Foremost Clean Energy Ltd. filed its annual Form 20-F for the fiscal year ended 31 March 2025. The filing focuses on capital-markets activity, corporate restructuring and property portfolio updates rather than operating results; no revenue or earnings figures are presented.
Share capital. Issued and outstanding common shares total 21,481,123, up from 17,869,111 a year earlier, implying roughly 3.6 million new shares. The increase is largely attributable to warrant and option exercises completed or subsequently completed after year-end.
Equity raises. The company reports multiple warrant exercises, including 22,000 warrants at $0.3048, 334,239 warrants at $0.8114 and several smaller blocks at $0.3584. A further 663,700 warrants were exercised after the reporting date. In aggregate, these exercises generate cash proceeds at prices ranging between CA$0.30 and CA$0.81 per share. Conversely, 5,765 agent warrants expired, and the related CA$22,001 share-based reserve was reclassified to deficit.
Corporate actions. A spin-out involving Sierra Gold Silver Ltd. and Rio Grande Resources Ltd. was completed on 31 January 2024; Rio Grande had been incorporated on 19 July 2024 expressly for this purpose and remained consolidated through the spin-out date. On 31 January 2025, the company amended the terms of certain stock options pursuant to the Arrangement Agreement.
Debt profile. Outstanding borrowings include an unsecured, on-demand loan bearing 10 % interest and a secured promissory note due 10 May 2024 carrying 11.35 % interest. The filing also references a US$50,000 promissory note and several related-party loan agreements.
Mineral properties. The document lists numerous exploration assets such as Winston, Zoro, Jean Lake, Grass River, Jol Lithium, Peg North, Lac Simard South and the Athabasca uranium properties (including Hatchet Lake). An arrangement with Denison Mines Corp. governs certain Athabasca claims.
Capital markets programmes. The company completed multiple private placements (Tranche 1, Tranche 2 and a Second Private Placement) comprising flow-through shares, non-flow-through units, and finder warrants. A public offering dated 22 August 2023 also resulted in common shares, warrants and underwriter warrants being issued.
Overall, the 20-F emphasises share-based financings and the post-year-end restructuring, but leaves investors without visibility on operating performance or cash flow metrics.