Foremost Lithium Resource & Technology .(FMST) - 2024 Q3 - Quarterly Report

Financial Performance - The net loss for the three months ended December 31, 2024, was CAD 2,012,936, compared to a loss of CAD 654,940 for the same period in 2023, indicating a 207.5% increase in losses[4] - For the nine months ended December 31, 2024, the company reported a comprehensive loss of $4,393,940, compared to a loss of$2,958,769 in the same period of 2023, representing an increase of approximately 48.5%[6] - The net cash used in operating activities for the period was $3,972,599, up from$2,805,372 in the previous year, indicating a 41.6% increase in cash outflow[6] - Basic and diluted loss per common share for the nine months ended December 31, 2024, was CAD 0.67, compared to CAD 0.68 for the same period in 2023[4] Assets and Equity - Total assets increased to CAD 29,640,051 as of December 31, 2024, up from CAD 16,598,857 on March 31, 2024, representing an increase of 78.5%[2] - Total shareholders' equity increased to CAD 26,142,542 as of December 31, 2024, up from CAD 13,209,537 on March 31, 2024, representing a growth of 98.5%[2] - Exploration and evaluation assets increased to CAD 22,814,614, up from CAD 15,094,413, reflecting a growth of 51.5%[2] - The total exploration and evaluation assets balance as of December 31, 2024, was $22,814,614, an increase from$11,012,075 as of March 31, 2024, indicating a growth of 107.5%[19] Liabilities - Total liabilities increased slightly to CAD 3,497,509 as of December 31, 2024, compared to CAD 3,389,320 on March 31, 2024[2] - The company reported a deficit of $25,508,596 as of December 31, 2024, compared to$21,481,123 as of March 31, 2024, representing an increase in deficit of approximately 18.9%[10] Financing Activities - The company issued 3,292,971 shares in private placements, raising CAD 11,955,379 during the period[5] - The company raised $11,850,379 through private placements in 2024, significantly higher than the$5,418,400 raised in 2023, marking a 118.5% increase[6] - The company continues to seek additional financing through equity and/or debt issuances to support its operations and corporate objectives[11] Exploration and Evaluation - The company has incurred exploration and evaluation acquisition costs of $249,319 and expenditures of$1,096,576 during the nine-month period[6] - The company has incurred cumulative exploration expenditures of CAD 881,337 towards the Lac Simard South property, with a total requirement of CAD 3,000,000 due by June 9, 2027[29] - The company entered into an option agreement with Denison Mines Corp. to acquire up to a 70% interest in exploration properties in the Athabasca Basin, with an initial 20% interest earned during the nine-month period ended December 31, 2024[30] Grants and Government Support - The company received a CAD 300,000 grant from the Manitoba Government for the Zoro Lithium Property, with CAD 100,000 received during the year ended March 31, 2024, and the remaining CAD 200,000 received in the nine-month period ended December 31, 2024[22] - The company has received a total of CAD 300,000 in grants for exploration work on the Jean Lake property, with CAD 100,000 received during the year ended March 31, 2024[24] Share-Based Payments and Compensation - Share-based payments for the nine months ended December 31, 2024, totaled CAD 706,436, compared to CAD 855,461 for the same period in 2023[4] - The company recorded share-based compensation of $282,176 for the three-month period and$394,376 for the nine-month period ended December 31, 2024, compared to $128,900 and$808,100 for the same periods in 2023, respectively[51] - During the nine-month period ended December 31, 2024, the company granted 222,491 Restricted Share Units (RSUs) with a total estimated fair value of $605,176[61] Management and Personnel - During the three-month period ended December 31, 2024, total remuneration for key management personnel was$704,511, an increase of 109.5% from $335,654 in the same period of 2023[71] - For the nine-month period ended December 31, 2024, total remuneration for key management personnel was$1,039,011, a decrease of 13.5% from $1,201,379 in the same period of 2023[71] Spin-Out Transaction - The company completed a spin-out transaction on January 31, 2025, transferring 100$1,197,450 to related parties[91] - This spin-out transaction is part of a broader strategy to optimize asset allocation and market presence[97]