQ listing.

● Travel of $70,379 (2024 - $31,466) increased by $38,913 due to an increase in trade shows, conferences and property site visits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95

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Other gains and losses changed by $4,466,624:

● Finance income on sublease of $1,314 (2023 - $8,879) decreased by $7,565 due to the sublease ending in December 2023.

● Foreign exchange loss of $35,996 (2023 - $29,423) increased by $6,573 and related to the fluctuations in the U.S. dollar as compared to the Canadian dollar at each reporting date.

● Gain on derivative liabilities of $166,651 (2023 - $Nil) increased by $166,651 caused by the decrease of our share price from $5.65 at August 24, 2023 to $3.22 March 31, 2024. Warrants priced in U.S. dollars are classified as derivative liabilities as the Company's functional currency is in Canadian dollars. As a result of this difference in currencies, the proceeds that would be received by the Company if these warrants are exercised are not fixed and will vary based on foreign exchange rates, hence the warrants are accounted for as a derivative under IFRS and are required to be recognized and measured at fair value at each reporting period.

● Gain on forgiveness of debt of $10,000 (2023 - $184,813) decreased by $174,813 due to a $10,000 CEBA forgiveness in the current year on repayment compared to the write-off of old accounts payable amounts in the prior year that were over 3 years old where requests for payments or contact by the Company was not received and statute of limitation was used.

● Gain on sublease of $2,962 (2023 - $5,925) decreased by $2,963 due to the sublease ending in December 2023.

● Gain on sale of property of $Nil (2023 - $3,500,000) decreased by $3,500,000 due to a sale of the Company's Hidden Lake Project during the prior year which resulted in a gain.

● Gain on long-term investment of $671 (2023 loss - $5,100) decreased by $5,771 due to the sale and disposition in the Company's share investment in Alchemist Mining Inc.

● Interest expense of $126,606 (2023 - $104,031) increased by $22,575 and is directly attributable to the outstanding loan balance with related parties to fund the Company.

● Recovery of flow-through premium liability of $8,477 (2023 - $977,534) decreased by $969,057 due to issuance of flow through shares where the Company fulfilled its obligation to spend the flow through funds raised and extinguishing the liability.

● Write-off of prepaid expenses of $1,000 (2023 - $48,000) decreased by $47,000 due to expenses paid in advance and not recoverable.

● Write-off of short-term loans payable of $Nil (2023 - $2,500) decreased by $2,500 due to loans that were over 3 years old where requests for payments or contact by the Company was not received and statute of limitation was used.

**SUMMARY OF ANNUAL INFORMATION**

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| | | | |
|:---|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,** <br> **2024** | **March 31,** <br> **2023** |
| Total Assets | $27741039 | $16598857 | $13300444 |
| Exploration and evaluation assets | $21324785 | $15094413 | $12477791 |
| Total Liabilities | $3248777 | $3389320 | $2912822 |
| Working capital (deficit) | $2111763 | $(1904107) | $(2117473) |
| Shareholders' equity | $24492262 | $13209537 | $10837622 |
| Loss and comprehensive income (loss) for the year | $(3615375) | $(4472170) | $956578 |
| Earnings (Loss) per share – Basic | $(0.48) | $(0.99) | $0.25 |
| Earnings (Loss) per share – Diluted | $(0.48) | $(0.99) | $0.24 |
| Cash Dividends Declared | $- | $- | $- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96

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**SUMMARY OF QUARTERLY RESULTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,**<br> **2025** | **December 31,**<br> **2024** | **September 30,**<br> **2024** | **June 30,**<br> **2024** |
| Total assets | $27741039 | $29640051 | $16598937 | $17130465 |
| Exploration and evaluation assets | $21324785 | $22814614 | $16061422 | $15774855 |
| Total liabilities | $3248777 | $3497509 | $4237956 | $3407774 |
| Working capital (deficit) | $2111763 | $3596223 | $(3287973) | $(1587213) |
| Shareholders' equity | $24492262 | $26142542 | $12360981 | $13722691 |
| Total revenue | $- | $- | $- | $- |
| Net income (loss) for the period | $778565 | $(2012936) | $(1523910) | $(857094) |
| Basic and diluted earnings (loss) per share | $0.07 | $(0.23) | $(0.28) | $(0.16) |
| Weighted average common shares outstanding | 10385315 | 8786943 | 5494542 | 5382316 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,**<br> **2024** | **December 31,**<br> **2023** | **September 30,**<br> **2023** | **June 30,**<br> **2023** |
| Total assets | $16598857 | $15134061 | $15965124 | $13110859 |
| Exploration and evaluation assets | $15094413 | $13293755 | $13203727 | $12802235 |
| Total liabilities | $3389320 | $2087488 | $2550172 | $3130028 |
| Working capital (deficit) | $(1904107) | $(1992) | $826401 | $(2846633) |
| Shareholders' equity | $13209537 | $13046573 | $13414952 | $9980831 |
| Total revenue | $- | $- | $- | $- |
| Net loss for the period | $(1513.401) | $(654940) | $(1695651) | $(608178) |
| Basic and diluted loss per share | $(0.34) | $(0.14) | $(0.39) | $(0.15) |
| Weighted average common shares outstanding | 4937738 | 4838329 | 4327750 | 3975666 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,**<br> **2023** | **December 31,**<br> **2022** | **September 30,**<br> **2022** | **June 30,**<br> **2022** |
| Total assets | $13300444 | $13530636 | $10376744 | $9802357 |
| Exploration and evaluation assets | $12477791 | $10769379 | $9711390 | $9032708 |
| Total liabilities | $2912822 | $2841312 | $2900781 | $2633408 |
| Working capital (deficit) | $(2117473) | $(270809) | $(2274194) | $(1903166) |
| Shareholders' equity | $10387622 | $10689324 | $7475963 | $7168949 |
| Total revenue | $- | $- | $- | $- |
| Net earnings (loss) for the period | $321952 | $2154228 | $(751616) | $(767986) |
| Basic and diluted earnings (loss) per share | $0.03 | $0.54 | $(0.20) | $(0.21) |
| Weighted average common shares outstanding | 3968847 | 3943682 | 3815068 | 3620185 |

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**LIQUIDITY AND GOING CONCERN**

The consolidated financial statements were prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As at March 31, 2025, the Company has had significant losses. In addition, the Company has not generated revenues from operations. The Company has financed its operations primarily through the issuance of common shares and short-term loans. The Company continues to seek capital through various means including the issuance of equity and/or debt. These circumstances cast significant doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.

The Company's business financial condition and results of operations may be further negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action in late February 2022. While the Company expects any direct impacts, of the pandemic and the wars in Palestine and Ukraine, to the business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect the business and may make it more difficult for it to raise equity or debt financing. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about on its business, results of operations, financial position and cash flows in the future.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

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| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,** <br> **2024** |
| Working capital (deficit) | $2111763 | $(1904107) |
| Deficit | $(24455403) | $(21481123) |

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Net cash used in operating activities for the year ended March 31, 2025 was $3,780,394 compared to cash used of $3,794,764 during the year ended March 31, 2024.

Net cash used in investing activities for the year ended March 31, 2025 was $2,673,424 compared to $2,344,600 during the year ended March 31, 2024. The increase consisted primarily of cash held by spun out subsidiary.

Net cash provided by financing activities for the year ended March 31, 2025 was $10,460,902 compared to $6,563,039 during year ended March 31, 2024. The net increase was due to share issuances for gross proceeds of $11,850,379 (2024 - $7,047,668), offset by share issuance costs of $675,557 (2024 - $480,415), loan principal and interest payments of $713,920 (2024 - $204,801), and repayment of lease obligations of $Nil (2024 - $35,813).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98

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The Company is continuing its exploration program and will use its available working capital to continue this work. It is likely that the Company will need to obtain additional debt/equity financing in order to carry out further exploration programs on its properties depending on the results of recent exploration and to satisfy its business and property commitments for the ensuing year. The Company intends to rely on equity or debt financing from arm's length parties to fund its operations for the upcoming year. The Company may find it necessary to issue shares to settle some of its existing debt obligations. There are no assurances that the Company will be successful in raising the necessary funds to maintain its current operations and explore its properties on commercially reasonable terms or at all.

**CAPITAL RESOURCES**

As of the date of this MD&A, the Company is continuing its exploration programs on its Athabasca Properties, Lithium Lane Properties (consisting of its Zoro, Jean Lake, Peg North and Grass River properties), and its Jol Lithium property. The Company intends to use available working capital and may issue additional common shares to fund the cost of its programs.

The Company also has certain ongoing option/property payments and maintenance fees/taxes associated with its Zoro, Jean Lake, Grass River and Winston properties as more particularly described in "Overall Performance" above.

**During the period from April 1, 2024 to June 12, 2025, the Company:** 

a) closed a non-brokered private placement issuing 247,471 flow-through units consisting of one flow-through common share and one non-flow-through common share purchase warrant at $5.88 per unit for gross proceeds of $1,455,129 (of which $105,000 was received in March 2024 as subscriptions received in advance), of which $Nil was allocated to the warrant component of the unit and recorded in reserves. Each warrant is exercisable by the holder to purchase an additional common share at a price of $4.00 until April 29, 2026. A value of $537,012 was attributed to the flow-through premium liability in connection with the financing. If at any time, the volume-weighted average trading price of the common shares on the CSE trades at or above $6.00 for 14 consecutive trading days, the Company may elect to accelerate the expiry date of the warrants by giving notice to the holders, by way of a news release, that the warrants will expire 30 calendar days following the date of such notice. The Company paid a cash finder's fees of $175 and granted 51 finder's warrants (valued at $100), entitling the holder to purchase one common share at a price of $3.40 per share until April 29, 2026. All securities issued will be subject to a hold period of four months and one day from the date of issuance. The Company also incurred legal and filing fees of $22,694 related to the private placement. The Company is committed to incur a total of $1,455,129 of qualifying Canadian Exploration Expenses ("CEE") on or before December 31, 2025. As at March 31, 2025, the Company has incurred $327,605 in qualifying CEE.

b) issued 28,818 common shares at a value of $100,000 as part of the annual payment due under the Peg North Property option agreement.

c) issued 12,106 common shares at a value of $50,000 as part of the acquisition payments for the Jean Lake option agreement.

d) issued 1,369,810 common shares at a value of $5,205,278 as part of the acquisition payments due under the Athabasca Property option agreement.

e) issued 425,682 common shares at a value of $1,511,171 for finder's and advisory fees for the acquisition of Athabasca Property.

f) closed a brokered private placement issuing 1,473,000 units consisting of one common share and one common share purchase warrant at $3.00 per unit for gross proceeds of $4,419,000. The Company also issued 1,022,500 flow-through units for $3.50 per unit for gross proceeds of $3,578,750 and 550,000 charitable flow-through units for $4.55 per unit for gross proceeds of $2,502,500. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of $4.00 until November 14, 2026. Each flow-through unit and charity flow-through unit consists of one common share of the Company to be issued as a flow-through share. The Company paid commissions of $570,015 on the financing and issued 162,730 broker warrants. Each broker warrant exercisable for one common share of the Company at a price of $3.00 per common share until November 14, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99

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**CONTRACTUAL OBLIGATIONS**

Other than described in "Capital Resources" and certain stock option and consulting agreements, the Company does not presently have any other material contractual obligations other than those outlined in "Transactions with Related Parties".

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company does not utilize off-balance sheet arrangements.

**RELATED PARTY TRANSACTIONS** 

Key management personnel include those people who have authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers and companies controlled by them. The remuneration of directors and other members of key management personnel during the years ended March 31, 2025 and 2024 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Management fees** | **Director**<br> **fees** | **Share-based payments (Options)** | **Share-based payments (RSU)** | **Total** |
| ***Year ended March 31, 2025*** – ***Paid or accrued:*** |  |  |  |  |  |
| Chief Executive Officer, Jason Barnard | $319615 | $- | $20530 | $90523 | $430668 |
| Chief Operating Officer, Christina Barnard | 237845 |  | 9871 | \*206,912 | 454628 |
| Chief Financial Officer, Dong Shim | 56250 |  | 42048 |  | 98298 |
| Former Chief Financial Officer, Sead Hamzagic | 29250 |  |  |  | 29250 |
| Director, Andrew Lyons |  | 30000 | 23347 | 29350 | 82697 |
| Director, David Cates |  | 15755 | 14328 | 5434 | 35517 |
| Director, Amanda Willett |  | 9739 | 10200 | 9578 | 29517 |
| Director, Douglas Mason |  | 50000 | 33353 | 41927 | 125280 |
| Former Directors |  | 60096 | 46694 | 50735 | 157525 |
|  | $642960 | $165590 | $200371 | $434459 | $1443380 |

---

\*Included one-time bonus for NASDAQ listing of $160,000 worth of fully vested RSU's.

As at March 31, 2025, 21,523 stock options granted to Jason Barnard, CEO, and 10,348 stock options granted to Christina Barnard, COO, with an exercise price of $2.51 per share and expiry date of April 1, 2029 vest one-third on April 1, 2025 and one-third every year thereafter. All other stock options granted to related parties have fully vested.

As at March 31, 2025, 60,559 RSUs granted to Jason Barnard, CEO, and 29,115 RSUs granted to Christina Barnard, COO, on November 15, 2024 vest one-third on April 1, 2025 and one-third every year thereafter. All other RSUs granted to related parties have fully vested.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Management fees** | **Director**<br> **fees** | **Share-based payments (Options)** | **Share-based payments (RSU)** | **Total** |
| ***Year ended March 31, 2024*** – ***Paid or accrued:*** |  |  |  |  |  |
| Chief Executive Officer, Jason Barnard | $248019 | $- | $209647 | $- | $457666 |
| Chief Operating Officer, Christina Barnard | 158123 |  | 104824 |  | 262947 |
| Chief Financial Officer, Sead Hamzagic | 19500 |  | 66600 |  | 86100 |
| Former Chief Financial Officers | 150900 |  | 131030 |  | 281930 |
| Director and former Chief Financial Officer, Andrew Lyons |  | 36000 | 32531 |  | 68531 |
| Director, Mike McLeod |  | 56000 | 32531 |  | 88531 |
| Director, Johnathan More |  | 36000 | 32531 |  | 68531 |
| Director, Douglas Mason |  | 20000 | 75500 |  | 95500 |
| Former Director, Christopher MacPherson |  | 30000 | 32531 |  | 62531 |
|  | $576542 | $178000 | $717725 | $- | $1472267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100

------

During the year ended March 31, 2023, the Company entered into a loan agreement with a related party to borrow $1,145,520, inclusive of a prior advance of $145,520 (collectively, the "Loan"), included in short-term loans payable, with Jason Barnard, CEO, and Christina Barnard, COO, of the Company. The terms of the Loan have been amended several times, as detailed below:

*<u>Initial Terms</u>* (May 10, 2022): Interest rate of 8.35% per annum, payable monthly, with a maturity date of May 10, 2023.

*<u>Amendment 1</u>* (May 1, 2023): The interest rate was increased to 11.35% per annum. The maturity date was extended to May 10, 2024.

*<u>Amendment 2</u>* (April 26, 2024): The maturity date was extended to May 10, 2025.

*<u>Amendment 3</u>* (October 4, 2024): The Loan was revised to exclude the newly optioned Denison properties as collateral, and the interest rate was reduced to 9% per annum, effective through to October 4, 2025.

The Company incurred $96,768 (2024 - $126,606) in interest and paid an aggregate of $600,000 (2024 - $Nil) in principal and $113,920 (2024 - $126,606) in interest on the Loan during the year ended March 31, 2025.

During the year ended March 31, 2025, the Company issued 1,369,810 common shares to Denison pursuant to the option agreement. No other fee was paid or accrued to Denison during the year ended March 31, 2025.

The amounts due to related parties included in accounts payable and accrued liabilities are unsecured, non-interest bearing, and have no specific terms of repayment, are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,<br> 2024** |
| Chief Executive Officer | $55385 | $20769 |
| Chief Operating Officer | 52878 | 21084 |
| Director | 148 | 127 |
| Former Directors | 27000 | 45000 |
| Denison | 3150 |  |
|  | $138561 | $86980 |

---

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101

------

**CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION**

Please refer to consolidated financial statements.

**FINANCIAL AND OTHER INSTRUMENTS**

**<u>Capital and Financial Risk Management</u>**

<u>Capital management</u>

The Company's objective when managing capital is to safeguard the entity's ability to continue as a going concern.

In the management of capital, the Company monitors its adjusted capital which comprises all components of equity (i.e., capital stock, reserves and deficit).

The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may issue securities through private placements. The Company is not exposed to any externally imposed capital requirements.

The Company's overall strategy remains unchanged from fiscal year 2025 (see our quarterly and annual filings).

*<u>Fair value</u>*

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3 – Inputs that are not based on observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102

------

The fair value of the Company's long-term investment and derivative liability were calculated using Level 1 inputs.

The carrying value of cash, receivables, accounts payable and accrued liabilities, and short-term loans payable approximate their fair value because of the short-term nature of these instruments.

*<u>Financial risk factors</u>*

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

*Credit risk* 

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to a significant concentration of credit risk consists primarily of cash. The Company limits its exposure to credit loss by placing its cash with major Canadian financial institutions.

*Liquidity risk* 

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at March 31, 2025, the Company had a cash balance of $5,005,346 (2024 - $998,262) to settle current liabilities of $3,248,777 (2024 - $3,389,320). All of the Company's financial liabilities have contractual maturities of 30 days or are due on demand and are subject to normal trade terms. The Company is exposed to liquidity risk and is dependent on obtaining regular financings in order to continue as a going concern. Despite previous success in acquiring these financings, there is no guarantee of obtaining future financings.

*Market risk* 

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

*Interest rate risk*

The Company has cash balances and no variable interest-bearing debt. The Company's cash does not have significant exposure to interest rate risk.

*Foreign currency risk*

The Company is exposed to foreign currency risk on fluctuations related to cash, accounts payable and accrued liabilities that are denominated in a foreign currency. There is a risk in the exchange rate of the Canadian dollar relative to the US dollar and a significant change in this rate could have an effect on the Company's results of operations, financial position or cash flows. The Company has not hedged its exposure to currency fluctuations. The Company does not have material net assets held in a foreign currency.

*Price risk*

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and lithium, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. The Company does not currently generate revenue so has limited exposure to price risk.

**STATEMENT OF CLAIM**

On June 3, 2025, Foremost was served a statement of claim filed with the Ontario Superior Court of Justice by John Gravelle, Foremost's former President and Chief Executive Officer, with respect to the termination of his employment with Foremost in 2022 and alleging wrongful dismissal. The claim seeks unspecified damages.

The Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the ultimate timing or outcome cannot be predicted, or possible losses or a range of possible losses cannot be reasonably estimated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103

------

**<u>Disclosure of Outstanding Security Data as at March 31, 2025</u>**

As of March 31, 2025, the following common shares, stock options and warrants were issued and outstanding:

<u>Issued and Outstanding Common Shares</u> – 10,419,966

<u>Issued and Outstanding Stock Options</u> – 516,453 as follows:

---

| | | |
|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2025** |
| September 2, 2025 | $11.61 | 12000 |
| September 6, 2025 | $12.52 | 8000 |
| November 20, 2025 | $3.64 | 6000 |
| December 2, 2025 | $8.20 | 42000 |
| December 13, 2025 | $8.65 | 4000 |
| March 26, 2026 | $3.01 | 20000 |
| August 25, 2026 | $5.15 | 17500 |
| September 6, 2026 | $6.01 | 25000 |
| November 1, 2026 | $6.84 | 10000 |
| December 4, 2026 | $4.98 | 20000 |
| November 15, 2027 | $2.51 | 55000 |
| March 27, 2028 | $1.20 | 83333 |
| September 6, 2028 | $6.01 | 60000 |
| April 1, 2029 | $2.51 | 71605 |
| November 15, 2029 | $2.51 | 36815 |
| February 12, 2030 | $1.418 | 36000 |
| February 12, 2030 | $1.38 | 9200 |
| **Total**  |  | **516453** |
| Weighted average exercise price | Weighted average exercise price | $4.31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104

------

<u>Issued and Outstanding Warrants</u> – 4,434,563 as follows:

---

| | | |
|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2025** |
| August 24, 2028 | $USD 6.25 | 800000 |
| March 13, 2026 | $4.00 | 341592 |
| April 29, 2026 | $4.00 | 247471 |
| November 14, 2026 | $4.00 | 640500 |
| November 14, 2026 | $4.00 | 832500 |
| November 14, 2026 | $4.00 | 1022500 |
| November 14, 2026 | $4.00 | 550000 |
| **Total** |  | **4434563** |
| Weighted average exercise price |  | $4.92 |

---

<u>Issued and Outstanding Agents Warrants</u> – 206,055 as follows:

---

| | | |
|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2025** |
| March 13, 2026 | $3.40 | 3274 |
| April 29, 2026 | $3.40 | 51 |
| November 14, 2026 | $3.00 | 162730 |
| August 21, 2028 | $USD6.25 | 40000 |
| **Total** |  | **206055** |
| Weighted average exercise price |  | $4.19 |

---

<u>Issued and Outstanding Performance Share Units (</u><u>"</u><u>PSU</u><u>"</u><u>): Nil.</u>

<u>Issued and Outstanding Restricted Share Units (</u><u>"</u><u>RSU</u><u>"</u><u>): 144,001.</u>

The terms and conditions of vesting of each RSU granted is 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 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 reserve.

During the year ended March 31, 2025, the Company granted 229,579 RSUs to certain directors, officers and consultants of the Company. The total estimated fair value of the RSUs granted was $614,957 based on the market value of the Company's shares at the grant date. The fair value of each RSU is recorded as share-based payments over the vesting period. These RSUs will vest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,317 RSUs vested immediately.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,138 RSUs - 40,276 vest on April 1, 2025 and 7,862 vested immediately upon the resignation of a director.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,674 RSUs vest equally over a three-year period starting on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,362 RSUs vest on November 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,088 RSUs vest on April 1, 2025.

Except as disclosed above, there are no other options, warrants or other rights to acquire common shares of the Company outstanding. However, see "Overall Performance" for details of certain optional common share payments that the Company will be required to make in order to maintain and/or exercise its existing option agreements to acquire certain material property interests (the Manitoba Lithium Claims and the Zoro North Claims).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105

------

**Disclosure of Outstanding Security Data as at June 12, 2025**

As of June 12, 2025, the following common shares, stock options and warrants were issued and outstanding:

<u>Issued and Outstanding Common Shares</u> – 11,956,284

<u>Issued and Outstanding Stock Options</u> – 418,511 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance** <br> **June 12, 2025** | **Exercisable** <br> **June 12, 2025** |
| September 2, 2025 | $11.61 | 20000 | 20000 |
| November 20, 2025 | $3.64 | 6000 | 6000 |
| December 2, 2025 | $8.20 | 25000 | 25000 |
| December 13, 2025 | $8.65 | 21000 | 21000 |
| August 25, 2026 | $5.15 | 17500 | 17500 |
| September 6, 2026 | $6.01 | 25000 | 25000 |
| November 1, 2026 | $6.84 | 10000 | 10000 |
| December 4, 2026 | $4.98 | 20000 | 20000 |
| November 15, 2027 | $2.51 | 18000 | 18000 |
| March 27, 2028 | $1.20 | 83333 | 83333 |
| September 6, 2028 | $6.01 | 60000 | 60000 |
| April 1, 2029 | $2.51 | 60982 | 60982 |
| November 15, 2029 | $2.51 | 16815 | 16815 |
| February 12, 2030 | $1.418 | 25681 | 25681 |
| February 12, 2030 | $1.38 | 9200 | 9200 |
| **Total**  |  | **418511** | **418511** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106

------

<u>Issued and Outstanding Warrants</u> – 3,669,147 as follows:

---

| | | |
|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance** <br> **June 12, 2025** |
| August 24, 2028 | $USD 6.25 | 800000 |
| March 13, 2026 | $4.00 | 7353 |
| November 14, 2026 | $4.00 | 2381300 |
| May 6, 2026 | $2.20 | 48784 |
| May 20, 2026 | $2.20 | 170000 |
| May 22, 2026 | $2.20 | 40883 |
| May 23, 2026 | $2.20 | 19971 |
| May 26, 2026 | $2.20 | 2945 |
| May 27, 2026 | $2.20 | 150000 |
| June 4, 2026 | $2.20 | 47911 |
| **Total**  |  | **3669147** |

---

<u>Issued and Outstanding Agents Warrants</u> <u>–</u> <u>75,871 as follows:</u>

---

| | | |
|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance**<br> **June 12, 2025** |
| March 13, 2026 | $3.40 | 3274 |
| April 29, 2026 | $3.40 | 51 |
| November 14, 2026 | $3.00 | 32546 |
| August 21, 2028 | $USD 6.25 | 40000 |
| **Total**  |  | **75871** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107

------

<u>Issued and Outstanding Performance Share Units (</u><u>"</u><u>PSU</u><u>"</u><u>): Nil.</u>

<u>Issued and Outstanding Restricted Share Units (</u><u>"</u><u>RSU"): 92,808.</u>

---

| | |
|:---|:---|
| **Grant Date** | **Balance** <br> **June 12, 2025** |
| November 15, 2024 | 92808 |
| **Total**  | **92808** |

---

The terms and conditions of vesting of each RSU granted is 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 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 reserve.

During the year ended March 31, 2025, the Company granted 229,579 RSUs to certain directors, officers and consultants of the Company. The total estimated fair value of the RSUs granted was $614,957 based on the market value of the Company's shares at the grant date. The fair value of each RSU is recorded as share-based payments over the vesting period. These RSUs will vest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79,317 RSUs vested immediately.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,138 RSUs - 40,276 vest on April 1, 2025 and 7,862 vested immediately upon the resignation of a director.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,674 RSUs vest equally over a three-year period starting on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,362 RSUs vest on November 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,088 RSUs vest on April 1, 2025.

Subsequent to March 31, 2025, the Company initiated a warrant incentive program, reducing the exercise price of 487,848 warrants from $4 to $1.75 until June 5, 2025. As an incentive, upon exercise, the holder will receive an incentive warrant exercisable at $2.20 for one year from the date of issuance.

Except as disclosed above, there are no other options, warrants or other rights to acquire common shares of the Company outstanding. However, see "Overall Performance" for details of certain optional common share payments that the Company will be required to make in order to maintain and/or exercise its existing option agreements to acquire certain material property interests (the Jean Lake Lithium-Gold Project and the Peg North Property).

**<u>Additional Disclosure for Junior Issuers</u>**

The Company does not have sufficient working capital to cover its estimated operating and exploration expenses for the 12 months following. Thus, the Company will require additional funds to cover its estimated general and administrative expenses. There can be no assurance that financing, whether debt or equity, will be available to the Company in the amount required at any particular time or for any particular period or, if available, that it can be obtained on terms satisfactory to the Company. See "Risks and Uncertainties" below. Please refer to the financial statements for information on the exploration expenditures on a property-by-property basis.

**<u>Risks and Uncertainties</u>**

Mineral exploration is subject to a high degree of risk, which, even with a combination of experience, knowledge and careful evaluation, may fail to overcome. These risks may be even greater in the Company's case given its formative stage of development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108

------

Exploration activities are expensive and seldom result in the discovery of a commercially viable resource. There is no assurance that the Company's exploration will result in the discovery of an economically viable mineral deposit. The Company has generated losses to date and anticipates that it will require additional funds to further explore its properties. There is no assurance such additional funding will be available to the Company on commercially reasonable terms or at all. Additional equity financing may result in substantial dilution thereby reducing the marketability of the Company's shares. The Company's activities are subject to the risks normally encountered in the mining exploration business. The economics of exploring, developing and operating resource properties are affected by many factors, including: the cost of exploration and development operations; variations of the grade of any ore mined; the rate of resource extraction; fluctuations in the price of resources produced; government regulations relating to royalties; taxes; environmental protection; and title defects. The Company's mineral resource properties have not been surveyed and may be subject to prior unregistered agreements, interests or land claims, and title may be affected by undetected defects. In addition, the Company may become subject to liability for hazards against which it is not insured. The mining industry is highly competitive in all its phases and the Company competes with other mining companies, many with greater financial and technical resources, in the search for, and the acquisition of, mineral resource properties and in the marketing of minerals. Additional risks include the lack of an active market for the Company's securities and the present intention of the Company not to pay dividends. Certain of the Company's directors and officers also serve as directors or officers of other public and private resource companies and, to the extent that such other companies may participate in ventures in which the Company may participate, such directors and officers of the Company may have a conflict of interest. Finally, the Company has no history of earnings, and there is no assurance that any of its current or future mineral properties will generate earnings, operate profitably or provide a return on investment in the future. There is no assurance that the Company will be successful in achieving a return on shareholders' investment and the likelihood of success must be considered considering its early stage of operations.

For a more detailed discussion of the risk factors affecting the Company and its exploration activities, please refer to the Company's continuous and financial disclosure filings which can be assessed on the SEDAR+ website at www.sedarplus.ca and at http://www.sec.gov/edgar/searchedgar/companysearch.html in the United States.

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**6. A. Directors and Senior Management**

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **AGE** | **AGE** | **POSITION** |
| Jason Barnard |  | 59 | President and Chief Executive Officer, Director |
| Andrew Lyons |  | 58 | Director |
| Douglas Mason |  | 75 | Chairman |
| David Cates |  | 43 | Director |
| Amanda Willett |  | 46 | Director |
| Dong Shim |  | 42 | Chief Financial Officer |
| Christina Barnard |  | 55 | Chief Operating Officer |

---

***Jason Barnard.*** Jason Barnard has served as President and Chief Executive Officer since December 2022 and a director since September 2022. Mr. Barnard has over 31 years of capital markets experience. Since 2004, he has been self-employed as a private investor where he has been directly involved in raising over $500 million for mining and exploration companies with a focused expertise on Canadian base metal companies. Mr. Barnard started his career with McDermid St. Laurence Securities in 1991 as a stockbroker with primary focus in mining, and mining exploration companies. Mr. Barnard then worked at Canaccord Genuity from 1997 until 2004. Mr. Barnard holds a Bachelor of Arts degree with a major in Economics from Carlton University and has obtained The Canadian Securities Course license in 1990. He first started working with and financing Foremost Clean Energy, previously known as Far Resources, with founder, and President Keith Anderson in 2016.

***Andrew Lyons.*** Andrew Lyons was appointed as a director in December 2021 and has over 30 years' experience in program and project management in the public markets, financial and technology sectors. He holds a BSc(CS) and BBA from the University of New Brunswick, an MBA from the University of Ottawa and a PMP from the Project Management Institute. M. Lyons was on the advisory board of Lida Resources before Lida went public and is currently on the advisory board of Lakestone Resources, both Canadian Mining Companies. Mr. Lyons brings proven leadership working at C suite senior management level with corporate experience in the mining sector, utilizing his over 35 years' experience as an independent consultant, helping drive business forward through development and implementation of enterprise-wide information technology solutions. He most recently consulted with several mining company senior boards to refocus their operations and streamline costs and efficiencies. From September 2011 until May 2021 Mr. Lyons was a consulting Program Manager with Oracle Microsystems of BCMr.

***Douglas Mason.*** Mr. Mason was appointed as a Director in December 2023, then appointed to Chairman of the board in January 2024. Doug Mason has served as a senior officer and director for a number of public companies, with extensive experience in financings and acquisitions. He brings 30+ years of extensive capital markets experience raising hundreds of millions of dollars for public companies during his tenure. Mr. Mason has been credited as one of the pioneers of the new age beverage category including 20 years as president and chief executive officer of well-known beverage companies. He is currently the Chairman of the Board and CEO of Magnum Goldcorp In. Doug is an active community member serving as past Deputy Chair of the Collingwood School Board of Trustees, a past Chair of the B.C. Sports Hall of Fame and Museum, and of the B.C. Sports Hall of Fame Foundation. Doug serves as a member of the Board of the Fraser River Sturgeon Conservation Society and remains an active member of the Sports Hall Foundation. He is also an active supporter and recruiter of participants for fund raising events for the Rick Hansen Institute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109

------

***David Cates.*** Mr. Cates is a Chartered Professional Accountant (CPA, CA) and holds Master of Accounting (MAcc) and Honours Bachelor of Arts (BA) degrees from the University of Waterloo. Mr. Cates has extensive expertise in the Canadian and international uranium mining industry from over a decade of senior management and financial experience in various roles with Denison. Mr. Cates was appointed President & CEO of Denison in 2015, having previously served as the company's Vice President, Finance & Tax and Chief Financial Officer. Prior to joining Denison in 2008, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP. Mr. Cates also serves as a director of Denison and is a past director of Canadian Nuclear Association.

***Amanda Willett.*** Ms. Willett joined Denison as Corporate Counsel and Corporate Secretary in 2016 and was appointed Vice President, Legal in 2020. Prior to joining Denison, Ms. Willett acquired nearly a decade of experience as a securities law associate at Blake, Cassels & Graydon LLP in Vancouver and a corporate and securities law associate with Stikeman Elliott LLP in Toronto. Her practice focused on advising public and private companies on matters including mergers and acquisitions, joint ventures and securities offerings. She has been involved in a broad range of transactional and corporate governance work for companies listed on the Toronto Stock Exchange and the TSX Venture Exchange, with an emphasis on advising companies in the mining industry. Ms. Willett graduated from York University in 2007 with an LL.B. from Osgoode Hall Law School and an MBA degree from the Schulich School of Business. She is a member of both the Ontario and British Columbia Bars.

***Dong Shim.*** Mr. Shim is a Chartered Professional Accountant (CPA) and a Certified Public Accountant registered in the State of Illinois. With a wealth of experience and a diverse skill set, Mr. Shim has made significant contributions to both the U.S. and Canadian markets, establishing himself as an expert in auditing and financial management. He is a partner at SHIM & Associates LLP, a respected firm, and a member of the Chartered Professional Accountants of British Columbia. Mr. Shim has served as an audit partner on numerous listed audit engagements and brings extensive experience working with companies across various sectors, particularly junior mining and high-tech industries. His proficiency in auditing has ensured compliance with stringent regulatory requirements while also enabling his clients to enhance their financial reporting processes. Mr. Shim's ability to navigate complex financial landscapes has helped numerous companies bolster their reputations and secure investor confidence, critical factors for success in competitive markets.

***Christina Barnard.*** Ms. Barnard has been a pivotal member of Foremost since August 2020, contributing over two decades of expertise in business management, media, and marketing. Her career includes more than ten years as a senior marketing and media advisor for a prominent national public company, where she developed a deep understanding of market dynamics and played a crucial role in elevating the profiles of the organizations she collaborated with. Appointed as Chief Operating Officer in 2023, Ms. Barnard brings extensive experience in strategic planning, operational development, and investor relations to Foremost. Her proficiency extends beyond marketing, encompassing roles in corporate communications and strategic planning across various public companies. She is adept at assessing organizational structures and processes, identifying areas for improvement, and executing strategies that align with an organization's core values. Her approach ensures that these values are upheld and clearly communicated to both internal teams and the broader public. Her commitment to operational excellence and effective communication has been instrumental in advancing Foremost's strategic objectives, making her a valuable asset to the company's leadership team.

No family relationship exists between any of our directors and executive officers other than Jason and Christina Barnard, who are spouses. Other than with Denison, there are no arrangements or understandings with major shareholders, customers, suppliers, or others pursuant to which any person referred to above was selected as a director or member of senior management.

**6. B. Compensation of Board Members and Executives**

The following table presents in the aggregate all compensation we paid to all of our directors and senior management as a group for the year ended March 31, 2025. The table does not include any amounts we paid to reimburse any of such persons for costs incurred in providing us with services during this period. We are not required to provide the compensation, on an individual basis, of our executive officers and directors under Canadian law.

All amounts reported in the table below reflect the cost to the Company, in Canadian dollars, for the year ended March 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name:** | **Salary or<br> Fees earned<br> or paid in<br> cash<br> (C$)** | **Equity-based\*<br> awards<br> (C$)** | **Equity-based\*<br> awards<br> (C$)** | **Total<br> (C$)** | **Outstanding<br> options as of<br> March 31,<br> 2025<br> (Common<br> Shares)** |
| Jason Barnard | 319616 |  | 111053 Nil | 430669 | 61523 |
| Andrew Lyons | 30000 |  | 52697 Nil | 82697 | 39089 |
| Douglas Mason | 50000 |  | 75280 Nil | 125280 | 36556 |
| Michael McLeod | 25096 |  | 44732 Nil | 69828 | Nil |
| Johnathan More | 35000 |  | 52697 Nil | 87697 | 44089 |
| Dong Shim | 56250 |  | 42048 Nil | 98298 | 20000 |
| Christina Barnard | 237844 |  | 216783 Nil | 454627 | 30348 |
| Sead Hamzagic | 29250 | Nil | Nil Nil | 29250 | Nil |
| David Cates | 15755 |  | 19762 Nil | 35517 | 6815 |
| Amanda Willett | 9739 |  | 19778 Nil | 29517 | 9200 |

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\*Included option and RSU awards.

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For the fiscal year ended June March 31, 2025 we paid aggregate cash compensation of $808,550 (approximately US$581,147 based on the average exchange rate of 1.3913) to our directors and executive officers as a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our board of directors may determine compensation to be paid to the directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors and the executive officers. For information regarding share awards granted to our directors and executive officers, see "—*Stock Option Plan*."

In February 2023 the Company engaged with Global Governance Advisors ("GGA") an independent 3rd party compensation review organization. A review from GGA provides the Company a comprehensive compensation program for its non-executive directors, as well as its executive employees based on other Companies similar to in scale project complexity, stock exchanges, mineral development, market capitalizations, and enterprise value, and support governance practice its growth generally alignment with major institutional and retail investor expectations.

The GGA provided recommendations to the Board and Compensation Committee in April 2024. Upon submission of the recommendations, the Compensation Committee began its review of GGA's recommendation.

**Stock Option Plan**

On December 12, 2023, our Board of Directors adopted our 2023 Stock Incentive Plan which was ratified by the stockholders of the Company at the Company's annual general and special meeting of shareholders held on January 25, 2024 The Company follows the policies of the Canadian Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the policies, the exercise price of each option may not be less than the market price of the Company's stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years.

The 2023 Stock Incentive Plan provides flexibility to the Company to grant equity-based incentive awards (each, an "Award") in the form of stock options ("Options"), restricted stock units ("RSUs"), preferred stock units ("PSUs") and deferred stock units ("DSUs")

The 2023 Stock Incentive Plan supersedes and replaces the Company's Option Plan, dated as originally adopted by the Board of Directors on November 8, 2021, and ratified by the stockholders of the Company at the Company's annual general meeting of stockholders held on December 10, 2021.

The purpose of the 2023 Stock Incentive Plan is to, among other things, provide the Company with a share-related mechanism to attract, retain and motivate qualified directors, employees and consultants of the Company and its subsidiaries, to reward such of those directors, employees and consultants as may be granted awards under the 2023 Stock Incentive Plan by the Board of Directors from time to time for their contributions toward the long-term goals and success of the Company, and to enable and encourage such directors, employees and consultants to acquire Common Shares as long-term investments and proprietary interests in the Company. The 2023 Plan complies with the current policies of the CSE.

**Shares Subject to the Stock Incentive Plan**

The Stock Incentive Plan is a fixed-number share plan that originally set the aggregate maximum number of common shares issuable at 850,000. This includes adjustments for events such as the subdivision or consolidation of common shares. However, at the Annual General and Special Meeting ("AGSM") on December 20, 2024, this aggregate maximum was increased to 1,500,000 common shares, subject to the adjustment provisions provided for therein (including those that apply in the event of a subdivision or consolidation of common shares). Such maximum number of common shares consists of (i) 402,305 common shares issuable pursuant to Awards previously granted and that remain outstanding under the Company's Stock Option Plan, which Awards will be covered by the Stock Incentive Plan upon its ratification by the shareholders, and (ii) 1,097,695 additional common shares that may be issued pursuant to Awards to be granted under the Stock Incentive Plan.

*Administration of the Stock Incentive Plan*

The initial Plan Administrator shall be the Board. To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee of the Board (the "Committee") all or any of the powers conferred on the Plan Administrator pursuant to this Plan, including the power to sub-delegate to any member(s) of the Committee or any specified officer(s) of the Corporation or its subsidiaries all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to it in the manner and on the terms authorized by the delegating party. The Plan Administrator determines which directors, officers, consultants and employees are eligible to receive Awards under the Stock Incentive Plan, the time or times at which Awards may be granted, the conditions under which Awards may be granted or forfeited to the Company, the number of common shares to be covered by any Award, the exercise price of any Award, whether restrictions or limitations are to be imposed on the common shares issuable pursuant to grants of any Award, and the nature of any such restrictions or limitations, any acceleration of exercisability or vesting, or waiver of termination regarding any Award, based on such factors as the Plan Administrator may determine.

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In addition, the Plan Administrator interprets the Stock Incentive Plan and may adopt guidelines and other rules and regulations relating to the Stock Incentive Plan and make all other determinations and take all other actions necessary or advisable for the implementation and administration of the Stock Incentive Plan.

*Eligibility*

All directors, employees and consultants are eligible to participate in the Stock Incentive Plan. The extent to which any such individual is entitled to receive a grant of an Award pursuant to the Stock Incentive Plan will be determined at the sole and absolute discretion of the Plan Administrator.

*Types of Awards*

Awards of Options, RSUs, PSUs and DSUs may be made under the Stock Incentive Plan. All of the Awards described below are subject to the conditions, limitations, restrictions, exercise price, vesting, settlement and forfeiture provisions determined by the Plan Administrator, in its sole discretion, subject to such limitations provided in the Stock Incentive Plan and will generally be evidenced by an Award agreement. In addition, subject to the limitations provided in the Stock Incentive Plan and in accordance with applicable law, the Plan Administrator may accelerate or defer the vesting or payment of Awards, cancel or modify outstanding Awards and waive any condition imposed with respect to Awards or common shares issued pursuant to Awards.

*Options*

An Option entitles the holder thereof to purchase a prescribed number of treasury common shares at an exercise price set at the time of the grant. The Plan Administrator will establish the exercise price at the time each Option is granted, which exercise price must in all cases be not less than the greater of the closing market price of the Shares on (i) the trading day prior to the date of grant of the Options; and (ii) the date of grant of the Options. Subject to any accelerated termination as set forth in the Stock Incentive Plan, each Option expires on its respective expiry date. The Plan Administrator has the authority to determine the vesting terms applicable to grants of Options. Once an Option becomes vested, it shall remain vested and shall be exercisable until expiration or termination of the Option, unless otherwise specified by the Plan Administrator, or as otherwise set forth in any written employment agreement, Award agreement or other written agreement between the Company or a subsidiary of the Company and the participant. The Plan Administrator has the right to accelerate the date upon which any Option becomes exercisable. The Plan Administrator may provide at the time of granting an Option that the exercise of that Option is subject to restrictions, in addition to those specified in the Stock Incentive Plan, such as vesting conditions relating to the attainment of specified performance goals.

Unless otherwise specified by the Plan Administrator at the time of granting an Option and set forth in the particular Award agreement, an exercise notice must be accompanied by payment of the exercise price. A participant may, in lieu of exercising an Option pursuant to an exercise notice, elect to surrender such Option to the Company (a "Cashless Exercise") in consideration for an amount from the Company equal to (i) the volume weighted average closing price of the common shares on NASDAQ for the five trading days immediately preceding the date of grant (the "Market Price") of the common shares issuable on the exercise of such Option (or portion thereof) as of the date such Option (or portion thereof) is exercised, less (ii) the aggregate exercise price of the Option (or portion thereof) surrendered relating to such common shares (the "In-the-Money Amount") by written notice to the Company indicating the number of Options such participant wishes to exercise using the Cashless Exercise, and such other information that the Company may require. Subject to the provisions of the Stock Incentive Plan, the Company will satisfy payment of the In-the-Money Amount by delivering to the participant such number of common shares having a fair market value equal to the In-the-Money Amount.

*Restricted Share Units*

A RSU is a unit equivalent in value to a common share credited by means of a bookkeeping entry in the books of the Company which entitles the holder to receive one common share (or the value thereof) for each RSU after a specified vesting period. The Plan Administrator may, from time to time, subject to the provisions of the Stock Incentive Plan and such other terms and conditions as the Plan Administrator may prescribe, grant RSUs to any participant in respect of a bonus or similar payment in respect of services rendered by the applicable participant in a taxation year.

The number of RSUs (including fractional RSUs) granted at any particular time under the Stock Incentive Plan will be calculated by dividing: (a) the amount that is to be paid in RSUs, as determined by the Plan Administrator; by (b) the greater of (i) the Market Price of a common share on the date of grant and (ii) such amount as determined by the Plan Administrator in its sole discretion. The Plan Administrator has the authority to determine the settlement and any vesting terms applicable to the grant of RSUs, provided that the terms applicable to RSUs granted to U.S. taxpayers comply with Section 409A of the United States Internal Revenue Code of 1986, as amended (the "Code"), to the extent applicable. Upon settlement, holders will redeem each vested RSU for one fully paid and non-assessable common share in respect of each vested RSU.

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*Performance Share Units*

A PSU is a unit equivalent in value to a common share credited by means of a bookkeeping entry in the books of the Company which entitles the holder to receive one common share for each PSU after specific performance-based vesting criteria determined by the Plan Administrator, in its sole discretion, have been satisfied. The Plan Administrator may, from time to time, subject to the provisions of the Stock Incentive Plan and such other terms and conditions as the Plan Administrator may prescribe, grant PSUs to any participant in respect of services rendered by the applicable participant in a taxation year. The performance goals to be achieved during any performance period, the length of any performance period, the amount of any PSUs granted, the effect of termination of a participant's service and the settlement terms pursuant to any PSU will be determined by the Plan Administrator and by the other terms and conditions of any PSU, all as set forth in the applicable Award agreement.

The Plan Administrator has the authority to determine the settlement and any vesting terms applicable to the grant of PSUs, provided that the terms applicable to PSUs granted to U.S. taxpayers comply with Section 409A of the Code, to the extent applicable. Upon settlement, holders will redeem each vested PSU for one fully paid and non-assessable common share in respect of each vested PSU.

*Deferred Share Units*

A DSU is a unit equivalent in value to a common share credited by means of a bookkeeping entry in the books of the Company which entitles the holder to receive one common share (or, at the election of the holder and subject to the approval of the Plan Administrator, the cash value thereof) for each DSU on a future date. The Board of Directors may fix from time to time a portion of the total compensation (including annual retainer) paid by the Company to a director in a calendar year for service on the Board of Directors (the "Director Fees") that are to be payable in the form of DSUs. In addition, each director is given, subject to the provisions of the Stock Incentive Plan, the right to elect to receive a portion of the cash Director Fees owing to them in the form of DSUs.

Except as otherwise determined by the Plan Administrator or as set forth in the particular Award agreement, DSUs shall vest immediately upon grant. The number of DSUs (including fractional DSUs) granted at any particular time will be calculated by dividing: (a) the amount of Director Fees that are to be paid in DSUs, as determined by the Plan Administrator; by (b) the Market Price of a common share on the date of grant. Upon settlement, holders will redeem each vested DSU for: (a) one fully paid and non-assessable common share issued from treasury in respect of each vested DSU, or (b) at the election of the holder and subject to the approval of the Plan Administrator, a cash payment on the date of settlement. Any cash payments made under the Stock Incentive Plan by the Company to a participant in respect of DSUs to be redeemed for cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price per common share as at the settlement date.

*Dividend Equivalents*

Except as otherwise determined by the Plan Administrator or as set forth in the particular Award agreement, RSUs, PSUs and DSUs shall be credited with dividend equivalents in the form of additional RSUs, PSUs and DSUs, as applicable, as of each dividend payment date in respect of which normal cash dividends are paid on common shares. Dividend equivalents shall vest in proportion to, and settle in the same manner as, the Awards to which they relate. Such dividend equivalents shall be computed by dividing: (a) the amount obtained by multiplying the amount of the dividend declared and paid per common share by the number of RSUs, PSUs and DSUs, as applicable, held by the participant on the record date for the payment of such dividend; by (b) the Market Price at the close of the first business day immediately following the dividend record date, with fractions computed to three decimal places.

*Black-out Periods*

In the event an Award expires, at a time when a scheduled blackout is in place or an undisclosed material change or material fact in the affairs of the Company exists, the expiry of such Award will be the date that is ten business days after which such scheduled blackout terminates or there is no longer such undisclosed material change or material fact.

*Term*

While the Stock Incentive Plan does not stipulate a specific term for Awards granted thereunder, as discussed below, Awards may not expire beyond 10 years from its date of grant, except where shareholder approval is received or where an expiry date would have fallen within a blackout period of the Company. All Awards must vest and settle in accordance with the provisions of the Stock Incentive Plan and any applicable Award agreement, and which Award agreement may include an expiry date for a specific Award.

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*Termination of Employment or Services*

The following describes the impact of certain events upon the participants under the Stock Incentive Plan, including termination for cause, resignation, termination without cause, disability, death or retirement, subject, in each case, to the terms of a participant's applicable employment agreement, Award agreement or other written agreement:

(a) Termination for Cause or upon Termination: Any Option or other Award held by the participant that has not been exercised, surrendered or settled as of the Termination Date (as defined in the Stock Incentive Plan) shall be immediately forfeited and cancelled as of the Termination Date.

(b) Termination without Cause: A portion of any unvested Options or other Awards shall immediately vest, such portion to be equal to the number of unvested Options or other Awards held by the participant as of the Termination Date multiplied by a fraction the numerator of which is the number of days between the date of grant and the Termination Date and the denominator of which is the number of days between the date of grant and the date any unvested Options or other Awards were originally scheduled to vest. Any vested Options may be exercised by the participant at any time during the period that terminates on the earlier of: (a) the expiry date of such Option; and (b) the date that is 90 days after the Termination Date. If an Option remains unexercised upon the earlier of (a) or (b), the Option shall be immediately forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award other than an Option, such Award will be settled within 90 days after the Termination Date.

(c) Disability: A portion of any unvested Options or other Awards shall immediately vest, such portion to be equal to the number of unvested Options or other Awards held by the participant as of the Termination Date multiplied by a fraction the numerator of which is the number of days between the date of grant and the Termination Date and the denominator of which is the number of days between the date of grant and the date any unvested Options or other Awards were originally scheduled to vest. Any vested Option may be exercised by the Participant at any time until the Expiry Date of such Option. Any vested Option may be exercised by the participant at any time until the expiry date of such Option. Any vested Award other than an Option will be settled within 90 days after the Termination Date.

(d) Death: A portion of any unvested Options or other Awards shall immediately vest, such portion to be equal to the number of unvested Options or other Awards held by the participant as of the Termination Date multiplied by a fraction the numerator of which is the number of days between the date of grant and the Termination Date and the denominator of which is the number of days between the date of grant and the date any unvested Options or other Awards were originally scheduled to vest. Any vested Option may be exercised by the participant's beneficiary or legal representative (as applicable) at any time during the period that terminates on the earlier of: (a) the expiry date of such Option; and (b) the first anniversary of the date of the death of such participant. If an Option remains unexercised upon the earlier of (a) or (b), the Option shall be immediately forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award other than an Option, such Award will be settled with the participant's beneficiary or legal representative (as applicable) within 90 days after the date of the Participant's death.

(e) Retirement: A portion of any unvested Options or other Awards shall immediately vest, such portion to be equal to the number of unvested Options or other Awards held by the participant as of the Termination Date multiplied by a fraction the numerator of which is the number of days between the date of grant and the Termination Date and the denominator of which is the number of days between the date of grant and the date any unvested Options or other Awards were originally scheduled to vest. Any vested Option may be exercised by the participant at any time during the period that terminates on the earlier of: (a) the expiry date of such Option; and (b) the third anniversary of the participant's date of retirement. If an Option remains unexercised upon the earlier of (a) or (b), the Option shall be immediately forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award other than an Option, such Award will be settled within 90 days after the participant's retirement.

Notwithstanding the foregoing, if, following his or her retirement, the participant commences on the Commencement Date (as defined in the Stock Incentive Plan) employment, consulting or acting as a director of the Company or any of its subsidiaries (or in an analogous capacity) or otherwise as a service provider to any person that carries on or proposes to carry on a business competitive with the Company or any of its subsidiaries, any Option or other Award held by the participant that has not been exercised or settled as of the Commencement Date shall be immediately forfeited and cancelled as of the Commencement Date.

*Change in Control*

Under the Stock Incentive Plan, except as may be set forth in an employment agreement, Award agreement or other written agreement between the Company or a subsidiary of the Company and a participant:

(a) the Plan Administrator may, without the consent of any participant, take such steps as it deems necessary or desirable, including to cause: (i) the conversion or exchange of any outstanding Awards into or for rights or other securities of substantially equivalent value, as determined by the Plan Administrator in its discretion, in any entity participating in or resulting from a Change in Control (as defined below); (ii) outstanding Awards to vest and become exercisable, realizable or payable, or restrictions applicable to an Award to lapse, in whole or in part prior to or upon consummation of a Change in Control, and, to the extent the Plan Administrator determines, terminate upon or immediately prior to the effectiveness of such Change in Control; (iii) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement of such Award or realization of the participant's rights as of the date of the occurrence of the transaction; (iv) the replacement of such Award with other rights or property selected by the Board of Directors in its sole discretion where such replacement would not adversely affect the holder; or (v) any combination of the foregoing; provided that: (A) in taking any of the foregoing actions), the Plan Administrator will not be required to treat all Awards similarly in the transaction; and (B) in the case of Options, RSUs and PSUs held by a Canadian taxpayer, the Plan Administrator may not cause the Canadian taxpayer to receive any property in connection with a Change in Control other than rights to acquire shares of a corporation or units of a "mutual fund trust" (as defined in the Income Tax Act (Canada)(the "Tax Act")) of the Company or a "qualifying person" (as defined in the Tax Act) that does not deal at arm's length (for purposes of the Tax Act) with the Company, as applicable, at the time such rights are issued or granted;

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(b) if within 12 months following the completion of a transaction resulting in a Change in Control (as defined below), a participant's employment, consultancy or directorship is terminated by the Company or a subsidiary of the Company without Cause (as defined in the Stock Incentive Plan), without any action by the Plan Administrator:

(i) any unvested Awards held by the participant at the Termination Date shall immediately vest; and

(ii) any vested Awards may be exercised, surrendered to the Company, or settled by the participant at any time during the period that terminates on the earlier of: (i) the expiry date of such Award; and (ii) the date that is 90 days after the Termination Date. Any Award that has not been exercised, surrendered or settled at the end of such period being immediately forfeited and cancelled; and

(c) unless otherwise determined by the Plan Administrator, if, as a result of a Change in Control, the common shares will cease trading on NASDAQ, the Company may terminate all of the Awards (other than an Option, RSU or PSU held by a participant that is a resident of Canada for the purposes of the Tax Act) at the time of and subject to the completion of the Change in Control transaction by paying to each holder at or within a reasonable period of time following completion of such Change in Control transaction an amount for each Award equal to the fair market value of the Award held by such participant as determined by the Plan Administrator, acting reasonably, provided that any vested Awards granted to U.S. taxpayers will be settled within 90 days of the Change in Control.

Subject to certain exceptions, a "Change in Control" includes: (i) any transaction pursuant to which a person or group acquires more than 50% of the outstanding common shares; (ii) the sale of all or substantially all of the Company's assets; (iii) the dissolution or liquidation of the Company; (iv) the acquisition of the Company via consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise; (v) individuals who comprise the Board of Directors at the last annual meeting of shareholders (the "Incumbent Board") cease to constitute at least a majority of the Board of Directors, unless the election, or nomination for election by the shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, in which case such new director shall be considered as a member of the Incumbent Board; or (vi) any other event which the Board of Directors determines to constitute a change in control of the Company.

Non-Transferability of Awards

Except as permitted by the Plan Administrator and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a participant, by will or as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and immediately upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect. To the extent that certain rights to exercise any portion of an outstanding Award pass to a beneficiary or legal representative upon the death of a participant, the period in which such Award can be exercised by such beneficiary or legal representative shall not exceed one year from the participant's death.

Amendments to the Stock Incentive Plan

The Plan Administrator may also from time to time, without notice and without approval of the holders of voting common shares, amend, modify, change, suspend or terminate the Stock Incentive Plan or any Awards granted pursuant thereto as it, in its discretion, determines appropriate, provided that: (a) no such amendment, modification, change, suspension or termination of the Stock Incentive Plan or any Award granted pursuant thereto may materially impair any rights of a participant or materially increase any obligations of a participant under the Stock Incentive Plan without the consent of such participant, unless the Plan Administrator determines such adjustment is required or desirable in order to comply with any applicable securities laws or stock exchange requirements; and (b) any amendment that would cause an Award held by a U.S. Taxpayer to be subject to the income inclusion under Section 409A of the Code shall be null and void ab initio.

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Notwithstanding the above, and subject to the NASDAQ Listing Rules, the approval of shareholders is required to effect any of the following amendments to the Stock Incentive Plan:

(a) increasing the number of common shares reserved for issuance under the Stock Incentive Plan, except pursuant to the provisions in the Stock Incentive Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Company or its capital;

(b) reducing the exercise price of an option Award (for this purpose, a cancellation or termination of an Award of a participant prior to its expiry date for the purpose of reissuing an Award to the same participant with a lower exercise price shall be treated as an amendment to reduce the exercise price of an Award) except pursuant to the provisions in the Stock Incentive Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Company or its capital;

(c) extending the term of an Option Award beyond the original expiry date (except where an expiry date would have fallen within a blackout period applicable to the participant or within ten business days following the expiry of such a blackout period);

(d) extending the term of an Option Award beyond the original expiry date (except where an expiry date would have fallen within a blackout period applicable to the participant or within ten business days following the expiry of such a blackout period);

(e) permitting an Option Award to be exercisable beyond ten years from its date of grant (except where an expiry date would have fallen within a blackout period);

(f) increasing or removing the limits on the participation of directors;

(g) permitting Awards to be transferred to a person;

(h) changing the eligible participants; and

(i) deleting or reducing the range of amendments which require approval of the shareholders.

Except for the items listed above, amendments to the Stock Incentive Plan will not require shareholder approval. Such amendments include (but are not limited to): (a) amending the general vesting provisions of an Award; (b) amending the provisions for early termination of Awards in connection with a termination of employment or service; (c) adding covenants of the Company for the protection of the participants; (d) amendments that are desirable as a result of changes in law in any jurisdiction where a participant resides; and (e) curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error.

**Anti-Hedging Policy**

Participants are restricted from purchasing financial instruments such as prepaid variable forward contracts, equity swaps, collars, or units of exchange funds that are designed to hedge or offset a decrease in market value of Awards granted to them.

**6. C. Board Practices**

Our board of directors currently consists of five directors, three of whom, are independent within the meaning of Nasdaq Rule 5605(a)(2). The three independent directors are David Cates, Amanda Willett and Douglas Mason, while Andrew Lyons and Jason Barnard are considered non-independent.

A director is not required to hold any shares in our company to qualify to serve as a director. Our board of directors may exercise all the powers of our company to borrow money, mortgage or charge its undertaking, property and uncalled capital, and to issue debentures, bonds and other securities, subject to applicable stock exchange limitations, if any, whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third-party.

**Board Committees**

Our standing committees of the board of directors are its audit committee, compensation committee and nominating and corporate governance committee. We have adopted a charter for each of the three committees. Each committee's members and functions are described below.

**Audit Committee**

Our audit committee consists of Douglas Mason, David Cates and Amanda Willett, each of whom satisfies the "independence" requirements of Rule 10A-3 under the Exchange Act and Rule5605(c)(2) of the Nasdaq Marketplace Rules. Mr. Mason serves as chairman of the audit committee. Our board determined that Mr. Mason qualified as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of the consolidated financial statements of our company.

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The audit committee is responsible for, among other things: (i) retaining and overseeing our independent accountants; (ii) assisting the board in its oversight of the integrity of our consolidated financial statements, the qualifications, independence and performance of our independent auditors and our compliance with legal and regulatory requirements; (iii) reviewing and approving the plan and scope of the internal and external audit; (iv) pre-approving any audit and non-audit services provided by our independent auditors; (v) approving the fees to be paid to our independent auditors; (vi) reviewing with our chief executive officer and chief financial officer and independent auditors the adequacy and effectiveness of our internal controls; (vii) reviewing hedging transactions; and (viii) reviewing and assessing annually the audit committee's performance and the adequacy of its charter.

***Compensation Committee***

Our compensation committee consists of David Cates, Amanda Willett and Douglas Mason. Mr. Cates, and Ms. Willett and Mr. Mason each satisfy the "independence" requirements of Rule 10A-3 under the Exchange Act and Rule 5605(c)(2) of the Nasdaq Marketplace Rules. Mr. Mason will serve as chairman of the compensation committee. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation relating to our directors and executive officers.

The compensation committee is responsible for, among other things: (i) reviewing and approving the remuneration of our executive officers; (ii) making recommendations to the board regarding the compensation of our independent directors; (iii) making recommendations to the board regarding equity-based and incentive compensation plans, policies and programs; and (iv) reviewing and assessing annually the compensation committee's performance and the adequacy of its charter.

***Nominating and Corporate Governance Committee***

Our Nominating and Corporate Governance Committee consists of Amanda Willett, Andrew Lyons, Douglas Mason. Ms. Willettserves as chair of the nominating and corporate governance committee. The nominating and corporate governance committee assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees.

The nominating and corporate governance committee is responsible for, among other things: (i) identifying and evaluating individuals qualified to become members of the board by reviewing nominees for election to the board submitted by shareholders and recommending to the board director nominees for each annual meeting of shareholders and for election to fill any vacancies on the board; (ii) advising the board with respect to board organization, desired qualifications of board members, the membership, function, operation, structure and composition of committees (including any committee authority to delegate to subcommittees), and self- evaluation and policies; (iii) advising on matters relating to corporate governance and monitoring developments in the law and practice of corporate governance; (iv) overseeing compliance with the our code of ethics; and (v) approving any related party transactions.

The nominating and corporate governance committee's methods for identifying candidates for election to our board of directors includes the solicitation of ideas for possible candidates from a number of sources - members of our board of directors, our executives, individuals personally known to the members of our board of directors, and other research. The nominating and corporate governance committee also, from time-to-time, retain one or more third-party search firms to identify suitable candidates.

In making director recommendations, the nominating and corporate governance committee considers some or all of the following factors: (i) the candidate's judgment, skill, experience with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight; (ii) the interplay of the candidate's experience with the experience of other board members; (iii) the extent to which the candidate would be a desirable addition to the board and any committee thereof; (iv) whether or not the person has any relationships that might impair his or her independence; and (v) the candidate's ability to contribute to the effective management of our company, taking into account the needs of our company and such factors as the individual's experience, perspective, skills and knowledge of the industry in which we operate.

**Duties of Directors**

Under Canadian law, directors have fiduciary obligations to our company. Under the BCBCA, directors, when exercising the powers and discharging their duties, must act honestly and in good faith with a view to the best interests of our company and exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117

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Under British Columbia corporate law, the BCBCA imposes specific statutory liabilities on directors of corporations in certain situations. In certain circumstances, directors can be held liable, for example, for paying a dividend contrary to section 70(2) of the BCBCA, or for paying a commission or allowing a discount contrary to section 67 of the BCBCA, or for purchasing, redeeming, or otherwise acquiring shares contrary to section 78 or 79 of the BCBCA. Under numerous other provisions in federal and provincial statutes, directors may also face personal liability for, among other things, environmental offences, source deductions from payrolls, and tax remittances. Corporate directors have a number of defenses to legal actions in which it is alleged that they have breached their statutory or fiduciary duties, including:

● dissenting from a resolution passed or action taken at a board meeting, which may relieve the director of any liability for the results of that decision.

● raising a "good faith reliance" defense to an accusation of breach of a fiduciary duty, whereby the director is entitled to rely in good faith on consolidated financial statements or reports made by an officer of the corporation, the corporation's auditor, or by other professionals, such as a lawyer, an accountant, or an engineer; and

● availing themselves of a due diligence defense that permits directors to avoid a number of statutory liabilities, including breach of fiduciary duty, where the directors exercise the same degree of care, diligence and skill as a reasonably prudent person in comparable circumstances.

**Conflicts of Interest**

There are potential conflicts of interest to which the directors, officers, insiders, and promoters of our company will be subject in connection with the operations of our company. Some of the directors, officers, insiders, and promoters are engaged in and will continue to be engaged in corporations or businesses which may be in competition with the business of our company. Accordingly, situations may arise where the directors, officers, insiders, and promoters will be in direct competition with our company. The directors and officers of our company have a fiduciary obligation to act in the best interests of our company, avoid conflicts of interest and to disclose to all other board members any relevant information about potential conflicts. They have the same obligations to the other companies in respect of which they act as directors and officers. Discharge by the directors and officers of their obligations to our company may result in a breach of their obligations to the other companies, and in certain circumstances this could expose our company to liability to those companies. Similarly, discharge by the directors and officers of their obligations to the other companies could result in a breach of their obligation to act in the best interests of our company. Such conflicting legal obligations may expose our company to liability to others and impair our ability to achieve our business objectives. All of the directors or officers of our company have entered into non- competition or non-disclosure agreements with our company. Conflicts, if any, will be subject to the procedures and remedies as provided under the BCBCA and applicable securities laws, regulations, and policies.

**Terms of Directors and Officers**

Our officers are appointed by and serve at the discretion of our board of directors. Unless the at any time or from time to time, the Company's Articles of incorporation permit directors to hold office for a term expiring later than the close of the next annual meeting of shareholders, the term of office of a director upon election or appointment, subject to a director's prior resignation or removal by a special majority of shareholders pursuant to Section 128 of the BCBCA, shall cease at the close of the first annual meeting of shareholders following his or her election or appointment, provided that if no directors are elected at such annual meeting, he or she shall continue in office until his or her successor is elected or appointed. The following persons are disqualified by the BCBCA from being a director of the Company: (i) anyone who is less than 18 years of age; (ii) a person who is not an individual; and (iii) a person who has the status of a bankrupt.

**Employment and Indemnification Agreements**

In May, 2023, the Company entered into an executive employment agreement with Jason Barnard to serve as Chief Executive Officer, providing for compensation at an annual base salary. The agreement also provides that he is eligible to be granted equity compensation at the sole discretion of the Board. In addition, the Company will reimburse Mr. Barnard for reasonable travelling and other business expenses in connection with the performance of his duties. Mr. Barnard may terminate the agreement upon two (2) months' notice to the Company, and the Company may terminate Mr. Barnard at any time. Notwithstanding the foregoing, in the event of a termination by the Company without just cause, the Company has agreed to pay to Mr. Barnard as severance a lump sum payment in the amount equal to 12 months of his annual base salary in effect at the time of his termination. In the event of a termination by the Company within twelve months following a change in control, the Company has agreed to pay to Mr. Barnard as severance a lump sum payment in the amount equal to 24 months of his annual base salary in effect at the time of his termination.

In May 2023, the Company entered into an executive employment agreement with Ms. Barnard. Ms. Barnard to continue as Vice President of Operations, providing for compensation at an annual base salary. On September 28, 2023, Ms. Barnard was appointed COO, a role that did not affect her compensation under her employment agreement. The agreement also provides that she is eligible to be granted equity compensation at the sole discretion of the Board. In addition, the Company will reimburse Ms. Barnard for reasonable travelling and other business expenses in connection with the performance of her duties. Ms. Barnard may terminate the agreement upon two (2) months' notice to the Company, and the Company may terminate Ms. Barnard at any time. Notwithstanding the foregoing, in the event of a termination by the Company without just cause, the Company has agreed to pay to Ms. Barnard as severance a lump sum payment in the amount equal to 12 months of her annual base salary in effect at the time of her termination. In the event of a termination by the Company within twelve months following a change in control, the Company has agreed to pay to Ms. Barnard as severance a lump sum payment in the amount equal to 24 months of her annual base salary in effect at the time of her termination.

On August 2024, the Company entered into a consulting agreement with Dong Shim to serve as CFO, which includes cash compensation as well as eligibility for equity compensation at the sole discretion of the Foremost Board. Additionally, the Company will reimburse Mr. Shim for reasonable expenses related to his duties. Either party may terminate the agreement for any reason with 60 days' prior written notice. If the Company terminates the agreement within twelve (12) months following a change in control, Mr. Shim will receive a severance payment equal to three (3) months of his consulting fee at that time. The Company has also agreed to indemnify Mr. Shim against certain liabilities and expenses arising from claims related to his position as an officer.

On June 01, 2025, the Company entered into an executive employment agreement with Cameron MacKay to serve as Vice President of Exploration, with his annual base salary initially set at CAD$165,000. Mr. MacKay is eligible for equity compensation at the sole discretion of the Foremost Board, subject to the terms of the Company's Omnibus Long Term Incentive Plan. The Company will reimburse Mr. MacKay for reasonable travel and business expenses incurred in his role. Mr. MacKay may terminate his agreement with six (6) weeks' notice, while the Company may terminate his agreement at any time and without cause. If terminated without just cause, he will receive a severance payment equal to six (6) months of the Executive's Annual Base Salary if the Termination Date occurs within the first twelve (12) months of employment, or twelve (12) months of the Executive's Annual Base Salary if the Termination Date occurs after the first twelve (12) months of employment. If terminated within twelve (12) months of a change of control, his severance will also be equivalent to twelve (12) months of his annual base salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118

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**Differences between Canadian Laws and Nasdaq Requirements**

The Sarbanes-Oxley Act, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, such as us, to comply with various corporate governance practices. In addition, following the listing of the common shares on Nasdaq, we are required to comply with the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted under Canadian law in lieu of compliance with corresponding corporate governance requirements otherwise imposed by the Nasdaq Stock Market Rules for U.S. domestic registrants.

In accordance with Canadian law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market Rules, as a foreign private issuer, we have elected to rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq Stock Market Rules, with respect to the following requirements:

**Annual Shareholder Meeting - Rule 5620(a)**

The Company is currently following Home Country Practices in lieu of Nasdaq Rule 5620(a), which requires a company to hold an annual meeting of shareholders no later than one year after the end of its fiscal year.

**Compensation Committee Composition - Rule 5605(d)(2)**

The Company does not intend to follow Nasdaq Rule 5605(d)(2), which requires a compensation committee to be composed entirely of independent directors. The Company desires to follow the Home Country Practices instead.

**Nominating and Corporate Governance Committee Composition - Rule 5605(e)(1)**

The Company does not intend to follow Nasdaq Rule 5605(e)(1), which requires a nominating and corporate governance committee to compose entirely of independent directors. The Company desires to follow the Home Country Practices instead.

**Executive Sessions - Rule 5605(b)(2)**

The Company's independent directors may not have regularly scheduled meetings at which only independent directors are present.

**Shareholder Approval for Issuance of Securities - Nasdaq Rule 5635(d)**

The Company will not seek shareholders' approval of any issuance of securities in connection with a transaction, other than a public offering, where such transaction involves the issuance of 20% or more of the Company's total outstanding common shares (or securities exercisable for the Company's common shares) at a price less than the minimum price as defined in Nasdaq Rule 5635(d)(1)(A).

**Shareholder Approval for Equity Compensation** – **Nasdaq Ruled 5635(c)**

The Company will not seek shareholder approval for the establishment of or any material amendments to equity compensation or purchase plans or other equity compensation arrangements.

**6. D. Employees**

We currently have 2 employees as of March 31, 2025 that sit in Vancouver, BC, Canada. Each employee has entered into an executive employment agreement with the Company.

Our remaining executive officers and advisers work for us as independent contractors under consulting agreements. These agreements require consultants to protect our confidential information during their engagement with us. In addition, these consulting agreements include typical non-compete clauses that prohibit the consultants from entering competitive employment relationships while they are working for us.

**6. E. Share Ownership**

The following table sets forth information with respect to beneficial ownership of our share capital as of the date of this report by:

● Each of our directors and named executive officers and insiders;

● All directors and named executive officers as a group; and

● Each person who is known by us to beneficially own 5% or more of each class of our voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119

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| | | |
|:---|:---|:---|
|  | **Common Shares Beneficially Owned<sup>(1)</sup>** | **Common Shares Beneficially Owned<sup>(1)</sup>** |
| **Name of Beneficial Owner** | **Shares** | **%** |
| **Directors and Executive Officers:** |  |  |
| Jason Barnard, President and CEO, Director(2) | 349132 | 3.35% |
| Andrew Lyons, Director(3) | 60459 | \* |
| Douglas Mason(4) | 57926 | \* |
| David Cates, Director(5) | 75177 | \* |
| Amanda Willett, Director(6) | 21288 | \* |
| Dong Shim, CFO(7) | 20000 | \* |
| Christina Barnard, Chief Operating Officer(8) | 600392 | 5.76% |
| Johnathan More, Director (9) | 62370 | \* |
| **Shareholders Beneficially Owning 5% or more** |  |  |
| Denison Mines Corp.(10) | 2078783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.95% |
| Directors and executive officers as a group (8 people and 1 Corporation) | 3831754 | 36.77% |

---

\* Less than 1%

1. Based on 10,419,966 common shares issued and outstanding March 31, 2025.

2. Includes 162,128 common shares owned by Claimbank Exploration Ltd. ("Claimbank") and 60,313 owned by Ora Nutraceuticals, Inc. ("Ora"), of which Mr. Barnard is the sole owner of each and has sole voting and investment control over the common shares held by Claimbank and Ora. Also includes 40,000 common shares issuable upon exercise of stock options at $6.01 per share, 21,523 common shares issuable upon exercise of stock options at $2.51 per share, and 65,168 RSUs. The options and RSUs are held directly by Jason Barnard.

3. Consists of 10,500 common shares, and 39,089 common shares issuable upon exercise of options at $8.20, 6.01 and $2.51 and a total of 10,870 RSUs.

4. Consists of 2,500 common shares owned by Mr. Mason and 8,000 common shares owned by Waterfront Capital Partners and 36,556 common shares issuable upon exercise of options at $4.98, and $2.51 and a total of 15,528 RSUs. Mr. Mason is the sole owner of Waterfront Capital Partners and has the sole voting and investment control over these shares.

5. Consists of 43,000 common shares, 6,815 common shares issuable upon exercise of options at $2.51, and a total of 5,364 RSUs and 20,000 common shares issuable upon exercise of common share purchase warrants at $4.00

6. Consists of 2,500 common shares and 9,200 common shares issuable upon exercise of options at $1.38, 2,500 common shares issuable upon exercise of common share purchase warrants at $4.00 and a total of 7,088 RSUs.

7. Consists of 20,000 common shares issuable upon exercise of options at $2.51

8. Includes 229,774 common shares held directly by Ms. Barnard, 161,155 common shares owned by 1374646 B.C. LTD, of which Ms. Barnard exercises voting and investment control of the common shares, 20,000 common shares issuable upon exercise of options at $6.01 and per share, 10,348 common shares issuable upon exercise of options at $2.51 per share, 150,000 common shares issuable upon exercise of common share purchase warrants at $4.00, and 29,115 RSUs. The options and RSUs are held directly by Ms. Barnard.

9. Consists of 19,000 common shares, 32,500 common shares issuable upon exercise of options at $8.20, 6.01 and $2.51 and a total of 10,870 RSUs.

10. Consists of 1,977,410 shares plus 101,373 common shares issuable upon exercise of common share purchase warrants at $4.00. The number of shares excludes 506,227 shares currently issuable upon the exercise of warrants at $4.00 per share due to a 19.95% ownership blocker. 

None of our shareholders have different voting rights from other shareholders. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

**6. F. Disclosure of a registrant**'**s action to recover erroneously awarded compensation**

There are no events triggering restatement and recovery of compensation. Our clawback policy is included as Exhibit 97 to this annual report on Form 20-F

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**7. A. Major shareholders**

For information regarding major shareholders, see "Item 6.E.–Share Ownership."

**7. B. Related Party Transactions**

**RELATED PARTY TRANSACTIONS** 

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers and companies controlled by them. The remuneration of directors and other members of key management personnel during the years ended March 31, 2025, and 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Management fees** | **Director**<br> **fees** | **Share-based payments (Options)** | **Share-based payments (RSU)** | **Total** |
| ***Year ended March 31, 2025*** – ***Paid or accrued:*** |  |  |  |  |  |
| Chief Executive Officer, Jason Barnard | $319615 | $- | $20530 | $90523 | $430668 |
| Chief Operating Officer, Christina Barnard | 237845 |  | 9871 | \*206,912 | 454628 |
| Chief Financial Officer, Dong Shim | 56250 |  | 42048 |  | 98298 |
| Former Chief Financial Officer, Sead Hamzagic | 29250 |  |  |  | 29250 |
| Director, Andrew Lyons |  | 30000 | 23347 | 29350 | 82697 |
| Director, David Cates |  | 15755 | 14328 | 5434 | 35517 |
| Director, Amanda Willett |  | 9739 | 10200 | 9578 | 29517 |
| Director, Douglas Mason |  | 50000 | 33353 | 41927 | 125280 |
| Former Directors |  | 60096 | 46694 | 50735 | 157525 |
|  | $642960 | $165590 | $200371 | $434459 | $1443380 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\*Included one-time bonus for NASDAQ listing of $160,000 worth of fully vested RSU's.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Management fees** | **Director**<br> **fees** | **Share-based payments (Options)** | **Share-based payments (RSU)** | **Total** |
| ***Year ended March 31, 2024*** – ***Paid or accrued:*** |  |  |  |  |  |
| Chief Executive Officer, Jason Barnard | $248019 | $- | $209647 | $- | $457666 |
| Chief Operating Officer, Christina Barnard | 158123 |  | 104824 |  | 262947 |
| Chief Financial Officer, Sead Hamzagic | 19500 |  | 66600 |  | 86100 |
| Former Chief Financial Officers | 150900 |  | 131030 |  | 281930 |
| Director and former Chief Financial Officer, Andrew Lyons |  | 36000 | 32531 |  | 68531 |
| Director, Mike McLeod |  | 56000 | 32531 |  | 88531 |
| Director, Johnathan More |  | 36000 | 32531 |  | 68531 |
| Director, Douglas Mason |  | 20000 | 75500 |  | 95500 |
| Former Director, Christopher MacPherson |  | 30000 | 32531 |  | 62531 |
|  | $576542 | $178000 | $717725 | $- | $1472267 |

---

During the year ended March 31, 2023, the Company entered into a loan agreement with a related party to borrow $1,145,520, inclusive of a prior advance of $145,520 (collectively, the "Loan"), included in short-term loans payable, with Jason Barnard, CEO, and Christina Barnard, COO, of the Company. The terms of the Loan have been amended several times, as detailed below:

*<u>Initial Terms</u>* (May 10, 2022): Interest rate of 8.35% per annum, payable monthly, with a maturity date of May 10, 2023.

*<u>Amendment 1</u>* (May 1, 2023): The interest rate was increased to 11.35% per annum. The maturity date was extended to May 10, 2024.

*<u>Amendment 2</u>* (April 26, 2024): The maturity date was extended to May 10, 2025.

*<u>Amendment 3</u>* (October 4, 2024): The Loan was revised to exclude the newly optioned Denison properties as collateral, and the interest rate was reduced to 9% per annum, effective through to October 4, 2025.

The Company incurred $96,768 (2024 - $126,606) in interest and paid an aggregate of $600,000 (2024 - $Nil) in principal and $113,920 (2024 - $126,606) in interest on the Loan during the year ended March 31, 2025.

During the year ended March 31, 2025, the Company issued 1,369,810 common shares to Denison pursuant to the option agreement. No other fee was paid or accrued to Denison during the year ended March 31, 2025.

The amounts due to related parties included in accounts payable and accrued liabilities are unsecured, non-interest bearing, and have no specific terms of repayment, are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,<br> 2024** |
| Chief Executive Officer | $55385 | $20769 |
| Chief Operating Officer | 52878 | 21084 |
| Director | 148 | 127 |
| Former Directors | 27000 | 45000 |
|  | $135411 | $86980 |

---

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

In accordance with IAS 24 – Related Party Disclosures, key management personnel, including companies controlled by them, are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121

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The remuneration of directors and key executives is determined by the compensation committee of the Board. The remuneration of directors and other members of key management personnel during the years ended March 31, 2025, 2024 and 2023 were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** |
| **Name and position** | **Year**  | **Salary, consulting<br> fee, retainer or<br> commission<br> ($)** | **Bonus<br> ($)** | **Committee<br> or meeting<br> fees<br> ($)** | **Value of<br> perquisites<br> ($)** | **Value of all<br> other<br> compensation<br> ($)** | **Total<br> compensation<br> ($)** |
| Jason Barnard | 2025 | 319616 |  |  |  | 111053 | 430669 |
| *Chief Executive Officer and* | 2024 | 248019 |  |  |  | 209647 | 457666 |
| *President*<sup>(1)</sup> | 2023 | 90000 |  |  |  |  | 90000 |
| Douglas Mason | 2025 | 50000 |  |  |  | 75280 | 125280 |
| *Director*<sup>(2)</sup> | 2024 | 20000 |  |  |  | 75500 | 95500 |
|  | 2023 |  |  |  |  |  |  |
| Andrew Lyons | 2025 | 30000 |  |  |  | 52697 | 82697 |
| *Director, former Chief* | 2024 | 36000 |  |  |  | 32351 | 68531 |
| *Financial Officer*<sup>(3)</sup> | 2023 | 96000 |  |  |  | 200712 | 296712 |
| Michael McLeod | 2025 | 25096 |  |  |  | 44732 | 69828 |
| *Director*<sup>(4)</sup> | 2024 | 56000 |  |  |  | 32531 | 88531 |
|  | 2023 | 20000 |  |  |  | 108471 | 153471 |
| Jonathan More | 2025 | 35000 |  |  |  | 52697 | 87697 |
| *Director*<sup>(5)</sup> | 2024 | 36000 |  |  |  | 32531 | 68531 |
|  | 2023 | 12000 |  |  |  | 31903 | 43903 |
| Christina Barnard | 2025 | 237844 |  |  |  | 216783 | 454627 |
| *Chief Operating Officer*<sup>(6)</sup> | 2024 | 158123 |  |  |  | 104824 | 262947 |
|  | 2023 | 40000 |  |  |  |  | 40000 |
| David Cates | 2025 | 15755 |  |  |  | 19762 | 35517 |
| *Director*<sup>(7)</sup> | 2024 |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |
| Amanda Willett | 2025 | 9739 |  |  |  | 19778 | 29517 |
| *Director*<sup>(8)</sup> | 2024 |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |
| Dong Shim | 2025 | 56250 |  |  |  | 42048 | 98298 |
| *Chief Financial Officer*<sup>(9)</sup> | 2024 |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |
| Sead Hamzagic | 2025 | 29500 |  |  |  |  | 29500 |
| *former Chief Financial* | 2024 | 19500 |  |  |  | 66600 | 86100 |
| *Officer*<sup>(10)</sup> | 2023 |  |  |  |  |  |  |
| Bal Bhullar | 2025 |  |  |  |  |  |  |
| *former Chief Financial* | 2024 | 108900 |  |  |  | 131029 | 239929 |
| *Officer*<sup>(11)</sup> | 2023 |  |  |  |  |  |  |
| Cyrus Driver | 2025 |  |  |  |  |  |  |
| *former Chief Financial* | 2024 | 42000 |  |  |  |  | 42000 |
| *Officer*<sup>(12)</sup> | 2023 | 18000 |  |  |  | 67290 | 85290 |
| Chris MacPherson | 2025 |  |  |  |  |  |  |
| *former Director*<sup>(13)</sup> | 2024 | 62531 |  |  |  | 62531 | 62531 |
|  | 2023 | 12000 |  |  |  | 127613 | 139613 |
| Scott Taylor | 2025 |  |  |  |  |  |  |
| *former Director and* | 2024 |  |  |  |  |  |  |
| *CEO*<sup>(14)</sup> | 2023 | 51569 |  |  |  | 194926 | 246498 |
| Pierre Yves Tenn | 2025 |  |  |  |  |  |  |
| *former CFO*<sup>(15)</sup> | 2024 |  |  |  |  |  |  |
|  | 2023 | 24000 |  |  |  | 73098 | 97098 |
| John Gravelle | 2025 |  |  |  |  |  |  |
| *former Director*<sup>(16)</sup> | 2024 |  |  |  |  |  |  |
|  | 2023 | 58000 |  |  |  |  | 58000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122

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<u>Notes</u>:

(1) Mr. Barnard was elected a director in September 2022 and appointed to CEO and President of the Company in December 2022,

(2) Mr. Mason was elected as a director in December 2023,

(3) Mr. Lyons was elected as a director in December 2021 and CFO of the Company during the period January 2022 to December 2022

(4) Mr. McLeod was elected as a director in December 2022,

(5) Mr. More was elected as a director in December 2022,

(6) Ms. Barnard was appointed as COO of the Company in September 2023,

(7) Mr. Gates was elected as a director in October 2024,

(8) Ms. Willett was elected as a director in December 2024,

(9) Mr. Shim was appointed as CFO of the Company in August 2024,

(10) Mr. Hamzagic was appointed as CFO of the Company in February 2024,

(11) Ms. Bhullar was appointed as a CFO of the Company during the period September 2023 to February 2024,

(12) Mr. Driver was appointed as a CFO of the Company during the period December 2022, to September 2023,

(13) Mr. MacPherson was elected as a director of the Company during the period December 2022 to January 2024,

(14) Mr. Taylor was elected as a director of the Company during the period December 2021 to August 2022 and appointed as CEO and President from December 2021 to May 2022,

(15) Mr. Yves Tenn was elected as a director of the Company during the period December 2021 to December 2022 and appointed as Chief Global Officer from January 2022 to December 2022, and

(16) Mr. Gravelle was appointed as a director during the period April 2022 to December 2022 and appointed as CEO and President from May 2022 to September 2022.

**7. C. Interests of Experts and Counsel**

Not Applicable.

**ITEM 8. FINANCIAL INFORMATION**

**8. A. Consolidated Statements and Other Financial Information.**

The Company's consolidated financial statements are stated in Canadian dollars and are prepared in accordance with IFRS.

***Audited Financial Statements***

Our consolidated financial statements for the 2025, 2024 and 2023 fiscal years as required under Item 17 are included immediately following the text of this Annual Report. The audit reports of the Company are included herein immediately preceding the financial statements.

***Policy on Dividend Distributions***

The Company has not paid any dividends on its outstanding common shares since its incorporation and does not anticipate that it will do so in the foreseeable future. The payment of dividends in the future, if any, is within the discretion of the Board of Directors and will depend upon our earnings, our capital requirements and financial condition and other relevant factors. We do not anticipate declaring or paying any dividends in the foreseeable future.

**8. B. Significant Changes**

Except as disclosed elsewhere in this annual report, no significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.

**ITEM 9. THE OFFER AND LISTING**

**9. A. Offer and Listing Details**

Not Applicable.

Our common shares are listed on the Nasdaq Capital Market under the symbol "FMST" and under the symbol "FAT" on the Canadian Securities Exchange ("CSE").

***9.B.* Plan of Distribution**

Not Applicable.

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**9. C. Markets**

Our common shares and unit warrants began trading on NASDAQ on August 22, 2023, under the symbols "FMST" and "FMSTW", respectively, and under the symbol "FAT" on the CSE.

**9. D. Selling Shareholders**

Not Applicable.

**9. E. Dilution**

Not Applicable.

**9. F. Expenses of the Issue**

Not Applicable.

**ITEM 10. ADDITIONAL INFORMATION**

**10. A. Share Capital**

Not applicable.

**10. B. Memorandum and Articles of association**

The description of certain terms and provisions of our articles of incorporation, as amended, and certain related sections of the Corporations Act (Manitoba) is incorporated by reference to our Registration Statement filed on Form F-1 (333-272028) filed with the SEC and as declared effective on August 21, 2023.

**10. C. Material Contracts**

All material contracts governing the business of the Company are described elsewhere in this annual report on Form 20-F or in the information incorporated by reference herein.

**10. D. Exchange controls**

Canada has no system of exchange controls. We are not aware of any governmental laws, decrees, regulations or other legislation in Canada that restrict the export or import of capital, including the availability of cash and cash equivalents for use by our affiliated companies, or that affect the remittance of dividends, interest, royalties or similar payments to non-resident holders of Company securities, although there may be Canadian and other foreign tax considerations. See Item 10(E) — "Taxation."

**10. E. Taxation**

**Canadian Income Tax Considerations**

The following summary describes, as of the date hereof, the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as a beneficial owner, common shares pursuant to this report and who, at all relevant times, for the purposes of the application of the Income Tax Act (Canada) and the Income Tax Regulations (which we collectively refer to as the Canadian Tax Act), (i) is not, and is not deemed to be, resident in Canada for purposes of the Canadian Tax Act and any applicable income tax treaty or convention; (ii) deals at arm's length with us; (iii) is not affiliated with us; (iv) does not use or hold, and is not deemed to use or hold, common shares in a business or part of a business carried on in Canada; (v) has not entered into, with respect to the common shares, a "derivative forward agreement", as that term is defined in the Canadian Tax Act and (vi) holds the common shares as capital property (which we refer to as a Non-Canadian Holder). This summary does not apply to a Non-Canadian Holder that is an insurer carrying on an insurance business in Canada and elsewhere or an "authorized foreign bank", as that term is defined in the Canadian Tax Act. Such Non-Canadian Holders should consult their tax advisors for advice having regards to their particular circumstances.

This summary is based on the current provisions of the Canadian Tax Act, and an understanding of the current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. It takes into account all specific proposals to amend the Canadian Tax Act and the Canada-United States Tax Convention (1980), as amended, or the Canada-U.S. Tax Treaty, publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (which we refer to as the Proposed Amendments) and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, regulatory, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

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**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular circumstances.**

Generally, for purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of the common shares must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Canadian Tax Act. The amount of any dividends, capital gains or capital losses realized by a Non-Canadian Holder may be affected by fluctuations in the Canadian exchange rate.

***Dividends***

Dividends paid or credited on the common shares or deemed to be paid or credited on the common shares to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Non-Canadian Holder is entitled under any applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. For example, under the Canada-U.S. Tax Treaty, where dividends on the common shares are considered to be paid to or derived by a Non-Canadian Holder that is a beneficial owner of the dividends and is a U.S. resident for the purposes of, and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. **Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.**

***Dispositions***

A Non-Canadian Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a common share, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the common shares are "taxable Canadian property" to the Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the common shares will not constitute "taxable Canadian property" to a Non-Canadian Holder at a particular time provided that the common shares are listed at that time on a "designated stock exchange" (as defined in the Canadian Tax Act), which includes Nasdaq unless at any particular time during the 60-month period that ends at that time:

● at least 25% of the issued shares of any class or series of our capital stock was owned by or belonged to any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal at arm's length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, and

● more than 50% of the fair market value of the common shares was derived, directly or indirectly, from one or any combination of : (i) real or immoveable property situated in Canada, (ii) "Canadian resource properties" (as that term is defined in the Canadian Tax Act), (iii) "timber resource properties" (as that term is defined in the Canadian Tax Act) and (iv) options in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.

Notwithstanding the foregoing, in certain circumstances, common shares could be deemed to be "taxable Canadian property."

A Non-Canadian Holder's capital gain (or capital loss) of a disposition or deemed disposition of common shares that constitute or are deemed to constitute taxable Canadian property (and are not "treaty-protected property" as defined in the Canadian Tax Act) generally will be computed and taxed as though the Canadian Holder were a Resident Holder. Such Non-Canadian Holder may be required to report the disposition or deemed disposition of common shares by filing a tax return in accordance with the Canadian Tax Act. **Non-Canadian Holders whose common shares may be taxable Canadian property should consult their own tax advisors regarding the tax and compliance considerations that may be relevant to them.**

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**U.S. Federal Income Taxation Considerations**

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the ownership and disposition of common shares. This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from or relating to the ownership and disposition of common shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including, without limitation, specific tax consequences to a U.S. Holder under an applicable income tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder. This summary does not address the U.S. federal alternative minimum, U.S. federal net investment income, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences to U.S. Holders of the ownership and disposition of common shares. In addition, except as specifically set forth below, this summary does not discuss applicable income tax reporting requirements. Each prospective U.S. Holder should consult its own tax advisors regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal net investment income, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the ownership and disposition of common shares.

No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the "IRS") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the ownership and disposition of common shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, or contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

**Scope of this Summary** 

*Authorities*

This summary is based on the Code, Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the current provisions of the Convention Between Canada and the United States with Respect to Taxes on Income and on Capital of 1980, as amended (the "Canada-U.S. Tax Treaty), and U.S. court decisions that are applicable, and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis, which could affect the U.S. federal income tax considerations described in this summary. Except as provided herein, this summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

*U.S. Holders* 

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of common shares that is for U.S. federal income tax purposes:

● An individual who is a citizen or resident of the United States;

● a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

*Non-U.S. Holders* 

For purposes of this summary, a "non-U.S. Holder" is a beneficial owner of common shares that is not a U.S. Holder or an entity classified as a partnership for U.S. federal income tax purposes. This summary does not address the U.S. federal, state or local tax consequences to non-U.S. Holders arising from or relating to the acquisition, ownership and disposition of common shares. Accordingly, a non-U.S. Holder should consult its own tax advisors regarding the U.S. federal, state or local and non-U.S. tax consequences (including the potential application of and operation of any income tax treaties) relating to the acquisition, ownership and disposition of common shares.

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*U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed* 

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own common shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquire common shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are subject to the alternative minimum tax; (i) are subject to special tax accounting rules with respect to common shares; (j) are partnerships or other "pass-through" entities (and partners or other owners thereof); (k) are S corporations (and shareholders thereof); (l) are U.S. expatriates or former long-term residents of the United States subject to Section 877 or 877A of the Code; (m) hold common shares in connection with a trade or business, permanent establishment, or fixed base outside the United States; or (n) own or have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of our outstanding shares. U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal net investment income, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common shares.

If an entity or arrangement that is classified as a partnership (or other "pass-through" entity) for U.S. federal income tax purposes holds common shares, the U.S. federal income tax consequences to such entity or arrangement and the partners (or other owners or participants) of such entity or arrangement generally will depend on the activities of the entity or arrangement and the status of such partners (or owners or participants). This summary does not address the tax consequences to any such partner (or owner or participant). Partners (or other owners or participants) of entities or arrangements that are classified as partnerships or as "pass-through" entities for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership and disposition of common shares.

**Passive Foreign Investment Company Rules** 

If we were to constitute a "passive foreign investment company" or "PFIC" for any year during a U.S. Holder's holding period, then certain potentially adverse rules would affect the U.S. federal income tax consequences to a U.S. Holder resulting from the acquisition, ownership and disposition of common shares. We believe we were a "passive foreign investment company" (a "PFIC") within the meaning of Section 1297 of the Code for our most recently completed taxable year and based on the nature of our business, the projected composition of our gross income and the projected composition and estimated fair market values of our assets, we expect to be a PFIC for our current taxable year and may be a PFIC in subsequent tax years. No opinion of legal counsel or ruling from the IRS concerning our status as a PFIC has been obtained or is currently planned to be requested. The determination of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of each such tax year and, as a result, cannot be predicted with certainty as of the date of this document. Accordingly, there can be no assurance that the IRS will not challenge any determination made by us (or any of our subsidiaries) concerning our (or its) PFIC status. Each U.S. Holder should consult its own tax advisors regarding our PFIC status of the PFIC status of each of our subsidiaries.

In any year in which we are classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621 annually.

We generally will be a PFIC if, for a tax year, (a) 75% or more of our gross income is passive income (the "PFIC income test") or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the "PFIC asset test"). "Gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all of a foreign corporation's commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the ordinary course of its trade or business, and certain other requirements are satisfied.

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For purposes of the PFIC income test and PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and PFIC asset test described above, and assuming certain other requirements are met, "passive income" does not include certain interest, dividends, rents, or royalties that are received or accrued by us from certain "related persons" (as defined in Section 954(d)(3) of the Code) also organized in Canada, to the extent such items are properly allocable to the income of such related person that is not passive income.

Under certain attribution rules, if we are a PFIC, U.S. Holders will generally be deemed to own their proportionate share of our direct or indirect equity interest in any company that is also a PFIC (a "Subsidiary PFIC"), and will generally be subject to U.S. federal income tax on their proportionate share of (a) any "excess distributions," as described below, on the stock of a Subsidiary PFIC and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by us or another Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of common shares. Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of common shares are made.

***Default PFIC Rules Under Section 1291 of the Code***

If we are a PFIC for any tax year during which a U.S. Holder owns common shares, the U.S. federal income tax consequences to such U.S. Holder of the acquisition, ownership, and disposition of common shares will depend on whether and when such U.S. Holder makes an election to treat us and each Subsidiary PFIC, if any, as a "qualified electing fund" or "QEF" under Section 1295 of the Code (a "QEF Election") or makes a mark-to-market election under Section 1296 of the Code (a "Mark-to-Market Election"). A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will be referred to in this summary as a "Non-Electing U.S. Holder."

A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code (described below) with respect to: (a) any gain recognized on the sale or other taxable disposition of common shares; and (b) any "excess distribution" received on the common shares. A distribution generally will be an "excess distribution" to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder's holding period for the common shares, if shorter).

Under Section 1291 of the Code, any gain recognized on the sale or other taxable disposition of common shares (including an indirect disposition of the stock of any Subsidiary PFIC), and any "excess distribution" received on common shares or with respect to the stock of a Subsidiary PFIC, must be ratably allocated to each day in a Non-Electing U.S. Holder's holding period for the respective common shares. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income (and not eligible for certain preferred rates). The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as "personal interest," which is not deductible.

If we are a PFIC for any tax year during which a Non-Electing U.S. Holder holds common shares, we will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether we cease to be a PFIC in one or more subsequent tax years. A Non-Electing U.S. Holder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above), but not loss, as if such common shares were sold on the last day of the last tax year for which we were a PFIC.

***QEF Election***

A U.S. Holder that makes a timely and effective QEF Election for the first tax year in which the holding period of its common shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its common shares. A U.S. Holder that makes a timely and effective QEF Election will be subject to U.S. federal income tax on such U.S. Holder's pro rata share of (a) our net capital gain, which will be taxed as long-term capital gain to such U.S. Holder, and (b) our ordinary earnings, which will be taxed as ordinary income to such U.S. Holder. Generally, "net capital gain" is the excess of (a) net long-term capital gain over (b) net short-term capital loss, and "ordinary earnings" are the excess of (a) "earnings and profits" over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each tax year in which we are a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by us. However, for any tax year in which we are a PFIC and have no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as "personal interest," which is not deductible.

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A U.S. Holder that makes a timely and effective QEF Election with respect to us generally (a) may receive a tax-free distribution from us to the extent that such distribution represents our "earnings and profits" that were previously included in income by the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder's tax basis in the common shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of common shares.

The procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be treated as "timely" if such QEF Election is made for the first year in the U.S. Holder's holding period for the common shares in which we are a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year. If a U.S. Holder does not make a timely and effective QEF Election for the first year in the U.S. Holder's holding period for the common shares, the U.S. Holder may still be able to make a timely and effective QEF Election in a subsequent year if such U.S. Holder meets certain requirements and makes a "purging" election to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above) as if such common shares were sold for their fair market value on the day the QEF Election is effective. If a U.S. Holder makes a QEF Election but does not make a "purging" election to recognize gain as discussed in the preceding sentence, then such U.S. Holder shall be subject to the QEF Election rules and shall continue to be subject to tax under the rules of Section 1291 of the Code discussed above with respect to its common shares. If a U.S. Holder owns PFIC stock indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the QEF rules to apply to both PFICs.

A QEF Election will apply to the tax year for which such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which we are not a PFIC. Accordingly, if we become a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which we qualify as a PFIC.

U.S. Holders should be aware that there can be no assurances that we will satisfy the record keeping requirements that apply to a QEF, or that we will supply U.S. Holders with information that such U.S. Holders are required to report under the QEF rules, in the event that we are a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to their common shares. Each U.S. Holder should consult its own tax advisors regarding the availability of, and procedure for making, a QEF Election.

A U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income tax return. However, if we do not provide the required information with regard to us or any of our Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.

***Mark-to-Market Election***

A U.S. Holder may make a Mark-to-Market Election only if the common shares are marketable stock. The common shares generally will be "marketable stock" if the common shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to section 11A of the Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and surveillance requirements, and meets other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be "regularly traded" for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Each U.S. Holder should consult its own tax advisor in this matter.

A U.S. Holder that makes a Mark-to-Market Election with respect to its common shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such common shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder's holding period for the common shares for which we are a PFIC and such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the common shares.

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A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which we are a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the common shares, as of the close of such tax year over (b) such U.S. Holder's adjusted tax basis in such common shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (a) such U.S. Holder's adjusted tax basis in the common shares, over (b) the fair market value of such common shares (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder's tax basis in the common shares to reflect the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of common shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years). Losses that exceed this limitation are subject to the rules generally applicable to losses provided in the Code and Treasury Regulations.

A U.S. Holder makes a Mark-to-Market Election by attaching a completed IRS Form 8621 to a timely filed United States federal income tax return. A Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the common shares cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisors regarding the availability of, and procedure for making, a Mark-to-Market Election.

Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the common shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning, because such stock is not marketable. Hence, the Mark-to-Market Election will not be effective to avoid the application of the default rules of Section 1291 of the Code described above with respect to deemed dispositions of Subsidiary PFIC stock or excess distributions from a Subsidiary PFIC to its shareholder.

***Other PFIC Rules***

Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss) upon certain transfers of common shares that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which common shares are transferred.

Certain additional adverse rules may apply with respect to a U.S. Holder if we are a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses common shares as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such common shares.

In addition, a U.S. Holder who acquires common shares from a decedent will not receive a "step up" in tax basis of such common shares to fair market value unless such decedent had a timely and effective QEF Election in place.

Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with its own tax advisors regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

The PFIC rules are complex, and each U.S. Holder should consult its own tax advisors regarding the PFIC rules and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares.

Certain additional adverse rules may apply with respect to a U.S. Holder if we are a PFIC, regardless of whether the U.S. Holder makes a QEF Election. These rules include special rules that apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to these special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. U.S. Holders are urged to consult their own tax advisors regarding the potential application of the PFIC rules to the ownership and disposition of common shares, and the availability of certain U.S. tax elections under the PFIC rules.

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**General Rules Applicable to the Ownership and Disposition of Common Shares** 

The following discussion is subject, in its entirety, to the rules described above under the heading "*Passive Foreign Investment Company Rules*".

*Distributions on Common Shares*

A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a common share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of our current or accumulated "earnings and profits", as computed for U.S. federal income tax purposes. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if we are a PFIC for the tax year of such distribution or were a PFIC for the preceding tax year. To the extent that a distribution exceeds our current and accumulated "earnings and profits", such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the common shares and thereafter as gain from the sale or exchange of such common shares. (See "*Sale or Other Taxable Disposition of Common Shares*" below). However, we do not intend to maintain the calculations of our earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder therefore should assume that any distribution by us with respect to common shares will constitute ordinary dividend income. Dividends received on common shares by corporate U.S. Holders generally will not be eligible for the "dividends received deduction". Subject to applicable limitations and provided we are eligible for the benefits of the Canada-U.S. Tax Treaty or the common shares are readily tradable on a United States securities market, dividends paid by us to non-corporate U.S. Holders, including individuals, in respect of common shares generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied, including that we not be classified as a PFIC in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisors regarding the application of such rules.

*Sale or Other Taxable Disposition of Common Shares*

Upon the sale or other taxable disposition of common shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Holder's tax basis in such common shares sold or otherwise disposed of. A U.S. Holder's tax basis in common shares generally will be such U.S. Holder's U.S. dollar cost for such common shares. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time of the sale or other disposition, the common shares have been held for more than one year.

Preferential tax rates currently apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

**Additional Considerations** 

*Receipt of Foreign Currency* 

The amount of any distribution paid to a U.S. Holder in foreign currency, or on the sale, exchange or other taxable disposition of common shares generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisors regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

*Foreign Tax Credit* 

Dividends paid on the common shares will be treated as foreign-source income, and generally will be treated as "passive category income" or "general category income" for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of common shares generally will be United States source gain or loss. Certain U.S. Holders that are eligible for the benefits of Canada-U.S. Tax Treaty may elect to treat such gain or loss as Canadian source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the amount of foreign taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to foreign taxes paid or accrued (the "Foreign Tax Credit Regulations") impose additional requirements for Canadian withholding taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has recently released guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations.

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Subject to the PFIC rules and the Foreign Tax Credit Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the common shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income that is subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.

*Backup Withholding and Information Reporting* 

Under U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a non-U.S. entity. U.S. Holders may be subject to these reporting requirements unless their common shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.

Payments made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of common shares will generally be subject to information reporting and backup withholding tax if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.

**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE OWNERSHIP AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES.**

**10. F. Dividends and paying agents**

Not applicable.

**10. G. Statement by experts**

Not applicable.

**10. H. Documents on display**

We have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its entirety by such reference.

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We are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information with the SEC. Reports and other information filed by us with the SEC, including this report, may be viewed from the SEC's Internet site at http://www.sec.gov. In addition, we will provide hardcopies of our annual report free of charge to shareholders upon request.

As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

**10. I. Subsidiary Information**

Not required.

**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK**

Foremost's activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. The overall risk management strategy focuses on the unpredictability of the finance markets and seeks to minimize the potential adverse effects on the financial performance. Foremost uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine market risk. Risk management is carried out under the direction of the Board. Please see note 11 to our audited consolidated financial statements for further information with respect to certain of these risks.

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**12. A. Debt Securities**

Not applicable.

**12. B. Warrants and Rights**

Not applicable.

**12. C. Other Securities**

Not applicable.

**12. D. American Depositary Shares**

We do not have any American Depositary Shares.

**PART II**

**ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

Not applicable

**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

**14. A.-D. Material Modifications to the Rights of Security Holders.**

Not applicable

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**14. E. Use of Proceeds.**

Not applicable

**ITEM 15. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange Act of 1934 ("Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls include, without limitation, controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to management, including principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Our management carried out an evaluation, under the supervision of our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act as of March 31, 2025. Based on that evaluation, our Chief Executive Officer ("CEO") and our Chief Financial Officer ("CFO") concluded that, due to the limited segregation of duties, our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

**Management**'**s Annual Report on Internal Control over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting has been designed to provide reasonable assurance with respect to the reliability of financial reporting and the presentation of financial statements for external purposes in accordance with IFRS. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our Company have been detected.

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As of the date of this filing, we have in place controls and procedures to maintain appropriate segregation of duties in our manual and computer-based business processes that we believe are appropriate for a company of our size and extent of business transactions. Under the supervision and with the participation of the CEO and CFO, management assessed the effectiveness of the Company's internal control over financial reporting as of March 31, 2025. In making their assessment, management used the control objectives established in the 2013 Committee of Sponsoring Organizations of the Treadway Commission ("COSO") framework. Based on our assessment, our CEO and our CFO determined that, as of March 31, 2025, our internal control over financial reporting was not effective due to limited segregation of duties.

**Attestation Report of Independent Registered Public Accounting Firm**

Not required.

**Changes in Internal Controls over Financial Reporting**

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act, as amended) that occurred during the year ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

It should be noted that while our management believes that our disclosure controls and procedures provide a reasonable level of assurance, our management does not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

**ITEM 16. [RESERVED]**

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT.**

Our Board of Directors has determined that Douglas Mason is the "Audit Committee Financial Expert" as such term is defined in Item 407(d) of Regulation S-K promulgated by the SEC and also meets NASDAQ's financial sophistication requirements. He is an "independent director" as defined by the rules and regulations of NASDAQ.

**ITEM 16B. CODE OF ETHICS.**

Our code of conduct and business ethics conforms to the rules and regulations of NASDAQ. The code of conduct and business ethics applies to all of our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer, and addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on inside information, and reporting of violations of the code. A copy of our Code of Conduct is available at our website. Any future changes to the Code of Conduct will be posted on the Company's website or filed as an exhibit to a report filed with the SEC within five business days of the change being effective.

**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

The following table represents aggregate fees billed to the Company for fiscal years ended March 31, 2025 and 2024 by Davidson & Co., and MNP LLP, the Company's principal accounting firms for the respective years

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| | | | | |
|:---|:---|:---|:---|:---|
| **Accountant Fees and Services** | **2025** | **2025** | **2024** | **2024** |
| Audit Fees |  | 131027 |  | 133700 |
| Audit Related Fees |  | 2640 |  |  |
| Tax Fees |  |  |  |  |
| All Other Fees |  |  |  | 125693 |
|  |  | 133667 |  | 259393 |

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***Audit Fees***

The audit fees for the years ended March 31, 2025 and 2024, are 2025 - C$131,027 (approximately US$94,222), 2024 - C$133,700 (approximately US$98,672), audit related fees of 2025 - C$2,640 (approximately US$1,898), 2024 - C$Nil and other fees of 2025 - C$Nil, 2024 - C$125,693 (approximately US$92,762) respectively, were paid for professional services rendered for the audits of our consolidated financial statements, quarterly reviews, and assistance with review of documents filed with the SEC.

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"Audit-related fees" means fees billed for professional services rendered by our principal auditors associated with certain due diligence projects and consents.

***Tax Fees***

"Tax Fees" consisted of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included in such Tax Fees were fees for tax consultancy and advice on other tax planning matters.

Our Board of Directors pre-approves all auditing services and permitted non-audit services to be performed for us by our independent auditor, including the fees and terms thereof (subject to the de minimums exceptions for non-audit services described in Section 10A(i)(l)(B) of the Exchange Act that are approved by our Board of Directors prior to the completion of the audit). The percentage of services provided for which we paid audit-related fees, tax fees, or other fees that were approved by our Board of Directors pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X promulgated by the SEC was 100%.

***Other Fees***

Not applicable.

**ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.**

Not applicable.

**ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.**

There were no purchases of equity securities made by or on behalf of us or any "affiliated purchaser" as defined in Rule 10b-18 of the Exchange Act during the period covered by this Annual Report.

**ITEM 16F. CHANGE IN REGISTRANT**'**S CERTIFYING ACCOUNTANT.**

*Dismissal of Independent Registered Public Accountants.*

On May 25, 2023, the Audit Committee dismissed Crowe Mackay LLP ("Crowe"), as the Company's independent registered public accounting firm (withdrawal pending). The reports of Crowe on the Company's consolidated financial statements for the fiscal years ended March 31, 2022 and 2021 did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended March 31, 2022 and 2021, and through the date of Crowe's dismissal, there were (i) no "disagreements" between the Company and Crowe on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Crowe would have caused Crowe to make reference to the subject matter of the disagreement in connection with its reports on the Company's consolidated financial statements for such years and (ii) no "reportable events."

*Engagement of New Independent Registered Public Accountants.*

On May 25, 2023, the Audit Committee appointed Davidson & Company LLP ("Davidson") as the Company's independent registered public accounting firm for the fiscal year ended March 31, 2023.

During the fiscal years ended March 31, 2022 and 2021 and the subsequent interim period through December 31, 2022, neither the Company nor anyone on its behalf has consulted with Davidson with respect to either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report nor oral advice was provided to the Company that Davidson concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement or a reportable event.

*Dismissal of Independent Registered Public Accountants*

On September 28, 2023, the Audit Committee dismissed Davidson as the Company's independent registered public accounting firm. The reports of Davidson on the Company's consolidated financial statements for the fiscal year ended March 31, 2023 did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal year ended March 31, 2023 and through the date of Davidson's dismissal, there were (i) no "disagreements" between the Company and Davidson on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Davidson would have caused Davidson to make reference to the subject matter of the disagreement in connection with its reports on the Company's consolidated financial statements for such years and (ii) no "reportable events."

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*Engagement of New Independent Registered Public Accountant*

On September 28, 2023, the Audit Committee appointed MNP LLP ("MNP") as the Company's independent registered public accounting firm for the fiscal year ended March 31, 2024.

During the fiscal year ended March 31, 2024, neither the Company nor anyone on its behalf had consulted with MNP with respect to either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report nor oral advice was provided to the Company that MNP concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement or a reportable event.

*Dismissal of Independent Registered Public Accountants*

On March 25, 2025, the Audit Committee dismissed MNP as the Company's independent registered public accounting firm. The reports of MNP on the Company's consolidated financial statements for the fiscal year ended March 31, 2024 did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal year ended March 31, 2024 and through the date of MNP's dismissal, there were (i) no "disagreements" between the Company and MNP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of MNP would have caused MNP to make reference to the subject matter of the disagreement in connection with its reports on the Company's consolidated financial statements for such years and (ii) no "reportable events."

*Engagement of New Independent Registered Public Accountant*

On March 25, 2025, the Audit Committee appointed Davidson as the Company's independent registered public accounting firm for the fiscal year ended March 31, 2025.

During the fiscal year ended March 31, 2025, neither the Company nor anyone on its behalf has consulted with Davidson with respect to either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report nor oral advice was provided to the Company that Davidson concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement or a reportable event.

**ITEM 16G. CORPORATE GOVERNANCE.**

The Company was incorporated as FAR RESOURCES LTD. under the BCBCA on July 7, 2005 (Number: BC0729352). The Company changed its name to Foremost Lithium Resource & Technology Ltd. on January 4, 2022 and later to Foremost Clean Energy Ltd. on September 30, 2024. Our corporate governance practices are governed by applicable laws of British Columbia and our certificate of incorporation and amendments. In addition, because our common shares are listed on the Nasdaq Stock Market, or Nasdaq, we are subject to Nasdaq's corporate governance requirements.

We are currently following some Canadian corporate governance practices in lieu of Nasdaq corporate governance listing standards as follows:

● We are currently following Canadian corporate governance practice in lieu of Nasdaq Rule 5605(d)(2), which requires a compensation committee to compose entirely of independent directors. Our chairman serves as non-independent director in the compensation committee.

● We are currently following Canadian corporate governance practice in lieu of Nasdaq Rule 5605(e)(1)(B), which requires a nominating and corporate governance committee to compose entirely of independent directors. Our chairman serves as the non-independent director in our nominating and corporate governance committee.

● We are currently following Canadian corporate governance practice in lieu of Nasdaq Rule 5635, which requires shareholder approval prior to the issuance of securities in connection with the acquisition of the stock or assets of another company in certain circumstances.

● We are currently following Canadian corporate governance practice in lieu of Nasdaq Rule 5635(c), which requires shareholder approval for the establishment of or any material amendments to equity compensation or purchase plans or other equity compensation arrangements.

● We are currently following Canadian corporate governance practice in lieu of Nasdaq Rule 5635(d), which requires shareholder approval in order to enter into any transaction, other than a public offering, involving the sale, issuance or potential issuance by the Company of common shares (or securities convertible into or exercisable for common shares) equal to 20% or more of the outstanding share capital of the Company or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of the common shares.

● We are currently following Canadian corporate governance practice in lieu of Nasdaq Rule 5605(b)(2) which requires the Company's independent directors to have regularly scheduled meetings at which only independent directors are present.

Our Canadian counsel has provided relevant letters to Nasdaq certifying that under Canadian law, we are not required to seek shareholders' approval in the above circumstances.

**ITEM 16H. MINE SAFETY DISCLOSURE.**

Not applicable.

**ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.**

Not applicable.

**ITEM 16J. INSIDER TRADING POLICIES.**

Foremost has adopted an insider trading policy (the "Insider Trading Policy"), which governs the purchase, sale, and other disposal of the Company's securities by directors, executive officers, and employees. Foremost believes that the Insider Trading Policy is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to Foremost.

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A copy of the Insider Trading Policy is attached as an exhibit to this Annual Report on Form 20-F.

**ITEM *16K.* CYBERSECURITY.**

We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and other data related to our ongoing research and development initiatives, which we refer to as Information Systems and Data. Our information technology function helps identify, assess and manage our cybersecurity threats and risks. Our information technology function identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example, automated vulnerability scanning tools of the network, third-party cybersecurity audits, and use of external intelligence feeds. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example, vulnerability management, disaster recovery and business continuity plan, incident response policy, system monitoring, data encryption and access controls.

**PART III**

**ITEM 17. FINANCIAL STATEMENTS**

The Company has elected to provide financial statements pursuant to Item 18.

**ITEM 18. FINANCIAL STATEMENTS**

Our audited Financial Statements are included as the "F" pages attached to this report.

All financial statements in this Annual Report, unless otherwise stated, are presented in accordance with IFRS.

**ITEM 19. EXHIBITS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Description** | **Registrant**'**s Form** | **Date Filed** | **Exhibit Number** | **Filed Herewith** |
| [<u>1.1</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392622001244/filename2.htm) | [<u>Certificate of Incorporation</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392622001244/filename2.htm) | F-1 | 9/9/22 | 3.1 |  |
| [<u>2.1</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename3.htm) | [<u>Form of Unit Warrant</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename3.htm) | F-1/A | 4/14/23 | 4.2 |  |
| [<u>2.2</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename2.htm) | [<u>Form of Finder'</u><u>s Warrant</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename2.htm) | F-1/A | 4/14/23 | 4.1 |  |
| [<u>2.3</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000691/g083528_ex4-3.htm) | [<u>Form of Representative'</u><u>s Warrant</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000691/g083528_ex4-3.htm) | F-1 | 5/18/23 | 4.3 |  |
| [<u>4.1</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename13.htm) | [<u>Option Agreement by and between the Company, Top Notch Marketing Ltd., R. Ross Blusson, and Double-U-Em Investments Ltd. dated April 28, 2016</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename13.htm) | F-1/A | 1/17/23 | 10.12 |  |
| [<u>4.2</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename12.htm) | [<u>Option Agreement by and between the Company and Strider Resources Limited, dated August 4, 2016</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename12.htm) | F-1/A | 1/17/23 | 10.11 |  |
| [<u>4.3</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename8.htm) | [<u>Amendment to Option Agreement by and between the Company, Top Notch Marketing Ltd., and Double-U-Em Investments Ltd. Dated April 28, 2017</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename8.htm) | F-1/A | 1/17/23 | 10.7 |  |
| [<u>4.4</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename10.htm) | [<u>Option Agreement by and between the Company and Strider Resources Limited, dated September 20, 2017</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename10.htm) | F-1/A | 1/17/23 | 10.9 |  |
| [<u>4.5</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename11.htm) | [<u>Option Agreement by and between the Company and 92 Resources Corp. dated February 28, 2018</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename11.htm) | F-1/A | 1/17/23 | 10.10 |  |
| [<u>4.6</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename9.htm) | [<u>Stock Option Agreement dated January 15, 2021, by and between the Company and David Edmondson</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename9.htm) | F-1/A | 1/17/23 | 10.8 |  |
| [<u>4.7</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename2.htm) | [<u>Option Agreement by and between the Company and Mount Morgan Resources Ltd., dated July 30, 2021</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename2.htm) | F-1/A | 1/17/23 | 10.1 |  |
| [<u>4.8</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename3.htm) | [<u>Company Stock Option Plan (2021)</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename3.htm) | F-1/A | 1/17/23 | 10.2 |  |
| [<u>4.9</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename4.htm) | [<u>Promissory Note to Jason Barnard and Christina Barnard, dated May 10, 2022</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename4.htm) | F-1/A | 1/17/23 | 10.3 |  |
| [<u>4.10</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename5.htm) | [<u>General Security Agreement by and between the Company and Jason Barnard and Christina Barnard, dated May 10, 2022</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename5.htm) | F-1/A | 1/17/23 | 10.4 |  |
| [<u>4.11</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename6.htm) | [<u>Mineral Property Acquisition Agreement by and between the Company and Mae de Graff, dated June 9, 2022</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename6.htm) | F-1/A | 1/17/23 | 10.5 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| [<u>4.12</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename7.htm) | [<u>Option Agreement by and between the Company and Strider Resources Limited, dated June 28, 2022</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000060/filename7.htm) | F-1/A | 1/17/23 | 10.6 |  |
| [<u>4.13†</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000691/g083528_ex10-13.htm) | [<u>Employment Agreement between Jason Barnard, and the Company dated May 10, 2023</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000691/g083528_ex10-13.htm) | F-1 | 5/18/23 | 10.13 |  |
| [<u>4.14†</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename6.htm) | [<u>Consulting Agreement between C. Driver Ltd and the Company dated December 15, 2022</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename6.htm) | F-1/A | 4/14/23 | 10.13 |  |
| [<u>4.15</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000691/g083528_ex10-15.htm) | [<u>Amendment to Promissory Note to Jason Barnard and Christina Barnard, dated May 1, 2023</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000691/g083528_ex10-15.htm) | F-1 | 5/18/23 | 10.15 |  |
| [4.16](ex_830363.htm) | [Option Agreement between the Company and Athabasca Uranium Exploration Assets dated September 23, 2024](ex_830363.htm) |  |  |  | X |
| [4.17](ex_830364.htm) | [Investor Rights Agreement between the Company and Denison Mines Corp. dated October 4, 2024](ex_830364.htm) |  |  |  | X |
| [4.18](ex_830365.htm) | [Loan Purchase and Assignment Agreement between the parties listed thereto dated October 4, 2024](ex_830365.htm) |  |  |  | X |
| [4.19](ex_830366.htm) | [Third Amended Promissory Note between the Company and Jason and Christina Barnard dated October 4, 2024](ex_830366.htm) |  |  |  | X |
| [<u>8.1</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000776/g083581_ex21-1.htm) | [<u>List of Subsidiaries</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000776/g083581_ex21-1.htm) | F-1/A | 6/6/23 | 21.1 |  |
| [11.1](http://www.sec.gov/Archives/edgar/data/1935418/000117184324003729/ex_690702.htm) | [Code of Business Conduct and Ethics](http://www.sec.gov/Archives/edgar/data/1935418/000117184324003729/ex_690702.htm) | 20-F | 7/1/24 | 11.1 |  |
| [11.2](http://www.sec.gov/Archives/edgar/data/1935418/000117184324003729/ex_690896.htm) | [Insider Trading Policy](http://www.sec.gov/Archives/edgar/data/1935418/000117184324003729/ex_690896.htm) | 20-F | 7/1/24 | 11.2 |  |
| [12.1](ex_829865.htm) | [CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex_829865.htm) |  |  |  | X |
| [12.2](ex_829866.htm) | [CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex_829866.htm) |  |  |  | X |
| [13.1](ex_829867.htm) | [CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_829867.htm) |  |  |  | X |
| [13.2](ex_829868.htm) | [CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_829868.htm) |  |  |  | X |
| [15.1](ex_830038.htm) | [Davidson Change in Auditors Item 16F Letter](ex_830038.htm) (PCAOB ID: 731) |  |  |  | X |
| [15.2](ex_830039.htm) | [MNP Change in Auditors Item 16F Letter](ex_830039.htm) ‎(PCAOB ID: 1930) |  |  |  | X |
| [<u>96</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename9.htm) | [<u>Technical Report Summary (Zoro Lithium Project)</u>](http://www.sec.gov/Archives/edgar/data/1935418/000175392623000433/filename9.htm) | F-1/A | 4/14/23 | 96.1 |  |
| [97](http://www.sec.gov/Archives/edgar/data/1935418/000117184324003729/ex_690630.htm) | [Recovery Policy](http://www.sec.gov/Archives/edgar/data/1935418/000117184324003729/ex_690630.htm) | 20-F | 7/1/24 | 97 |  |
| 101.INS | Inline XBRL Instance Document |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |  |  | X |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  | X |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |  |  | X |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |  |  |  | X |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  | X |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  | X |

---

---

| | |
|:---|:---|
| † | Indicates management contract or compensatory plan or arrangement |

---

Some agreements filed as exhibits to this Annual Report contain representations and warranties that the parties thereto made to each other. These representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been qualified by specific information that has been disclosed to the other parties to such agreements and that may not be reflected in such agreements. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements contained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such representations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter of any such representations and warranties may have changed since the date of such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139

------

**SIGNATURES**

The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

**Foremost Clean Energy Ltd.**

---

| | | | |
|:---|:---|:---|:---|
| **By:** | **/s/ Jason Barnard** | **By:** | **/s/ Dong Shim** |
| **Name: Jason Barnard** | **Name: Jason Barnard** | **Name: Dong Shim** | **Name: Dong Shim** |
| **Title: Chief Executive Officer** | **Title: Chief Executive Officer** | **Title: Chief Financial Officer** | **Title: Chief Financial Officer** |
| **(Principal Executive Officer)** | **(Principal Executive Officer)** | **(Principal Financial and Accounting Officer)** | **(Principal Financial and Accounting Officer)** |
| **Date: June 20, 2025** | **Date: June 20, 2025** | **Date: June 20, 2025** | **Date: June 20, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

**Consolidated Financial Statements**

**(Expressed in Canadian Dollars)**

**For the years ended March 31, 2025, 2024 and 2023**

**Corporate Head Office**

250 – 750 West Pender Street

Vancouver, BC

V6C 2T7

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

(Expressed in Canadian Dollars)

March 31, 2025 and 2024

------

---

| | |
|:---|:---|
| **<u>INDEX</u>** | **<u>Page</u>** |
| [**Reports of independent registered public accounting firms**](#report) ‎(PCAOB ID: 731) | **[F-3](#report) - [F-5](#mnp)** |
| [**Consolidated Financial Statements**](#financialposition) | [**F-4**](#financialposition) **- [F-9](#cashflows)** |
| [Consolidated Statements of Financial Position](#financialposition) | [F-6](#financialposition) |
| [Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income](#lossincome) | [F-7](#lossincome) |
| [Consolidated Statements of Changes in Shareholders' Equity](#equity) | [F-8](#equity) |
| [Consolidated Statements of Cash Flows](#cashflows) | [F-9](#cashflows) |
| [**Notes to Consolidated Financial Statements**](#notesstart) | **[F-10](#notesstart) - [F-50](#notesend)** |

---

&nbsp;&nbsp;&nbsp;&nbsp; F-2

------

**AUDIT REPORT**

![davidhdr.jpg](davidhdr.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Directors of

Foremost Clean Energy Ltd. (Formerly Foremost Lithium Resource & Technology Ltd.)

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated statement of financial position of Foremost Clean Energy Ltd. (Formerly Foremost Lithium Resource & Technology Ltd.) (the "Company"), as of March 31, 2025, and the related consolidated statements of (loss) income and comprehensive (loss) income, changes in shareholders' equity, and cash flows for the years ended March 31, 2025 and 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025, and the results of its operations and its cash flows for the years ended March 31, 2025 and 2023, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

The financial statements of the Company for the year ended March 31, 2024, were audited by other auditors, whose report dated June 28, 2024, expressed an unqualified opinion on those statements. We have also audited the adjustments to retrospectively apply the change in accounting policy described in Note 3 to the financial statements. In our opinion, the retrospective adjustments are appropriate and have been properly applied.

***Going Concern***

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has had significant losses resulting in a deficit of $24,455,404 that raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![davidson_ftr.jpg](davidson_ftr.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-3

------

We have served as the Company's auditor since 2025.

**/s/ DAVIDSON & COMPANY LLP**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vancouver, Canada | Chartered Professional Accountants |

---

June 18, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-4

------

![mnp.jpg](mnp.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of Foremost Clean Energy Ltd. (formerly Foremost Lithium Resource & Technology Ltd.)

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statement of financial position of Foremost Clean Energy Ltd. (formerly Foremost Lithium Resource & Technology Ltd.) (the "Company") as of March 31, 2024, and the related consolidated statements of (loss) income and comprehensive (loss) income, of changes in shareholders' equity, and of cash flows for the year ended March 31, 2024, and the related notes (collectively referred to as the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2024, and the results of its consolidated operations and its consolidated cash flows for the year ended March 31, 2024, in conformity with IFRS® Accounting Standards as issued by the International Accounting Standards Board.

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
| */s/ MNP LLP* |
| Chartered Professional Accountants |
| We served as the Company's auditor from 2023 to 2024. |
| Vancouver, Canada |
| June 28, 2024 |

---

---

| | |
|:---|:---|
| **MNP LLP** | 1.877.688.8408 T: 604.685.8408 F: 604.685.8594 |
| 2200 - 1021 West Hastings Street, Vancouver BC, V6E 0C3 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; F-5

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Consolidated Statements of Financial Position

As at March 31,

(Expressed in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current**  |  |  |
| Cash | $5005346 | $998262 |
| Receivables | 231857 | 146209 |
| Prepaid expenses and deposits | 123337 | 340742 |
|  | 5360540 | 1485213 |
| **Non-Current** |  |  |
| Prepaid expenses and deposits | 151981 | 19231 |
| Promissory note receivable (Note 5) | 520000 |  |
| Investment in associate (Note 4) | 383733 |  |
| Exploration and evaluation assets (Note 6) | 21324785 | 15094413 |
| **Total Assets**  | $**27741039** | $**16598857** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current** |  |  |
| Accounts payable and accrued liabilities (Notes 7 and 10) | $306118 | $1582188 |
| Term loans payable (Note 8) | 521368 | 1138520 |
| Flow-through premium liability (Notes 9 and 15) | 1791526 | 11666 |
| Deferred gain on spin-out transaction (Note 17) | 477000 |  |
| Derivative liability (Note 9) | 152765 | 656946 |
| **Total Liabilities** | **3248777** | **3389320** |
| **Shareholders' Equity** |  |  |
| Capital stock (Note 9) | 45666733 | 32123613 |
| Subscriptions received (Note 9) |  | 105000 |
| Reserves (Note 9) | 3280933 | 2462047 |
| Deficit | (24455404) | (21481123) |
| **Total Shareholders**' **Equity** | **24492262** | **13209537** |
| **Total Liabilities and Shareholders**' **Equity** | $**27741039** | $**16598857** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 19)

**Approved and authorized on behalf of the Board on June 18, 2025:**

---

| | |
|:---|:---|
| (Signed) "*Jason Barnard*" | (Signed) "*Andrew Lyons*" |
| Jason Barnard, Director | Andrew Lyons, Director |

---

The accompanying notes are an integral part of these consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-6

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income

For the years ended March 31,

(Expressed in Canadian Dollars, except for share and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
| **EXPENSES** |  |  |  |
| Consulting (Note 10) | $160341 | $120801 | $405138 |
| Investor relations and promotion (Note 10) | 1440910 | 851614 | 157983 |
| Listing fee | 26000 | 54184 |  |
| Management and director fees (Note 10) | 808550 | 754542 | 381819 |
| Office and miscellaneous | 306323 | 267690 | 87866 |
| Property investigation costs |  |  | 4399 |
| Professional fees | 1926012 | 1178691 | 1576974 |
| Share-based payments (Notes 9 and 10) | 872879 | 910700 | 815428 |
| Transfer agent and filing fees | 250316 | 290042 | 75446 |
| Travel | 25209 | 70379 | 31466 |
| **Loss before other items** | (5816540) | (4498643) | (3536519) |
| Change in fair value of derivatives (Note 9) | 498534 | 166651 |  |
| Finance income on sublease |  | 1314 | 8879 |
| Foreign exchange loss | (43504) | (35996) | (29423) |
| Gain on forgiveness of debt (Notes 7 and 16) | 106624 | 10000 | 184813 |
| Gain on long-term investment |  | 671 | (5100) |
| Gain on sublease |  | 2962 | 5925 |
| Gain on sale of property (Note 6) |  |  | 3500000 |
| Interest expense (Note 8) | (97359) | (126606) | (104031) |
| Equity loss on investment in associate (Note 4) | (105760) |  |  |
| Gain on spin-out transaction (Note 17) | 1914814 |  |  |
| Other income | 176 |  |  |
| Recovery of flow-through premium liability (Notes 9 and 15) | 120902 | 8477 | 977534 |
| Tax penalties and interest (Note 13) | (193262) |  |  |
| Write-off of prepaid expenses |  | (1000) | (48000) |
| Write off of short-term loans payable (Note 8) |  |  | 2500 |
| **Net (Loss) Income and Comprehensive (Loss) Income for the year** | $**(3615375)** | $**(4472170)** | $**956578** |
| **Basic (loss) earnings per common share** | $(0.48) | $(0.99) | $0.25 |
| **Diluted (loss) earnings per common share** | $(0.48) | $(0.99) | $0.24 |
| **Weighted average number of common shares outstanding - Basic** | 7512279 | 4518348 | 3836323 |
| **Dilutive effect - options** |  |  | 85182 |
| **Dilutive effect - warrants** |  |  | 11181 |
| **Weighted average number of common shares outstanding** – **Diluted** | 7512279 | 4518348 | 3932686 |

---

The accompanying notes are an integral part of these consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-7

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Consolidated Statements of Changes in Shareholders' Equity

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Capital Stock** | **Subscriptions received in advance** | **Reserves** | **Deficit** | **Total Shareholders'**<br> **Equity** |
| **Balance, March 31, 2022** | **3608519** | $**24164441** | $**-** | $**2294394** | $**(19717089)** | $**6741746** |
| Shares issued – exploration and evaluation assets (Notes 6 and 9) | 17595 | 152454 |  |  |  | 152454 |
| Shares issued – private placement (Note 9) | 97753 | 1661807 |  |  |  | 1661807 |
| Flow-through premium (Note 9) | *-* | (977534) |  |  |  | (977534) |
| Share issue costs – paid in cash (Note 9) | *-* | (99624) |  |  |  | (99624) |
| Share issue costs – agents warrants (Note 9) | *-* | (22000) |  | 22000 |  |  |
| Shares issued – options exercised (Note 9) | 13000 | 156278 |  | (78528) |  | 77750 |
| Shares issued – warrants exercised (Note 9) | 212750 | 1059017 |  |  |  | 1059017 |
| Shares issued – PSU redeemed (Note 9) | 20000 | 355000 |  | (355000) |  |  |
| Share-based payments (Notes 9 and 10) | *-* |  |  | 815428 |  | 815428 |
| Transfer of cancelled/forfeited options | *-* |  |  | (891400) | 891400 |  |
| Income for the year | *-* |  |  |  | 956578 | 956578 |
| **Balance, March 31, 2023** | **3969617** | **26449839** | **-** | **1806894** | **(17869111)** | **10387622** |
| Shares issued – exploration and evaluation assets (Notes 6 and 9) | 29900 | 235600 |  |  |  | 235600 |
| Shares issued – private placement (Note 9) | 1141592 | 7047668 |  |  |  | 7047668 |
| Warrant premium on private placements (Note 9) | *-* | (377911) |  | 377911 |  |  |
| Flow-through premium on private placements (Note 9) | *-* | (20143) |  |  |  | (20143) |
| Share issue costs – paid in cash (Note 9) | *-* | (480415) |  |  |  | (480415) |
| Finder fee warrants – private placement (Note 9) | *-* | (280100) |  | 280100 |  |  |
| Derivative liability (Note 9) | *-* | (823597) |  |  |  | (823597) |
| Subscriptions received in advance | *-* |  | 105000 |  |  | 105000 |
| Shares issued – options exercised (Note 9) | 36000 | 184800 |  | (53400) |  | 131400 |
| Shares issued – for services (Note 9) | 30900 | 187872 |  |  |  | 187872 |
| Share-based payments (Notes 9 and 10) | *-* |  |  | 910700 |  | 910700 |
| Transfer of cancelled/forfeited options | *-* |  |  | (860158) | 860158 |  |
| Loss for the year | *-* |  |  |  | (4472170) | (4472170) |
| **Balance, March 31, 2024** | **5208009** | **32123613** | **105000** | **2462047** | **(21481123)** | **13209537** |
| Shares issued – exploration and evaluation assets (Notes 6 and 9) | 1836416 | 6866449 |  |  |  | 6866449 |
| Shares issued – private placements (Note 9) | 3292971 | 11955379 | (105000) |  |  | 11850379 |
| Warrant premium on private placements (Note 9) | *-* | (761375) |  | 761375 |  |  |
| Flow-through premium on private placements (Note 9) | *-* | (1900762) |  |  |  | (1900762) |
| Share issue costs – paid in cash (Note 9) | *-* | (675557) |  |  |  | (675557) |
| Share issue costs – paid in finder's warrants (Note 9) | *-* | (201500) |  | 201500 |  |  |
| Shares issued – RSU redeemed (Note 9) | 82570 | 224591 |  | (224591) |  |  |
| Share-based payments (Notes 9 and 10) | *-* |  |  | 872879 |  | 872879 |
| Warrants expired | *-* |  |  | (22001) | 22001 |  |
| Transfer of cancelled/forfeited options | *-* |  |  | (619093) | 619093 |  |
| Transfer of net assets pursuant to spin-out | *-* | (1964105) |  | (151183) |  | (2115288) |
| Loss for the year | *-* |  |  |  | (3615375) | (3615375) |
| **Balance, March 31, 2025** | **10419966** | $**45666733** | $**-** | $**3280933** | $**(24455404)** | $**24492262** |

---

The accompanying notes are an integral part of these consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-8

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Consolidated Statements of Cash Flows

For the year ended March 31,

(Expressed in Canadian Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| (Loss) Income and comprehensive (loss) income for the year | $(3615375) | $(4472170) | $956578 |
| Item not affecting cash: |  |  |  |
| Share-based payments | 872879 | 910700 | 815428 |
| Interest expense | 96768 | 128033 | 8151 |
| Change in fair value of derivatives | (498534) | (166651) |  |
| Gain on sale of property |  |  | (3500000) |
| Recovery of flow-through premium liability | (120902) | (8477) | (977534) |
| Finance income on sublease |  | (1314) | (8879) |
| Gain on forgiveness of debt | (106624) | (10000) | (184813) |
| Equity loss on investment in associate | 105760 |  |  |
| Gain on long-term investment |  | (671) | 5100 |
| Gain on spin-out transaction | (1914814) |  |  |
| Write off of prepaid |  |  | 48000 |
| Write off of short-term payable |  |  | (2500) |
| Changes in non-cash working capital items: |  |  |  |
| Receivables | (85648) | (13694) | (46624) |
| Prepaid expenses and deposits | 223478 | (278859) | (762) |
| Accounts payable and accrued liabilities | 1262618 | 148339 | 411746 |
| Loan repayments |  | (30000) |  |
| Net cash used in operating activities | (3780394) | (3794764) | (2476109) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| Exploration and evaluation acquisition costs | (249957) | (198829) | (294962) |
| Exploration and evaluation expenditures | (1967017) | (2382193) | (4368564) |
| Exploration and evaluation recoveries | 200000 | 200000 | 300000 |
| Receipt of sublease payments |  | 32851 | 65702 |
| Sale proceeds from investment |  | 3571 |  |
| Cash held by spun out subsidiary | (656450) |  |  |
| Sale of property |  |  | 3500000 |
| Net cash used in investing activities | (2673424) | (2344600) | (797824) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| Private placements | 11850379 | 7047668 | 1661807 |
| Share issue costs | (675557) | (480415) | (99624) |
| Exercise of warrants |  |  | 1059017 |
| Exercise of options |  | 131400 | 77750 |
| Short-term loan received (repayment) | (600000) | (102711) | 985742 |
| Short-term loan interest repaid | (113920) | (102090) |  |
| Subscription received in advance |  | 105000 |  |
| Repayment of lease obligations |  | (35813) | (71627) |
| Net cash provided by financing activities | 10460902 | 6563039 | 3613065 |
| **Change in cash for the year** | 4007084 | 423675 | 339132 |
| **Cash, beginning of year** | 998262 | 574587 | 235455 |
| **Cash, end of year** | $5005346 | $998262 | $574587 |
| Cash paid for interest and taxes | $113920 | $102090 | $88800 |

---

SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS (Note 14)

The accompanying notes are an integral part of these consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-9

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***1.*** **NATURE OF OPERATIONS AND GOING CONCERN**

Foremost Clean Energy Ltd. (formerly Foremost Lithium Resource & Technology Ltd.) ("Foremost" or the "Company") which was incorporated under the laws of the Province of British Columbia, is a public company listed on the Canadian Securities Exchange (the "CSE") and trades under the symbol FAT and on the NASDAQ Stock Market LLC ("NASDAQ") under the symbols FMST and FMSTW. The Company's head office is located at *250* – *750* West Pender Street, Vancouver, BC, *V6C 2T7.*

On *July 5, 2023,* the Company consolidated its common shares on the basis of *fifty* (*50*) pre-consolidation common shares for *one* (*1*) post-consolidation common share. All shares, warrants and stock options in these consolidated financial statements are on a post consolidated basis.

On *September 30, 2024,* the Company changed its name to Foremost Clean Energy Ltd.

The Company is an exploration company focused on the identification and development of high potential mineral opportunities in stable jurisdictions.

<u>Going concern of operations</u>

These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As at *March 31, 2025,* the Company has had significant losses resulting in a deficit of $24,455,404 (*2024* - $21,481,123; *2023* - $17,869,111). In addition, the Company has *not* generated revenues from operations. The Company has financed its operations primarily through the issuance of common shares and short-term loans. The Company continues to seek capital through various means including the issuance of equity and/or debt. These material uncertainties cast substantial doubt as to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These consolidated financial statements do *not* include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations. Any such adjustments *may* be material.

In order to continue as a going concern and to meet its corporate objectives, the Company will require additional financing through debt or equity issuances or other available means. Although the Company has been successful in the past in obtaining financing, there is *no* assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

***2.*** **BASIS OF PRESENTATION**

**a)** **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.

**b)** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *10*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***2.*** **BASIS OF PRESENTATION** (Continued)

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.*

**c)** **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<br> Activity | Ownership percentage at<br> March 31, 2025 | Ownership percentage at<br> March 31, 2024 | Ownership percentage at<br> March 31, 2023 |
| Sierra Gold & Silver Ltd. ("Sierra") | *USA* | *Holding Company* | Nil | 100% | 100% |
| Rio Grande Resources Ltd. ("Rio Grande")\* | *Canada* | *Holding Company* | 19.95% | Nil | Nil |

---

\*Rio Grande was newly incorporated on *July 19, 2024* for the purpose of the spin-out that was completed on *January 31, 2024 (*Note *17*). Both Sierra and Rio Grande were consolidated into Foremost through *January 31, 2024.*

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION**

**Use of estimates and judgments**

The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, revenue and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes *may* differ from these estimates.

<u>Material accounting judgments and critical accounting estimates</u> 

Material accounting judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements include, but are *not* limited to, the following:

*Going concern*

The assumption that the Company will be able to continue as a going concern is subject to critical judgments of management with respect to assumptions surrounding the short and long-term operating budget, expected profitability, investing and financing activities, and management's strategic planning. Should those judgments prove to be inaccurate, management's continued use of the going concern assumption could be inappropriate.

*Exploration and evaluation assets*

The application of the Company's accounting policy for exploration and evaluation expenditure requires judgment in determining the point at which a property has economically recoverable resources, in which case subsequent exploration costs and the costs incurred to develop the property are capitalized into development assets. The determination *may* be based on assumptions about future events or circumstances. Estimates and assumptions *may* change if new information becomes available. If, after an expenditure is capitalized, information becomes available suggesting that the recovery of the expenditure is unlikely, the amount capitalized is written off in profit or loss in the year when new information becomes available.

Determining whether to test for impairment of mineral exploration properties and deferred exploration assets requires management's judgment regarding the following factors, among others: the year for which the entity has the right to explore in the specific area has expired or will expire in the near future, and is *not* expected to be renewed; substantive expenditure on further exploration and evaluation of mineral resources in a specific area is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have *not* led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; or sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amounts of the exploration assets are unlikely to be recovered in full from successful development or by sale.

When an indication of impairment loss or a reversal of an impairment loss exists, the recoverable amount of the individual asset must be estimated. If it is *not* possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs must be determined. Identifying the cash-generating units requires management judgment. In testing an individual asset or cash-generating unit for impairment and identifying a reversal of impairment losses, management estimates the recoverable amount of the asset or the cash-generating unit. This requires management to make several assumptions as to future events or circumstances. These assumptions and estimates are subject to change if new information becomes available.

Actual results with respect to impairment losses or reversals of impairment losses could differ in such a situation and significant adjustments to the Company's assets and earnings *may* occur during the next year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *11*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

*Decommissioning liabilities*

The Company recognizes the liability for statutory, contractual, constructive or legal obligations, including those associated with the reclamation of mineral properties, when those obligations result from the exploration or development of its properties. The Company assesses its provision for site reclamation on an ongoing basis. Significant estimates and assumptions are made in determining the provision for site reclamation, as there are numerous factors that will affect the ultimate liability payable. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost increases as compared to inflation rates, and discount rates. Those uncertainties *may* result in future actual expenditures differing from the amounts currently provided.

*Classification of investments as subsidiaries, joint ventures, associated companies and portfolio investments* 

Classification of investments requires judgement as to whether the Company controls, has joint control of or significant influence over the strategic financial and operating decisions relating to the activity of the investee. In assessing the level of control or influence that the Company has over an investment, management considers ownership percentages, board representation as well as other relevant provisions in shareholder agreements. If an investor holds *20%* or more of the voting power of the investee, it is presumed that the investor has significant influence, unless it can be clearly demonstrated that this is *not* the case. Conversely, if the investor holds less than *20%* of the voting power of the investee, it is presumed that the investor does *not* have significant influence, unless such influence can be clearly demonstrated.

*Contingencies* 

Contingencies by their nature, will only be resolved when *one* or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events.

*Share-based payments*

Share-based payments are subject to estimation of the value of the award at the date of grant using pricing models such as the Black-Scholes option valuation model. The option valuation model requires the input of highly subjective assumptions including the expected stock price volatility. Because the Company's stock options have characteristics significantly different from those of traded options and because the subjective input assumptions can materially affect the calculated fair value, such value is subject to measurement uncertainty.

*Income taxes*

The determination of income tax is inherently complex and requires making certain estimates and assumptions about future events. While income tax filings are subject to audits and reassessments, the Company has adequately provided for all income tax obligations. However, changes in facts and circumstances as a result of income tax audits, reassessments, jurisprudence and any new legislation *may* result in an increase or decrease in our provision for income taxes. Management reassesses at reporting periods the likelihood of taxable income in future periods in order to determine whether to recognize any deferred tax assets.

**Foreign currency translation**

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the functional currency of the entity at the exchange rate in existence at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated at the period end date exchange rates.

The functional currency of the parent entity and its subsidiaries is the Canadian dollar, which is also the presentation currency of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *12*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

**Financial instruments**

IFRS *9* uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value. The approach in IFRS *9* is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial asset.

The classification of debt instruments is driven by the business model for managing the financial assets, liabilities and their contractual cash flow characteristics. Debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest.

If the business model is *not* to hold the debt instrument, it is classified as fair value through profit or loss ("FVTPL"). Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest.

The Company classifies its financial assets into *one* of the categories described below, depending on the purpose for which the asset was acquired. Management determines the classification of its financial assets at initial recognition.

Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL, and on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at fair value through other comprehensive income ("FVTOCI").

FVTPL - Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statement of (loss) income and comprehensive (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the statement of (loss) income and comprehensive (loss) income in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges.

FVTOCI - Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently, they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is *no* subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.

Financial assets at amortized cost - A financial asset is measured at amortized cost using the effective interest method if the objective of the business model is to hold the financial asset for the collection of contractual cash flows and the asset's contractual cash flows are comprised solely of payments of principal and interest. They are classified as current assets or noncurrent assets based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost less any impairment.

The following table shows the classification and measurement of the Company's financial instruments under IFRS *9:*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial assets/liabilities** | **Classification and measurement** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | at amortized cost |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables | at amortized cost |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promissory note receivable | at amortized cost |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | at amortized cost |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loans payable | at amortized cost |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liability | at FVTPL |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *13*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

**Financial instruments** (Continued)

Financial liabilities other than derivative liabilities are recognized initially at fair value and are subsequently stated at amortized cost. Transaction costs on financial assets and liabilities other than those classified at FVTPL are treated as part of the carrying value of the asset or liability. Transaction costs for assets and liabilities at FVTPL are expensed as incurred.

A financial asset is derecognized when the contractual right to the asset's cash flows expire or if the Company transfers the financial asset and substantially all risks and rewards of ownership to another entity.

The Company derecognizes a financial liability when its obligations are discharged, cancelled or expired.

**Impairment of financial assets at amortized cost**

The Company recognizes the expected credit losses ("ECL") model on a forward-looking basis on financial assets that are measured at amortized cost, contract assets and debt instruments carried at FVTOCI.

At each reporting date, the Company measures the ECL for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has *not* increased significantly since initial recognition, the Company measures the ECL for the financial asset at an amount equal to *twelve* month expected credit losses. The Company applies the simplified method and measures a loss allowance equal to the lifetime expected credit losses for trade receivables.

The Company recognizes in profit and loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. The loss allowance was $Nil as at *March 31, 2025, 2024* and *2023.*

**Government grants**

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period the expense costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the cost of the asset is reduced by the amount of the grant and the grant is recognized as a reduced depreciation expense over the expected useful life of the asset.

**Mineral properties - exploration and evaluation assets**

*Pre-exploration costs*

Pre-exploration costs are expensed in the year in which they are incurred.

*Exploration and evaluation expenditures*

Once the legal right to explore a property has been acquired, all costs related to the acquisition, exploration and evaluation of the property are capitalized. These direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, and depreciation on plant and equipment during the exploration phase. Costs *not* directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur.

When a project is deemed to *no* longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *14*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

**Mineral properties - exploration and evaluation assets** (Continued)

The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset *may* exceed its recoverable amount.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as "mines under construction". Exploration and evaluation assets are tested for impairment before the assets are transferred to development properties.

As the Company currently has *no* operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs.

Exploration and evaluation assets are classified as intangible assets.

The Company enters into farm-out arrangements, whereby the Company will transfer part of a mineral interest, as consideration, for an agreement by the transferee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does *not* record any expenditures made by the farmee on its behalf. Any cash or other consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess consideration accounted for as a gain on disposal.

The Company accounts for mining tax credits as a reduction to capitalized exploration costs when there is reasonable assurance of receipt.

**Provision for environmental rehabilitation** 

The Company recognizes liabilities for legal or constructive obligations associated with the retirement of exploration and evaluation assets and equipment. The net present value of future rehabilitation costs is capitalized to the related asset along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value.

The Company's estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related assets with a corresponding entry to the rehabilitation provision.

Decommissioning obligations:

The Company's activities *may* give rise to dismantling, decommissioning and site disturbance re-mediation activities. A provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.

Decommissioning obligations are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the reporting date. Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs whereas increases due to changes in the estimated future cash flows are capitalized. Actual costs incurred upon settlement of the decommissioning obligations are charged against the provision to the extent the provision was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *15*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

**Impairment of non-financial assets**

At the end of each reporting period the carrying amounts of the Company's long-lived assets, including mineral property interests, are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does *not* generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does *not* exceed the carrying amount that would have been determined had *no* impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

**Investments in associates**

Associates are entities over which the Company exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. The Company accounts for associates using the equity method of accounting. Interests in associates are initially recognized at cost. Subsequent to initial recognition, the carrying value of the Company's interest in an associate is adjusted for the Company's share of comprehensive income and distributions of the investee. The carrying value of associates is assessed for impairment at each statement of financial position date whether there is any objective evidence that the investment in associate is impaired and determine if necessary, to recognize any impairment loss.

**Income taxes**

Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded using the liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are *not* provided for goodwill *not* deductible for tax purposes, the initial recognition of assets or liabilities that affects neither accounting nor taxable loss, or differences relating to investments in subsidiaries to the extent that they will probably *not* reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

**Earnings (loss) per share**

The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the year. Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the year.

**Share-based payments**

The Company grants stock options, Restricted Share Units ("RSUs") and Performance Share Units ("PSU's") to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services similar to those performed by an employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *16*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized in share-based payment reserve over the vesting period. Consideration paid for the shares along with the fair value recorded in share-based payment reserve on the exercise of stock options is credited to capital stock. When vested options are cancelled, forfeited, or are *not* exercised by the expiry date, the amount previously recognized in share-based payment reserve is transferred to deficit. The Company estimates a forfeiture rate and adjusts the corresponding expense each period based on an updated forfeiture estimate.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. Where the terms and conditions of options are modified, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

**Share issue costs**

Share issue costs are deferred and charged directly to capital stock on completion of the related financing. If the financing is *not* completed, share issue costs are charged to operations. Costs directly identifiable with the raising of capital will be charged against the related capital stock.

**Valuation of equity units issued in private placements**

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method *first* allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. Any fair value attributed to the warrants is recorded as reserves.

**Flow-through shares**

Canadian Income Tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium paid for the flow-through shares in excess of the market value of the shares without flow-through features at the time of issue is credited to other liabilities and included in profit or loss at the same time the qualifying expenditures are made. Proceeds received from the issuance of flow-through shares are restricted to be used only for Canadian resource property exploration expenditures within a *two*-year period under the regular method. Under the "Look-back" rule, the proceeds that were received in the year and *not* spent by *December 31* of the same year were renounced under the "Look-back" rule and need to be spent by *December 31* of the following year. The Company *may* also be subject to a Part *XII.6* tax on flow-through proceeds renounced under the "Look-back" Rule, in accordance with Government of Canada flow-through regulations. When applicable, this tax is accrued as a financial expense until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *17*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***3.*** **MATERIAL ACCOUNTING POLICY INFORMATION** (Continued)

**New accounting standards issued and effective** 

A number of new standards, and amendments to standards and interpretations, are *not* effective and have *not* been early adopted in preparing these consolidated financial statements.

Classification of Liabilities as Current or Non-current (Amendments to IAS *1*) is effective for reporting periods beginning on or after *January 1, 2024.* The amendments to IAS *1* provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. This amendment to standards resulted in the reclassification of the derivative warrant liability from non-current to current liability as described in Note *9.*

Presentation and Disclosure in Financial Statements (IFRS *18*) is effective for reporting periods beginning on or after *January 1, 2027.* IFRS *18* introduces *three* sets of new requirements to give investors more transparent and comparable information about companies' financial performance for better investment decisions. The Company will be assessing the impact of adoption.

The adoption of this new accounting standard is *not* expected to have a material impact on the Company's consolidated financial statements.

***4.*** **INVESTMENT IN ASSOCIATE**

On *January 31, 2025,* as a result of the spin-out (Note *17*) the Company received 5,152,557 shares of Rio Grande Resources Ltd. ("Rio Grande"), a publicly traded company, representing a 19.95% interest in Rio Grande, at a fair value of $489,493. At *March 31, 2025,* 5,152,557 shares represented a 19.95% interest in Rio Grande. As a result of the share ownership in conjunction with other factors (including a common CEO and director) it was determined that the Company exercises significant influence over Rio Grande and has accounted for its investment in Rio Grande using the equity method.

---

| | |
|:---|:---|
|  | **Investment in associate** |
| Balance as at March 31, 2024 | $- |
| Value of shares received on spinout | 489493 |
| Equity share of loss – 19.95% | (105760) |
| Balance as at March 31, 2025 | $383733 |

---

Summary statement of financial position of Rio Grande as at *March 31, 2025:*

---

| | |
|:---|:---|
|  | **As at** <br> **March 31, 2025** |
| Cash | $531375 |
| Other current assets | 14935 |
| Long-term exploration assets | 3189002 |
| Short-term accounts payable and accrued liabilities | (717444) |
| Long-term royalty payable | (367784) |
| Long-term tax penalty payable | (207350) |
| Long-term notes payable | (1197450) |
| Long term derivative liability | (5647) |
| Net assets | $1239637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *18*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***4.*** **INVESTMENT IN ASSOCIATE** (Continued)

Summary statement of loss and comprehensive loss of Rio Grande for the period from *February 1, 2025* to *March 31, 2025:*

---

| | |
|:---|:---|
|  | **For the period from February 1, 2025 to March 31, 2025:** |
| Loss from operations | $(530140) |
| Net loss and comprehensive loss | $(530140) |

---

***5.*** **PROMISSORY NOTES RECEIVABLE**

On *November 5, 2024,* as a condition of the completion of the Arrangement (Note *17*), the Company, through Rio Grande, entered into:

i) a $677,450 promissory note with a related party, namely Jason Barnard and Christina Barnard repayable by the Company on or before *November 5, 2027.* The Rio Grande Promissory Note will bear interest of 8.95% per annum, starting *four* (*4*) months from the effective date of the Arrangement (the "Effective Date"). The full amount of the Rio Grande Promissory Note must be settled by Rio Grande using funds from its *first* and, as necessary, subsequent financing(s) following completion of the Arrangement. The Rio Grande Promissory Note is secured by a general security agreement.

This promissory note ceased to be a receivable on *January 31, 2025* as it was included in the Spin-Out (Note *17*).

ii) a $520,000 promissory note to the Company due for repayment on or before *November 5, 2027.* The promissory note is a related party receivable as a result of having a common director and will bear interest of 8.95% per annum, starting *4* months from *January 31, 2025.* The promissory note is unsecured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *19*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

------

***6.*** **EXPLORATION AND EVALUATION ASSETS**

During the year ended *March 31, 2025,* the following expenditures were incurred on the exploration and evaluation properties of the Company's assets:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Winston Property** | **Zoro Property** | **Jean Lake Property** | **Grass River Property** | **Jol Lithium Property** | **Peg North Property** | **Lac Simard Property** | **Athabasca**<br> **Properties** | **Total** |
| **Acquisition costs** |  |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2024** | $**1338793** | $**1909407** | $**250000** | $**45255** | $**11730** | $**400000** | $**127153** | $**-** | $**4082338** |
| Cash | 99189 | **-** | 50000 | 130 | 638 | 100000 |  |  | 249957 |
| Shares |  | **-** | 50000 | **-** |  | 100000 |  | 6716449 | 6866449 |
| Spin-out | (1437982) | **-** |  | **-** |  |  |  |  | (1437982) |
| **Balance,** <br> **March 31, 2025** | **-** | **1909407** | **350000** | **45385** | **12368** | **600000** | **127153** | **6716449** | **9760762** |
| **Exploration costs** |  |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2024** | **419233** | **6552532** | **2465023** | **680016** | **45865** | **849406** | **-** | **-** | **11012075** |
| Assay |  | 55945 |  |  |  |  |  |  | 55945 |
| Drilling |  | 42950 |  |  |  |  |  | 97308 | 140258 |
| Geological, consulting, and other | 28940 | 629875 | 8792 |  | 6000 | 31931 |  | 298379 | 1003918 |
| Exploration cost recovery |  | (200000) |  |  |  |  |  |  | (200000) |
| Spin-out | (448173) |  |  |  |  |  |  |  | (448173) |
| **Balance,** <br> **March 31, 2025** | **-** | **7081302** | **2473815** | **680016** | **51865** | **881337** | **-** | **395687** | **11564023** |
| **Total Balance** <br> **– March 31, 2025** | $**-** | $**8990709** | $**2823815** | $**725401** | $**64233** | $**1481337** | $**127153** | $**7112136** | $**21324785** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *20*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***6.*** **EXPLORATION AND EVALUATION ASSETS** (Continued)

During the year ended *March 31, 2024,* the following expenditures were incurred on the exploration and evaluation properties of the Company's assets:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Winston Property** | **Zoro Property** | **Jean Lake Property** | **Grass River Property** | **Jol Lithium Property** | **Peg North Property** | **Lac Simard Property** | **Total** |
| **Acquisition costs** |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2023** | $**1334548** | $**1909407** | $**150000** | $**43500** | $**10454** | $**200000** | $**-** | $**3647909** |
| Cash | 4245 | **-** | 50000 | 1755 | 1276 | 100000 | 41553 | 198829 |
| Shares |  | **-** | 50000 | **-** |  | 100000 | 85600 | 235600 |
| **Balance, March 31, 2024** | **1338793** | **1909407** | **250000** | **45255** | **11730** | **400000** | **127153** | **4082338** |
| **Exploration costs** |  |  |  |  |  |  |  |  |
| **Balance, March 31, 2023** | **371909** | **4653559** | **2509453** | **596124** | **38365** | **660472** | **-** | **8829882** |
| Assay |  | **-** | 2669 | **-** |  | 15188 |  | 17857 |
| Geological, consulting, and other | 47324 | 1898973 | 152901 | 83892 | 7500 | 173746 |  | 2364336 |
| Exploration cost recovery |  |  | (200000) |  |  |  |  | (200000) |
| **Balance, March 31, 2024** | **419233** | **6552532** | **2465023** | **680016** | **45865** | **849406** | **-** | **11012075** |
| **Total Balance** <br> **– March 31, 2024** | $**1758026** | $**8461939** | $**2715023** | $**725271** | $**57595** | $**1249406** | $**127153** | $**15094413** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *21*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***6.*** **EXPLORATION AND EVALUATION ASSETS** (Continued)

**Winston Property** 

<u>Ivanhoe/Emporia claims</u>

In accordance with the terms and conditions of the underlying Ivanhoe/Emporia purchase agreement, the Optionors agreed to sell and convey the Ivanhoe/Emporia Claims for $500,000 USD of which $361,375 USD remained due owing to the Robert Howe Educational Trust ("RHET") upon closing on *May 17, 2017.* The Buyer agreed to pay RHET a monthly royalty equal to the greater of the Minimum Monthly Royalty or Production Royalty determined in accordance with the following table:

---

| | | |
|:---|:---|:---|
| **Monthly Average Silver Price/Oz** | **Minimum Monthly Royalty** <br> **(In USD)** | ***Production Royalty %*** |
| Less than $5.00 | $125 | 3% |
| $5.00 ~ $6.99 | $250 | 4% |
| $7.00 ~ $8.99 | $500 | 5% |
| $9.00 ~ $10.99 | $1000 | 6% |
| $11.00 ~ $14.99 | $1500 | 7% |
| $15 or greater | $2000 | 8% |

---

All royalty payments made to RHET under the Minimum Monthly Royalty or Production Royalty of the agreement will be credited against the purchase price. As of *March 31, 2025,* past payments totaling $225,255 USD (*2024* - $201,535 USD) have been applied against the $500,000 USD purchase price. The remaining purchase price of $274,745 USD (*2024* - $298,465 USD) *may* be satisfied in the form of ongoing advance royalty payments or lump-sum payment to finalize the property purchase. The accrued minimum monthly royalty payments outstanding as of *March 31, 2025,* totals $362,644 or $252,125 USD (*2024* - $301,967, or $222,975 USD; *2023* – $313,001, or $231,125 USD), which is included in the accounts payable and accrued liabilities. Only the permanent production royalty of 2% of NSR on all ore mined on the Ivanhoe and Emporia lode claims, will remain as an encumbrance after the property has been purchased.

The Winston Property ceased to be an asset of Foremost on *January 31, 2024* as it was included in the Spin-Out (Note *17*).

**Zoro Property** 

The Company announced on *January 4, 2024* that a $300,000 grant shall be received from the Manitoba Government for the Zoro Lithium Property to fund further exploration and development. During the year ended *March 31, 2024,* the Company received $100,000 of the $300,000 grant. The remaining $200,000 grant was received during the year ended *March 31, 2025.*

**Hidden Lake Property** 

During the year ended *March 31, 2023,* the Company sold its 60% interest in the Hidden Lake Project in Yellowknife, NWT for $3,500,000, which was previously written off resulting in a gain on sale of property of $3,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *22*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***6.*** **EXPLORATION AND EVALUATION ASSETS** (Continued)

**Jean Lake Property** 

The option agreement provides that in order for the Company to earn a 100% interest in the project it is required to make the following cash payments and share issuances to Mount Morgan Resources Ltd. and incur the following project exploration expenditures as follows:

a) pay $25,000 in cash (paid) and issue common shares of the Company having a value of $25,000 (5,000 shares issued) on or before *August 1, 2021;* 

b) pay $50,000 in cash (paid), issue $50,000 in common shares (6,704 shares issued) and incur $50,000 in exploration expenditures (incurred) on or before *July 30, 2022;*

c) pay $50,000 in cash (paid), issue $50,000 in common shares (6,128 shares issued) and incur $100,000 (accumulated) in exploration expenditures (incurred) by *July 30, 2023;* 

d) pay $50,000 in cash (paid) issue $50,000 (12,106 shares issued) in common shares and incur $150,000 (accumulated) in exploration expenditures (incurred) by *July 30, 2024;* and

e) pay $75,000 in cash, issue $75,000 in common shares and incur $200,000 (accumulated) in exploration expenditures (incurred) by *July 30, 2025.*

Once the Company earns the interest, the Company will grant a 2% NSR to Mount Morgan Resources Ltd. The NSR *may* be reduced to 1% by the Company's payment of $1,000,000 to the NSR holder.

During the year ended *March 31, 2023,* the Company entered into an agreement with the Manitoba Government to receive a grant of $300,000 for exploration work on the Jean Lake and received $200,000 during the year ended *March 31, 2023.* The remaining $100,000 was received during the year ended *March 31, 2024.*

**Grass River Property** 

During the year ended *March 31, 2022,* the Company staked claims on the Grass River Property in the Snow Lake area of Manitoba for $40,500. During the year ended *March 31, 2023,* the Company staked additional claims for $3,000. During the year ended *March 31, 2024,* the Company staked additional claims for $1,755. During the year ended *March 31, 2025,* the Company incurred $130 (*2024* -$1,755; *2023* - $Nil) in claim filing fees.

**Jol Lithium Property** 

During the year ended *March 31, 2023,* the Company entered into an agreement and acquired a 100% interest in the *MB3530* claim located in the Snow Lake area of Manitoba. To earn the interest, the Company paid $8,000 and issued $2,454 in shares (364 shares issued). During the year ended *March 31, 2025,* the Company incurred $638 in filing of claim fees. The property is subject to a 2% NSR.

**Peg North Property** 

During the year ended *March 31, 2023,* 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 (the "First Option"), in consideration for making aggregate cash payments of $750,000, issuing Strider Resources Limited ("Strider") 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 obligations under the First Option can be considered fulfilled under the terms as outlined in the schedule below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *23*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***6.*** **EXPLORATION AND EVALUATION ASSETS** (Continued)

**Peg North Property** (Continued)

a) cash payments of $750,000 as follows:

i) 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;* 

v) 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

b) the issuance of $750,000 in shares of the Company as follows:

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

ii) the issuance of $100,000 in common shares on or before *June 9, 2023 (*issued 13,072 shares);

iii) the issuance of $100,000 in common shares on or before *June 28, 2024; (*issued 28,818 shares);

iv) the issuance of $150,000 in common shares on or before *June 28, 2025;* 

v) the issuance of $150,000 in common shares on or before *June 28, 2026;* 

vi) the issuance of $150,000 in common shares on or before *June 28, 2027;* and

c) Incurring exploration expenditures totaling $3,000,000 due on or before *June 9, 2027 (*incurred cumulative exploration expenditures of $881,337 through *March 31, 2025.*

Provided that the First Option has been exercised, the Company *may* purchase from Strider *one* half (1%) of the NSR for a cash payment of $1,500,000 (the "Second Option") at any time prior to commencement of commercial production.

**Lac Simard South Property** 

During the year ended *March 31, 2024,* the Company entered into an agreement, and earned a 100% interest in, the Lac Simard South property located in Quebec by paying $35,000 (paid) and issuing 10,700 common shares (issued and valued at $85,600).

**Athabasca Properties**

During the year ended *March 31 2025,* the Company entered into an option agreement with Denison Mines Corp. ("Denison") to acquire up to a 70% interest in 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 in *3* phases:

**<u>Phase *1*</u>**

During the year ended *March 31, 2025,* the Company earned an initial 20% 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 equity participation right for Denison to maintain a 19.95% equity interest in Foremost.

The Company also issued 425,682 common shares to arm's length parties for finders and advisory fees valued at $1,511,171.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *24*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***6.*** **EXPLORATION AND EVALUATION ASSETS** (Continued)

**Athabasca Properties** (Continued)

**<u>Phase *2*</u>**

To earn an additional 31% interest in the Exploration Properties (21.75% for Hatchet Lake), on or before *October 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 Phase *2* are *not* satisfied, the Company shall forfeit the entirety of its interests in and rights to the Exploration Properties.

**<u>Phase *3*</u>**

To earn an additional 19% interest in the Exploration Properties (15.22% for Hatchet Lake), on or before *October 4, 2030,* and on the successful completion of Phase *2,* 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 Phase *3* are *not* satisfied, 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 to 51% and operatorship shall revert to Denison.

Upon completion of Phase *3* of the Option Agreement, the parties will enter into a joint venture agreement in respect of each of the Exploration Properties.

***7.*** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES**

Accounts payables and accrued liabilities for the Company are broken down as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,** <br> **2024** |
| Trade payables | $93707 | $1101757 |
| Advance royalty payable (Note 6) |  | 301967 |
| Accrued liabilities | 56167 | 91484 |
| Due to related parties (Note 10) | 156244 | 86980 |
| Trade payables | $306118 | $1582188 |

---

During the year ended *March 31, 2025,* the Company wrote-off $50,200 (*2024* - $Nil; *2023* - $184,813) in accrued liabilities and settled $181,424 (*2024* - $Nil; *2023* - $Nil) accounts payable for $125,000 (*2024* - $Nil; *2023* - $Nil), resulting in a gain on forgiveness of debt of $106,624 (*2024* - $10,000; *2023* - $184,813).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *25*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

------

***8.*** **TERM LOANS PAYABLE**

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **March 31,** <br> **2024** |
| Loan payable on demand, unsecured with 10% interest per annum, no fixed term | $5000 | $5000 |
| Loan payable on October 4, 2025, secured, with 9%-11.35% interest per annum | 516368 | 1133520 |
| US $50,000 promissory note, repaid during the current period |  |  |
| Total term loans payable – short-term | $521368 | $1138520 |

---

During the year ended *March 31, 2023,* the Company entered into a loan agreement with a related party to borrow $1,145,520, inclusive of a prior advance of $145,520 (collectively, the "Loan"), included in short-term loans payable, with Jason Barnard, CEO, and Christina Barnard, COO, of the Company. The terms of the Loan have been amended several times, as detailed below:

*<u>Initial Terms</u>* (*May 10, 2022):* Interest rate of 8.35% per annum, payable monthly, with a maturity date of *May 10, 2023.*

*<u>Amendment *1*</u>* (*May 1, 2023):* The interest rate was increased to 11.35% per annum. The maturity date was extended to *May 10, 2024.*

*<u>Amendment *2*</u>* (*April 26, 2024):* The maturity date was extended to *May 10, 2025.*

*<u>Amendment *3*</u>* (*October 4, 2024):* The Loan was revised to exclude the newly optioned Denison properties as collateral, and the interest rate was reduced to 9% per annum, effective through to *October 4, 2025.*

The Company incurred $96,768 (*2024* - $126,606; *2023* - $88,000) in interest and paid an aggregate of $600,000 (*2024* - $Nil; *2023* - $Nil) in principal and $113,920 (*2024* - $126,606; *2023* - $88,000) in interest on the loan during the year ended *March 31, 2025.*

During the year ended *March 31, 2023,* the Company wrote off a loan of $2,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *26*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

------

***9.*** **CAPITAL STOCK AND RESERVES**

**Authorized capital stock**

Unlimited number of common shares without par value.

**Issued capital stock**

All issued shares are fully paid.

**During the year ended *March 31, 2025,* the Company:**

a) closed a non-brokered private placement issuing 247,471 flow-through units consisting of *one* flow-through common share and *one* non-flow-through common share purchase warrant at $5.88 per unit for gross proceeds of $1,455,129 (of which $105,000 was received in *March 2024* as subscriptions received in advance), of which $Nil was allocated to the warrant component of the unit and recorded in reserves. Each warrant is exercisable by the holder to purchase an additional common share at a price of $4.00 until *April 29, 2026.* A value of $537,012 was attributed to the flow-through premium liability in connection with the financing. If at any time, the volume-weighted average trading price of the common shares on the CSE trades at or above $6.00 for *14* consecutive trading days, the Company *may* elect to accelerate the expiry date of the warrants by giving notice to the holders, by way of a news release, that the warrants will expire *30* calendar days following the date of such notice. The Company paid a cash finder's fees of $175 and granted 51 finder's warrants (valued at $100), entitling the holder to purchase *one* common share at a price of $3.40 per share until *April 29, 2026.* All securities issued will be subject to a hold period of *four* months and *one* day from the date of issuance. The Company also incurred legal and filing fees of $22,694 related to the private placement. The Company is committed to incur a total of $1,455,129 of qualifying Canadian Exploration Expenses ("CEE") on or before *December 31, 2025.* As at *March 31, 2025,* the Company has incurred $327,605 in qualifying CEE.

b) issued 28,818 common shares at a value of $100,000 as part of the annual payment due under the Peg North Property option agreement (see Note *6*).

c) issued 12,106 common shares at a value of $50,000 as a part of the acquisition payments for the Jean Lake option agreement (see Note *6*).

d) issued 1,795,492 common shares at a value of $6,716,449 pursuant to the acquisition of Athabasca Property (see Note *6*).

e) closed a brokered private placement issuing 1,473,000 units consisting of *one* common share and *one* common share purchase warrant at $3.00 per unit for gross proceeds of $4,419,000, of which $368,250 was allocated to the warrant component of the unit and recorded in reserves. Each warrant is exercisable by the holder to purchase an additional common share at a price of $4.00 until *November 14, 2026.*

The Company also issued 1,022,500 flow-through units consisting of *one* flow-through common share and *one* flow-through common share purchase warrant for $3.50 per unit for gross proceeds of $3,578,750, of which $255,625 was allocated to the warrant component of the unit and recorded in reserves. Each warrant is exercisable by the holder to purchase an additional common share at a price of $4.00 until *November 14, 2026.* A value of $511,250 was attributed to the flow-through premium liability in connection with the financing. The Company is committed to incur a total of $3,578,750 of qualifying CEE on or before *December 31, 2025.* As at *March 31, 2025,* the Company has incurred $Nil in qualifying CEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *27*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

The Company also issued 550,000 charitable flow-through units consisting of *one* charitable flow-through common share and *one* non-flow-through common share purchase warrant for $4.55 per unit for gross proceeds of $2,502,500, of which $137,500 was allocated to the warrant component of the unit and recorded in reserves. Each warrant is exercisable by the holder to purchase an additional common share at a price of $4.00 until *November 14, 2026.* A value of $852,500 was attributed to the charitable flow-through premium liability in connection with the financing. The Company is committed to incur a total of $2,502,500 of qualifying CEE on or before *December 31, 2025.* As at *March 31, 2025,* the Company has incurred $Nil in qualifying CEE.

In connection with these financings, the Company paid commissions of $570,015 and granted 162,730 broker warrants (valued at $201,400). Each broker warrant is exercisable for *one* common share of the Company at a price of $3.00 per common share until *November 14, 2026.* The Company also paid other share issuance costs of $82,673.

f) issued 82,570 common shares pursuant to RSU settlement resulting in reallocation of share-based reserves of $224,591 from reserves to share capital.

**During the year ended *March 31, 2024,* the Company:** 

a) closed an underwritten public offering in the United States (the "Offering"). The Company sold 800,000 units, each consisting of one common share and one warrant to purchase one common share, at a public offering price of $6.77 (USD $5.00) per unit. The warrants are exercisable into common shares at a price of USD $6.25 for five years. As the warrants are denominated in a currency other than the functional currency, the Company recognized a derivative liability valued at $823,597 associated with the warrants. As at *March 31, 2024,* the Company revalued the derivative liability at $656,946 resulting in an unrealized gain on change in fair value of warrants of $166,651 through profit or loss for the year ended *March 31, 2024.* It was estimated using a Level *1* fair value measurement. The aggregate gross proceeds to the Company from the Offering were $5,418,400 (USD $4,000,000), before deducting underwriting discounts of $387,416 (USD $286,000) and offering expenses. The Company also issued 40,000 underwriter's warrants (valued at $270,400). All securities issued are free from any resale restrictions under applicable Canadian and United States securities laws. The common shares and unit warrants sold in the Offering began trading on NASDAQ under the symbols FMST and FMSTW, respectively, on *August 22, 2023;*

b) closed Tranche *1* of *2* (see Note *15*) on a non-brokered private placement issuing 188,651 flow-through units consisting of *one* flow-through common share and *one* non-flow-through share purchase warrant at $5.88 per unit for gross proceeds of $1,109,268 and 152,941 non-flow-through units consisting of *one* non-flow-through common share and *one* non-flow-through share purchase warrant at $3.40 per unit for gross proceeds of $520,000. The warrants are exercisable into common shares at a price of $4.00 until *March 13, 2026.* The Warrants will be subject to an accelerated expiry, if, at any time following the date of issuance, the volume weighted average trading price of the Shares on the Canadian Securities Exchange is or exceeds $6.00 for any *14* consecutive trading days. The Company *may* elect to accelerate the expiry date of the Warrants and NFT Warrants by giving notice to the holders, by way of a news release, that the Warrants and NFT Warrants will expire *30* calendar days following the date of such notice. In connection with the *first* tranche closing, cash finder's fees of $11,134 were paid on the financings and the Company issued 3,274 share purchase finders warrants (valued at $9,700). Each Finder's warrant entitles the holder to purchase *one* common share at a price of $3.40 for a *two*-year period. All of the securities issued under the *first* tranche of the Offering will be subject to a hold period of *four* months and *one* day from the date of issuance expiring on *July 14, 2024.* A value of $20,143 was attributed to the flow-through premium liability and $377,911 was allocated to reserves in connection with the financing. The Company is committed to incur a total of $1,109,268 of qualifying CEE on or before *December 31, 2025.* As at *March 31, 2025,* the Company has spent $1,109,268 in qualifying CEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *28*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

c) issued 10,700 common shares at a value of $85,600 as part of the acquisition payments for the Lac Simard South option agreement (see Note *6*);

d) issued 13,072 common shares at a value of $100,000 as part of the acquisition payments for the Peg North option agreement (see Note *6*);

e) issued 6,128 common shares at a value of $50,000 as part of the acquisition payments for the Jean Lake option agreement (see Note *6*);

f) issued 30,900 common shares at a value of $187,872 to a non-related consulting firm for services; and

g) issued 36,000 common shares upon exercise of options for gross proceeds of $131,400 resulting in reallocation of share-based reserves of $53,400 from reserves to share capital. The weighted average share price on the date of the option exercise was $4.95.

**During the year ended *March 31, 2023,* the Company**:

a) issued 13,000 common shares upon exercise of options for gross proceeds of $77,750, resulting in a reallocation of share-based reserves of $78,528 from reserves to share capital.

b) issued 212,750 common shares upon exercise of warrants for gross proceeds of $1,059,017.

c) issued 10,526 common shares at a value of $100,000 as part of the acquisition payments for the Peg North Option Agreement (see Note *6*).

d) issued 364 common shares at a value of $2,454 as part of the acquisition payments for the Jol Lithium Option Agreement (see Note *6*).

e) closed a non-brokered private placement of 97,753 flow-through common shares at $17.00 per common shares for gross proceeds of $1,661,807. Cash finder's fees of $99,624 were paid on the financings and the Company issued 5,765 share purchase finders warrants (valued at $22,000). Each finders warrant entitles the holder to purchase one common share at a price of $10.00 for a two-year period. A value of $977,534 was attributed to the flow-through premium liability in connection with the financing.

f) issued 6,705 common shares at a value of $50,000 as part of the acquisition payments for the Jean Lake Option Agreement (see Note *6*).

g) issued 20,000 common shares valued at $355,000 pursuant to a PSU redemption to a related party.

**Stock Incentive Plan:**

The Board of Directors adopted the Company's *2023* Stock Incentive Plan under which allows the Company to grant equity-based incentive awards (each, an "Award") in the form of stock options ("Options"), restricted stock units ("RSUs"), performance stock units ("PSUs") and deferred stock units ("DSUs") to executive, officers, directors, employees, and consultants. The Stock Incentive Plan was ratified by shareholders at the Annual General and Special Meeting ("AGSM") on *December 20, 2024,* and is a fixed number share plan providing an aggregate maximum number of common shares that *may* be issued upon the exercise or settlement of Awards granted under the plan, *not* to exceed 1,500,000 common shares, subject to the adjustment provisions provided within the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *29*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Stock options:**

The *2023* Stock Incentive Plan supersedes and replaces the Company's Option Plan, dated as originally adopted by the Board of Directors on *November 8, 2021,* and ratified by the stockholders of the Company on *December 10, 2021.*

**During the year ended *March 31, 2025,* the Company:**

a) had 156,589 stock options that were cancelled and/or forfeited, resulting in an allocation of share-based reserves of $619,093 to deficit and reversal of share-based payments of $134,962.

b) granted stock options for 36,000 shares to a consultant of the Company. The options are exercisable at $3.91 (USD $2.84) per share until *July 23, 2029* with an estimated fair value of $112,200 and vest immediately. The options were cancelled subsequently.

c) granted stock options for 83,194 shares to director and officers of the Company. The options are exercisable at $2.76 per share until *April 1, 2029* with an estimated fair value of $167,600.

● 51,323 stock options vested immediately.

● 31,871 stock options vest equally over a three-year period.

● During the year ended *March 31, 2025,* the Company recorded share-based compensation of $133,795 for the vested portion of the stock options.

d) granted stock options for 55,000 shares to consultants of the Company. The options are exercisable at $2.76 per share until *November 15, 2027* with an estimated fair value of $91,100 and vest immediately.

e) granted stock options for 36,815 shares to a director, an officer and consultants of the Company. The options are exercisable at $2.76 per share until *November 15, 2029* with an estimated fair value of $77,400 and vest immediately.

f) granted stock options for 36,000 shares to a consultant of the Company. The options are exercisable at $1.38 (USD $0.99) per share until *February 12, 2030* with an estimated fair value of $39,900 and vest immediately.

g) granted stock options for 9,200 shares to a director of the Company. The options are exercisable at $1.38 per share until *February 12, 2027* with an estimated fair value of $10,200 and vest immediately.

h) granted stock options for 83,333 shares to a consultant of the Company. The options are exercisable at $1.20 per share until *March 27, 2028* with an estimated fair value of $61,800 and vest immediately.

i) repriced 387,920 stock options resulting in share-based compensation of $13,200 relating to the incremental increase in fair value on stock options.

**During the year ended *March 31, 2024,* the Company:** 

a) granted stock options for 17,500 shares to a consultant of the Company. The options are exercisable at $5.65 per share for three years with an estimated fair value of $60,200 and vest immediately;

b) granted stock options for an aggregate of 40,000 shares to directors and a consultant of the Company. The options are exercisable at $6.60 per share for three years with an estimated fair value of $173,500 and vest immediately;

c) granted stock options for an aggregate of 85,000 shares to officers of the Company. The options are exercisable at $6.60 per share for five years with an estimated fair value of $445,500 and vest immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *30*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Stock options** (Continued):

d) granted stock options for 20,000 shares to a director of the Company. The options are exercisable at $5.47 per share for three years with an estimated fair value of $75,500 and vest immediately;

e) granted stock options for 20,000 shares to an officer of the Company. The options are exercisable at $3.98 per share for five years with an estimated fair value of $66,600 and vest immediately;

f) granted stock options for 20,000 shares to a consultant of the Company. The options are exercisable at $3.30 per share for two years with an estimated fair value of $36,000 and vest immediately;

g) had 36,000 stock options exercised by issuing 36,000 shares for proceeds of $131,400; and

h) had 80,300 stock options that expired or were forfeited, resulting in a reallocation of share-based reserves of $860,158 from reserves to deficit.

i) granted stock options for 36,000 shares to a consultant of the Company. The options are exercisable at $3.65 per share for one year with an estimated fair value of $53,400 and vest immediately.

**During the year ended *March 31, 2023,* the Company:** 

a) granted stock options for 20,000 shares to a consultant of the Company. The options are exercisable at $12.75 per share for three years with an estimated fair value of $198,300 and vest immediately;

b) granted stock options for 8,000 shares to a consultant of the Company. The options are exercisable at $13.75 per share for three years with an estimated fair value of $83,200 and vest immediately; 

c) granted stock options for 62,000 shares to a consultant of the Company. The options are exercisable at $9.00 per share for three years with an estimated fair value of $395,600 and vest immediately;

d) granted stock options for 31,000 shares to a consultant of the Company. The options are exercisable at $9.50 per share for two years with an estimated fair value of $208,600 and vest immediately;

e) recorded $42,702 of stock-based compensation relating to stock-options granted previous to the year ended *March 31, 2023.*

f) had 13,000 stock options exercised by issuing 13,000 shares for proceeds of $77,750; and

g) had 121,000 stock options that expired or were forfeited, resulting in a reallocation of share-based reserves of $891,400 from reserves to deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *31*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Stock options** (Continued):

Stock option transactions for the year ended *March 31, 2025,* are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2024** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2025** | **Exercisable** |
| March 8, 2025 | $14.12\* | 4000 |  |  | (4000) |  |  |
| September 2, 2025 | $11.61\* | 20000 |  |  |  | 20000 | 20000 |
| September 6, 2025 | $12.52\* | 8000 |  |  | (8000) |  |  |
| November 20, 2025 | $3.64\* | 6000 |  |  |  | 6000 | 6000 |
| December 2, 2025 | $8.20\* | 62000 |  |  | (37000) | 25000 | 25000 |
| December 13, 2025 | $8.65\* | 21000 |  |  |  | 21000 | 21000 |
| March 26, 2026 | $3.01\* | 20000 |  |  |  | 20000<sup>(1)</sup> | 20000 |
| August 25, 2026 | $5.15\* | 17500 |  |  |  | 17500 | 17500 |
| September 6, 2026 | $6.01\* | 40000 |  |  | (15000) | 25000 | 25000 |
| November 1, 2026 | $6.84\* | 10000 |  |  |  | 10000 | 10000 |
| December 4, 2026 | $4.98\* | 20000 |  |  |  | 20000 | 20000 |
| November 15, 2027 | $2.51\* |  | 55000 |  |  | 55000<sup>(3)</sup> | 55000 |
| March 27, 2028 | $1.20 |  | 83333 |  |  | 83333 | 83333 |
| September 6, 2028 | $6.01\* | 85000 |  |  | (25000) | 60000 | 60000 |
| February 15, 2029 | $3.98 | 20000 |  |  | (20000) |  |  |
| July 23, 2029 | $3.81\* |  | 36000 |  | (36000) |  |  |
| April 1, 2029 | $2.51\* |  | 83194 |  | (11589) | 71605<sup>(2)</sup> | 51323 |
| November 15, 2029 | $2.51\* |  | 36815 |  |  | 36815<sup>(4)</sup> | 36815 |
| February 12, 2030 | $1.418 |  | 36000 |  |  | 36000<sup>(5)</sup> | 36000 |
| February 12, 2030 | $1.38 |  | 9200 |  |  | 9200 | 9200 |
| **Total**  |  | **333500** | **339542** | **-** | **(156589)** | **516453** | **496171** |
| **Weighted average exercise price** |  | $7.38 | $2.32 | $**-** | $5.86 | $3.96 | $4.02 |
| **Weighted average remaining life (years)** |  | 2.61 |  |  |  | 2.81 |  |

---

**\*** on *January 31, 2025,* pursuant to the Arrangement Agreement (Note *17*), the Company modified the exercise of certain stock options.

(*1*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exercised subsequently

(*2*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,623 exercised subsequently

(*3*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,000 exercised subsequently

(*4*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,000 exercised subsequently

(*5*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,319 exercised subsequently

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *32*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Stock options** (Continued):

Stock option transactions for the year ended *March 31, 2024,* are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2023** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2024** | **Exercisable** |
| March 1, 2024 | $16.50 | 15000 |  |  | (15000) |  |  |
| November 14, 2024 | $3.65 |  | 36000 | (36000) |  |  |  |
| March 8, 2025 | $15.50 | 4000 |  |  |  | 4000 | 4000 |
| September 2, 2025 | $12.75 | 20000 |  |  |  | 20000 | 20000 |
| September 6, 2025 | $13.75 | 8000 |  |  |  | 8000 | 8000 |
| November 20, 2025 | $4.00 | 6000 |  |  |  | 6000 | 6000 |
| December 2, 2025 | $9.00 | 62000 |  |  |  | 62000 | 62000 |
| December 13, 2025 | $9.50 | 31000 |  |  | (10000) | 21000 | 21000 |
| January 15, 2026 | $7.25 | 35300 |  |  | (35300) |  |  |
| March 26, 2026 | $3.30 |  | 20000 |  |  | 20000 | 20000 |
| August 25, 2026 | $5.65 |  | 17500 |  |  | 17500 | 17500 |
| September 6, 2026 | $6.60 |  | 40000 |  |  | 40000 | 40000 |
| November 1, 2026 | $7.50 | 10000 |  |  |  | 10000 | 10000 |
| December 4, 2026 | $5.47 |  | 20000 |  |  | 20000 | 20000 |
| February 16, 2027 | $17.50 | 20000 |  |  | (20000) |  |  |
| September 6, 2028 | $6.60 |  | 85000 |  |  | 85000 | 85000 |
| February 15, 2029 | $3.98 |  | 20000 |  |  | 20000 | 20000 |
|  | $- |  |  |  |  |  |  |
| **Total**  |  | **211300** | **238500** | **(36000)** | **(80300)** | **333500** | **333500** |
| **Weighted average exercise price** |  | $10.81 | $5.87 | $4.70 | $9.95 | $7.38 | $7.38 |
| **Weighted average remaining life (years)** |  | 2.57 |  |  |  | 2.61 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *33*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Stock options** (Continued)**:**

Stock option transactions for the year ended *March 31, 2023,* are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2022** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2023** | **Exercisable** |
| January 4, 2023 | $14.25 | 105000 |  |  | (105000) |  |  |
| March 1, 2024 | $16.50 | 15000 |  |  |  | 15000 | 15000 |
| March 8, 2025 | $15.50 | 4000 |  |  |  | 4000 | 4000 |
| September 2, 2025 | $12.75 |  | 20000 |  |  | 20000 | 20000 |
| September 6, 2025 | $13.75 |  | 8000 |  |  | 8000 | 8000 |
| November 20, 2025 | $4.00 | 8000 |  | (2000) |  | 6000 | 6000 |
| December 2, 2025 | $9.00 |  | 62000 |  |  | 62000 | 62000 |
| December 13, 2025 | $9.50 |  | 31000 |  |  | 31000 | 31000 |
| January 15, 2026 | $7.25 | 41300 |  | (6000) |  | 35300 | 35300 |
| October 21, 2026 | $5.25 | 5000 |  | (5000) |  |  |  |
| November 1, 2026 | $7.50 | 10000 |  |  |  | 10000 | 10000 |
| December 3, 2026 | $12.50 | 6000 |  |  | (6000) |  |  |
| January 17, 2027 | $20.25 | 10000 |  |  | (10000) |  |  |
| February 16, 2027 | $17.50 | 20000 |  |  |  | 20000 | 20000 |
| **Total**  |  | **224300** | **121000** | **(13000)** | **(121000)** | **211300** | **211300** |
| **Weighted average exercise price** |  | $12.88 | $10.06 | $5.98 | $14.67 | $10.81 | $10.81 |
| **Weighted average remaining life (years)** |  |  |  |  |  | 2.57 |  |

---

The average market price of the 36,000 options exercised was $4.95 per share.

The fair value of stock options granted was calculated using the Black-Scholes option pricing model with the following weighted average assumptions.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** <br> **March 31,** <br> **2025** | **For the year ended** <br> **March 31,** <br> **2024** | **For the year ended** <br> **March 31,** <br> **2023** |
| Fair value per option | $1.48 | $5.42 | $6.00 |
| Exercise price | $2.13 | $5.49 | $11.00 |
| Expected life (years) | 3.92 | 3.50 | 3.00 |
| Interest rate | 2.92% | 4.17% | 3.49% |
| Annualized volatility (based on historical volatility) | 101% | 108% | 118% |
| Dividend yield | 0.00% | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *34*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Performance Stock Options:**

During the year ended *March 31, 2022,* the Company granted a performance-based stock option for 15,000 common shares to a consultant of the Company. The option is exercisable at $14.25 per share for two years with an estimated fair value of $126,297 and vests 100% when the closing share price is *$25.00* or higher for *three* consecutive trading days. For the year ended *March 31, 2025,* the Company recorded $Nil (*2024* - $Nil; *2023* - $63,148) as share-based compensation for performance stock options.

During the year ended *March 31, 2024,* 15,000 performance stock options expired. No performance stock option transactions were incurred during the year ended *March 31, 2025.*

As at *March 31, 2025,* no performance stock options were outstanding.

Performance stock option transactions for the year ended *March 31, 2024,* are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2023** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2024** | **Exercisable** |
| March 31, 2024 | $14.25 | 15000 |  |  | (15000) |  |  |
| **Total**  |  | **15000** | **-** | **-** | **(15000)** | **-** | **-** |
| **Weighted average exercise price** |  | $14.25 | $- | $*-* | $14.25 | $- | $*-* |
| **Weighted average remaining life (years)** |  |  |  |  |  | *-* |  |

---

Performance stock option transactions for the year ended *March 31, 2023,* are summarized as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2022** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2023** | **Exercisable** |
| March 31, 2024 | $14.25 | 15000 |  |  |  | 15000 |  |
| **Total**  |  | **15000** | **-** | **-** | **-** | **15000** | **-** |
| **Weighted average exercise price** |  | $14.25 | $- | $*-* | $- | $14.25 | $*-* |
| **Weighted average remaining life (years)** |  |  |  |  |  | 1 |  |

---

**Performance Share Units: (**"**PSU**"**)**

Effective *January 17, 2022,* amended *September 7, 2022,* the Company's board of directors adopted a performance-based share unit plan (the "PSU Plan") which reserved a fixed aggregate of 343,391 common shares (being *10%* of the Company's then issued and outstanding common shares") for issuance upon the redemption of performance-based share award units (each a "PSU"). Under the terms of the PSU Plan, the Company is required to obtain shareholder approval for the PSU Plan within *3* years after its adoption, and at least every *three* years thereafter. Any PSUs issued are subject to a *four* month hold from date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *35*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Performance Share Units: (**"**PSU**"**)** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of PSU's Outstanding** | **Number of PSU's Vested** | **Weighted Average Grant Date Fair Value** | **Share-based payment reserve** |
| **Balance at March 31, 2022** | 250000 | 20000 | $14.50 | $531122 |
| PSU's granted | 160000 | *-* | 9.10 |  |
| PSU's vesting through the year | *-* | *-* | 14.50 | 547374 |
| PSU's redeemed | (20000) | (20000) | 17.75 | (355000) |
| PSU's forfeited/cancelled | (390000) | *-* | 10.66 | (723497) |
| **Balance at March 31, 2023, 2024 and 2025** |  |  | $- | $- |

---

During the year ended *March 31, 2023,* the Company recognized share-based payment expense of $363,195 to the date of modification relating to PSU's granted in fiscal *2022.*

**During the years ended *March 31, 2025* and *2024,* the Company:** 

a) There were no grants.

**During the year ended *March 31, 2023,* the Company:** 

a) granted 40,000 PSU's with a fair value at $387,379, to a director under the Company's PSU Plan. The PSUs will vest and become redeemable only upon the achievement of certain closing price milestones ranging between $25.00 and $87.50 which were to expire on *April 12, 2025.* During the year ended *March 31, 2023,* the Company recognized share-based payment expense of $63,679 to the date of modification.

b) modified 140,000 unvested PSU's from earlier grants. The modified PSUs have a fair value of $1,068,398 and will vest and become redeemable upon the occurrence of certain capital market liquidity events, with the balance vesting on the achievement of certain closing price milestones ranging between $19.50 and $68.00. During the year ended *March 31, 2023,* the Company recognized $64,884 in share-based compensation expense.

c) granted 120,000 PSU's with a fair value of $1,246,463, to directors under the Company's PSU Plan. The PSUs will vest and become redeemable upon the occurrence of certain capital market liquidity events, with the balance vesting on the achievement of certain closing price milestones ranging between $19.50 and $68.00. During the year ended *March 31, 2023,* the Company recognized $55,615 in share-based compensation expense.

d) cancelled 390,000 unvested PSUs. Upon cancellation $723,496 of previously recognized share-based compensation expense was reversed from reserves to stock-based compensation.

**Restricted Share Units (**"**RSUs**"**):**

The terms and conditions of vesting of each RSU granted is 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 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 reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *36*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Restricted Share Units** (Continued)**:**

During the year ended *March 31, 2025,* the Company granted 229,579 RSUs to certain directors, officers and consultants of the Company. The total estimated fair value of the RSUs granted was $614,957 based on the market value of the Company's shares at the grant date. The fair value of each RSU 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 *April 1, 2025* and 7,862 vested immediately upon the resignation of a director.

● 89,674 RSUs vest equally over a three-year period starting on *April 1, 2025.*

● 5,362 RSUs vest on *November 15, 2025.*

● 7,088 RSUs vest on *April 1, 2025.*

During the year ended *March 31, 2025,* the Company recorded $468,247 (*2024* - $Nil; *2023* - $Nil) in share-based payments relating to the portion of the RSUs vesting through the period.

Restricted share unit transactions for the year ended *March 31, 2025,* are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Grant Date** | **Balance March 31, 2024** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2025** | **Exercisable** |
| November 15, 2024 |  | 222491 | (82570) | (3008) | 136,913\* | 87179 |
| February 12, 2025 |  | 7088 | **-** | **-** | 7088 | **-** |
|  |  | 229579 | (82570) | (3008) | 144001 | 87179 |

---

\*51,193 exercised subsequently

**Warrants:**

A continuity of the warrants for the year ended *March 31, 2025,* are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2024** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2025** |
| August 24, 2028 | $USD 6.25 | 800000 | **-** | **-** | **-** | 800000 |
| March 13, 2026 | $4.00 | 341592 | **-** | **-** | **-** | 341592<sup>(2)</sup> |
| April 29, 2026 | $4.00 | **-** | 247471 | **-** | **-** | 247471<sup>(1)</sup> |
| November 14, 2026 | $4.00 | **-** | 3045000 | **-** | **-** | 3045000<sup>(3)</sup> |
| **Total**  |  | **1141592** | **3292971** | **-** | **-** | **4434563** |
| **Weighted average exercise price** |  | $5.58 | $4.00 | $**-** | $**-** | $4.92 |
| **Weighted average remaining life (years)** |  | 3.67 |  |  |  | 2.04 |

---

(*1*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exercised subsequently

(*2*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334,239 exercised subsequently

(*3*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663,700 exercised subsequently

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *37*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Warrants** (Continued)**:**

A continuity of the warrants granted for the year ended *March 31, 2024,* are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2023** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2024** |
| December 2, 2023 | $6.50 | 24000 | **-** | **-** | (24000) | **-** |
| August 24, 2028 | $USD 6.25 | **-** | 800000 | **-** | **-** | 800000 |
| March 13, 2026 | $4.00 | **-** | 341592 | **-** | **-** | 341592 |
| **Total**  |  | **24000** | **1141592** | **-** | **(24000)** | **1141592** |
| **Weighted average exercise price** |  | $6.50 | $5.58 | $**-** | $6.50 | $5.58 |
| **Weighted average remaining life (years)** |  | 0.67 |  |  |  | 3.67 |

---

A continuity of the warrants granted for the year ended *March 31, 2023,* are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2022** | **Granted** | **Exercised** | **Forfeited / Expired** | **Balance March 31, 2023** |
| August 28, 2022 | $3.75 | 53778 | **-** | (53778) | **-** | **-** |
| August 28, 2022 | $5.00 | 121600 | **-** | (121600) | **-** | **-** |
| October 29, 2022 | $12.50 | 36166 | **-** | (3572) | (32594) | **-** |
| December 15, 2022 | $5.00 | 22000 | **-** | (10000) | (12000) | **-** |
| December 2, 2023 | $6.50 | 47800 | **-** | (23800) | **-** | 24000 |
| **Total**  |  | **281344** | **-** | **(212750)** | **(44594)** | **24000** |
| **Weighted average exercise price** |  | $5.98 | $**-** | $4.98 | $10.48 | $6.50 |
| **Weighted average remaining life (years)** |  |  |  |  |  | 0.67 |

---

The fair value of warrants was allocated to reserves and calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** <br> **March 31,** <br> **2025** | **For the year ended** <br> **March 31,** <br> **2024** | **For the year ended** <br> **March 31,** <br> **2023** |
| Fair value per warrant | $1.94 | $3.77 | $**-** |
| Exercise price | $4.00 | $4.00 | $**-** |
| Expected life (years) | 2.00 | 2.00 | **-** |
| Interest rate | 4.30% | 3.50% | **-** |
| Annualized volatility (based on historical volatility) | 100% | 111% | **-** |
| Dividend yield | 0.00% | 0.00% | **-** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *38*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Warrants** (continued):

The Company records warrants with an exercise price that is in a currency that is different from the functional currency as a derivative liability. Any gains or losses are recorded in the consolidated statements of (loss) income and comprehensive (loss) income as they relate to the issue of warrants recorded on the Company's statement of financial position as a derivative liability measured at fair value through profit or loss. The fair value of the 800,000 transferrable warrants ($823,597) issued on *August 24, 2023,* are valued based on the price as quoted on the NASDAQ. The warrant derivative liability was calculated using following assumptions.

Management has assessed the revised interpretive guidance in accordance with IAS *1* Presentation of Financial Statements Amendments effective for annual periods beginning on or after *January 1, 2024* with respect to its derivative warrant liability and determined those instruments meet the requirement to be classified as a current liability. Accordingly, the Company has reclassified derivative warrant liabilities of $656,946 on the consolidated statement of financial position as at *March 31, 2024* to conform to the current year's presentation. The change in presentation had *no* impact on loss and comprehensive loss, or cash flows, or loss per share for the years ended *March 31, 2025* and *2024.* The change in presentation had *no* impact on total assets, total liabilities or shareholders equity as at *March 31, 2024.*

---

| | | | |
|:---|:---|:---|:---|
|  | **As at** <br> **March 31,** <br> **2025** | **As at** <br> **March 31,** <br> **2024** | **As at** <br> **August 24,** <br> **2023** |
| Number of warrants outstanding | 800000 | 800000 | 800000 |
| Fair Value of each warrant at valuation date | $0.14 USD | $0.61 USD | $0.76 USD |
| Exchange rate | 1.43125 | 1.35397 | 1.35460 |
| Fair value of warrants outstanding (derivative liability) | $152765 | $656946 | $823597 |
| Change in fair value of derivatives | $498,534\* | $166651 | $**-** |

---

\* Adjusted by $5,647 for portion allocated to Spin-Out (Note *17*).

Share purchase warrants outstanding as at *March 31, 2025* are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Issue Date** | **Number of warrants** | **Exercise price** | **Expiry Date** |
| August 24, 2023 | 800,000(a) | $6.25USD | *August 24, 2028* |
| March 13, 2024 | 341,592(b) | $4.00 | *July 14, 2028* |
| April 29, 2024 | 247,471(c) | $4.00 | *April 29, 2026* |
| November 14, 2024 | 3,045,500(d) | $4.00 | *November 14, 2026* |
|  | 4434563 |  |  |

---

\*Pursuant to the Arrangement (Note *17*), Foremost shall, as agent for Rio Grande, collect and pay to Rio Grande the following amount to Rio Grande:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.8114 per warrant exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3584 per warrant exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3048 per warrant exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.3584 per warrant exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *39*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Agent warrants:**

A continuity of the agent warrants granted for the year ended *March 31, 2025* is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2024** | **Granted** | **Exercised** | **Expired** |  | **Balance March 31, 2025** |
| July 19, 2024 | $10.00 | 5765 | **-** | **-** | (5765) |)\* | **-** |
| March 13, 2026 | $3.40 | 3274 | **-** | **-** | **-** |  | 3274 |
| April 29, 2026 | $3.40 |  | 51 | **-** | **-** |  | 51 |
| November 14, 2026 | $3.00 |  | 162730 | **-** | **-** |  | 162730<sup>(1)</sup> |
| August 21, 2028 | $USD 6.25 | 40000 | **-** | **-** | **-** |  | 40000 |
| **Total**  |  | **49039** | **162781** | **-** | **-** |  | **206055** |
| **Weighted average exercise price** |  | $6.50 | $3.00 | $**-** | $**-** |  | $4.19 |
| **Weighted average remaining life (years)** |  | 2.94 |  |  |  |  | 1.96 |

---

(*1*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130,184 exercised subsequently

\* 5,765 agent warrants expired, resulting in an allocation of share-based reserves of $22,001 to deficit.

A continuity of the agent warrants granted for the year ended *March 31, 2024* is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2023** | **Granted** | **Granted** | **Exercised** | **Cancelled / Expired** | **Balance March 31, 2024** |
| August 19, 2024 | $10.00 | 5765 |  | **-** | **-** | **-** | 5765 |
| March 13, 2026 | $3.40 | **-** |  | 3274 | **-** | **-** | 3274 |
| August 21, 2028 | $USD 6.25 | **-** |  | 40000 | **-** | **-** | 40000 |
| **Total**  |  | **5765** |  | **43274** | **-** | **-** | **49039** |
| **Weighted average exercise price** |  | $10.00 | $ $ | USD 6.25<br> CAD 3.40 | $**-** | $**-** | $6.50 |
| **Weighted average remaining life (years)** |  | 1.13 |  |  |  |  | 2.94 |

---

A continuity of the agent warrants granted for the year ended *March 31, 2023* is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiry Date** | **Exercise Price** | **Balance March 31, 2023** | **Granted** | **Exercised** | **Cancelled / Expired** | **Balance March 31, 2023** |
| August 19, 2024 | $10.00 | **-** | 5765 | **-** | **-** | 5765 |
| **Total**  |  | **-** | **5765** | **-** | **-** | **5765** |
| **Weighted average exercise price** |  | $**-** | $10.00 | $**-** | $- | $10.00 |
| **Weighted average remaining life (years)** |  |  |  |  |  | 1.13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *40*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***9.*** **CAPITAL STOCK AND RESERVES** (Continued)

**Agent warrants** (continued):

Agent purchase warrants outstanding as at *March 31, 2025* are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Issue Date** | **Number of warrants** | **Exercise price** | **Expiry Date** |
| March 13, 2024 | 3274 | $3.40 | *March 13, 2026* |
| April 29, 2024 | 51 | $3.00 | *April 29, 2026* |
| November 14, 2024 | 162730 | $3.00 | *November 14, 2026* |
| August 21, 2023 | 40000 | $6.25USD | *August 21, 2028* |
|  | 206055 |  |  |

---

The fair value of agent warrants was calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** <br> **March 31,** <br> **2025** | **For the year ended** <br> **March 31,** <br> **2024** | **For the year ended** <br> **March 31,** <br> **2023** |
| Fair value per agent warrants | $1.24 | $7.95 | $3.81 |
| Exercise price | $3.00 | $8.09 | $10.00 |
| Expected life (years) | 2.00 | 4.78 | 2.00 |
| Interest rate | 3.18% | 4.09% | 3.30% |
| Annualized volatility | 85.95% | 113% | 120% |
| Dividend yield | 0.00% | 0.00% | 0.00% |

---

***10.*** **RELATED PARTY TRANSACTIONS**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers and companies controlled by them. The remuneration that was paid or accrued to the directors and other members of key management personnel during the years ended *March 31, 2025, 2024* and *2023* was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Management fees** | **Investor relation<br> fees** | **Consulting fees** | **Share-based payments** | **Total** |
| **Year ended March 31, 2025** |  |  |  |  |  |
| Current and former directors, officers and companies controlled by them | $808550 | $**-** | $**-** | $634830 | $1443380 |
| **Year ended March 31, 2024** |  |  |  |  |  |
| Current and former directors, officers and companies controlled by them | $754542 | $**-** | $**-** | $717725 | $1472267 |
| **Year ended March 31, 2023** |  |  |  |  |  |
| Current and former directors, officers and companies controlled by them | $381819 | $66530 | $65000 | $804016 | $1317365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *41*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***10.*** **RELATED PARTY TRANSACTIONS** (Continued)

Additionally, please refer to Notes *5* and *8* on the long-term related party promissory note and short-term related party loan payable.

During the year ended *March 31, 2025,* the Company issued 1,369,810 common shares to Denison pursuant to the option agreement. Please refer to Notes *6* and *9. No* other fee was paid or accrued to Denison during the year ended *March 31, 2025.*

The amounts due to/from related parties included in accounts receivable, and accounts payable and accrued liabilities, are unsecured, non-interest bearing, and have *no* specific terms of repayment, and are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **March 31,** <br> **2024** |
| Current and former directors, officers and companies controlled by them | $135411 | $86980 |
| Due from Rio Grande, a company related by virtue of a common officer | $68825 | $**-** |

---

***11.*** **SEGMENTED INFORMATION**

The Company primarily operates in one reportable operating segment, being the acquisition and exploration of exploration and evaluation assets. Geographic information is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **March 31,** <br> **2024** |
| **Exploration and evaluation assets:** |  |  |
| Canada | $21324785 | $13336387 |
| United States | **-** | 1758026 |
|  | $**21324785** | $**15094413** |

---

***12.*** **FINANCIAL RISK MANAGEMENT**

**Capital management** 

The Company's objective when managing capital is to safeguard the entity's ability to continue as a going concern. In the management of capital, the Company monitors its adjusted capital which comprises all components of equity (i.e., capital stock, reserves and deficit).

The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company *may* issue common shares through private placements. The Company is *not* exposed to any externally imposed capital requirements. The Company's overall strategy remains unchanged from the year ended *March 31, 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *42*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***12.*** **FINANCIAL RISK MANAGEMENT** (Continued)

**Fair value** 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Financial instruments measured at fair value are classified into *one* of *three* levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The *three* levels of the fair value hierarchy are:

Level *1* - Unadjusted quoted prices in active markets for identical assets and liabilities;

Level *2* - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level *3* - Inputs that are *not* based on observable market data.

The fair value of the Company's marketable securities and derivative liability were calculated using Level *1* inputs.

The carrying value of cash, receivables, accounts payable and accrued liabilities, and short-term loans payable approximate their fair value because of the short-term nature of these instruments.

**Financial risk factors** 

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

*<u>Credit risk</u>*

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to a significant concentration of credit risk consists primarily of cash. The Company limits its exposure to credit loss by placing its cash with major Canadian financial institutions.

*<u>Liquidity risk</u>*

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at *March 31, 2025,* the Company had a cash balance of $5,005,346 (*2024* - $998,262) to settle current liabilities of $3,248,777 (*2024* - $3,389,320). All of the Company's financial liabilities have contractual maturities of *30* days or are due on demand and are subject to normal trade terms. The Company is exposed to liquidity risk and is dependent on obtaining regular financings in order to continue as a going concern. Despite previous success in acquiring these financings, there is *no* guarantee of obtaining future financings.

*<u>Market risk</u>*

Market risk is the risk of loss that *may* arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *43*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***12.*** **FINANCIAL RISK MANAGEMENT** (Continued)

**Financial risk factors** (Continued)

*<u>Interest rate risk</u>*

The Company has cash balances and *no* variable interest-bearing debt. The Company's cash does *not* have significant exposure to interest rate risk.

*<u>Foreign currency risk</u>*

The Company is exposed to foreign currency risk on fluctuations related to cash, accounts payable and accrued liabilities that are denominated in a foreign currency. There is a risk in the exchange rate of the Canadian dollar relative to the US dollar and a significant change in this rate could have an effect on the Company's results of operations, financial position or cash flows. The Company has *not* hedged its exposure to currency fluctuations. The Company does *not* have material net assets held in a foreign currency.

*<u>Price risk</u>*

The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of gold and lithium, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. The Company does *not* currently generate revenue so has limited exposure to price risk.

***13.*** **INCOME TAXES**

The actual income tax provisions differ from the expected amounts calculated by applying the Canadian combined federal and provincial corporate income tax rates to the Company's loss before income taxes. The components of these differences are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, 2025 | Year ended March 31, 2024 | Year ended March 31, 2023 |
| Income (loss) before taxes for the year | $(3615375) | $(4472170) | $956578 |
| Canadian federal and provincial income tax rates | 27% | 27% | 27% |
| Expected income tax recovery based on above rates | (976000) | (1207000) | 258000 |
| Change in statutory, foreign tax, foreign exchange rates and other | 35000 | (3000) | 2000 |
| Permanent difference | 214000 | 204000 | (29000) |
| Impact of spin-out transaction | (527000) | **-** | **-** |
| Impact of flow-through shares | 130000 | 124000 | 449000 |
| Share issue costs | (182000) | (129000) | (27000) |
| Adjustment to prior year's provision versus statutory tax returns and expiry of non-capital losses | 330000 | (94000) | (108000) |
| Change in unrecognized deductible temporary differences | 976000 | 1105000 | (545000) |
| Deferred income tax recovery | $— | $**-** | $**-** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *44*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***13.*** **INCOME TAXES (Continued)**

The Canadian income tax rate declined/increased during the year due to changes in the law that reduced/increased corporate income tax rates in Canada/British Columbia.

The significant components of the Company's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended March 31, 2025 | Year ended March 31, 2024 |
| Deferred tax assets (liabilities) |  |  |
| Exploration and evaluation assets | $(1257000) | $(990000) |
| Non-capital losses | 1257000 | 990000 |
|  | $**-** | $**-** |

---

The significant components of the Company's temporary differences and unused tax losses that have *not* been included on the consolidated statement of financial position are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended March 31, 2025 | Expiry date range year ended<br> March 31, 2025 | Year ended March 31, 2024 |
| Temporary differences |  |  |  |
| Share issue costs | $869000 | 2046 to 2049 | $489000 |
| Investment in associate | 106000 | *No expiry date* |  |
| Allowable capital losses | **-** | *No expiry date* | 3000 |
| Net operating losses available for future period | **-** | *No expiry date* | 190000 |
| Non-capital losses available for future period | 15182000 | 2031 to 2045 | 12038000 |
| Canada | 19837000 | 2031 to 2045 | 11848000 |
| USA |  | *No expiry date* | 190000 |

---

Tax attributes are subject to review, and potential adjustment, by tax authorities.

During the year ended *March 31, 2025,* the Company incurred $193,262 in income tax penalties and interest for the late filing of tax returns in the United States.

***14.*** **SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS**

During the year ended *March 31, 2025,* significant non-cash investing and financing transactions included:

a) included in accounts payable and accrued liabilities was $41,995 related to exploration and evaluation assets;

b) issued 1,836,416 common shares with a fair value of $6,866,449 for the acquisition of exploration and evaluation assets; and

c) issued 162,781 agent warrants valued at $201,500 relating to private placements;

d) included in prepaid deposits was $138,823 related to exploration and evaluation assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *45*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***14.*** **SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH FLOWS** (Continued)

During the year ended *March 31, 2024,* significant non-cash investing and financing transactions included:

a) included in accounts payable and accrued liabilities was $341,831 related to exploration and evaluation assets;

b) issued 29,900 common shares with a fair value of $235,600 for the acquisition of exploration and evaluation assets;

c) issued 40,000 underwriter/agent warrants valued at $270,400 for the public offering in the United States; and

d) issued 30,900 common shares at a value of $187,872 to non-related consulting firm for services.

During the year ended *March 31, 2023,* significant non-cash investing and financing transactions included:

a) included in accounts payable and accrued liabilities is $1,037,816 related to exploration and evaluation assets;

b) included in short-term loans payable is $67,717 related to exploration and evaluation assets;

c) issued 17,594 common shares with a fair value of $152,454 for the acquisition of exploration and evaluation assets;

d) issuance of 13,000 common shares upon exercise of options resulting in a reallocation of share-based reserves of $78,528 from reserves to share capital;

e) issued 20,000 common shares pursuant to PSU redemption resulting in a reallocation of share-based reserves of $355,000 from reserves to share capital;

f) issued 5,765 share purchase finders warrants valued at $22,000;

g) expired or forfeited 121,000 options resulting in a reallocation of share-based reserves of $891,400 from reserves to stock-based compensation;

h) recorded a $977,532 flow through premium liability in connection with a financing (Note *9*);

i) included in long-term prepaids is $24,404 related to exploration and evaluation assets; and

j) included in short-term loans payable is $159,778 related to settlement of accounts payable.

***15.*** **COMMITMENTS**

**Flow-through expenditures**

The Company has issued flow-through shares and any resulting flow-through share premium was recorded as a flow-through premium liability. The liability is subsequently reduced when the required exploration expenditures are made, and accordingly, a recovery of flow-through premium liability is then recorded in profit or loss.

During the year ended *March 31, 2024,* the Company raised $1,109,268 through the issuance of flow-through private placement and is committed to spend this amount on qualifying Canadian exploration expenditures by *December 31, 2025.* As of *March 31, 2025,* the Company has fulfilled $1,109,268 of the required flow-through spending obligation.

During the year ended *March 31, 2025,* the Company raised $7,536,379 through the issuance of flow-through and charitable flow-through private placements and is committed to spend this amount on qualifying Canadian exploration expenditures by *December 31, 2025.* As of *March 31, 2025,* the Company has fulfilled $345,079 of the required flow-through spending obligation and as such the commitment has been reduced to $7,191,300. See Note *9.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *46*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***15.*** **COMMITMENTS** (Continued)

The flow-through premium liability is comprised of:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,**<br> **2025** | **March 31,** <br> **2024** | **March 31,** <br> **2023** |
| Balance, opening | $11666 | $- | $- |
| Addition | 1900762 | 20143 | 977534 |
| Recovery of flow-through premium liability | (120902) | (8477) | (977534) |
| **Balance, closing** | $**1791526** | $**11666** | $**-** |

---

During the year ended *March 31, 2025,* the Company has recognized a recovery of flow-through premium liability of $120,092 (*2024* - $8,477; *2023* - $977,534) in profit or loss, respectively.

***16.*** **LOANS PAYABLE**

During the year ended *March 31, 2021,* the Company received a loan of $40,000 from the Canada Emergency Business Account to provide emergency support to businesses due to the impact of COVID-*19.* The loan is non-interest bearing until *December 31, 2023,* after which it will incur interest at 5% per annum. During the year ended *March 31, 2024,* the Company repaid $30,000 and recorded the remaining $10,000 as other income in profit and loss as the balance was forgiven.

***17.*** **SPIN-OUT TRANSACTION**

On *July 29, 2024,* the Company entered into an Arrangement Agreement, which was amended and restated on *November 4, 2024,* to spin out 100% of the shares of Sierra, into Rio Grande, by way of a plan of arrangement (the "Arrangement"). On *January 31, 2025,* Foremost and Rio Grande completed the spin-out transaction. Pursuant to the Arrangement Agreement, Rio Grande and Sierra were *no* longer wholly owned subsidiaries of the Company and were deconsolidated as of *January 31, 2025.*

As a condition to the completion of the Arrangement, Rio Grande issued:

i) A $677,450 promissory note (the "Rio Grande Promissory Note") to a related party, namely Jason Barnard and Christina Barnard, due for payment on or before *November 5, 2027.* The Rio Grande Promissory Note bears interest of 8.95% per annum, starting *four* months from the effective date of the Arrangement (the "Effective Date"). The full amount of the Rio Grande Promissory Note must be settled by Rio Grande using funds from its *first* and, as necessary, subsequent financing(s) following completion of the Arrangement. The Rio Grande Promissory Note is secured by a general security agreement.

ii) A $520,000 promissory note (the "Foremost Promissory Note") to a related party, namely Foremost, due for repayment on or before *November 5, 2027.* The Foremost Promissory Note bears interest of 8.95% per annum, starting *four* months from the Effective Date. The Foremost Promissory Note is unsecured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *47*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***17.*** **SPIN-OUT TRANSACTION** (Continued)

Pursuant to the terms of the Arrangement, Foremost (i) transferred to Rio Grande the right to collect receivables in respect of all amounts outstanding from Sierra to Foremost as at the Effective Date and (ii) assigned and transferred to Rio Grande all of the issued and outstanding Sierra Shares in consideration for Rio Grande issuing 25,827,349 common shares and 9,281,236 warrants with a fair value of $2,604,781 (includes 5,152,557 common shares issued to Foremost (received, Note *4*).

Notwithstanding Foremost's equity incentive plan (the "Foremost Incentive Plan"), each stock option of Foremost (the "Foremost Options") entitling the holder thereof to acquire *one* Foremost Share outstanding immediately prior to the Effective Date was simultaneously surrendered and transferred by the holder thereof to Foremost in the following portions and such portions were exchanged for, as the sole consideration therefor the following consideration.

i) 0.9136 of each Foremost Option held immediately prior to the Effective Time were transferred and exchanged for *one* Foremost Replacement Option to acquire one Foremost Share issued in connection with the Arrangement (the "New Foremost Shares") having an exercise price (rounded up to the nearest cent) equal to the product of the exercise price of the Foremost Option so exchanged immediately before the exchange of such Foremost Option multiplied by the fair market value of a Foremost Share determined immediately prior to this divided by the total fair market value of a new Foremost Share and the fair market value of *two* Rio Grande Shares determined immediately prior to the Effective Time; and

ii) 0.0864 of each Foremost Option held immediately prior to the Effective Time were transferred and exchanged for *two* stock options of Rio Grande (each a "Rio Grande Option"), with each whole Rio Grande Option entitling the holder thereof to acquire *one* Rio Grande Share having an exercise price (rounded up to the nearest cent) equal to the product of the exercise price of the Foremost Option so exchanged immediately before the exchange of such Foremost Option multiplied by the fair market value of a Rio Grande Share determined immediately prior to this divided by the total of the fair market value of a new Foremost Share and the fair market value of *two* Rio Grande Shares at the Effective Time.

Upon modification of the Company's options the Company recorded $13,200 of stock-based compensation (Note *9*).

Notwithstanding the Foremost Incentive Plan, each restricted share unit of Foremost RSU (each a "Foremost RSU") to acquire *one* Foremost Share outstanding immediately prior to the Effective Date was simultaneously surrendered and transferred by the Foremost RSU holder thereof to Foremost in the following portions and such portions were exchanged for, as the sole consideration therefor the following consideration:

i) 0.9136 of each Foremost RSU held by a Foremost RSU holder immediately prior to the Effective Time was transferred and exchanged for *one* Foremost Replacement RSU to acquire such number of new Foremost Shares and on such vesting and other conditions as set forth in the applicable award agreement in respect of such Foremost RSU; and

ii) 0.0864 of each Foremost RSU held by a Foremost RSU holder immediately prior to the Effective Time was transferred and exchanged for *two* RSUs of Rio Grande to acquire such number of Rio Grande Shares and on such vesting and other conditions as set forth in the applicable award agreement in respect of such Foremost RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *48*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

***17.*** **SPIN-OUT TRANSACTION** (Continued)

iii) concurrently with the exchange of the Foremost Options and Foremost RSU's, each share purchase warrant of Foremost (each a "Foremost Warrant") was amended to entitle the holder thereof to receive, upon due exercise thereof, for the exercise price immediately prior to the Effective Time:

iv) *one* New Foremost Share for each Foremost Share that was issuable upon due exercise of the Foremost Warrant immediately prior to the Effective Time; and

v) *two* Rio Grande Shares for each Foremost Share that was issuable upon due exercise of the Foremost Warrant immediately prior to the Effective Time,

Additionally, Foremost and Rio Grande have acknowledged and agreed that:

i) Rio Grande shall forthwith upon receipt of written notice from Foremost from time to time issue, as directed by Foremost, that number of Rio Grande Shares as *may* be required to satisfy the foregoing;

ii) Foremost shall, as agent for Rio Grande, collect and pay to Rio Grande an amount for each two Rio Grande Shares so issued that is equal to the exercise price under the Foremost Warrant multiplied by the fair market value of *two* Rio Grande Shares at the Effective Time divided by the total fair market value of a Foremost Share and *two* Rio Grande Shares at the Effective Time; and

iii) the terms and conditions applicable to the Foremost Warrants, immediately after the Effective Time, otherwise remain unchanged from the terms and conditions of the Foremost Warrants as they existed immediately before the Effective Time.

The value of the net assets transferred to Rio Grande on *January 31, 2025,* pursuant to the Arrangement, consisted of the following assets:

---

| | |
|:---|:---|
| Carrying value of net assets | $212967 |
| Fair value of net assets transferred | 2604781 |
| **Gain on spin-out** | $**2391814** **\*** |

---

\*During the year ended *March 31, 2025,* the Company recognized $1,914,814 of the gain on spin-out and deferred $477,000 until realized.

In accordance with IFRIC *17,* Distribution of Non-cash Assets to Owners, the Company recognized the transfer of net assets to Rio Grande shareholders at fair value with the difference between that value and the carrying amount of the net assets recognized in the consolidated statement of (loss) income and comprehensive (loss) income. The fair value of net assets transferred was based on the expected market value of a Rio Grande share of $0.095 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F- *49*

------

**FOREMOST CLEAN ENERGY LTD.** 

**(FORMERLY FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.)** 

Notes to the Consolidated Financial Statements

 *March 31, 2025, 2024* and *2023*

(Expressed in Canadian Dollars)

------

***18.*** **CONTINGENCIES**

On *June 3, 2025,* the Company was served a statement of claim filed with the Ontario Superior Court of Justice by a former officer with respect to termination of his employment with the Company in *2022* and alleging wrongful dismissal. The claim seeks unspecified damages.

The Company has made an assessment on the validity of the claims and, at this time, the probability and amounts of any potential loss resulting from such claims is *not* determinable and *no* amounts have been accrued for any potential liability resulting from this in these consolidated financial statements.

The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company assesses our potential liability by analyzing our litigation and regulatory matters using available information. The Company develops our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs.

***19.*** **SUBSEQUENT EVENTS**

Subsequent to year ended *March 31, 2025* the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issued 31,250 common shares to a non-related consulting firm for services. The common shares were subsequently returned and cancelled.

ii) &nbsp;&nbsp;&nbsp;&nbsp; initiated a warrant incentive program, reducing the exercise price of 487,848 warrants from $4.00 to $1.75 until *June 5, 2025.* As an incentive, upon exercise, the holder will receive an incentive warrant exercisable at $2.20 for one year from the date of issuance. 480,494 warrants were exercised subsequent to year end leaving 7,354 of the original warrants exercisable at $4.00 through *March 13, 2026.* The following replacement warrants were issued.

---

| | | |
|:---|:---|:---|
| **Expiry Date**<br>| **Exercise Price** | **Issued**  |
| May 6, 2026 | $2.20 | 48784 |
| May 20, 2026 | $2.20 | 170000 |
| May 22, 2026 | $2.20 | 40883 |
| May 23, 2026 | $2.20 | 19971 |
| May 26, 2026 | $2.20 | 2945 |
| May 27, 2026 | $2.20 | 150000 |
| June 4, 2026 | $2.20 | 47911 |
| **Total**  |  | **480494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F-50

## Exhibit 4.16

**Exhibit 4.16**

**OPTION AGREEMENT**

**ATHABASCA URANIUM EXPLORATION ASSETS**

**THIS AGREEMENT** is dated as of the 23<sup>rd</sup> day of September, 2024.

**BETWEEN:**

**DENISON MINES CORP.**, a company incorporated pursuant to the laws of Ontario ("**Denison**")

**AND:**

**FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.**, a company incorporated pursuant to the laws of British Columbia ("**Foremost**")

**WHEREAS:**

A. Denison holds interests in 45 claims known as the Blackwing, Murphy Lake South (crab claw), GR, CLK, Torwalt Lake, Turkey Lake, Epp Lake, Marten, Wolverine, and Hatchet Lake properties in the Athabasca Basin of Saskatchewan, covering 134,509 hectares, more particularly described in Schedule "A" to this Agreement (the "**Properties**"); and

B. Denison has agreed to grant an option to Foremost to acquire an interest in and to the Properties on the terms described herein.

**THEREFORE** in consideration of the mutual covenants and agreements in this Agreement, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions and Interpretation** 

1.1 For the purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Acceptable Exchange**" has the meaning set forth in section 2.5(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Affiliate**" means any person, partnership, joint venture, corporation or other form of enterprise which directly or indirectly controls, is controlled by, or is under common control with, a party to this Agreement; and for purposes hereof, "**control**" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Agents**" mean employees, agents, workmen, contractors and consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Annual Exploration Plan**" has the meaning set forth in section 3.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"AOI**" has the meaning set forth in section 6.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **"Capital Threshold**" has the meaning set forth in section 2.3(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Common Shares**" means the common shares in the capital of Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **"Consideration Shares**" means the common in the capital of Foremost issuable to Denison as described in section 2.3(i), section 2.5(iii) and section 2.7(iii);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Effective Date**" means October 7, 2024, or such other later date as Denison and Foremost may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **"Encumbrances**" mean any and all mortgages, pledges, security interests, liens, charges, encumbrances, royalties, contractual obligations and claims of others or any other similar interests or instruments of any kind or character whatsoever attaching to or affecting property or assets, recorded and unrecorded, registered and unregistered, and whether arising by agreement statute or otherwise under applicable laws, excluding the encumbrances set forth in Schedule "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **"Environmental Laws**" means any and all federal, provincial and local laws, statutes, regulations, ordinances, bylaws, orders, permits, licences and approvals presently in effect or subsequently enacted that regulate or provide liabilities or obligations in relation to mining, mine development and mineral exploration or the existence, use, production, manufacture, processing, distribution, transport, handling, storage, removal, treatment, disposal, emission, discharge, migration, seepage, leakage, spillage or release of Hazardous Substances or the construction, alteration, use or operation, demolition or decommissioning of any facilities or other real or personal property in relation to the foregoing or otherwise in relation to the protection and preservation of the life, health or safety of persons, or to the protection and preservation of the environment, including but not limited to air, soil, surface water, ground water, wildlife or personal or real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **"Environmental Liabilities**" means any and all costs, expenses, damages, losses and liabilities of whatsoever kind, direct or indirect, including but not limited to fines, penalties, settlements, interest, property damage and economic loss and costs and expenses incurred for investigation, study and monitoring and removal, treatment, storage, disposal, remediation, clean-up, abatement, reclamation or other activities, for breach of or failure to comply with, or otherwise suffered or incurred under, or incurred in order to comply with, any and all Environmental Laws, whether statutory, in contract or in tort, including negligence and strict liability, or howsoever otherwise, pertaining to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"Expenditures**" means all direct and indirect expenses of or incidental to Operations, including without limitation monies expended in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. obtaining feasibility, engineering or other studies or reports on or with respect to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. maintaining the Properties in good standing (including land maintenance costs and any monies expended as required to comply with applicable laws and regulations), in curing title defects and in acquiring and maintaining surface and other ancillary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. preparing for and in the application for and acquisition of environmental and other permits necessary or desirable to commence and complete exploration and development activities of the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. doing geophysical and geological surveys, drilling, trenching, digging test pits or sampling, geological, geophysical and geochemical collection, analyses, assaying and metallurgical testing, including costs of assays, metallurgical testing and other tests and analyses to determine the quantity and quality of minerals, water and other materials or substances on the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the preparation of work programs and the presentation and reporting of data and other results obtained from those work programs including any program for the evaluation of the Properties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. environmental remediation and rehabilitation of the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. acquiring or obtaining the use of facilities, equipment or machinery, and for all parts, supplies and consumables for the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. salaries and wages for employees assigned to exploration and development activities in relation to the Properties, including without limitation the Vice President Exploration as and when appointed to the extent his time and services are spent directly on activities in relation to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. travelling expenses of all persons engaged in work with respect to and for the benefit of the Properties, including for their food, lodging and other reasonable needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. payments to contractors or consultants for work done, services rendered or materials supplied directly related to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. the cost of insurance premiums and performance bonds or other security directly related to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. any costs paid or incurred in connection with consultation with any Indigenous or community groups or the performance of any agreements with Indigenous or community groups related to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. taxes levied against or in respect of the Properties, or activities on such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. subject to agreement by the Parties, applying for additional mineral rights and other rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. a 3% management fee to be applied to the Expenditures set forth above, such management fee on a strictly 'cost recovery' and 'cost reimbursement' basis to reimburse Foremost for office overhead and general and administrative expenses directly related to the management and conduct of the Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **"Exploration Agreements**" means the agreements referenced in Schedule "E", copies of which have been provided to Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **"Force Majeure**" means any cause substantially affecting Operations, whether foreseeable or unforeseeable, beyond a Party's reasonable control and not a direct result of the affected Party's negligence or failure to act as a reasonable person in the circumstances, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any changes in applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. action or inaction of civil or military authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any judicial or governmental action, moratorium, order, proclamation, request or instruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the inability to access the Properties (or any of them) due to blockades or other physical interference by First Nations or First Nations rights groups, communities or community groups, non-government organizations (NGOs), environmentalists or other activists;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. war, hostilities (whether or not war has been declared), threat of war, act of public enemy, blockade, revolution, riot, civil unrest, insurrection, public demonstration, civil commotion, invasion or armed conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. acts of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. sabotage or acts of vandalism, criminal damage or the threat of such acts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. brownout or blackout substantially affecting Operations for a period of not less than three (3) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any outbreak or continuance of epidemic, pandemic, famine or plague;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. inability to obtain, or undue delay in obtaining, any licence, permit or other authorization that may be required despite commercially reasonable and diligent efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. curtailment or suspension of activities to remedy or avoid an actual or alleged, present or prospective violation of any Environmental Laws or any other applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. inability after commercially reasonable effort (including paying competitive wages and recruiting in advance) to obtain contractors, subcontractors, workmen, labour, parts, equipment, materials or supplies on reasonable terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. strike, lock out or labour stoppages for which commercially reasonable efforts are being made to resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. unplanned shutdown;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. breakdown or loss or damage to, or failure of plant, machinery, equipment, materials or facilities for which appropriate maintenance and redundancies were undertaken by the affected Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. natural disasters or other extreme weather or environmental conditions including lightning, earthquake, tsunami, flooding, wind, storm, fire, landslip, natural disasters and phenomena including meteorites and volcanic eruptions and other acts of God,<sup></sup>

but not including lack of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **"General Security Agreement**" means the general security agreement dated May 10, 2022, between Foremost and Jason Barnard and Christina Barnard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **"Hatchet Lake**" means the Hatchet Lake property as described in the Hatchet Lake Joint Venture Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **"Hatchet Lake Joint Venture**" means the joint venture formed pursuant to the Hatchet Lake Joint Venture Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **"Hatchet Lake Joint Venture Agreement**" means the Hatchet Lake Joint Venture Agreement between Denison and a third party dated as of February 17, 2010, as amended, a copy of which has been provided to Foremost;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **"Hazardous Substance**" means any substance or material that is or becomes prohibited, controlled or regulated by any federal, provincial, municipal, local or other level of government or any government agency, body, corporation, organization, department, official or authority responsible for administering or enforcing any law and includes any toxic substance, waste and dangerous goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **"Investor Rights Agreement**" means the investor rights agreement between Denison and Foremost substantially in the form appended as Schedule "C" to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"Joint Venture**" means a joint venture in respect of each of the Properties other than Hatchet Lake, to be formed between Denison and Foremost, or their respective Affiliates, upon the completion of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **"Joint Venture Agreement**" means a joint venture agreement between the Parties substantially in the form appended as Schedule "B" to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **"Loan Agreement**" means, collectively, the Second Amended Promissory Note dated April 17, 2024, issued by Foremost in favour of Jason Barnard and Christina Barnard as may be amended and/or replaced from time to time, and the General Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **"Loan Conversion Maximum**" means the lesser of: (i) the number of Common Shares calculated by dividing the outstanding principal and interest under the Loan Agreement by the VWAP at the date described in Section 2.3(iv)(A)(3)(III); (ii) the number of Common Shares that would result in an incremental ten percentage points (for example 10% to 20%) of aggregate direct and indirect ownership of Foremost's issued and outstanding Common Shares by the lenders under the Loan Agreement, and (iii) the number of Common Shares that would result in greater than 25% aggregate direct and indirect ownership of Common Shares by the holders of Loan Agreement calculated on a partially diluted basis accounting only for such conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **"Loan Purchase and Assignment Agreement**" means the agreement to be entered into between Denison, Foremost, Christina Barnard and Jason Barnard in accordance with Section 2.3(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Losses**" mean actual losses, liabilities, damages, injuries, costs or expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Mineral Dispositions**" means any mineral disposition issued by the Mineral Registration Registry Saskatchewan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators;

(dd) **"No Interest Letter**" means the agreement dated September **[** ● **]**, 2024 to be entered into by Christina Barnard and Jason Barnard in respect of this Agreement and the Disposition Assets as therein defined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **"Operator**" has the meaning ascribed thereto in section 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **"Operations**" means any and every kind of work completed by or on behalf of Foremost to conduct mineral exploration of the Properties during the Option Period pursuant to an approved Annual Exploration Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **"Option**" means the sole and exclusive option granted to Foremost by Denison to acquire up to a 70% interest in and to the Property Interests, exercisable in accordance with the terms of this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **"Option Period**" means the period of time from the Effective Date to the exercise, abandonment or termination of the Option (which may be comprised of the Tranche 1 Period, Tranche 2 Period and Tranche 3 Period, as applicable), in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Person**" means any individual, partnership, company, corporation, unincorporated association, person, government or governmental agency, authority or entity howsoever designated or constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **"Properties**" has the meaning set forth in the recitals hereto and includes any renewals, extensions or replacements thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **"Property Interests**" means the undivided 100% legal and beneficial interest in and to the Blackwing, Murphy Lake South (crab claw), GR, CLK, Torwalt Lake, Turkey Lake, Epp Lake, Marten, and Wolverine properties, and Denison's 70.15% interest in the Hatchet Lake property subject to the Hatchet Lake Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **"Technical Advisor**" has the meaning set forth in section 2.3(vi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **"Technical Committee**" has the meaning set forth in section 3.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **"Transfer**" when used as a verb, means to sell, grant, assign, encumber, pledge or otherwise commit or dispose of, directly or indirectly, including through mergers, consolidations, asset purchases or indebtedness. When used as a noun, "**Transfer**" means a sale, grant, assignment, pledge or disposal or the commitment to do any of the foregoing, directly or indirectly, including through mergers, consolidations, asset purchases or indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **"VWAP**" means the volume-weighted average trading price of the applicable securities on the exchange with the greatest trading volume of such securities during the 10-trading-day period immediately preceding the date of determination.

1.2 For the purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"this Agreement**" means this agreement and all Schedules attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any reference in this Agreement to a designated "**section** ", "**Schedule** ", "**paragraph**" or other subdivision refers to the designated section, schedule, paragraph or other subdivision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the words "**hereto** ", "**herein** ", "**hereof**" and "**hereunder**" and other words of similar import refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the word "**including** ", when following any general statement, term or matter, is not to be construed to limit such general statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "**without limitation**" or "**but not limited to**" or words of similar import) is used with reference thereto but rather refers to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any reference to a statute includes and, unless otherwise specified herein, is a reference to such statute and to the regulations made pursuant thereto, with all amendments made thereto and in force from time to time, and to any statute or regulation that may be passed which has the effect of supplementing or superseding such statute or such regulation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any reference to "**Party**" or "**Parties**" means Denison, Foremost, their respective Affiliates or all, as the context requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the headings in this Agreement are for convenience of reference only and do not affect the interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) words importing the masculine gender include the feminine or neuter gender and words in the singular include the plural, and vice versa and "**shall**" has the same meaning as the word "**will** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all references to business days are to days excluding Saturdays, Sundays and banking holidays in the Province of Ontario and the Province of Saskatchewan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all amounts and sums of money payable hereunder shall be paid in lawful money of Canada and sums of money referred to in this Agreement are expressed in terms of Canadian dollars unless otherwise expressly indicated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) when calculating the period of time within which or following which any act is to be done or step is to be taken pursuant to this Agreement, the date which is the reference date in calculating such period shall be excluded. If the last day of such period is a non-business day, the period in question shall end on the next business day.

1.3 The following are the Schedules to this Agreement, and are incorporated into this Agreement:

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| | |
|:---|:---|
| Schedule "A" | The Properties |
| Schedule "B" | Form of Joint Venture Agreement |
| Schedule "C" | Form of Investor Rights Agreement |
| Schedule "D" | Exploration Agreements |

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1.4 Wherever any term or condition, expressed or implied, in any of the Schedules conflicts or is at variance with any term or conditions of this Agreement, the terms or conditions of this Agreement will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **The Option and Additional Expenditures** 

2.1 Denison hereby grants Foremost the Option, exercisable in a series of three tranches upon satisfaction of the terms and conditions set forth in this Agreement.

2.2 On the Effective Date, and subject to the satisfaction or waiver of the conditions in section 2.3, Foremost will acquire a 20.0% interest in the Property Interests, subject to Section 2.8 in respect of the Hatchet Lake property ("**Option Tranche 1**").

2.3 The grant to Foremost of Option Tranche 1 is conditional upon satisfaction of the following conditions in favour of Denison:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Payment by Foremost to Denison of **1,369,810** Common Shares from treasury, representing approximately 19.95% of the issued and outstanding Common Shares on an undiluted basis following the issuance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Receipt of applicable approvals for the issuance and listing of the Consideration Shares to be issued to Denison pursuant to section 2.3(i) from the NASDAQ exchange and the Canadian Securities Exchange, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Execution and delivery of the Investor Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Execution and delivery of an amendment to the Loan Agreement and to the related security provided by Foremost, to:

(A)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) exclude the Properties and the Property Interests from the Loan Agreement and the related security provided by Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the interest rate to nine percent (9%) per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) require Foremost to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) apply (y) such portion of the net proceeds of all non-flow-through equity capital raises conducted pursuant to Part 5A of NI 45-106 within a period of twelve (12) months of the Effective Date sufficient to repay a minimum of fifty (50%) percent of the outstanding amounts under the Loan Agreement as of the Effective Date; and (z) use best efforts to repay the remaining outstanding amounts under the Loan Agreement from the net proceeds of any other non-flow through equity capital raises during the same period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) unless Denison elects to exercise its option under the Loan Purchase and Assignment Agreement, repay any outstanding amounts under the Loan Agreement following the expiry of the twelve (12) month period following the Effective Date by converting any such amounts to Common Shares at a price per share equal to the VWAP for the period immediately prior to the date Denison delivers notice that it is not exercising its option under the Loan Purchase and Assignment Agreement (or the period during which such option could be exercised thereunder has expired with the option unexercised) and subject to the Loan Conversion Maximum, with such Common Shares to be issued on, or as soon as practicable following, the date which is 12 months after the Effective Date (subject to the approval of the NASDAQ exchange, the Canadian Securities Exchange and any other Acceptable Exchange on which the Common Shares are then listed, as necessary); *provided that* if such conversion would at any such time exceed the Loan Conversion Maximum, the outstanding amounts above the Loan Conversion Maximum that could not be converted at such time will thereafter be converted as soon as practicable thereafter when to do so would not exceed the Loan Conversion Maximum;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) extend the term of the Loan Agreement until: (I) in the circumstances contemplated by Section 2.3(v) where Denison has exercised its option to purchase the Loan Agreement, one (1) year following the date of purchase of the Loan Agreement; or (II) in the circumstances contemplated by Section 2.3(iv)(A)(3)(II), the date on which all outstanding amounts under the Loan Agreement have been repaid in Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) replace the opening paragraph of Section 16.1 of the General Security Agreement entirely with the following:

"Unless waived by the Secured Party, it shall be an event of default ("default") under this Agreement and the security constituted by this Agreement shall immediately become enforceable if any of the following shall occur and remain ongoing and unremedied by the Debtor for at least 90 calendar days after the date that the Debtor received notice of the same, provided that the non-payment of any amounts otherwise obligated to be paid by the Debtor during the up to 60 day period (as that period may be extended where Denison Mines Corp. is ready, willing, and able to close within such 60 day period but is prevented from completing such purchase due to a delay by, or the action or inaction of, any of the Debtor, Christina Barnard or Jason Barnard) following the one year anniversary of the Effective Date (as contemplated in the Option Agreement between Foremost Lithium Resource & Technology Ltd. and Denison Mines Corp. dated September 23, 2024) in the circumstances contemplated by Section 2.3(iv)(A)(3)(II) thereof, shall in no event be considered a default:";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Execution and delivery by Foremost, Denison, Christina Barnard and Jason Barnard of a Loan Purchase and Assignment Agreement, which shall provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if any amounts under the Loan Agreement remain outstanding following the expiry of the twelve (12) month period following the Effective Date, Denison shall have the option to purchase the loan then outstanding pursuant to the Loan Agreement, together with all other rights and obligations associated with the Loan Agreement, at the face value plus accrued interest thereon payable in common shares in the capital of Denison at the VWAP thereof on the date notice of such election is provided to Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Loan Agreement and the related security shall not attach to or encumber this Agreement or the Properties (and Denison shall execute a no interest letter in like form to that contemplated by Section 2.3(vi) to that effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Denison shall have 30 days from the one-year anniversary of the Effective Date to deliver notice pursuant to such Loan Purchase and Assignment Agreement of its intention to exercise such option and then shall use commercially reasonable efforts to complete such purchase in a timely manner, but in any event within 60 days from the one year anniversary of the Effective Date, failing which the option shall be deemed expired and Section 2.3(iv)(A)(3)(II) shall become operative, and the loan so purchased will be extended for one full year from the date of purchase on the same terms, *provided that* in the event that Denison is ready, willing, and able to close within such 60-day period but is prevented from completing such purchase due to a delay by, or the action or inaction of, any of Foremost, Christina Barnard or Jason Barnard, such 60-day period shall be extended until such time as the purchase is completed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) for the term of the Loan Purchase and Assignment Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Foremost shall not incur any additional indebtedness unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) such indebtedness is subordinate in priority to the loan made pursuant to the Loan Agreement and the General Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) any security associated with such subordinate indebtedness shall not, without Denison's prior written consent, in its sole discretion, encumber or otherwise claim or assert any rights with respect to the Properties, the Property Interests, or any assets used or derived from the Operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) the lender(s) in any such transactions execute and deliver to Foremost and Denison a no interest letter substantially similar to the No Interest Letter with respect to this Agreement, the Properties, and the Property Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) re-borrow on the loan pursuant to the Loan Agreement, without Denison's prior written consent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Execution and delivery by Christina Barnard and Jason Barnard of the No Interest Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Appointment, and retention during the Option Period, by Foremost of a paid technical advisor to support uranium exploration and development efforts (the "**Technical Advisor** "), and: (i) such appointee shall be selected by Denison subject to Foremost's approval, such approval not to be unreasonably withheld or delayed, (ii) if such appointee resigns or is terminated, Foremost will use commercially reasonable efforts to appoint a new Technical Advisor selected by Denison within 45 days of the prior appointee's departure, subject to Foremost's approval, such approval not to be unreasonably withheld or delayed, and (iii) the compensation of such Technical Advisor is to be reasonably consistent with Foremost's other paid technical advisors as at the Effective Date.

2.4 If the conditions in section 2.3 are not satisfied or waived by the Effective Date, (i) Foremost shall have (a) no further right to exercise any other portion of the Option and (b) no right or interest in the Properties or Property Interests, and (ii) the Option Period and this Agreement shall be terminated.

2.5 To retain its 20.0% interest in the Property Interests and acquire an additional 31.0% interest in the Property Interests, subject to Section 2.8 in respect of the Hatchet Lake property ("**Option Tranche 2**"), Foremost shall within 36 months of the Effective Date or such other later date as Denison and Foremost may agree (the "**Tranche 2 Period**") satisfy the following conditions in favour of Denison:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foremost shall incur Expenditures in an aggregate amount of no less than $8.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Foremost shall provide written notice to Denison of its satisfaction of the condition in section 2.5(i), such written notice to include (i) a full accounting of the Expenditures; (ii) the final results of all Operations during the Tranche 2 Period, and (iii) all other supporting documentation necessary to evidence to Denison's satisfaction, acting reasonably, of the completion of such condition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Payment by Foremost to Denison of $2.0 million in additional consideration. Provided that the Common Shares are listed and posted for trading on the Canadian Securities Exchange, the NASDAQ exchange and/or a large, liquid stock exchange in Canada or the United States acceptable to Denison acting reasonably (including the Toronto Stock Exchange, the TSX Venture Exchange, or the NYSE American (any of which being an "**Acceptable Exchange** "), such additional consideration may be payable in cash, Common Shares or some combination thereof in Foremost's sole discretion, subject to section 2.13. If payment will be made in Common Shares, (i) Foremost shall provide prior written notice to Denison of such election, and (ii) the deemed value of any such Consideration Shares will be equal to the VWAP for the period immediately prior to the date of such notice to pay in Common Shares (or the Canadian dollar equivalent, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) With respect to the Hatchet Lake claims, Foremost having either: (i) posted a deficiency deposit satisfactory to maintain the Hatchet Lake claims, or (ii) reimburse Denison for any deficiency deposit posted or for any expenses incurred towards maintaining the Hatchet Lake claims during calendar 2024, including any Expenditures funded by Denison, where such amount is not to exceed $475,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Appointment by and for Foremost, prior to the completion of the Tranche 2 Period and retention for the remainder of the Option Period, of a Vice President Exploration with appropriate experience in and on overseeing uranium exploration and development efforts, subject to Denison's approval, such approval not to be unreasonably withheld or delayed, and if such appointee resigns or is terminated, Foremost will use commercially reasonable efforts to appoint a new Vice President Exploration acceptable to Denison, acting reasonably, within 60 days of the prior appointee's departure.

2.6 If the conditions in section 2.5 for the Option Tranche 2 are not satisfied or waived prior to the end of the Tranche 2 Period, (i) Foremost shall forfeit the entirety of its 20.0% interest, (ii) the Option Period and this Agreement shall be terminated, (iii) the operatorship of the Properties shall revert to Denison, and (iv) Foremost shall have (a) no further right to exercise any other portion of the Option and (b) no further right or interest in the Properties.

2.7 If Foremost satisfies the conditions in section 2.5 for the Option Tranche 2 during the Tranche 2 Period and earns the Option Tranche 2, Foremost shall within 36 months of the completion of the Option Tranche 2 or such other later date as Denison and Foremost may agree (the "**Tranche 3 Period**") have the option to acquire an additional 19.0% interest in the Property Interests (for an aggregate interest of 70% of the Property Interests, subject to Section 2.8 in respect of the Hatchet Lake property) ("**Option Tranche 3**"), subject to the satisfaction of the following conditions in favour of Denison:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foremost shall incur additional Expenditures in an aggregate amount of no less than $12.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Foremost shall provide written notice to Denison of its satisfaction of the condition in section 2.7(i), such written notice to include (i) a full accounting of the Expenditures; (ii) the final results of all Operations during the Tranche 3 Period, and (iii) all other supporting documentation necessary to evidence to Denison's satisfaction, acting reasonably, of the completion of such condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Payment by Foremost to Denison of $2.5 million in additional consideration. Provided that the Common Shares are still listed and trading on an Acceptable Exchange, such additional consideration may be payable in cash, Common Shares or a combination thereof in Foremost's sole discretion, subject to section 2.13. If payment will be made in Common Shares, (i) Foremost shall provide prior written notice to Denison of such election, and (ii) the deemed value of any Common Shares issued as additional consideration will be equal to the VWAP for the period immediately prior to the date of such notice to pay in Common Shares (or the Canadian dollar equivalent, as applicable).

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2.8 For greater clarity, with respect to the Hatchet Lake property, (i) if Foremost satisfies the conditions in section 2.3, it will have earned a 14.03% interest in the Hatchet Lake property (being the proportionate interest of 20% of Denison's current 70.15% Property Interest in the Hatchet Lake property); and (ii) if Foremost has retained such interest in accordance with section 2.5 and satisfies the conditions (i) through (v) thereof, it will have earned an additional 21.75% interest in the Hatchet Lake property (being the proportionate interest of 31% of Denison's current 70.15% Property Interest in the Hatchet Lake property) and (iii) if Foremost has retained such interest in accordance with section 2.7 and satisfies the conditions (i) through (iii) in section 2.7, it will have earned the greater of: (a) an additional 13.33% interest in the Hatchet Lake property (being the proportionate interest of 19% of Denison's current 70.15% Property Interest in the Hatchet Lake property) and (b) such additional interest such that Foremost's interest in the Hatchet Lake property will increase to a minimum of 51%, being a proportionate interest greater than would otherwise be implied by an ownership interest of 70% of the Property Interests.

2.9 If the conditions in section 2.7 for the Option Tranche 3 are not satisfied or waived prior to the end of the Tranche 3 Period, (i) Foremost shall forfeit a portion of its interest in the Properties such that Denison's ownership interest in each Property is increased to 51% (provided that, for Hatchet Lake, Foremost's ownership shall be the residual ownership interest after accounting for Denison's 51% ownership interest in Hatchet Lake and any ownership interests in the Hatchet Lake Joint Venture which are not held by the Parties, (ii) the operatorship shall revert to Denison, and (iii) Foremost shall have no further right to exercise any other portion of the Option, (iv) the Parties will enter into a Joint Venture Agreement for each Property other than Hatchet Lake, and (v) Foremost will become a party to the Hatchet Lake Joint Venture Agreement.

2.10 If Foremost satisfies the conditions in section 2.7 for the Option Tranche 3 during the Tranche 3 Period, (i) the Parties will enter into a Joint Venture Agreement for each Property (excluding Hatchet Lake), which shall reflect the initial ownership interests of 30% for Denison and 70% for Foremost; and (ii) Foremost will become a party to the Hatchet Lake Joint Venture Agreement, which shall reflect the initial ownership interests pursuant to sections 2.7 and 2.8 of this Agreement.

2.11 Foremost acknowledges and agrees that (i) it will not be entitled to any refund of amounts incurred or paid pursuant to this Agreement if Foremost fails or elects not to exercise any or all of the Option; and (ii) no partial interests will be granted to Foremost for partial fulfilment of any Option requirements.

2.12 The Expenditures set forth in sections 2.5(i) and 2.7(i) may be completed within a shorter time frame at the sole discretion of Foremost, and any excess Expenditures incurred in any period in excess of the amounts required under such sections shall be credited to Foremost and applied against future Expenditure requirements in subsequent periods.

2.13 Foremost will not issue any Consideration Shares, or elect to satisfy any portion of any amount owing to Denison pursuant to this Agreement in Common Shares to the extent such issue would result in Denison holding more than 19.95% or more of the outstanding Common Share capital. In the event the issuance of Common Shares to satisfy an amount that would otherwise result in Denison holding 19.95% or more of the outstanding Common Share capital, Foremost will not proceed with the issuance of the portion of the Common Shares which would exceed 19.95% and will instead complete the equivalent cash payment to Denison.

2.14 Notwithstanding any other provision of this Agreement, the Parties agree that any default by Foremost in the payment of amounts under the Loan Agreement that (i) is not waived by the lenders (provided that such waiver shall only relate to the timing of payment and not to the obligation of payment) or cured by Foremost prior to the earlier of ninety (90) days from the default and the enforcement of security related to such Loan Agreement, and (ii) that would result in any Encumbrance on the Properties or Property Interests shall result in: (a) the immediate termination of the Option Period and this Agreement, (b) any and all Property Interests immediately forfeited by Foremost and returned to Denison, and (c) Foremost having no further right to exercise any other portion of the Option.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Technical Committee and Operator; Annual Exploration Plan** 

3.1 Upon the grant by Denison to Foremost of Option Tranche 1 and thereafter during the Option Period, Foremost shall be the operator of the Properties, provided that in respect of the Hatchet Lake property Denison, as operator under the Hatchet Lake Joint Venture Agreement, shall appoint Foremost as its agent to undertake operations on its behalf qua operator (the "**Operator**") and shall be solely responsible for funding all Expenditures attributable to Denison on Denison's behalf.

3.2 During the Option Period, or Foremost otherwise ceases to act as Operator, Foremost shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct all Operations and other applicable work on the Properties in a good and workmanlike manner and in accordance with sound mining and engineering practices and in compliance with all applicable laws, bylaws, regulations, orders, and lawful requirements of any governmental or regulatory authority and comply with all laws governing the possession of the Properties, including, without limitation, those governing safety, pollution and environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep the Properties in good standing and free and clear of all Encumbrances and proceed with all diligence to contest and discharge any such Encumbrance that is filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be responsible for maintaining all mineral rights, including completion of all technical filings required by the Government of Saskatchewan or otherwise as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) permit the directors, officers and Agents of Denison, at their own expense and risk, upon providing fourteen (14) days prior notice via telephone or email, access to the Properties at all reasonable times as agreed by Foremost and accompanied by Foremost and/or one of its Agents; provided, however, that it is agreed and understood that Denison or any such Agent or representative shall not interfere with the Operator's activities on the Properties, that any such inspection shall be at its own risk, that the Operator shall not be liable for any loss, damage or injury incurred by Denison or its Agent or representative arising from its inspection of the Properties, however caused, and that Denison shall indemnify and hold Foremost harmless from any and all liabilities, costs, damages or charges arising in connection with the inspection and activities of Denison or any of its duly authorized Agents or representatives on the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) permit Denison to access all records and data of the Operator in so far as they pertain to the Operations and the Properties via a virtual data room;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) permit the directors, officers and duly authorized Agents of Denison to inspect, at all reasonable times, all information and data, including geological, geophysical and geochemical databases, analyses, and reports, in the possession or under the control of the Operator and related to, the Properties along with any samples or drill core obtained therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and do all such other things as may be necessary to maintain the Properties and related assets in good standing including, staking and re-staking mining concessions, and, subject to agreement by the Parties, applying for additional mineral rights and other rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) during the term of this Agreement and otherwise in accordance with Canadian generally accepted accounting principles consistently applied, maintain true and correct books, accounts and records of Expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) employ best efforts to preserve, cause its personnel to preserve and require its contractors and subcontractors to preserve, all the records pertaining to the Expenditures for two (2) years after the expiry or termination of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) provide to Denison copies of all the environmental, heritage and archaeology studies, and monitoring reports for the Properties prepared for government organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) deliver to Denison an annual financial report within ninety (90) days of each calendar year end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) report to Denison on a quarterly basis in respect of budget status and all data relevant to the Properties, including, without limitation, opinions and all engineering and geological reports and assay results in respect of samples taken from the Properties (together with reports showing the location from which the samples were taken and the type of samples);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) conduct all appropriate consultation, with respect to the Properties, with local community groups including appropriate First Nations and Metis persons, and either (a) coordinate the planning and undertaking of any such activities with Denison and in accordance with Denison's Indigenous People's Policy as of the Effective Date, or (b) where permitted, assign the commitments under Denison's existing exploration agreements as of the Effective Date to Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) promptly notify Denison of any material exploration results or adverse events with respect to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) conduct itself and the operations in compliance with the applicable laws to which the Operator or the Properties are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) in order to protect the parties, place and maintain, with a reputable insurer or insurers, such insurance as is customary, and as either Party may, by notice, reasonably request and, upon the written request of Denison, provide it with evidence of such insurance.

3.3 Throughout the Option Period, subject to the rights of Denison as set out in this Agreement, Foremost and its Affiliates and representatives will have the sole exclusive and immediate right in respect of the Properties to (a) enter the Properties, have quiet and exclusive possession of the Properties , and to act as Operator of the Properties; (b) do such prospecting, exploration, development and/or other mining work on and under the Properties to carry out the Expenditures and Operations in accordance with an Annual Exploration Plan; (c) remove from the Properties all metals and minerals derived from its Operations on the Properties as may be deemed necessary by Foremost for assay and testing purposes; and (d) to have all powers necessary to carry out, or cause to be carried out, all of the Operator's obligations set out in this Agreement and to otherwise carry out, or cause to be carried out, all Operations.

For greater clarity, with respect to Hatchet Lake, the rights and obligations of each Party described in section 3.3 shall also be subject to the terms of the Hatchet Lake Joint Venture Agreement.

3.4 As soon as practicable after the Effective Date, and in any event before commencement of any Operations, the Parties shall form a technical advisory committee (the "**Technical Committee**"). The Technical Committee shall consist of a total of four (4) members, comprised of one (1) member appointed by Denison, one (1) member appointed by Foremost, the Technical Advisor (if and for so long as a Technical Advisor is appointed pursuant to the terms of this Agreement), and one (1) member of Dahrouge Geological Consulting (if and for so long as Dahrouge Geological Consulting is engaged by Foremost in connection with the Properties and otherwise such other geological consultants retained by, or employee employed by, Foremost in connection with the Properties). The Technical Advisor and the member of the technical committee appointed by Dahrouge Geological Consulting shall be non-voting members. Each Party may, from time to time, revoke in writing the appointment of its nominee to the Technical Committee and appoint in writing another in their place. Each Party may nominate alternates to act in the place of its Technical Committee member nominated by it, and such alternate may attend all meetings of the Technical Committee but shall have the right to vote at such meetings only if the member for which he or she is an alternate is absent. In addition, each Party is reasonably entitled to have up to two (2) other persons in attendance at a meeting unless otherwise agreed by each Party acting reasonably, provided that: (a) prior written notice to the other Parties as to the identify of the individual(s) is provided; (b) the individual(s) are reasonably connected to the business to be discussed at the meeting and the inviting Party has reason to expect that such individual(s) will bring value to the meeting; (c) such person(s) acknowledge the confidential nature of the matters to be discussed at the meeting; and (d) the Party on whose behalf the individual(s) are attending shall bear all costs associated with the attendance of such individual(s) at the meeting.

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3.5 The Technical Committee shall be responsible for directing the Operator regarding the Operations and Expenditures in accordance with the provisions of this Agreement, including the review and approval of the Annual Exploration Plan. The Technical Committee shall provide a forum for the Parties and the Technical Advisor to share their views on a coordinated and holistic approach to the exploration, development and advancement of the Properties.

3.6 During the Option Period, each Party, acting through its appointed member, shall have an equal vote on the Technical Committee, except that the appointed member of Foremost will be the chair of the Technical Committee.

3.7 For each year of the Option Period, Foremost shall prepare a proposed exploration program relating to the Properties, which shall contain an itemized description of the Operations planned for such year, including the activities to be performed, the reason for the activities and a budget setting out the projected charges and expenses for each activity and the anticipated time when such costs will be incurred (the "**Annual Exploration Plan**"). Unless otherwise agreed in writing between the Parties, such proposed exploration program shall, at a minimum, provide for the maintenance of the Properties and the Party's pro rata interests therein, including any interest in the Hatchet Lake Joint Venture. Foremost shall deliver a copy of the proposed Annual Exploration Plan to Denison and the Technical Committee on or before the date which is sixty (60) days prior to the date on which the Operator intends to begin such program, unless the Parties agree otherwise in writing, and concurrently therewith deliver notice of a Technical Committee meeting to consider and approve the Annual Exploration Plan. If, during Operations the Technical Committee for any reason fails to approve an Annual Exploration Plan in a timely manner, Foremost shall continue Operations sufficient to maintain the Properties, including the performance of the duties imposed on the operator pursuant to this Agreement. Subject to any applicable terms of the Hatchet Lake Joint Venture Agreement, Foremost shall be entitled, during any year of the Option Period and notwithstanding the activities and budget set forth in the applicable Annual Exploration Plan, to reallocate up to 20% of authorized expenditures in relation to the proposed exploration program in a commercially reasonable manner to address changed circumstances upon prior written notice to the Technical Committee. The Technical Committee shall subsequently review and ratify such reallocation.

3.8 Meetings of the Technical Committee may be held in person, or by telephone or video conference. Meetings of the Technical Committee shall occur on at least a quarterly basis or with such frequency as determined by the Technical Committee. In addition, a Party may call a meeting of the Technical Committee by giving ten (10) days' notice to the other members of the Technical Committee of such meeting. In case of emergency, reasonable notice of a meeting shall suffice. There shall be a quorum if at least one (1) representative of each Party is present. If there is no quorum present then the meeting shall be adjourned to the same place between seven (7) and fourteen (14) days later and upon five (5) days' notice to the members of the Technical Committee the meeting shall continue accordingly. Failure of a member to attend such a duly continued meeting in person or by telephone or video conference shall not affect the validity of such a meeting and any actions or decisions made at the meeting if the matter was on the agenda.

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3.9 Each notice of a meeting shall include an itemized agenda and supporting documentation prepared by the Party calling the meeting. Any other item will only be considered at a meeting with the consent of all Parties. The Party calling the meeting shall prepare minutes of such meeting and shall distribute copies of such minutes to the Parties within fourteen (14) days after the meeting. The minutes, when signed by all members of the Technical Committee, shall be the official record of the decisions made by the Technical Committee and shall be binding on the Parties and the Operator. All costs of the meetings shall be paid for by the Parties individually and shall not be considered an Expenditure for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Title and Maintenance** 

4.1 Denison shall remain the sole recorded holder of the mineral claims comprising the Properties unless and until Foremost exercises the Option 3 Tranche in full. Denison or Foremost, to the extent that it is the recorded holder of any mineral claims comprising the Properties, shall hold its interest in the Properties subject to this Agreement.

4.2 Foremost shall cooperate with and provide all assistance required by Denison in order to keep the Properties in good standing, including without limitation, filing all exploratory work on the Properties with all necessary reports and affidavits thereto, with applicable governmental authorities during the Option Period. Foremost will provide copies of such information to Denison. Foremost shall reimburse Denison for all payments made to governmental authorities during the Option Period in order to keep the Mineral Dispositions in good standing. Any such payments by Foremost shall be Expenditures for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transfers** 

5.1 No Party may Transfer this Agreement or any of their rights hereunder without the prior written consent of the other Party (which prohibition will not apply to Transfers to Affiliates or the result of a corporate reorganization where the surviving entity shall possess substantially all of the issued shares, or all of the property rights and interests, and be subject to substantially all of the liabilities and obligations of the transferring or assigning Party).

5.2 In the event of a Transfer, in accordance with this Agreement then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transferring Party at the time of Transfer shall not be in default of any of the obligations, warranties or representations given hereunder or to be performed by it pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transferring Party shall not be relieved of any duty or obligation hereunder unless such Party has assigned its entire interest in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of a Transfer to an Affiliate, the transferee must remain an Affiliate for the period that this Agreement is in effect or the written consent of the other Party is obtained prior to the transferee ceasing to be an Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each assignee prior to the effective date of the assignment agrees in writing with Denison to be bound by the terms and conditions of this Agreement.

5.3 If either Party elects to surrender any claims that constitute a part of the Properties or allow any such claims to lapse, the non-surrendering Party shall be given the right to acquire such claims for zero consideration and the surrendering Party shall provide reasonable notice to the non-surrendering Party to maintain the claims in good standing. Following such notice of surrender or lapse, the mineral claims so surrendered or abandoned shall thereafter cease to form part of the Properties and shall no longer be subject to this Agreement, except with respect to any obligations or liabilities of the Parties that have accrued to the date of such surrender or abandonment and subject to performing any reclamation on the abandoned mineral claims or providing a bond to provide for future payment of such reclamation requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Area of Common Interest** 

6.1 There shall be an area of common interest within 700 metres of the outermost boundary of the mineral claims which constitute each of the Properties as at the Effective Date (the "**AOI**"). Notwithstanding the foregoing, the AOI shall not apply to the acquisition of any mineral claims, or package of contiguous claims, where: (i) the acquired mineral claims are subject to an existing area of common interest, or similar condition, in a separate binding third-party agreement entered into prior to the Effective Date, (ii) the acquiring party is an existing third-party joint venture, or entity of common third-party ownership, operating with existing uranium exploration activities within the Athabasca Basin as of December 31, 2023, (iii) the acquired mineral claims are contiguous to existing mineral claims of either Party as of December 31, 2023, or (iv) the acquired mineral claims are part of a corporate or other transaction where the claims do not represent substantially all of the value of the applicable transaction.

6.2 If any Party or the Affiliate of any Party (in this section only called in each case the "**Acquiring Party**") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, license, lease, grant, concession, permit, patent or other mineral property located wholly or partially within the AOI during the term of this Agreement, the Acquiring Party shall forthwith give notice to the other Party (in this section only called the "**Non-Acquiring Party**") of that staking or acquisition, the total cost thereof, and all details in the possession of the Acquiring Party with respect to the details of the staking or acquisition, the nature of the property and the known mineralization.

6.3 The Non-Acquiring Party may, within thirty (30) days of receipt of the Acquiring Party's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Properties for all purposes of this Agreement. If the election is made, the Non-Acquiring Party shall proportionately reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their proportionate interest in the Properties (and if such election is made during the Option Period, such reimbursement to be calculated upon completion of such Option Period). If the Non-Acquiring Party does not make the election within that period of thirty (30) days, the acquired ground shall not form part of the Properties and the Acquiring Party shall be solely entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Relationship and Other Opportunities** 

7.1 The rights, privileges, duties, obligations and liabilities, as between the Parties shall be separate and not joint or collective and nothing herein contained shall be construed as creating a partnership, an association, agency or subject as herein specifically provided, a trust of any kind or as imposing upon either of the Parties any partnership duty, obligation or liability. Neither Party is liable for the acts, covenants and agreements of the other Party, except as herein specifically provided.

7.2 Each of the Parties shall have the free and unrestricted right to independently engage in and receive the full benefits of any and all business endeavours of any sort whatsoever whether or not competitive with the endeavours contemplated herein without consulting the other Party or inviting or allowing the other Party to participate therein. Neither Party shall be under any fiduciary or other duty to the other Party which shall prevent it from engaging in or enjoying the benefits of competing endeavours within the general scope of endeavours contemplated by this Agreement. The legal doctrine of "**corporate opportunity**" sometimes applied to persons engaged in a joint venture or having fiduciary status shall not apply in the case of a Party.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Joint Venture** 

8.1 If Foremost has satisfied the conditions for the acquisition of an interest in the Properties, upon expiry of the Option Period: (a) for each Property, excluding Hatchet Lake, the Parties shall be deemed to have formed a Joint Venture for the purpose of carrying out further exploration, development and production work on the Properties and the Parties agree to promptly enter into a Joint Venture Agreement; and (b) for Hatchet Lake, the Parties shall govern themselves as being parties to the Hatchet Lake Joint Venture Agreement and Foremost agrees to promptly enter into an assignment and assumption of the Hatchet Lake Joint Venture Agreement with respect to the interest it has acquired therein.

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8.2 The executed Joint Venture Agreement(s) (and the assumed Hatchet Lake Joint Venture Agreement) will supersede this Agreement with respect to any matters that conflict with this Agreement, provided that all rights and liabilities of each Party in existence on the date on which the applicable Joint Venture Agreement is entered into shall continue thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **No Encumbrances Against Properties** 

9.1 During the Option Period, neither Foremost nor Denison will be entitled to grant any Encumbrance upon the Properties or any portion thereof without the prior written consent of the other Party, which consent may be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Representations and Warranties of Denison and Foremost** 

10.1 Denison represents and warrants to Foremost that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Denison is a valid and subsisting corporation duly incorporated and in good standing under the laws of the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Denison has full power and authority to enter into this Agreement and any agreement or instrument referred to or contemplated by this Agreement and to carry out and perform all of its obligations and duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Denison has duly obtained all corporate and regulatory authorizations for the execution, delivery and performance of this Agreement and no further action on the part of the directors or shareholders of Denison is necessary or desirable to make this Agreement valid and binding on Denison;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this Agreement has been duly executed and delivered by Denison and is valid, binding and enforceable against Denison in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting creditors' rights generally and by general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Denison holds the Property Interests and, except as disclosed in Schedule "A", Denison is the legal and beneficial owner of a 100% interest in the Properties, free and clear of and from all Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Properties have been properly staked, located and recorded pursuant to applicable laws and regulations of the Province of Saskatchewan and all mining claims comprising the Properties are in good standing and no event, condition or occurrence exists that, after notice or lapse of time or both, would constitute a default under such mining claims and all required assessment work, reports, fees and payments have been filed or made and are current;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there is no adverse claim or challenge against or to the ownership of or title to any part of the Properties and, to the best of Denison's knowledge after reasonable inquiry there is no basis for such adverse claim or challenge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all fees, taxes, assessments, rentals, levies or other payments required to be made to such date relating to the Properties have been made;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) there is no ongoing litigation advancing indigenous claims to the Properties and Denison has not received any notice of, nor has knowledge of, any threatened litigation or specific action advancing indigenous claims adverse to Denison's interest in the Properties or the operations by Denison or its affiliates on the Properties, and no indigenous blockade, occupation, illegal action or on-site protest has occurred or, to the knowledge of Denison, has been threatened in connection with the activities on the Properties;<sup></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) there are no known and material agreements (written or oral) between Denison or its predecessors and any First Nations, First Nations groups or organizations with respect to the Properties other than the Exploration Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the consummation of the transactions contemplated by this Agreement does not and will not conflict with, constitute a default under, result in a breach of, entitle any Person to a right of termination under, or result in the creation or imposition of any Encumbrance or restriction of any nature whatsoever upon or against the Properties, under its constating documents, any contract, agreement, indenture or other instrument to which Denison is a party or by which Denison is bound or any law, judgment, order, writ, injunction or decree of any court, administrative agency or other tribunal or any regulation of any governmental authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) except as disclosed in Schedule "A", no person has any right or agreement, option, understanding, prior commitment or privilege capable of becoming an agreement for the purchase or acquisition from Denison of any interest in the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) except as disclosed in Schedule "A", there are no royalties or other latent interests in the Properties owing to any other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) there is no legal, administrative, arbitration or other proceeding, claim or action of any nature or investigation pending or to the best of Denison's knowledge after reasonable inquiry, threatened against or involving the Properties or which questions or challenges the validity of this Agreement or any action taken or to be taken by Denison pursuant to this Agreement or any other agreement or instrument to be executed and delivered by Denison in connection with the transactions contemplated hereby and Denison does not know or have any reason to know of any valid basis for any such legal, administrative, arbitration or other proceeding, claim, action or investigation. Denison is not subject to any judgment, order or decree entered in any lawsuit or proceeding which has had or may be expected to have an adverse effect on the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) no act or proceeding has been taken or authorized by or against Denison in connection with the dissolution, liquidation, winding up, bankruptcy or insolvency of Denison or with respect to any amalgamation, merger, consolidation, arrangement or reorganization of, or relating to, Denison and no such proceedings have been threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to the best of Denison's knowledge after reasonable inquiry, no Hazardous Substance has been placed, held, located, used or disposed of, on, under or at the Properties by Denison or its Agents or any predecessor owner or operator of the Properties; and to the best of Denison's knowledge after reasonable inquiry, no claim has ever been asserted and there are no present circumstances which could reasonably form the basis for the assertion of any claim against Denison for Losses of any kind as a direct or indirect result of the presence on or under or the escape, seepage, leakage, spillage, discharge, emission or release from the Properties of any Hazardous Substance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) all previous exploration on the Properties conducted by or on behalf of Denison, and to the best of Denison's knowledge after reasonable inquiry all previous exploration on the Properties conducted by or on behalf of predecessors to Denison's interest in the Properties, has been carried out in accordance with applicable law and sound mining, environmental and business practice and Denison has not received notice of any breach, violation or default with respect to the Properties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the prospecting work, processes, undertaking and other operations carried on or conducted by or on behalf of Denison in respect of the Properties have been carried on or conducted in a sound and workmanlike manner in compliance with sound geological and geophysical exploration and mining, engineering and metallurgical practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Denison has not received notice of the existence of any condemnation, expropriation or similar proceedings affecting the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Denison has not received from any government or any other person any notice of or communication relating to any actual or alleged Environmental Liabilities, and there are no outstanding work orders or actions required to be taken relating to environmental matters respecting any of the Properties or any operations carried out on any of the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Foremost may enter in, under, or on the Properties for all purposes of this Agreement without making any payment to and without accounting to or obtaining the permission of any other person, other than any payment required to be made under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Denison acknowledges that the Consideration Shares will be issued pursuant to prospectus and registration exemptions under applicable securities laws and will be subject to hold periods as required pursuant to applicable securities laws and may be subject to trading restrictions pursuant to the policies of the applicable Acceptable Exchange upon which the Common Shares are listed and trading at the time of such issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Denison acknowledges that it has conducted to its satisfaction an independent investigation of the financial condition, liabilities and results of operations of Foremost and its subsidiaries and the nature and condition of their respective properties and assets and businesses and, in making the determination to proceed with the transactions contemplated by this Agreement, has relied solely on the results of its own independent investigation and the representations and warranties set forth in section 10.3. Denison acknowledges that neither Foremost, its subsidiaries, nor any other person, has made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding Foremost, its subsidiaries, their businesses or other matters except as expressly provided in section 10.3.

10.2 The representations and warranties contained in section 10.1 are provided for the exclusive benefit of Foremost and the correctness of each such representation and warranty is a condition upon which Foremost is relying upon in entering into this Agreement. A breach of any one or more representation or warranty may be waived by Foremost in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty and the representations and warranties contained in section 10.1 will survive the execution and delivery of this Agreement, notwithstanding any independent investigations Foremost may make, for a period that terminates one year following the earlier of the: (i) the expiry of the Option Period; or (ii) the termination of the Option.

10.3 Foremost represents and warrants to Denison that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foremost is a valid and subsisting corporation duly incorporated and in good standing under the laws of the Province of British Columbia and if so required, is or will be qualified to carry on business in the jurisdiction in which the Properties are situated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Foremost has the full power and authority to carry on its business and to enter into this Agreement and any agreement or instrument referred to or contemplated by this Agreement and to carry out and perform all of its obligations and duties hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Foremost has duly obtained all corporate and regulatory authorizations for the execution, delivery and performance of this Agreement and no further action on the part of the directors or shareholders of Foremost is necessary or desirable to make this Agreement valid and binding on Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this Agreement has been duly executed and delivered by Foremost and is valid, binding and enforceable against Foremost in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting creditors' rights generally and by general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there is no Person acting or purporting to act at Foremost's request who is entitled to any brokerage or finder's fee in connection with the transactions contemplated herein other than Cantor Fitzgerald Canada Corporation pursuant to a letter agreement dated April 29, 2024 and Machai Capital Inc. pursuant to a transaction fee agreement dated February 20, 2024, the financial obligations associated therewith having been disclosed to Denison;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the consummation of the transactions contemplated by this Agreement does not and will not conflict with, constitute a default under, result in a breach of, entitle any Person to a right of termination under, or result in the creation of imposition of any Encumbrance or restriction of an nature whatsoever upon or against the property or assets of Foremost, under its constating documents, any contract, agreement, indenture or other instrument to which Foremost is a party or by which Foremost is bound or to any law, judgment, order, writ, injunction or decree of any court, administrative agency or other tribunal or any regulation of any governmental authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no act or proceeding has been taken or authorized by or against Foremost in connection with the dissolution, liquidation, winding up, bankruptcy or insolvency of Foremost or with respect to any amalgamation, merger, consolidation, arrangement or reorganization of, or relating to, Foremost and no such proceedings have been threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Foremost is in compliance in all material respects with the applicable rules and regulations of the Canadian Securities Exchange and the Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Consideration Shares will, when issued, be issued as fully paid and non-assessable Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Foremost is not required to obtain shareholder approval for the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the information and statements contained in all documents previously published or filed by Foremost with Canadian or United States securities regulators since December 31, 2022 that would be required to be included in or incorporated by reference in a prospectus pursuant to applicable Canadian securities laws (the "**Continuous Disclosure Materials**") contain no misrepresentation as of the date of such information and statements in the Continuous Disclosure Materials that would make such information or statement materially misleading and Foremost is in compliance in all material respects with its timely and continuous disclosure obligations under Canadian or United States securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Foremost has disclosed to Denison a cash balance and working capital summary as at June 30, 2024, which shall include the current balance of any indebtedness of the Company in whatever form, and such summaries remain materially true and correct as at the date hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) none of Foremost, any subsidiary, or to the knowledge of Foremost any of their respective representatives or joint venture partners, in carrying out or representing the business of Foremost and its subsidiaries anywhere in the world, have violated the *Corruption of Foreign Public Officials Act* (Canada), the U.S. *Foreign Corrupt Practices Act*, or the anti-corruption laws of any other applicable jurisdiction; and

10.4 The representations and warranties contained in section 10.3 are provided for the exclusive benefit of Denison and the correctness of each such representation and warranty is a condition upon which Denison is relying upon in entering into this Agreement. A breach of any one or more representations or warranties may be waived by Denison in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other representation or warranty and the representations and warranties contained in section 10.3 will survive the execution and delivery of this Agreement notwithstanding any independent investigations Denison may make, for a period that terminates one year following the earlier of the: (i) the expiry of the Option Period; or (ii) the termination of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Confidential Information** 

11.1 The terms of this Agreement and all information obtained in connection with the performance of this Agreement will be the exclusive property of the Parties hereto and except as provided in sections 11.2 and 11.3, will not be disclosed to any third party or the public without the prior written consent of the other Party, which consent will not be unreasonably withheld*.*

11.2 Foremost shall provide Denison with at least two (2) business days to review and consent to any news release pertaining to the Properties before distribution to the public (except in respect of any news release proposed to be issued announcing termination of the Agreement pursuant to section 12.3, in which case Foremost shall provide Denison with at least two (2) business days to review and make suggestions for any changes thereto) unless Foremost has determined in the circumstances, acting reasonably and in good faith, that such disclosure is required by applicable law to be released earlier than would permit Denison two (2) business days to review, in which case Foremost shall advise Denison of such circumstances and Denison shall provide its comments and consent at the earliest possible time following Denison's receipt of the proposed disclosure, provided that nothing herein shall prevent Foremost from making such a disclosure without having received Denison's comments or consent if such immediate disclosure is required by such applicable law .

11.3 The consent required by section 11.1 will not apply to a disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to an Affiliate, consultant, contractor or subcontractor that has a *bona fide* need to be informed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to a governmental agency or to the public which such Party believes in good faith is required by pertinent laws or regulation or the rules of any applicable stock exchange, including without limitation each of the Canadian Securities Exchange and the NASDAQ exchange; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to an investment dealer, broker, bank or similar financial institution, in confidence if required as part of a due diligence investigation by such financial institution in connection with a financing by such Party.

11.4 Notwithstanding any other provision of this agreement, the obligations under this section shall survive for two (2) years after the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Default and Termination** 

12.1 Other than the provisions of this Agreement which explicitly survive termination, this Agreement will terminate upon the occurrence of the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the written agreement by the Parties to terminate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the execution of Joint Venture Agreement(s) for all of the Properties, except Hatchet Lake, and the execution of an assignment and assumption to the Hatchet Lake Joint Venture Agreement for Hatchet Lake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the failure of Foremost to satisfy the conditions to exercise the Option Tranche 1 in section 2.5 by the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the failure of Foremost to satisfy the conditions to exercise the Option Tranche 2 in section 2.7 during the Tranche 2 Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Foremost's termination of this Agreement pursuant to sections 12.2, 12.3 or 12.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Denison's termination of this Agreement pursuant to section 12.4 or 12.5.

12.2 Foremost shall have the right to terminate the Option, at any time during the Option Period by giving thirty (30) days written notice to Denison, provided that Foremost's right to terminate this Agreement shall be subject to the condition that the Properties will be in good standing for a minimum of twelve (12) months following the effective date of the termination, and thereafter Foremost shall have no further or other rights and obligations under this Agreement.

12.3 Foremost shall also have the right to terminate the Agreement by giving thirty (30) days written notice to Denison in the event of a breach of any of the terms of this Agreement by Denison which breach is not remedied within sixty (60) days of notice of such breach by Foremost to Denison.

12.4 Denison shall have the right to terminate the Agreement and/or the Option at any time during the Option Period in the event of a breach of any of the terms of this Agreement by Foremost which breach is not remedied within sixty (60) days of notice of such breach by Denison to Foremost.

12.5 If voluntary or involuntary proceedings by or against a Party are instituted in bankruptcy or insolvency proceedings, or a receiver or custodian is appointed for such Party, or proceedings are instituted by or against such Party for corporate reorganization or dissolution of such Party, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days after the date of filing, or if such Party makes an assignment for the benefit of creditors, or substantially all of the assets of such Party are seized or attached and not released within sixty (60) days thereafter (each, an "**Insolvency Event**"), the other Party may immediately terminate this Agreement effective upon notice of such termination. If Foremost is the Party subject to such Insolvency Event, Foremost shall have no further right to exercise any other portion of the Option.

12.6 Except in the circumstances where Foremost continues to hold an interest in the Properties, as contemplated by section 13.2, upon termination of the Option or the Agreement, Foremost shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver all maps, reports, results of surveys and drilling, and all other reports and information to Denison as well as copies of any and all assay plans, diamond drill records, information, maps and other pertinent exploration reports produced by the Operator and/or its Affiliates and/or its Agents regarding the Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remove, within twelve (12) months of termination, all facilities, equipment, machinery, tools, appliances and supplies which may have been brought upon the Properties by or on behalf of Foremost unless arrangements are made between Denison and Foremost on terms satisfactory Denison, and if not so removed, such facilities, equipment, machinery, tools, appliances and supplies shall become the property of Denison.

12.7 Sections 2.11, 8, 10, 11, 13, 14, 16 and this section 12.7 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Rights and Obligations after Termination of Option** 

13.1 If this Agreement and/or the Option are terminated pursuant to the provisions hereof, then, except in the circumstances where Foremost continues to hold an interest in the Properties, as contemplated by section 13.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foremost will deliver a deed of quit claim or other appropriate instrument to Denison in recordable form whereby Foremost will acknowledge and agree that it has no interest either legal or equitable in and to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Foremost will deliver, at no cost to Denison, within thirty (30) days after the date of such termination, copies of all reports, maps, assay results and other relevant technical data (including interpretative data) compiled by or in the possession or under the control of Foremost with respect to the Properties and all core, pulps, samples and other materials relevant to the Properties in the possession or under the control of Foremost; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Foremost shall have no further obligation to make any payment or expand any additional amounts on the Properties.

13.2 In the event of termination of this Agreement other than in the circumstances contemplated by section 2.6 and 2.14, in which Foremost forfeits its entire interest in the Properties, Foremost will thereafter continue to hold such interest in the Properties as it has earned prior to termination of this Agreement, and as governed by the Joint Venture Agreement applicable to each such Property.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Indemnity** 

14.1 Denison covenants and agrees with Foremost to indemnify and save harmless Foremost, its Agents and Affiliates and their respective officers, directors, employees and representatives from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any and all Environmental Liabilities in relation to the Properties which may arise as a result of operations and activities prior to the Option Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the gross negligence or willful misconduct of Denison, its Affiliates or their respective Agents in relation to the Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any and all Losses, excluding any caused by the negligence of Foremost, its Affiliates or their respective Agents, which may be suffered or incurred by Foremost arising out of or in connection with or in any way referable to, whether directly or indirectly, the entry on, presence on, or activities on the Properties by Denison, its Affiliates or their respective Agents during the Option Period, or the breach of any warranties, representations or covenants on the part of Denison.

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14.2 Foremost covenants and agrees with Denison to indemnify and save harmless Denison its Agents and Affiliates and their respective officers, directors, employees and representatives from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any and all Environmental Liabilities which may arise as a result of Operations during the Option Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the gross negligence or willful misconduct of Foremost, its Affiliates or their respective Agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any and all Losses, excluding any caused by the negligence of Denison, its Affiliates or their respective Agents, which may be suffered or incurred by Denison or arising out of or in connection with or in any way referable to, whether directly or indirectly, the entry on, presence on, or activities on the Properties by Foremost, its Affiliates or their respective Agents during the Option Period, or the breach of any warranties, representations or covenants on the part of Foremost.

14.3 To the extent permitted by applicable law, a Party's liability arising out of or in connection with this Agreement is limited to $1.0 million.

14.4 In no event shall either Party be liable for any indirect, special, punitive or consequential damages related in any way to this Agreement, regardless of the legal theory upon which any such damages claim is based, even upon the fault, tort (including without limitation negligence), breach of contract, statute, regulation, or any other theory of law or breach of warranty by, or strict liability of, such Party. This exclusion applies even if such Party has been advised of the possibility of such damages in advance and even if any available remedy fails of its essential purpose.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Force Majeure** 

15.1 If either Party is at any time during the Option Period prevented or delayed in complying with any of the provisions of this Agreement (the "**Affected Party**") by reason of Force Majeure, then the time limits for the performance by the Affected Party of its obligations hereunder will be extended by a period of time equal in length to the period of each such prevention or delay. Nothing in this section 15.1 or this Agreement will relieve either Party from its obligation to maintain the claims comprising the Properties in good standing and to comply with all applicable laws and regulations, including, without limitation, those governing safety, pollution and environmental matters.

15.2 The Affected Party will give notice to the other Party of each event of Force Majeure under section 15.1 within seven (7) days of such event commencing and upon cessation of such event will furnish the other Party with written notice to that effect together with particulars of the number of days by which the time for performing the obligations of the Affected Party under this Agreement has been extended by virtue of such event of Force Majeure and all preceding events of Force Majeure.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Arbitration** 

16.1 In the event of any dispute between Denison and Foremost with respect to this Agreement or any matter governed by this Agreement which Denison and Foremost are unable to resolve, after negotiating in good faith for a term of fifteen (15) days as of the delivery of written notice of the controversy from on Party to the other, the matter shall be decided by arbitration. The Party desiring arbitration shall nominate one (1) arbitrator and shall notify the other Party of such nomination and the other Party shall within thirty (30) days after receiving such notice nominate one arbitrator and the two arbitrators shall select a third arbitrator to act jointly with them. If the said arbitrators are unable to agree upon the selection of such third arbitrator, the third arbitrator shall be designated by a Justice of the Ontario Superior Court of Justice. If the Party receiving the notice of nomination of an arbitrator, does not nominate an arbitrator within thirty (30) days of receiving such notice, then the arbitrator nominated by the Party desiring arbitration may proceed alone to determine the dispute. Any decision reached pursuant to this section 16.1 shall be final and binding upon the Parties. Insofar as they do not conflict with the provisions hereof, the provisions of the *Arbitration Act* (Ontario) as amended from time to time shall be applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Notices** 

17.1 All notices, payments and other required communications and deliveries to the Parties will be in writing, and will be addressed to the Parties at the following address or email address or at such other address as the parties may specify from time to time:

If to Denison:

Denison Mines Corp.

1100 - 40 University Avenue

Toronto, Ontario, M5J 1T1

Attention: David Cates

Email: dcates@denisonmines.com

If to Foremost:

Foremost Lithium Resource & Technology Ltd.

250 – 750 West Pender Street

Vancouver, British Columbia V6C 2T7

Attention: Jason Barnard

Email: jason.barnard@foremostcleanenergy.com

17.2 Notices must be delivered, sent by email or mailed by pre-paid post and addressed to the Party to which notice is to be given. If notice is sent by email or is delivered, it will be deemed to have been given and received at the time of transmission or delivery, if transmitted or delivered during regular business hours, or the next business day, if not transmitted or delivered during normal business hours. If notice is mailed, it will be deemed to have been received ten business days following the date of the mailing of the notice. If there is an interruption in normal mail service due to strike, labour unrest or other cause at or prior to the time a notice is mailed the notice will be sent by email or will be delivered.

17.3 Either Party hereto may at any time and from time to time notify the other Party in writing of a change of address and the new address to which a notice will be given thereafter until further change.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Good Faith** 

18.1 Each Party shall at all times during the currency of this Agreement and after the termination of the Option, act in good faith with respect to the other Party and shall do or cause to be done all things within their respective powers which may be necessary or desirable to give full effect to the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Governing Law** 

19.1 This Agreement will be construed and in all respects governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Entire Agreement** 

20.1 This Agreement constitutes the entire agreement between Denison and Foremost and will supersede and replace any other agreement or arrangement, whether oral or in writing, previously existing between the parties with respect to the subject matter of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Consent or Waiver** 

21.1 No consent or waiver, express or implied, by either Party in respect of any breach or default by the other Party in the performance by such other Party of its obligations under this Agreement will be deemed or construed to be consent to or a waiver or any other breach or default.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Further Assurances** 

22.1 The Parties will promptly execute, or cause to be executed, all bills of sale, transfers, documents, conveyances and other instruments of further assurance which may be reasonably necessary or advisable to carry out fully the intent and purpose of this Agreement or to record wherever appropriate the respective interests from time to time of the Parties and to the Properties.

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Severability** 

23.1 If any provision of this Agreement is or will become illegal, unenforceable or invalid for any reason whatsoever, such illegal, unenforceable or invalid provisions will be severable from the remainder of this Agreement and will not affect the legality, enforceability or validity of the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Enurement** 

24.1 This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Amendments** 

25.1 This Agreement may only be amended in writing with the mutual consent of all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Time** 

26.1 Time will be of the essence of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Counterparts** 

27.1 This Agreement may be executed in any number of counterparts and by facsimile transmission with the same effect as if all parties hereto had signed the same document. All counterparts will be construed together and constitute one and the same agreement.

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**IN WITNESS WHEREOF** the Parties have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **DENISON MINES CORP.**<br>Per:<u> </u><br> Authorized Signatory |)))))) |
| **FOREMOST LITHIUM RESOURCE & TECHNOLOGY LTD.** <br>Per:<u> </u><br> Authorized Signatory |)))))) |

---

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**SCHEDULE** "**A**"

**DESCRIPTION OF PROPERTIES**

The properties consist of 45 mineral dispositions grouped into ten exploration properties, summarized in the table below.

---

| | | |
|:---|:---|:---|
| **Project** | **Disposition** | **Hectares** |
| Blackwing | MC00017710 | 4816.61 |
| Blackwing | MC00017712 | 2584.39 |
| Blackwing | MC00017715 | 5226.34 |
| CLK | MC00017870 | 5681.37 |
| CLK | MC00017872 | 4740.41 |
| Epp Lake | S-107655 | 493.00 |
| Epp Lake | S-113369 | 372.11 |
| GR | MC00017697 | 5638.61 |
| GR | MC00017698 | 5293.26 |
| GR | MC00017699 | 5772.18 |
| GR | MC00017700 | 5567.18 |
| GR | MC00017701 | 5580.35 |
| GR | MC00017702 | 5964.35 |
| GR | MC00017703 | 5685.45 |
| GR | MC00017704 | 5387.44 |
| GR | MC00017705 | 5975.08 |
| GR | MC00017706 | 5874.66 |
| GR | MC00017707 | 5398.23 |
| GR | MC00017708 | 2787.07 |
| GR | MC00017709 | 2857.68 |
| GR | MC00017711 | 5986.84 |
| GR | MC00017713 | 3963.54 |
| GR | MC00017714 | 852.86 |
| Hatchet Lake | S-107747 | 492.00 |
| Hatchet Lake | S-107749 | 367.00 |
| Hatchet Lake | S-113363 | 498.64 |
| Hatchet Lake | S-113366 | 2382.30 |
| Hatchet Lake | S-113375 | 1226.72 |
| Hatchet Lake | S-113376 | 415.92 |
| Hatchet Lake | S-113377 | 210.97 |
| Hatchet Lake | S-113378 | 3189.70 |
| Hatchet Lake | S-113379 | 1428.29 |
| Marten | S-110497 | 2768.00 |
| Marten | S-112161 | 2240.00 |
| Murphy Lake South | S-107542 | 888.00 |
| Murphy Lake South | S-107704 | 1402.00 |
| Murphy Lake South | S-113370 | 1061.81 |
| Murphy Lake South | S-113371 | 780.19 |
| Murphy Lake South | S-113373 | 2432.16 |
| Murphy Lake South | S-113374 | 589.38 |
| Torwalt Lake | S-107372 | 812.00 |
| Turkey Lake | S-110919 | 3789.00 |
| Wolverine | S-110496 | 3632.00 |
| Wolverine | S-113390 | 876.19 |
| Wolverine | S-113391 | 527.69 |

---

**Encumbrances:**

Pursuant to the Hatchet Lake Joint Venture Agreement.

Pursuant to the Assignment and Novation Agreement dated May 4, 2005 between International Uranium Corporation, Keewatin Consultants (2002) Inc., 723519 B.C. Ltd., and Santoy Resources Ltd. with respect to the net smelter royalty on the Epp Lake property.

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**SCHEDULE** "**B**"

**FORM OF JOINT VENTURE AGREEMENT**

See attached

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**SCHEDULE** "**C**"

**FORM OF INVESTOR RIGHTS AGREEMENT**

See attached

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**SCHEDULE** "**D**"

**EXPLORATION AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exploration Agreement between English River First Nation and Denison Mines Corp. dated March 30, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exploration Agreement between Kineepik Metis Local Inc. and Denison Mines Corp. dated June 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exploration Agreement with the Ya'thi Néné Lands and Resources Office, Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation and the Northern Hamlet of Stony Rapids, the Northern Settlement of Uranium City, the Northern Settlement of Wollaston Lake and the Northern Settlement of Camsell Portage dated October 19, 2022.

## Exhibit 4.17

**Exhibit 4.17**

**INVESTOR RIGHTS AGREEMENT**

**THIS INVESTOR RIGHTS AGREEMENT** (this "**Agreement**") is dated as of the 4<sup>th</sup> day of October, 2024 (the "**Effective Date**").

BETWEEN:

**DENISON MINES CORP.**, a company incorporated pursuant to the laws of Ontario ("**Denison**");

- and -

**FOREMOST CLEAN ENERGY LTD.**, a company incorporated pursuant to the laws of British Columbia ("**Foremost**").

**WHEREAS** Denison and Foremost are parties to an option agreement (the "**Option Agreement**"), pursuant to which Denison granted an option to Foremost to the Properties, as more particularly described in the Option Agreement;

**AND WHEREAS** as a condition precedent of exercising the Option Tranche 1 (as defined in the Option Agreement), Foremost has agreed to grant certain rights to Denison on the Effective Date, all on the terms and conditions set out herein;

**NOW THEREFORE** in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration the receipt and adequacy of which are acknowledged, the Parties agree as follows.

**ARTICLE 1**<br> **INTERPRETATION**

**1.1 Defined Terms**

As used in this Agreement, the following terms have the following meanings:

**"Act**" means the *Business Corporations Act* (British Columbia).

**"Advance Notice Policy**" means the advance notice policy adopted by the Board on November 1, 2013 and ratified by shareholders of Foremost on November 28, 2013.

**"Affiliate**" has the meaning ascribed thereto in National Instrument 45-106 – *Prospectus Exemptions of the Canadian Securities Administrators*.

**"Agreement**" means this agreement, as amended, modified, restated, replaced or supplemented from time to time.

**"Applicable Securities Laws**" of a jurisdiction means, all applicable securities laws in such jurisdiction and the respective regulations and rules under such laws together with applicable published policy statements, notices and orders of the Securities Commission in such jurisdiction as well as the applicable by-laws, rules and regulations of any stock exchange on which the Common Shares are then listed and posted for trading.

**"Board**" means the Board of Directors of Foremost.

**"Business Day**" means any day of the year, other than a Saturday, Sunday or a statutory holiday in Vancouver, British Columbia and Toronto, Ontario.

**"Common Shares**" means the common shares of Foremost.

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**"Denison Common Share Interest**" means, on any date, the Common Share ownership interest of Denison and its Affiliates in Foremost, on an undiluted basis, expressed as a percentage equal to (i) the aggregate number of outstanding Common Shares beneficially owned, directly or indirectly, or over which control or direction is exercised by Denison and its Affiliates divided by (ii) the aggregate number of outstanding Common Shares. For further certainty, the calculation of Denison Common Share Interest shall exclude any Common Shares that are not currently outstanding.

**"Director Nominee**" has the meaning given to such term in Section 2.1(1).

**"Directors**" mean the directors of Foremost from time to time.

**"Effective Date**" means the date first written above.

**"Equity Financing Notice**" has the meaning given to such term in Section 3.2(1)(a).

**"Equity Participation Right**" has the meaning given to such term in Section 3.1(1).

**"Equity Securities**" has the meaning given to such term in Section 3.1(1).

**"Equity Subscription Notice**" has the meaning given to such term in Section 3.2(1)(b).

**"Exchange**" means any of Nasdaq, the Canadian Securities Exchange, the TSX Venture Exchange, the Toronto Stock Exchange, or any other stock exchange upon which the Common Shares may be listed from time to time.

**"Foremost**" means Foremost Clean Energy Ltd.

**"Governmental Entity**" means (i) any international, multinational, national, federal, provincial, state, municipal, local or other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the above, (iii) any stock exchange and (iv) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above.

**"Issuance Anti-Dilution Right**" has the meaning specified in Section 3.1(3).

**"Issuance Anti-Dilution Right Exercise Price**" means the volume-weighted average trading price of the Common Shares over the five trading days ending on the date that is immediately prior to the issuance of the Common Shares pursuant to the applicable Subsequent Issuance; provided that if such exercise price does not in the particular circumstances of the applicable Issuance Anti-Dilution Right receive applicable regulatory approvals, including approval of the Exchange, then the exercise price applicable to such Issuance Anti-Dilution Right shall instead be the minimum price that receives applicable regulatory approvals, including approval of the Exchange, in respect of the Issuance Anti-Dilution Right.

**"Issuance Notice**" has the meaning given to such term in Section 3.3(1)(a).

**"Issuance Participation Notice**" has the meaning given to such term in Section 3.3(1)(b).

**"Law**" means any and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, orders, decrees, rules, regulations and by-laws, (ii) judgments, orders, writs, injunctions, decisions, awards and directives of any Governmental Entity and (iii) policies, guidelines, notices and protocols of any Governmental Entity.

**"Nasdaq**" means the Nasdaq Capital Market.

**"NI 44-101**" means National Instrument 44-101 of the Canadian Securities Administrators and any successor policy, rule, regulation or similar instrument.

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**"Notice**" has the meaning specified in Section 7.1(1).

**"Option Agreement**" has the meaning specified in the recitals hereto.

**"Participation Rights**" means those rights granted to Denison in Article 3.

**"Parties**" means Foremost and Denison.

**"Person**" means a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity or Governmental Entity, and pronouns have a similarly extended meaning.

**"Properties**" means the 45 claims known as the Blackwing, Murphy Lake South (crab claw), GR, CLK, Torwalt Lake, Turkey Lake, Epp Lake, Marten, Wolverine, and Hatchet Lake properties in the Athabasca Basin of Saskatchewan, covering 142,509 hectares, more particularly described in Schedule A to the Option Agreement.

**"Prospectus**" means a final prospectus prepared, filed and receipted by a Securities Commission, all in accordance with Applicable Securities Laws in one or more provinces or territories in Canada, and includes without limitation, a short form prospectus (final) prepared, filed and receipted in accordance with NI 44-101.

**"Securities Commission**" means a securities commission or similar regulatory authority in a province or territory of Canada.

**"Subsequent Issuance**" has the meaning specified in Section 3.1(3).

**"Subsequent Offering**" has the meaning specified in Section 3.1(1).

**1.2 Gender and Number**

Any reference in this Agreement to gender includes all genders. Words importing the singular number only include the plural and vice versa.

**1.3 Headings, etc.**

The division of this Agreement into Articles and Sections and the insertion of headings are for convenient reference only and do not affect its interpretation.

**1.4 Currency**

All references in this Agreement to dollars or to "C$" are expressed in Canadian currency unless otherwise specifically indicated.

**1.5 Certain Phrases, etc.**

In this Agreement, (i) the words "including", "includes" and "include" mean "including (or includes or include) without limitation", and (ii) the words "the aggregate of", "the total of", "the sum of", or a phrase of similar meaning means "the aggregate (or total or sum), without duplication, of". The expressions "Article", "Section" and other subdivision followed by a number mean and refer to the specified Article, Section or other subdivision of the Agreement. In the computation of periods of time from a specified date to a later specified date, unless otherwise expressly stated, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

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**1.6 Statutory References**

Except as otherwise provided in this Agreement, any reference in this Agreement to a statute refers to such statute and all rules and regulations made under it as they may have been or may from time to time be amended, re-enacted or superseded.

**1.7 No Partnership**

Nothing in this Agreement will be deemed to constitute a partnership, agency or similar relationship between Foremost and Denison. Except as provided herein or as the Parties may otherwise agree, each Party shall have the right to engage in and receive the full benefits from any independent business activities or operations, whether or not competitive with the business activities and operations carried on by the other Party, without consulting with, or incurring any obligation to, the other Party.

**ARTICLE 2**<br> **DENISON BOARD REPRESENTATION**

**2.1 Board Representation**

&nbsp;&nbsp;&nbsp;&nbsp;(1) As at the Effective Date, Foremost shall appoint to the Board one (1) individual nominated by Denison and acceptable to the Board, acting reasonably, and the Exchange to serve until the next meeting of the Foremost shareholders at which directors are proposed to be elected (each such meeting, a "**Board Election Meeting** "). Denison has designated and Foremost has accepted David Cates as such appointee.

&nbsp;&nbsp;&nbsp;&nbsp;(2) At the first Board Election Meeting following the Effective Date, and at each subsequent Board Election Meeting until such time as the Denison Common Share Interest is less than 15%, Foremost shall propose for shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Board comprised of six (6) members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nomination for election of two (2) persons designated by Denison and acceptable to Foremost, acting reasonably (each a "**Director Nominee** ");

and use commercially reasonable efforts to obtain shareholder approval for such matters; *provided that* in the event the size of the Board is increased or decreased, the number of Director Nominees which Denison is entitled to nominate shall also be increased or decreased to maintain the same proportional representation.

&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event that the Denison Common Share Interest is reduced to below 15%, but is equal to or greater than 5%, following the Effective Date, Denison shall be entitled to have one (1) nominee for election to the Board and, unless otherwise agreed with Denison:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the written request of Foremost, if Denison had two (2) Director Nominees, Denison will cause one (1) of its Director Nominees of its choosing to resign as a Director of Foremost as soon as practicable, and in any event within 10 days of such written request from Foremost; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at each subsequent meeting of Foremost's shareholders at which Directors of Foremost are elected: (i) nominate for election to the Board one (1) Director Nominee, and (ii) use commercially reasonable efforts to obtain shareholder approval for such election.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Any person designated or nominated pursuant to this Section 2.1 shall consent to being a Director as required by the Act, shall have the qualifications to serve as a Director of a Canadian reporting issuer and on the Exchange, and shall not be disqualified from being a Director under the Act or by applicable Canadian securities regulatory authorities or the Exchange.

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&nbsp;&nbsp;&nbsp;&nbsp;(5) Denison will use commercially reasonable efforts to designate Director Nominees who are "independent" within the meaning of National Instrument 58-101 *Disclosure of Corporate Governance Practices* and will use commercially reasonable efforts to designate a Director Nominee who will facilitate Foremost achieving greater Board diversity, including as may be required by Law, including Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(6) If at any time a Board Election Meeting is to be called, including as required to give effect to this Section 2.1, Denison shall provide the name(s) of the Director Nominee(s) at least 30 calendar days in advance of the anticipated mailing date of the management information circular for such Board Election Meeting and Foremost shall present such individual as part of management's list of Director Nominees, provided however that Foremost shall give Denison at least 60 calendar days' notice of the anticipated mailing date for such management information circular.

&nbsp;&nbsp;&nbsp;&nbsp;(7) If Denison fails to deliver notice to Foremost of its Director Nominee(s) at least 30 calendar days in advance of the anticipated mailing date of the management information circular for such Board Election Meeting, Denison shall be deemed to have designated the same Director Nominee(s) previously designated by it that serves as a Foremost Director(s) at such time.

&nbsp;&nbsp;&nbsp;&nbsp;(8) If any Director Nominee ceases to be a Director of Foremost for any reason, Denison shall have the right to nominate another nominee to fill the vacancy thereby created, and as soon as reasonably possible following that nomination, Foremost shall fill the vacancy by appointing that nominee as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;(9) In the event that the Denison Common Share Interest is reduced to below 5% following the Effective Date, on the request of Foremost, Denison will cause its Director Nominee(s) to resign as a Director(s) of Foremost as soon as practicable, and in any event within 21 days thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Denison's nomination rights pursuant to this Section 2.1, once reduced or eliminated in accordance with this Section 2.1, may not be re-acquired in the future in the event that Denison subsequently acquires Common Shares in excess of the applicable thresholds set forth above, except acquisitions completed pursuant to Denison's exercise of its Participation Rights. For greater certainty, if an issuance of Equity Securities by Foremost would reduce Denison's aggregate interest in Common Shares below any of the thresholds contemplated by this Section 2.1, the nomination rights shall continue until the closing of the applicable Subsequent Offering or Subsequent Issuance to which Denison's Participation Rights apply until such rights expire.

**2.2 Advance Notice Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;(1) For greater certainty, the provisions in the Advance Notice Policy shall not apply to the nomination by Denison of a Director Nominee pursuant to and in accordance with Section 2.1.

**2.3 Director Expenses Representation**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Foremost shall pay all reasonable expenses incurred by each Director Nominee in the performance of his or her duties for or on behalf of Foremost incurred as a result of the Director Nominee attending Board and committee meetings and other Board functions (if applicable), including travel and accommodation expenses, in each case in accordance with Foremost's policies applicable to all Directors.

**2.4 Director**'**s Liability Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Director Nominee shall be entitled to the benefit of any directors' and officers' liability insurance then in place and to an indemnity to which Directors are entitled to the maximum permitted by the Act.

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**ARTICLE 3**<br> **DENISON EQUITY PARTICIPATION RIGHTS**

**3.1 Equity Participation Rights**

&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event that Foremost proposes or commences a financing for cash consideration by way of a public offering or private placement (each, a "**Subsequent Offering**") of Common Shares, other voting or equity shares of Foremost or securities exchangeable for or convertible into Common Shares or such other voting or equity shares of Foremost (collectively, "**Equity Securities**") to any person other than Denison, Denison shall have the right (the "**Equity Participation Right**") to subscribe for up to such number of Equity Securities such that the Denison Common Share Interest following the Subsequent Offering and exercise of the Equity Participation Right would be equal to or less than 19.95%, in compliance with Section 3.2. For greater certainty, the term "Subsequent Offering" shall exclude, among others, the granting or exercise of securities under Foremost's stock option plan and other security-based compensation arrangements previously approved by shareholders of Foremost or the Exchange, as the case may be. In addition, if the offering of Equity Securities contemplates Equity Securities issuable under an unexercised overallotment or other underwriter or agent option, Denison shall also be permitted to subscribe for the relevant portion of such optioned Equity Securities but only to the extent such overallotment or other underwriter option is actually exercised by an underwriter or agent.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding anything to the contrary contained herein, Section 3.1(1) shall not apply to any financing in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the conversion, exchange or exercise of any securities exchangeable for or convertible into Common Shares issued as at the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as consideration for (A) any shares, business, assets or property of any person acquired by Foremost, or (B) services rendered to Foremost or any subsidiary of Foremost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any share split, capital reorganization (including a consolidation) or share dividend of Foremost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a rights offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Equity Participation Right may be exercised in whole or in part by Denison.

&nbsp;&nbsp;&nbsp;&nbsp;(4) In the event Foremost proposes or becomes obligated to issue Equity Securities other than under a Subsequent Offering (each such issuance of Equity Securities, a "**Subsequent Issuance** "), Denison shall have the right (the "**Issuance Anti-Dilution Right** ", and together with the Equity Participation Right, the "**Participation Rights**") to purchase from treasury of Foremost up to that number of Equity Securities such that the Denison Common Share Interest following the Subsequent Issuance and exercise of the Issuance Anti-Dilution Right is equal to or less than 19.95%, all in compliance with Section 3.3. For the purpose of this Section 3.1(3) only, the Issuance Anti-Dilution Right shall exclude the granting or exercise of securities under Foremost's stock option plan and other security-based compensation arrangements previously approved by shareholders of Foremost or the Exchange and the 2024 annual compensation grant ratified by the Board, as the case may be, provided that the exercise of such securities does not result in (a) Denison's Common Share Interest to become less than 10.0%, and/or (b) issuances from the treasury of Foremost of greater than 3.0% of the aggregate number of outstanding Common Shares in any fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Notwithstanding anything to the contrary contained herein, Section 3.1(4) shall not apply to any issuances in the following circumstances:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any share split, capital reorganization (including a consolidation) or share dividend of Foremost that does not result in a decrease in the Denison Common Share Interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a rights offering.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The Issuance Anti-Dilution Right may be exercised in whole or in part by Denison.

&nbsp;&nbsp;&nbsp;&nbsp;(7) In the event that a Subsequent Offering or Subsequent Issuance would result in the Denison Common Share Interest being reduced by an amount that would cause the number of Director Nominees that Denison is entitled to pursuant to Section 2.1 of this Agreement to be decreased, the Denison Common Share Interest shall be deemed to remain at the higher level until the earlier of (i) the exercise by Denison of the Participation Rights, and (ii) the expiry of the Participation Rights as contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(8) If at any time the Denison Common Share Interest becomes less than 10.0%, then Foremost and Denison shall thereafter cease to have any rights and obligations under this Article 3 with respect to any Subsequent Offering or Subsequent Issuance. Notwithstanding the foregoing, in the event that a Subsequent Offering or Subsequent Issuance (including by the exercise of securities under Foremost's stock option plan and/or other security based compensation arrangements) would cause or has caused the Denison Common Share Interest to become less than 10.0%, the Participation Rights of Denison shall be deemed to remain until the earlier of (i) the exercise by Denison of the Participation Rights, and (ii) the expiry of the Participation Rights, as contemplated in this Agreement, with respect to such Subsequent Offering or Subsequent Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;(9) If Foremost is required by the Exchange or otherwise under applicable Law to seek shareholder approval in order for Denison to exercise its Equity Participation Right in full, then Foremost shall (a) call and hold a meeting of its shareholders to consider the issuance of the Equity Securities to Denison as soon as reasonably practicable, and in any event such meeting shall be held within the earlier of (i) 180 days after the date Foremost is advised that it will require shareholder approval, and (ii) at its next meeting of shareholders, and (b) recommend the approval of the issuance of the Equity Securities and solicit proxies in support thereof.

**3.2 Procedure for Exercise of Equity Participation Right**

&nbsp;&nbsp;&nbsp;&nbsp;(1) For so long as the Equity Participation Right continues to be in effect, and in the event that Foremost proposes a Subsequent Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foremost shall deliver to Denison copies of all documents and other materials delivered or made available by Foremost (or any agent of Foremost) to subscribers under the Subsequent Offering and a notice in writing (the "**Equity Financing Notice**") specifying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as of the date thereof, the total number of Common Shares outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the total number and type of Equity Securities which are being offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the rights, privileges, restrictions, terms and conditions of such Equity Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the consideration for which such Equity Securities are being offered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proposed closing date of the Subsequent Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Denison shall have the option by notice given to Foremost (an "**Equity Subscription Notice**") to subscribe for Equity Securities and for the cash consideration set forth in the Equity Financing Notice, on the same terms and conditions as offered to other potential subscribers of the Subsequent Offering, with such subscription to be in accordance with Section 3.1(1). In the Equity Subscription Notice, Denison shall specify the number of Equity Securities beneficially owned, directly or indirectly, by it as at the date of the Equity Financing Notice and the number of Equity Securities for which Denison is subscribing. The right to subscribe is exercisable by Denison for a period .equal to the greater of: (i) 30 days from the date the Equity Financing Notice is delivered, or (ii) 30 days from the date the Subsequent Offering is publicly announced, if applicable, or (iii) 15 days following the closing of the Subsequent Offering. Should Denison deliver an Equity Subscription Notice with respect to a Subsequent Offering and such Subsequent Offering is not completed, Denison shall be entitled to withdraw that Equity Subscription Notice and shall be under no obligation to subscribe for any such Equity Securities. The Equity Participation Right entitles Denison to participate by way of a separate concurrent or follow-on private placement to Denison or by way of a separate private placement to Denison completed as soon as practicable thereafter, on terms and conditions that are as substantially similar and economically equivalent to the securities issued pursuant to the Subsequent Offering with the exception of any circumstances or conditions specifically relating to the private placement structure to Denison and/or regulations applying to the issuance of securities from Foremost to Denison permit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that a Subsequent Offering involves the issuance of Common Shares that will be issued as "flow-through shares" (as defined in subsection 66(15) of the *Income Tax Act* (Canada)), at a price per share that reflects a premium associated with a flow-through designation, and Denison elects to participate in such Subsequent Offering, Foremost agrees to negotiate in good faith the price at which Common Shares in lieu of flow-through shares will be issued to Denison, taking into consideration that any benefits received by a purchaser of flow-through shares will not be received by Denison. Where the Subsequent Offering is pursuant to a prospectus offering, Foremost shall, at Denison's option, use commercially reasonable efforts to include Denison's *pro rata* share entitlement for sale as part of the prospectus offering, provided, however, that if Denison's *pro rata* share is not included in such prospectus offering, Foremost shall provide Denison with the opportunity to subscribe for such Equity Securities on a private placement basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Denison fails to deliver an Equity Subscription Notice within the period identified in Section 3.2(1)(b) or waives its rights hereunder following receipt of an Equity Financing Notice, then any rights which Denison may have had to subscribe for any of the Equity Securities covered by that specific Equity Financing Notice shall be extinguished, provided that Foremost shall not then complete a Subsequent Offering within the next 30 days, following the delivery of the Equity Financing Notice for less consideration per Equity Security or otherwise on more favourable terms to the subscribers without first providing Denison with an amended Equity Financing Notice, in which case this Section 3.2 shall apply again and Foremost shall not complete any new Subsequent Offering at the end of the 30-day period without first providing Denison with a new Equity Financing Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Equity Financing Notice and Equity Subscription Notice, taken together with each subscription agreement in the form that all subscribers are required to enter into with Foremost, if any, shall constitute a binding agreement by Denison to subscribe for and take up, and by Foremost to issue and sell to Denison, the number of Equity Securities subscribed for therein upon the terms and conditions specified in the Equity Financing Notice, provided however that the closing of any purchase by Denison pursuant to the Equity Financing Notice shall only be consummated concurrently with and to the extent of the number of Equity Securities issued under the issuance or sale described in the Equity Financing Notice is consummated.

**3.3 Procedure for Exercise of Issuance Anti-Dilution Right**

&nbsp;&nbsp;&nbsp;&nbsp;(1) For so long as the Issuance Anti-Dilution Right continues to be in effect, and in the event that Foremost proposes a Subsequent Issuance:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foremost shall deliver to Denison copies of all material documents in connection with the Subsequent Issuance and a notice in writing (the "**Issuance Notice**") specifying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as of the date thereof, the total number of Common Shares outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the total number and type of Equity Securities which are being issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the rights, privileges, restrictions, terms and conditions of such Equity Securities which are being issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Foremost's best estimate of the consideration for which such Equity Securities are being offered, expressed in dollars; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proposed closing date of the Subsequent Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Denison shall have the option by notice given to Foremost (an "**Issuance Participation Notice** "), to purchase from treasury of Foremost, at a price per share equal to the Issuance Anti-Dilution Right Exercise Price, up to that number of Equity Securities such that the Denison Common Share Interest following the Subsequent Issuance that is the subject of the Issuance Notice is up to 19.95%. The price per share shall be adjusted for an issuance of Equity Securities other than Common Shares to reflect the proportionate economics of such Equity Securities relative to the Common Shares. In the Issuance Participation Notice, Denison shall specify the number of Equity Securities beneficially owned, directly or indirectly, by it as at the date of the Issuance Notice and the number of Equity Securities which Denison is purchasing. The right to purchase such Equity Securities is exercisable by Denison for a period equal to the greater of: (i) 30 days from the date the Issuance Notice is delivered, (ii) 30 days from the date the Subsequent Issuance is publicly announced, if applicable, or (iii) 15 days following the closing or issuance, as appropriate, of the Subsequent Issuance, provided that if shareholders' approval is required under Applicable Securities Laws or the rules or polices of the Exchange, Foremost will use commercially reasonable efforts to obtain such shareholder approval as soon as possible, and if such shareholder approval is obtained, will provide Denison with the opportunity to subscribe for such Equity Securities on a private placement basis within 30 days or as soon as reasonably possible thereafter following the date of the shareholders' meeting held to approve the issuance of Equity Securities to Denison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Denison fails to deliver an Issuance Participation Notice within the period identified in Section 3.3(1)(b) or waives its rights hereunder following receipt of an Issuance Notice, then any rights which Denison may have had to purchase any Equity Securities covered by that specific Issuance Notice shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Issuance Notice and Issuance Participation Notice, taken together with the subscription agreement which Denison will be required to enter into with Foremost, if any, shall constitute a binding agreement by Denison to purchase and take up, and by Foremost to issue and sell to Denison, the number of Equity Securities subscribed for therein upon the terms and conditions specified in this Section 3.3.

**ARTICLE 4**<br> **STANDSTILL**

**4.1 Standstill**

&nbsp;&nbsp;&nbsp;&nbsp;(1) For a period of 24 months following the Effective Date, subject to Section 4.1(2), Denison shall not, and Denison shall cause its Affiliates not to, without the prior written consent of Foremost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire or agree to acquire or make any proposal to acquire, directly or indirectly, by means of purchase, merger, amalgamation, consolidation, take-over bid, business combination or in any other manner any Common Shares or securities such that Denison's resulting ownership exceeds 20% of the fully-diluted shares outstanding of Foremost; or assets of Foremost or its Affiliates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acquire or agree to acquire or make any proposal to acquire, directly or indirectly, by means of purchase, merger, amalgamation, consolidation, take-over bid, business combination or in any other manner any of the assets of Foremost or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit proxies of shareholders of Foremost, or seek to advise or influence any other Person with respect to the voting of any securities of Foremost, or form, join or in any way participate in a proxy or proxy solicitation or dissident shareholder group, in each case for any such purpose (other than in connection with the election of its Director Nominees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) expect as specifically contemplated herein, otherwise act, alone or jointly or in concert with others, to seek to influence, in any manner, the management, Board or policies of Foremost or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take any actions, directly or indirectly, that question the validity or effectiveness of any shareholder rights plan, rights agreements or any other "poison pill" or other antitakeover arrangement of the Company now or hereafter adopted or implemented (collectively, a "**Plan**") or any securities that may be issued pursuant thereto, or seek to cause any Person, court or regulatory body to "cease trade" or otherwise restrict the operation of such a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) have any substantive discussions or enter into any arrangements, understandings or agreements, whether written or oral, with, or advise, finance, aid, assist, encourage or act jointly or in concert with, any other Persons in connection with any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make any public announcement with respect to or advise, assist, or encourage any person to take any action inconsistent with the foregoing, except as may be required by applicable law, regulatory authorities or stock exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding anything to the contrary herein, this Article 4 shall in no way limit, restrict or prohibit (i) the acquisition of Equity Securities pursuant to the exercise of its Participation Rights, (ii) the receipt of securities in connection with a share split, stock dividend or any similar transaction or recapitalization involving securities of Foremost held by Denison and applicable to all holders of such securities, (iii) the acquisition of securities in connection with the exercise by Denison of a conversion, exchange or other similar right pursuant to the terms of security exchangeable for or convertible into a Common Share that was acquired in accordance with this Agreement or with the prior written consent of Foremost, (iv) the acquisition of securities pursuant to a shareholders' rights plan of Foremost or a rights offering that is made by Foremost to all holders of its Common Shares, (v) Denison from taking any actions in Section 4.1(1) in the event Foremost receives or is subject to a bona fide third party take-over bid (as defined in National Instrument 62-104 – *Take-Over Bids and Issuer Bids*) made by an acquiror (together with any joint actors) to holders of all of the Common Shares or has entered into a statutory plan of arrangement or similar transaction or arrangement with a third party, in each case, not acting jointly or in concert with Denison or its Affiliates, (vi) the receipt of securities pursuant to the Option Agreement, and/or (vii) the receipt of securities Denison is otherwise contractually entitled to receive.

**ARTICLE 5**<br> **REPRESENTATIONS AND WARRANTIES**

**5.1 Representations and Warranties of Denison**

Denison hereby represents and warrants to Foremost as follows and acknowledges and confirms that Foremost is relying on such representations and warranties in entering into this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Corporate Power**. Denison has been duly formed under the laws of its jurisdiction of establishment and has all requisite power and authority to enter into and deliver this Agreement and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conflict with Other Instruments**. The execution and delivery by Denison and the performance by it of its obligations under, and compliance with the terms, conditions and provisions of, this Agreement will not conflict with or result in a breach of: (i) its constating documents, (ii) any applicable Law, (iii) any agreement or instrument to which it is a party or by which it is bound or by which any of its properties or assets are bound, or (iv) any judgment, injunction, determination or award which is binding on Denison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Authorizing Action**. The execution and delivery of this Agreement by Denison and the performance by it of its obligations under this Agreement has been duly authorized by all necessary actions on the part of Denison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Execution and Binding Obligation**. This Agreement has been duly executed and delivered by Denison and constitutes a legal, valid and binding obligation of it enforceable against Denison in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court.

**5.2 Representations and Warranties of Foremost**

Foremost represents and warrants as follows and acknowledges and confirms that Denison is relying on such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Corporate Power**. Foremost has been duly formed and is validly existing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to enter into and deliver this Agreement and to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conflict with Other Instruments**. The execution and delivery by Foremost and the performance by it of its obligations under, and compliance with the terms, conditions and provisions of, this Agreement will not conflict with or result in a breach of: (i) its constitutional documents, (ii) any applicable Law, rule or regulation, (iii) any agreement or instrument to which it is a party or by which it is bound or by which any of its properties or assets are bound, or (iv) any judgment, injunction, determination or award which is binding on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Authorizing Action**. The execution and delivery of this Agreement by Foremost and the performance by it of its obligations under this Agreement have been duly authorized by all necessary corporate action on the part of Foremost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Execution and Binding Obligation**. This Agreement has been duly executed and delivered by Foremost and constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court.

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**ARTICLE 6**<br> **TERM AND TERMINATION**

**6.1 Term**

Unless terminated earlier in accordance with this Article 6, this Agreement shall continue in full force and effect and shall terminate automatically only on the day that Denison and its Affiliates shall cease to have a Denison Common Share Interest of at least five percent (5%).

**6.2 Termination**

This Agreement may be terminated at any time by mutual written agreement of the Parties.

**6.3 Effect of Termination**

Upon termination of this Agreement, each Party shall no longer thereafter have any further liability or obligation to the other Party under this Agreement, excepting any claims, liabilities or damages that arose under this Agreement prior to the date of termination.

**ARTICLE 7**<br> **MISCELLANEOUS**

**7.1 Notices**

&nbsp;&nbsp;&nbsp;&nbsp;(1) **Addresses for Notice**. All notices, payments and other required communications and deliveries to the Parties will be in writing, and will be addressed to the Parties at the following address, fax number or email address or at such other address as the Parties may specify from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Denison, addressed to:

Denison Mines Corp.<br> 1100 – 40 University Avenue<br> Toronto, Ontario M5J 1T1

Attention: David Cates<br> Fax: 416-979-5893<br> Email: dcates@denisonmines.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) and in the case of Foremost addressed to it at:

Foremost Clean Energy Ltd.<br> 250 – 750 West Pender Street

Vancouver, British Columbia V6C 2T7

Attention: Jason Barnard<br> Email: jason.barnard@foremostcleanenergy.com

&nbsp;&nbsp;&nbsp;&nbsp;(2) **Receipt of Notice**. Notices must be delivered, sent by email or telecopier or mailed by pre-paid post and addressed to the Party to which notice is to be given. If notice is sent by telecopier, email or is delivered, it will be deemed to have been given and received at the time of transmission or delivery, if transmitted or delivered during regular business hours, or the next Business Day, if not transmitted or delivered during normal business hours. If notice is mailed, it will be deemed to have been received ten Business Days following the date of the mailing of the notice. If there is an interruption in normal mail service due to strike, labour unrest or other cause at or prior to the time a notice is mailed the notice will be sent by telecopier or email or will be delivered.

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&nbsp;&nbsp;&nbsp;&nbsp;(3) **Change of Address for Notice**. Either Party hereto may at any time and from time to time notify the other Party in writing of a change of address and the new address to which a notice will be given thereafter until further change.

**7.2 Time of the Essence**

Time is of the essence in this Agreement.

**7.3 Third Party Beneficiaries**

The Parties intend that this Agreement will not benefit or create any right or cause of action in favour of any Person, other than the Parties. No Person, other than the Parties, is entitled to rely on the provisions of this Agreement in any action, suit, proceeding, hearing or other forum. The Parties reserve their right to vary or rescind the rights at any time and in any way whatsoever, if any, granted by or under this Agreement to any Person who is not a Party, without notice to or consent of that Person.

**7.4 Amendments**

This Agreement may only be amended, supplemented or otherwise modified by written agreement signed by all of the Parties.

**7.5 Entire Agreement**

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties. There are no representations, warranties, covenants, conditions or other agreements, express or implied, collateral, statutory or otherwise, between the Parties in connection with the subject matter of this Agreement, except as specifically set forth in this Agreement. The Parties have not relied and are not relying on any other information, discussion or understanding in entering into and completing the transactions contemplated by this Agreement.

**7.6 Successors and Assigns**

This Agreement shall enure to the benefit of and shall be binding upon the Parties, shall be binding upon their respective successors and permitted assigns and shall enure to the benefit of and be enforceable only by such successors and permitted assigns that have succeeded or which have received such assignment in the manner permitted by this Agreement.

**7.7 Counterparts**

This Agreement may be executed in any number of counterparts (including counterparts by facsimile or email) and all such counterparts taken together shall be deemed to constitute one and the same instrument. The signature of any of the Parties may be evidenced by a facsimile or "pdf" copy of this Agreement bearing such signature. A Party sending a facsimile or email transmission shall also deliver the original signed counterpart to the other Party; however, failure to deliver the original signed counterpart shall not invalidate this Agreement.

**7.8 Severability**

If one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality or enforceability of the remaining provisions hereof shall not be affected or impaired thereby. Each of the provisions of this Agreement is hereby declared to be separate and distinct.

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**7.9 Assignment**

Neither this Agreement nor any of the rights or obligations under this Agreement are assignable or transferable by any Party without the prior written consent of the other Party, except that Denison may assign its rights and obligations under this Agreement to an Affiliate of Denison provided that such Affiliate agrees in writing with Foremost to assume all of the rights and liabilities of Denison under this Agreement.

**7.10 Change in Shares**

The provisions of this Agreement relating to Common Shares or other securities of Foremost shall apply *mutatis mutandis* to any shares or securities into which existing Common Shares or other securities may be converted, changed, reclassified, redivided, redesignated, redeemed, subdivided or consolidated and any shares or securities of Foremost or of any successor or continuing company or corporation to Foremost that may be received by shareholders of Foremost pursuant to a reorganization, amalgamation, arrangement, consolidation or merger, statutory or otherwise.

**7.11 Aggregation of Shares**

All Common Shares held or acquired by affiliated entities or permitted assignees of Denison shall be aggregated together for the purposes of determining the availability of any rights under this Agreement.

**7.12 No Waiver**

No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar). No waiver will be binding unless executed in writing by the Party to be bound by the waiver. A Party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right and a single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right.

**7.13 Survival**

Notwithstanding Article 5 of this Agreement, Article 2, Article 4 and this Article 6 shall survive the expiration or other termination of this Agreement and shall remain in full force and effect.

**7.14 Governing Law**

This Agreement is governed by, and is to be interpreted and enforced in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

*[signature page follows]*

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IN WITNESS WHEREOF the Parties hereto have executed this Agreement on the day and year first herein written.

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| | |
|:---|:---|
| **DENISON MINES CORP.** | **DENISON MINES CORP.** |
| Per: |  |
|  | Authorized Signatory |

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| | |
|:---|:---|
| **FOREMOST CLEAN ENERGY LTD.** | **FOREMOST CLEAN ENERGY LTD.** |
| Per: |  |
|  | Authorized Signatory |

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*Signature Page to Investor Rights Agreement*

## Exhibit 4.18

**Exhibit 4.18**

**LOAN PURCHASE AND ASSIGNMENT AGREEMENT**

Loan Purchase and Assignment Agreement dated October 4, 2024 made among Jason Barnard and Christina Barnard (collectively, "**Barnard**"), Denison Mines Corp. (the "**Purchaser**") and Foremost Lithium Clean Energy Ltd. (the "**Debtor**" and together with Barnard and the Purchaser, the "**Parties**").

**WHEREAS:**

In connection with the Option Agreement, the Parties hereto are required to enter into this Agreement providing for the terms and conditions upon which Barnard shall grant to the Purchaser the Purchase Option (as defined below).

**NOW THEREFORE** in consideration of the mutual covenants and agreements in this Agreement, Parties agree as follows:

**Section 1 Defined Terms.**

All capitalized terms used and not otherwise defined herein shall have the meaning ascribed to such terms in Schedule "A" hereto.

**Section 2 Purchase Option**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any amounts under the Loan Agreement remain outstanding following the expiry of the twelve (12) month period following the Effective Date, Purchaser shall have the option (the "**Purchase Option** "), subject to the terms of this Agreement, to purchase from Barnard the Loan Obligations then outstanding, together with all other rights and obligations of Barnard under the Loan Documents (the "**Purchased Obligations** "), at the face value of the Loan Obligations then outstanding, payable in common shares in the capital of the Purchaser at the VWAP thereof on the date notice of such election to exercise the Purchase Option is provided to Barnard and the Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser shall have 30 days from the one-year anniversary of the Effective Date to deliver notice to Barnard and the Debtor of its election to exercise the Purchase Option (an "**Option Exercise Notice** "). If the Purchaser fails to provide an Option Exercise Notice within 30 days from the one-year anniversary of the Effective Date or, in the alternative, the Purchaser provides written notice of its intention not to exercise the Purchase Option, the Purchase Option shall expire and the Loan Obligations shall be repaid by the Debtor to Barnard in accordance with Section 6 of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Purchaser provides an Option Exercise Notice within 30 days from the one-year anniversary of the Effective Date, the Purchaser, the Debtor and Barnard shall use commercially responsible efforts to complete the purchase of the Purchased Obligations in a timely manner, but in any event within 60 days from the one-year anniversary of the Effective Date, failing which the Purchase Option shall be deemed expired and the Loan Obligations shall be repaid by the Debtor to Barnard in accordance with Section 6 of the Loan Agreement. Notwithstanding the foregoing, in the event that the Purchaser is ready, willing, and able to close within such 60-day period but is prevented from completing the Purchase Option due to a delay by, or the action or inaction of, any of the Debtor and/or Barnard, such 60-day period shall be extended until such time as the Purchase Option is completed.

**Section 3 Assignment of Loan Documents.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the purchase of the Purchased Obligations is completed in accordance with Section 2(c):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Barnard hereby grants, transfers and assigns to Purchaser all of its right, title and interest in and to the Loan Documents;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchaser will assume in place and stead of Barnard all of its obligations and liabilities under the Loan Documents and agrees to perform all the terms, conditions and agreements on its part to be performed as lender under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for certainty, the maturity date of the Loan Agreement will automatically be extended for one full year from the date of purchase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for certainty, the Loan Agreement and the related security shall not attach to or encumber the Excluded Collateral (and Purchaser shall execute a no interest letter in like form to the No Interest Letter to that effect).

**Section 4 Covenants of Debtor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Debtor shall not incur any additional indebtedness for borrowed money unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such indebtedness for borrowed money is subordinate in priority to the loan made pursuant to the Loan Agreement and the General Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any security associated with such subordinate indebtedness for borrowed money shall not, without Purchaser's prior written consent, in its sole discretion, encumber or otherwise claim or assert any rights with respect to the Excluded Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the lender(s) in any such transactions execute and deliver to the Debtor and Purchaser a no interest letter substantially similar to the No Interest Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Debtor shall not re-borrow on the loan pursuant to the Loan Agreement, without Purchaser's prior written consent, in its sole discretion;

provided that, the foregoing restrictions set forth in paragraph Section 4(a) shall not apply if any of the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Purchaser fails to provide an Option Exercise Notice or, in the alternative, the Purchaser provides written notice of its intention not to exercise the Purchase Option, in either case within 30 days from the one-year anniversary of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Purchaser, the Debtor and Barnard fail to use commercially responsible efforts to complete the purchase of the Purchased Obligations in a timely manner, in accordance with and subject to Section 2(c); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the purchase by the Purchaser of the Purchased Obligations from Barnard is completed.

**Section 5 Notice.**

Any notice required or permitted to be given to any of the Parties to this Agreement will be in writing and may be given by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy to the address of such party first above stated or such other address as any party may specify by notice in writing to the other Parties and any such notice will be deemed to have been given and received by the party to whom it was addressed on successful transmission, or, if delivered, on delivery.

**Section 6 Further Assurances.**

Each of the Parties shall promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as any other party may reasonably require from time to time for the purpose of giving effect to this Agreement.

------

**Section 7 Amendments.**

This Agreement may only be amended in writing with the mutual consent of all Parties.

**Section 8 Enurement.**

This Agreement shall enure to the benefit of and be binding upon the Parties to this Agreement and their respective successors and assigns.

**Section 9 Governing Law.**

This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

**Section 10 Counterparts.**

This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

**[Remainder of Page Intentionally Left Blank.]**

------

**IN WITNESS WHEREOF** the Parties have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **DENISON MINES CORP.** | **DENISON MINES CORP.** |
| By: | *(signed) David Cates* |
| Name: | David Cates |
| Title: | President & CEO |

---

---

| | |
|:---|:---|
| **FOREMOST CLEAN ENERGY LTD.** | **FOREMOST CLEAN ENERGY LTD.** |
| By: | *(signed) Douglas Mason* |
| Name: | Douglas Mason |
| Title: | Chairman |

---

---

| | |
|:---|:---|
|  | *(signed)* "*Jason Barnard*" |
| **WITNESS:** | **JASON BARNARD** |
|  | *(signed)* "*Christina Barnard*" |
| **WITNESS:** | **CHRISTINA BARNARD** |

---

------

 **SCHEDULE** "**A**"

<u>**DEFINED TERMS**</u>

**"Agreement**" means, this loan purchase and assignment agreement dated the Effective Date, as amended, restated, supplemented or otherwise modified from time to time.

**"Effective Date**" means October 4, 2024.

**"Excluded Collateral**" means the Assets (as defined in the No Interest Letter), which includes, without limitation, the Properties and the Property Interests (each as defined in the Option Agreement).

**"General Security Agreement**" the amended and restated general security agreement dated the Effective Date, between the Debtor and Barnard, as amended, restated, supplemented or otherwise modified from time to time.

**"Loan Agreement**" means the Third Amended Promissory Note dated the Effective Date, issued by the Debtor, as amended, restated, supplemented or otherwise modified from time to time.

**"Loan Documents**" means collectively, the Loan Agreement and the General Security Agreement.

**"Loan Obligations**" means, collectively, the balance of the Loan Agreement, together with all interest accrued thereon owing to Barnard under the Loan Agreement.

**"No Interest Letter**" means the no interest letter dated October 4, 2024 provided by Barnard in favour of the Purchaser and the Debtor.

**"Option Agreement**" means the option agreement dated September 23, 2024 between Denison Mines Corp. and Foremost Lithium Resource & Technology Ltd., as amended, restated, supplemented or otherwise modified from time to time.

**"VWAP**" means the volume-weighted average trading price of the applicable securities on the exchange with the greatest trading volume of such securities during the 10-trading-day period immediately preceding the date of determination.

## Exhibit 4.19

**Exhibit 4.19**

**THIRD AMENDED PROMISSORY NOTE**

---

| | |
|:---|:---|
| Principal Amount: | **$1145520.08** |
| Debtor: | Foremost Clean Energy Ltd. |
| Lender: | Jason Barnard and Christina Barnard |
| Date: | October 4, 2024 |

---

------

**FOR VALUE RECEIVED**, Foremost Clean Energy Ltd. (hereinafter, the "**Debtor**") promises to pay to Jason Barnard and Christina Barnard (hereinafter, collectively, the "**Lender**") the principal sum of **One Million One Hundred Forty-Five Thousand Five Hundred Twenty** dollars and **08/100** cents ($**1,145,520.08**) (the "**Principal Amount**"), with interest thereon from the date of issuance on the unpaid principal at the rate of nine percent (9%) per annum, compounded monthly, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;1. **DUE DATE**. The entire balance of this Note (the "**Loan**") together with all interest accrued thereon owing to the Lender hereunder (collectively, the "**Loan Obligations** "), shall be due and payable in full on the later of (such date, the "**Due Date** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the circumstances where Denison has completed the purchase of the Purchased Obligations (as defined therein) under the Loan Purchase and Assignment Agreement from the Lender, the Due Date shall be the date that is one (1) year following the date of purchase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the circumstances where amounts under this Note remain outstanding following the expiry of the twelve (12) month period following the Effective Date but: (i) during the 30 day period immediately following the one-year anniversary of the Effective Date, Denison has not delivered notice pursuant to the Loan Purchase and Assignment Agreement of its election to exercise the Purchase Option or, in the alternative, Denison has provided written notice that it will not be exercising the Purchase Option; or (ii) subject to Section 2(c) of the Loan Purchase and Assignment Agreement, Denison has failed to use commercially reasonable efforts to complete the purchase of the Purchased Obligations (but in any event within 60 days from the one year anniversary of the Effective Date) in accordance with the Loan Purchase and Assignment Agreement (the occurrence of (i) and/or (ii), each a "**Purchase Option Termination Event** "), in each case, the Due Date shall be the date on which all Loan Obligations have been repaid in Common Shares in accordance with Section 6 below.

&nbsp;&nbsp;&nbsp;&nbsp;2. **DEFINITIONS**. All capitalized terms used and not otherwise defined herein shall have the meaning ascribed to such terms in Schedule "A" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;3. **MONTHLY PAYMENTS**. Debtor shall pay the Lender monthly minimum payments of $10,835.00. The payments shall begin on October 4, 2024, and shall continue on the 1st day of each succeeding calendar month. Each such payment will first be applied to accrued interest and then to the outstanding Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;4. **PREPAYMENT**. Debtor may at any time and from time to time prepay the Loan in full or in part, including accrued and unpaid interest, at any time, without penalty. Any prepayment of the Loan will first be applied to the outstanding Principal Amount and then to any accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;5. **MANDATORY REPAYMENT**.The Debtor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) apply such portion of the net proceeds of all non-flow-through equity capital raises conducted pursuant to Part 5A of NI 45-106 within a period of twelve (12) months of the Effective Date sufficient to repay a minimum of fifty (50%) percent of the outstanding Principal Amount as of the Effective Date; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use best efforts to repay the remaining outstanding Principal Amount and all other Loan Obligations from the net proceeds of any other non-flow through equity capital raises during the same period.

Any repayment of the Loan pursuant to this Section 5 will first be applied to the outstanding Principal Amount and then to any accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;6. **CONVERSION**. If a Purchase Option Termination Event has occurred, the Debtor shall repay any Loan Obligations outstanding following the expiry of the 12 month period following the Effective Date by converting any such amounts to Common Shares at a price per share equal to the VWAP for the period immediately prior to the date Denison delivers notice that it is not exercising its Purchase Option under the Loan Purchase and Assignment Agreement (or the period during which such Purchase Option could be exercised thereunder has expired with the Purchase Option unexercised) and subject to the Loan Conversion Maximum, with such Common Shares to be issued on, or as soon as practicable following, the date which is 12 months after the Effective Date (subject to the approval of the NASDAQ exchange, the Canadian Securities Exchange and any other Acceptable Exchange on which the Common Shares are then listed, as necessary); *provided that* if such conversion would at any such time exceed the Loan Conversion Maximum, the outstanding amounts of Loan Obligations above the Loan Conversion Maximum that could not be converted at such time will thereafter be converted as soon as practicable thereafter when to do so would not exceed the Loan Conversion Maximum.

&nbsp;&nbsp;&nbsp;&nbsp;7. **EXCLUDED COLLATERAL.** The Lender and the Debtor acknowledge and agree that the security held by the Lender in connection with this Note shall not include the Excluded Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;8. **ACKNOWLEDGEMENT**. Debtor hereby acknowledges and confirms and this Note evidences, in part, funds previously advanced by the Lender to the Debtor, and this Note shall be good and sufficient evidence of the same.

&nbsp;&nbsp;&nbsp;&nbsp;9. **CURRENCY**. Except as otherwise contemplated by Section 6, all principal and interest payments shall be made in lawful money of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;10. **WAIVER OF PRESENTMENTS**. Debtor waives presentment for payment, notice of dishonor, protest and notice of protest.

&nbsp;&nbsp;&nbsp;&nbsp;11. **NON-WAIVER**. No failure or delay by Lender in exercising Lender's rights under this Note shall be a waiver of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;12. **SEVERABILITY**. If any clause or any other portion of this Note shall be determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other clause or portion of this Note, all of which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;13. **SUCCESSORS AND ASSIGNS**. This Note shall enure to the benefit of the Lender and its successors and assigns, and shall be binding upon the Debtor and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;14. **COUNTERPARTS**. This Note may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;15. **AMENDMENT AND RESTATEMENT**. This Note supersedes and replaces the original promissory note that was issued by the Debtor to the Lender on May 10, 2022, the first amendment to the promissory note entered into on May 1, 2023, and the second amendment to the promissory note entered into on April 17, 2024.

**[Remainder of Page Intentionally Left Blank.]**

------

DATED as of the date first written above.

---

| | |
|:---|:---|
| **FOREMOST CLEAN ENERGY LTD.** | **FOREMOST CLEAN ENERGY LTD.** |
| By: | *(signed)* "*Douglas Mason*" |
| Name: | Douglas Mason |
| Title: | Chairman |

---

Accepted and agreed as of the date first written above.

---

| | |
|:---|:---|
|  | *(signed)* "*Jason Barnard*" |
| **WITNESS:** | **JASON BARNARD** |
|  | *(signed)* "*Christina Barnard*" |
| **WITNESS:** | **CHRISTINA BARNARD** |

---

------

**SCHEDULE** "**A**"

**<u>DEFINED TERMS</u>**

**"Acceptable Exchange**" means the Canadian Securities Exchange, the NASDAQ exchange and/or a large, liquid stock exchange in Canada or the United States acceptable to the Lender acting reasonably (including the Toronto Stock Exchange, the TSX Venture Exchange, or the NYSE American).

**"Common Shares**" means the common shares in the capital of the Debtor. "**Denison**" means Denison Mines Corp.

**"Effective Date**" means October **4**, 2024.

**"Excluded Collateral**" means the Assets (as defined in the No Interest Letter), which includes, without limitation, the Properties and the Property Interests (each as defined in the Option Agreement).

**"General Security Agreement**" the amended and restated general security agreement dated the Effective Date, between the Debtor and the Lender, as amended, restated, supplemented or otherwise modified from time to time.

**"Loan Conversion Maximum**" means the lesser of: (i) the number of Common Shares calculated by dividing the outstanding principal and interest under this Note by the VWAP at the date described in Section 6; (ii) the number of Common Shares that would result in an incremental ten percentage points (for example 10% to 20%) of aggregate direct and indirect ownership of the Debtor's issued and outstanding Common Shares by the Lender under this Note, and (iii) the number of Common Shares that would result in greater than 25% aggregate direct and indirect ownership of Common Shares by the holders of this Note calculated on a partially diluted basis accounting only for such conversion.

**"Loan Purchase and Assignment Agreement**" means the loan purchase and assignment agreement dated October 4, 2024 between Denison, the Debtor and the Lender, as amended, restated, supplemented or otherwise modified from time to time.

**"NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators.

**"No Interest Letter**" means the no interest letter dated September 23, 2024 provided by the Lender in favour of Denison and the Debtor.

**"Note**" means this Third Amended Promissory Note dated the Effective Date, as amended, restated, supplemented or otherwise modified from time to time.

**"Option Agreement**" means the option agreement dated September 23, 2024 between Denison and Foremost Lithium Resource & Technology Ltd., as amended, restated, supplemented or otherwise modified from time to time.

**"Purchased Obligations**" has the meaning given to it in the Loan Purchase and Assignment Agreement. "**Purchase Option**" has the meaning given to it in the Loan Purchase and Assignment Agreement.

**"VWAP**" means the volume-weighted average trading price of the applicable securities on the exchange with the greatest trading volume of such securities during the 10-trading-day period immediately preceding the date of determination.

## Exhibit 12.1

**EXHIBIT 12.1**

**CERTIFICATION**

I, Jason Barnard, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Foremost Clean Energy Ltd. (the "Company").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected or is reasonably likely to materially affect the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
|  | /s/ Jason Barnard |
|  | Jason Barnard |
| Date: June 20, 2025 | Chief Executive Officer |

---

## Exhibit 12.2

**EXHIBIT 12.2**

**CERTIFICATION**

I, Dong Shim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of Foremost Clean Energy Ltd. (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

Date: June 20, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Dong Shim</u> |
| Name: | Dong Shim |
| Title: | Chief Financial Officer |

---

## Exhibit 13.1

**EXHIBIT 13.1**

**<u>CERTIFICATION</u>**

In connection with the Annual Report of Foremost Clean Energy Ltd. (the "Company") on Form 20-F for the fiscal year ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jason Barnard, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: June 20, 2025 | Date: June 20, 2025 |
| By: | */s/* Jason Barnard |
| Name: | Jason Barnard |
| Title: | Chief Executive Officer |

---

## Exhibit 13.2

**EXHIBIT 13.2**

**<u>CERTIFICATION</u>**

In connection with the Annual Report of Foremost Clean Energy Ltd. (the "Company") on Form 20-F for the fiscal year ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Dong Shim, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: June 20, 2025 | Date: June 20, 2025 |
| By: | */s/* Dong Shim |
| Name: | Dong Shim |
| Title: | Chief Financial Officer |

---

## Exhibit 15.1

**Exhibit 15.1**

![davidhdr.jpg](davidhdr.jpg)

June 20, 2025

**Securities and Exchange Commission**

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by Foremost Clean Energy Ltd. (Formerly Foremost Lithium Resource & Technology Ltd.), which we understand will be included under Item 16.F of its Annual Report on Form 20-F which will be filed with the Securities and Exchange Commission on June 20, 2025. We agree with the statements concerning our Firm contained therein.

Very truly yours,

![davidsign.jpg](davidsign.jpg)

**DAVIDSON & COMPANY LLP**

Chartered Professional Accountants

![nexiafoot.jpg](nexiafoot.jpg)

## Exhibit 15.2

**Exhibit 15.2**

![mnp.jpg](mnp.jpg)

June 20, 2025

**Securities and Exchange Commission**

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by Foremost Clean Energy Ltd. (formerly, Foremost Lithium Resources & Technology Ltd.), which we understand will be included under Item 16.F of its Annual Report on Form 20-F which will be filed with the United States Securities Exchange Commission on June 20, 2025. We agree with the statements pertaining to our firm contained therein.

/s/ MNP LLP

Chartered Professional Accountants

Vancouver, Canada

![mnp_ftr.jpg](mnp_ftr.jpg)